Economy Archives - Gambeta News

EGYPT’S ECONOMIC POTENTIALS

Posted on June 18, 2020 by Gambeta News

With over 100 million inhabitants, Egypt is the most populous country in North Africa, popular referred to as Maghreb region and part of the Arab World. Egypt is the third most populous country after Nigeria and Ethiopia in Africa. About half of Egypt’s residents live in urban areas, with most spread across the densely populated centers of greater Cairo, Alexandria and other major cities along the Nile Delta. The economy has been transforming from one…

KENYA TO BORROW US$ 4.1 BILLION FOR EXPANSION OF ECONOMY

Posted on October 14, 2019 by Gambeta News

Kenyan Lawmakers set to borrow funds but is that the right thing for the nation economy?? Kenyan lawmakers has given the green light for the country to borrow US$4.1 billion (422 billion shillings) from external lenders. This fund will help the nation in term of expanding its economy by increasing public investment in infrastructure, manufacturing, education, health and energy. During their met, they also approved the National Treasury’s proposed debt limit of 9 trillion shillings….

GHANA GOVERNMENT TO RELEASE FUND FOR OUTSTANDING ROAD DEBT

Posted on May 13, 2019 by Gambeta News

Outstanding Road debt set to be paid after fund collaboration between Ministry of Roads and Highways and Ghana Cocoa Board. Plans are in motion from Ghana Government to release US$1billion to pay debt for road construction. This was announced by the Minister of Roads and Highways, Kwasi Amoako-Attah during a three-day strategic management workshop. During the event ‘Ghana Beyond Aid: Strategies for sustainable investment and road asset preservation’, the minister said funding for road project…

RWANDA GOVT. SIGN DEAL FOR JOB CREATION WITH CHINESE FIRM

Posted on May 13, 2019 by Gambeta News

Pink Mango C&D agree deal with Rwanda Govt. to produce garments for both domestic and export markets. Job creation is vital for the growth of any nation economy. This is why Rwanda has sign a deal with chinese firm Pink Mango C&D to establish a modern garment factory. The factory will aim to produce garments for both the domestic and export markets. It will also provide 7500 jobs for the nation by the fifth year…

NEW ZIMBABWE CURRENCY TO HAVE FISCAL DISCIPLINE BACKING

Posted on February 27, 2019February 27, 2019 by Gambeta News

New Zimbabwe currency to be backed up with fiscal discipline Finance Minister Mthuli Ncube recently said that the new Zimbabwe currency will be backed up with fiscal discipline. According to Ncube, the government will allow the new Zimbabwe currency – Real Time Gross Settlement (RTGS) dollar; to fluctuate but would manage excessive volatility. Zimbabwe’s Central bank have been slowly injecting dollars into some commercial banks so as to make cash available for businesses. In the past, absence of enough…

EGYPT’s OPEN ECONOMY RESULTS IN MORE GERMAN PARTNERSHIP

Posted on February 18, 2019February 18, 2019 by Gambeta News

Germany and Egypt to partner more because of Egypt’s open economy and policies. Egypt’s open economy progress is commendable says Germany. This is according to Thomas Bareiß; German’s parliamentary state secretary at the Federal Ministry for Economic Affairs and Energy @ BMWi bund. To further strengthen mutual links between Egypt and German, a high level German economic delegation visited Egypt this February. The delegates included 120 officials plus Thomas Bareiß. They met with Egypt’s Prime minister Mostafa Madbouly and President…

MOBILE MONEY IN UGANDA TO ATTRACT DEBT INVESTORS

Posted on February 13, 2019 by Gambeta News

Uganda’s mobile money platform will help attract debt investors. Uganda is planning to use mobile money platforms to sell government securities to its citizens. The government said the mobile money platform will help reduce the dependence on commercial banks and institutional investors for funding. The Ugandan government also believes the initiative will help boost savings and investments; especially among its citizens and this will in turn also drive economic growth. In Uganda many people do not…

ZIMBABWE LOOKS TO ADDRESS FOREIGN CURRENCY SHORTAGE

Posted on February 5, 2019 by Gambeta News

Zimbabwe’s mines minister seeks to address foreign currency shortage in the country. On Monday, 04 January 2019, Zimbabwe’s mines minister Winston Chitando said, soon introduction of monetary policy tools will help address foreign currency shortage affecting mining companies. Lack of funds in the economy, has hurt mining companies including the Zimbabwe’s gold miner Riozim; Who closed three of its mines last year. Minister Winston Chitando said in a presentation during a mining conference that; one major…

RWANDA CALLS FOR DEEP AFRICAN PARTNERSHIP TO BOOST CONTINENT’S ECONOMY

Posted on November 22, 2018 by Gambeta News

Rwanda calls for African partnership to help boost African economy. Rwanda, the landlocked East African country recently held a Trade Facilitation and Manufacturing forum in Kigali. At the forum, Rwandan top officials stressed on the need for deeper African partnership especially between its fellow East African neighbours. The Forum served as the 22nd Meeting of the Intergovernmental Committee of Experts of the Sub-regional Office for Eastern Africa; (ICE 2018). Industrialization is the key to Africa’s economic development. It…

NIGERIA ECONOMY IN NEED OF PRIVATE INVESTMENTS – LCCI

Posted on November 13, 2018 by Gambeta News

LCCI advocates for increased private investments in Nigeria economy. President of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Babatunde Ruwase, said Nigeria economy is in need of private investments. These investments will help create jobs, diversify the economy and also improve the welfare of the country’s inhabitants. He made this statement at the international investment conference organised by the chamber in Lagos. The theme of the conference was “Promoting Investment, Connecting Business”. Nigeria…

