Nigeria will probably maintain its system of multiple exchange rates, which the International Monetary Fund has long-urged it to scrap, until at least early 2020, according to Moody’s Investors Service. Merging the naira’s various rates any sooner might force the government to weaken the currency and raise fuel prices, which would accelerate inflation, the ratings company…
Details Demand for Ghana’s $2 billion of Eurobonds exceeded supply four times as the West African country convinced investors about its economic turnaround story, the Ministry of Finance said. Ghana got more than $8 billion of bids after marketing the debt in the U.S. and London, the ministry said in emailed statement Friday. President Nana Akufo-Addo,…
Details The lender sees risks to its 2.4 percent estimate for 2018 “as being tilted to the upside,” Goldman economist Andrew Matheny said in an emailed note. Goldman increased its prediction from 1.5 percent after Cyril Ramaphosa was elected as leader of the ruling party in December. Business confidence reached a more than two-year high in…
Details The Internet Society and the African Union Commission launched new personal data protection guidelines for Africa at the Africa Internet Summit held in Dakar, Senegal this week. The new set of guidelines highlight how privacy protection and the responsible use of personal data are critical factors in building greater trust online and in advancing the…
Details China Telecom Global (CTG), a subsidiary of China Telecom Corporation Limited – providers of integrated telecommunication services, and Liquid Telecom, a pan-African telecoms group, announced the signing of a historic strategic partnership whereby the two companies will collaborate to provide Africa and Asia with network solutions and services. The agreement will enable both companies to…
Details State-owned pension fund’s total assets under management grew 17 per cent to hit Sh196.9 billion in the six months to June 2017, consolidating its position as the largest in the country ahead of private Pinebridge Investments East Africa. The latest industry data published by the Retirements Benefits Authority (RBA) shows that National Social Security Fund…
Details Ghana’s Cocobod is seeking up to $1.5 billion from China’s Eximbank to improve farms and install irrigation systems and other projects, the regulator’s chief executive Joseph Aidoo said on Wednesday. A man carries a cocoa bag while walking over cocoa beans left out to dry in Niable, at the border between Ivory Coast and Ghana,…
Details Africa set to benefit significantly from blockchain initiatives African Governments Are Among the Most Open to Embracing Blockchain Technology Says Leading Industry Exponent and ensure it creates the most appealing environment for tech innovators Sandra Ro, CEO of the Global Blockchain Business Council (GBBC) and Chief Operating Officer of UWIN, the blockchain business aiming to…
Details Despite low levels of water in the Zambezi River, the Cahora Bassa dam, in Mozambique’s western province of Tete, generated more electricity than planned in the first quarter of this year. According to a release from Hidroelectrica de Cahora Bassa (HCB), the company that operates the dam, between January and March Cahora Bassa produced 3,433,504MWh…
Details The institution’s Office of Integrity and Anti-Corruption found the company to have engaged in numerous misrepresentations of its past experience in bidding for Bank-financed contracts Abidjan, Côte d’Ivoire, May 7, 2018 – The African Development Bank Group (AfDB) on May 7, 2018, announced the conclusion of a settlement agreement with CHINT Electric Co., Ltd., a power…
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