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      This Ashanti Prince designed and built a signal station in Trinidad for the British in 1883

      This Ashanti Prince designed and built a signal station in Trinidad for the British in 1883

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      This African tribe from Togo and Benin were experts in penis enlargement way before plastic surgery

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      Pregnant JHS student killed, head cut off

      2 lovers arrested for killing Chinese boss 

      WASSCE candidate delivers baby while writing English paper

      CCTV captures woman allegedly stealing baby at Ajumako market

      Canada: 17-year-old wanted for killing Ghanaian immigrant in shooting

      Canada: 17-year-old wanted for killing Ghanaian immigrant in shooting

      3 uniformed policemen steal GH¢18,000, seize Mercedez Benz at gunpoint

      Over 500 axed from Ghana’s security services after recruitment audit

      Hearts demanded ¢100, 000 from Kuffour’s JAK Foundation before they would play Kotoko

      Kufuor demands respect and inclusion; laments marginalisation by NPP

      African Union must reform to stay relevant – Nigeria’s Buhari

      Nigeria declares public holiday to honour former leader who died aged 82

      Trending Tags

      • Ghana Police
      • politics killing
      • Kumasi Metropolitan Assembly
      • Otumfuo @ 20
      • General News
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      Sean ‘Diddy’ Combs to be sentenced on October 3

      Sean ‘Diddy’ Combs to be sentenced on October 3

      Shatta Wale dumps Hearts for Kotoko

      Shatta Wale to headline 2025 President’s Cup this weekend at the Accra Sports Stadium

      I spent $500,000 on Ibrahim Traoré movie –Lil Win

      I spent $500,000 on Ibrahim Traoré movie –Lil Win

      Medic who tweeted about Kuami Eugene’s health condition confirms 3-month suspension

      My life turned around after a trip to Volta Region – Kuami Eugene 

      Sarkodie, Darko Vibes,King Promise will perform at Africa Fan Zone at Paris Olympics – French Embassy

      Sarkodie sues Ecobank over lookalike advert

      The gospel music industry is pure evil – Esther Smith

      The gospel music industry is pure evil – Esther Smith

      Trending Tags

      • Shatta Wale
      • Wendy Shay
      • Gaming
      • Movie
      • Music
    • Sports
      Axel Tuanzebe sues former club Manchester United over medical advice

      Axel Tuanzebe sues former club Manchester United over medical advice

      We are reviewing the practice of camping players at a ‘clubhouse’ – Sarfo Duku

      We are reviewing the practice of camping players at a ‘clubhouse’ – Sarfo Duku

      Video: How Tottenham introduced Stonebwoy’s song to Kudus

      Video: How Tottenham introduced Stonebwoy’s song to Kudus

      Maracana stadium to be named after Brazil legend Pele

      Pelé is the GOAT – Trump

      Arsenal close to finalising Gyokeres deal

      Arsenal close to finalising Gyokeres deal

      President’s Cup 2025: Kotoko claim victory over Hearts after coming from a goal down

      GFA approves Kotoko’s trip to South Africa for friendly against Kaizer Chiefs

      Asante Kotoko investigating Justice Blay’s controversial comments

      Asante Kotoko investigating Justice Blay’s controversial comments

      Big Boost for Asante Kotoko as Justice Blay resumes training 

      Asante Kotoko summon three players over Justice Blay’s explosive allegations

      Palmer inspires Chelsea to beat PSG in Club World Cup final

      Palmer inspires Chelsea to beat PSG in Club World Cup final

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      Kenya drops visa requirements for all African countries

      Kenya drops visa requirements for all African countries

      Lab-grown cheese is coming. But would you eat it?

      Lab-grown cheese is coming. But would you eat it?

