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…
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…
Africa is the biggest winner from the International Monetary Fund’s first batch of debt relief as 19 countries from the continent will get access to grants in order to mitigate the impact of the coronavirus pandemic. This fell short of requests by other African countries to bilateral and multilateral lenders to give them a break…