End in sight for year-long ‘dry spell’ of cashless economy in Zimbabwe

Some Zimbabweans were able to withdraw U.S. dollars from automated teller machines this week for the first time in about a year as hard currency started trickling back into the economy following Robert Mugabe’s ouster as president. Banks, according to Bloomberg’s report, had stopped stocking ATMs about a year ago as a severe cash shortage […]

S.Africa’s Zuma calls for action after S&P downgrade, rand up on Moody’s reprieve

Jacob Zuma, South African President called for concrete measures to boost growth after S&P Global Ratings downgraded the local currency debt to sub-investment grade, while foreign currency debt was pushed deeper into “junk” territory. The rand recovered on Monday from steep falls suffered late on Friday after the downgrade, taking some relief from Moody’s decision […]

Zimbabwe’s new president vows to rejuvenate economy, seeks lifting of sanctions

Zimbabwe's new interim President Emmerson Mnangagwa gives an address after his swearing-in ceremony in Harare on Friday, marking the final chapter of a political drama that toppled his predecessor Robert Mugabe after a military takeover.

Emmerson Mnangagwa, Zimbabwe’s new president Friday rallied all Zimbabweans to unite and work together to revive the battered economy. In his inaugural speech soon after being sworn in as president, Mnangagwa said his government would prioritize economic revival to create jobs and a better life for Zimbabweans who have endured more than a decade of economic […]

Zimbabwe’s economic situation “very difficult”, says IMF mission chief

Emmerson Mnangagwam, New ZANU-PF leader

Zimbabwe’s economic growth is threatened by high government spending, an untenable foreign exchange regime and inadequate reforms, a senior International Monetary Fund (IMF) official said. Zimbabwe was once one of Africa’s most promising economies but suffered decades of decline as former President Robert Mugabe pursued policies that included the violent seizure of white-owned commercial farms […]

Delayed IMF programme affecting kwacha currency, says Zambia’s central bank

Denny Kalyalya, Zambia’s central bank governor

Denny Kalyalya, Zambia’s central bank governor said Wednesday that the delay in reaching a conclusion for an aid programme with the International Monetary Fund (IMF) was putting pressure on the kwacha currency. Zambia and the IMF agreed in October to chart a new path towards debt sustainability after the IMF delayed the conclusion of talks […]

IMF sees tough South Africa budget unless fiscal risk sorted

South Africa will face more fiscal difficulties and higher financing costs should state-owned companies’ debt continue rising and if the nation’s local debt is downgraded to junk, the International Monetary Fund said. If state entities such as cash-strapped power utility Eskom Holdings SOC Ltd. and South African Airways request more state support, the government will […]

Ghana proposes $13.9bn (N4.2trn) budget in 2018 with deficit of 4.5% of GDP

Kenneth Ofori-Atta, Ghana’s finance minister

The Ghanaian government has proposed to spend $13.9 billion (62 billion Ghana cedis) about N4.2 trillion in its 2018 fiscal year, Kenneth Ofori-Atta, the country’s finance minister said Wednesday. The budget themed “Putting Ghana Back to Work”, according to Ofori-Atta, would continue and expand programmes that began in 2017 and initiate new strategic programmes in […]