Burkina Faso's gold industry is set to decline, says the CEO of West African Resources. Boukary Diallo has attributed the downfall to militant ... attacks that have intensified this year as well as Russia's Nordgold shutting the Taparko mine in April.
Rumours about a possible haircut on government bonds owing to the country’s IMF negotiations sent Ghana’s financial market into a tailspin in October. Citizens marched to banks and forex bureaus to buy US dollars as the cedi tumbled further to record lows – depreciating by 9% in the week beginning 10 October.
The cedi gained 4% against the dollar in the week ending 28 October. Currently, the exchange rate is ¢13.60 to the dollar.
In his first major national address on the economic downturn, President Akufo-Addo told bondholders to rest assured they will not lose their money.