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Chad: Idriss Deby sacks finance minister amid oil-for-cash loans saga

Chad: Idriss Deby sacks finance minister amid oil-for-cash loans saga

Chad’s President Idriss Deby, on Thursday, sacked Finance Minister Christian Georges Diguimbaye and his deputy, Banata Tchalet Sow. Diguimbaye was replaced by Abdoulaye Sabre Fadoul, the minister-secretary general of the government in charge of institutional reform, who will serve as interim finance minister. The move of President Idriss Deby comes at a time the central […]

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Nigerian economy grows 1.4% in Q3 2017

Africa’s largest economy grew 1.4 percent year-on-year in the third quarter, the statistics office said on Monday.Data published by Nigeria’s National Bureau of Statistics (NBS) on Monday shows that the economy grew 1.4 in the third quarter of 2017. The new growth signals the start of a permanent turnaround in the country’s economic fortunes after […]

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Cameroon to issue 10 billion CFA francs in treasury bills

The Cameroonian government on Wednesday, returned to the regional market of the Bank of Central African States (BEAC) to raise a 10 billion CFA francs loan. The treasury bills will have maturity of 13 weeks, officials said. Since the beginning of this year, this is the first issue of T-Bills, over 7 billion CFA francs. […]

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Malawi’s economic growth to exceed 5.5 % in 2017 – President

Malawi’s 2017 economic growth will exceed 5.5 percent, President Peter Mutharika said on Friday. The expansion of the southern African nation’s economy would beat the forecast of 5 percent GDP growth of the International Monetary Fund. According to the Finance Minister, the economy was driven by continued favorable weather conditions and a bumper crop of […]

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Africa’s intra-trade reaches 13% – UNECA

Trade among African countries accounts for only 13% of the continent’s overall trade, the United Nations Economic Commission for Africa said on Wednesday. The commission made the statement during a business Forum in Malabo, Equatorial Guinea, where economists have gathered to explore ways that can contribute to the continent’s industrialization. Increasing inequality and youth unemployment […]

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Gabon unveils $300 million new port Harbor

The Gabonese government on Saturday, unveiled a $300 million port as the central African nation seeks to modernize the existing Port of Owendo. The new port was constructed in partnership with Olam group from Singapore and will be partly managed by French logistics company, Bolloré. The project will allow the country to revive the economy […]

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Ethiopia devalues Birr to cope with foreign currency crunch

The National Bank of Ethiopia (NBE) on Tuesday announced a devaluation of the country’s currency, the birr by 15% in a bid to cope with the serious foreign currency crunch it has faced. According to the reserve bank, along with the devaluation, interest rates on deposits have been increased by 2% to stand at 7%. […]

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Senegal: National revenue records a surplus of 560 billion CFA

Senegal’s economy has recorded a revenue surplus of over 560 billion CFA, data from the West African nation’s office of economic planning, policies and finance revealed. The economy may grow 6.8 percent this year, the most in sub-Saharan Africa after Ethiopia and Ivory Coast, according to the International Monetary Fund. Senegal is one of the […]

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Ghana extends IMF credit Facility program to 2019

The Government of Ghana, on Wednesday, extended the credit facility program with the International Monetary Fund (IMF) by a year following a conclusion of an assessment of the fourth review of the Extended Credit Facility by the Washington-based international lender. The IMF board has also approved a $94 million disbursement following the program extension. Ghana’s […]

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Tanzania’s first quarter growth slows to 5.7 %

Tanzania’s economic growth slowed to 5.7 percent in the first quarter of this year from 6.8 percent previously, the statistics office of the East African nation said on Thursday. Tanzania’s annual GDP growth rate averaged 7% over the past 5 years, making it one of the 20 fastest growing economies in the world and beating […]

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