Africa Business News

Zimbabwe's central bank has devalued its gold-backed currency by over 40% against the US dollar, indicating that the last-ditch effort to stabilise the country's volatile economy, is in trouble. The Reserve Bank of Zimbabwe decided to slash the local exchange rate to 24 Zig to $1. This slump is due to an increase in demand for the US dollar, which is also legal tender. It comes after warnings from large retailers of store closures if the rate remained fixed at the previous level. RBZ says that its Monetary Policy Committee made the move to allow greater exchange rate flexibility. RBZ explained that the measures would address emerging exchange rate risks, anchor the inflation expectations and stabilise prices in the near to short term.

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The Federal Government says that it has begun the implementation of electricity subsidies for public hospitals nationwide. The Senior Adviser of Media and External Relations to the Coordinating Minister of Health and Social Welfare, Tashikalmah Hallah, says that subsidy on electricity for public hospitals had begun. Hallah also said the government plans to subsidise electricity for private hospitals nationwide. The Minister of State for Health and Social Welfare, Dr Tunji Alausa, announced that the Federal Government had approved the 50 per cent electricity subsidy for public hospitals. He says the gesture aims to reduce the running costs for public hospitals and alleviate the impact on patients.

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The World Bank has approved three operations for a total of $1.57bn to support the Federal Government in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change, such as floods and droughts through improving dam safety and irrigation. The new financing includes $500m for addressing governance issues that constrain education and health delivery, $570m for the Primary Healthcare Provision Strengthening Program and $500m for the Sustainable Power and Irrigation for Nigeria Project. The apex bank says the HOPE-PHC project will improve the quality and utilisation of core reproductive, maternal, newborn, child, and adolescent health and nutrition services to reduce maternal and under-five mortality substantially.

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Organisers of the October 1 protest against hardship in the country have insisted they would proceed with the ‘showdown’ despite kicks by the Federal Government and warning by the Nigerian Police Force. A former presidential candidate and activist who is one of the leaders of the planned Oct 1 protest, Omoyele Sowore, gave an update on his social media platform X on Monday, insisting on the action, and saying it would be held across the country. “NO GOING BACK! #FearlessInOctober”. He says the nationwide protest will be held at the Eagles Square Abuja, and the demonstrations will be peaceful.

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Amazon CEO Andy Jassy is calling for a full return to office at the start of 2025. For the last 15 months, employees have been expected to work in the office three days per week. Now employees will be expected to be in the office five days a week, with work from home being OK only in extenuating circumstances. Big Tech executives have championed return-to-office mandates, but they have proven unpopular among some tech workers.

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Sri Lanka's new president Anura Kumara Dissanayake has been sworn into office, promising "clean" politics as the country recovers from its worst economic crisis. The left-leaning Dissanayake says they need to establish a new clean political culture and win back the people’s respect and trust in the political system. Dissanayake says the unity of Sinhalese, Tamils, Muslims and all Sri Lankans is the bedrock of this new beginning, Dissanayake also promised voters good governance and tough anti-corruption measures.

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Women's rights advocates are demanding the immediate implementation of a nearly 30-year-old gender equity bill which Ghana’s president signed into law. Ghana's Affirmative Action (Gender Equality) Act 2024 is expected to ensure a critical number of women hold key positions in government, security, commerce and other decision-making spaces. The law promotes the progressive and active participation of women in public life from a minimum of 30% to 50% by 2030, in line with the UN's Sustainable Development Goal of achieving gender equality by 2030. This ends a process which began in 1998, with the bill shuffling between parliaments until the legislature passed it in July this year. Many campaigners faulted Ghana’s law-making body for the long delay. Speaker of Parliament Alban Bagbin says he hoped lawmakers would commit to the reforms and do more to create a free and just society to liberate more women to support and develop mother Ghana.

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The South African Reserve Bank has cut interest rates by 25 basis points, the bank lowered interest rates from 8.25% to 8%. South Africa’s inflation eased to 4.4% after a decrease in transport prices and utility rates. It is the lowest inflation rate since April 2021. SARB governor Lesetja Kganyago says they found 25 to be a prudent stance to take adding that Adventurism is not part of the monetary policy toolkit. He added that both 25 and 50 basis points cuts were on the table but the monetary policy committee unanimously settled on the former.

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Kenya has pledged to send 600 more police officers to Haiti in the coming weeks to help fight gangs controlling much of the capital, Port-au-Prince, and nearby areas. Kenya’s President William Ruto says he supported turning the current Kenya-led security mission into a full United Nations peacekeeping operation. A handful of other countries have together pledged at least 1,900 more troops. Violence in Haiti is still rife and a UN human rights expert has warned that gangs are targeting new areas, causing further displacement. The UN Security Council is due to meet by the end of the month to decide whether to renew Kenya's current mandate for another 12 months, paving the way for a full UN mission in 2025.

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The Federal Government has saved a total sum of N900bn proposed to be spent for state governments’ infrastructural development and security between November 2023 and July 2024. The Federal Accounts Allocation Committee deducts the amount disbursed to a special account before its monthly revenue distribution to the three tiers of government. President Bola Tinubu earlier approved the establishment of the Infrastructure Support Fund for the 36 States of the Federation as part of measures to cushion the effects of the petrol subsidy removal on the people.

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