Shoppers at the Grand Square Ikeja outlet might not have noticed the solar panels sitting above the entire roof of the store, as the retailer has powered this facility using solar-energy since October 2021. The leading specialty wholesaler and retailer, as well as multi-category supermarket, makes this announcement as it celebrates 35 years of business operations in Nigeria. Arguably one of the firsts to do this in Nigeria, the Ikeja store, located along Mobolaji Johnson avenue, is Grand Square’s testing ground for the company’s vision on a more sustainable approach to powering retail service delivery in Nigeria. According to the…
Author: Johnson Akinyi
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As the Russia – Ukraine conflict intensifies, and Western countries increase sanctions against the aggressor a new challenge emerges for West African oilers. Russia needs to ensure a steady pipeline of cash to prop up their economy and so Russian oil is being supplied at less expensive levels for those nations willing to absorb the wrath of the west. Some of these nations also happen to be the best buyers of West African crude. India, Nigeria’s main oil exporting partner, imported 15% of Nigeria’s crude oil as of 2021. However, huge discounts on sanctioned Russian crude have their head turned in…
Ghana’s economy expanded by 5.4% in 2021, far higher than the 0.4% recorded in the year 2020, a period that COVID-19 pandemic had severely hit the global economy. Without oil, the economy recorded a Gross Domestic Product (GDP) growth rate of 6.9% According to provisional estimate by the Ghana Statistical Service, only 10 countries in Africa recorded growth rates higher than that of Ghana. They included Cote d’ lvoire and Uganda. The strong growth rate was driven by the Services sector, particularly the Information, Communication and Technology (33.1%) and the Agriculture sector, such as Fishing (13.4%). The Services sector recorded the highest GDP…
Clement Ikechukwu Ibe, the Nigerian founder and head pastor of Bethesda Christian Centre (BCC), a mega church in Pretoria, South Africa, is fighting back against a spate of online and offline attacks against him and his family from a faction of locals who are alleging that he has appropriated church property for himself. The attacks have included death threats to him, his wife, and children, the pastor has said. Ibe, via a statement from his church headquarters, also denounced a recent “accusatorial” newspaper report which he believed was facilitated by this splinter group of his former church members. The article…
The CBE raised the overnight deposit rate, the overnight lending rate, and the rate of the main operation by one percent (100 basis points) to 9.25 percent, 10.25 percent, and 9.75 percent, respectively. The CBE attributed its decision to the global inflationary pressures caused by the COVID-19 crisis and recent Russian-Ukrainian conflict. “Rising international commodity prices resulting from further supply chain disruptions in addition to increased risk-off sentiment have added to domestic inflationary pressures as well as external imbalances,” the CBE explained in a statement on Monday. Meanwhile, the US dollar’s trading price against the Egyptian pound jumped significantly on Monday morning to EGP 17.5 for buying and…
By Press Release | EAC Also available: FR Published: March 30, 2022 2:44 PM The Democratic Republic of Congo was officially admitted to the East African Community on March 29, 2022 during the 19th Extraordinary Summit of the EAC Heads of State. While addressing the EAC Heads of State, President Uhuru Kenyatta, who is the chairperson of the Summit, said the admission of the DRC into the bloc would enable the Community achieve the much-needed development based on the economies of scale. “Today, the 29th, is a historic day in the history of the EAC as we admit the DRC into the EAC.…
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Fitch Ratings has affirmed Kenya’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B+’ with a Negative Outlook.A full list of rating actions is at the end of this rating action commentary. Key Rating DriversFiscal, External Risks Keep Outlook Negative: Kenya’s ‘B+’ rating is supported by a record of strong growth and relative macroeconomic stability. Additionally, the USD2.4 billion IMF programme is a policy anchor and contributes to external financing sources. These positive factors are balanced against elevated public debt, high net external indebtedness, and GDP per capita and governance indicators that are below the ‘B’ range median. The Negative Outlook reflects…
Ghana’s central bank has announced its largest-ever interest rate hike to halt the country’s spiralling inflation fed by global tensions in Europe. This is according to a news release from the Bank of Ghana’s Monetary Policy Committee. The Bank of Ghana increased its primary lending rate by 250 basis points to 17%, signalling a tough stance against rising prices for everything from flour to sugar to fuel, as well as a weakening local currency that has harmed investor confidence. Meanwhile, Ghana’s cedi has lost roughly 20% of its value versus the dollar this year, making it the second-weakest currency in a list…
The rate of inflation remained at 10.6% in February, unmoved from January, with marginal price movements of various goods and services between the two months, a Statistics Botswana report released today indicates. The current inflation rate represents the highest level since March 2009 and has been driven by a range of increases in administered prices last year, in particular, fuel prices which rose five times in 2021. In its last review in late February, the Bank of Botswana (BoB) said inflation is projected to fall from the second quarter of 2022 and revert to within the target range of between three and…