African Countries Seek Debt Relief From World Bank
The ministers of finance from African countries have called for debt relief from bilateral, multilateral and commercial partners to cushion…
Category: Africa
Coronavirus: African Economies May Take Three Years To Recover
It may take three years for African economies to recover from the slowdown brought by the Covid-19 pandemic, according to…
Coronavirus: Half of All Jobs in Africa Are At Risk
Africa may be two to three weeks away from the height of a coronavirus outbreak, but its impact is already wreaking havoc…
Wives Rejoice And Traders Despair As Coronavirus Halts ‘Khat’ Supply To Somalia
Before the coronavirus hit, Muna Nur Farah had started to hate her husband. He’d slink into their home in the…
Standard Bank Withdraws Guidance Over COVID-19
Standard Bank on Tuesday withdrew its financial guidance citing uncertainty caused by the coronavirus (COVID-19) which has forced South Africa…
South Africa’s Rand Hits Record Low As Moody Downgrades The Country’s Rating
The South African rand plunged to a record low after Moody’s downgraded the government’s debt before recovering slightly Monday. This…
South Africa May Approach IMF Over Virus Impact
South Africa may approach the International Monetary Fund for the first time ever to help with funding to deal with…
Africa: $100 Billion Needed. A Fraction Promised
Governments across sub-Saharan Africa have closed borders, canceled flights and told citizens to stay indoors to defeat the coronavirus. They’ve done little to protect their…
After More Than 25 Years South Africa Is Now Junk With Moody’s Too
South Africa has lost its Moody’s Investment Services investment-grade credit rating more than 25 years after it was first awarded…
Zimbabwe Returns To Use Of Foreign Currency As Own Currency Crashes
Zimbabwe’s government, which banned use of the dollar nine months ago, has restored the peg its currency had to the…
Coronavirus: IMF, World Bank Suspend Debt Payments By Nigeria, Others
The International Monetary Fund and World Bank on Wednesday announced a hold on debt payments from Nigeria and other sub-Saharan Africa…
Coronavirus: Kenya Bans The Importation Of Second-hand Clothes
Kenya has banned the importation of second-hand clothes, popularly known as “mitumba”, as a way of limiting the spread of…
UN Sees Africa Sliding Into Recession Without Debt Help
frica could fall into recession this year if multilateral lenders and investors don’t help the continent waive debt-servicing costs that could be used to halt the spread of the coronavirus, according to the United Nations.
South African President Meets Business Leaders as Virus Spreads
The country has escalated measures to curb the spread of the virus, including banning travel to and from various countries and limiting gatherings to no more than 100 people, as the number of infections rises. The restrictions are expected to dampen the country’s already dire economic outlook, with the Reserve Bank saying the country is likely to contract 0.2% this year, after slipping into a recession at the end of 2019.
Tunisia Allocates $850 Million To Combat Effects Of Coronavirus
Tunisia is allocating 2.5 billion dinars ($850 million) to combat the economic and social effects of the coronavirus health crisis,…
Emirates Airline Suspends Flights To Nigeria, New York, France, Germany
Emirates, one of the world’s biggest international airlines, is suspending all flights to Nigeria, France, Germany, New York and New…
South Africa Regulator to Crack Down on Price Gouging in Disaster
South Africa’s Competition Commission will prioritize complaints about rising prices for essential products to ensure that firms exploiting consumers are…
Uganda Cuts Growth Outlook as Coronavirus Outbreak Hurts Tourism
Uganda sees economic growth slowing to 5.2% to 5.7% in 2019-20 from an earlier forecast of 6% depending on the…
Coronavirus: South Africa grounds international flights till may
South Africa’s flag carrier on Friday suspended all international and regional flights until the end of May following a travel…
Tourists’ departure leaves Madagascar forlorn as coronavirus fears bite
On a pristine island off the northwest coast of Madagascar famous for its orchids and turquoise, turtle-filled waters, residents are…
Egypt to shut all cafes, malls, sports clubs in evenings until March 31
Egypt said on Thursday it would shut all cafes, shopping malls, sports clubs and nightclubs from 7 p.m. until 6…
Nigeria, others may lose over $110b in taxes, revenue as oil Price sinks to $24
As Coronavirus pandemic continues to rage and disrupt international economies, the African Energy Chamber (AEC), as well as other analysts,…
The Only Question on South African Rate Cut May Be ‘How Much?
The debate around South African interest rates has now moved from whether the central bank will cut, to how much…
More pain for Nigeria as oil sinks to $29
With the international oil benchmark, Brent crude, falling below the $30 per barrel mark on Monday, the oil-dependent Nigerian economy…
Togo, Niger, Benin owe Nigeria N30bn for electricity
The Republics of Togo, Niger and Benin owe Nigeria a total of N29.97bn for the electricity supplied to them from…
Johannesburg Stocks Fall to 2013 Low as Virus Steps Worsen Woes
South Africa’s benchmark stock index fell to the lowest since July 2013 after President Cyril Ramaphosa’s declaration of a national…
More African countries confirm first coronavirus cases as Jack Ma pledges aid
Chinese billionaire and Alibaba co-founder Jack Ma pledged to donate over 1 million coronavirus tests to Africa on Monday
Egypt to halt flights from Thursday to stem spread of coronavirus
Egypt will halt all air traffic at its airports from Thursday until March 31 to prevent the spread of coronavirus
Zenith Bank limits int’l withdrawal amount on card
Zenith Bank has limited the monthly international withdrawal limit on its Naira cards to $1,000 per month, according to PUNCH.
Lagos explosion: Sanwo-Olu sets up investigative panel, N2bn relief fund
Sanwo-Olu, who visited the scene on Monday morning, also announced a N2 billion relief fund to cushion the effect on the victims and address the disasters triggered by the explosion.