Browsing Tag

Finance

default threatens the country

African countries and their creditors have their eyes set on Zambia, which in the coming weeks could become the first defaulted country since the Covid-19 crisis. Lusaka this week asked its creditors to postpone the deadlines for a tranche of three billion euros of loans in Eurobonds. At the same time, Zambia is reluctant to settle arrears of payments to its Chinese creditors. If there is no agreement, the country says it will no longer be able to pay its debt. The Zambian case highlights the inadequacy of the measures…

The Covid-19 crisis is a severe blow to the remittances of African diasporas

The United Nations Economic Commission for Africa is concerned about the decline in remittances from African diasporas. With the global economic crisis, these diasporas are sending less money to the countries of origin. This year, the decline is expected to reach 21% or 18 billion. Dollars less compared to 2019. The forecasts are alarming. Transfers will go from $ 85 billion in 2019 to $ 67 billion this year. And for many families living in anticipation of the manna sent by parents who have gone “north,” this is a…

“We monitor daily government spending” (IGF)

The Treasury General is on all hot topics of the hour: civil servant pay, exceptions, answers to covid, Go pass, Bukanda Lonzo ... This institution, which relies on the presidency of the republic, is currently carrying out current 34 control missions including 26 in Kinshasa. However, it only has about forty inspectors still active ... IGF has not recruited for thirty years. The need is so much more urgent, as the Inspector General of Finance now daily checks all the revenue and expenditure of the state to prevent abuse.…

Lagos stock market rise

It's Christmas before its time on the Lagos Stock Exchange in Nigeria. On Tuesday, October 6, the index jumped over the thirty largest stocks by 5.7%, the second-best result in the last fifteen years. In the last month, the Nigerian stock market has been in good shape and has gained more than 13% as the country is going through a severe recession. Never before has the connection between the real economy and finance been so striking in Nigeria. As the country struggles with a recession synonymous with job losses and deep…

central bank reveals financial report for 2019

This is a first, the central bank of the Democratic Republic of Congo has published the audit of its annual accounts per. December 31, 2019, performed for the first time by the auditing firm Deloitte on its website. It was a demand from the IMF that demands more transparency from the country. Not surprisingly, the general government account was in the red per. 31 December 2019. But this report reveals the existence of about thirty sub-accounts, the creditors themselves, which could have been used to compensate for this…

Concerns over African debt following Zambia’s difficulties

Zambia has failed to secure a moratorium on its Eurobond debt from its private creditors. Zambia is one of the many countries that have become indebted to Eurobonds in recent years. As the IMF worries about an alarming rise in debt in Africa, several African countries could quickly default on their payments. The event did not…

Aliko Dangote, Nigerian billionaire, Africa’s first fortune

"Today is the economy" portrays Nigerian billionaire Aliko Dangote, founder and head of the conglomerate that bears his name and Africa's first fortune. He created his fortune in Nigeria but his dream goes beyond his country. Aliko Dangote: “We have a lot to do. We must liberate Africa economically from Africans. The only way we can thrive is for Africans to control their economies alone. The strangers will see what we do, then they will join us. Of course, we can not grow alone, but we have to lead. ” The core of…

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