MALAWI is facing acute shortages of foreign exchange currency, forcing two international airlines to suspend some of their services in the country. The situation has negatively affected the operations of many more local and international cross-border businesses. The latest monetary…
ZIMBABWEAN President Emmerson Mnangagwa has praised Chinese investment for changing the economic landscape in his country and other parts of Africa, while blasting the West for plundering African resources for decades. In his weekly column for the government-run The Sunday Mail newspaper,…
THE International Monetary Fund (IMF) and Senegal have reached a staff-level agreement on economic and financial policies under which the West African country will receive a $217 million loan if approved in late June, the IMF said. Once approved, the…
AT least 67 Mozambicans have purchased 359 properties in Dubai, in the United Arab Emirates, with a total value of $78.5 million, according to ‘Working Paper No. 1’ of the European Union Tax Observatory, entitled, Who Owns Offshore Real Estate? Evidence…
BRITISH International Investment (BII) and US bank Citigroup Inc have signed a $100 million risk-sharing facility aimed at boosting lending to small businesses across Africa by up to four times that amount, BII said in a statement. The deal between…
THE dollar exchanged at N600 on Monday at the parallel market, heightening fears of a further devaluation of the nation’s currency. The rate at the Importers and Exporters Window was, however, N415.75 on Monday, widening the exchange rate spread to…
A NEW report claims that Africa’s richest man, Aliko Dangote, does not have the kind of money needed to complete his refinery by 2023. The report published by Fitch, the world’s biggest global rating agency, alleges that the Nigerian billionaire requires an additional $1.1bn…
SIERRA Leone will no longer provide foreign exchange for mining companies and other large businesses to import oil as of June 1, accusing them of ‘stockpiling diesel fuel,’ its Petroleum Regulatory Agency said in a statement. Sierra Leone has a…
THE World Bank has approved a $200 million grant toward Ghana’s digital transformation. The investment means the Ghana Digital Acceleration Project will receive a massive facelift by expanding broadband access and enhancing the efficiency and experience of digital public services…
GHANA’S Finance Minister Ken Ofori-Atta said on Thursday the government was committed to not seeking International Monetary Fund (IMF) assistance to relieve its debt. Ghana’s government in March announced a raft of spending cuts to tackle inflation, reduce deficit, restore…
