Connect with us

VenturesNow

Scandal-ridden Finance Minister seeks exit from Ramaphosa’s cabinet; Rand tumbles

Published

on

South African Finance Minister Nhlanhla Nene has asked President Cyril Ramaphosa to remove him after he admitted to visiting the home of the Gupta brothers, friends of scandal-plagued former leader Jacob Zuma, Business Day said on Monday, sending the rand lower.

Nene has become a divisive figure after testimony he gave at an inquiry into allegations of corruption by the Guptas, in which he admitted to the previously undisclosed visits. He made a public apology about the matter on Friday.

Zuma and the Guptas, who face numerous allegations of using their friendship for mutual self-enrichment, have consistently denied any wrongdoing.

Business Day cited unidentified government sources as saying that Nene made the request to Ramaphosa at the weekend. Nene did not answer calls for comment.

“Government sources said Nene approached Ramaphosa after the highly negative public reaction to his apology to South Africans on Friday for the meetings with the Gupta family when he served under Zuma,” the South African newspaper said.

It said the issue was likely to be raised at a meeting of the ruling African National Congress party later on Monday.

The rand fell more than one percent on the report.

Nene is a key ally of Ramaphosa, who reappointed him finance minister in a cabinet reshuffle shortly after he became president earlier this year.

Ramaphosa has made clean governance and the kick-starting of an economy mired in recession top priorities.

Several ministers and government officials have been implicated in the widening graft scandals around the Guptas.

One common theme that has emerged is visits to the family’s sprawling Johannesburg property, which is why there has been public anger regarding Nene’s revelations.

Read also: Botswana seeks to escape middle income trap

Nene has also been praised by commentators for standing up to Zuma.

He told the inquiry he was fired by Zuma in December 2015 for blocking deals that would have benefited the Guptas, particularly a $100 billion nuclear power deal with Russia that could have crippled Africa’s most developed economy.

But Nene’s opponents say he was involved in corrupt deals with the Guptas when he was deputy finance minister and head of the state pension fund. He denies ever helping the Guptas.

Opposition parties have called for his resignation.

VenturesNow

COVID-19: Friendship renewed as Algeria opens land border with Tunisia

Published

on

Algerian President, Abdelmadjid Tebboune has announced that it will reopen the land border between the two countries in mid-July.

The border, which starts in the north at the Mediterranean coast, proceeding overland in a broadly southwards directions via a series of overland lines was closed in 2020 during the peak of Covid-19.

Abdelmadjid Tebboune made the announcement at Algiers airport alongside his Tunisian counterpart Kais Saied who was preparing to leave the country after attending the festivities marking the 60th anniversary of Algeria’s independence.

“We have taken a joint decision to reopen the land borders from July 15.”

Until the pandemic, more than three million Algerians travelled to Tunisia each year, according to local media.

Generally speaking, relations between Algeria and Tunisia have so far been homogenous. Although Algeria postponed the opening of it borders with Tunisia in May.

Continue Reading

VenturesNow

The Gambia benefits from World Bank’s $68m grant to revive tourism industry

Published

on

The Gambia and the World Bank have sealed a $68m grant deal which will go to support the West African country’s tourism industry, hitherto the biggest contributor to its Gross Domestic Product (GDP), before the Coronavirus pandemic hit the global tourism sector, causing a near economic meltdown.

World Bank’s Managing Director of Operations, Axel Van Trotsenburg, who announced the signing of the deal at a ceremony in Gambia’s capital, Banjul, on Tuesday, said the grant is meant to support the diversification and climate resilience of the country’s tourism after the pandemic and economic crisis.

Trotsenburg added that promoting the diversification and climate resilience of tourism will help protect the Atlantic coastline of The Gambia from the effects of climate change.

About 20 per cent of The Gambian economy depends on earnings from its tourism as it is the largest foreign exchange earner for the government but the advent of the pandemic had caused the country’s economic growth to contract by 0.2 percent in 2020, according to the World Bank.

This was as a result of the global restrictions on travelling between 2020 and 2021, which prevented tourists and visitors going to the country, leading to the tourism industry taking a huge hit.

Continue Reading

EDITOR’S PICK

Politics3 hours ago

Court summons Tunisian opposition leader, Rached Ghannouchi, over money laundering

Tunisian opposition party, Ennahda has revealed that its leader, Rached Ghannouchi has been summoned by a judge over money laundering...

Politics6 hours ago

Exiled former Burkina Faso’s president, Blaise Compaore, to return home

Burkinabe authorities has revealed that former president of Burkina Faso, Blaise Compaore will return from exile for the first time...

Metro16 hours ago

Malian migrants, including children, die as makeshift Europe-bound boat capsizes in Libya

Twenty-two Malian migrants including three children, have been killed when their makeshift Europe-bound boat capsized in the Mediterranean Sea off...

Metro18 hours ago

Monkeypox: WHO records over 6,000 cases in 58 countries in recent outbreak

According to the World Health Organization, more than 6,000 cases of monkeypox have now been reported from 58 countries in...

Politics19 hours ago

Rwanda, Congo DR settle for peace as Kagame, Tshisekedi agree to de-escalate tension

It appears the sun is setting on the diplomatic tension between the Democratic Republic of Congo and Rwanda president of...

VenturesNow21 hours ago

COVID-19: Friendship renewed as Algeria opens land border with Tunisia

Algerian President, Abdelmadjid Tebboune has announced that it will reopen the land border between the two countries in mid-July. The...

VenturesNow21 hours ago

The Gambia benefits from World Bank’s $68m grant to revive tourism industry

The Gambia and the World Bank have sealed a $68m grant deal which will go to support the West African...

VenturesNow22 hours ago

Ghana wants $1.5 billion from IMF to solve economic riddle. Will they get it?

Following Ghana’s decision to run back to the International Monetary Fund amidst its economic woes, the West African country has...

Metro22 hours ago

Nigerian-born OPEC Secretary-General, Mohammed Barkindo, dies hours after presidential reception three weeks to departure

The Nigerian-born Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Mohammed Barkindo, has died a few hours after he...

Sports22 hours ago

Three foreign-born players switch allegiance to Ghana: Can the trio help the Black Stars go far in Qatar?

Three foreign-born footballers, Tariq Lamptey of Brighton & Hove Albion, Southampton’s Mohammed Salisu as well as Inaki Williams of Athletic...

Trending