Home » Archives by category » Finance (Page 2)

ECOWAS will meet its 2020 single currency deadline – Heads of State

ECOWAS will meet its 2020 single currency deadline – Heads of State

Members of the Presidential Task Force on the ECOWAS Single Currency Program on Wednesday reaffirmed their political will to introduce a single currency in the West African region by 2020. In a Communiqué issued at the end of the 5th  Presidential Task Force meeting in Ghana, the leaders of the regional bloc reaffirmed their commitment […]

Read More

Morocco’s BCP lands in Mauritius, Madagascar

Groupe BPCE, the second largest banking group in France on Monday announced the signing of an agreement providing for the divestment of 100% of Banque des Mascareignes to  Banque Centrale Populaire Group, one of Morocco’s three biggest lenders. The agreement concerns the divestment by BPCE International of Banque des Mascareignes based in Mauritius, and its […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More