First Independent Mena Newspaper
The European Bank for Reconstruction and Development (EBRD) expects Moroccan economic growth to decelerate to 1.1 per cent in 2022, before rebounding the following year thanks to the anticipated agricultural performance and return of other sectors to pre-pandemic levels. In its Regional Economic Prospects report released this Wednesday, the Bank says economic recovery in Morocco […]
Madagascar’s State Inspectorate-General (IGE) Tuesday denounced the embezzlement of around 12.4 million euros (MAG51 billion) of state funds in the public Administration over a period of eight months. Daniel Randrianarivony, the Chief of the IGE made the announcement during the presentation of his organization’s report that audited the public administration from January to August this […]
Bank Al-Maghrib, Morocco’s central bank, decided Tuesday to increase its key interest rate by 50 basis points to 2 percent and to continue to monitor closely the economic developments, both nationally and internationally, and in particular, the evolution of inflationary pressures. The decision was made by the Bank’s Board after having analyzed the international economic […]
Skeptics say that despite China’s agreement to forgive interest-free loans to 17 African countries as it seeks to dispel debt-trap allegations, the days of Beijing writing off interest-bearing loans are over. The world’s poorest countries — many of them in Africa — are facing $35bn in debt-service payments in 2022, out of which around 40% […]
The next 12-18 months will be “very difficult” for African banks as widespread inflation, currency devaluations and interest-rate hikes sweep the region, a senior director of credit ratings agency Fitch said on Wednesday (21 September). African economies have struggled over the last year in the face of external forces including lingering effects from the COVID-19 […]
As the global economy sinks into another period of crisis, African currencies are depreciating against the US dollar and rising import costs are adding to inflationary pressures. With around half of all international trade invoiced in dollars, a stronger greenback hurts consumers across the world — including in Africa — that use dollars to pay […]
Fuel prices soar to record levels as subsidies were removed in Kenya, while inflation in Ethiopia and Ghana hit record high — in both countries about 44%. In Kenya, fuel prices have risen once again after the government partially removed subsidies that cushioned consumers from the global hike in oil prices. The energy regulator said […]
Morocco and the World Bank signed on Monday in Rabat a €236.7 million loan agreement for the funding of the North-East Economic Development Project destined to improve transport connectivity and rev up the private sector growth in the North-Eastern region of the Kingdom. The agreement was inked by Economy & Finance minister Nadia Fettah Alaoui […]
Benin President Patrice Talon announced an increase of the minimum wage in November, the spokesperson of the government, Landre Hougbedji told 24 Au Benin Info reports. Trade unions have called on President Talon to stamp his April decision to bring the monthly minimum wage from 40,000 fr cfa (61 euros) to 52,000 fr cfa (79 […]
The Moroccan government is elaborating a budget bill forecasting growth at 4.5% in 2023 after 1.5% in 2021, assuming an average agricultural output. Growth has decelerated in 2021 as the country faces the worst drought in decades, coupled with imported inflation pressures affecting the trade balance due to higher energy imports. The 2023 growth forecast […]