African central bank governors have renewed push for a unified monetary system for the continent, reaffirming plans for the eventual establishment of the African Central Bank.
They made the commitment during a high-level summit in Yaoundé, where 41 central bank governors met to discuss climate-related financial risks and strengthen cooperation under the African Monetary Institute (AMI)—the transitional body expected to lead the continent toward full monetary integration by 2026.
Leaders at the summit highlighted the urgent need for coordinated financial governance as African economies face intensifying climate pressures, including severe droughts, flooding, and rising adaptation costs. Despite varying macroeconomic conditions across countries, participants agreed that deeper integration remains essential for long-term stability, resilience, and shared economic growth.
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Zambia has received its first credit rating upgrade in five years after S&P Global Ratings raised its sovereign rating to CCC+, citing progress in debt restructuring and improved macroeconomic management.
The upgrade marks a significant milestone for Zambia, which defaulted on its external debt in 2020 and has struggled to regain investor confidence.
Credit-ratings expert Stanislas ZEZE, CEO of Bloomfield Investment Corporation, said the improved rating could attract more foreign investment, especially in sectors such as energy, mining, and infrastructure. He noted that clarity around Zambia’s debt sustainability makes long-term investments more feasible.
ZEZE also underscored two key lessons for other African economies:
- Political commitment and transparency help accelerate debt-restructuring negotiations.
- Local-currency credit ratings are crucial for reducing exposure to exchange-rate shocks and deepening domestic capital markets—an area many African nations underutilize.
Ghana’s Christmas Season Dampened by Inflation and Weak Cedi
In Ghana, economic pressures are reshaping the festive season. Rising inflation and a weakening cedi have pushed up the prices of essential commodities, leaving markets in Accra and Kumasi quieter than usual ahead of Christmas.
Traders report lower sales and fewer customers as households scale back spending on staples such as rice, poultry, cooking oil, and imported goods. Many families are prioritizing basic needs as transport and housing costs continue to rise.
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The slowdown has sparked concern among businesses that depend heavily on year-end sales to remain profitable. For now, both traders and consumers are hoping that government efforts to stabilize the currency and manage inflation will bring some relief.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
