Unemployment and homelessness have risen sharply in Zimbabwe.
Having not started any projects in more than a year after its launch, the Nigeria-based Africa Finance Corporation (AFC), created to fund infrastructure development projects in Africa, ousted its president in late August. The board of directors voted unanimously to sack Austine Ometoruwa in a move that coincided with Nigerian president Umaru Yar’Adua’s establishment of an inquiry committee to investigate central bank investments in the AFC. Of the AFC’s capital base of more than $1 billion, $462 million was provided by the Nigerian central bank, whose governor, Charles Chukwuma Soludo, heads the AFC’s board of directors.
South Africa is overhauling its inflation tracking system by re-weighting inflation baskets. Under the new system, the government will replace its CPIX index, which excludes mortgages, with a metric that targets consumer price inflation and factors in housing costs. Reserve Bank governor Tito Mboweni predicts the CPIX will average 13% this year, driven by higher wages and food prices, while the government’s inflation target is between 3% and 6%.