Zambia’s national currency, the kwacha, remains under significant strain, hitting a series of record lows as the nation grapples with severe drought conditions and their cascading economic effects. As a copper-dependent Southern African economy, Zambia’s challenges are compounded by falling copper production, debt pressures, and disrupted power generation. Currency Under Pressure The kwacha has depreciated […]

South Sudan has officially resumed oil production in Blocks 3 and 7 in Upper Nile State, marking a significant milestone for its struggling economy. This development follows the lifting of a nearly yearlong force majeure by Sudan’s government and the Basher Pipeline Company (Bapco), enabling the transport of crude oil to Port Sudan on the […]

On January 1, 2025, the Employment Equity Amendment Act (EEA) 4 of 2022 came into effect in South Africa, introducing significant changes aimed at promoting diversity and equality in the workplace. While the new requirements might seem daunting, compliance is achievable for businesses willing to adapt and align with the revised regulations. The legislation brings […]

The Nigeria Labour Congress (NLC) has strongly criticized the National Assembly over its exclusion of workers and trade unions in the deliberations surrounding the contentious Tax Bill. The organization emphasized the importance of fairness, inclusivity, and stakeholder engagement in the formulation of tax policies, warning that ignoring these principles could undermine Nigeria’s economic development and […]

The Nigerian Senate has taken a bold step towards enhancing the value and independence of the Naira by introducing a Bill to prohibit the use of foreign currencies for domestic transactions. The legislation, titled A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of […]

Zambia has received a disbursement of $184 million from the International Monetary Fund (IMF) following a successful fourth review of its Extended Credit Facility (ECF) arrangement. This brings the total disbursement under the 38-month program to $1.3 billion. The funding offers crucial support as Zambia grapples with economic challenges, including high inflation, drought-induced agricultural declines, […]

The International Monetary Fund (IMF) has approved $204.5 million in additional funding for Tanzania following a successful review of the country’s economic reform program. This milestone underlines Tanzania’s progress in implementing reforms aimed at bolstering economic stability and inclusive growth while addressing emerging challenges such as climate change and fiscal sustainability. The funding, approved on […]

The formal non-agricultural sectors of South Africa’s economy contracted significantly in the third quarter of 2024, with around 130,000 jobs lost, marking a 1.2% decrease compared to the previous quarter. The latest Quarterly Employment Survey (QES) highlights a troubling trend of job losses across multiple industries, raising concerns about the country’s broader economic stability and […]

In a groundbreaking achievement for Africa’s energy sector, Dangote Refinery and Cameroon-based Neptune Oil have jointly announced the first export of Premium Motor Spirit (PMS) from the world-class Dangote Refinery to Cameroon. This landmark transaction signals a new era of intra-African energy collaboration, showcasing the potential of African resources to drive economic growth and regional […]

The International Monetary Fund (IMF) has approved a disbursement of $10 million to Somalia under its Extended Credit Facility (ECF). This funding, part of a larger program aimed at fostering economic development and reducing poverty, brings Somalia’s total disbursement under the ECF to approximately $60 million. The announcement comes as Somalia continues to face significant […]