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IMF approves a $3 billion mortgage for Ghana
On Wednesday, the Worldwide Financial Fund (IMF) introduced that it has authorised a three-year prolonged credit score facility of $3 billion for Ghana. This approval permits for an instantaneous disbursement of roughly $600 million.
The authorised mortgage is meant to supply financial restoration and stability to Ghana amidst the challenges posed by the COVID-19 pandemic and regional geopolitical tensions. The IMF acknowledged that this system will help Ghana in addressing fiscal and debt vulnerabilities, selling progress and employment, and enhancing social safety and governance.
Following Zambia, Ghana is the second African nation to request debt aid beneath the Frequent Framework. The initiative was launched in 2020 to help low-income international locations in managing the consequences of the pandemic and different unexpected challenges. We anticipate that this mortgage will assist Ghana in addressing its financial challenges, providing potential options and help.
FGN completes $1.3 billion Zungeru hydropower undertaking
In accordance with Federal Minister of Energy, Abubakar Aliyu, the federal authorities of Nigeria has efficiently accomplished the Zungeru hydropower undertaking – a $1.3 billion plant anticipated to generate 700 megawatts of electrical energy to change into the second-largest hydroelectric energy undertaking within the nation.
The 700-megawatt (MW) Zungeru hydropower plant is estimated to generate 2.64 billion kilowatt-hours (kWh) of electrical energy a 12 months, which is able to meet near 10% of Nigeria’s whole home vitality wants. With roughly 62% of its inhabitants missing entry to electrical energy, Nigeria faces important vitality poverty. Therefore initiatives just like the Zungeru hydropower undertaking to deal with the nation’s substantial vitality deficit are a welcome growth.
Nigerian companies pressured to put off employees as a result of naira shortage
In accordance with a report titled “Strapped: Impression of the Money Shortage on People and Companies” by socioeconomic analysis agency SBM Intelligence, the results of the Central Financial institution of Nigeria’s (CBN) Naira Redesign coverage of 2023 have been extreme. The report reveals that 36.96% of Nigerian companies have been pressured to put off workers as a result of money shortages and constraints brought on by the coverage.
Moreover, the report highlights that 56.52% of the surveyed companies reported incidents of fraud or theft because of money shortage. Moreover, a major 82.61% of enterprise homeowners confronted disruptions of their provide chain.
Because the Nigerian financial system and companies try to get well from these setbacks, the federal government should implement measures to expedite the restoration course of. By implementing supportive insurance policies, the federal government may also help companies regain stability and facilitate the general financial restoration in Nigeria.
ICYMI: Market roundup.
The NGX All-Share Index depreciated by 0.05% to shut the week nineteenth of Could 2023 at 52,187.93
The highest gainers had been FTN Cocoa Processors Plc +37.50%, Ikeja Lodge +30.13%, PZ Cussons Nigeria Plc +28.00%, Livestock Feeds Plc +27.45%, and Cornerstone Insurance coverage Plc +23.08%.
The highest losers had been CWG Plc -25.60%, Ardova PLC -23.67%, Could & Baker Nig.Plc -10.11%, Honeywell Flour Mills -9.67%, and McNichols Plc -9.33%.
The naira closed the week at N462.00/1$ on Friday from the N462.50/1$ recorded the earlier week.
Brent crude closed the week at $75.59 whereas US West Texas Intermediate (WTI) crude closed at $71.55.
The worldwide cryptocurrency market cap stood at $1.12 Trillion, at 6.50 pm Sunday, the twenty first of Could, 2023. Bitcoin stood at $26,870.49 (a 0.27% lower in 7 days), Ethereum stood at $1,805.98 (a 0.02% lower in 7 days) and Binance coin stood at $308.85 (a 1.27% lower in 7 days).
Figorr, a Nigerian chilly chain startup, raised USD 1.5 M in seed funding in a spherical.
Kenyan-based climate-tech startup Amini has raised $2 million in a pre-seed spherical to make knowledge accessible on Africa’s surroundings.
M-KOPA, the asset financing platform that provides underbanked African prospects entry to productive property and the power to pay for them through digital micropayments, has secured over $250 million in new funding.
Jia, a blockchain-based fintech offering loans to micro and small companies in rising markets, has raised $4.3 million in seed funding, and a further $1 million dedication for on-chain liquidity.
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