Blog Medium Without Sidebar

By Abdul Rahman Bangura– NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- A little over five years into the African Development Bank’s ambitious New Deal on Energy for Africa (NDEA), the Bank’s investments are assign to deliver electricity entrance to approximately thirteen million people and distribute about 55,000 km of distribution lines, and 6,700 km of lines, of which 3,200 km are for regional interconnections. The NDEA ordered for a considerable improvement in investments to acknowledge the Bank’s High 5 priority to “Light Up and Power Africa,” which endeavors to marshal finance and knack to broaden admission to reliable, sustainable energy for more than 200 million Africans through investments in power generation, inter-connections, transmission and...

By Abdul Rahman Bangura– NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- The administration of Zimbabwe has complimented improvement made on the building of a multi-million dollar mining consumables factory by Intrachem Pvt Limited in Kwekwe. Winston Chitando – Mines and Mining Development Minister sightsee the factory on June 28th, 2020 concurrently with Midlands Provincial Affairs Minister – Larry Mavhima. The factory is stabilized to fit out with all the local mining industry’s explosives which at present are being imported. The country would save as much as US$20 million yearly from the new plant. The attaining in of the company will sustain into the new dispensation’s import variation strategy. Minister Chitando let out to the media personnel that, the...

By Richard Adorsu- NEW AFRICA DAILY NEWS (NADN) Accra, Ghana- In order to realize its full revenue from various tank farms across the country, the Ministry of Finance and the Ghana Revenue Authority in collaboration with Strategic Mobilization Company, has commissioned a digital downstream petroleum products measurement project in Tema. Speaking at the commissioning ceremony, Finance Minister, Ken Ofori-Atta, said the new system will address discrepancies between GRA, the National Petroleum Authority, and companies in a bid to raise taxes for the state. He also stated that the electric metering which goes live on July 1, will eliminate losses of about two to three billion cedis within the downstream petroleum sector, by eliminating the old system where Customs officials had to use a...

By Abdul Rahman Bangura– NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- Zimbabwe’s  Mangudya confirmed that, local lenders have almost $1 billion in their Foreign Currency Accounts (FCA). “It’s about adequate reserves utilization of resources,” Mangudya was quoted in Harare according to reports. “The first thing is that we do not expect the exchange rate to continue to go up because there is now a formal market of foreign exchange,” he clarified. The Southern African country reintroduced the foreign currency system for the first time in sixteen years on June 23rd, 2020 in a bid to halt the local currency debacle that was reintroduced a year ago. “Just to put things into perspective, the interbank system which we tried earlier in the year...