Nigeria’s currency has tumbled to record lows against the US dollar, putting further pressure on new president Bola Tinubu as he tries to reform Africa’s largest economy. Tinubu took the reins in May, pledging to break with the policies of his predecessors and attract foreign investment to Nigeria. Allowing the naira to float more freely … Read More “Nigeria’s record currency slide continues as dollars dry up” »
The 20,000km of railway that criss-cross South Africa once symbolised the nation’s mining might, carrying trains loaded with coal and iron ore destined for India, China and other markets under the state’s Transnet freight monopoly. But the volume of cargo carried by Africa’s biggest rail network has collapsed by a third in the past five … Read More “Ramaphosa moves to stop Transnet shunting South Africa into sidings” »
Zimbabwe’s president is preparing to restart talks on $14bn of unpaid debt as deep divisions persist over disputed elections in the southern African country. Emmerson Mnangagwa is betting that international concerns over his re-election and increasing signs of cronyism will not block a potential deal to restructure longstanding debts to the World Bank, African Development … Read More “Zimbabwe aims to shake off election criticism with new debt deal” »
Receive free Nigeria updates We’ll send you a myFT Daily Digest email rounding up the latest Nigeria news every morning. Nigeria’s Senate has unanimously approved the appointment of a new central bank governor and four deputies amid a worsening rout of the country’s naira currency against the US dollar. Olayemi Cardoso, a former local executive … Read More “Nigeria’s Senate confirms new central bank governor amid currency rout” »
Brad Setser is a senior fellow at the Council on Foreign Relations and a former Treasury Department official. Theo Maret is a research analyst at Global Sovereign Advisory and writes a sovereign debt newsletter. In June Zambia finally reached a restructuring deal with its overseas government creditors, more than two-and-a-half years after the country defaulted … Read More “Ten lessons from Zambia’s (incomplete) restructuring “ »
Receive free Climate change updates We’ll send you a myFT Daily Digest email rounding up the latest Climate change news every morning. Kenya’s president has called for a global debt relief deal to help indebted African nations fight the damaging effects of climate change, insisting the two issues are indelibly linked. William Ruto said most … Read More “Kenya’s president William Ruto calls for African debt relief to fight climate change” »
Receive free Climate change updates We’ll send you a myFT Daily Digest email rounding up the latest Climate change news every morning. African leaders have proposed a global carbon tax where major polluters pay more to help poor nations finance the roll out of green energy systems and prepare for the damaging effects of climate … Read More “African leaders back global carbon tax to pay for green energy in poorer nations” »
Receive free Vedanta Resources PLC updates We’ll send you a myFT Daily Digest email rounding up the latest Vedanta Resources PLC news every morning. Vedanta will take back ownership of a key Zambian copper mine four years after Africa’s second-largest producer kicked the Indian group out of the operation, as the country seeks to revive … Read More “Vedanta to take back ownership of Zambian copper mine” »
Load shedding, floods in KwaZulu-Natal, rising inflation, and a stronger Dollar have all played their part in pushing the Rand back above R16.00 versus the Dollar in recent sessions The rand held its ground against the dollar in afternoon trade on Tuesday (3 May), having given up 3.6% over last week, trading at R15.99 relative … Read More “Rand to the rescue” »
Receive free South African economy updates We’ll send you a myFT Daily Digest email rounding up the latest South African economy news every morning. President Cyril Ramaphosa’s bid to fix the broken Eskom power monopoly is in disarray after the South African government on Wednesday abruptly terminated a state of disaster over the country’s rolling … Read More “South Africa backtracks on Eskom state of disaster” »
