Africa News Bulletin

Business and Economy

Analysis: U.S. Treasury Secretary Janet Yellen Confronts Tariff Decisions Following Factory Capacity Warning to China

BEIJING (Reuters) – U.S. Treasury Secretary Janet Yellen hammered home a stern warning to China’s economic leaders that their overinvestment in factory capacity for clean energy goods is unacceptable throughout her four-day visit to Guangzhou and Beijing. She did it while appearing to charm her Chinese hosts this past week, but now comes the hard …

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World Bank Introduces Innovative Scorecard for Accountability Measurement

 The World Bank Group unveiled a framework on Tuesday for measuring the results of its development work with 22 indicators in what a top official called an important advance in the bank’s push to increase transparency and accountability. Anna Bjerde, the World Bank’s managing director of operations, said the scorecard would allow its shareholders and …

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Ghana’s 2024 GDP growth to slow, World Bank projects 3%

The World Bank is forecasting that Ghana’s economy in 2024 is anticipated to experience a deceleration in growth, despite the anticipation of improved economic activity. This means that while there might be increased economic activity, the pace of growth is expected to slow down compared to previous periods. The World Bank has also projected an …

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Cocoa price increased by 58.26%, a bag now sells GH¢2,070 — Cocobod

The Ghana Cocoa Board has announced a significant 58.26% increase in the producer price of cocoa, bringing the price per bag to GH¢2,070 for the 2023/24 cocoa season.According to a press release issued by the Cocoa Board, the new producer price of GH33, 120 per tonne is up from the previous GH¢20,928 per tonne which …

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Egypt’s March Inflation Expected to Edge Upward in Recent Poll

Inflation in Egypt is forecast to have increased in March as prices in the country adjust to a currency devaluation and an interest rate hike early in the month, followed by a fuel price increase. This according to a poll organised by the news agency Reuters, which showed that annual urban consumer inflation is expected …

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Uganda set to launch of First domestic Tin Processing Plant scheduled for Next Month

Uganda will commission its first tin refining plant in the southwestern region next month, a senior Mining Ministry official said, as part of efforts to expand capacity and add value domestically to its minerals. President Yoweri Museveni wants to maximise the benefits of exports to the country, where several gold refineries are operating, and Chinese-backed Sunbird …

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Kenyan President Calls for Harnessing Technology to Drive Free Trade in Africa

Kenyan President William Ruto has called for the secretariat of the African Continental Free Trade Area (AfCFTA) to promote technology as a key driver of free trade in Africa. Ruto made this call on Wednesday when he paid a courtesy visit to the AfCFTA secretariat in Accra, the capital of Ghana, saying technology would accelerate …

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Liberia: Exporting Unprocessed Rubber Makes No Economic Sense

The Liberian rubber industry is dying. Exporting unprocessed rubber will accelerate its demise. The country was one of the largest global rubber producers, but inadequate investments in the agriculture sector, wars and inefficient economic management have disrupted production. Aged rubber trees, inadequate value additions and lack of financing to the agriculture sector all have negatively …

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Binance Executive Escapes Custody in Nigeria Amid Crypto Crackdown

An executive of cryptocurrency exchange Binance has escaped custody in Nigeria, where a criminal investigation has been launched against the platform accused of being used for money laundering, authorities said Monday. Nadeem Anjarwalla, the regional manager for Binance in Africa, “fled Nigeria using a smuggled passport,” the office of Nigeria’s National Security Adviser said in …

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