Mozambique has come clean. Mozambique has given investors further details into $1.16 billion of external debts it admitted to hiding earlier this year, which played a major role in leading to an October announcement that it couldn’t afford payments on foreign loans in 2017.
External help needed to stop SAA loss. South Africa has hired Bain & Co. to advise on the strategy and corporate structure of the country’s three loss-making state-run carriers to improve the benefit to the state from owning the airlines.
Ghana cuts key rate. Ghana’s central bank cut its benchmark interest rate for the first time in more than five years after inflation slowed to the lowest rate since 2014.
But Nigeria keeps key rate unchanged. Nigeria’s central bank left its main lending rate unchanged for a second consecutive meeting as it tries to balance the needs of an economy that’s shrunk every quarter this year with an inflation rate that’s at the highest in more than a decade.
And Zuma’s power keeps waning. South Africa’s decision to stall plans championed by President Jacob Zuma to build nuclear plants has exposed his waning authority.
Finally, an accessible Africa. New research released by global travel technology provider, Sabre Corporation, has revealed that African air travel spend is expected to rise 24 percent with the introduction of the pan-African passport in 2018.
Ending poverty in Africa. Youth unemployment, insecure land tenure and weak value chains are the main obstacles in the way of ending poverty and inequality in West and Central Africa, according to the International Fund for Agricultural Development (IFAD).
Egypt is the new bride. Citigroup Inc. is selling the first structured notes tied to the nation’s sovereign debt in six years; another sign investors are growing more bullish on Egypt, which has interest rates of about 15 percent and a fresh loan from the International Monetary Fund under its belt.
Ramaphosa may be ANC’s next leader. South African Deputy President Cyril Ramaphosa won the backing of the nation’s biggest labor federation to succeed President Jacob Zuma as leader of the governing African National Congress.