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Gambia proposes 6% budget cut for 2017 in bid to contain debt


Gambia’s government on Thursday proposed a 2017 budget of 12.24 billion dalasi ($266.8 million), down 6 percent from last year, as it seeks to rein in public debt that ballooned under longtime strongman Yahya Jammeh. Under Jammeh, compelled to quit earlier this year by threat of force from regional armies after losing an election, public debt rose to 120.3 percent ...

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State in fresh pension scheme rollout pledge


The Public Service ministry has said it will roll out the contributory pension scheme for government workers this year, a plan that has been in the offing since 2012. Public Service secretary Sicily Kariuki said the ministry was working to have the scheme in place by the end of the year. “This year the National Treasury has indicated willingness to ...

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Nigeria’s crude account one of world’s least transparent – NRGI


Nigeria’s Excess Crude Account tied for the world’s most poorly governed sovereign wealth fund, according to a report by the Natural Resource Governance Institute (NRGI) released on Wednesday. The $2.4 billion account was ranked alongside the Qatar Investment Authority as the worst in terms of oversight and transparency in NRGI’s index of resource management. NRGI rated 11 sovereign wealth funds, ...

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Rwanda: Moroccan Bank Expresses Interest in Bank of Kigali


Morocco’s Banque Centrale Populaire is currently in negotiations with the Bank of Kigali on the possibility of acquiring a stake in the local bank. Bank of Kigali’s Chief Executive Officer Dr. Diane Karusisi confirmed the development, saying the Moroccan bank has expressed interest which they are evaluating to determine how well it fits within their plans. “We do not have ...

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Kenya: Falling food prices offer little relief from inflation


Inflation is likely to remain in the double-digit zone in the next month even as fresh food and fuel prices fall, market watchers have said. Analysts at Commercial Bank of Africa, Genghis Capital and Cytonn Investments say the inflation rate in June is likely to fall by less than a percentage point and should remain elevated above the preferred CBK ...

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Despite weak oil prices, OPEC still pockets more dollars


With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, OPEC appears to be losing its battle to balance the market. But there is one crucial fight the oil-exporting group has been winning so far: its members have earned more money this year than last and the ...

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Nigeria: Govt to Strengthen Trade, Economic Cooperation With Tunisia


Minister of Foreign Affairs Geoffrey Onyeama has expressed Nigeria’s desire to further strengthen and expand cooperation with Tunisia especially in the area of trade and investment. This is contained in a statement released by the minister’s media aide, Sarah Sanda on Sunday in Abuja. The minister made this known when he visited Tunisian President, Béji Essebsi, at the Carthage Palace ...

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Morocco: IFC and Proparco Invest in Pioneering Moroccan Green Bond to Boost Renewable Energy


IFC, a member of the World Bank Group, and Proparco, a subsidiary of Agence Française de Développement (AFD) devoted to private sector financing, are investing €100 million and €35 million, respectively, in the first green bond issuance by Banque Centrale Populaire (BCP), to promote sustainable, environment friendly projects in the country. This is the first green bond issuance in foreign ...

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Nigeria: Govt to Strengthen Economic Ties With Tunisia


The Federal Government has expressed readiness to expand economic cooperation with Tunisia, Foreign Affairs minister, Geoffrey Onyeama has said. The minister, who led top government officials to the Federal Republic of Tunisia, stated this weekend at the Carthage Palace, where they were received by the country’s President Béji Caied Essebsi. Onyeama, in a statement by his media aide, Sarah Sanda, ...

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Kenya:Treasury bill uptake lower as bond sold


Treasury bills subscription dropped further to average 103.75 per cent last week as most investors focused on the recently reopened 4.9 years Treasury bond. The overall subscription rate dropped from 155.4 per cent recorded the previous week. Subscription rate for 91-, 182-, and 364-day government papers floated by the Central Bank of Kenya (CBK) in the week came in at ...

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