Reuters Africa Business

Ghana central bank holds policy rate at 29.5% as inflation slows

22 May 2023

By Maxwell Akalaare Adombila ACCRA (Reuters) -Ghana’s central bank maintained its main interest rate at 29.5% on Monday, saying tight monetary policy and relative exchange rate stability were helping inflation fall. The West African nation, a producer of cocoa, gold and oil, has been grappling with its worst economic crisis in a generation, characterised by …

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SKF to build plant in Morocco for magnetic bearings

22 May 2023

STOCKHOLM (Reuters) – Sweden’s SKF is investing 50 million crowns ($4.9 million) in a magnetic bearings factory in Tangier in Morocco, the company said on Monday. “The new site will ramp up operations during the second quarter and once fully operational, will help meet growing demand for magnetic bearings,” the world’s biggest bearings maker said …

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Rare shipment of U.S. oil heads to South Africa for Glencore refinery

22 May 2023

By Arathy Somasekhar HOUSTON (Reuters) -A shipment of U.S. oil is headed to South Africa for the first time in two years and destined for a Glencore-owned refinery in Cape Town that has restarted operations after an explosion shuttered it in 2020, according to ship tracking data and a source. U.S. oil exports this year …

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Ahead of financing summit, France lobbies G7 over Africa debt, climate impact

20 May 2023

By John Irish HIROSHIMA, Japan (Reuters) – The Group of Seven (G7) wealthy nations need to take more responsibility in boosting crisis financing for vulnerable countries across the world and work with them to reform the post-war financing system, French officials said. France will host on June 22-23 the “Summit for a New Global Financial …

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US dollar skids as Fed’s Powell hints at June pause, debt talks stall

19 May 2023

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar fell on Friday after Federal Reserve Chair Jerome Powell struck a moderately dovish stance, contrary to market expectations, saying that given how credit conditions have tightened, the U.S. central bank may not need to raise interest rates as much. A pause in negotiations to raise the …

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Ghana receives first $600 million tranche of $3 billion IMF loan -Ghana’s finance minister

19 May 2023

JOHANNESBURG (Reuters) – Ghana’s Finance Minister Ken Ofori-Atta said on Friday that the first $600 million tranche of a $3 billion, three-year extended credit facility has been received. The funds will be used for budget support and help bring down inflation, Ofori-Atta said on Twitter. The International Monetary Fund’s executive board on Wednesday approved the …

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