Finance

African Oil Conference Delegates React to OPEC Cuts

Delegates at Africa’s biggest oil conference have expressed concern about rising prices after the Organization of Petroleum Exporting Countries, plus nonmembers who also export oil, decided this week to cut production targets. The majority of the oil cartel’s 13 member states are in Africa, but many African countries have to import refined oil. Speaking at […]

Finance

UN Report: Fiscal Policies of Advanced Economies Risk Global Recession

U.N. economists warn the monetary and fiscal policies of advanced economies risk plunging the world into a recession worse than the financial crisis of 2008. UNCTAD, the United Nations Conference on Trade and Development has issued its annual Trade and Development Report 2022. The authors of the report warn the world is teetering on the […]

Finance

Report: Million Livelihoods in DRC Threatened by Planned Oil and Gas Exploration

The environmental group Greenpeace Africa has released a report saying planned oil and gas exploration in the eastern Democratic Republic of Congo could expose more than 1 million people to pollution and disease. The planned selling of 30 eastern land blocks that extend into a famous gorilla reserve would also threaten wildlife and food security, […]

Finance

IMF ranks Ghana first in Africa with largest outstanding debt owed

WASHINGTON, The International Monetary Fund (IMF) has ranked Ghana number one in Africa with the largest outstanding debt owed to the Bretton Woods institution.   The Fund in its latest Quarterly Finances report ending July 2022 showed that Ghana’s outstanding debt obligations are estimated at 1.31 billion in Special Drawing Rights which is equivalent to […]

Finance

‘The time to invest in Africa is now’ – Gabby woos US investors

ACCRA— The chair of the Advisory Board of the Commonwealth Enterprise and Investment Council (CWEIC), Gabby Asare Otchere-Darko, has urged US investors to quickly take advantage of the African Continental Free Trade Area ( AfCFTA) and invest.   Otchere-Darko said, “When you have a continent with 1.3 trillion, that is building a single market if […]

Finance

Africa loses up to 15% of its annual GDP per capita due to climate change – AfDB Ag Chief Economist

CAIRO— Africa has been losing from 5 to 15% of its GDP per capita growth because of climate change and its related impacts, but needs about $1.6 trillion between 2022 and 2030 to meet its nationally determined contributions, says African Development Bank Group Acting Chief Economist and Vice President Kevin Urama. Speaking at a panel […]