Fred Dzakpata

The Executive Board of the International Monetary Fund (IMF) approved a three-year arrangement under the Extended Credit Facility (ECF) for Sierra Leone for about US$224.2 million, in support of the authorities’ economic development efforts. The program will build on the lessons from the previous ECF arrangement. It aims at supporting important policies targeted at reducing inflation and significantly increasing domestic revenues, including by eliminating numerous tax and duty exemptions, while increasing infrastructure spending and bolstering the social safety net. The ECF program is also expected to play a catalytic role to maintain external support. In the medium-term, the arrangement will provide the framework for structural progress on revenue mobilization, public financial management and financial sector reforms, as well as increased reserves

Ghana has signed an accord with its neighbour, Cote d’Ivoire, for closer collaboration in the areas of cocoa production and marketing. The Accra Agreement, signed on Friday, June 2, this year at the end of the two-day second technical cooperation meeting between both nations in the Ghanaian capital, seeks to assist the two countries to collaboratively tackle many challenges adversely affecting their cocoa economy, especially the issue of foreign pricing of cocoa by the West and Asia, among others. It was signed by the Chief Executive Officer (CEO) of Ghana Cocoa Board (COCOBOD) and the Director-General of the Council of Coffee and Cocoa, Cote d’Ivoire respectively on behalf of both countries.

The African Development Bank, in partnership with SERUKA – a national women’s organization focusing on women’s economic empowerment in Rwanda –has launched the Rwanda Honey Value Chain Project, which aims to enhance honey production in the country. The African Development Bank has approved a grant of approximately US $343,000 (280 million Rwandan Francs) to implement the project. The project will work directly with grassroots businesses. The implementing agency, SERUKA, is a reputable non-governmental organization with a sound track record in supporting grassroots economic empowerment initiatives in Rwanda.

Barclays Africa Group Limited has announced that following the completion of South Africa's largest bookbuild in South African Rands, Barclays PLC has sold 33.7% of Barclays Africa's issued share capital at a price of R132 per share. This results in accounting deconsolidation of Barclays Africa from Barclays PLC. Barclays PLC sold 285,691,979 Barclays Africa ordinary shares at a price of R132 per share, which results in Barclays PLC reducing its shareholding to 23.4%, with a further 7% to be taken up by the Public Investment Corporation at a later date, following receipt of the necessary regulatory approvals.

Thirteen African countries have signed series of partnership agreements with India to enhance the supply of agricultural machinery, credit advancement to farmers and scientific cooperation. Farm machinery suppliers from the Indian state of Gujarat signed agreements with Ghana, Zambia, Mozambique and Togo for the supply of farm machinery, training on the use of the machinery in mechanized agriculture and cooperation in the use of the machinery in mining.

South Africa is expecting to harvest its biggest maize crop in four decades, a year after drought devastated output of the country's staple food. Farmers are set to produce over 15 million tonnes which means the country will have a 50% surplus for the year, according to government figures

The African Development Bank (AfDB) and the Government of Japan (GOJ) have signed an agreement for a US $ 300 million facility under the joint initiative titled Enhanced Private Sector Assistance (EPSA) for Africa. The loan, worth JPY 34.41 billion (equivalent to approximately USD 300 million) is intended to support private sector operations in Africa through the AfDB’s non-sovereign window.

The Minority in Ghana’s Parliament has petitioned the Security and Exchange Commission of the United States over the controversial US$2.25 billion bond issued by the Finance ministry in April. The Minority in a statement said they hope their petition will lead to an investigation in their claim of conflict of interest against the Finance minister Ken Ofori Atta over the issuance of the bond.

Ghana  has announced it is considering granting a ten year tax holiday to major Multinational firms. The move, according to the Chief Executive Officer...

Tanzania has shut down one of the country's largest banking institutions, FBME, following charges of aiding the finance of terrorism by US authorities. A statement from the central bank said it had revoked its licence. It was accused in the US of, among other things, money laundering and facilitating the payment of thousands of dollars from a financier of the Lebanese Hezbollah Islamist militants.