Replying to an article recently published in the French newspaper, “Le Mond”, President of the African Development Bank, Akinwumi Adesina, has denied allegations questioning the transparency and governance systems of the bank.
By: Elliot Smith KEY POINTS The Africa Centers for Disease Control and Prevention (Africa...
“At the moment, we are trying to find out this information and we don’t have the actual number. What we can say, without any doubt, there is an enormous gap in the number ventilators needed in Africa.”
Moody's Investors Service ("Moody's") has today placed Angola Government's B3 long-term issuer ratings and senior unsecured rating and its (P)B3 senior unsecured MTN rating under review for downgrade. The short-term issuer rating is affirmed at Not Prime (NP).
“Africa urgently needs a globally coordinated Ubuntu Plan in response to COVID-19, a fiscal stimulus that recognises our shared and connected humanity, as we find ourselves in the midst of an unprecedented crisis,” writes Victor Oladokun.
“Victor joined the Bank two and half years ago, and has provided exceptional leadership on communication. He has led an outstanding team,” writes African Development Bank President, Dr Akinwumi Adesina.
Ahead of Nigeria’s lockdown of three states, Lagos State Governor Babajide Sanwo-Olu hinted that the state may have begun to see a trend in community spread of the COVID-19outbreak. He says the state will now begin to implement measures to cater for indigent citizens.
The Africa Risk Capacity is a specialised Agency of the African Union and they are currently undertaking an urgent exercise to model the potential impact of the coronavirus on Africa to inform and guide member states. This modelling according to the ARC will look into the likely short-term and medium-term effects of the pandemic on the continent as well as how to mitigate these shocks. Mohamed Beavogui, Director General and United Nations Assistant Secretary General, African Risk Capacity joins CNBC Africa for more insight into this.
President Muhammadu Buhari says he has directed the Minister of Industry, Trade and Investment to work with the Manufacturers Association of Nigeria to ensure that all production of essential items such as food, medical and pharmaceutical products continues unhindered. Mansur Ahmed, President of the Manufacturers Association of Nigeria joins CNBC Africa for more.
NKC African Economics expects the coronavirus-related knock to economic growth in Africa’s three largest economies alone to shave off 1 ppt from the continent’s GDP growth this year, from 3.8% to 2.8%.
COVID-19 cases are occurring at the rate of 300-a-day in sub-Saharan Africa and there are likely to be many more that the authorities are missing, a World Health Organisation briefing on the continent admitted Thursday.
Genomics research company 54Gene's COVID-19 testing support fund was launched today to increase Nigeria's daily testing capacity. The firm opened the fund with a donation of $150 thousand and has since received an additional $350 thousand from Union Bank. CEO of 54 Gene Abasi Ene-Obong joins CNBC Africa for more.
As Ghana deploys tactics to curb community spread of COVID-19, Alex Boahen, Head of Research at Databank Group joins CNBC Africa to discuss the impact on Ghana’s financial markets.
Traders say they expect activity at the bond market to pick up today, on the back of the unmet bids at Wednesday's bond auction as well as the improvement in liquidity. Oluwatosin Ayanfalu, Fixed Income Broker at Zedcrest Capital joins CNBC Africa to review today’s trading at Nigeria’s fixed Income and Forex market.
Moody’s Investors Service say they expect the recent measures by the Bank of Ghana to help mitigate the negative effects of the coronavirus on banks’ asset quality and liquidity. Vice President and Banking Analyst at Moody’s, Christos Theofilou joins CNBC Africa for more.
The African Centre for Disease Control will hold its fifth press briefing for an update on the coronavirus situation in Africa and also speak on moves to curtail the spread of the pandemic. Edwin Ikhuoria, Executive Director of One Africa joins CNBC Africa to explore possible rescue plan for Africa amid this pandemic.
The Central Bank of Nigeria says Non-Performing Loans in the banking industry moderated to 6.54 in the February from 6.59 per cent in January. David Adu, Senior Analyst at Meristem Securities joins CNBC Africa for a focus on Nigeria’s banking sector and telecommunication industry.
Bankole Odusanya, Head of Fixed Income Trading at United Bank for Africa (UBA) joins CNBC Africa to discuss investors’ response to bond auction by Nigeria’s Debt Management Office.
How will the seven-day partial shutdown announced by Lagos state impact businesses? Obi Ozor, Co-Founder of Kobo360 joins CNBC Africa's Kenneth Igbomor for more.
