Africa: Somalia to print first banknotes in 25 years with the help of IMF

Somalia to print first banknotes in 25 years with the help of IMF Following the change of currency notes, the International Monetary Fund (IMF) is backing Somalia’s plans to replace its tattered currency notes that were printed before the Horn of Africa nation went into civil war almost three decades ago. “About 98 percent of the currency circulating in the […]

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Africa: Ethiopia about to topple Kenya as the biggest economy in East Africa

Ethiopia about to topple Kenya as the biggest economy in East Africa Ethiopia’s economy is expected to overtake Kenya’s this year, buoyed by massive government spending on infrastructure that has kept the Horn of Africa nation on the list of the world’s fastest-growing economies in the past 10 years. The International Monetary Fund’s (IMF) latest statistical estimates indicate that Ethiopia’s […]

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Africa: Rethinking Uganda Airlines

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Rethinking Uganda Airlines Analysts say the government needs Shs800bn subsidy annually to keep national carrier in the air. The good news is that if President Yoweri Museveni’s New Year 2017 pledge is implemented, Uganda could end this year with a revived national air carrier. The bad is that the revived Uganda Airlines could end up like a dove flying among […]

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Africa: Standard Chartered Bank may finance Zimbabwe’s cash-strapped government

Standard Chartered Bank is considering the FINANCING of a $262m (£206m) package to bail out President Robert Mugabe’s cash-strapped government. Bretton Woods institutions − including the World Bank (WB), the International Monetary Fund (IMF) and African Development Bank (ADB) − suspended their financial assistance to Zimbabwe in 1999 when the nation defaulted, and rendered it unable to clear a $1.8bn […]

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African Economy: South Africa overtakes Nigeria as largest economy in dollar value

Nigeria has lost its position as Africa’s largest economy to South African in dollar terms. This came as the rand recorded gains to close at 13.2805 per dollar, with the naira weakening at 2.7 per cent, to N320 to $1, at the close of business yesterday. From a Gross Domestic Product (GDP) value of $510 billion to the present assessed […]

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Militancy: Nigeria halts gas supply to Ghana, Benin and Togo

By Friday Nwosu Nigeria has halted its gas supply to three West African countries following the onslaught of attacks on oil installations on the Niger Delta by militant groups in the region. The country was unable to supply gas to countries like Ghana, Togo and the Republic of Benin which has been affected by the attacks in the Delta region. […]

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African Economy: Again, IMF ‘Paints’ gloomy outcome for Nigeria in 2016

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• Urges sustenance of Tax, budget, public procurement reforms • Growth to remain subdued, GDP heads for new low • Forex reserves may fall further by $6.8b The International Monetary Fund (IMF) has declared another damning outcome for Nigeria’s economy and its growth prospects in 2016, as the expectations of improved Gross Domestic Product (GDP) was dashed with poorer projection […]

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African economy: Africa’s top 4 economies are in trouble

Growth in Africa has outpaced most emerging markets in recent years, but that’s changing fast as a slew of problems beset its leading economies. Cheap oil, political uncertainty and weak banks are all to blame. Here’s what you need to know about sub-Saharan Africa’s big four: South Africa The prospects for Africa’s most advanced economy are not looking good. The […]

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African Tourism: How Domestic Tourism can build Kenya Tourism

The International Monetary Fund (IMF) says Kenya’s economy will grow by 6 per cent this year. This is double the anticipated rate of growth for sub–Saharan Africa. Part of the IMF’s optimism is based on expectations of a recovery in tourism. The fact, however, is that international visitor arrivals in 2015 were 17 per cent lower than in 2014. Tourism […]

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80%of what is produced in Africa is exported depriving Africa of growth

As growth in developed markets such as Europe, China and North Africa continue to stagnate, greater regional integration in Africa, amongst all role players, is needed to capitalize on the continent’s growth potential. This is according to Hennie Heymans, CEO of DHL Express Sub-Saharan Africa, who says that when comparing intra-regional trade statistics, Africa’s rates are amongst the lowest in […]

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