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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.

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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

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