Ghana suspended payments on much of its external debt, effectively defaulting as the west African country struggles to plug its cavernous balance of payments deficit. Prices of Ghana’s sovereign international bonds dropped sharply in the wake of the announcement. Ghana had already announced a domestic debt restructuring and struck a $3 billion preliminary financing deal...
Chad became the first country to agree to a deal with its creditors, including Swiss commodity house Glencore, under the G20 Common Framework — designed to provide debt relief to developing nations. Reuters was also first to report confirmation of the agreement and exclusively sketched out rare criticism from World Bank President David Malpass. Progress...
Ethiopia’s state finance minister said on Saturday that delays in restructuring Ethiopia’s debt due to the failings of a new global mechanism for resolving debt problems are “disappointing,” adding that he planned to raise it with the head of the International Monetary Fund. Africa’s second-most populous country requested a debt restructuring under the Group of...
[vc_row][vc_column][vc_column_text] Supplies of a vaccine to prevent the deadly rotavirus infection in children have either run out in Kenya, Tanzania, Senegal and Cameroon or are close to doing so, after disruptions at drugmaker GSK. The World Health Organization estimates that up to 200,000 children die each year from the highly contagious infection, which is the...
Coca-Cola’s estimated $3 billion initial public offering for its African bottling unit will likely take place in the third quarter, after market turmoil linked to the war in Ukraine upset plans to list earlier. The flotation of Coca-Cola Beverages Africa would be the biggest on the Johannesburg Stock Exchange since at least 2016 and a...
Five Nigerian oil and gas companies are preparing to submit bids this month for Royal Dutch Shell’s onshore oilfields in a sale that could fetch up to $3 billion, three sources involved in the process told Reuters. Shell started talks with the Nigerian government last year about selling its stake in the West African country’s...