India, Nigeria’s largest destination for oil exports, has suffered a drop in oil imports by 7% to 3.9 million barrels per day (BPD), paving the way for lower government revenues for the next couple of months. This is because the country represents 16.79% of Nigeria’s total revenue generated from exports in the first quarter of
The teams focused their efforts on a few of the highest-value S&OP levers in order to review the current planning process, identify gaps in the planning infrastructure and analytically understand demand and supply variability.
Vice President of Imani Africa, Bright Simons has said it has become critical for more public sector borrowing in order to survive as a country. According to him, the country’s fiscal space is currently under enormous fiscal pressure, a situation he believes makes a strong case for the country to borrow in order to survive.
The exchange rate between the naira the US dollar closed at N411.25/$1 at the Investors and Exporters window, where forex is traded officially. Naira depreciated against the US dollar on Friday, having lost 55 kobo to close at N411.25/$1 compared to N410.7/$1 recorded on Thursday, 1st July 2021. The local currency fell at the official
The Nigerian federal government spent a total of N1.8 trillion on debt servicing in the first five months of the year, representing about 98% of the total revenue generated in the same period. This is according to the budget implementation report presented by the Minister of Finance, Budget & National Planning, Mrs Zainab Shamsuna Ahmed.
The Bank of Ghana’s (BoG) Special Drawing Rights (SDR) holdings with the International Monetary Fund (IMF) decreased by $16.6 million in 2020. IMF SDR holdings of the BoG at end-November 2020 stood at Ghs 242.39 million ($42.2 million), but then declined to Ghs 148 million ($25.6 million) at end-December 2020. BoG’s Ghs 148 million ($25.6
Erstwhile Minister for Finance, Seth Terkper, has noted that Ghana is likely to default on the servicing of its debts given its swelling debts and stagnant revenues. Ghana’s debt stock as a percentage of Gross Domestic Product (GDP) according to the International Monetary Fund (IMF) is expected to increase in the medium term. According to
World Bank President, David Malpass, has said the multilateral institution has put in place processes to serve as safety guardrails against corruption activities in countries that are to be beneficiary of funds meant to strengthen the fight against the Covid-19 pandemic. Accorfing to President Malpass, the World Bank gives enormous attention to prevailing environmental, social
Ghana has lost its status as a Middle-Income Country (MIC). This follows the reclassification of the country as a Low-Income Country (LIC) by the International Monetary Fund (IMF) in its April 2021 Fiscal Monitor Report. According to the IMF, it no longer recognises Ghana as a MIC despite achieving the status in 2010. The downgrade
President of the World Bank Group, David Malpass, is advocating for interest rate deductions on loans made to poor countries by both private and sovereign creditors. According to him, interest rates of 6 or 7 percent on official bilateral debt of poor countries is simply to high and cannot be justified when compared to that