APO - Africa Newsroom

Source: Republic of South Africa: Department of Government Communication and Information |

Salga Welcomes Budget Proposals for the Fiscal Year 2017/2018 and Initiatives Aimed at Strengthening Financial Management in Municipalities

The slow global economic growth has catapulted local government into the forefront of initiatives to leverage budget spend, infrastructure development, and economic facilitation to ensure sustainably cities and economies broadly

The South African Local Government Association (SALGA) welcomes the Budget proposals for the fiscal year 2017/2018 as presented by the Minister of Finance, Honourable Pravin Gordhan on Wednesday, 22 February 2017, Cape Town, Parliament. SALGA appreciates the context and challenges facing the country, and the local government sphere in particular,…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to The Gambia

The mission met with President Adama Barrow, Minister of Finance Amadou Sanneh, Central Bank Governor Amadou Colley, other government officials, development partners, and the private sector

An International Monetary Fund (IMF) team, led by Mr. Ulrich Jacoby, visited The Gambia from February 16-22, 2017, to hold discussions with the new government, which came into office in early 2017. At the end of the visit, Mr. Jacoby issued the following statement: “Discussions centered around economic developments and…

Source: International Monetary Fund (IMF) |

IMF Reaches Staff-level Agreement with Benin on an Extended Credit Facility Arrangement

“The three-year economic program reflects the strategic orientations of the Government’s Action Plan, 2016-21, and aims to improve the living conditions for the population, maintain a stable macroeconomic environment, and preserve public debt sustainability”

At the request of the government of Benin, a team from the International Monetary Fund (IMF), led by Norbert Toé, Mission Chief for Benin, visited Cotonou from February 15 to 22, 2017, to finalize discussions with the authorities on a three-year economic program that could be supported by the IMF…

Source: Sage |

Sage Foundation launches $1 million Enterprise Fund to inspire innovation and change in Africa

The new $1 million fund is open to non-profits in Africa with enterprising ideas to help improve the lives of military veterans, young people or women and girls

Sage (www.Sage.com/za), the market and technology leader for integrated accounting, payroll & HR, and payment systems, has today launched Sage Foundation’s Enterprise Fund (https://www.Sage.com/company/sage_foundation). The new $1 million fund is open to non-profits in Africa with enterprising ideas to help improve the lives of military veterans, young people or women…

Islamic Corporation for the Development of the Private Sector (ICD)
Source: Islamic Corporation for the Development of the Private Sector (ICD) |

The Islamic Corporation for the Development of the Private Sector (ICD) and International Association of Islamic Business (IAIB) sign a MoU to cooperate in the development of private sector

The two institutions are determined to collaborate on introducing Islamic banking products in Russia by attracting banks operating in accordance with Islamic principles and lobbying for changes in Russian banking legislation to incorporate Islamic banking

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private arm of Islamic Development Bank Group (IDBG), and International Association of Islamic Business (IAIB), signed a Memorandum of Understanding (MoU) to explore possible avenues for collaboration in enhancing business relations between entrepreneurs from Islamic countries and…

Source: WorldRemit |

WorldRemit sees huge growth in money transfers to Tanzania

Digital money transfer service hits 10,000 unique transactions per month

Digital money transfer service World Remit (www.WorldRemit.com/en/Tanzania) is consolidating its rapid expansion into Tanzania, supporting the growing demand for instant remittances to the country from over 4 million expatriates living abroad. Today WorldRemit is announcing: A new record of 10,000 unique transactions completed in the month of December 2016 alone; 150%…

Source: Black First Land First |

Black First Land First march to the South African Reserve Bank

Public Protector’s preliminary report found that ABSA illegally benefited from apartheid cash injections from the South African Reserve Bank

On Friday, the Black First Land First (BLF) movement marched to the South African Reserve Bank (SARB) (http://APO.af/JsJaEi) to demand that the institution act on the Public Protector’s preliminary report which found that ABSA illegally benefited from apartheid cash injections from the SARB. BLF joined the ANC Youth League (ANCYL) recently in…

Source: International Monetary Fund (IMF) |

IMF Staff Conclude 2017 Discussions with the West African Economic and Monetary Union on Common Policies for Member Countries

The medium-term growth outlook is favorable but remains subject to significant downside risks The BCEAO Monetary Policy Committee’s decision to increase its credit facility rate by 100 basis points and place tighter access to the refinancing window is expected to encourage banks to reconsider their risk policy and strengthen their…

PricewaterhouseCoopers LLP (PwC)
Source: PricewaterhouseCoopers LLP (PwC) |

Activity in African capital markets shows significant decline in 2016 amidst economic uncertainty and global political upheaval: PwC report

On a sector basis, the financial services sector continued to dominate the African IPO market during 2016 with 45% of total value and 55% of total volume, followed by consumer goods and industrials with a total value of 31% and 13% respectively

2016 marked a challenging year for African equity markets in the wake of lower economic growth and political upheaval around the globe, largely as a result of the US elections cycle and the Brexit vote. African equity capital markets (ECM) broke a streak of three successive years of growth, recording…

Source: Republic of South Africa: The Parliament |

Committees Briefed by World Bank

The Committees will receive an update on the South African economy

The Standing Committee on Appropriations and Portfolio Committee on Economic Development will tomorrow receive a briefing from the World Bank. The Committees will receive an update on the South African economy.  Details of the Meeting: Date: 15 February 2017 Time: 9am Venue: S26, First Floor, National Council of Provinces Building