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Ivory Coast to reduce 2017 Budget on low cocoa prices

Ivorian President Alassane Ouattara on Wednesday announced plans to cut the 2017 budget of the west-African nation by 10 percent due to a sharp drop in world prices of cocoa. According to Ouattara the decision to cut spending was taken during a visit this month by an International Monetary Fund delegation. “Excluding salaries, we were […]

Algeria’s Foreign Exchange Reserves fall to $109 bln in February 2017

Algeria is on course of depleting its coffers as its foreign exchange reserves continue to dwindle to stand at $109 billion dollars at the end of last February, said governor of Algeria’s central bank, Mohamed Loukal. Battered by the slump in oil prices, Algeria’s reserves followed a decreasing trend from $194 billion in 2013, $178 […]

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Egypt: WB disburses $1 billion in financial assistance

The World Bank has allocated $1 billion in financial assistance to Egypt as the North African seeks to revive its ailing economy hit by the 2011 political upheaval. According to  Dr. Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti,  “The government [Egypt] has taken important steps in implementing key policy and institutional […]

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Ghana predicts 6.5 percent budget deficit for 2017

Ghana’s Finance Minister Ken Ofori-Atta on Thursday said the government aims to reduce its budget deficit and inflation in 2017 as it plans to stabilize the economy. Presenting the government’s first budget to Parliament, Ken Ofori-Atta said the government plans to cut the budget deficit to 6.5 percent of gross domestic product in 2017 from […]

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UN expert urges lenders to act as Tunisia seeks foreign investment

A UN independent expert on foreign debt and human rights on Wednesday encouraged international lenders to lend additional support to Tunisia, which is struggling to revamp its ailing economy. Tunisia has been lauded as the sole political success story of the Arab Spring for its democratic transition, but the North African country has made slow […]

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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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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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Mauritius Island’s Trade Deficit Expands 25% in October

Mauritius’ trade deficit expanded 25 percent in October from the same period a year earlier, the statistics office said. The value of exports fell 14.9 percent to 6.60 billion rupees, with manufactured goods dropping to 2.23 billion rupees from 2.93 billion rupees in October last year. Imports rose 3.2 percent to 14.82 billion rupees, Statistics […]

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Kenya cuts 2017 growth outlook

Kenya has cut its 2017 growth outlook on Wednesday due to slowing credit growth, Geoffrey Mwau, the director general of fiscal and economic affairs, told Reuters. The East African nation expects the economy to expand by just over 6 percent next year, down from an initial forecast of 6.5%; a senior treasury official was quoted […]

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Nigeria’s GDP shrinks by 2.24 % in Q3 of 2016

Nigeria’s gross domestic product (GDP) contracted by 2.24 percent in the third quarter, the National Bureau of Statistics (NBS) said on Monday. According to the NBS, oil production averaged at 1.63 million barrels per day in the third quarter. Africa’s largest economy faces its worst crisis in 25 years, brought on by low oil prices […]

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