Zimbabwe’s banks support adopting the ZiG as the nation’s sole currency before the current target date of 2030, provided the economic stability which the bullion-backed unit has delivered is maintained, Bloomberg News reported. Bankers Association of Zimbabwe President Lawrence Nyazema said the availability of the ZiG — which stands for Zimbabwe Gold — will improve as the nation boosts its foreign currency and bullion holdings. “We committed to coming up with a roadmap which would lead us to having a mono-currency by 2030,” Nyazema said in an interview.
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Resources Per Country
- Angola
- Benin
- Botswana
- Burkina Faso
- Cameroon
- Central African Republic
- Chad
- Congo
- Congo (Democratic Republic of the Congo)
- Cote d'Ivoire
- Djibouti
- Equatorial Guinea
- Eritrea
- Ethiopia
- Gabon
- Ghana
- Guinea
- Kenya
- Liberia
- Madagascar
- Mauritania
- Mauritius
- Mozambique
- Namibia
- Niger
- Nigeria
- Rwanda
- Senegal
- Seychelles
- Sierra Leone
- Somalia
- South Africa
- Sudan
- Swaziland
- Tanzania
- Uganda
- Zambia
- Zimbabwe
Tanzania’s Registration, Insolvency and Trusteeship Agency (RITA) has disclosed finalising the liquidation of the defunct telecom provider Sasatel after it confirmed that the telco could neither continue operation nor settle its debts, TechPoint.africa reported. Hydrox Industrial Services Limited, an industrial service provider based in Dar es Salaam, Tanzania, was also named.
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Governments owe an unprecedented $91 trillion, an amount almost equal to the size of the global economy and one that will ultimately exact a heavy toll on their populations, CNN reported. Debt burdens have grown so large — in part because of the cost of the pandemic — that they now pose a growing threat to living standards even in rich economies, including the U.S. Yet, in a year of elections around the world, politicians are largely ignoring the problem, unwilling to level with voters about the tax increases and spending cuts needed to tackle the deluge of borrowing.
Ghana reached an agreement in principle with private creditors to restructure about $13 billion of debt, a key milestone in the West African country’s efforts to overhaul its loans. The nation’s bonds rallied, Bloomberg News reported. Under terms of an accord announced on Monday, investors accepted nominal losses of 37% on their holdings, according to a statement issued by the advisers to an international creditor committee and the government..
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Ghana and its bondholders will restart talks next week to hash out a debt restructuring deal on $13 billion of international bonds, four sources told Reuters, on the heels of a deal finalised with official creditors earlier this week, Reuters reported. Ghana, a gold and cocoa producer, defaulted on most of its $30 billion in external debt in 2022, weighed by the COVID-19 pandemic, the war in Ukraine and rapid global interest rate hikes that boosted borrowing costs.
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Zambia has finally ended nearly four years of default on its dollar bonds, issuing two series of restructured notes that were the product of intense negotiations, Bloomberg News reported. The southern Africa nation became the first in Africa to renege on its obligations during the pandemic in November 2020, setting the stage for what would become a complex restructuring fraught with setbacks.
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Ghana reached a deal with creditors formalizing debt treatment plans agreed in January, opening the the way for the disbursement of aid from the International Monetary Fund, the finance ministry said Wednesday, Bloomberg News reported. “The financial terms of the agreement remain unchanged,” the ministry said in a statement.
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Zambia is set to receive an extra $388 million from the International Monetary Fund as soon as this month to help the southern African nation deal with its worst drought in at least four decades, Bloomberg News reported. The Washington, D.C.-based lender’s staff reached a deal with the government on the third review of an existing $1.3 billion economic program, as well as a request to augment it to about $1.7 billion, the IMF said in an emailed statement Tuesday.
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A Nigerian court has adjourned a tax evasion case against Binance to next month for possible arraignment of the cryptocurrency exchange and two of its executives after a trial stalled on Wednesday, the judge said, Reuters reported. The matter stalled because authorities failed to bring Tigran Gambaryan, a U.S. citizen and Binance head of financial crime compliance, to court. No reason was given for Gambaryan's absence in court. On Friday, an Abuja court ruled that Gambaryan could stand trial in the tax evasion case on behalf of Binance.
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A Nigerian court on Friday ruled that Binance executive Tigran Gambaryan can stand trial on behalf of the cryptocurrency exchange in an ongoing tax evasion case, Reuters reported. Binance and executives Gambaryan, a U.S. citizen and head of financial crimes compliance, and British-Kenyan national Nadeem Anjarwalla, a regional manager for Africa, face four counts of tax evasion. In a separate case, they have also been charged with laundering more than $35 million and engaging in specialised financial activities without a licence.
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