First Independent Mena Newspaper
Africa has seen a rise in its number of billionaires and its millionaire population is set to rise by 65% over the next 10 years, but at the same time, about 18,700 high-net-worth individuals have left the continent between 2013 and 2023, the 2024 Africa Wealth Report reveals. Published by Henley & Partners, an international […]
The IMF said Morocco’s economic growth would pick up slightly to 3.1% this year and 3.3% next year, forecasting a return of inflation to pre-pandemic levels. Inflation would stand at 2.2% this year and 2.5% next year, in line with central bank forecasts, the IMF said in its April global economic outlook. Algeria’s growth would […]
China National Petroleum Corporation (CNPC) agreed to offer a loan of 400 million dollars to the Niger government, which is struggling with the impact of sanctions. The loan is seen as one of the first steps to wean financial dependence on the West, with whom the military rulers are increasingly at odds, going as far […]
A Bloomberg report on a poll showing a drop in ANC popularity ahead of the upcoming elections was enough to plunge South Africa’s currency, the Rand. The poll revealed that corruption-plagued ANC will face its first-ever electoral test since apartheid due to a surge in support for former president Jacob Zuma and his uMkhonto Wesizwe […]
Morocco’s economic growth stood at 2.9% in the first three months this year, despite drought that undermined agricultural production. Led by domestic demand, non-agricultural growth was at 4% the same period thanks to the industrial sector and services, the high commissioner for planning said in a report. Rainfall was 42% lower compared to last year […]
Zimbabwe has finally launched a gold-backed currency to bring down inflation, ending a decade of dollarization. The new currency or Zig- standing for Zimbabwe Gold- is the latest attempt to end hyper-inflation in the country which lasted for 25 years. Zig is intended to be a market-determined exchange rate, said Zimbabwe’s central bank governor while […]
The U.S. government has decided to finance economic empowerment projects in the Moroccan Saharan cities of Laayoune and Dakhla, confirming Washington’s recognition of Morocco’s sovereignty over its entire Saharan territory. An estimated total budget of $1.5 million has been earmarked for projects seeking to improve employment, labor, and training in the two Moroccan Saharan cities. […]
Sudan, Cabo Verde, Mozambique, Republic of the Congo, and Egypt have been listed as countries with the highest debt to GDP ratio in the African continent. This came in a report by Yahoo Finance which listed 30 countries with the highest debt to GDP ratio. The report noted that Emerging economies and low-income economies are […]
The IMF agreed to offer Egypt a loan worth 8 billion dollars under an Extended Fund Facility to support the country’s economic stability. Following its review, the IMF noted that Egypt’s recovery was slowed by rising global inflation, foreign exchange shortages, and elevated debt levels. Egypt is also struggling with new challenges such as the […]
The African Development Bank said it has allocated $4.5 million to back projects in 14 African municipalities. In a statement, the bank said that 500,000 dollars- as part of the same funding -will be earmarked to improving the quality of urban governance including through the launch of a capacity-building and consulting program to enhance municipal […]