Yahoo TV

STORY: Here's what's been making the business news in sub-Saharan Africa this week.

1. Iran's President Ebrahim Raisi wrapped a three-country African tour on Thursday (July 13) in which trade was the focus.

The first visit by an Iranian president in a decade took in Kenya, Uganda and Zimbabwe.

In Kampala Raisi signed four agreements with President Yoweri Museveni and said Iran stood ready to share its experience regarding a planned 60,000-barrel-per-day oil refinery.

2. The government Zambia, Africa's second largest copper producer, said on Friday (July 14) that it aims to pick a buyer for Mopani Copper Mines by the end of the month.

Sources said China's Zijin Mining and Norinco Group, South Africa's Sibanye Stillwater and an investment vehicle owned by ex-Glencore officials had been shortlisted.

3. Nigeria's Senate on Thursday speedily approved a request by President Bola Tinubu to borrow $800 million from the World Bank.

That's to cushion the impact of high fuel prices after Tinubu ended a popular but costly petrol subsidy.

4. South Africa's Eskom has said it will continue to implement "Stage 6" scheduled power cuts over the weekend - its highest level on record - as cold weather increases demand.

The state power utility had implemented lower levels of blackouts in recent weeks which had helped boost investor confidence and lift the rand.

5. And finally, Ivory Coast has stopped selling cocoa export contracts for the 2023-2024 season, the head of the country's sector regulator has said, after heavy rains battered and flooded farms in recent weeks.

With cocoa prices currently at record levels due to supply concerns, the suspension of sales will come as a blow to a country that relies on cocoa, according to the U.N., for 40% of its export earnings.