In a significant move to support Ethiopia’s economic recovery, the World Bank has approved $1.5 billion in financing for the country. This includes a $1 billion grant and a $500 million low-interest credit line, marking the first-ever direct budgetary support facility provided to Ethiopia by the global lender. This financial package is part of a […]

In recent days, Ethiopia has witnessed a dramatic shift in its economic landscape following the central bank’s decision to float the national currency, the birr. The move, which saw the birr weaken by 28% against the US dollar, has led to a surge in commodity prices, prompting local authorities to crack down on businesses accused […]

In a bold and unprecedented move, South Africa and the African Union are spearheading a global effort to impose taxes on the ultra-wealthy. This push marks the first serious attempt to establish an international standard for taxing individuals with assets exceeding $1 billion. Announced at a recent G20 finance ministers’ meeting in Rio de Janeiro, […]

In the bustling tech hubs of Lagos, a storm is brewing, threatening to unravel the fragile threads that hold Nigeria’s digital economy together. Tech entrepreneurs, united under the aegis of the Nigerian Tech Community (NTC), have issued a heartfelt plea to Nigerians: cancel the looming nationwide protests set to begin on August 1. These protests, […]

In a significant boost to Nigeria’s economic outlook, the Federal Government has reported a remarkable 30% increase in oil revenue for the first half of 2024 compared to the same period in 2023. This announcement, made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlights the positive impact of […]

In a dramatic bid to revive its struggling economy, Ethiopia has decided to scrap its strict foreign exchange controls, letting the birr freely float against major currencies. This bold move, announced by the central bank on Monday, aims to tackle the Horn of Africa nation’s crippling debt crisis and soaring inflation. Following the announcement, the […]

A Partnership for Progress The African Development Bank (AfDB) is reaffirming its dedication to supporting Guinea’s journey towards economic development. From July 11 to 13, a high-level delegation led by Marie-Laure Akin-Ougbade, Vice President for Regional Development, Integration and Business Delivery, and Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth, visited Conakry […]

The air in Harare is thick with anticipation as the city prepares to host the prestigious 3rd Canada-Africa Business Conference this coming October. This two-day event, organized by the Canada-Africa Chamber of Business (CABC), is set to play a pivotal role in strengthening the trade and investment bonds between Canada and the dynamic economies of […]

In a move sending shockwaves through Nigerian markets, the Central Bank of Nigeria (CBN) has announced its fourth consecutive interest rate hike, raising the benchmark lending rate to a staggering 26.75%. This aggressive action underscores the bank’s unwavering commitment to taming inflation, which continues to grip the nation despite previous interventions. Economists had widely anticipated […]

A Turning Point for the Egyptian Economy In an exciting turn of events, Egypt has achieved a remarkable feat by reducing its foreign debt by a staggering $14 billion in just five months. This news, announced on July 23rd, 2024, marks a pivotal moment for the Egyptian economy, signaling a strong commitment to fiscal discipline […]