COVID recovery requires joined up global support

Africa and Europe called for greater cooperation to tackle the economic fallout from the coronavirus pandemic at the Africa Roundtable forum this week in Berlin. German President Frank-Walter Steinmeier called on Western nations to make a more significant contribution towards the global vaccination programme, while Senegalese President Macky Sall said easier access to loans to […]

African rate-setters steadfast in face of a cut

A majority of African central banks have kept their interest rates unchanged since the start of this year as the economic growth outlook is countered by inflation fears. Only a few countries, including Mozambique, Zambia and Zimbabwe, have tightened rates this year as they attempt to curb rising inflation. Even fewer have cut rates, with […]

Eco currency debate rumbles on as Naira devalues

West African states debate new Eco currency The West African Eco currency symposium took place in the Togolese capital Lomé this week to discuss issues around the transition away from the CFA Franc to the new currency. Topics on the agenda included monetary policy integration for countries in the Economic Community of West African States […]

African leaders call for expanded IMF support

African presidents from countries including the Democratic Republic of Congo and Senegal called for the IMF to triple the amount of money available to Africa under the fund’s Special Drawing Right reserves to $100 billion to support countries hard hit by the coronavirus pandemic. The leaders were attending the African Economies Funding Summit in Paris […]

CFA Franc reform edges closer

CFA Franc reform edges closer The introduction of West Africa’s common currency, the Eco, potentially took a step closer following press reports that France is preparing to return €5bn of foreign exchange reserves to the Banque Centrale des Etats de l’Afrique de l’Ouest as part of a guarantee agreement on the reform of the CFA […]

Eco takes a step closer to reality

Rising oil anchors Naira The Naira maintained a stable footing in the parallel market at 482.5 per dollar levels amid a slowdown in speculative purchases of the greenback. The currency depreciated slightly at the Importers & Exporters window to N411 from N410 at the end of last week. The outlook remains dependent on Covid-19 along […]