South Africa’s inflation rate falls to seven-year low in March

South Africa’s inflation rate fell to a seven-year low in March, making a stronger case for the central bank to consider an interest-rate cut. Inflation slowed to 3.8 percent from a year earlier, Pretoria-based Statistics South Africa said Wednesday in a report on its website. Price growth has remained within the central bank’s target range […]

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

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

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

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

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

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

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

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 […]