By: South Africa’s headline consumer inflation eased for the second consecutive month in April, providing some respite for the nation’s economy. Statistics South Africa reported on Wednesday that the inflation rate declined to 5.2% year-on-year, down slightly from 5.3% in March. On a monthly basis, inflation was recorded at 0.3% in April, a notable decrease […]

 South African telecom leader Vodacom and French telecom giant Orange are in discussions to establish infrastructure partnerships across Africa, aiming to reduce connectivity costs and enhance rural access. According to sources cited by Bloomberg, the potential agreements would involve sharing infrastructure in overlapping markets, including Egypt and Congo. This collaboration seeks to make network rollout […]

The United Nations (UN) has issued a warning that Egypt’s economy could suffer losses of up to $20 billion over the current and next fiscal years (FYs) 2023/2024 and 2024/2025 if the Gaza conflict continues to escalate. This forecast, highlighted in a recent UN study, outlines the significant economic risks posed by the ongoing regional […]

The Central Bank of Nigeria (CBN) has reiterated its commitment to addressing the nation’s rising inflation through continued interest rate hikes. Governor Olayemi Cardoso, in a recent interview with the Financial Times, assured that the Monetary Policy Committee (MPC) is dedicated to implementing necessary measures to stabilize the economy. Cardoso emphasized a strategic return to […]

Nigeria has launched a new online portal aimed at providing detailed information about the country’s mineral resources to potential investors. The Nigeria Mineral Resources Decision Support System (NMDSS) is designed to streamline access to data on Nigeria’s geological and mineral wealth, making it easier for investors worldwide to make informed decisions. The mining minister, Dele […]

In a move aimed at bolstering Nigeria’s informal sector, the Federal Government is set to introduce significant tax reforms. Mr. Taiwo Oyedele, chairing the Presidential Fiscal Policy and Tax Reforms Committee, unveiled this initiative during the committee’s closing session in Abuja. The proposed reforms target the bulk of businesses in the informal economy, offering tax […]

Egypt’s economic development took center stage during the recent “IFC Day in Egypt” conference, where key stakeholders convened to discuss strategies for enhancing the country’s private sector. Led by Minister of Trade and Industry Ahmed Samir, alongside ministers, officials, and business leaders, the event, organized by the International Finance Corporation (IFC), highlighted the strategic partnership […]

Ugandan President Yoweri Museveni’s recent announcement regarding taxation policies has ignited a trade dispute with Kenya. Museveni defended Uganda’s decision to increase taxes on agricultural imports from Kenya, emphasizing its strategic importance in bolstering Uganda’s economy. Under Uganda’s revised tax policy, consumer goods face increased taxation while essentials for production and industrialization remain exempt. Museveni […]

Cairo: Egypt’s economic landscape witnessed a significant upswing in April 2024, with the nation’s international reserves reaching an impressive $41.057 billion. This surge, reported by the Central Bank of Egypt, represents a notable increase of $696 million compared to the previous month. A key factor driving this growth is the appreciation in gold reserves, which […]

Nigeria’s financial sector is set to undergo a significant change with the introduction of a cybersecurity levy on electronic transactions. This decision, communicated through a circular from the Central Bank of Nigeria (CBN) on May 6, 2024, comes as a response to the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024. Under this new levy, deposit […]