Years of rapid economic growth across sub-Saharan Africa fueled hopes of a prosperous new era, the International New York Times reported. To many, the world’s poorest continent was finally emerging, with economies that were no longer dependent on the fickle global demand for Africa’s raw resources. But as China’s economy slows and its once seemingly insatiable hunger for Africa’s commodities wanes, many African economies are tumbling, quickly.

Anglo American plc has announced to sell high-quality Brazil-based niobium and phosphate mine for $1 billion. The company is taking steps to reorganize its portfolio before year-end financial results announcement, Business Finance News reported. According to the news released by The Sunday Times, the company is intended to sell its operations in the current week. This step will be a part of its restructuring program through, which the company has opted to repair its balance sheet and reduce the debt. During 2015, Anglo American faced severe crisis, mainly due to China’s economic disturbance.

Economists have for months been criticising foreign exchange controls introduced to defend Nigeria’s currency against speculative attack. Now the restrictions are biting the country’s international jet set, who are, to their embarrassment and frustration, finding their debit cards rejected at ATMs, restaurants and shops from London to Dubai and from Paris to New York, the Financial Times reported.

Nigeria has asked the World Bank and African Development Bank for $3.5bn in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought on oil-rich nations by tumbling crude prices, the Financial Times reported. The request from the eight-month-old government of President Muhammadu Buhari is intended to help fund a $15bn state deficit, which has been deepened by a hefty increase in public spending as the west African country attempts to stimulate a slowing economy.

Pravin Gordhan, South Africa’s third finance minister in less than a week, insisted on Monday that the government was committed to fiscal discipline as he sought to reassure investors following days of extraordinary turmoil that wiped billions of dollars from the value of the nation’s equity and bond markets, the Financial Times reported.

Mineral-rich Zambia has announced a program of austerity measures to try to close a gaping budget deficit and restore confidence in southern Africa’s third-largest economy amid a global commodity bust and crippling power blackouts, The Wall Street Journal reported. The proposed measures, which include scrapping subsidies on gasoline and diesel, will save the state $300 million, the Zambian presidency said Friday.

Rock stars helped convince the international community to write off more than $100 billion of African government borrowings a decade ago. Now the big debts are back, and it’s getting tougher for countries to pay them off, The Wall Street Journal reported. Mozambique was one of the biggest beneficiaries of debt forgiveness, with its debt slashed from 86% of gross domestic product in 2005 to 9% the next year. The country has built it back up since then to 61% of GDP. Ghana’s debt was 82% of GDP in 2005 just before the international community forgave about half of it.

The oil boom that turned this Atlantic coast city into the world’s most expensive for foreigners has gone bust, threatening President José Eduardo dos Santos’s long grip on power in Africa’s second-biggest crude producer, The Wall Street Journal reported. Property prices have plummeted by half and Western oil companies are laying off thousands; U.S. dollars and steady work have become scarce. Angola’s troubles threaten to reverberate as far away as Beijing, the regime’s sponsor and top crude customer.

The receiver for Kenya's privately owned Imperial Bank (IBL) found substantial fraud but the bank is still viable and shareholders are considering a proposal to inject capital, the central bank said on Tuesday. Imperial Bank was put into receivership this month after the board alerted the central bank to malpractices at the mid-sized lender, rattling the financial community.

South Africa's Evraz Highveld Steel and Vanadium will defend its business rescue proceedings in court against British parent Evraz , the company said in a statement on Friday. The South African steelmaker, seeking protection from creditors after heavy losses due to cheap imports from China, said East Metals AG and Mastercroft S.A.R.L had instituted court proceedings to have a vote by creditors earlier this month declared invalid. Both are subsidiaries of the London-listed parent company, which acquired the South African steelmaker in 2008.