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South Africa: National Minimum Wage to Increase by 20% from 2018

South Africa will introduce a national minimum wage of $261 per month in 2018, Deputy President Cyril Ramaphosa said on Wednesday. The move comes after months of negotiations between the government and labor unions in the Southern African nation. “The balance we have sought to strike is that it must not be too low, so […]

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Zimbabwe Offers Workers Land instead of Bonuses

Cash-strapped Zimbabwe government has offered to pay its workers with land instead of the usual annual bonuses they are paid in November and December, local media reported. The government spends more than 80% of its budget on the salaries of public workers. But as the economy has stagnated, the government has struggled to pay those […]

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Tanzania Seeks $305 million WB Loan to Expand Dar es Salaam port

Tanzania’s government is seeking a $305 million soft loan from the World Bank to expand its main port in Dar es Salaam in the next fiscal year, Finance and Planning Minister, Philip Mpango, revealed on Wednesday. “The World Bank has agreed to give Tanzania loans for various development projects, including a credit of $305 million […]

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Tanzania Seeks Turkish Loans to Finance New Railway

Tanzanian government has requested a loan from state-owned Export Credit Bank of Turkey (Eximbank) to help finance a 400 km-long stretch of a new railway connecting its main port of Dar es Salam to land-locked neighbors. President John Magufuli said he made the funding request during the talks he held on Monday with Turkish President […]

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Long-Time Ruler Jammeh Left Gambia, Emptied Coffers

Gambia’s longtime leader, Yahya Jammeh, has left the West African nation this weekend following tense negotiations. In a televised address on Saturday morning, Jammeh said it was his duty to “preserve at every instant” the lives of Gambians. “I have decided today in good conscience to relinquish the mantle of leadership of this great nation […]

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Zimbabwe Misses 2016 Revenue Target

Zimbabwe’s tax agency ZIMRA on Thursday said it missed the 2016 revenue target by 4 percent as weak global commodity prices hit mineral royalties in the Southern African nation. “The failure to surpass revenue targets in 2016 is largely due to the prevailing harsh economic conditions,” ZIMRA chairperson Willia Bonyongwe said in a statement. The […]

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Angola’s Inflation Soars to highest

Angola’s inflation rose to 41.95 percent year-on-year in December from 41.15 percent in November, the national statistics agency said on Thursday. Data also showed prices increased at a faster pace month-on-month, rising 2.17 percent in December compared to 2.13 percent the previous month. The southern African nation is reeling from low oil prices, with oil […]

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EU Releases €28.7 Additional Emergency Assistance in Africa, Asia

With the humanitarian situation drastically deteriorating in a number of countries and regions, the EU announced it is releasing an urgent assistance to prevent critical consequences, in the Maghreb, Africa and Asia. A total of additional €28.7 million have been allocated to respond swiftly to the most urgent humanitarian needs, said the European Commission in […]

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Nigeria’s NNPC Awards Crude Oil Contracts to 39 Companies

Nigerian state run National Petroleum Corporation (NNPC) has awarded its 2017 crude oil term contracts to 39 companies on Tuesday. NNPC said in a statement that 18 Nigerian owned companies, 11 international trading houses, 5 foreign refineries; three foreign state-owned companies and two trading arms of the NNPC Group were selected after a transparent bid. […]

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Ghana’s GDP Inches to 4% in 2016 Q3 Despite Economic Hurdles

Ghana’s provisional GDP for the 3rd quarter of 2016 grew by 4 percent compared to 3.5 percent in the same period of 2015. According to the Ghana Statistical Service, Agriculture recorded a year on year quarterly growth of 2.3 percent. The livestock sub-sector recorded the highest year-on-year growth rate of 5.6% while the fishing sub-sector […]

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