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Ethiopia is facing a record-high sovereign-risk premium following its recent downgrade deeper into junk status by Moody’s Investors Service. Investors are demanding an unprecedented extra yield to hold Ethiopia’s dollar-denominated debt, with spreads widening to a staggering 4,089 basis points above Treasuries. This marks a significant contrast to the narrowing spread observed earlier in the […]

In the wake of a recent coup that shook the political landscape of Gabon, the newly appointed Prime Minister, Raymond Ndong Sima, has declared his commitment to honoring the nation’s debt obligations while also seeking to implement reforms to stabilize the economy and combat corruption within the government. As the nation grapples with the fallout […]

In response to the devaluation of the naira earlier this year, Nigeria’s central bank has issued a directive instructing the nation’s financial institutions to redirect the substantial gains from currency revaluation towards building safeguards against potential future losses. This move comes as part of the country’s broader currency reform efforts aimed at attracting foreign investment […]

Senegal’s dollar bonds due in 2033 have experienced a notable surge in value following President Macky Sall’s decisive move to eliminate the possibility of a controversial third-term bid by selecting a favored successor. In a pivotal announcement made over the weekend, President Sall publicly endorsed Prime Minister Amadou Ba, a seasoned 62-year-old technocrat, as the […]

In a bid to bolster innovation and entrepreneurship across the African continent, Black Ostrich Ventures, a prominent venture capital firm based in Los Angeles, has unveiled a new pre-seed and seed-stage fund worth $20 million. The fund is specifically dedicated to supporting startups in the fields of cleantech, agtech, and edtech. In an official statement […]

In a groundbreaking announcement today, the United States Agency for International Development (USAID) has unveiled plans to invest $35 million in new initiatives aimed at bolstering climate resilience and sustainable economic growth across Africa. Pending the availability of funds, these projects mark a significant commitment by the U.S. government to address climate change challenges on […]

The Africa Development Bank (AfDB), in collaboration with the Global Center on Adaptation (GCA), has unveiled a substantial commitment of Sh145.5 billion ($1 billion) aimed at supporting youth-led startups across the continent. This initiative represents a vital step in the ongoing battle against climate change. AfDB shared the news on its social media platform, X […]

The United Kingdom has declared a landmark investment of £49 million in climate change projects across Africa, according to an official statement released by Ndidiamaka Eze, Senior Press and Public Affairs Officer of the Foreign Commonwealth and Development Office. The announcement of this substantial funding commitment is set to take place at the inaugural Africa […]

CRDB Bank achieved a significant milestone on Thursday as it received approval from the Capital Markets and Securities Authority (CMSA) to launch the first-ever multicurrency green bond in Tanzania, making it the largest issuance of its kind in Sub-Saharan Africa. This corporate bond, valued at a whopping 300 million US dollars (equivalent to 780 billion […]

Airtel Uganda Limited has unveiled its strategic move to launch an Initial Public Offering (IPO) involving 8 billion existing ordinary shares, equating to a 20% stake in the company. The IPO, which was officially initiated on August 30, 2023, is set to conclude on October 13, with the primary objective of garnering a substantial capital […]