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Economy

South Africa economy in “duress”

South Africa's economy is in a state of "duress" and 2017 growth will fall short of 0.5 percent, President Jacob Zuma said late on Monday, more bad news in an economy that slid into recession in March. "The economy is under duress ... In…
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Egypt reserves at record high of over $36bn

Egypt's foreign reserves reached $36.036bn in July, a record high, which the prime minister described as "good news" as it shows that the economy is recovering, the central bank said on Tuesday. The bank announced the increase in a brief…
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Kenya and Tanzania sign trade deal

Kenya has lifted restrictions on wheat flour and cooking gas imports from Tanzania, which has in turn allowed milk and cigarettes from Kenya. The countries’ Foreign Affairs ministers said in Nairobi on Sunday that the move followed…
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Ghana sells $89 mln of 3-year cedi bond

Ghana accepted 393.6 million cedis ($88.9 mln) worth of bids for an oversubscribed three-year domestic bond sold on Friday at a yield of 18.5 percent, the central bank said. The government of President Nana Akufo-Addo, who took power in…
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Ghana not to extend three-year IMF aid program

Ghana will not extend its three-year aid programme with the International Monetary Fund beyond April 2018, President Nana Akufo-Addo said on Tuesday, despite continuing fiscal difficulties. The president's announcement is a surprise…
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Controversial tax splits Business Groups in Ghana

Business Groups in Ghana are sharply divided over the implementation of a controversial 3 percent Value Added Tax (VAT) Rate. The reintroduction of the rate which came into force on July 1, has been met with some stiff opposition from some…
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