Participants at a webinar to present the African Development Bank’s African Economic Outlook Supplement to Asian audiences on Monday have endorsed the report as critical for post-COVID-19 Africa. The supplement revises the growth projections and outlook for Africa for 2020 and 2021 and highlights the impact of COVID–19 on Africa’s socio-economic landscape. It recommends policy responses to...

The Ethiopian state will issue new banknotes in the economy. This was announced by Prime Minister Abiy Ahmed on Monday, September 14. The new measure concerns the banknotes of 100, 50, and 10 birrs, whose current copies will be withdrawn within the next few months. They will be replaced by new banknotes with improved security features and paper quality to ensure a longer lifespan. This is part...

The acquisition by Saudi Telecom Company (STC) of Vodafone Group's 55% stake in Vodafone Egypt may be canceled; 48 hours after sources close to the matter told Bloomberg that the $2.39 billion bid could be revised downwards, STC announced on September 13, 2020, the end of the term of the memorandum of understanding signed last January without any agreement to conclude it. However, STC...

The Algerian Parliament has adopted a draft relating to the revision of the Constitution. On Saturday, September 12, the Council of the Nation, which is the upper house of Parliament, gave its approval for constitutional reform; a few days after the National People's Assembly (the lower house of Parliament) gave its green light. A total of 127 lawmakers voted yes for the adoption of the draft...

The French Development Agency (AFD) and the African Export-Import Bank (Afreximbank) agreed to pump €150 million worth of green, low carbon, socially inclusive, and more resilient investments in the continent. AFD has made available a €500,000 grant for a technical assistance program for the development of Afreximbank's climate finance strategy. Ultimately, this partnership will...

The Central Bank of West African States (BCEAO) reports an increase in the inflation rate within the West African Economic and Monetary Union (WAEMU). From -0.5% in December 2019, the inflation rose to +2.5% in July 2020, reflecting an accelerated and continuous rise in food prices over the first 7 months of 2020. Rising prices may have certain advantages, particularly for the macroeconomy....

Ban Ki-moon, Chair of the Global Center on Adaptation (GCA) and 8th Secretary-General of the United Nations will join African Development Bank Group President Akinwumi Adesina, IMF Managing Director Kristalina Georgieva and African leaders from across the continent for the launch of GCA Africa on Wednesday, 16 September 2020 at 12.00 GMT. GCA Africa, hosted at the African Development Bank...

The Ethiopian government has set February 2021 as the new deadline for completing the opening of the telecom market to competition through the partial privatization of the incumbent operator Ethio Telecom and the award of two new telecom licenses. Eyob Tekalign, the Minister of Finance, said that the state has a timetable, from January to February, for both processes. He stressed that the reform...

United Bank for Africa (UBA) reported a net operating profit of 44.4 billion naira ($116.1 million) in the first half of 2020. The figure is down 21.7% compared to the same period in 2020. In a context marked by the covid-19 and a 151.6% increase in provisions for credit risks, UBA nevertheless emerged with a net banking income of 150 billion naira ($ 391.6 million) up 5.6% compared to 2019. Its...

Sudan’s sovereign council, which has been ruling the country since Omar al-Bashir was ousted, has just declared an economic “state of emergency”. The announcement was made by the Minister of Finance, Hiba Mohamed Ali, during a press conference held on Thursday, September 10 in Khartoum. According to the official, this measure is mainly aimed at stopping the sharp depreciation of the...