Foreign

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Foreign

IMF and Ghana to reach staff-level agreement by Tuesday

Accra, Dec. 10, 2022 – (Reuters/GBN) The International Monetary Fund (IMF) and Ghana are expected to reach a staff-level agreement on a loan deal by Tuesday at the latest, said three sources with knowledge of the ongoing talks. The IMF did not respond to a request for comment, but a spokesperson for Ghana’s finance ministry said they could not comment beyond that the negotiations were ongoing. Two sources said that the IMF programme was expected to be an extended credit facility, which would provides financial assistance to countries with drawn …

Foreign General News

Biden to announce support for African Union joining G20

Washington, Dec 10, 2022 (Reuters/GBN) – President Joe Biden next week will announce U.S. support for the African Union’s admission to the G20 group of the world’s largest economies as a permanent member, a White House official said on Friday. Biden will make the announcement during the U.S.-Africa Leaders Summit in Washington next week, White House adviser Judd Devermont said, when Biden will meet presidents of African countries. “We need more African voices in international conversations that concern the global economy, democracy and governance, climate change, health, and security,” Devermont …

Foreign Trade

China’s trade suffers worst slump in 2-1/2 yrs on COVID woes, feeble demand

Beijing, Dec. 7, 2022 (Reuters/GBN) – China’s exports and imports shrank at their steepest pace in at least 2-1/2 years in November, as feeble global and domestic demand, COVID-led production disruptions and a property slump at home piled pressure on the world’s second-biggest economy. The downturn was much worse than markets had forecast, and economists are predicting a further period of declining exports, underlining a sharp retreat in world trade as consumers and businesses slash spending in response to central banks’ aggressive moves to tame inflation. Exports contracted 8.7 per …

Foreign

Buhari reiterates determination to handover on May 29

Abuja, Dec. 6, 2022 – President Muhammadu Buhari today reaffirmed his determination to hand over the leadership of Nigeria to an elected president on May 29, 2023 as enshrined in the constitution. He expressed his determination when he received the Special Envoy of King Mohammed the VI of Morocco, Shakib Ben Musa, at the State House, Abuja. Musa is also the Minister of National Education, Pre-School, and Sports of the Kingdom of Morocco. According to President Buhari, his term of office will end with the inauguration of a new president …

Foreign Oil and Gas

Oil prices climb after Russian crude sanctions kick in

Dec. 6, 2022 (Reuters/GBN) Crude oil prices rebounded on Tuesday after plunging by more than three per cent in the previous session as implementation of sanctions on Russian seaborne crude oil eased concerns about over supply while the relaxing of China’s COVID curbs bolstered the demand outlook. Brent crude futures had gained 85 cents to $83.53 a barrel by 0733 GMT. West Texas Intermediate crude (WTI) rose 68 cents to $77.62 a barrel. Crude futures on Monday recorded their biggest daily drop in two weeks, after U.S. service sector data …

Foreign

South Africa’s Ramaphosa awaits ANC panel ruling in ‘Farmgate’ scandal

JOHANNESBURG, Dec. 5, 2025 (Reuters/GBN) – South African President Cyril Ramaphosa’s fate was hanging in the balance on Monday as the executive committee of the governing party discussed allegations he may have committed misconduct and violated the oath of office. The inquiry relates to findings that large sums of foreign currency were hidden at Ramaphosa’s private game farm and he failed to report the money missing when it was stolen in 2020. He said Ramaphosa attended the meeting, put across his points and then asked to be recused, which the …

Foreign Oil and Gas

G7 price cap on Russian oil kicks in, Russia will only sell at market price

BRUSSELS, Dec, 5, 2022 (Reuters/GBN) – The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow’s ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production. The price cap to be enforced by the G7 nations, the European Union and Australia, comes on top of the EU’s embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, …

Foreign General News Investment

Afreximbank and DB renew partnership for development of African railways

Abidjan, Cote d’Ivoire, Nov. 23, 2022 -The African Export-Import Bank (Afreximbank) has renewed a partnership agreement with South Africa-based Thelo DB Proprietary Limited (Thelo DB) and signed a Memorandum of understanding (MoU) to support railway corridor and network development, operations, including the opportunity to expand infrastructure and enhance operational efficiencies of existing networks.   The MoU, which was first entered into in 2019, aims to promote trade and investment flows on the continent through coordinated intervention in Africa’s railway sector. The MoU was signed on the side-lines of the recently concluded Africa Investment Forum …

Foreign

Areximbank Pledges to help Africa’s Climate finance gap

Afreximbank Pledges to help bridge Africa’s Climate finance gap Sharm El–Sheikh, Egypt, 12 November 2022: African Export-Import Bank (Afreximbank) has pledged to support Africa to bridge the USD250 billion climate finance gap in collaboration with other African financial institutions. Speaking at the ongoing COP27 Conference hosted by the Arab Republic of Egypt in Sharm El Sheikh, Denys Denya Afreximbank’s Executive Vice President – Finance, Administration & Banking Services said, “African financial institutions, with Afreximbank at the forefront, need to step in and bridge the finance gaps. With the right support and …


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