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Tanzania in mourning as VP Hassan takes reins

East Africa leads post-COVID resilience After the worst recession in over half a century, Africa’s economy is poised for a rebound, underpinned by an expected resumption of tourism, gains in commodity prices, and a rollback of pandemic-induced restrictions. The African Development Bank predicts 3.4% GDP growth for 2021, in a report this week. It also sets out the considerable economic […]

Africa’s freedom rising too slowly

Africa’s economic freedom rising, though much too slowly Economic freedom is improving in sub-Saharan Africa, according to this year’s Economic Freedom Index, published by the Heritage Foundation. Progress, however, remains painfully slow. In the Washington DC-based think tank’s scale of 1 to 100, sub-Saharan African nations’ scores on property rights, government integrity, and business freedom are all lower than world averages […]

Naira officially devalued faces decline

After months hampered by Covid disruptions, election challenges and currency depreciation, Ghana appears to have turned a corner towards GDP growth, relative exchange rate stability and more cohesive economic policies. But what does the road ahead look like? Join our panel sharing perspectives on: – Stimulus and other economic policies– AfCFTA’s potential benefits and challenges– Small […]

Naira at an all-time low faces likely further devaluation

Sudan’s huge devaluation should improve remittances and relations In its boldest economic move yet, the military junta that has governed Sudan on a transitional basis since the overthrow of Omar al-Bashir in 2019 succumbed to pressure from international financial institutions and freely floated the pound on Sunday. It had been trading at over 350 pounds […]

Rand on a high it hits its 60th anniversary

Rand on a high as it celebrates 60 years In an appropriate run-up to the currency’s 60th anniversary this Sunday, the Rand resumed its rally this week and continues to point in a positive direction amid a sharp decline in the nation’s COVID infection data and a spike in the price of its precious metal exports. On Wednesday, 2,320 […]

New WTO leadership force for Africa trade optimism

Ngozi Okonjo-Iweala, Nigeria’s former finance minister and former Managing Director of the World Bank, looks set to become the next Director-General of the World Trade Organisation, as South Korea’s Yoo Myung-hee pulled out of the race, and US President Joe Biden has thrown his backing behind her. The formal appointment should be made soon, though […]

Mali’s hidden risk in currency clampdown; Lowest Kenyan Shilling has further to fall

Hidden danger in Mali coup from currency clampdown Beyond the fallout from political turmoil in Mali, a clampdown on transactions in the West African CFA Franc risks adding to the COVID-era economic disarray. Within hours of the military seizing power, the Central Bank of West African States (BCEAO) announced protective restrictions on the flows of […]

CBN Under Pressure to Devalue Naira; Tanzania Gains Low-Middle Income Status

Assessing the economic damage How bad is the economic fallout from COVID for sub-Saharan Africa? The IMF gave its best estimate last week, updating a dismal forecast in April for a 1.6% contraction in the continent’s economy this year to a yet more dire projection of negative 3.2%. Even with the recent recovery in oil […]

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