Pulse Business Wrap Egypt surpasses South Africa to become Africa’s second biggest economy

The International Monetary Fund in its latest economic outlook report noted that Egypt overtook South Africa because of the depreciation of it currency: the rand.

  • Published:
24/7 Live - Subscribe to the Pulse Newsletter!

Egypt has surpassed South Africa to become Africa’s second biggest economy.

The International Monetary Fund in its latest economic outlook report noted that Egypt overtook South Africa because of the depreciation of it currency: the rand.

The rand depreciated by more than 50 percent last year.

Nigeria remains the continents biggest economy. The country overtook South Africa in 2014 after it rebased its economy to become the biggest economy on the continent.

Africa loses 528.9 billion dollars through illicit financial flows

The 2015 report on Illicit Financial Flows, revealed that sub-Saharan Africa lost 528.9 billion dollars through illicit outflows from 2003 to 2012.

The report also revealed that the developing world lost 6.6 trillion dollars through illicit outflows, adding that foreign direct investment increased from 2.89 billion dollars in 2009 to 3.23 billion dollars in 2003 with more than half of the total inflows going to the extractive sector.

Mr Abdallah Ali-Nakyea, a Tax Consultant, disclosed this at a presentation in Accra at a civil society Anti-Corruption dialogue on extractive sector organized by the Africa Centre for Energy Policy (ACEP).

We go to the currency market

Currency                      Buying                         Selling

Dollar                            3.80                             4.10

Pound Sterling             5.50                              5.80

Euro                             4.33                              4.63

 

On how your stocks performed on the GSE Index today

Guinness Ghana Breweries Limited were the biggest losers of the day, losing 2p to close the day at 1.90p… Whereas Societe Generale Ghana Ltd were the biggest gainers of the day, gaining 2p to close the day at 0.78p

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Software Scandal EOCO indicts SSNIT managers over $72m software scandalbullet
2 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
3 Salaries In 2018 Here are the dates public workers will be paid in 2018bullet
4 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
5 Retirement How to calculate your SSNIT pensionbullet
6 NPP Government Nana Addo nominates Dr Agnes Adu as MD of GTFCbullet
7 David Ampofo Writes Is Ghana's cashew another cocoa?bullet
8 Collapsed Banks Assets of UT Bank and Capital Bank for salebullet
9 Roads Networks Ghana has poor road infrastructure - Reportbullet
10 In Accra Susu collectors give gov’t 1 week ultimatum...bullet

Top Videos

1 New Discovery Ghana discovers new mineral, lithium in commercial quantitiesbullet
2 Money Alert Meet Africa's richest womanbullet
3 Forbes 2018 Africa's billionaires rich listbullet
4 Support Finance minister buys Kantanka carbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
7 Tech 6 reasons you should buy an iPhone SE instead of any of...bullet
8 Entrepreneurship How to be resourceful as an entrepreneurbullet
9 Video We are determined to move Ghana beyond aid - Bawumiabullet
10 MTN Mobile Money Adbullet

Business