Africa Ghana West Africa World 

Ghana’s finance minister says Africa deserves more help for Covid-19

– – Ghana confirmed its first two COVID-19 cases on March 12; imports from Norway and Turkey. Africa has since recorded more than 1.5 million cases and counting, though, in terms of infections and deaths, we have fared better than most regions. Perhaps this is because of our youthful population, the natural social distancing of outdoor living and experience with infectious disease management — helped by good leadership. Our economies, however, have not been spared. Across the continent, governments are facing falling revenues, rising expenditures, increasing debt distress, and significant…

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Africa Business Lesotho Southern Africa World 

Lesotho: Violence against women costs economy $113 million annually

– – A Commonwealth report has revealed violence against women and girls costs Lesotho more than $113 million (about 1.9 billion Lesotho loti) a year. The report estimates the total cost, including loss of income and expenses associated with medical, legal and police support, equates to around 5.5 per cent of Lesotho’s gross domestic product (GDP). The cost of $113 million means each Lesotho citizen loses at least $50 every year to violence against women and girls. The cost of $113 million means each Lesotho citizen loses at least $50 every year…

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Africa Business Ghana West Africa World 

IMF says Ghana’s GDP growth will hit 7% in 2019

The International Monetary Fund on Thursday said on Thursday that Ghana’s economic growth is expected to rise to around 7% this year. That increase from 6.3% in 2018 to 7% this year according to the IMF is boosted by the country’s extractive industries. In a statement IMF said Ghana’s exports oil, gold and cocoa, maintained macroeconomic stability since the conclusion of a three-year lending programme with the IMF in March. The conclusions drawn were made at the end of an IMF staff visit to Ghana recently. Meanwhile Economic growth forecast…

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Africa Southern Africa World Zimbabwe 

Zimbabwe’s anti-sanctions campaign divides opinions

Zimbabwe’s government has launched a campaign to make unpopular what it considers foreign sanctions that have crippled the economy. Government officials and the ruling party, the Zanu-PF leaders have been projecting messages across all major media platforms including social media about the impact of these sanctions. They insist that sanctions particularly from the United States of America have made it impossible for any major progress to be achieved in growing and rebuilding the Zimbabwean economy. This has been the mantra under the late Robert Mugabe who attacked the West of…

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Africa Southern Africa World Zimbabwe 

Mnangagwa says Zimbabwe’s economy is “dead”

Zimbabwe’s President Emmerson Mnangagwa has described his country’s economy as “dead” as he promises to bring it back to life. On Tuesday Mnangagwa told the country’s parliament that Zimbabweans will have to be patient with him whiles he works hard to bring the economy back from the “dead”. Zimbabwe is facing serious economic challenges with surging inflation and lack of physical cash for business transactions. After taking over from the late Robert Mugabe in 2017, many had hoped for better economy and significant transformation. But it has been tough moments…

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Africa Business North Africa Sudan World 

Sudan in dire need of $10 billion to rebuild economy

Sudan’s new prime minister has said that the country needs up to $10 billion in foreign aid to rebuild it’s economy. Abdalla Hamdok says the money will be needed over the next two years to help fix an economy that is almost collapsing. Hamdok was sworn in as prime minister on Wednesday. He has vowed to tackle conflict and build a stronger economy. As leader of the transitional government he has the task of restoring peace as well and helping to return the country to civilian rule. The renowned economist…

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Africa Southern Africa World Zimbabwe 

Zimbabwe: Workers union rejects pay offer from government

Zimbabwe’s main public sector union has rejected a pay offer from the government. The rejection of the offer on Saturday could compound the worsening economic situation in that country. The government now risks forcing the workers into embarking on strikes if it fails to reach a new agreement with them. The Union had said that the proposal from the government to boost salaries by 76 percent was not enough to meet workers demands. Zimbabwe’s government was offering to the lowest-paid worker a US$97 a month, up from the current US$55.…

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“A great deal of intelligence can be invested in ignorance when the need for illusion is deep.”

By: Jennifer Fierberg Rwanda is often touted as a “financial success story” in many publications yet the smoke screen of propaganda quickly dissipates when the reality of facts and statistics confront the mirage. While there certainly are development successes in the country since the war in 1994 the cover up of the financial challenges are much deeper in number. In 2009,  an paper entitled “Rwanda Today: When Foreign Aid hurts More than it Helps,” was published by co-authors Dr. Emmanuel Hakizimana of the University of Quebec in Montreal and American…

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Uganda Currency Plunges as Anti-Gay Law Prompts U.S. Aid Cuts

  The shilling slumped 6.1 percent since President Yoweri Museveni signed the bill on Feb. 24, the most after Ghana’s cedi among 24 African currencies monitored by Bloomberg. Photographer: Isaac Kasamani/AFP via Getty Images Uganda’s shilling slumped to the lowest level in 15 months after the U.S. government said it was cutting aid to the East African nation over a February law that toughened punishment for homosexual acts. The currency fell 1 percent to 2,616.50 per dollar by 5:11 p.m. in the capital, Kampala, the lowest since March 2013. The…

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