6 African Business July 2019
Business Intelligence News
ECOWAS progresses towards single currency
Ethiopia forecasts strong growth for 2019
West African finance ministers and central bank governors have agreed on a roadmap for the creation of a single currency for the Economic Community of West African States (ECOWAS). The ministers adopted a draft report following technical discussions on an exchangerate regime and monetarypolice f ramework. The report w ill be re viewed by regional heads of state.
Ethiopia’s finance minister Ahmed S hide h as proposed $13.48bn in government spending for 2019/20, a 12% increase on the previous year’s budget. The country forecasts 9% growth for the year as the government pursues pro-business reforms. Reports suggest that the country could begin to issue telecoms licences by the end of the year in a bid to open up the market to private enterprise.
Fr ench supermarket giant Carrefour will open its first store in Uganda this year, according to Majid al Futtaim, its Dubai-based franchise operator. The store, which has hired 150 employees, will open in a Kampala mall and the firm plans a second opening next year. The move follows the brand’s successful 2016 opening in Kenya.
Carrefour to open store in Uganda