Morning boats leave a quiet Pacific inlet, diesel hum in the air, gulls loud and nosy. News travels fast there. The $24.5M Grant from Bezos Earth Fund to Launch First Cross-Border Marine Biosphere Reserve in Latin America sets a clear signal. A large, practical step. Not theory. And yes, it anchors the phrase many groups […]
Q3 GDP Growth Slips to 0.5% as South Africa’s Economy Slows Further: Africa newsroom update. Markets opened to a softer print as South Africa Q3 GDP edged up 0.5%. The headline says it cleanly. South Africa economic growth cooled, and the South Africa economy’s slow tag felt accurate on trading floors. Cool morning air in […]
MTN Group has agreed to sell its towers businesses in Ghana and Uganda as Africa’s biggest mobile phone operator refocuses on high-growth markets on the continent and in the Middle East. Clashes with regulators in Nigeria, Uganda and elsewhere have crimped growth, prompting the company to announce a $1 billion three-year asset-disposal plan earlier this […]
Changes to the CFA franc used by 14 African states, announced over the weekend by Ivorian president Alassane Ouattara and his French counterpart, Emmanuel Macron, continue to drive debate across the continent. In this article, we share key details about this currency that has been in use for nearly three-quarters of a century. Colonial origins […]
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 end of the fifty-sixth ordinary session of the Authority of Heads of State and Government of ECOWAS, held on Saturday […]
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, 66 percent of Kenya’s savers will be less than half way to achieving their wealth aspiration, while almost a third […]
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 African bloc inches closer to a split from the French-backed currency. The monetary union will move its currency reserve from […]
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 Credit Facility (ECF) and Extended Fund Facility (EFF), “aims to support the authorities’ implementation of their ambitious reform agenda and […]
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 tonnes per year. After a successful listing on the Frankfurt Stock Exchange: the Frankfurt Stock Exchange, the mining company Prospect […]
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 Commission, EFCC; confirmed his return stating that “The ex-AGF left Dubai following pressure from the EFCC.” He was arrested by […]
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 2020 national budget of $34.72billion or N10.59 trillion. Dangote gave the cheering news to the minister of finance, budget and […]
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, the credit is intended to help the country restore macroeconomic stability, provide a foundation for sustainable growth, and address weaknesses […]
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 to the right direction, from now onwards, the Government of Rwanda has added Sanitary Pads to a list of goods […]
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 economy have been affected by the ongoing boycott from the neighboring nation: Importing huge quantity of perishable goods such as […]
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 courtesy visit by the Management Team of Oracle Africa, led by the Group’s Country Director, Mr Adebayo Sanni. Sanwo-Olu said […]
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 caused scarcity of basic items, including frozen chicken, rice, fish, tomatoes, and others thus causing hike in prices, but authorities […]
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 National Planning, Mrs Zainab Ahmed disclosed this on Saturday in Abuja at the end of the meeting of Ministerial Committee […]
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 (ADF-15), up 32% from the previous cycle, sends a strong signal of trust in the Fund, which is the concessional […]
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 cities to shut down shops owned by Nigerians. GUTA accuses the Ghanaian government of failing to enforce Section 27 (1) […]
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 upon from 2016 to 2018.President Muhammadu Buhari, who had reported that economy was gathering momentum, addressed the loan request letters […]