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Zimbabwe: Civil servants reject salary increase

Zimbabwe’s public sector staffs have rejected a salary increment of 15 percent proposed by the government. The main public sector union on Tuesday said it wants wages for the lowest paid employees to more than double. President Emmerson Mnangagwa’s government on Monday increased the pay offer to civil servants from 10 to 15 percent as […]

Nigeria oil reform bill to establish powerful industry regulator

Nigeria’s government under a legislation—known as the Petroleum Industry Bill (PIB)—will soon create a powerful energy regulator with broad oversight of the oil and gas sector, local media reported. The governance part of the bill was passed by both houses of parliament earlier this year. According to Reuters, the draft laws, posted on the Nigerian […]

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African nations at risk of debt distress despite growth – IMF

The International Monetary Fund on Tuesday warned that Sub-Saharan African nations are at growing risk of debt distress. This came in the IMF regional economic report and the outlook for Sub-Saharan Africa released on Tuesday. According to the Washington-based Fund, Sub-Saharan Africa’s rate of economic expansion would rise to 3.4 per cent this year, up […]

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Kenya’s economic growth to rebound in 2018

Kenya’s economy is expected to grow 5.8 percent this year compared with an estimated 4.8 percent in 2017, thanks to drought cut and less political risk after last year’s presidential election, Finance Minister Henry Rotich said on Wednesday. According to Rotich, the economy of the East African nation will benefit from increased investment in key […]

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Congo has “met” criteria for an IMF deal

Congo Republic over the weekend said it fulfilled the criteria for a deal with the International Monetary Fund (IMF) to revamp its debt-crippled economy. The Washington-based fund last year proposed a program to restore the macroeconomic stability of Congo. The Central African nation’s debt, which stood at $9.14 billion or around 110 percent of GDP, […]

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Zambian economic growth to exceed 4% in 2018

The Zambian government expects economy to grow by more than 4 percent this year helped by the mining, agriculture and construction sectors, Finance Minister Margaret Mwanakatwe said. The southern African nation had initially targeted at least 5 percent growth this year, helped in part by higher commodity prices. Africa’s second-largest copper producer expects copper output […]

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Namibia economy slips into recession

Namibia has dropped into recession after its mining-fueled economy contracted in the final two quarters of last year, the statistics office said on Thursday. According to the statistics office, the southern African country’s gross domestic product (GDP) contracted 1.0 percent year-on-year in the fourth quarter after a 1.0 percent drop in the third quarter. The […]

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Ghana to adopt new tax collection system as it exits IMF

The Ghanaian Revenue Authority (GRA) has been asked to put in place an effective tax collection system to make it easier for those in the informal sector to pay their taxes as the gold-rich nation plans to exit from the International Monetary Fund. According to Bloomberg, the West African nation needs to increase revenue as […]

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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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