Lagos State Governor, Babajide Sanwo-Olu has announced a partial shutdown in the state for seven days starting from Thursday 26 March 2020. The Governor called for the shutdown of court sittings, markets and stores, except for essential services.
The Nigerian president’s chief of staff has tested positive for coronavirus, a source with direct knowledge said.
The NSE All-Share Index gained 0.19 per cent today, after the market shed 2.24 per cent. Meanwhile, Nigeria’s Monetary Policy Committee retained all its key rates in the second meeting of the year. Gbolahan Aina, Head of Investment at Cordros Asset Managment joins CNBC Africa for more....
In a surprise move, Nigeria's Monetary Policy Committee kept its key policy rate unchanged at 13.5 per cent and also retained all its policy parameters. CBN Governor Godwin Emefiele also stressed that tightening the MPR could reduce money supply and also aggregate demand, while loosening at this time could exacerbate the already worsening inflation. CNBC Africa's Wole Famurewa breaks down the MPC's decision with Charles Robertson, Global Chief Economist of Renaissance Capital, Bismarck Rewane, CEO of Financial Derivatives and Lanre Buluro, Director of Chapel Hill Denham, and Abdulrahman Yinusa, Governing Council Member of the Chartered Institute of Bankers in Nigeria....
The Bank of Ghana announced a 150 Basis point cut of its benchmark interest rate to 14.5 per cent, while the South African Reserve Bank cut its Repo rate by 100 basis points to 5.25 percent. Joining CNBC Africa to analyse the global monetary policy response to the COVID-19 pandemic as we await the decision of Nigeria’s Monetary Policy Committee, are Charles Robertson, Global Chief Economist at Renaissance Capital, Bismarck Rewane, CEO of Financial Derivatives, Lanre Buluro Director, Chapel Hill Denham and Abdulrahman Yinusa, Governing Council Member of the Chartered Institute of Bankers....
Following the address made by South African President Cyril Ramaphosa regarding COVID-19 and its impact on the nation, employees and employers are being asked to “self-quarantine” and implement “social distancing”
President of the Nigerian Medical Association, Francis Faduyile, says there’s need for more orientation and enforcement of COVID-19 prevention measures as poverty and weak health systems may get in the way. CNBC Africa's Christy Cole reports.
Oil market clawed back some gains in anticipation of a N2 trillion U.S economic stimulus which could minimise the economic impact of the coronavirus outbreak and in turn support oil demand although, U.S Congress is yet to agree on the rescue package. For more on the impact of the COVID-19 pandemic on the global oil market, Uchenna Minnis, Managing Partner of Blufx Nigeria joins CNBC Africa for more.
Nielsen Africa say they have identified six key consumer behaviour threshold levels that tie directly to concerns around the coronavirus pandemic. Bryan Sun, Managing Director for Nielsen Africa joins CNBC Africa for more.
Congo has imposed a two-day lockdown in one copper- and cobalt-producing province and shut down public markets in another after two people tested positive for the coronavirus on a flight to the capital of one of the provinces.
Nigeria confirmed its first fatality from coronavirus, the Nigeria Centre for Disease Control said in a tweet on Monday.
Applications for the Rupert family’s R1 billion small business fund, The Sukuma Relief Programme, which opened on Friday, have temporarily been suspended.
Technology group EOH narrowed its first half loss per share from continuing operations, while group revenue fell 14 per cent and costs rose. EOH CFO, Megan Pydigadu joins CNBC Africa for more.
R488 million – that’s how much the Green Outcomes Fund has set aside for fund managers to increase investment in green Small, Medium and Micro-sized Enterprises. To discuss the fund - the first of its kind, CNBC Africa is joined by Tine Fisker Henriksen: Innovative Finance Lead, UCT GSB Bertha Centre and Mark van Wyk: Head of Unlisted Investments, Mergence Investment Managers.
South Africa’s Reserve Bank has guided banks to put dividends and executive bonuses on hold to help reduce stress on the banking sector from fighting Covid19. For more on this recommendation as well as other directives to ensure the health of the sector, CNBC Africa is joined by Unathi Kamlana, Head of Policy Statistics and Industry Support at the Prudential Authority.
Investors are taking a keen interest in banking stocks today but the Industrial goods sector is facing a steep decline. Dare Fajimolu, Chief Research Officer at Blue Vertex joins CNBC Africa for a recap of today’s trade.