Seychelles to receive $34 million loan from IMF, rules out paying public servants bonuses
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Seychelles to receive $34 million loan from IMF, rules out paying public servants bonuses

Seychelles’ financial woes may ease in the coming days as the International Monetary Fund (IMF) has approved the second disbursement of $34 million. The announcement came as cabinet ministers decided that employees of state-owned enterprises will not receive any bonuses or incentives for 2021. The disbursement by IMF is part of the 32 month extended…

East Africa’s investors lobby pushes for elimination of non-tariff barriers
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East Africa’s investors lobby pushes for elimination of non-tariff barriers

The East African Business Council (EABC) is pushing for a bilateral meeting to eliminate all remaining non-tariff barriers between Kenya and Uganda so as to further accelerate post-COVID economic recovery and foster integration across the wider region. According to this apex body that represents interests of investors and businesses in the region, a quick convening…

How Egypt’s private sector is playing a key role in post-pandemic recovery
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How Egypt’s private sector is playing a key role in post-pandemic recovery

Egypt has remained one of the few countries that has maintained positive growth during and after the COVID-19 crisis. In October 2021, Egypt instituted structural reform policies that were deemed integral to its efforts to accomplish a sustainable and resilient economic recovery. Egyptian GDP remains at an all-time high and is expected to continue increasing…

South Africa’s economy shrinks by 1.5% in wake of travel bans and riots
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South Africa’s economy shrinks by 1.5% in wake of travel bans and riots

Twin pressures of tight COVID-19 restrictions and the spate of civil disorder that rocked the country in July contributed to South Africa’s economy contracting in the fourth quarter. According to Statistics South Africa (SSA), GDP slumped by 1.5% eroding some of the hard-fought gains the country had made in the proceeding two quarters. The worst…

What next for The Gambia after President Barrow’s re-election?
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What next for The Gambia after President Barrow’s re-election?

Elections in The Gambia are always a thrilling affair. There is a unique marble voting system used nowhere else in the world and results that rock the political establishment. While the outcome of this election avoided the ugly scenes witnessed four years ago – when former President Yahya Jammeh refused to accept defeat – a…

Why Tanzania is planning to launch its digital currency
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Why Tanzania is planning to launch its digital currency

Tanzania’s Central Bank has announced plans to roll out its digital currency, following in the footsteps of Nigeria and a global wave of adoption of cryptocurrencies. In preparation for this major step, the Bank of Tanzania is currently strengthening the knowledge and capacity of its officers on digital currencies. “To ensure that our country is…

Can Uganda stop China taking over its only international airport?
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Can Uganda stop China taking over its only international airport?

Amid fears of losing its main gateway to the outside world, Uganda has stepped up efforts to amend a loan agreement it signed with China in 2015. Back then, the land-locked country had launched an ambitious 20-year civil aviation master plan, which included the upgrade of its only international airport in Entebbe. The refurbished airport…

Uncovering Nigeria’s plan to issue cash handouts worth $5.8billion to poor people
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Uncovering Nigeria’s plan to issue cash handouts worth $5.8billion to poor people

Nigeria’s federal government will remove a controversial fuel subsidy scheme and replace it with transport grants of 5000 naira ($12.20) each to nearly 40 million poor people every month. Speaking at the launch of the World Bank Nigeria Development Update (NDU) on Tuesday, Minister of Finance, Budget and National Planning Zainab Ahmed, said the transport…

In a sign of warming ties, IMF gives Tanzania interest-free $372.4 million loan
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In a sign of warming ties, IMF gives Tanzania interest-free $372.4 million loan

Tanzania’s request to the International Monetary Fund to provide it with a $372.4 million loan to support COVID-19 pandemic relief measures has been approved. The loan will be issued through the Washington-based lender’s Rapid Credit Facility (RCF), and is part of a $567.25 million package released in September under a blended RCF/Rapid Financing Instrument (RFI)…

IMF declines Zimbabwe’s loan request citing “unsustainable” debt levels
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IMF declines Zimbabwe’s loan request citing “unsustainable” debt levels

The International Monetary Fund has declined Zimbabwe’s request for financial support and called for authorities to revamp the country’s unsustainable debt and outstanding official external arrears. The announcement follows a month-long mission to the southern African country that ran from October 16 to November 16 of 2021. IMF noted the significant efforts by President Emerson…

Is Africa ready for a Net Zero future?
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Is Africa ready for a Net Zero future?

