In a move that has sparked intense debate across the country, South Africa’s parliament approved a controversial budget framework on Wednesday, despite fierce opposition from the centre-right Democratic Alliance (DA). The budget, which includes a gradual increase in the Value Added Tax (VAT) that will see the rate rise to 16 percent by the fiscal […]

In a significant development for global energy markets, Asia is poised to receive an additional shipment of fuel oil from Nigeria’s flagship Dangote refinery this April. This move, announced via the refinery’s latest tender, underscores Nigeria’s expanding role as a key supplier of refined petroleum products to Asia’s energy-hungry markets. With the cargo scheduled for […]

In a bold stride toward redefining Africa’s economic future, Afrik—a pioneering decentralized finance and governance platform—made headlines at the Global AI Summit in Rwanda. Set against the vibrant backdrop of Rwanda’s emerging digital landscape and hosted by President Paul Kagame alongside the Centre for the Fourth Industrial Revolution (C4IR), the summit gathered top leaders, policymakers, […]

In a decisive move to help one of Africa’s smallest economies weather fiscal challenges and transition toward a more sustainable future, the African Development Bank Group (AfDB) has approved a $7.9 million grant to support São Tomé and Príncipe’s economic recovery. The funding, awarded under the Transitional Support Facility, comes as part of the country’s […]

In a bold move to fortify its foreign exchange reserves and stabilize the depreciating Tanzanian shilling, the country’s mining regulator has mandated that all gold mining firms and traders sell at least 20% of their gold production to the Bank of Tanzania (BoT). The directive, which took effect in October following the enactment of new […]

In an ambitious bid to steer Africa towards a more prosperous and inclusive future, economic stakeholders from across the continent are set to gather in Kigali, Rwanda, for the “100 Most Notable Africans Leadership and Business Summit 2025.” The three-day event, scheduled for July 4-6 at the Marriott Hotel Kigali, promises to be a dynamic […]

Africa’s digital landscape is undergoing a revolutionary transformation, with the digital payments sector emerging as a key driver of economic growth and financial inclusion. According to a Mastercard-commissioned report by Genesis Analytics, the digital payments economy in Africa is projected to skyrocket and reach an impressive $1.5 trillion by 2030. This forecast not only underscores […]

In a landmark move that could redefine its economic trajectory, Ethiopia has reached an agreement with its official creditors to restructure $8.4 billion of public debt. Announced on March 23, 2025, by the Ministry of Finance, the deal represents a critical step in the country’s long-standing efforts to stabilize its economy and restore financial credibility […]

In a bold demonstration of its commitment to fueling Africa’s economic transformation, the Tony Elumelu Foundation (TEF) has unveiled a $15 million grant program designed to empower 3,000 budding entrepreneurs across 52 African countries. Announced by TEF Founder Tony Elumelu during a high-profile event in Abuja on March 23, 2025, this initiative underscores the foundation’s […]

In a powerful demonstration of Africa’s commitment to a sustainable future, the African Development Bank Group (AfDB) actively participated in the third edition of Africa’s Green Economy Summit (AGES), held in Cape Town, South Africa, from 18 to 21 February 2025. Hosted by the African Union (AU), this annual summit brought together a diverse array […]