Reuters Africa Business

Zimbabwe creditors to meet Feb. 23 over arrears clearance, says finance minister

15 Feb 2023

By Nyasha Chingono HARARE (Reuters) – Zimbabwe’s creditors will meet on Feb. 23 as the country takes steps towards clearing more than $6 billion of arrears on its foreign debt, finance minister Mthuli Ncube told Reuters on Wednesday. About 17 countries from the Paris Club of creditor nations will attend, as well as the World …

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South Africa’s January inflation slows to 6.9% y/y, as forecast

15 Feb 2023

JOHANNESBURG (Reuters) – South Africa’s headline consumer inflation slowed to 6.9% year on year in January from 7.2% in December, statistics agency data showed on Wednesday, in line with analysts’ forecasts. On a month-on-month basis, consumer inflation was at -0.1% in January compared to 0.4% in the previous month, also as predicted by economists polled …

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Ghana says domestic debt swap closed with 85% participation

15 Feb 2023

By Christian Akorlie ACCRA (Reuters) -Ghana’s finance ministry on Tuesday said that around 85% of eligible bondholders had registered for its domestic debt exchange programme, bringing it one step closer to securing a $3 billion International Monetary Fund (IMF) bailout. The announcement followed five extensions of the scheme’s deadline, as the West African nation fought …

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IMF appoints financial supervision adviser for Bank of Ghana

15 Feb 2023

ACCRA (Reuters) – The International Monetary Fund has appointed a Swiss-funded financial supervision adviser to provide technical support to the Bank of Ghana as the West African nation strives to obtain executive board approval for a $3 billion bailout. In a statement on Tuesday, Ghana’s central bank said the placement represented continued cooperation between Ghana, …

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S.Africa’s DRDGold half-year profit jumps on bullion strength

15 Feb 2023

(Reuters) – South Africa’s DRDGold Ltd reported a 7.4% rise in half-year profit on Wednesday, as higher gold prices offset the impact of power cuts on its metal processing operations and escalating costs. DRDGold’s headline earnings per share (HEPS) – the main profit measure in South Africa – was 62.3 cents ($0.0346) in the six …

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South African rand firms against dollar after U.S. inflation report

14 Feb 2023

JOHANNESBURG (Reuters) -The South African rand firmed on Tuesday against the U.S. dollar, which fell to a roughly two-week low after data showed U.S. inflation rose at its slowest pace in 16 months. At 1514 GMT, the rand traded at 17.7800 against the dollar, about 0.3% stronger than its previous close. The dollar fell after …

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Nigeria’s Buhari tells central bank to allocate more dollars to Emirates

14 Feb 2023

By Felix Onuah ABUJA (Reuters) -Nigerian President Muhammadu Buhari has directed the central bank to increase the amount of foreign currency allocated to Dubai’s Emirates, after the airline suspended flights to and from Nigeria because it was unable to repatriate funds. Nigeria is facing severe dollar shortages, forcing many citizens and business to seek foreign …

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