In a context marked by the weaker global economy, African central banks are taking various measures to contain inflation and the pressures placed on their foreign reserves by the ever-appreciating dollar. For an oil-dependent economy like Nigeria, the task is even more difficult.  The Central Bank of Nigeria (CBN) raised its interest rates, again, to 15.5% to contain its soaring inflation....

The Fund for Export Development in Africa (“FEDA”), the impact investment arm of the African Export-Import Bank (“Afreximbank”), set up to support intra-African trade growth, value-add export development and industrialization, is pleased to announce its first close of US$670 million across its four fund strategies. Of the $670 million raised, $270 million is earmarked for FEDA...

Bolloré Transport & Logistics Côte d’Ivoire announces the acquisition of its very first driving simulator, which will be made available to its Pan-African Port Training Centre (CFPP) in Abidjan. This clearly demonstrates the company’s commitment to providing innovative training and to offering new teaching methods aligned with employees' expectations. This multi-business simulator is the...

The African Development Bank has signed a grant agreement for $400,000 with the Caisse des dépôts et consignations of Côte d'Ivoire (CDC-CI). The funds will support CDC-CI to accelerate its activities to assist Ivorian small and medium-sized enterprises. The agreement was signed on 27 September 2022 in Abidjan. CDC-CI is  a State bank that handles official deposits. The grant will...

In the WAEMU region, Senegal has one of the highest inflation rates, with 11% recorded in July. To curb such price rises, local authorities have taken subsidy measures, which are yet to have the desired effects.  Senegal will take additional measures to curb inflation, President Macky Sall announced during a consultation on Monday (September 26). The said consultation was held with...

In recent years, many telecom operators have explored additional ways to monetize their telecom tower assets. Such operators include MTN, Vodacom, Telkom, and Airtel Africa. Qatari telecom company Ooredoo Group announced Monday (September 26), its plan to sell 20,000 of its telecom towers in several of its markets including Algeria and Tunisia. To carry out this operation, the company has hired...

UN Secretary-General António Guterres has urged governments across the world to quickly invest in quality job creation the and the provision of social protection for those without coverage. Guterres was speaking at a high-level session to discuss the Global Accelerator on Jobs and Social Protection for Just Transitions initiative during the UN General Assembly meetings in New York. He told...

The African Development Bank Group has provided new funding for two ongoing major projects in Cameroon: the Develop Access Roads to the Industrial and Port Area of Kribi Project (PARZIK) and the Yaoundé City Sustainable Enhanced Drainage and Sanitation Project (PCADY). The African Development Bank's Director General for Central Africa, Serge N'Guessan, and Alamine Ousman Mey, Cameroon's...

In July, Ghana announced its plan to negotiate a financing program with the IMF. The negotiations have officially started with an IMF staff visit to Ghana till October 7.   A team from the International Monetary Fund (IMF) has just begun a mission to Ghana to define the contours of the new reform program requested by local authorities. The announcement was made by the institution in a...

The opening of Ethiopia’s banking sector to foreign investors was long-awaited by several African groups including South Africa’s Standard Bank and Kenya’s KBC Group. Foreign investors can now acquire up to 40% stake in Ethiopian banks, local media The Reporter indicated last Saturday, citing the policy liberalizing Ethiopia’s banking sector. The policy, approved during a ministerial...