Elected on a promise of radical reforms in 2024, Senegal’s president, Bassirou Diomaye Faye, has revived a contentious debate over monetary sovereignty in West Africa by advocating for the disposal of the CFA Franc, a currency tied to France since the colonial era, in favour of the proposed Eco, a common currency for the Economic…
In late March, Mali, Burkina Faso, and Niger, collectively forming the Alliance of Sahel States (AES), introduced a 0.5% tariff on goods imported from Economic Community of West African States (ECOWAS) member countries. This move, effective from March 28, marks a significant shift in regional trade dynamics and follows their official exit from ECOWAS in…
The NNPC Ltd. and the African Export-Import Bank (Afreximbank) have jointly signed a commitment letter and Term sheet for an emergency $3billion crude oil repayment loan, a statement by the NNPC Ltd (NNPCL) said. The signing, which took place on Wednesday, August 16, at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement…
The country’s young people are chasing their entrepreneurial dreams amid a digitalization boom powered by e-government tools developed by UNCTAD From Africa Renewal: May 2023 / 3 May 2023 By: UNCTAD UNCTAD | Entrepreneurs Richard Odjrado (left) and Caludia Togbe. Not everyone can turn the theft of a cell phone into a good experience. But…
Naira weakened slightly against the United States dollar to trade at N461.50 per dollar at the official market on Monday. Data from the FMDQ securities exchange window where forex is officially traded showed that the rate reflected a N0.17 or 0.04 per cent decline from N461.33 the local currency traded last Friday. According to the market data…
The plan by the federal government to commence the operation of Nigeria Air before the end of the President Muhammadu Buhari’s administration has received condemnations from stakeholders in the nation’s aviation industry who said the airline may not fly before May 29, 2023, unless certain things are put in place. According to the stakeholders, things…
International ratings agency, Fitch Ratings, has upgraded Ghana’s Long-Term (LT) Local-Currency (LC) Issuer Default Rating (IDR) to ‘CCC’ from ‘RD’. The upgrade of the ratings on Ghana’s LC denominated debt follows the completion of the Domestic Debt Exchange Programme by Ghana in February 2023. Fitch, however, viewed the transaction as a distressed debt exchange in…
A number of companies in Thailand have signed a Memorandum of Understanding (MoU) with the Jospong Group of Companies (JGC) for rice production. These companies numbering about 10 are in the Thailand rice value chain, and it is in relation with the Ghana-Thailand Rice Project. The companies, which cut across the rice value chain, include fertiliser…
Negotiations with the government and key stakeholders on the proposed Joint Venture (JV) between Gold Fields Ghana’s Tarkwa Mine and AngloGold Ashanti’s Iduapriem Mine is expected to be completed by the end of the year, the Executive Vice President (EVP) of Gold Fields West Africa, Joshua Mortoti, has said. “We have given ourselves sufficient time,…
The former President, Mr John Dramani Mahama, has said that his return to power as President will see a review of Article 71 of the 1992 Constitution. He said as soon as he stepped into office in 2025, he would set up a committee to review Article 71 with the aim of scrapping it, adding…
