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African Continental

GHANA EXPECTS DEAL WITH IMF BY END MARCH: PRESIDENT MAHAMA

GHANA EXPECTS DEAL WITH IMF BY END MARCH: PRESIDENT MAHAMA

Ghana expects to secure a financial assistance deal with the International Monetary Fund by the end of March.

This was to stabilise its economy and boost domestic reform, President John Mahama told Reuters on Tuesday.

The government aims to narrow the 2015 public sector wage bill to 40.5 per cent of tax revenue, from 49.3 per cent last year, he said, adding that it will also reduce the issuance of short-term instruments in a bid to restructure government debt.

Ghana grew strongly for years through gold, cocoa and oil exports and was seen as one of Africa's star economies, benefiting from the country's stable democracy.

But growth is due to slow sharply in 2015 as the government struggles to contain inflation, the budget deficit and a high debt-to-GDP ratio. The cedi currency also fell 31 percent last year and the government turned to the Fund last August.

"Ghana is committed to securing an IMF programme and we are confident that we will reach agreement with the IMF by the end of this quarter," Mahama said.

The government recognises the need to contain public sector wages, which drove a spike in the deficit to nearly 12 per cent of GDP in 2012. The announcement last month of a 13 per cent wage hike for civil servants is within budgetary limits, he said.

 

DR Congo Launches Assault against FDLR Rebels

DR Congo Launches Assault against FDLR Rebels

The army of the Democratic Republic of Congo (DRC) has launched an offensive against rebels in the eastern part of the country.

The offensive, which began on Tuesday in So...

Foreign investors dump bullish on Kenya

Foreign investors dump bullish on Kenya

Kenyan stocks rallied to a record high in the longest winning streak in almost 10 months as investors who pulled money from Nigeria bought into East Africa’s biggest econ...

Angola to host the 2nd Africa Urban Infrastructure Investment Forum, 5-6 March 2015. Experts to discuss post-conflict reconstruction and turning African cities into economic power houses.

Angola to host the 2nd Africa Urban Infrastructure Investment Forum, 5-6 March 2015.  Experts to discuss post-conflict reconstruction and turning African cities into economic power houses.

LONDON/LUANDA, 19 December 2014 – There are over 50 cities with more than 1 million inhabitants in Africa...

Ex-Im Bank Finances Export of American-made Bridge Components to Cameroon Transaction will support 200 U.S. jobs across New Jersey, Pennsylvania, and Delaware

Ex-Im Bank Finances Export of American-made Bridge Components to Cameroon  Transaction will support 200 U.S. jobs across New Jersey, Pennsylvania, and Delaware

Washington, DC – In keeping with its congressional mandates to boost small business exports and increase ...

White Zambian Named Acting President

White Zambian Named Acting President

October 29, 2014

LUSAKA, Zambia (AP) — Zambia’s vice president Guy Scott, a white Zambian of Scottish desc...

Last Updated ( Wednesday, 29 October 2014 22:51 )

S. Africa's Zuma Outlines Ambitious Oil Exploration Plans

S. Africa's Zuma Outlines Ambitious Oil Exploration Plans

Ed Cropley

JOHANNESBURG, Oct 15 (Reuters) - South African President Jacob Zuma outlined ambitious plans on...

Nigeria, South Africa’s WesBank sign MOU on made-in-Nigeria vehicles

Nigeria, South Africa’s WesBank sign MOU on made-in-Nigeria vehicles

The National Automotive Council (NAC),  has signed a Memorandum of Understanding (MOU), with WesBank of South Africa, to finance retail and corporate acquisition of made-...

Clinton Foundation Expands Climate Change Work in Ethiopia and Kenya Data and reforestation efforts aim to mitigate the effects of climate change

Clinton Foundation Expands Climate Change Work in Ethiopia and Kenya Data and reforestation efforts aim to mitigate the effects of climate change

New York, NY  – The Clinton Climate Initiative (CCI), part of the Clinton Foundation, announced an expansion of its climate change mitigation efforts with a new program ma...

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