Sudan inflation hits all-time high 52.4% in January

Inflation has hit troubled Sudan, getting to all-time high of 52.4 percent in January, the Central Bureau of Statistics (CBS) disclosed. Karam Allah Abdul Rahan, CBS chairman said in Khartoum that the figure was the highest in more than a decade. Raham said further that the January inflation was double the 25.2 registered in December […]

Zuma left R50.8 billion revenue shortfall as Ramaphosa takes over

By Ademola Badmus with agency report… Jacob Zuma, who took over the office of president in 2009 with the South African Revenue Services (SARS) having collected R60 billion fewer taxes, left office with the revenue service starring at R50.8bn revenue shortfall. The projected revenue was the highest since the 2009 recession, meaning that the Zuma […]

Benchmark South African stocks in gains as Ramaphosa named new president

Cyril Ramaphosa, new South Africa's president

South African stocks scored their biggest gains since June 2016 after news that Cyril Ramaphosa, a pro-business reformist, would be taking the helm. The FTSE/JSE Africa All Share Index rose as much as 2.7 percent, while the rand reached its strongest level since February 2015, gaining 0.5 percent at 11.6570 to the dollar in early […]

Kenya’s economy to expand by 5.8% in 2018- finance ministry

Kenya’s economy is likely to grow 5.8 percent this year, recovering from drought and political uncertainty that pushed growth down to an estimated 4.8 percent in 2017, the finance ministry said. Economic output in the East African nation, which relies on farming and tourism, grew 5.8 percent in 2016. The finance ministry said in its […]

South Africa’s unemployment drops to 26.7% in Q4 2017

Statistics South Africa (Stats SA) said on Tuesday, that the unemployment rate in the country fell to 26.7 percent of the labour force in the fourth quarter of last year from 27.7 percent in the third quarter. In its quarterly labour force survey, which polls households, Statistics South Africa said this amounted to 5.9 million […]

Namibia GDP growth seen accelerating to 2.2% this year- finance minister

Calle Schlettwein, Namibia’s finance minister said on Friday that the country’s economic growth is expected to accelerate to 2.2 percent this year from an estimated 1.6 percent growth in 2016, supported by higher commodity prices. “We expect improvement due to rising commodity prices although some of the revenue increases might be offset by an (unfavourable) exchange […]

Ghana’s mobile money transactions rise to $35bn in 2017

The value of deposits and withdrawals by Ghanaians using mobile phones for banking almost doubled in 2017, according to data published by the central bank. The value of mobile transactions rose to 155.8 billion cedis ($34.6 billion) last year from 78.5 billion cedis in 2016, Bank of Ghana said in a statement on its website […]

Elumelu urges global, multinational organisations to provide support for Africa

Tony Elumelu, the chairman, United Bank for Africa (UBA) Plc, and founder, Tony Elumelu Foundation

Tony Elumelu, the chairman, United Bank for Africa (UBA) Plc, and founder, Tony Elumelu Foundation (TEF), has called on international organizations to come together to provide support for the African continent. He made this call while delivering a speech at the 2018 Economic Forum currently going on at Davos, Switzerland. According to him, the continent […]

‘America first’ endangers U.S. influence in Africa, Bill Gates says

Bill Gates, co-founder of Microsoft Corp. and the second-richest person in the world, said there’s a danger that U.S. President Donald Trump’s “America First” approach could damage the U.S.’s influence in Africa in the long term. Other countries like China are continuing to push into the African continent, and the U.S. should not pull back, […]

Africa needs AfDB to mobilise resources, says Nigeria’s finance minister

Kemi Adeosun, Nigeria's finance minister

Kemi Adeosun, Nigeria’s minister of finance said on Wednesday that African Development Bank (AfDB) is strategic to African nations, particularly for the much-sought resource mobilisation. However, only a strong and well-capitalised AfDB is capable of fulfilling its commitments to member-countries and impact meaningfully in the development of the nations, the minister noted. Adeosun made the […]