Delayed IMF programme affecting kwacha currency, says Zambia’s central bank
Businessam Staff
November 22, 2017
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
Businessam StaffNovember 17, 2017
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
Businessam StaffNovember 16, 2017
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 […]
Ghana targets $2.2bn bill with farm support to increase trade, says president
Businessam StaffNovember 13, 2017
Ghana has a target of supporting one million farmers in the next four years with plans to invest in agriculture as the West African nation seeks to increase trade and cut its reliance on food imports that cost about $2.2 billion annually. While Ghana is the world’s second-biggest cocoa producer, it imports more than two-thirds […]
South Africa’s economy faces major challenges, needs tackling policy uncertainty, corruption, apex bank head says
Businessam StaffNovember 10, 2017
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 […]
Zimbabwe renames national airport after Mugabe, plans $153m upgrade
Businessam StaffNovember 9, 2017
Zimbabwean Government has renamed the country’s main airport after President Robert Mugabe, Joram Gumbo, Transport Minister said. Gumbo told newsmen that the airport would be upgraded at a cost of 153 million dollars in an effort to attract more visitors, state media reported on Thursday. Harare International Airport will be known as Robert Mugabe International […]
Kenya’s economic growth to rebound in 2018, says treasury secretary
Businessam StaffNovember 7, 2017
Henry Rotich, Kenya’s Treasury Secretary said Tuesday that the country’s economy is expected to rebound in 2018 after a slowdown this year that was caused by drought and political turmoil during a prolonged election cycle. Economic growth is forecast to rise to more than 6 percent next year and to move towards 7 percent in […]
IMF sees Uganda economy growth expands 5% in 2017/18
Businessam StaffNovember 6, 2017
Uganda’s economy is seen expanding by five percent in the 2017/18 fiscal year, up from four percent in the previous period, lifted by favourable weather, the International Monetary Fund said. The East African economy is Africa’s biggest coffee exporter followed by Ethiopia and also cultivates a range of other agricultural commodities including tea, cocoa, and […]
Cameroon GDP growth expected to fall 3.7% in 2017
Businessam StaffNovember 6, 2017
Cameroon’s economic growth rate is expected to slip to 3.7 percent this year, down from an earlier estimate of around 4 percent, due to falling oil production, the International Monetary Fund said Friday, according to Reuters report. The IMF approved a $666 million, three-year extended credit facility in June for Cameroon, which has been hit […]
Rwanda’s Kagame sees growth accelerating on banking, mining
Businessam StaffNovember 3, 2017
Rwandan economic growth is expected to accelerate this year and next as the outlook for industries including financial services, tourism, and mining improve, President Paul Kagame said. The pace of expansion is expected to increase to 7 percent next year from about 6 percent this year, Kagame said Thursday in an interview in Dubai. That […]