Reuters Africa Business

ABIDJAN (Reuters) – The African Development Fund’s partners have agreed to commit a total package of $8.9 billion to its 2023 to 2025 financing cycle, the African Development Bank said in a statement on Tuesday. The African Development Fund is the concessional window of the African Development Bank Group, providing grants and soft loans to …

African Development Bank mobilises $8.9 billion for low-income African countries Read More »

NEW YORK (Reuters) – S&P Global downgraded Ghana’s long-term local currency bonds to “selective default” and cut the country’s foreign currency debt to “CC” from “CCC-plus,” with default a “virtual certainty,” the ratings agency said in a Tuesday statement. S&P said Ghana’s proposed local debt swap is a “distressed exchange offer,” earning those bonds the …

S&P says Ghana’s local debt in default, cuts foreign bonds Read More »

ACCRA (Reuters) -Ghana’s parliament on Tuesday narrowly approved the proposed 2023 budget, overcoming resistance from opposition lawmakers over the inclusion of a debt exchange programme and increased value-added tax. Finance Minister Ken Ofori-Atta last month proposed a budget that aimed to narrow Ghana’s cavernous deficit with spending cuts and new revenue-generating measures. It also included …

Ghana’s parliament approves 2023 budget and revenue strategy Read More »

CAIRO (Reuters) – Egypt’s net foreign reserves rose to $33.532 billion in November from $33.411 billion in October, data from the central bank showed on Tuesday. (Reporting by Alaa Swilam; Editing by Frank Jack Daniel)

NAIROBI (Reuters) – Kenya has asked the World Bank for a $750 million budget support loan, the finance minister said on Tuesday, to help cover its funding needs for the financial year to the end of next June. The minister, Njuguna Ndung’u, had said last month Kenya was in talks with the World Bank for …

Kenya seeks $750 million loan from the World Bank, finance minister says Read More »

(Corrects last year to last month) KHARTOUM (Reuters) – Sudan lowered the local price for diesel to 660 Sudanese pounds per litre ($1.14) from 720 Sudanese pounds last month, and kept gasoline prices stable at 620 pounds, the energy ministry said in a statement. ($1 = 580 Sudanese pounds) (Reporting by Khalid Abdelaziz, writing by …

Sudan lowers diesel prices for December, keeps gasoline steady Read More »

ABUJA (Reuters) – Nigeria is working to meet its OPEC oil production quota of 1.8 million barrels per day by the end of May next year, the minister for petroleum resources Timipre Sylva said on Monday. Sylva said Nigeria had enough production capacity, but crude theft and vandalism of pipelines meant that “a lot of …

Nigeria working to meet OPEC quota by next May – petroleum minister Read More »