Massmart says it has not given up on Africa and will continue to invest in its business on the continent. CEO Guy Hayward said that despite the challenges faced by most African economies, there were signs the tide could yet change for the better. Most local retailers have taken a cautious approach to Africa after the region posted its slowest growth rate in two decades in 2016. Hayward said on Thursday that while Massmart had faced headwinds in the six months ended June 25, sales in most of its operations in Africa had grown when measured in local currencies.
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