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Uganda eyes 5.5% GDP in the year ending June 2018

Uganda’s economy boosted by lower borrowing costs and higher oil sector investments will grow by 5.5 percent in the year to June 2018, a budget paper on Monday showed. According to the budget framework, growth will be supported by a recovery in private sector credit due to the easing of monetary policy. Issuance of crude […]

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Morocco Enacts its Membership in Afreximbank

Morocco has enacted its membership in the Cairo-based African Export–Import Bank or Afreximbank by publishing in the latest official gazette the Convention establishing Afreximbank. Morocco promulgated in 2011 a law approving the principle of the country’s accession to the Convention establishing Afreximbank and deposited in September 2013 the ratification instruments of the Convention. Afreximbank, founded […]

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Three African countries listed among world’s most powerful economies by 2050

Price Waterhouse Coopers published rankings of 32 future power economies by 2050. In the report, titled “The long view: how will the global economic order change by 2050?” three African nations, Nigeria, Egypt and South Africa are forecast to be 14th, 15th, and 27th respectively. The report used by macroeconomists takes into account the various […]

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Less than 1% of Naira Notes are Fake – Nigeria’s Reserve Bank

The Central Bank of Nigeria (CBN) on Tuesday said less than one percent of the west-African nation’s local currency in circulation is fake. The reserve Bank made the statement in response to a claim by a former deputy governor of the Bank who earlier said 20% of the currency used by Africa’s most populous nation […]

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EU launches $47 billion fund for Africa

The European Union this week launched a $47 billion development fund for Africa. The African Economic Development Fund is to help accelerate African countries economic growth and most importantly, reduce the migrant numbers moving into Europe. The fund is also going to help the digital industry in Nigeria which the EU sees as one of […]

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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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