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 […]

The Nigerian government has committed over $450 million to its Presidential Compressed Natural Gas Initiative (PCNGi), which aims to transform the nation’s energy and transportation sectors by promoting Compressed Natural Gas (CNG) as a cleaner, more affordable alternative to petrol. This investment reflects the government’s broader strategy to leverage Nigeria’s abundant natural gas reserves, which […]

The Abu Dhabi Fund for Development (ADFD) has signed an agreement to finance the first phase of Côte d’Ivoire’s Social Housing Program, marking its initial venture in the West African nation. This ambitious initiative, valued at AED 183.5 million (US$50 million), will focus on the construction of 25,000 housing units in Abidjan, aiming to address […]

The Nigerian Federal Government has unveiled a groundbreaking N20 billion ($12.4 million) consumer credit fund aimed at boosting demand for locally assembled automobiles. Set to launch in January 2025, this initiative is part of President Bola Ahmed Tinubu’s broader economic agenda to stimulate industrial growth and create job opportunities across related sectors. A Catalyst for […]

Woolworths, a leading South African retailer, has made substantial strides in promoting inclusive economic growth by enhancing its support for small and medium-sized enterprises (SMMEs). Over the past year, the company has increased its financial commitment to these businesses by 42%, reaching a significant R4 billion (approximately $221 million). This move reflects Woolworths’ ongoing dedication […]

Ethiopia is pushing forward with comprehensive financial sector reforms as it seeks $700 million in concessional funding from the World Bank. The loan is a key component of the Financial Sector Strengthening Project (FSSP), aimed at recapitalizing the Commercial Bank of Ethiopia (CBE) and addressing systemic challenges within the banking industry. Under the leadership of […]

As part of its ongoing efforts to deepen economic collaboration with African nations, the Central Bank of Egypt (CBE) has officially joined the Pan-African Payment and Settlement System (PAPSS). This move is poised to transform the way cross-border payments are conducted across the continent, reducing costs and processing times while strengthening Egypt’s economic ties with […]