Ghana economy rides on oil and gas, expands 8.5% in 2017, fastest in 5 years

Businessam StaffApril 11, 2018

Ghana’s economy expanded at the fastest rate in five years in 2017 as oil and gas production surged. Gross domestic product expanded 8.5 percent last year compared with 3.7 percent in 2016, Baah Wadieh, acting Government Statistician told reporters in the capital, Accra, on Wednesday. Oil and gas output surged 80.4 percent, contributing to an […]

African leaders push for knowledge-based economy

Businessam StaffMarch 27, 2018

By Agency report… African economies need to transition to knowledge-based ones to sustain rapid economic development and growth, African leaders said Tuesday in Kigali Rwanda. “It is common sense that there is no development if there is no science and technology. We want to base our economies on science and technology in order to have […]

South Africa employment increases 0.2% year-on-year in 2017 – StatsSA

Businessam StaffMarch 27, 2018

South Africa economy added 81 000 non-agricultural jobs in the last quarter of 2017, according to Statistics SA’s latest quarterly employment survey. The survey, which details employment figures in the country’s non-agricultural business sector, reveals that employment increased by 81, 000, form 9, 716 000 in September 2017 to 9, 797, 000 in December 2017. […]

Malawi becomes Africa Finance Corporation’s 18th member state

Businessam StaffMarch 23, 2018

The Republic of Malawi has become the second Southern African member country of Africa Finance Corporation (AFC), Africa’s leading infrastructure development finance institution. The accession of Malawi to AFC’s membership is a progression of the corporation’s existing investment footprint in the country. AFC had previously acted as joint mandated lead arranger (MLA) and lender for […]

AfCFTA: 40 African countries sign agreement

Businessam StaffMarch 21, 2018

African countries on Wednesday signed an agreement establishing the African Continental Free Trade Area (AfCFTA) in Kigali, the capital city of Rwanda. The signing took place during the 10th Extraordinary Session of the Assembly of the African Union (AU) on the AfCFTA. Moussa Mahamat, chairperson of AU Commission was handed over the legal instruments signed […]

Rwanda secures $30m AFDB loan to unlock fast-growing innovation economy

Goddey OdinMarch 19, 2018

African Development Bank said Monday that it is supporting Rwanda with $30 million loan in the country’s establishment of Innovation Fund. The bank said this in a statement on its website, stating that the project’s main objective is to promote innovation economy in Rwanda and the East African Community (EAC) region. The resource, which was approved by the group’s board will […]

Egypt approves $1.5m loan from AFDB

Businessam StaffMarch 19, 2018

Egypt’s Cabinet approved Sunday a $1.5 million African Development Bank (AfDB) loan to construct the sewage station’s project in Abu Rawash with a capacity of 1.2 million cubic meters per day, Mustafa Madboli, the country’s minister of housing said. The minister added in a press conference at the Cabinet that the capacity of the station […]

AfDB commends Japan’s multi-billion-dollar support for Africa’s economic transformation.

Businessam StaffMarch 15, 2018

Akinwumi Adesina, president of the African Development Bank (AfDB), has commended the government of Japan for its strong support of the Bank and its multi-billion economic transformation partnership with Africa. Adesina identified the private sector, energy, and infrastructure development as key sectors that have benefitted from Japan’s support. Speaking at the Nobel Prize Dialogue in […]