Tag: Foreign Exchange
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๐ฌ๐ญGhanaโs Cedi Strengthens Marginally Against Major Currencies
Ghanaโs local currency, the cedi, has recorded slight gains against major trading currencies, particularly the US dollar, at various forex bureaus across the country. This development brings cautious optimism among businesses and consumers who have closely monitored the cediโs performance amidst economic fluctuations. A Positive Turn for the Cedi Over the past weeks, traders and…
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Italy Increases Tax on Foreign Billionaires
Prime Minister Giorgia Meloni has decided to raise the amount collected from 100,000 to 200,000 euros a year: it must be paid by wealthy foreigners living in the country and investing in its economy. In this way, the authorities hope to cover the budget deficit, which last year amounted to 7.4% of GDP. The measure…
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Ethiopian securities exchange reaches capital raise target needed for operations
๐ช๐น The Ethiopian Securities Exchange (ESX) has achieved a milestone by meeting its initial capital raise target of $11.07 million required to kickstart its operations, the ESX said in a statement. The exchange announced that the fundraising effort was oversubscribed, with offers totaling $26.6 million from both domestic and foreign commercial investors, demonstrating robust interest…
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Sam Bankman-Fried sentenced to 25 years for FTX fraud
The co-founder and CEO of FTX has been sentenced. FTX co-founder Sam Bankman-Fried was sentenced to a total of 300 months, or 25 years, in prison for seven counts of conspiracy and fraud charges stemming from the collapse of the crypto exchange he started. The judge applied a 240-month sentence and a 60-month sentence to…
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10 African countries with the strongest currencies in 2024
Having a strong currency provides numerous benefits to African economies, ranging from increased purchasing power and attracting foreign investment to lower import costs and more international trade. While monetary strength is frequently associated with stability and prosperity, the benefits go far beyond mere symbolism. As a result, governments have been tasked with strengthening their currencies.…
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