      Ghana’s Chef Abbys makes TIME’s 100 Most Influential Creators list

      Ghana’s Chef Abbys makes TIME’s 100 Most Influential Creators list

      Mpox cases rise to 170 with 7 new infections

      Mpox cases rise to 170 with 7 new infections

      KATH doctor dies over lack of laboratory for treating ‘heart attack’

      KATH doctor dies over lack of laboratory for treating ‘heart attack’

      Single women contributed more to the spike in HIV/AIDS than men – Study

      15,290 new HIV infections recorded in 2024- Ghana AIDS Commission

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        This Ashanti Prince designed and built a signal station in Trinidad for the British in 1883

        This Ashanti Prince designed and built a signal station in Trinidad for the British in 1883

        Songo, the African tribe where children are raised by their uncles

        Songo, the African tribe where children are raised by their uncles

        Manhyia puts a ban on funerals in Asanteman

        Details of the symbol of authority of the Ashanti Region, the Asanteman flag

        The story of the Ghanaian professor emeritus who did not attend secondary school

        The story of the Ghanaian professor emeritus who did not attend secondary school

        The intriguing history of the ancient Egyptian bust that looks like Michael Jackson

        The intriguing history of the ancient Egyptian bust that looks like Michael Jackson

        Meet the African tribe that offers free sex to guests

        Meet the African tribe that offers free sex to guests

        Meet Kobena Sekyi, the educated elite who never wore European clothing

        Meet Kobena Sekyi, the educated elite who never wore European clothing

        This African tribe from Togo and Benin were experts in penis enlargement way before plastic surgery

        This African tribe from Togo and Benin were experts in penis enlargement way before plastic surgery

        Who is the real Yaa Asantewaa

        Who is the real Yaa Asantewaa

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      Zimbabwe borrows $985 million from African banks

      Zimbabwe borrows $985 million from African banks
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      Zimbabwe’s Reserve Bank has borrowed $985 million from African banks to purchase fuel and other critical imports with current reserves covering imports for just four weeks, underscoring the severity of dollar shortages, Governor John Mangudya said.

      The Southern African nation last month ditched a discredited 1:1 dollar peg for its surrogate bond notes and electronic dollars, merging them into a lower-value transitional currency called the RTGS dollar.

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      Mangudya said the central bank borrowed $641 million from the African Export and Import Bank, $152 million from Eastern and Southern African Trade and Development Bank, and $25 million from Mozambique’s central bank, among others.

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      The loans, which would be repaid from future gold earnings, have a tenure of between three and five years and attract an interest of up to 6 percent above the Libor rate, Mangudya said.

      Gold is Zimbabwe’s single biggest mineral export earner, accounting for a third of its $4.2 billion earnings last year after a record output, central bank data shows.

      “These loans are well structured facilities contracted last year. They will be paid from future (gold) export receivables,” Mangudya told a parliamentary committee.

      The central bank takes 45 percent of dollar sales from gold producers and half from other miners to fund imports like fuel and power and repay foreign loans.

      But the miners only have 30 days to keep their dollar balances in local foreign currency accounts, after which they must sell them. The companies have asked the central bank to extend the period they may keep their dollars to 90 days, according to mining executives.

      Unable to get funding from foreign lenders like the International Monetary Fund and World Bank due to arrears of more than $2.4 billion, Zimbabwe has looked to financiers from the continent and local banks to shore up its budget.

      The central bank chief said Zimbabwe had just $500 million in reserves, enough to purchase four weeks’ worth of imports.

      Mangudya said government borrowing from the central bank reached $2.99 billion in December, about three times its permissible overdraft limit.

      President Emmerson Mnangagwa’s government has promised to curb borrowing in 2019 under reforms to revive the southern African economy, after the budget deficit soared last year following a spike in spending ahead of elections.

      Finance Minister, Mthuli Ncube told Reuters last week that the local RTGS dollar, Zimbabwe’s new de facto currency, will be backed up with fiscal discipline and the government would allow it to fluctuate but would manage excessive volatility.

      On the interbank forex market on Monday, one U.S. dollar fetched 2.5 RTGS dollars, the same rate as on Feb. 22 when the central bank sold some dollars to banks. That compares to a rate of 3.5 RTGS dollars per U.S. dollar on the black market.

      source: Africa News

      Tags: Zimbabwe

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