Blog Medium Without Sidebar

By Richard Adorsu- NEW AFRICA DAILY NEWS (NADN) Accra, Ghana- Tanzania’s external sector performance has improved in the year ending November 2020, with the current account deficit dropping to $818.6 million from $1.6 billion for the year ending November 2019. According to the Bank of Tanzania’s monthly economic review for December, the improvements “were mainly attributed on account of higher exports of goods coupled with a decline in imports bill”. The bank said the overall balance of payments recorded a deficit of $681.9 million compared owing to relatively low official flows. Foreign exchange reserves were down by $829.4 million, from $5.6 billion at end of November 2019 to $4.8 billion at the end of November 2020. According to Bank of Tanzania, the level of reserves was...

By Abdul Rahman Bangura– NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- Apparently, in January 1st, 2021 the African Continental Free Trade Area (AfCFTA) reached into force. The 55-nation coalition is an enterprising work-in-progress that could remake how African countries business with each other, and with the global economy. To give on its commitments, AfCFTA desires to be built up as a supplement to the World Trade Organization (WTO), rather than as an option. Incline toward so many things in last year, AfCFTA had been hampered by COVID-19. Its blastoff was seen as largely symbolic, put on that much work continues to be done. That said, AfCFTA could be big. The members’ incorporated gross domestic product is , and the World Bank envisaged it may assist 30 million people...

By Richard Adorsu- NEW AFRICA DAILY NEWS (NADN) Accra, Ghana- The African Export-Import Bank (Afreximbank) together with the African Development Bank (AfDB) and FCI announced the creation of a special purpose Grant authorized and funded by the AfDB’s Trust Fund to support the capacity building of emerging factoring firms in Africa that will benefit many SMEs across Africa. The Grant will be mobilized by the African Private Sector Assistance (FAPA), a bi-lateral, multi donor fund and will allow FCI and Afreximbank to increase its positive impact on the African population and support its mission to grow factoring in the African continent. The Grant includes consultancy services to advise the start-up and establishment of factoring companies in legal, operations, risk, administration and...

By Abdul Rahman Bangura– NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- The Board of Directors of the African Development Bank (AfDB) has endorsed a contemporary gender strategy for 2021-2025: “Investing in Africa’s women to accelerate inclusive growth.” “This is a significant milestone for the bank as it will guide our interventions in the next five years as we continue to increase our efforts to achieve outcomes and maximum impact on building gender equality on the ground for women to thrive,” asserted Vanessa Moungar – Bank Director for Gender, Women and Civil Society. Furthermore, the strategy approved on December 11th, 2020 craves to enhance the bank’s obligation as a leader on the continent, to reach gender equality and women and girls’ empowerment in Africa. To link...