First Independent Mena Newspaper
African finance ministers and central bank governors are meeting in Lomé, Togo, this Nov. 28-29 for the African Finance Industry Summit (AFIS) to discuss how Africa’s finance industry can contribute to the continent’s economic recovery. Morocco is participating in the African Summit, held under the theme “Sustainable, borderless and digital, Transforming finance in the age […]
The European Union, EU, has allocated 96 million euros for West African states to support the region to build resilience and local food production capacity in the backdrop of the ongoing crisis between Russia and Ukraine. Francesca Di Mauro, head of the EU mission to Cote d’Ivoire made the announcement Monday in capital Abidjan. She […]
After the FTX cryptocurrency exchange’s collapse earlier this month that has left a trail of losses for companies and individuals, Africa’s financial regulators have sensed an opportunity to place stricter constraints on crypto’s adoption. Before FTX’s meltdown, the crypto giant was becoming a force for normalizing cryptocurrencies in Africa, through marketing campaigns that enlisted entertainers, […]
German Development Bank (KfW) has pledged to provide Morocco €165 million funding to continue reforming its financial system which has shown resilience to external shocks. The KfW financial support includes a €150 million loan and a €15 million grant. Funding agreements were inked Wednesday in Rabat by Economy & Finance Minister Nadia Fettah and Head […]
The International Monetary Fund (IMF) has approved financing to cope with rising global food prices for Malawi, the first low-income nation to receive financing from the IMF under a new tool intended to help countries cope with global food price shocks. The number of Malawians facing food insecurity has doubled to 20% of the population […]
The government in Kenya, where about 8.5% of the population owns cryptocurrencies, has drafted a bill to tax crypto transactions in all exchanges in the country, even as the global crypto market undergoes a mass meltdown. The Capital Markets (Amendment) Bill, 2022 would allow for the taxation of crypto exchanges, digital wallets and transactions. Crypto […]
The International Monetary Fund (IMF) and South Sudan announced they have reached a staff-level agreement for the release of about $112.7 million in emergency financing, pending an approval by the IMF’s executive board. “This emergency financing under the new Food Shock Window will help South Sudan address food insecurity, support social spending, and boost international […]
Over $4 million (2.6 billion CFA) were embezzled between January and October this year in Gabon, the Chief of Police of the central African country, has revealed. Serge Hervé Ngoma made the remark at the opening ceremony of the 28th Global Program to Fight Financial Crime, Corruption and Asset Recovery, on Monday in capital Libreville, […]
Despite general skepticism about Africa’s economic promise, Akinwumi Adesina, the chief of the African Development Bank (AfDB), who has been dubbed, “Africa’s optimist-in-chief,” believes that the future of Africa will defy everyone’s expectations. The skepticism is fueled by all the recent negative development affecting Africa: Covid-19 pandemic; the Russia-Ukraine war and its pressure on food […]
The Bill & Melinda Gates Foundation said it was committing $7 billion to Africa over the next four years, as the American billionaire and philanthropist warned that the Ukraine crisis was reducing the amount of aid flowing to the continent. Bill Gates has pledged to use 5.4% of his net worth to finance Africa’s health […]