The Association of African Central Banks is warning the goal of attaining a single currency status in West Africa will be a mirage. It believes the only solution to the problem is by diversifying the economies of the various countries in the Wet African Monetary Zone.
Various attempts by West Africa to introduce a common currency known as the ECO has suffered various setbacks with the recent one being the outbreak of Ebola in three member countries. It is currently unclear if the countries will now meet the convergence criteria for the currency to take off in 2020.
The African Development Bank (AfDB)-managed Sustainable Energy Fund for Africa SEFA has approved a US$ 965,000 grant to Oxygen Energy Private Limited to support the preparation of a bankable business case for the development of a 20MW off-grid solar PV rooftop project on buildings owned and managed by Old Mutual Property Group Zimbabwe countrywide.
South Africa's state-owned power company Eskom has threatened to cut electricity supplies to Zimbabwe next month if it fails to settle debts amounting to about $9m (£7m) because of a currency shortage, Zimbabwe's state-owned Herald newspaper reports.
The Executive Board of the International Monetary Fund (IMF) today approved a new three-year arrangement for Togo under the Extended Credit Facility (ECF) worth (US$241.5million) to support the country’s economic and financial reforms. [1]
The Executive Board’s decision enables an immediate disbursement of US$34.5 million. The remaining amount will be phased over the duration of the program, subject to semi-annual reviews.
President Nana Addo Dankwa Akufo-Addo is advocating for the 24-hour opening of the borders between Ghana and Togo, explaining that this will boost trade and tourism, and, thereby, ensure that the peoples of the two nations reap the economic benefits thereof.
According to Akufo-Addo, “the opening of our borders will give true meaning to the ECOWAS Protocols on Free Movement of Goods and Persons, and will spur on progress and prosperity for our peoples.” He made this known on Wednesday, May 3, 2017, when he delivered a brief speech at a State dinner held in his honour by the President of the Republic of Togo, Faure Gnassingbé.
Notwithstanding the current economic and socio-political uncertainty, numerous companies in Africa are still positive about the growth potential of the continent. PwC (www.PwC.com) research...
More than 1,000 participants are taking part in the 27th World Economic Forum on Africa in Durban, South Africa which opened on Wednesday.
This year’s...
The International Labour Organization (ILO) is advocating the urgent need for vastly improved national occupational safety and health (OSH) data on the occasion of...
Olam Cocoa has marked the opening of its latest Cocoa Innovation Centre (CIC) in Willowbrook, Illinois, just outside of Chicago. The new facility will provide important innovation capabilities to support Olam Cocoa’s North American customers.
The opening of this latest CIC, one of six globally, along with Centres in Brazil, Netherlands, Spain, Singapore and UK, will assist customers in the refinement and reformulation of existing recipes, provide proof of concept opportunities, and aid in the development of new products across such diverse application categories as beverages, cereals, chocolate confectionery, dairy, biscuits and bakery, and ice cream.
Some new apartments built at the residence of the Nigerian High Commissioner in Ghana’s capital city Accra, have been demolished by bulldozers.
The apartments have been constructed to...
Ghanaian health officials on Saturday said over 10,000 persons infected with the coronavirus have now recovered.
The significant number of recoveries means the country now...
Zimbabwe's Health Minister Obadiah Moyo has been arrested over corruption allegations related to procurement of medical equipment worth $60 million.
Moyo is accused of illegally...
