Africa in Business: China's COVID risk on S. Africa rand

STORY: Here are five business stories making headlines in sub-Saharan Africa this week.

South Africa's rand was flat against the dollar in early trade on Thursday (December 29) as rising COVID-19 cases in China dented risk sentiment.

Countries including the United States, Japan and India said they would require COVID tests for travelers from China, which has said it would scrap quarantine rules for inbound travelers from Jan. 8.

German companies want to boost their activities in Africa in 2023, especially in areas such as green hydrogen and liquefied natural gas.

That's according to a survey seen by Reuters this week.

The poll of members of the German-African Business Association showed 43% are planning to increase investment in the continent.

Somalia rejected what it called an "illegal claim" by Genel Energy to oil exploration and exploitation rights in the country's northern breakaway region of Somaliland.

That's according to the country's oil ministry.

Genel Energy and Somaliland officials did not immediately respond to requests for comment.

The Nigerian naira dropped on Thursday (December 29) to a record low of 462 per dollar on the official market, Refinitiv data showed.

Traders say the central bank has been adjusting rates to cope with backlog demand for foreign exchange.

And finally, a secondhand pop-up in Ghana's capital Accra is trying to push back against global fast fashion.

The Vintage Gala brought together a movement of young vintage enthusiasts to encourage their peers to shop secondhand.

Ghana receives around 15 million items of used clothing each week from Western countries and China, offloaded in bulk, often at negligible prices and questionable quality.

According to U.S. based Or Foundation, around 40% of this ultimately ends up in massive urban landfills.