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Ghana’s Creditor Statement Provides Financing Assurances -IMF Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), has welcomed a statement from the Official Creditor Committee for Ghana on the importance of an IMF-supported economic program, together with its commitment to negotiate debt restructuring terms accordingly. Ghana’s official creditors have formed a committee co-chaired by […]

Inflation, Investor Uncertainty to Weaken Ghanaian Growth -Report Amidst a relatively high debt load that triggered the financial crisis in Ghana, Fitch Solutions has projected that growth will slow down as the authority is confronted with a steep inflation record. The economic crisis has weakened performance indicators in Ghana following authority default on debt repayments. […]

Mozambique Delays Debt Payments Obligations Between late February and March, the Government of Mozambique missed principal and interest payments on several domestic bonds worth $94.6 million due to domestic banks as cyclone ravaged the country. In a commentary, Moody’s said it considers the payment miss an event of default on domestic debt, though payments on […]

Cash Crisis to Temper Q1 GDP Growth The cash shortage crisis that spooked the Nigerian economic atmosphere in the first quarter has been projected to have adverse effects on economic growth expectations, analysts projected ahead of the release of economic data by the National Bureau of Statistics. In the fiscal year 2022, Nigeria’s gross domestic […]

Banks Increase T-Bills Holdings as Liquidity Improves Nigerian deposit money banks increased their treasury buying as the liquidity level in the financial system improved. However, fund managers and local lenders’ demand for short-dated instruments triggered lower spot rates pricing midweek at the Central Bank auction. Post-auction, unmet bids at yesterday’s Nigerian Treasury bills auction joined […]

Oil Prices Slump, Global Supply Falls by Half Daily Amidst uncertainties in demand following the United States (U.S) debt ceiling debate, crude oil prices are on course for a fourth weekly drop amid economic jitters and signs of increased supplies. Today, Brent crude oil edges down 0.3% to $74.77, down 0.7% for the week. Reports […]

FGN Bonds Rally, Nigerian Eurobond Yield Rises Local investors in the debt capital market increased buying momentum on Federal Government of Nigerian (FGN) bonds even as inflation pressures continue to have a bearing on real return on naira assets.  Following Debt Management Office (DMO) monthly auction showing mixed sentiment, the FGN Bond market has been […]

Naira Gains as CBN Adjust Rate, Unsuccessful FX Bids Rise The naira swung positively against the United States (US) dollar on Thursday after the apex bank allowed a moderate, intermittent exchange rate devaluation with increasing unsuccessful bids at FX auctions. At the official window, the exchange rate worsened to N466 per United States dollar, before […]

A YouTuber who deliberately sent his plane crashing to the ground to get a boost in views could be jailed for 20 years, US authorities said on Thursday. The Guardian reported that Trevor Jacob has agreed to plead guilty to one count of destruction and concealment with the intent to obstruct a federal investigation. The […]

By Farooq Kperogi Last Saturday, I attended the Ph.D. graduation of a treasured mentee of mine by the name of Abdulbasit Kassim at Rice University in Houston, Texas. His graduation ceremony would have been another mundane academic ritual to celebrate the crowning accomplishment of a doctoral study, except that Dr. Kassim’s life story and his […]

The leadership crisis rocking the House of Representatives, in the countdown to the inauguration next month, worsened yesterday when a group of lawmakers aspiring to be Speaker of the House rejected a meeting with the Vice-President-elect, Senator Kashim Shettima. The lawmakers, assembled under the aegis of G7, described the meeting as a move to railroad […]

On the 10th of May, 2023, the Lagos State Ministry of Justice announced that the trial of the Eze Ndigbo Fredrick Nwajagu in Lagos State for alleged terrorism charges will commence in July. According to a statement from the Director of Public Affairs in the Ministry of Justice, Grace Alo, Nwajago was brought before the […]