ABUJA (Reuters) – The Nigerian naira on Thursday hit a record low of 455.50 to the dollar on the official market, a day after the central bank planned to tighten money market conditions to support the currency and curb inflation. The naira has traded within a band on the official market. But chronic dollar scarcity …
Nigeria’s naira hits record low on official market – Refinitiv data Read More »
JOHANNESBURG (Reuters) – The World Bank said it has approved a $275 million grant to Zambia to help the southern African nation recover from the effects of the COVID-19 pandemic, the spillovers from the war in Ukraine and emerge from its debt crisis. Zambia was the first African country to default during the COVID-19 era …
World Bank grants Zambia $275 million to recover from pandemic, debt Read More »
By Alexander Winning, Kopano Gumbi and Wendell Roelf PRETORIA/CAPE TOWN (Reuters) -South Africa’s fiscal outlook has improved, with deficits seen shrinking quicker than before and debt stabilising at a lower level, putting it in a stronger position for future economic shocks, the National Treasury said on Wednesday. Under President Cyril Ramaphosa, Africa’s most industrialised nation …
S.Africa upgrades fiscal outlook, Eskom debt plan not ready Read More »
JOHANNESBURG (Reuters) – Eskom’s dollar-denominated bonds rose 2-2.6 cents in the dollar on Wednesday, after South Africa’s Treasury said the government would take on part of the struggling state-owned power utility’s $22 billion debt. The National Treasury said in its mid-term budget that it could take on between a third and two-thirds of the local …
Eskom bonds rise after South African Treasury says will take on part of company’s debt Read More »
WINDHOEK (Reuters) -Namibia’s central bank on Wednesday raised its main lending rate by 75 basis points to 6.25%, tightening policy further to try to curb inflation and matching a move by South Africa’s central bank last month. Namibia’s annual inflation slowed to 7.1% last month from 7.3% in August. As well as trying to ensure …
Namibia hikes main rate by 75 bps, matching S.Africa Read More »
ABUJA (Reuters) – The Africa Finance Corporation (AFC) has received a total of $389 million in a dual currency Samurai term loan to diversify funding sources and build infrastructure, the Lagos-based financier said on Tuesday. AFC plans to tap investors to diversify its funding sources to include more institutional capital from Asia and existing partners …
African Finance Corp receives $389 million Samurai loan to expand funding sources Read More »
JOHANNESBURG (Reuters) – South Africa’s rand strengthened in early trading on Wednesday, ahead of a budget speech in which the finance minister is expected to update economic forecasts and make emergency changes to spending. At 0634 GMT, the rand traded at 18.1650 against the dollar, 0.19% firmer than its previous close. ETM Analytics wrote in …
By Loucoumane Coulibaly AYEBO, Ivory Coast (Reuters) – Ivory Coast has started construction on its first biomass-fired power generation plant, a 46 megawatt (MW) project backed by France’s EDF, the company building it said on Monday. The plant will cost over 200 million euros ($199 million) and is expected to be operational in three years, …
Ivory Coast starts construction on first biomass power plant Read More »
WINDHOEK (Reuters) – The Namibian government sees the economy growing 2.8% in 2022 and 3.4% in 2023, slightly lower than earlier forecasts for 2.9% and 3.7% growth, a mid-year budget review showed on Tuesday. The budget deficit is now projected to be about 5.3% of gross domestic product (GDP) in the 2022/23 financial year, compared …
Namibia trims growth forecasts, this year’s projected budget deficit Read More »
JOHANNESBURG (Reuters) -South African state logistics group Transnet said cable theft had spiked during a strike by its staff this month, further hobbling a freight rail service whose poor performance was already costing exporters billions of rand annually. Transnet workers went on a 12-day strike over a wage claim from Oct.6, hitting ports and freight …
South Africa’s Transnet says cable theft rises sharply during strike Read More »
