The Executive Board of the International Monetary Fund (IMF) approved a three-year arrangement under the Extended Credit Facility (ECF) for Sierra Leone for about US$224.2 million, in support of the authorities’ economic development efforts.
The program will build on the lessons from the previous ECF arrangement. It aims at supporting important policies targeted at reducing inflation and significantly increasing domestic revenues, including by eliminating numerous tax and duty exemptions, while increasing infrastructure spending and bolstering the social safety net. The ECF program is also expected to play a catalytic role to maintain external support. In the medium-term, the arrangement will provide the framework for structural progress on revenue mobilization, public financial management and financial sector reforms, as well as increased reserves
South Africa has entered recession for the first time in eight years, data from Statistics South Africa showed on Tuesday, after the economy contracted...
Ghana has signed an accord with its neighbour, Cote d’Ivoire, for closer collaboration in the areas of cocoa production and marketing.
The Accra Agreement, signed on Friday, June 2, this year at the end of the two-day second technical cooperation meeting between both nations in the Ghanaian capital, seeks to assist the two countries to collaboratively tackle many challenges adversely affecting their cocoa economy, especially the issue of foreign pricing of cocoa by the West and Asia, among others.
It was signed by the Chief Executive Officer (CEO) of Ghana Cocoa Board (COCOBOD) and the Director-General of the Council of Coffee and Cocoa, Cote d’Ivoire respectively on behalf of both countries.
The African Development Bank, in partnership with SERUKA – a national women’s organization focusing on women’s economic empowerment in Rwanda –has launched the Rwanda Honey Value Chain Project, which aims to enhance honey production in the country.
The African Development Bank has approved a grant of approximately US $343,000 (280 million Rwandan Francs) to implement the project. The project will work directly with grassroots businesses. The implementing agency, SERUKA, is a reputable non-governmental organization with a sound track record in supporting grassroots economic empowerment initiatives in Rwanda.
China has complained to Zambia after 31 of its nationals were arrested at the weekend for alleged illegal mining practices.
A senior Chinese foreign ministry...
Barclays Africa Group Limited has announced that following the completion of South Africa's largest bookbuild in South African Rands, Barclays PLC has sold 33.7% of Barclays Africa's issued share capital at a price of R132 per share.
This results in accounting deconsolidation of Barclays Africa from Barclays PLC.
Barclays PLC sold 285,691,979 Barclays Africa ordinary shares at a price of R132 per share, which results in Barclays PLC reducing its shareholding to 23.4%, with a further 7% to be taken up by the Public Investment Corporation at a later date, following receipt of the necessary regulatory approvals.
Thirteen African countries have signed series of partnership agreements with India to enhance the supply of agricultural machinery, credit advancement to farmers and scientific cooperation.
Farm machinery suppliers from the Indian state of Gujarat signed agreements with Ghana, Zambia, Mozambique and Togo for the supply of farm machinery, training on the use of the machinery in mechanized agriculture and cooperation in the use of the machinery in mining.
Kenya's president has opened the country's largest infrastructure project since independence.
The $3bn Chinese-backed railway project eventually will link a large part of East Africa...
