ACCRA (Reuters) – The Bank of Ghana said on Wednesday that it is establishing a Financial Stability Fund with a target size of 15 billion cedis ($1.20 billion) to provide liquidity to financial institutions that participate fully in the domestic debt exchange. (Reporting by Cooper Inveen; Writing by Nellie Peyton; Editing by Bate Felix)
ACCRA (Reuters) – The consequences for those who do not participate in Ghana’s domestic debt exchange are still being negotiated, Samuel Arkhurst, treasury and debt management director at the finance ministry, said on Wednesday. (Reporting by Cooper Inveen; Writing by Nellie Peyton; Editing by Bate Felix)
By Elias Biryabarema KAMPALA (Reuters) – Uganda’s central bank held its main lending rate at 10.0% in a decision announced on Wednesday, after inflation declined in November. The Bank of Uganda’s deputy governor Michael Atingi-Ego told a news conference that the fall in annual headline inflation to 10.6% in November from 10.7% in October reflected …
Uganda holds main lending rate after inflation declines Read More »
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 »
By Kopano Gumbi and Rachel Savage PRETORIA (Reuters) -South Africa’s economy grew 1.6% quarter on quarter in a bigger-than-expected rebound in the third quarter, making it larger than it was before the COVID-19 pandemic, official data showed on Tuesday. Eight of the 10 industries tracked by Statistics South Africa recorded growth in the July-September period. …
South African economy bigger than pre-COVID after Q3 surprise Read More »
By Bhargav Acharya JOHANNESBURG (Reuters) -The South African rand strengthened on Tuesday, helped by President Cyril Ramaphosa winning the governing African National Congress (ANC) party’s backing over the “Farmgate” scandal and better-than-forecast economic growth figures. Ramaphosa gained a lifeline after the ANC said on Monday it would request its lawmakers to reject a report that …
South African rand gains on ANC support for Ramaphosa, Q3 GDP 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)
JERUSALEM (Reuters) – Israel’s NewMed Energy said on Tuesday it signed a deal with Morocco’s energy and mining ministry and Adarco Energy for offshore natural gas exploration and production in Morocco. NewMed and Adarco will each have a 37.5% stake in the Boujdour Atlantique licence, NewMed said. The ministry will hold the remaining 25%. “For …
Israel’s NewMed signs Morocco gas exploration deal Read More »
