Many African countries have been able to retain the value of their currencies in the face of multiple economic challenges including inflation, political changes, and the dynamics of foreign markets. Strong currencies reflect fiscal policy,…
ADB Presidency: ECOWAS endorses Adesina for second term
The Economic Community of West African States (ECOWAS) has endorsed the candidacy of African Development Bank President Akinwumi Adesina for a second term at the helm of the institution. The decision was announced at the…
Almost 70 percent of Kenyans will fall short…
A new report released by Standard Chartered Bank now reveals that with a wealth expectancy of 63.6 million shillings($626,421) many Kenyans will fall short of their aspirations.According to the report, by 60 years of age,…
West Africa monetary union to reform CFA franc,…
The West African Economic and Monetary Union has agreed with France to a number of changes to the CFA franc currency, including a new name, Ivory Coast's President Alassane Ouattara said Saturday, as the West…
Ethiopia gets $2.9bn IMF financing package
The Executive Board of IMF approved a three-year $2.9 billion financing package to help Ethiopia implement its homegrown economic reform plan to maintain macroeconomic stability and improve living standards.The financing package, supported by IMF’s Extended…
Zimbabwe: Arcadia Lithium Project re-evaluated
The Zimbabwean Lithium Arcadia project is preparing to play in the big league. According to an updated feasibility study, the mine will have a longer operating life and an annual processing capacity of 2.4 million…
Nigeria’s ex-attorney general returns to face $1.3 bn…
Nigeria’s ex-attorney general Mohammed Adoke has returned to the country to face corruption charges over his involvement in one of the oil industry’s biggest corruption scandals. The country anti-graft body, the Economic and Financial Crimes…
Aliko Dangote forecasts $30b revenue, 88% of Nigeria’s…
Africa’s richest man, Aliko Dangote has projected an exponential growth in the revenue of his conglomerate from the present $4billion yearly to $30 billion in 2021. The projected revenue is 88 per cent of Nigeria’s…
IMF approves $213.6m extended credit for Liberia
The Executive Board of the International Monetary Fund has approved a five-year arrangement under the Extended Credit facility (ECF) for Liberia in an amount equivalent to $213.6 million.According to an IMF statement issued late Wednesday,…
Rwanda Scraps Tax On Sanitary Pads
Over a year after South Africa scrapped taxes on sanitary pads, Rwanda has gone down the same path with an announcement on Tuesday. The Ministry of Gender and Family Promotion tweeted the new development: “Moving…
Economics: The Real Reasons Why Qatar’s Economy Is…
The ongoing boycott from the Arab quartet to question Doha’s unending funding of terrorism has led to massive decline in the nation’s economic performance and the fluctuation of the currency. Here are ways how Qatar’s…
Nigeria: Lagos to become Africa’s biggest innovation hub
Lagos State Government says its investment in technology and innovation was a deliberate effort to make Lagos Africa’s foremost centre of innovation. Lagos State Governor, Babajide Sanwo-Olu, said this on Monday in Ikeja, during a…
Nigeria admits border closure causing pain but it…
Nigeria’s decision to close its common borders with its four neighbours, Benin, Cameroon, Chad and Niger is causing pain at home, admitted President Muhammadu Buhari who notwithstanding ruled out its immediate lifting.The border closure has…
ECOWAS leaders set to meet on single currency
Presidents of Economic Community of West African States (ECOWAS) are to meet on December 21 in Abuja to consider recommendations on the proposed single currency regime for the sub-regiom Nigeria Minister of Finance, Budget and…
African Development Fund: $7.6b to support Africa’s low-income…
Donors of the African Development Fund (ADF) on Thursday agreed to commit $7.6 billion to speed up growth in Africa’s poorest nations and help lift millions out of poverty. This fifteenth replenishment of the ADF…
Akufo-Addo wades into Nigerian traders-GUTA war
Ghana’s President Akufo-Addo is billed to intervene in the dispute between Nigerian traders and the Ghana Union of Traders Association (GUTA). GUTA said Nigerian traders should keep off retail business and has moved in several…
Nigeria seeks approval for $30b external loan
In spite of the clean bill of prosperity in the economy, Nigeria is seeking the approval of the National Assembly to obtain external loan of $29.96 billion for the implementation of 39 key infrastructure embarked…
Rwanda secures 11.6m Euro grants to build lake…
The Netherlands will offer over 11.6 million euros (12.7million U.S. dollars) in grants to Rwanda in the next fiscal year to build four ports on Lake Kivu (West) as a move intended to develop trade,…
Power Sales Decides To Exit Zimbabwe As The…
South African retailer Pepkor Holdings has today announced that it will be leaving Zimbabwe citing poor performance due to the deteriorating economy. The company's statement comes when Zimbabwe is submerged in severe shortages of foreign…
