Zimbabwe adopts ZiG currency as sole legal tender

Zimbabwe adopts ZiG currency as sole legal tender

Zimbabwe’s ruling party has passed a resolution to adopt the bullion-backed ZiG currency as the country’s sole legal tender and phase out the use of US dollars. Bloomberg reports that under the country’s current laws, the US currency will remain legal tender until 2030. President Emmerson Mnangagwa has previously suggested this timeline may be brought forward.

October 29, 2024 15

South Africa

EFF has welcomed the consumer price inflation figures released by Statistics South Africa

In S.A, the EFF has welcomed the consumer price inflation figures released by Statistics South Africa, indicating a further decline from 4.4-percent in August to 3.8-percent in September. This marks the lowest inflation rate since March 2021. The EFF’s, Leigh-Ann Mathys, says this confirms the inflationary pressures faced by the country are not demand-driven, but a result of economic and global challenges that require a different monetary policy approach: Meanwhile, […]

October 24, 2024 27

Business / Economics

September Sees Global Interest Rate Cuts to Stimulate Economic Growth

September was a significant month in the global financial landscape, with major economies such as the United States, European Union, China, South Africa, and Namibia implementing interest rate reductions. These cuts came after a prolonged period of low economic growth and were largely anticipated by markets as a strategy to stimulate economic activity and lower borrowing costs. Almandro Jansen: Simonis Storm Economist.

October 24, 2024 19

Business / Economics

Bank of Namibia reduces repo rate to 7.25%, offering relief to consumers

The Bank of Namibia has announced a 25 basis point reduction in the repo rate, bringing it down to 7.25 percent. This decision follows an extensive review of domestic, regional, and global economic conditions. Speaking at the monetary policy announcement, BoN Governor Johannes !Gawaxab emphasized the need to moderate monetary restrictions due to slowing economic growth and declining inflation. "Domestic economic activity rose during the first eight months of 2024, […]

October 16, 2024 18

Business / Economics

South Africa’s central bank cuts interest rates

South African Reserve Bank Governor Lesetja Kganyago has announced that the Monetary Policy Committee has decided to reduce the country's repo rate by 25 basis points to 8%. The announcement comes a day after SA’s inflation was reported at 4.4-percent in August, lower than the Reserve Bank's target of 4.5-percent. It is expected that the rate will also be lowered at the bank's next meeting in November.

September 19, 2024 34

Business / Economics

IMF projects Namibia’s GDP growth to slow to 3.6% in 2024

The International Monetary Fund forecasts that real GDP growth in Namibia will slow to 3.6% in 2024, owing to global macroeconomic headwinds and tight monetary conditions. The fund released its World Economic Outlook Update on 16 July 2024. Similarly, the African Development Bank forecasts a decline in GDP to 3.3% for both 2024 and 2025, driven by weak global demand and a contraction in agriculture.

July 17, 2024 39

Business / Economics

Bank of Namibia keeps repo rate at 7.75%

The Monetary Policy Committee of the Bank of Namibia has decided to keep the repo rate unchanged at 7.75 percent, with the prime lending rate holding steady at 11.50 percent. Governor of the Bank Johannes !Gawaxab says this policy stance will continue to safeguard the one-to-one link between the Namibia Dollar and the South African Rand and support domestic economic activity. UNAM economics lecturer, Dr. Omu Kakujaha-Matundu, believes that consumers […]

June 19, 2024 73

Africa

Ghana’s economic crisis was caused by government borrowing – the central bank did the best it could: economist

By Emmanuel Ameyaw, Tohoku University Ghana is going through its worst economic crisis in a generation. The past two years have seen record high inflation in the country. Ghana’s central bank (the Bank of Ghana) has been criticised in some quarters for its role in the country’s economic malaise, which has hit the profitability of Ghanaian banks. The Conversation Africa’s Godfred Akoto Boafo speaks to […]

June 17, 2024 14

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Africa

Zimbabwe urges swift adoption of new but ‘scarce’ currency

Zimbabwe's Finance Minister Mthuli Ncube has ordered all government agencies to accept payments in the newly introduced gold-backed currency amid reports of acute shortage. Ncube in a statement said the Zimbabwe Gold, introduced last month, was now the official unit of exchange for transactions in the country. He the BBC that the government would soon introduce regulations to ensure businesses stick to the official rate.

May 9, 2024 10 2