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 […]

Africa accounts for 37% of global aviation fatalities, AfDB reveals

Akinwumi Adesina, President, African Development Bank (AfDB), says the African aviation sector accounts for about nine percent of aircraft accidents yearly and 37 percent of aviation fatalities globally. The president revealed that while speaking with the News Agency of Nigeria (NAN) in Abuja, adding that, though the sector, ranked globally fared in 2016, it still […]

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 […]

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 […]

South Africa’s economy faces major challenges, needs tackling policy uncertainty, corruption, apex bank head says

Lesetja Kganyago, South Africa’s central bank governor

Lesetja Kganyago, South Africa’s central bank governor said Thursday that the country’s economy faces major challenges, and the government needs to win back the confidence of businesses and investors by tackling policy uncertainty and corruption. Kganyago said in a speech at an investor conference in New York that weak business confidence had shaved an estimated one […]

South Africa moves ahead on domestic trade in Rhino Horn

South Africa said Monday it is moving ahead with draft regulations for a domestic trade in rhino horn, despite critics’ concerns that a legal market will spur rhino poaching. Anyone possessing a rhino horn will need a permit under national rules that are being prepared, and South Africa continues to recognise a ban on the […]