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Tue,21Nov2017

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Ghana says on track to halve budget deficit after IMF deal

Minister of Finance and Economic Planning of Ghana Seth Terkper. Photo©Joshua Roberts/ReutersGhana is on target to halve its fiscal deficit this year after its $918-million aid deal with the International Monetary Fund, Finance Minister Seth Terkper said on Wednesday.

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Zimbabwe: Draft mining bill compels companies to list locally

Zimbabwe's Finance Minister Patrick Chinamasa. Photo© Tsvangirayi Mukwazhi Zimbabwe is set to restrict ownership of mining concessions to only firms listed on the local stock exchange, a draft mining bill has proposed.

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Zimbabwe: Decline in diamond production as tobacco earnings drop

More than half of Zimbabwe's tobacco crop is exported to China every year. Photo©Tsvangirayi Mukwazhi/AP/SIPAZimbabwe will fail to reach its targeted diamond output for 2016 of 6 million carats, with the government saying this is due to the disruptions that characterised the consolidation of mining operations at the vast diamond fields in the eastern part of the country early this year.

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Libya: National Oil Corporation wary of broken promises in oil ports deal

A truck drives as smokes rises following a fire in an oil storage tank at the port of Es Sider, in Ras Lanuf. Photo©ReutersLibya's National Oil Corporation, which hopes to more than quadruple the country's oil output by the end of this year, remains wary that promises to reopen blockaded ports could be broken.

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Algeria to implement 'new growth model' to cope with oil price drop

Algerian President Abdelaziz Bouteflika. Photo©Sidali Djarboub/AP/SIPAAlgeria pans to launch a new "economic growth model" for the next four years focussed on reforming the tax system to bring in more revenue and reduce dependence on energy exports.

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Uganda central bank warns of "debt distress" if oil revenues delayed

Uganda could face "debt distress" in as little as two years if a start to oil production is delayed further, after ramping up its foreign borrowing in recent years.

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Protests over salaries delay Libyan oil shipments

File photo©Kamran Jebreili/AP/SIPAGuards protesting over pay shut the eastern Libyan oil terminal of Hariga on Sunday, delaying two shipments of crude, a port official said.

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ExxonMobil declares force majeure on Nigeria's Qua Iboe crude oil

Photo©REUTERS/Lee CelanoExxonMobil subsidiary Mobil Producing Nigeria has declared force majeure on exports of Nigeria's Qua Iboe crude oil, the country's largest export stream, a spokesman said on Friday.

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Sub-Saharan credit growth rates halve in two years

Photo©ReutersPrivate credit growth across sub-Saharan Africa has more than halved over the past two years and ground to a halt in oil exporting countries following low oil prices and the economic slowdown in China, weighing heavily on regional growth prospects, a report said on Friday.

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Ghana loses $5.5 billion annually in trade leakages

Photo©ReutersGhana loses a staggering $5.5 billion annually due to trade leakages, a development that is hampering the country's economic growth, Global Financial Integrity (GFI) says in its latest report.

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Nigeria maintains oil exports despite wave of militant attacks

Photo©GEORGE OSODI/AP/SIPANigeria kept exporting crude oil at a largely steady pace in May, though below historical levels, despite repeated militant attacks on its infrastructure that drove output down to 30-year lows this spring and helped global prices rise, data showed.

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Nigeria to abandon fixed exchange rate in favour of open market trading

Photo©ReutersNigeria's central bank said on Wednesday it would begin market-driven foreign currency trading next week, abandoning its 16-month fixed exchange rate policy and setting the stage for the currency to fall sharply.

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Nigeria foreign exchange conundrum, damaging investor, business sentiment

Nigerian currency, Naira. Photo©Sunday Alamba/AP/SIPAA two-week silence from Nigeria's government and central bank on further details or even a timescale for naira liberalisation has left international investors and domestic firms anxious about whether a gameplan has been even formulated or agreed.

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Oil & Gas: Ghana expects steady oil output as Tullow's Jubilee recovers

Photo©ReutersGhana's oil output is expected to average 110,000 barrels per day in 2016, similar to last year, as output is ramped up at Tullow Oil's Jubilee Field, a senior government official said on Monday.

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South Africa's private sector expands for first time in 12 months

Photo©ReutersActivity in South Africa's private sector expanded in May for the first time in a year, a survey showed on Friday, as new orders and exports grew even though the subdued economic climate continued to curb output.

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Zimbabwe: High US dollar demand stokes exorbitant bank charges

Photo©Victor R. Caivano/AP/SIPABanking institutions in Zimbabwe have been accused of taking advantage of a cash shortage and are charging depositors high service and withdrawal fees, in the latest economic crisis to hit the southern African nation.

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Finance: Angola-IMF to discuss diversification

Photo©ReutersA team from the International Monetary Fund is visiting Angola to negotiate a loan facility after lower oil prices hammered the finances of Africa's second largest crude exporter, the Ministry of Finance said on Wednesday.

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Nigeria: Incident at Exxon terminal tests foundering oil output

Nigeria's oil production showed further signs of strain on Thursday as intruders blocked access to Exxon Mobil's terminal exporting Qua Iboe, the country's largest crude stream.

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Zimbabwe: Weak commodity prices, drought dent 2016 growth forecast

Zimbabwe cut its economic growth forecast to 1.4 percent in 2016 from an initial forecast of 2.7 percent, the ministry of finance said, following a devastating drought and weak commodity prices.

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Kenya's current account gap shrinking in 2016

Kenya's Central Bank Governor Patrick Njoroge. Photo©ReutersKenya's current account deficit is expected to shrink faster than forecast to about 6.2 percent of gross domestic product in 2016, helped by rising agricultural exports and falling fuel import costs, the central bank governor said.

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