In a significant financial development, the Ghanaian government has announced the reopening of its debt exchange program for holders of domestic bonds who did not participate in the previous deal that concluded in February. This reopening entails offering a package of new tranches of the same bonds issued by the government as part of the […]

Mozambique’s quest for justice and financial recovery takes center stage as the nation prepares to seek approximately $1.5 billion in damages during an upcoming trial next month. This legal battle is a response to the alleged $2 billion ‘tuna bond’ fraud that wreaked havoc on the country’s finances over the past decade. The United Kingdom’s […]

In a significant move aimed at bolstering funding for developing economies, the African Development Bank (AfDB) is poised to issue the first-ever perpetual hybrid notes from a multilateral development bank. This innovative financial instrument, as revealed in an investor presentation obtained by Bloomberg News, introduces a novel mechanism that could reshape funding dynamics for developmental […]

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 […]