World Bank and IMF Call On Suspension of Debt Payments from Poorest Countries
The World Bank Group (WBG) and the International Monetary Fund have issued a joint statement to bilateral creditors requesting debt relief for the poorest countries. The financial institutions called on [...]
Kenya Tanzania to Remove Trade Barriers
Kenya and Tanzania are seeking to remove trade barriers between them, a move that aims to boost cross border trade. The two countries had scheduled a meeting in April to [...]
Africa Urgently Needs $100 Billion Stimulus Package UN
Africa needs $100 billion stimulus package in order to survive the global COVID-19 pandemic. The United Nations is urging multilateral lenders and investors to help African countries by waiving debt-servicing [...]South Africa Cuts Prime Rate to 6-Year Low
The South African Reserve Bank monetary policy committee voted to lower the interest rate by one percentage point to 5.25%. This is the biggest cut in more than a decade [...]Regional Tea Trade Association Postpones Auctions
The East African Tea Trade Association (EATTA) has postponed its auctions until further notice, in a bid to curb spread of the COVID-19 virus. Therefore, primary and secondary auctions slated [...]African Economies Suffer $29 Billion Hit Due to COVID-19
COVID-19 has already cost African economies a total of $29 billion as of March 2020, a report from the United Nations Economic Commission for Africa (ECA) shows. The amount is [...]Ghana Legalizes Marijuana for Medical Industrial Use
Members of the Ghana National Assembly have passed the Narcotics Control Commission Bill, 2019, that now allows for the use of marijuana for medical and industrial purposes only. With the [...]COVID-19 Continues to Take a Toll on African Airlines
The African Airlines Association (AFRAA) has called on African governments to devise measures to enable them to drum support for the airlines, so that they may survive the COVID-19 outbreak [...]EABL to Acquire 30% Stake in Serengeti Breweries
East African Breweries Limited (EABL) has announced plans to acquire an additional 30% stake in Tanzania's Serengeti Breweries Limited (SBL). However, the transaction is still subject to approval by regulatory [...]Uganda's Green Economy Gets $97.5 Million From EU
Uganda has signed a partnership deal with the European Union (EU), an agreement that will see the country receive $97.5 million for its green economy. According to Uganda's Finance Minister, [...]Ghana Seeks Financial Help from IMF World Bank
Ghana is seeking financial assistance from the World Bank and IMF to counter the negative effects Covid-19 will have on its economy. The nation expects to miss its revenue targets [...]
Rwanda Suspends All International Flights
Rwanda has suspended all arriving and departing commercial passenger flights for 30 days, with effect from 20th March 2020, including it own national carrier, Rwandair. The sudden move seeks to [...]
