Addressing the pressing issue of energy poverty in Africa, the World Bank has announced an ambitious plan to connect over 250 million Africans to the electricity grid by 2030. This marks a significant increase from its initial target of 100 million, reflecting the severity of the challenge at hand. World Bank President Ajay Banga revealed […]
South Africa – Luno, South Africa’s longest-standing crypto asset service provider, has achieved a significant milestone by obtaining a license from the Financial Services Conduct Authority (FSCA) to function as a financial services provider. This accolade positions Luno as the inaugural dedicated crypto asset service provider in South Africa to receive such recognition, following the […]
Ethiopia, East Africa’s most populous nation, faces a critical decision in its quest for economic stability. Struggling with inflation and recent debt default, the country’s path to recovery hinges on securing a much-needed loan from the International Monetary Fund (IMF). The IMF’s recent departure from Ethiopia without a concrete agreement has heightened concerns over the […]
Addressing the pressing issue of unemployment in Gauteng, the Department of Employment and Labour, under the leadership of Minister Thulas Nxesi, announced the launch of labor activation programmes aimed at generating job opportunities across various sectors in the region. Partnering with private businesses, Skills Education and Training Authorities (SETAs), and Non-Governmental Organizations (NGOs), the government […]
Nigeria’s central bank has announced a significant policy change aimed at safeguarding the stability of its banking sector. In a circular issued on Monday, the bank declared that commercial lenders are no longer permitted to accept foreign currency-denominated collateral for naira loans. This directive comes in response to observed risks associated with the practice, which […]
Zimbabwe has launched a new gold-backed currency, ZiG, in an effort to stabilize its volatile economy. The move aims to address the ongoing economic challenges that have plagued the nation for over two decades. Central bank governor John Mushayavanhu unveiled ZiG, emphasizing its structured design and market-determined exchange rate. The decision comes as a response […]
Amid economic fluctuations, South Africa’s consumer spending remained resilient throughout 2023, according to insights from Visa and Discovery Bank. The SpendTrend24 report reveals that while 2022 saw a surge in post-pandemic spending, 2023 portrayed a more measured growth trajectory, closely tracking inflation rates. Elevated interest rates and inflationary pressures have strained consumers’ finances, particularly impacting […]
Nigeria’s electricity sector underwent a significant shift as the Nigerian Electricity Regulatory Commission (NERC) approved tariff increases targeting approximately 15% of consumers. This decision aims to reduce the strain on public finances by eliminating electricity subsidies for wealthier consumers. Following the announcement by presidential spokesperson Bayo Onanuga, the government moved swiftly to implement the tariff […]
Egypt and Ecuador are laying the groundwork for a strategic collaboration in the oil and gas sectors, as evidenced by the recent high-level meeting between Tarek El Molla, Egypt’s Minister of Petroleum and Mineral Resources, and Denys Toscano Amores, the Ecuadorian Ambassador to Cairo. During the meeting, Minister El Molla highlighted the vast potential for […]
The International Monetary Fund (IMF) has announced that Egypt’s access to its $8 billion financial program will hinge on the country’s commitment to allowing market dynamics to determine its currency’s value. Immediate disbursement of $820 million is scheduled for this week, with an additional $820 million contingent upon a review by the end of June. […]
In a decisive step aimed at boosting fiscal discipline and stimulating economic activity, Kenya’s Pending Bills Verification Committee has approved...
In a dramatic turn that has stirred debates among economists and policymakers alike, President Donald Trump has floated a provocative...
South Africa’s official unemployment rate edged down slightly in the fourth quarter of 2024, falling to 31.9% from 32.1% in...
In a landmark operation that has captured the attention of investors and market watchers alike, the Central Bank of Kenya...