Khartoum, Sudan | AFP | Sudanese security agents arrested a senior opposition politician on Friday for giving a speech that criticised a government decision to raise fuel prices, his party said. Agents from the all-powerful National Intelligence and Security Service (NISS) arrested Khaled Omar, deputy chief of the Sudanese Congress …
Read More »African Development Bank okays $600 million loan for Nigeria
Lagos, Nigeria | AFP | The African Development Bank has approved the first installment of a $1 billion loan to Nigeria to help President Muhammadu Buhari combat a “crisis situation”. In a Wednesday press release, the AfDB said that the $600 million loan was the “first tranche of a US …
Read More »Qatar must tackle ‘culture of consumption’, says emir
Doha, Qatar | AFP | Qatar’s emir said Tuesday that the super-rich Gulf state must tackle its “culture of consumption” as it deals with the sharp decline in world energy prices. In a speech to mark the opening session of Qatar’s Advisory Council, Sheikh Tamim bin Hamad Al-Thani also called …
Read More »ANALYSIS: Without reform Ethiopia risks a deepening crisis
Addis Ababa, Ethiopia | AFP | Faced with its most serious challenge yet, the Ethiopian regime, a crucial Western ally in the fight against terrorism, risks a deepening crisis if promised reforms do not come, researchers and analysts warn. A nationwide state of emergency since October 9 combined with the …
Read More »ANALYSIS: How Crane Bank fell
ANALYSIS: Why President Yoweri Museveni’s behind- the-scenes-maneuvers to save Sudhir’s bank hit a snag On Oct.10, President Yoweri Museveni directed the Prime Minister Dr. Ruhakana Rugunda to find an immediate solution to Crane Bank’s problems with the Bank of Uganda (BoU). Apparently, this was expected to mark an end a …
Read More »Bringing the state back in
THE LAST WORD: By Andrew M. Mwenda Lessons for Uganda from the failure of Crane Bank and what should be done going forward Last week’s central bank takeover of Uganda’s third largest bank, Crane Bank, was another step in our nation’s march to the absolute mastery of our economy by …
Read More »Angolan state oil company mirrors nation’s troubles
Luanda, Angola | AFP | Angolan state-owned oil company Sonangol rode the commodities boom that drove the country’s extraordinary growth after civil war ended in 2002, but today it symbolises a national economic crisis. The Luanda-based company has increasingly been in focus since Isabel dos Santos, the billionaire daughter of …
Read More »Zimbabwe ‘bond notes’ stir hyperinflation fears
Harare, Zimbabwe | AFP | Zimbabweans know the risks of worthless money all too well after hyperinflation between 2007 and 2009 gave them the 100-trillion-dollar banknote that barely bought a loaf of bread. Now they fear that the government is about to create another devastating crisis by printing its own …
Read More »IMF chief says Egypt in currency ‘crisis’
Cairo, Egypt | AFP | IMF chief Christine Lagarde said Thursday that Egypt is going through a currency “crisis,” suggesting a quick devaluation to tackle a widening gap between the official and black market rates. Egypt has been struggling to shore up its foreign currency reserves in the political and …
Read More »Even Dangote feels the pinch as Nigeria’s forex crisis hurts business
Lagos, Nigeria | AFP | Nigeria’s currency scarcity remains a nightmare that won’t go away, with even Africa’s richest man Aliko Dangote feeling the pain. The West African country’s economy has been hammered by the global crash in oil prices — worth 70 per cent of its revenue and the …
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