By Khuleko Siwele and Loni Prinsloo, Bloomberg South Africa passed 200 days of power cuts in 2022 on Tuesday, with more to come. Eskom said it will ramp up power cuts from stage 1 load shedding, where it removes 1 000 megawatts from the grid, to stage 3 from 4 pm until 5 am for…
By Reuters Kenya is raising $900 million in planned external commercial financing for its fiscal year to June from international banks, the finance ministry said in a memorandum to the International Monetary Fund. The East African nation has found it almost impossible to raise funds from international bond markets this year due to a surge in…
(Reuters) – Germany’s BioNTech said on Wednesday it has completed construction of its first vaccine factory made from shipping containers called ‘BioNtrainer’ being sent to Africa. The COVID-19 vaccine maker said the BioNtrainer is expected to arrive in Kigali, Rwanda in the first quarter of 2023. In February, the company planned to develop a vaccine…
Visa has been investing in Africa for several decades to grow a truly local businessStaff Writer, Bizcommunity.com Visa Inc plans to invest $1bn over the next five years in Africa to capitalise on the emerging economy’s rapid growth in digital payments, the company said at the US-Africa Leaders Summit on Wednesday.US President Joe Biden is hosting…
By Christian Akorlie and Cooper Inveen ACCRA (Reuters) -Ghana said on Monday it would suspend payments on most of its external debt, effectively defaulting as the country struggles to plug its cavernous balance of payments deficit. Its finance ministry said it will not service debts including its Eurobonds, commercial loans and most bilateral loans, calling…
Ahmed Kotb , Thursday 15 Dec 2022 Egypt’s exports to the European Union (EU) have doubled in 2022 after reaching about 8 billion euros, up from 4 billion euros in 2021, said Christian Berger, the head of the EU Delegation to Egypt. Berger added at a press conference on Wednesday that the EU is the leading…
AFP , Tuesday 13 Dec 2022 Ghana on Tuesday agreed on a $3 billion credit deal with the International Monetary Fund (IMF) as part of the country’s battle to end its worst economic crisis in decades. West Africa has seen a resurgence of coups in recent months, and the 15-nation Economic Community of West African States…
Reuters – Egypt is expecting approval of a new $3 billion Extended Fund Facility package from the International Monetary Fund next week, Deputy Finance Minister Ahmed Kouchouk said on Wednesday. Egypt’s finances remain fragile despite two major currency devaluations this year and the IMF package, which was announced in October as Egypt pledged to shift to “durable exchange…
By Rédaction Africanews with AP Last updated Experts on Wednesday raised concerns over a new policy announced by the Central Bank of Nigeria that heavily limits withdrawals of money in a push for a cashless economy. The monetary policy, which applies to ATMs, banks and cash back from purchases, follows the launch of the West African…
The growth rate within the countries of the West African Economic and Monetary Union (WAEMU), amounted to 5.7% in 2022, down 0.4% compared to 2021, announced Monday the leaders of this organization meeting in Abidjan. The eight member countries of UEMOA (Senegal, Guinea Bissau, Ivory Coast, Togo, Benin, Mali, Niger and Burkina Faso) have not…
