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Rwanda unveils first home-built car

Rwanda unveiled its first locally built car at Volkswagen’s new factory in the capital, Kigali, on Wednesday

Published

5 years ago

June 27, 2018

Rwanda unveiled its first locally built car at Volkswagen’s new factory in the capital, Kigali, on Wednesday.

The Polo is the first model being made at the site and the German automaker plans to reach annual production of 5,000 cars in the first phase, by also building its Passat, Tiguan, Amarok and Teramont models.

Volkswagen, which is Europe’s biggest car maker, has made a $20m (£15m) investment in Rwanda, and is expected to create up to 1,000 jobs.

The company plans to both sell vehicles and use them in an Uber-like car-sharing system that will allow people to book rides using their smartphones.

Car ownership is low in Rwanda. There are just over 200,000 private cars registered in a county of 12 million people, according to the country’s tax collection body.

The German company is expanding in Sub-Saharan Africa, and opened a plant in Kenya in 2016.

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Kenya: Parliament approves appointment of Kamau Thugge as central bank governor

Published

7 hours ago

June 7, 2023

Ifeoluwa Dada

Months after throwing open the position for the country’s top banker, Kenya’s parliament has approved the appointment of Kamau Thugge as the country’s central bank governor.

The National Assembly on Wednesday approved the
appointment of economist and senior civil servant who was nominated by President William Ruto as the next apex bank chief.

Thugge, who served as principal secretary in the finance ministry until mid-2018, was nominated after serving as one of the president’s senior economic advisers since late last year.

He shook off competition from others shortlisted candidates like Adan Mohamed, who served in the cabinet from 2013-2022, with four others also interviewed for the role.

The new central bank governor will be faced with the immediate pressure of stabilizing the country’s monetary policy as the East African giant currently faces a shortage of funds amidst rising public debt.

Despite the odds, the World Bank in a report earlier today expects growth to edge up to 5.0% in 2023, underpinned by a recovery in agriculture.

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Ghana presents ‘working proposal’ for debt restructuring— IMF sources

Published

7 hours ago

June 7, 2023

Ifeoluwa Dada

West African country, Ghana has made a major move at resolving its debt crisis as the country has presented debt restructuring proposal to its creditors.

According to sources quoted by Reuters, a “working proposal” has been submitted to help the country escape its worst economic crisis in a generation.

One of the sources revealed that the proposal was a first attempt to engage the official creditor committee after its formation in May. It should be recalled that the Paris Club last month announced that official sector of creditors of Ghana had formed a committee co-chaired by China and France for debt restructuring talks.

The plan is to end restructuring of domestic debt before turning to negotiations with its official bilateral creditors and international bondholders, a government official said.

Ghana is one of several cash-strapped countries facing unprecedented delays in getting bailouts as China, its biggest bilateral creditor with about $1.7 billion of debt and Western economies disagree over how debt relief should be structured.

The first formal review of the programme will hold in the coming months as an IMF team will visit Ghana between 8th and 15th of June.