Ghana central bank cuts policy rate to 17 pct

Ghana’s central bank has slashed its benchmark interest rate by 100 basis points to 17 percent on Monday, saying the West African country was on track to meet its medium-term inflation target as the economy stabilised. Ghana, Nigeria's neighbour is in its final year of a $918 million credit deal with the International Monetary Fund (IMF) to narrow its deficit and reduce debt and inflation and has now lowered the rate by 850 basis points over the past year. Speaking in the capital Accra, Central Bank Governor Ernest Addison projected that...

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Nigeria's economic growth slows for first time since end of recession

Pan-Yoruba socio-cultural group, Afenifere has thrown its weight behind former President Olusegun Obasanjo's efforts to unseat President Mohammadu Buhari through a coalition of Political parties. The two leaders met in Akure on Monday. The leader of the group, Pa Reuben Fasoranti, said the Yoruba group was in support of the ex-President’s moves to achieve peaceful and virile Nigeria. “We are in full support of all the letters written by Obasanjo to President Muhammadu Buhari on the state of the nation. We are dissatisfied with the state of affairs...

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AfDB approves $100 mln loan for Nigeria's Indorama Eleme

The African Development Bank (AfDB) has approved a $100 million loan for Nigeria’s Indorama Eleme Fertilizer & Chemicals aimed at helping it boost fertilizer production, the bank said in a statement on Thursday.The company, a unit of Singapore-based petrochemical producer Indorama, is seeking to double annual output of urea fertilizer from 1.4 million tonnes to 2.8 million tonnes, the statement said.Once a net importer of fertilizer, Nigerian production has grown in recent years. In 2017, it exported around 700,000 tonnes of urea to markets...

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Ethiopian Airlines moves to take over African market in a new deal

Ethiopian Airlines Enterprise plans to establish half a dozen international offshoots before the end of the year as Africa’s biggest carrier steps up efforts to dominate markets across the continent.Ethiopian will take equity stakes in new operators in Zambia, Chad, Mozambique, and Gambia while helping to manage existing carriers in Equatorial Guinea and the Democratic Republic of Congo, Chief Executive Officer Tewolde GebreMariam said in an interview.The company, which has turned Addis Ababa into Africa’s equivalent of the Persian Gulf hubs, linking...

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Nigerian annual inflation falls to more than two year low in April

Nigeria's annual inflation rate moderated to 12.48 percent in April, its lowest level in more than two years and its 15th straight monthly decline, latest data from the National Bureau of Statistics (NBS) has shown on Tuesday.The consumer inflation index fell from 13.34 percent in March. A separate food price index showed inflation at 14.80 percent in April, compared with 16.08 percent in March.Food inflation has been in double figures for nearly...

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