In a statement released on June 19, the International Monetary Fund (IMF) has announced that it has approved a $224.8 million additional credit for Cote d’Ivoire, in the framework of an Extended Credit Facility (ECF) and Extended Fund Facility (EFF). "The Board ... approved an augmentation of access under the two arrangements by about US$224.8 million or 25 percent of the country's...

During a TV programme aired by national channel RTD, it was revealed that the Central Bank of Djibouti (BCD) will launch in the coming days its digital currency. “According to the apex bank’s governor, Ahmed Osman Ali, the project falls in the framework of a plan to modernize Djibouti’s financial system with the support of World Bank,” Xinhua reported. “With the digital currency, the...

Starting from December 2017, tourism activities such as elephant rides could be stopped. This is as a result of a campaign led by international agents for the closure of tour activities involving wild animals. The agents even offered to provide money and clients to tourism agencies that will agree to put an end to these activities. Some firms agreed to stop the activities. One of them is Zambian...

Abu Dhabi-based Telecoms Company, Etisalat, on Tuesday said it has been ordered to transfer its 45% interest in Etisalat Nigeria to a loan trustee after debt restructuring talks failed. The Nigerian unit said it had been in talks with lenders to restructure a $1.2billion loan after missing a payment deadline but the discussion had not yielded any agreement. Etisalat added that the syndicate...

The Federal Government of Nigeria plans to increase the collection of revenues from taxes and customs duties to finance the record $22.99 billion 2017 budget, according to Udoma Udo Udoma (photo), the Minister of Budget and National Planning. He said the government is intensifying efforts to find the necessary resources to implement its spending plan for this year which was signed into law...

The Federal Government of Nigeria is all set to release N350billion ($1.1billion) as the first tranche for the implementation of the 2017 budget, according to the Minister of Finance, Kemi Adeosun (photo). Speaking at the public presentation of the 2017 Appropriation Act in Abuja on Monday, Adeosun explained the government currently has sufficient fund to commence the execution of key projects...

A memorandum of Understanding (MoU) has been signed between the Ministry of Power, Works and Housing, the Dangote Group, the Nigerian Ports Authority (NPA) and Flour Mills of Nigeria, regarding the rehabilitation of the worn out 2km-long Wharf road in Apapa, Lagos. Worth N4.34billion ($13million), the project will be carried out by the construction arm of the Dangote Group, AG Dangote and will...

The spokesman to the Acting President of Nigeria, Laolu Akande, has revealed that half of the food aid sent by the government to about 1.8 million people displaced by the Boko Haram insurgency in the Northeast has been diverted. This year, about 1.5 million people are reported to be exposed to famine in the region, where 20, 000 people have been killed by the Islamic militants. By this reason,...

On the sidelines of the Youth Day held on June 18 in Hammarsdale, South Africa’s president, Jacob Zuma, brought up the land issue saying that it should be resolved within the country’s constitution and laws. However, he added that if these laws cannot help resolve the issue, they may be amended for that purpose. “The land question is very much related to the economy. The day there was...

Despite economic challenges in Africa, hospitality development activity has increased 13% in 2017. This was indicated in the 2017 annual survey of W Hospitality Group. This figure as well other statistics related to hotel development across the continent will be discussed by industry leaders and government officials at the seventh Africa Hotel Investment Forum (AHIF) which will be held in...