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Ghanaian Cedis Depreciates Against US Dollar At 8.86%
A Bloomberg report has pegged Ghanaian cedis the worst-performing currency among Africa’s top currencies following its second depreciation in 2022. Ghanaian Cedis dropped by 8.86% to the dollar between January 1, 2022, and February 25, 2022, presently trading at ¢6.60 to one US dollar on the forex market. Analysts have blamed the low performance of…
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What Does Africa Stand To Gain From New Trade Relations With Turkey?
Turkey has again reiterated its desire to build a lasting trade relationship with African countries with a series of mutually benefitting arrangements, according to Turkish President Tayyip Erdogan. While speaking at a four-day tour of Central and West Africa, Erdogan shared that the Turkish government was in the process of exchanging ideas that would booster…
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Chemicals Trigger Deadly Explosion In Burkina Faso Gold Mine
At least 59 people have reportedly died in a series of explosions at a gold mine site in the village of Gbomblora, south of Burkina Faso. According to reports, the blast which started around 2 pm might have been triggered by chemicals used for treating gold stocked at the site. Another report opined that the…
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Fragile Five: African Economies With Rising Debt Risks
A recent report by the Standard Bank Group has revealed five heavily indebted African countries on the verge of debt risks over the next two years as the era of pandemic-induced relief aid draws closer. According to the leading lending institution, the five countries categorized as the ‘Fragile Five’ risk loan denials from global lenders…
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Nigeria’s Inflation Rate Drops To 15.60% In January
The consumer price index, which measures inflation, dropped to 15.60 percent year-on-year in January 2022. This is 0.87 percent points lower than the rate recorded in the corresponding month in 2021 (16.47) percent and 0.03 percent recorded in December 2021. The National Bureau of Statistics which disclosed this in its Consumer Price Index report for…
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Food Security: Kenya To Receive Agriculture Loan From World Bank
Kenya is currently in talks with the World Bank for a $200 million loan for various agricultural development projects to improve food security in the country. The loan would benefit various stakeholders in Kenya’s agriculture value chains.Note that the World Bank is already supporting many other projects in the East African country’s agriculture sector valued…
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Nigeria’s Foreign Exchange Reserve Losses: What You Should Know
New figures made available by the Central Bank of Nigeria (CBN) has revealed that the West African country’s foreign reserves recorded a $481.4 million decline in January 2022 to close at $40.04 billion, showing a 1.2% fall from the previous month. Data from the CBN show a steady monthly decline from November 2021 till now.…
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IMF Cuts Global Economic Growth Forecast To 4.4%
The International Monetary Fund on Tuesday warned that the global economy might not grow at the pace it was previously predicted due to slow recoveries in the United States and China. IMF’s latest World Economic Outlook shows a downshift in global economic growth from 5.9% in 2021 to 4.4% this year as opposed to what…
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Budget And Financing In Nigeria
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Federal Government Finance And Expenditure In Nigeria