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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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Côte d’Ivoire: Teachers, Civil Servants Start Nationwide Strike

Civil servants and teachers in Côte d’Ivoire have announced a 72-hour strike from Tuesday to protest against reduction in pension from 30% to 50% in the West African nation. The strike is against a 2012 pension reform that is taking effect in 2016 forcing employees to go on retirement. The reform increases the age of […]

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CAR Economy to Grow by 5% in 2017

The economic program of war-torn Central African Republic is broadly on track despite the deterioration of the security environment in the country, said the International Monetary Fund (IMF) as it completed its mission to CAR on Monday. According to the IMF, the Central African nation’s Gross Domestic Product is expected to grow at 4.5 percent […]

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Guinea: IMF Approves $25.2 Million Disbursement

The International Monetary Fund (IMF) on Wednesday approved a $25.2 million disbursement for Guinea to help the West African nation revive an economy that was ravaged by a slump in its key export commodities. The West African country is a major producer of bauxite, an aluminium ore, but growth has slowed due to a slump […]

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Mozambique to Conduct External Audit of Debt

Mozambique Finance Minister Adriano Maleiane on Wednesday said the government of the southern African nation is committed to carrying out an independent international audit to bring transparency to government debt that stands at $11.2 billion. Adriano Maleiane who was speaking to investors in the capital Maputo said the country faces huge short term fiscal challenges […]

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Botswana: GDP Growth Estimated at 4.4% for Next 6 Years

Botswana’s National Development Plan presented to Parliament on Wednesday indicated that the southern African nation’s economy will grow by an average of 4.4 percent annually from April 2017 to March 2023. According to the document, the diamond-rich country will introduce a new fiscal rule next year that will see its diamond producers save 40 percent […]

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Zimbabwe Targets 4.8% GDP Growth in 2017

Zimbabwe’s economy is projected to rebound from 1.2 percent growth to 4.8 percent next year, driven by a cocktail of reforms, improved agriculture production and higher commodity prices, the treasury announced on Tuesday. The country which has been led by President Robert Mugabe since 1980 is currently experiencing a liquidity crisis that led to limits […]

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Malawi’s President Returns Home after Month-Long Absence

Malawian President Peter Mutharika returned home on Sunday after an unexplained trip to the United States that lasted several weeks, sparking a lot of rumors and allegations that he was hospitalized in the US. The 76-year-old president made no public remarks at the airport – and used his left hand to wave to a crowd […]

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Tanzania Gets $259 mln Funding for Power Grid

The African Development Bank and the Japan International Cooperation Agency have granted $258.82 million to Tanzanian government for a high voltage electricity line to connect its national power grid to Kenya, it was officially announced on Sunday. The 400 kilovolt (kV) line will be completed within two years, Tanzania’s power utility TANESCO said in a […]

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