Governor faces abuse charges

Kenyan central bank governor Njuguna Ndung’u might be suspended should he be charged with abuse of office and would be unable to resume his post until the case was settled, the Ethics and Anti-Corruption Commission said on Tuesday. The office of the director of public prosecutions said it had recommended that Ndung’u be prosecuted over a tender for security software that the commission alleges led to the loss of more than 400 million shillings (R51m) of public funds. Ndung’u said yesterday that he did not approve or award a tender. “Once a public officer is charged or arrested by the anti-corruption commission or is taken to court, he has to step aside until the case is settled,” commission spokesman Yasin Aila said. – Bloomberg


Chinese aid talks progress

Zimbabwe expected to conclude negotiations for comprehensive financial aid with long-time ally China in the next three months, Finance Minister Patrick Chinamasa said on Tuesday, as President Robert Mugabe’s government seeks to revive a slowing economy. The government requires $27 billion (R296bn) – more than twice the size of Zimbabwe’s economy – to fund a five-year plan to improve basic services and rebuild the impoverished country, according to state officials. Chinamasa said he had travelled to Beijing for a week last month to negotiate for money that the government wanted to boost the shaky economy. – Reuters


President backs forex limits

Steps taken to restrict foreign currency trading in Ghana were justified, President John Dramani Mahama and Finance Minister Seth Terkper said on Tuesday, adding that the measures would help strengthen confidence in the cedi. Mahama and Terkper said measures announced last week by the central bank to limit dollar sales were necessary to address demand for the foreign currency that far outstripped supply. “We need to build confidence in the cedi,” Mahama said. – Bloomberg