Unusual policy moves in Ethiopia; Nigeria & Ghana make other changes

August 22, 2024 | The VaultNewsletter

Welcome back to the Vault. Here’s our bulletin on recent policy developments.

ethiopia makes currency policy change foreign exchange reform and secures imf funding
kenya appeal court deals further blow to ruto's tax policy
government reaches into bank vaults for share of fx windfall
new guidelines for banks' merger recapitalization and share increment
climate change on health policy emerges
ghana plans to reintroduce integrated property tax system underway
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ethiopia makes currency policy change foreign exchange reform and secures imf funding

Ethiopia has made significant policy changes, including floating of the birr currency and reform to the foreign exchange market (“FX”), as part of the country’s ‘sustained macroeconomic policy’. The moves, viewed as orchestrated by the International Monetary Fund (“IMF”), have been quickly followed by news of an agreement with the IMF for a USD3.4 billion financing programme.

kenya appeal court deals further blow to ruto's tax policy

Only a few weeks after protests forced President Ruto to withdraw his controversial Finance Bill 2024 that was initially designed to raise circa Ksh 346 billion, Kenya’s Court of Appeal has upheld a High Court’s decision that key sections of the Finance Act 2023 were “fundamentally flawed” and, therefore, unconstitutional. The Finance Act 2023, like the ill-fated 2024 version, was divisive and attracted significant opposition. It introduced taxes on specified goods and services, and increased taxes on some others, including petrol.

government reaches into bank vaults for share of fx windfall

With a bloated debt profile, shrinking borrowing sources and struggling economy, the Nigerian government has taken a leaf from the books of Czech Republic, Sweden, Hungary and Lithuania by passing an amendment to the country’s Finance Act of 2023 to make it mandatory for banks to give up 70% of foreign exchange revaluation gains made by them since June 2023.

new guidelines for banks' merger recapitalization and share increment

In response to the central bank’s directive for Nigerian banks to increase their share capital, as well as ongoing efforts by banks to comply with the directive, the Corporate Affairs Commission (Nigeria’s companies registry) has issued new guidelines for recapitalization of banks and other financial institutions.

climate change on health policy emerges

Nigeria’s Ministry of Health and Social Welfare has finalized a policy document that is targeted at the growing impact of climate change on delivery of healthcare services in Nigeria.

ghana plans to reintroduce integrated property tax system underway

The Ghanaian government has revealed plans to consolidate data held by various agencies as part of its implementation measures for re-introduction of the property tax system.

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