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Ghana records a growth in GDP last seen 6 years ago
This growth follows Ghana’s lengthy debt restructuring and the second year of a tough IMF-backed austerity programme. The International Monetary Fund recently approved a $3 billion, three-year loan for the country to help tackle its ongoing economic crisis. The loan includes an immediate $600 million payout, which is seen as a crucial step towards addressing the nation’s economic challenges. This positive economic news coincides with the election of a new president, following widespread dissatisfaction with the previous government over cost-of-living issues.
Read the original article here: https://www.msn.com/en-za/news/other/ghana-records-a-growth-in-gdp-last-seen-6-years-ago/ar-AA1vF8tc?ocid=BingNewsVerp
Australia orders $5.1 mln fine on Kraken crypto exchange operator
Australia’s Federal Court has fined Kraken’s local operator, Bit Trade, A$8 million ($5.1 million) for unlawfully issuing a credit facility to over 1,100 customers. The Australian Securities and Investments Commission (ASIC) stated that Bit Trade failed to assess the suitability of customers for a margin trading product, leading to losses exceeding $5 million. The product, which allowed margin extensions in digital assets or currencies, was deemed a credit facility by the Federal Court in August, requiring a target market determination. ASIC Chair Joe Longo stressed the importance of such determinations to protect investors.
Read the original article here: https://www.reuters.com/business/finance/australia-orders-51-mln-fine-kraken-crypto-exchange-operator-2024-12-12/
AfDB’s AFAWA partners for $50 million financing for Nigerian SMEs
The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) programme is backing a new $50 million financing agreement to support women-led enterprises in Nigeria. Signed at the Africa Investment Forum in Rabat on 5 December, the deal between the African Guarantee Fund and the Bank of Industry will provide financial and business support through the AFAWA Guarantee for Growth programme.
The loan portfolio guarantee, phased over ten years, will boost lending to small and medium enterprises (SMEs), particularly those led by women. It includes risk-sharing mechanisms focused on women-owned, youth-led, and “green” businesses. The agreement aims to address the financing gap for women entrepreneurs and supports Nigeria’s economic transformation under President Bola Tinubu’s agenda.
The initiative is part of AFAWA’s broader effort to reduce the financing gap for African women entrepreneurs, with over $2.4 billion in loans approved for women-led SMEs across 44 African countries.
Read the original article here: https://afdb.africa-newsroom.com/press/african-development-banks-affirmative-finance-action-for-women-in-africa-afawa-initiative-teams-with-african-guarantee-fund-bank-of-industry-for-50-million-financing-agreement-targeting-nigerian-small-and-medium-enterprises?lang=en
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