naija business
Ecobank cautious on Ghana strategy as it counts cost of proposed debt-swap
Ghana’s proposed domestic debt restructuring leaves Ecobank, the country’s largest bank by assets, cautious over its corporate finance strategy in the country. The debt restructuring “will affect our risk-weighted assets,” the bank’s head of corporate finance Meinna Gwet tells The Africa Report. “We will have to be very cautious about our strategy in the country” in 2023. Your browser could not fetch this story If you are reading this message your browser has Javascript disabled. Please enable Javascript in order to access to this story.
US-Africa Summit: Joe Biden tests his new Africa strategy
It has been eight years since the event last took place. The first edition was organised in August 2014 during the Barack-Obama presidency. This year, African heads of state are once again converging for the US-Africa Leaders Summit, which opens on 13 December at the Walter E. Washington Convention Center. Of the 50 or so leaders who were invited, most have said they will attend the three-day conference. Eritrea – with which the US no longer has diplomatic relations – was ignored by the organisers, who have also been careful to follow African Union criteria: Countries that have recently experienced a military coup and were suspended from the AU have not been invited. They include Mali, Guinea, Burkina Faso and Sudan.
Ghana: Staff-level agreement with IMF gives government respite, but what’s next?
The Akufo-Addo government is heaving a sigh of relief after reaching a staff-level agreement with the IMF for a $3bn credit facility and expects the news to bring back investors’ lost appetite for Ghana. Source
DRC finance minister Kazadi says Rwanda gold trade holds back EAC potential
Rwanda’s tolerance of gold smuggling is undermining the free-trade potential of the East African Community (EAC), Democratic Republic of Congo (DRC) finance minister Nicolas Kazadi tells The Africa Report. Source
West African bloc tells Mali to free 46 Ivorian troops
West African leaders on Sunday told Mali’s ruling junta to release 46 Ivorian troops it has held for months or face sanctions, officials said. Source
Morocco to reap big as farmers scramble for phospate amidst fertiliser shortage
A global fertiliser supply shock deepened by Russia’s Ukraine invasion has brought boom times for the North African phosphate superpower Morocco and earned the kingdom new diplomatic capital. Source
South Africa: Ramaphosa digs in, puts economic reform at risk
South Africa’s President will cling to his post – as critics warn of multiple hits to the country’s badly needed economic reforms, the reserve bank, and the credibility of Ramaphosa himself. Source
Uganda – Tanzania: Who’s Who in EACOP’s management and finance
With French oil company Total Energies as the main shareholder, companies and banks from as many as 10 foreign countries are involved in the oil projects in Uganda and Tanzania. Source
Africa – US : 10 lobbying campaigns to watch at next week’s Leaders Summit
President Joe Biden’s US-Africa Leaders Summit next week offers heads of state from across the continent a rare chance to mingle with their American counterpart. Source
Ukraine sows its offensive across Africa through grain diplomacy
In a virtual media briefing with African journalists on 28 November, Ukraine’s Foreign Minister Dmytro Kuleba said his country will send ships with wheat at zero cost to recipient African states to alleviate the acute food crisis. Is this an effort by Kyiv to encourage more support against Russia? Source
Jumia: ‘Our business must be rooted and remain in Africa’
Francis Dufay, Jumia’s acting CEO, embodies a break – both symbolic and philosophical – at the helm. He intends to make a significant difference, despite what is bound to be a short stint in steering the e-commerce group. Source
Egypt – Nigeria: Africa’s premier angel investor network signals a makeover & new name
Africa’s premier angel investor network Cairo Angels is getting a new name and mission as it doubles down on Egypt and Nigeria. Source
