ECONOMY Tag

Luanda (AFP) Tensions between Angola’s president and his long-serving predecessor have erupted into the open as an anti-corruption drive targets the former ruler’s family. President Joao Lourenco has pledged to crusade against entrenched state corruption and nepotism since taking over in September from Jose Eduardo dos Santos, who ruled Angola for 38 years. Battling graft is a cornerstone of Lourenco’s promised “economic miracle” that he hopes will halt the oil-dependent country’s economic slump caused by stubbornly low crude prices. A once-loyal minister under Dos Santos, Lourenco has purged state-run corporationsRead More
In Cameroon's port of Douala, corruption, bureaucratic red tape, overpriced services and a growing backlog have combined to put a major drag on cargo trade through central Africa's largest harbour.Read More
Mozambique's renewed efforts to solve its spiralling "secret debt" crisis have again collapsed, leaving the country struggling to recover its reputation as one of Africa's potential growth hotspots.Read More
Maputo (AFP) Mozambique’s renewed efforts to solve its spiralling “secret debt” crisis have again collapsed, leaving the country struggling to recover its reputation as one of Africa’s potential growth hotspots. Last week, Finance Minister Adriano Maleiane flew to London to present creditors with a long-awaited restructuring plan for the $2.2-billion (1.77 billion euros) debt that Mozambique has defaulted on since last year. Maleiane presented options including a massive write-down, low interest rates until 2023 and a partial swap for a local long-term debt. All his proposals were dismissed by theRead More
Douala (AFP) In Cameroon’s port of Douala, corruption, bureaucratic red tape, overpriced services and a growing backlog have combined to put a major drag on cargo trade through central Africa’s largest harbour. More than 95 percent of Cameroon’s maritime traffic transits through Douala, a sprawling hub that serves as the main gateway for landlocked Chad and Central African Republic. But the procedures for clearing goods are a permanent headache, and very little gets done without greasing palms with extra cash, traders say. “There is high-level corruption at Douala port,” saysRead More
Police in Niger have arrested 23 people after a demonstration against new taxes in one of the world's poorest nations turned violent, the interior minister said Monday.Read More
Niamey (AFP) Police in Niger have arrested 23 people after a demonstration against new taxes in one of the world’s poorest nations turned violent, the interior minister said Monday. The arrests came after a protest on Sunday, Bazoum Mohamed told AFP, adding that the organisers had defied a ban and then clashed with the police. “They incited (the public) and disrupted public order and were arrested for rebellion for describing the ban as illegal,” he said. A radio and television network owned by Ali Idrissa, one of four leading civilRead More
South Africa, whose debt is rated as "junk" or non-investment grade by credit rating agencies Fitch and S&P, has escaped a third junk rating from Moody's which suggested the country's economic outlook was set to improve under its new President Cyril Ramaphosa.Read More
The International Monetary Fund on Friday released an additional $257 million in funds for Tunisia as part of its four-year, $3 billion loan agreement.Read More
The World Bank will provide Ivory Coast $1 billion for development, in particular to help it get more value out of its agricultural exports, a top official for the bank's Africa region has said.Read More