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China tops Kenya’s international lenders – Treasury

China has invested Sh520 billion ($5,202.37 million) in Kenya in 2017, making Beijing the top partner that advanced bilateral loans to the East African nation, latest data from the Treasury show. China has become the lender of choice for Kenya in the last ten years and funded major infrastructural projects like the standard gauge railway […]

Ghana has ‘no reason’ to return to IMF – President Nana Akufo-Addo

Ghana’s President Nana Akufo-Addo said in his annual state of the nation speech on Thursday that his government had buckled down on mismanagement and will not return to the International Monetary Fund for help. According to Akufo-Addo, the macroeconomic fundamentals are solid and all the critical indices are pointing the West African nation’s economy in […]

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Morocco secures $2 billion funding from AfDB

The African Development Bank’s (AfDB) vice president, Khaled Sherif, last weekend said Morocco will benefit from a $2 billion financing from the Bank over the next two years. The announcement was made during a working visit by the Abidjan-based institution’s vice president in the North African nation. Khaled Sherif, who congratulated the Moroccan government for […]

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AU Members divided over Kaberuka tax

The 30th Summit of the African Union held in Addis Ababa January 28 and 29 did not settle the African Union’s financing solutions. The “Kaberuka tax,” a 0.2% levy on imports, supposed to ensure the financial independence of the institution, did not receive unanimous approval. The AU is reliant on foreign donors to fund its […]

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Ghana’s economy back on track – President

President Akufo-Addo of Ghana on Wednesday said he spent the past year stabilizing the economy, including clearing huge debt deals signed by his predecessor. The President who was speaking to the media on Wednesday, to mark his one year in office, said it has taken a lot of hard work from his economic team, led […]

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Gambia to change currency with Jammeh’s head

Gambia’s Central Bank will phase out local currency – the dalasi – which has the head of former President Yahya Jammeh as of February, Africa news reports on Wednesday. President Yahya Jammeh printed his head on the country’s currency in 2015, six years after denouncing erstwhile President Dawda Jawara for doing the same. According to […]

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Algeria Bans Imports of 900 Products to Curb Spending

Algeria continues to implement time buying measures to compensate for falling oil revenues. The country has banned imports of a list of nearly 900 products including mobile phones and household appliances as its foreign currency reserves are expected to further fall to $85 billion in 2018, down from $194 billion in 2013. The ban was […]

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Oil-dependent Gabon economy grew 0.8% in 2017 – IMF

The International Monetary Fund on Thursday downgraded Gabon’s economy growth forecast of 2017 form 1 percent to 0.8 percent. The international lender expects growth to rebound to 2.7 percent next year due to recovering oil prices. The central African oil-rich nation has been hard hit by a more than 50-percent drop in oil prices since […]

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Morocco Receives $200 Mln WB Loan to Boost Agri-business Sector

The World Bank has lent Morocco $200 million to help the North African Kingdom strengthen its agricultural value chains for greater inclusion of small and medium producers. With the increased productivity of Morocco’s agriculture sector over the past few years, driven by ambitious reforms under the Agriculture Plan, Plan Maroc Vert (PMV), the country aims […]

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Senegal: IMF forecasts stronger growth for third year in a row

Senegal’s GDP growth is expected to exceed 6 percent in 2017, mainly driven by services, tourism and agriculture, the International Monetary Fund said in a statement on Monday. The country is among the fastest growing economies in Africa. In 2016, Sub-Saharan economy grew by 6.6%. According to the IMF’s estimates, real GDP is expected to […]

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