Tanzania plans to increase its national budget by 11.6% for the 2025/2026 fiscal year, elevating it from TSh 49.35 trillion ($18.98 billion) to TSh 55.06 trillion ($20.4 billion). The proposed increase reflects the country’s ambition to fund domestic priorities and reduce its dependence on external financing sources. Tanzania’s Finance Minister Mwigulu Nchemba outlined the details […]

In a notable economic shift, Rwanda has redirected its trade focus towards the Common Market for Eastern and Southern Africa (COMESA), achieving significant trade growth while facing barriers in the East African Community (EAC). Rwanda’s trade with COMESA partners rose by an impressive 8.2 percent in the year leading to December 2023, surpassing growth rates […]

In a major stride for Somalia’s economic future, the United States announced the cancellation of over $1.1 billion in debt owed by the East African nation. This move was formalized at a ceremony held at the US Embassy grounds in Mogadishu, where American officials declared that Somalia would no longer bear the financial burden of […]

Ghana, historically recognized as Africa’s leading gold producer, has also made significant strides in the oil sector. Since its first major discovery in 2007 and the start of commercial oil production in 2010, the country has aimed to establish itself as a key oil producer in West Africa. However, due to production declines in existing […]

On November 21, 2024, the South African Reserve Bank’s Monetary Policy Committee (MPC) will announce its latest decision on interest rates, and there is cautious optimism for a 0.25% rate cut. This anticipated adjustment would mark another step in the Reserve Bank’s careful approach to managing inflation and stimulating the economy amid a challenging economic […]

The African Continental Free Trade Area (AfCFTA) is widely celebrated as a historic initiative aimed at transforming Africa’s economic landscape by fostering intra-continental trade and economic cooperation. The recent AfCFTA Business Forum, held in Rabat, Morocco, underscores the continent’s determination to harness its vast potential through a unified market and increased regional integration. The forum […]

The alarming plunge in Nigeria’s per capita income, dropping to a mere $877 in 2024, underscores a deepening productivity crisis within Africa’s largest economy. This decline reflects complex structural challenges that demand urgent reforms in policy, human capital development, and infrastructure investment to prevent further economic decline and poverty expansion. Decline in Income and Rising […]

In a strategic move aimed at revitalizing the economy and addressing long-standing dollar shortages, Nigeria’s Finance Minister, Olawale Edun, announced a new programme designed to encourage Nigerians to repatriate assets and invest them within the country. The voluntary disclosure scheme, which will be in effect for nine months, aims to draw foreign currency assets into […]

South Africa’s headline inflation eased to 3.8% in September 2024, marking a 42-month low. For consumers, this dip offers slight relief as inflation continues to fall below the South African Reserve Bank’s (SARB) target midpoint of 4.5%. However, food inflation held steady at 4.1% year-on-year in September, despite monthly pressures driven by rising fruit and […]

Ghana may soon pivot to sourcing petroleum products from Nigeria’s Dangote Oil Refinery, as the facility nears full operational capacity. This shift could significantly impact Ghana’s energy landscape, helping to reduce the nation’s $400 million monthly fuel import bill and enhancing economic collaboration within West Africa. This potential development was revealed by Mustapha Abdul-Hamid, Chairman […]