The African Development Bank (AfDB) has approved a $474.6 million loan to South Africa to help upgrade its transport and energy infrastructure. This marks the second major infrastructure loan for the country in recent weeks, following a $1.5 billion agreement with the World Bank in June.

The AfDB’s financial support is aimed at enhancing energy efficiency and implementing critical rail sector reforms, the bank said in a statement on Tuesday.

South Africa, Africa’s most industrialized economy, has been grappling with persistent power outages, deteriorating railway networks, and heavily congested ports for over a decade. These issues have severely impacted key sectors such as mining and automobile manufacturing, stalling economic growth.

The AfDB loan is part of a broader international financing package to support South Africa’s infrastructure revival. Additional contributions include €500 million ($590.75 million) from German development bank KfW, up to $200 million from the Japan International Cooperation Agency (JICA), and $150 million from the OPEC Fund for International Development.

The combined effort signals a coordinated international commitment to revitalizing South Africa’s critical infrastructure and supporting long-term economic stability.

The Bank of Ghana (BoG) has issued a public warning about the operations of several Money Transfer Organisations (MTOs) that are conducting business in Ghana’s remittance and foreign exchange markets without the required authorization.

In a statement released on Friday, June 27, the central bank disclosed that it had identified multiple entities operating in violation of existing financial regulations. The BoG cautioned individuals, commercial banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to avoid transacting with these unlicensed organisations.

The unauthorised MTOs listed by the BoG include:

1. ACE Money Transfer

2. Remit Union

3. Remit Home

4. Roze Remit

5. Monty Global

6. Nairagram

7. i-Transfer

8. Hurupay

9. Eversend

10. Izi Send

Citing Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), the BoG emphasized that no individual or entity may deal in foreign exchange without a valid license. Additionally, Section 15.3 of the Act mandates that all international money transfers to and from Ghana must be processed through a licensed and authorised service provider.

The central bank reaffirmed its dedication to maintaining the integrity of Ghana’s financial system and urged the public to conduct all foreign exchange and remittance transactions exclusively through licensed institutions.

The full statement from the Bank of Ghana can be found below.

The government failed to hit its treasury bills target for the fourth straight week, according to auction results from the Bank of Ghana. The Treasury raised GH¢3.379 billion, falling short of its GH¢4.551 billion target by approximately 24%, and ultimately accepted GH¢2.952 billion.

Analysts attribute this shortfall to investor preference for Bank of Ghana bills, which offer a lucrative rate of 27% — well above the inflation rate of 18.4%.

Demand was driven mainly by the 91-day treasury bill, with investors submitting GH¢62.418 billion, accounting for 71.55% of total bids. The Treasury accepted GH¢2.191 billion of these.

Meanwhile, the 182-day treasury bill attracted GH¢716.29 million, of which GH¢603.74 million was accepted. The 364-day bill received GH¢236 million in bids, with GH¢157.76 million accepted.

Despite the weak demand, interest rates on the short end of the yield curve continued to inch lower. The 91-day bill yield fell by one basis point to 14.69%, while the 182-day rate held steady at 15.25%. The 364-day yield slipped slightly to 15.69%, down from 15.74% the previous week.