Zimbabwe Ends Multi-currency System
- Zimbabwe has ended its multi-currency system after a decade of accepting the U.S. dollar, South African rand, and other foreign currencies
- The Multi-currency system was introduced after the Zimbabwean economy suffered hyperinflation
- The Zimbabwe government this week made its interim currency (the RTGS Dollar) the country’s sole legal tender taking another step towards relaunching the Zimbabwean dollar.
- There is a concern that the sudden decision to scrap the multicurrency system and limited foreign reserves could spike inflation.
Angola’s Oil Shortages
- This week the Financial Times reports that Angola, Africa’s second largest oil producer (after Nigeria), is running out of oil to sell due to the drying up of new investment.
- Oil production has been falling, from a peak of 1.9 million barrels per day in 2010 to just above 1.4 million barrels per day now.
- Angola’s economy relies heavily on oil production with 95% of its export revenues and 70% of tax come from petroleum – its economy has failed to grow for 4 years.
- A fall in sales to China – who usually purchases about two-thirds of the country’s oil output each month has had a major impact.
Read more here: https://www.ft.com/content/4fd81416-9735-11e9-9573-ee5cbb98ed36
Forbes Africa 30 Under 30
- Forbes Africa announced their 30 under 30 finalists honouring some of the continent’s most accomplished young artists, entrepreneurs and tech stars.
- This year Forbes released the names of 120 young African game-changers business, technology, creatives and sport – this is an increase from 90 people from last year.
- Included in the list were Nigerian Afrobeats artist Burna Boy, British Ghanaian Artist and painter Sarah Owusu, track and field star Caster Semenya and Sydney Sam Founder & CEO of Workspace Global
Read more here: https://www.iol.co.za/business-report/economy/forbes-africa-announces-30-under-30-list-for-2019-27882556