Officially in default on external debt since November 13, Zambia has found it increasingly difficult to reach an agreement with its creditors to renegotiate its debt. Today, several creditors accused the country of a lack of commitment in its debt management. In a statement, a group of Zambia's creditors, which holds more than 40% of the country's Eurobonds, said Lusaka's lack of commitment...

The Central Bank of Egypt cut its key interest rates by 50 basis points. The move is to support an Egyptian economy that dropped by 1.7% in Q2 this year, the Monetary Policy Committee MPC said on November 12. Due to restriction measures imposed to control the propagation of the coronavirus pandemic, the high growth recorded in recent years only reached 3.6% in FY2019-20, against 5.6% the...

Member countries of the East African Community announced on Nov. 11 they will set a common strategy for digital economy taxation. This decision made during the 48th meeting of the countries’ tax authorities seeks to safeguard the interest of all. In the final communiqué issued at the end of the meeting, the tax authorities said they agreed to develop a common strategy “to deal with the...

The government of Ghana partnered with the International Telecommunications Union (ITU) and Norway to launch its Digital Transformation Centers (DTC) Initiative on November 12. This new step will help strengthen digital skills training across the country. It is done in close collaboration with Cisco and the Ghana Investment Fund for Electronic Communications (GIFEC). According to Ursula...

The investment and consulting firm Kleeve & Tove acquired a 100% stake in Ghanaian asset manager NDK Capital Limited for an undisclosed amount. According to Citi Business News, which reported the news following this operation, the top management of Kleeve & Tove has reorganized the management and the board of directors of the newly acquired company. Senyo Hosi (pictured) who heads Kleeve & Tove...

Debretsion Gebremichael, Head of the Tigray People’s Liberation Front (TPLF) said yesterday Nov. 15, the rocket attacks on Eritrea the previous day were the action of rebel Tigrayians. Indeed, on Nov. 14, the rebels shot several shells near the airport of Asmara. But no assessment could be established as to the material or human damage they may have caused, sources said. While fighting is...

Ghana, the host country of the African Development Bank Group’s 2021 Annual Meetings, signed a Memorandum of Understanding with the institution on Friday, marking an important milestone in preparations for the event. The 56th Annual Meetings of the African Development Bank and the 47th Annual Meeting of the African Development Fund are scheduled to take place from 24 to 28 May 2021, in...

DIT was forced to turn to the ICC arbitration tribunal under the 2004 concession agreement on the following two points: sharing of parking rights between the Autonomous Port of Douala (APD) and DIT ; preventing DIT from participating in the tender procedure launched in January 2018. On November 13, 2020, the arbitration tribunal recognized the merits of DIT's two claims. Consequently, the...

Moody’s Investor Service has affirmed the African Development Bank’s AAA credit rating, with a stable outlook. “The credit profile of African Development Bank (AfDB) is supported by the bank’s robust capital buffers and superior risk management, which mitigate risks,” Moody’s Investor Service said in an annual credit analysis dated 27 October 2020.  Moody’s added: “An ample...

Mauritania joins the Global Coalition against Daesh, becoming the group’s 83rd member. The announcement was made during the Coalition's virtual meeting, focusing on West Africa on November 10, 2020. For several years, Mauritania has been trying to halt the rise of Islamic extremism in its territory. The civil society has launched a "Stop Daesh in #Mauritania" campaign to collect four thousand...