By George Obulutsa and Duncan Miriri NAIROBI (Reuters) -Kenya’s shilling gave up some of its gains in afternoon trading on Thursday, after traders said the central bank bought dollars to curb volatility as the currency surged to its strongest level since June 2023. The central bank says it only intervenes to smooth out volatility when …
Kenyan shilling gives up some gains after central bank buys dollars Read More »
By Chijioke Ohuocha ABUJA (Reuters) -Nigeria’s inflation rate accelerated further in January and reached almost 30% in annual terms, driven by soaring food costs and the fall of the country’s naira currency to record lows. Some economists believe the data could help convince the central bank to deliver a large interest rate hike when it …
Nigeria inflation approaches 30%, highest since mid-1996 Read More »
By Rachel Savage and Jorgelina do Rosario JOHANNESBURG/LONDON (Reuters) -International investors greeted the removal of Ghana’s finance minister with caution on Wednesday, as they braced for the prospect of more delays to the restructuring of the country’s overseas debt ahead of national elections in December. The replacement of Ken Ofori-Atta with Mohammed Amin Adam, minister …
Ghana overseas debt restructuring seen delayed not scuppered by new fin min Read More »
By Rachel Savage JOHANNESBURG (Reuters) – Senegal’s diversified funding sources mean it could be better placed than some countries to navigate investor concerns sparked by political uncertainty, after President Macky Sall delayed a presidential election, the International Monetary Fund said. A significant portion of Senegal’s funding is on concessional terms, and a planned reduction in …
Senegal ‘better positioned than some’ to navigate investor concern, says IMF Read More »
By Vuyani Ndaba JOHANNESBURG (Reuters) – South Africa’s budget deficit will narrow at a slower pace in coming years than October estimates predicted, put off course by poor mining tax receipts, according to a Reuters poll which also showed the central bank would delay interest rate cuts. The consolidated budget deficit will narrow to 5.0% …
S. Africa’s budget to consolidate more slowly, rate cuts delayed: Reuters poll Read More »
By Caroline Valetkevitch NEW YORK (Reuters) – Global stock indexes edged higher while Treasury yields slipped on Wednesday as investors tried to assess the timing of possible interest rate cuts from the Federal Reserve, while the dollar eased off of a three-month peak against the yen. Japan’s top currency officials warned against what they described …
Stocks rise as traders assess rate outlook, dollar weakens vs yen Read More »
By Camillus Eboh ABUJA (Reuters) – Nigeria plans to fix its chronic power woes by settling outstanding debts of about $2.16 billion to energy producers and tackling gas supply shortages to generating firms, the power minister said on Wednesday. Africa’s largest economy has 12,500 megawatts of installed capacity but only produces about a quarter of …
Nigeria to clear debt, fix gas shortages in plan to end power woes Read More »
By America Hernandez PARIS – Renewable energy investments in Africa are being hobbled by insufficient government loan guarantees, as the International Monetary Fund keeps a tight leash on country indebtedness, TotalEnergies CEO Patrick Pouyanne said Wednesday. Pouyanne said currently electricity projects in Africa suffer from “a problem of solvency… you have a risk not to …
TotalEnergies CEO says IMF debt rules hobbling African green energy projects Read More »
JOHANNESBURG (Reuters) -The South African rand firmed on Wednesday after of December retail sales figures, having weakened more than 1% against the dollar the day before. At 1504 GMT, the rand traded at 19.0900 against the dollar, about 0.3% stronger than its previous close. The dollar was down about 0.06% against a basket of global …
NAIROBI (Reuters) – The Kenyan shilling extended gains on Wednesday, hitting its strongest in more than three months as confidence the government would pay off a Eurobond maturing in June buoyed investor appetite. The shilling strengthened over 3% against the U.S. dollar to reach 150.00/151.00, a level it last traded at on Oct. 26, compared …
Kenyan shilling extends gains on confidence Eurobond will be repaid Read More »
