Reuters Africa Business

S&P cuts Ghana’s sovereign rating to ‘selective default’ on suspended debt payments

21 Dec 2022

(Reuters) – Global Ratings agency S&P on Tuesday lowered the sovereign rating on Ghana to ‘selective default’ from CC, a day after the country announced it would suspend its debt payments. S&P Ratings said it views the moratorium as a ‘selective default’, and did not issue any outlook. “We expect to lower our ratings on …

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South African rand gains as Ramaphosa’s ANC win calms markets

20 Dec 2022

JOHANNESBURG (Reuters) -South Africa’s rand held on to gains against the dollar on Tuesday after President Cyril Ramaphosa was re-elected as leader of the governing African National Congress (ANC) party on Monday. At 1535 GMT, the rand traded at 17.2875 against the dollar, 0.36% stronger than its previous close. The local currency jumped on Monday …

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Zimbabwe proposes incentives for $1 billion solar projects

20 Dec 2022

HARARE (Reuters) – Zimbabwe has proposed incentives to accelerate 1,000 megawatts of privately owned solar energy projects worth about $1 billion, Finance Minister Mthuli Ncube announced on Monday, as the country scrambles to plug an electricity deficit that threatens to compound its economic woes. The southern African country is currently generating about a third of …

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Ghana to default on most external debt as economic crisis worsens

20 Dec 2022

(Corrects debt figures in first chart in Dec. 19 story, no change to text) By Christian Akorlie and Cooper Inveen ACCRA (Reuters) -Ghana on Monday suspended payments on most of its external debt, effectively defaulting as the country struggles to plug its cavernous balance of payments deficit. Its finance ministry said it will not service …

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Central African Republic delays crypto token listing, cites ‘market conditions’

20 Dec 2022

By Rachel Savage and Elizabeth Howcroft LONDON (Reuters) – The Central African Republic, which adopted bitcoin as legal tender in April, said on Monday it had delayed listing its national cryptocurrency token, citing “current market conditions” and “marketing reasons.” A plan to list the Sango Coin on as-yet unspecified crypto exchanges has been shelved until …

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IMF approves disbursement of $447.39 million to Kenya

20 Dec 2022

NAIROBI (Reuters) – The International Monetary Fund’s (IMF) board has approved the disbursement of $447.39 million to Kenya after a review of its lending programme, the fund said on Tuesday. Kenya’s public debt had begun to “level off” due to fiscal consolidation progress, the fund said in a statement, adding it has allocated additional financing …

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South African rand jumps after Ramaphosa re-elected ANC leader

19 Dec 2022

JOHANNESBURG (Reuters) -South Africa’s rand jumped on Monday after President Cyril Ramaphosa was re-elected as leader of the governing African National Congress (ANC) party. By 1530 GMT the rand traded at 17.3150 against the dollar, 1.69% stronger than its previous close. Ramaphosa beat former health minister Zweli Mkhize to secure a second five-year term as …

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S.Africa’s Harmony Gold reports mine fatality

19 Dec 2022

(Reuters) – South Africa’s Harmony Gold on Monday reported a fatality at its Kusasalethu mine 90 kilometres (55.92 miles) west of Johannesburg after a fall-of-ground accident. The accident occurred on Dec.15 following a “seismic event”, the company said in a statement. Internal investigations are underway, it added. Harmony reported 13 fatalities in its 2022 financial …

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Ghana dollar bonds drop after government says will suspend debt payments

19 Dec 2022

LONDON (Reuters) – Ghana’s sovereign dollar bonds dropped more than 2 cents in the dollar on Monday after the government announced it was suspending payments on Eurobonds, external commercial loans and some bilateral debt. The 2027 maturity fell the most, down as much as 2.3 cents to receive bids at 34.739 cents in the dollar, …

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