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South Africa’s new president vows to fight corruption

South Africa’s vice-President Cyril Ramaphosa was sworn in as head of state on Thursday, a day after corruption-plagued Jacob Zuma resigned as President of the African most industrialized nation. Immediately after the swearing-in ceremony, the former union leader, vowed to fight corruption in a direct reference to accusations levelled against his predecessor, Jacob Zuma. He […]

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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Nigeria to raise $2.5 billion through Eurobonds

Nigeria will raise $2.5 billion through Eurobonds in the first quarter, the Debt Management Office (DMO) said on Thursday. According to the head of the DMO, Patience Oniha, the country will also try to get back into the JP Morgan Government Bond Index (GBI-EM), with improving liquidity in the local currency market. The African most […]

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IMF cuts South Africa’s growth as Lagarde meets Ramaphosa

IMF chief Christine Lagarde has met South African Deputy President Cyril Ramaphosa in Davos on Wednesday on the sidelines of the World Economic Forum. The meeting comes a day after the Washington-based lender revised downwards South Africa’s economic growth because of rising political uncertainty. The IMF projects the country’s economy to grow by 0.9% over […]

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Côte d’Ivoire: Gunfire at military camps in Bouake

Heavy gunfire erupted at two military barracks in Côte d’Ivoire’s second largest city, Bouake, local media reported late on Tuesday. Early last year, Côte d’Ivoire was shaken by successive uprisings by low-ranking troops. Bouake was the epicenter of the army mutinies. The mutineers are understood to mainly be former rebels who were integrated into the […]

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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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IMF says more work needed before Congo’s debt-plagued economy bailout

The International Monetary Fund (IMF) has concluded its negotiation mission in Congo without reaching an agreement on an assistance package, the Washington-based international lender said in a statement. The IMF said it was encouraged by Congo’s draft 2018 budget and the progress made in formulating medium-term macroeconomic and structural policies it could support, but more […]

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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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Tanzania: Lack of public spending curtailing economic growth – IMF

The International Monetary Fund (IMF) on Wednesday called on Tanzanian authorities to speed up reforms to prevent a slowdown of the economy of the East African nation. The Tanzanian economy slowed down to 6.8 per cent between January and June, compared with 7.7 per cent over the same period last year. Tanzania is Africa’s fourth-largest […]

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IMF Greenlights Disbursment of $2 Bln to Egypt

After a review of Egypt’s economic reforms, the IMF said it has agreed to the disbursement of a $2bn loan –part of the $12bn extended facility negotiated last year with Cairo. “The staff-level agreement is subject to approval by the IMF’s Executive Board Completion, upon which Egypt will receive the third tranche of $2 billion […]

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