The COP26 summit started with much fan fare and ended with developing countries being bashed for not making enough commitments to the global climate agenda. South Africa, the region’s most developed country, received the most heat, alongside Brazil, India and China, for pushing for the words “coal to be phased out” be changed to “phased…

Is Tanzania headed towards a debt crisis?
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Is Tanzania headed towards a debt crisis?

Tanzania will borrow at least $2.34 billion from foreign lenders to finance its proposed 2022/2023 budget of $17.1 billion, a plan that risks sliding the East African nation into the red zone of countries with a heavy burden of public debt. According to Finance Minster Mwigulu Nchemba, 7.7% ($1.32 billion) of next financial year’s budget…

In Ghana, a ban on used fridges is saving 400GW of electricity annually
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In Ghana, a ban on used fridges is saving 400GW of electricity annually

Since Ghana began implementing its Energy Efficient Refrigerating Appliance Project (EER), the West African country has saved nearly 400 Gigawatt Hours (GWh) of electricity. The project has also reduced the yearly average energy consumption of refrigerators from 1200GW to 385GW, according to Kofi Agyarko, the Director of Renewable Energy, Energy Efficiency and Climate Change. Over…

Zimbabwe could become first African country to adopt bitcoin as legal tender
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Zimbabwe could become first African country to adopt bitcoin as legal tender

Zimbabwe’s government is exploring the use of cryptocurrencies in legal payment services, with the hope of bettering its economy. The use of bitcoin is not a new idea, but it has been gathering steam from businesses and government officials. When President Emerson Mnagangwa came into power in 2017, there was wide expectation of economic relief…

UN unveils new finance mechanism to save African governments $11bn in borrowing costs
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UN unveils new finance mechanism to save African governments $11bn in borrowing costs

The United Nations has launched a new finance mechanism that will save African governments nearly $11 billion in borrowing costs, while bolstering climate friendly investments and sustainable development. The mechanism, known as the Liquidity and Sustainability Facility (LSF), was launched on the sidelines of COP26, the global climate conference ongoing in Glasgow, Scotland. LSF will…

What happened to Nigeria’s green bonds?
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What happened to Nigeria’s green bonds?

They were launched with plenty of fan fare. Climate activists praised it. Economists salivated at their potential returns. And government leaders lauded it as a firm step to rid Africa’s largest country off its dalliance with fossil fuels. Four years later, the praises have dried up and discontent is brewing. The story of Nigeria’s green…

One tiny country in West Africa is betting on human capital in the race for foreign investment
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One tiny country in West Africa is betting on human capital in the race for foreign investment

(This is a transcript of the podcast posted on Tuesday, August 31st, 2021. You can listen to the podcast by clicking on this link https://www.buzzsprout.com/1655965/9116950) DUMI JERE: Greetings ladies and gentlemen. Welcome to this week’s episode of The Weekly Beat. Firstly, I’m coming to you from Johannesburg in South Africa. Joining me is Maggie Mutesi,…

Malawi shows why African countries must rethink offering tax incentives for multinationals

Malawi shows why African countries must rethink offering tax incentives for multinationals

For years, economists have called on African governments to offer tax incentives to global firms as a way of boosting foreign direct investment (FDI). Countries such as Singapore, United Arab Emirates, and Bangladesh are touted as examples of why this model works, despite their different underlying contexts. Nevertheless, Malawi tried this framework in its entirety,…

Explained: How Nigeria’s digital currency will work
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Explained: How Nigeria’s digital currency will work

In June, the Central Bank of Nigeria (CBN) announced that it will launch its digital currency by the end of 2021, with a pilot scheme running from October 1st. Digital currencies are not a new phenomenon. They are becoming increasingly popular as a response to the global rise of digital payment solutions. The rise of…

As Toyota launches assembly plant in Ghana, what is the future for Africa’s automobile industry?
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As Toyota launches assembly plant in Ghana, what is the future for Africa’s automobile industry?

 (This is a transcript of the podcast posted on Monday, July 26th 2021. You can listen to the podcast by clicking on this link https://open.spotify.com/episode/763m3ERbbWqL8htciEi7qI?si=nh0QyguqSeezi9WVFVIdrg&dl_branch=1&nd=1) ARNOLD SEGAWA: A very warm welcome to this edition of Mansa’s The Weekly Beat I’m Arnold Sagawa, joining you from Johannesburg in a very, very cold winter snow in the…