The International Monetary Fund (IMF) has entered a significant financing agreement with the Democratic Republic of Congo (DRC) worth $2.87 billion over three years. The deal includes $1.77 billion from the IMF’s Extended Credit Facility (ECF) and $1.1 billion from its climate-focused Resilience and Sustainability Facility (RSF), marking the first time the latter has been […]

Namibia, a nation historically reliant on diamond mining, stands on the precipice of an economic transformation. With significant offshore oil and gas finds luring global energy giants like TotalEnergies, Shell, Chevron, ExxonMobil, and Galp, Namibia is poised to double its GDP growth to 8% within a decade. According to Tom Alweendo, the country’s mining and […]

The National Bank of Ethiopia (NBE) has announced a significant policy shift that will grant exporters greater flexibility in managing their foreign currency earnings. Starting November 14, 2024, exporters will be permitted to retain 50% of their foreign currency earnings indefinitely while selling the other 50% immediately. This marks a departure from the previous requirement, […]

South African food producer Premier Group announced on Tuesday, November 12, 2024, that it is open to acquisitions, bolstered by a notable 32.4% increase in interim profit. The company now has R1.1 billion earmarked for strategic acquisitions as it aims to diversify and strengthen its market position. Premier Group, one of South Africa’s oldest and […]

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 […]