Robert Kiyosaki said, “Financial freedom is available to those who learn about it and work for it.” Of course this statement rings true when we consider financial giants in the world today.
No economy is able to survive without some level of financial freedom, not even a continent as big and resilient as Africa.
In view of this, when the African Development Bank (AfDB) launched the African Financial Markets Initiative (AFMI) as part of its strategy to develop the financial markets sector in Africa in 2008, it was one of the best things that could happen for Africa.
I see that, 10 years from now, becoming the natural thing to do, where you can invest in the bond market, not just in your country, but the ability to do it internationally as a retailer.
Ten years down the line and the dividends of that launch begin to surface. Reviewing the progress, the AfDB, to further develop and strengthen the domestic bond market hosted a successful workshop in Zambia last week designed to help delegates and attendees understand how far the AFMI has come, the road ahead, and what still needs to be done.
South Africa’s rand rose against the U.S dollar on Thursday, hitting its strongest in nearly three months. The rand tracked fellow emerging market currencies, as the dollar was dented by hopes of U.S. interest rate cuts.
Stocks were down after the U.S national holiday on July 4, reduced volumes in local equities, and the stronger currency curbed desire for local commodities.
At 15 :10 GMT, the rand was 0.2% firmer at 14.0375 per dollar. It hit a session high of 13.9575, its strongest level since April 17. Fueling interest in riskier assets was a slew of soft U.S. data on Wednesday that added to bets that the Federal Reserve will cut rates as early as July.
The International Monetary Fund’s (IMF) executive board will weigh a long-delayed bailout plan for Congo Republic on July 11, according to a calendar published on its website.
Negotiations for an IMF programme have dragged on since 2017, with the executive board demanding the central African oil producer ensure the sustainability of its debt, most of which is owed to China and oil traders.
At the end of its most recent mission to Congo in May, an IMF team said it would recommend the board approve a three-year credit facility after the government reached an agreement to restructure a portion of its debt to China.
However, advisers to Congo’s government warned in a letter to the prime minister obtained by Reuters that there was a “major risk” the board would reject the proposed bailout.