Zambia’s government says that the nation is on the verge of receiving $1 billion in debt service relief should all its requests to official and commercial creditors be granted. The country’s Finance Minister Bwalya Ng’andu revealed in a presentation to creditors that Zambia has made formal requests that aim to wipe out its debt. “We…
A London court ruling that ordered the release of a guarantee put in place as security for a failed gas project has driven Nigerian foreign reserves by $200 million. The West African state’s dollar reserve had lost 15% of its value in the 2019 financial year, and it was further strained following collapse of oil…
A new report released by International Air Traffic Association (IATA) reveals that African airlines recorded a 1% increase in international cargo demand in August. This marks the fourth consecutive month that continental airlines posted the strongest increase in international demand, as Latin American airlines recorded a steady -26.1% demand compared to last year, European airlines…
The new West African currency that was earmarked to replace the CFA franc will not launch this year due to the corona virus pandemic. Ivorian President Alassane Quattara revealed the information in a press conference during a visit to the southern city of Bouafle. “We know the eco (proposed name of the new currency) cannot…
A new United Nations report has revealed that Africa is losing about $89 billion every year in illicit financial flows involving tax evasion and theft. The figure is more than what the continent receives in development aid. The report released by the United Nations Conference on Trade and Development (UNCTAD) illustrates that the trend has…
Namibia has become the latest African country to be hit by the scourge of red locusts; with at least 500 hectares of grazing land reported to have been destroyed. The Agriculture ministry says that a total of 4,000 square kilometers have been invaded by locusts in the last month alone. The latest hit areas in…
Mansa Media in partnership with Afrochampions Initiative and ADS Group Launch “The State of Africa 2020”, a virtual conference of rich debates about the future of Africa post-COVID-19. Mansa media, the leading source for African business news, in partnership with Afrochampions, the pan-African business leadership network focused on regional integration and economic emancipation, and Africa…