Category: International Business & Finance
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IMF and Ghana reach staff-level deal on $3 bln loan-programme review
International Monetary Fund staff and officials in Ghana have reached an agreement on their third review of the West African country’s $3 billion IMF loan programme, the fund said on Friday. The West African gold and cocoa producer is nearing completion of a debt-restructuring process under the G20’s Common Framework initiative, after it defaulted on…
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In Senegal, the bastion of the region’s Francophonie, French is giving way to local languages
For decades Senegal, a former French colony in West Africa, has been touted as the bastion of the French language in the region. Leopold Sedar Senghor, the country’s first president and a poet, is considered one of the founding fathers of the concept of Francophonie, a global alliance of French-speaking countries. But many say a…
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Brent Oil Falls to $70.4 Amid Libyan Production Recovery News
🇱🇾🛢Brent Oil Falls to $70.4 Amid Libyan Production Recovery News Brent crude oil futures for December delivery have dropped by 1.88%, reaching $70.35 on the ICE exchange. WTI futures for November delivery are also seeing a decline, down 1.76% to $66.96, while December WTI futures have dipped to $66.62 per barrel. The drop in prices…
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Global Debt Hits Record High in 2024, Reaching $312 Trillion
According to the Institute of International Finance, global debt levels surged by $2.1 trillion in the first half of 2024, setting a new record of $312 trillion by the end of Q2. The rise was primarily attributed to increased borrowing by the US and China. A significant portion of this borrowing is linked to the…
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Francophone summit opens in France
The summit of the Francophonie which gathers most of the world’s French-speaking countries kicks off on Friday in France, a first in 33 years. The organization (OIF) gathers 54 members amongst which 29 are African. For two days, delegations from around the world will be hosted in Villers-Cotterêts, (France). French is one of the 5…
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Boat capsizes on a lake in eastern Congo, killing at least 50 people, witnesses say
A boat carrying scores of passengers capsized on Lake Kivu in eastern Congo on Thursday, killing at least 50 people, according to witnesses. It was not immediately clear exactly how many people were on board or how many perished but witnesses said they saw rescue services recover at least 50 bodies from the water. They…
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“A people without history is a ball rolling in any direction”: Herero paramount chief calls for reparations and remembrance
The first International Conference on the Herero Genocide: 120 Years of Survival and Struggle has opened in Namibia, marking a crucial step in the ongoing fight for justice and recognition of the atrocities committed by the German Empire against the Herero and Nama people. Paramount Chief Mutjinde Katjiua, leader of the Ovaherero Traditional Authority, emphasized…
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Mureza Auto’s electric vehicles to feature local African materials at competitive prices
Mureza Auto’s upcoming electric vehicles will use local materials, making them unique in the market, Tatenda Mungofa, CEO of South African Mureza Auto Company, told panafrican.email “Our upcoming electric vehicles will be using lithium from Zimbabwe, a few other minerals from South Africa. So that already makes us unique,” he shared. Mungofa also highlighted the…
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Plunder Capitalism: Land Grab Tactics in West Africa
panafrican.email Private property is the cornerstone of individual and family wealth, especially in West Africa, where land is closely tied to identity, community, and survival. Yet, the phenomenon known as plunder capitalism is threatening the very foundation of this wealth, as private equity players and multinational corporations employ a range of tactics to seize land…
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