World Bank Revises Kenya’s 2024 Growth Forecast to 4.7% Amid Fiscal Challenges
The World Bank has revised Kenya’s 2024 economic growth forecast to 4.7%, down from its previous projection of 5.3%, citing ongoing fiscal challenges and economic...
Category : ECONOMY
33 African Nations Gain Zero-Tariff Access to Chinese Market
China has announced a significant trade policy that grants zero-tariff access to 33 African countries, a move set to deepen economic ties between the continent...
New Financial Law and 2024/2025 Fiscal Budget Come Into Effect
The new financial law and the 2024/2025 fiscal budget have officially entered into force, marking a significant shift in the country’s economic landscape. The law...
Fuel Prices Set to Rise Again, Hitting Motorists Starting Wednesday
Motorists are bracing for another fuel price hike set to take effect on Wednesday, marking the latest in a series of increases this year. The...
South Africa’s GDP per Capita Falls for Sixth Consecutive Quarter, Economists Divided on Rate Cut Size
South Africa’s economic challenges deepened as the country’s GDP per capita fell for the sixth consecutive quarter, signaling ongoing struggles in the face of rising...
Namibia: Galp’s Appraisal Well Confirms Light Oil and Gas-Condensate at Mopane Discovery
Energy company Galp has announced a significant breakthrough in Namibia, where its appraisal well on the massive Mopane discovery has confirmed the presence of light...
Ethiopia Secures Additional $251 Million From IMF After Second Review of $3.4 Billion ECF Agreement
Ethiopia is poised to receive an additional US$251 million from the International Monetary Fund (IMF) as part of a four-year, $3.4 billion Extended Credit Facility...
Goldman Sachs Predicts Sharp Decline in South Africa’s Inflation and Interest Rate Cuts by 2025
Goldman Sachs has expressed optimism regarding South Africa’s economic outlook, forecasting significant improvements in inflation and interest rates by 2025. The bank anticipates a notable...
S&P Global Upgrades Eskom’s Credit Rating Amid Government Support
Eskom Holdings SOC Ltd., South Africa’s state-owned power utility, has received a notable credit rating upgrade from S&P Global Ratings. The rating was elevated from...
Trade Minister Intervenes to Challenge Vodacom-Remgro Deal Block
South Africa’s Minister of Trade, Industry, and Competition is reportedly exploring options to overturn the Competition Tribunal’s decision to block Vodacom’s acquisition of a significant...
Egypt Launches $500 Million Sustainability Bond to Drive Climate Finance and Support MSMEs
Arab African International Bank (AAIB) today issued a $500 million sustainability bond, with investments from IFC, the European Bank for Reconstruction and Development (EBRD), and British...
Impact of Trump Tariffs on South African Exports
The introduction of tariffs by former US President Donald Trump had a significant impact on global trade dynamics. South Africa as a developing economy was...
Safaricom Ethiopia Pushes Lawmakers for Equal Market Access in Telecom Sector
The executives of Safaricom Telecommunications Ethiopia Plc have called for government support in ensuring equal access to open platforms, criticizing incongruent tariffs on phone services...
Morocco Partners with Chinese Firm for High-Speed Rail Expansion
Morocco has taken another bold step in modernizing its transportation infrastructure by appointing a Chinese firm to spearhead the next phase of its high-speed rail...
High Deposits Drive KCB Group’s Net Profit to Sh45.8bn in Q3
KCB Group PLC recorded Sh45.8 billion in profit after tax for the nine months to September 2024, driven by sustained revenue growth. This is a...
Cocoa Prices Surge Amid West African Crop Worries
Cocoa prices today are climbing, with London cocoa sharply higher at a 4-month high. Cocoa is rallying today on concern about cocoa crop production...
Australian Mining Company Agrees to Pay Mali Junta $160M Following CEO, Employees’ Detention
DAKAR, Senegal – Australia’s Resolute Mining said Monday it would pay $160 million to Mali’s ruling junta to resolve a tax dispute, more than a...
Russia, Algeria strongest to increase share in EU gas supplies in 2024
In the first eight months of this year, the European Union reduced gas imports by 1.7-fold to €49.2 billion. This comes against a backdrop of...
G4S Kenya to Lay Off 400 Workers Amid Economic Challenges
G4S Kenya has announced that it will be laying off 400 employees due to challenging economic conditions. The private security company, which is part of...
Alibaba, JD Report Singles Day Highs Despite China’s Economic Slowdown
China’s biggest ecommerce platforms issued a welter of numbers showing robust growth during the country’s biggest online shopping event of the year, belying concerns about...