Uganda's police have detained nine finance ministry officials as part of an investigation into accusations of hacking the central bank's electronic systems that resulted in theft of 62 billion shillings ($16.87 million), the ministry and police said, Reuters reported. In November last year, State Minister for Finance Henry Musasizi confirmed reports in local media that the central bank's accounts had been hacked and money stolen.

Zimbabwe must be ready for the bitter medicine of higher taxes and spending cuts if it takes up a staff-monitored programme (SMP) with the IMF, the World Bank warns in a new report, according to NewzWire.live. Under an SMP, the IMF and Zimbabwe would agree on a set of economic programmes that the Fund would monitor. Zimbabwe and the IMF plan to open talks for the programme this quarter, as part of a broader bid by the government to please creditors and win a deal to restructure its debt arrears. This is a good idea, the World Bank says in the Zimbabwe Economic Update, launched Friday.

Ghana is negotiating with 60 international banks to rework $2.7 billion in loans, Minister of Finance Cassiel Ato Forson said on Wednesday, Bloomberg News reported. The facilities constitute the last batch of debt that Ghana is restructuring under the terms of its $3 billion program with the International Monetary Fund, he told reporters in the capital, Accra. Ghana sought IMF help after debt ballooned and it could no longer service its obligations, forcing it into default in 2022.

Military company Paramount Industrial Holdings (PIH), a part of the Paramount group of companies, has filed for business rescue amid legal disputes within another division of the Paramount group. Despite this, other subsidiary companies in South Africa are expected to continue operating normally, Military.Africa reported. The PIH board made the decision to enter business rescue on 11 November.

Ghana’s new leader’s pick to be finance minister, Cassiel Ato Forson, said the West African nation hopes to secure more support from the International Monetary Fund and other multilaterals, Bloomberg News reported. “We are committed to working with the IMF and are working hard to get more funding from the IMF, World Bank and international development partners,” Forson told reporters in the capital Accra on Thursday.

Gokada, Nigeria’s largest-mile logistics delivery startup, has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware in 2024, Tekedia.com reported. The filing highlighted significant financial difficulties, with liabilities exceeding $5.4 million against assets valued at just over $564,000. According to the court documents, Gokada principal assets include its 100% ownership in Gokada Rides limited, it’s Nigerian operational entity which it valued at $500,000, and $64,132.56 in cash held in a Silicon Valley bank account.

Entrepreneur Joseph Kairo Wambui, also known as Khalif Kairo, has addressed allegations of bankruptcy related to his company, Kairo and Karo, which specializes in car sales and importation, The Kenya Times reported. This comes after images circulating on social media showed his car yard nearly empty. In a video shared on Wednesday, Kairo dismissed claims that his company is facing bankruptcy, stating that these accusations are part of a smear campaign aimed at damaging his reputation.

The International Monetary Fund is open to renegotiating Ghana’s $3 billion financing program with the incoming administration provided accompanying reforms aren’t jeopardized, Bloomberg News reported. “IMF-supported programs are developed collaboratively with each country’s authorities,” a spokesperson for the Washington-based lender said in response to emailed questions.

Zambia and France signed a bilateral debt restructuring agreement, a key step in a protracted process that started when the southern African nation defaulted four years ago, Bloomberg News reported. The deal is part of Zambia’s efforts to revamp about $13 billion in external debt after it became the first African nation to default during the Covid-19 pandemic in 2020. “Three years ago, Zambia was a basket case,” Zambian Finance Minister Situmbeko Musokotwane said at the signing ceremony on Sunday in Lusaka, the capital.