Items filtered by date: Friday, 23 February 2018
Friday, 23 February 2018 09:36

ECOWAS still to implement single currency

Members of the Presidential Task Force on the ECOWAS Single Currency Programme have reaffirmed their political will to meet the Bloc’s single currency programme deadline by 2020.

They also reaffirmed their commitment to ratify and implement all relevant ECOWAS Protocols and Conventions, as well as a gradual approach wherein member-states which meet the convergence criteria can start the monetary union while other countries join later.

This was in a Communiqué issued at the end of the Fifth Meeting of the Presidential task Force on the ECOWAS Single Currency Programme in Accra on Wednesday.

The meeting was attended by President Nana Addo Akufo-Addo, President Allasane Outtara of Cote d’Ivoire, President Issoufou Mamadou of Niger, Faure Gnassingbe of Togo, and Mr. Godwin Emefiele, Governor of the Central Bank of Nigera-representing President Muhamadu Buhari.

The Task Force members expressed concern over the situation in the Democratic Republic of Congo and called on the African Union to put in place a mechanism to move toward peaceful resolution of the crisis.

The Accra meeting, which comes four months after the last one in Niamey, Niger-on October 24, 2017, was to review progress made by the Task Force – co-chaired by President Akufo-Addo and Nigerien leader Issoufou Mamadou – on the roadmap to attain a single currency for the region by 2020.

Published in Economy

Mozambique will present to its creditors the key elements of a debt restructuring proposal and give an update on its fiscal and macroeconomic situation at a meeting in London on March 20, the Ministry of Economy and Finance said on Thursday.

“The government remains committed to finding a consensual and collaborative resolution to the current debt situation through dialogue with the holders of the Republic’s direct and guaranteed external commercial obligations,” the ministry said in an emailed statement.

Debt-ridden Mozambique has been in turmoil since the 2016 discovery of previously hidden loans granted to three state-owned companies, which led the International Monetary Fund and Western donors to halt budget support, triggering a currency collapse and debt defaults as well as hitting economic growth.(Reuters)

Published in Economy

Kenya Power posted a 19 percent drop in first-half pretax profit, mainly due to sluggish economic growth and higher financing costs.
The firm, which is the main electricity distributor in the East African nation, suffered from lower demand due to a protracted presidential election, which hurt economic activity.

Electricity sales increased 2.3 percent in the six months to end-December and revenue rose by a modest 2.5 percent, the company said on Friday. Pretax profit was 4.6 billion shillings ($45.21 million).

Financing costs jumped 11 percent to 3.2 billion shillings as the company raised its use of short-term debt during the period.

Kenya Power said it would take advantage of the government’s plan to boost the manufacturing sector, to increase electricity demand in the second half.

Kenya President Uhuru Kenyatta has set out manufacturing as one of his priority areas and he has directed officials to implement a new night-time electricity tariff for firms who wish to increase production.

($1 = 101.7500 Kenyan shillings) (Reuters)

Published in Engineering

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