RWANDA AND ALIBABA GROUP SIGN AGREEMENT TO HELP BOOST ECONOMIC DEVELOPMENT

Posted on November 5, 2018 by Gambeta News

Rwanda and Alibaba sign an electronic world trade platform (eWTP) agreement to help boost economy. The Rwandan government and Alibaba Group, a leading international online commerce company; have signed three (3) Memoranda of Understanding (MoU) to help boost the country’s economy. Under the agreement, Alibaba have also established an electronic world trade platform (eWTP) hub in the small East African nation. This have also made Rwanda the first country in Africa to establish an eWTP…

GHANA TO RECEIVE €86.5m GRANT FROM GERMANY

Posted on October 17, 2018 by Gambeta News

Ghana to receive grant from Germany to support four broad areas of its economy. To support four broad areas of Ghana’s economy, Germany has announced a grant of €86.5 million. The approval for the grant came after a bilateral negotiations in Accra last week. The grant will support reforms and investment partnership under the G20 Compact with Africa initiative; areas under consideration include renewable energy; agriculture; governance. It will also include sustainable economic development. Totaling…

SOUTH AFRICA SECURES US$35bn INVESTMENT COMMITMENT

Posted on October 12, 2018 by Gambeta News

South Africa have acquired US$35 billion out of the US$100 billion it needs for reviving its economy. South Africa have received investment pledges of about US$35 billion as part of its plans to attract US$100 billion. The US$100 billion is for reviving the country’s economy. The South Africa president Cyril Ramaphosa for this purpose, fitted out a team of bankers, former ministers and business people. He also hired Trudi Makhaya, an economist, as his economic…

GHANA’S OIL PROCEEDS EXCEED COCOA FOR THE FIRST TIME

Posted on October 3, 2018 by Gambeta News

Ghana’s earnings from oil exports exceeds that of cocoa for the first time. According to current figures from Ghana’s central bank, revenue from oil have surpassed revenue from cocoa for the first time. Since January this year the country have made more money from the Oil sector than the Cocoa sector. Making the Oil sector Ghana’s second highest foreign exchange earner. The total receipts from oil exports in January was US$400.1 million, while that of…

NIGERIA EXPLORE WAYS TO STREGTNEN TIES WITH GERMANY

Posted on June 25, 2018 by Gambeta News

Nigeria explore opportunities to strengthen economic ties with Germany The Delegation of German Industry and Commerce (DGIC) in Nigeria is collaborating with Nigeria-German Business Association (NGBA) and also the German-African Business Association (Afrika-Verein der Deutschen Wirtschaft) to explore new investment opportunities that will help strengthen economic ties between Nigeria and Germany. This was however the idea behind the recently concluded 7th German-Nigeria business forum in Lagos. The theme of the forum is: Leveraging partnership for economic growth. Also at…

ETHIOPIA TO BECOME AFRICA’S FASTEST GROWING ECONOMY

Posted on April 19, 2018April 19, 2018 by Gambeta News

Ethiopia to become 2018 Africa’s fastest growing economy. Latest IMF forecasts reveals that Ethiopia will overtake Ghana as the fastest growing economy in 2018. Bretton Woods institution data shows that Ethiopia will record an 8.5 percent growth rate. This will eventually surpass Ghana’s 6.3 percent growth rate. According IMF, entry of investors such as General Electric Co, Standard Group, as well as other Chinese companies into the Ethiopian economy will further stimulate the country’s US$73 billion GDP. This GDP…

WEMA BANK SECURES US$35m CREDIT TO FUND SMEs

Posted on March 28, 2018 by Gambeta News

Wema Bank gets US$35m Line of Credit to support SMEs. Wema Bank Plc have secured a line of credit (LOC) from international lenders. The LOC is specifically to grow financial support for small and medium scale enterprises (SMEs) in Nigeria. The bank received US$15 million and US$20 million from African Development Bank (AfDB) and Islamic Corporation for the Development of the Private Sector (ICD) respectively. Wema Bank pioneered Africa’s first fully digital bank ALAT. According to its Managing Director,…

MONETARY POLICY COMMITTEE MEETS TO REVIEW GHANA’S ECONOMY

Posted on January 22, 2018 by Gambeta News

Quarterly meeting held by Ghana’s Central Bank’s Committee on Monetary Policies to review the country’s economy. Bank of Ghana committee on monetary policies met on the 19th of January 2018 for its quarterly meetings to review Ghana’s economy. The meeting which is the first for this year will be concluded today 22nd January 2018, with the committee releasing the policy rate for the year. The Central Bank in 2017 alone reduced the policy rate by…

Nigeria moves up 24 points in world’s ease of doing business ranking

Posted on November 1, 2017 by Gambeta News

Nigeria moves up in World Bank Business ranking According to World Bank 2018 reports, it has been confirmed that Nigeria have moved from 169th to 145th in the world’s ease of doing business ranking. Other countries who also improved their business environment through numerous reforms includes; El Salvador, India, Malawi, Brunei Darussalam, Kosovo, Uzbekistan, Thailand, Zambia and Djibouti. The countries together implemented a total of 53 business regulation reforms across 10 of the areas measured by…

Gabon commissions new port

Posted on October 16, 2017 by Gambeta News

Gabon commissions new port to accommodate more vessels. In a bid to revamp its ports, Gabon have commissioned a new port harbor which is estimated to have cost US$ 300 million. The port which took about 18 months to complete and was constructed in partnership with a Singapore company Olam Group and to be partly managed by Bolloré, a french logistics company, is part of a project aimed at modernizing the country’s existing Owendo port…

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