Africa Business News

The Ghana Export-Import Bank (GEXIM), has begun a nation-wide campaign dubbed Made-In-Ghana 4P to encourage Ghanaians to support the growth and development of indigenous businesses.
The bank’s mission is to facilitate the transformation of Ghana’s economy into an export-led one by supporting and developing trade between Ghana and other countries, and also building Ghana’s capacity and competitiveness in the international marketplace.

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Ghana’s Kotoka International Airport will be re-opened to international flights effective Tuesday, September 1, 2020.
President Nana Addo Dankwa Akufo-Addo said this during his 16th address to the nation on measures taken by the government to curb the spread of the COVID-19 pandemic in the country.
According to him, every passenger who arrives in the country must possess proof of a negative PCR test.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Nigeria is constructing, repairing and rehabilitating a total of 40 major bridges across the country. This was disclosed by the Minister of Works and Housing, Babatunde Fashola, while inspecting the Loko-Oweto Bridge, adding that the work on the bridges were ongoing despite the limited revenue of the Federal Government.
The minister said work was also ongoing on the Second Niger Bridge, the Ikom Bridge and 37 other bridges in Nigeria, which were being constructed, repaired or rehabilitated by his ministry.

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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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The Lagos Chamber of Commerce and Industry has appealed to the Central Bank of Nigeria to review its new policy on payments for imports to save the already ailing and distressed Nigerian economy from complete collapse.
A statement issued on Sunday by the Director General of LCCI, Dr Muda Yusuf, said that while the LCCI appreciated the efforts of the CBN in curbing abuses in the foreign exchange market, the policy measure would create more problems than it would solve.

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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Figures from the Central Bank of Nigeria shows the country’s foreign reserves rose by 70 million dollars from 35.59 billion dollars as of August 20 to 35.66 billion dollars on August 27. The reserves had earlier dropped by $278.91m from $35.87bn on July 29 to $35.59bn on August 19.
According to the CBN’s monthly economic report for April, Nigeria’s international reserves increased from $33.69bn at the end of March to $36.46bn at the end of April 2020. This reflects the receipt of the proceeds of the International Monetary Fund’s Rapid Financing Instrument of $3.4bn.

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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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The insurance sector of the Nigerian economy contracted by 28.15 per cent in the second quarter of the year. This was contained in the National Bureau of Statistics’ Gross Domestic Product report for the second quarter of 2020.
In the report, the NBS said the finance and insurance sector consisted of two sub-sectors, namely financial institutions and insurance, which accounted for 89.82 per cent and 10.18 per cent of the sector respectively in real terms in Q2.

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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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The Minister of Agriculture and Rural Development, Sabo Nanono said the Federal Government has resolved to inject over N600bn as stimulus response into Nigeria’s agricultural sector.
Nanono said the fund would target small scale farmers to ensure food security and sustainability.
He disclosed this while on a tour of Dangote Fertiliser Plant and during a crucial meeting with other fertiliser companies in Lagos to galvanise their cooperation for the production of inputs.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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The Central Bank of Nigeria in the first quarter of the year said The Deposit Money Banks and merchant banks in the country borrowed N1.81tn.
according to data obtained from the CBN,they borrowed N274bn from the apex bank in April thereby increasing the amount borrowed to N2.08tn in the first four months of the year.
According to CBN reports, the banks continued to access the standing facilities window to square up their positions.Nigerian Banks Borrow N2.08tn From CBN In Four Months


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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South Korean shares fell on Thursday after four straight sessions of gains, as the country recorded its highest daily coronavirus cases since early March and the central bank sharply downgraded its economic projection.
The benchmark KOSPI fell 11.94 points, or 0.50%, to 2,357.38.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

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Japanese shares fell on Thursday on fresh worries about U.S.-China relations and ahead of a speech by Federal Reserve Chairman Jerome Powell later in the day.
The Nikkei 225 Index was down 0.39% to 23,200.07 by 0203 GMT, with consumer discretionary and telecommunications stocks leading the decline. The broader Topix index fell 0.44% to 1,617.20.


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This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

Support this podcast: https://anchor.fm/newscast-africa/support