Ethiopia anticipates a budget deficit of 2.1% of its gross domestic product (GDP) for the upcoming fiscal year, according to Finance Minister Ahmed Shide. This projection comes as the nation strives to recover from multiple economic challenges. The Ethiopian economy has been significantly impacted by the COVID-19 pandemic, a two-year conflict in the Tigray region, […]

The surge in transportation costs in Nigeria is significantly driving up commodity prices, affecting the daily lives of citizens. The country’s reliance on land transport for haulage, coupled with the recent removal of fuel subsidies, has led to a sharp increase in the cost of moving goods. Paul Kyan, a transporter, noted a dramatic rise […]

A pivotal moment unfolded at the Korea-Africa Summit in Seoul, where leaders from both regions converged to forge a mutually beneficial agreement on mineral supply. The joint declaration, endorsed by South Korean President Yoon Suk Yeol and AU Chairperson Mohamed Ould Ghazouani of Mauritania, signifies a landmark commitment to ensuring a stable and organized flow […]

Senegal has successfully raised $750 million through a private placement in the international financial markets, according to the Ministry of Finance and Budget. This funding is aimed at meeting the country’s financial needs for 2024. As Senegal prepares to begin oil and gas production, it has mandated J.P. Morgan London to manage a $500 million […]

Egypt’s Ministry of Finance has announced the disbursement of $104 million in export subsidy dues to 360 companies. This financial support is part of the Export Development Fund’s initiative to enhance liquidity for exporting companies, helping them to overcome challenges and boost their production and export activities. Since the inception of the lump-sum export subsidy […]

The International Monetary Fund (IMF) announced on Tuesday that it has reached a “staff-level agreement” to unlock $574 million in financial assistance for Zambia, which has been severely impacted by a recent drought. This agreement, pending approval by the IMF’s executive board, follows a review of the $1.3 billion loan originally granted to Zambia in […]

Nigeria is gripped by a significant labor strike as the nation’s main labor unions, the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), launch an indefinite strike in response to the government’s failure to reach an agreement on a new minimum wage. This marks the fourth major strike since President Bola Tinubu assumed […]

Egypt has announced a temporary suspension of its land allocation system, which prioritized applicants paying in dollars from abroad. Minister of Housing, Utilities, and Urban Communities, Assem El Gazzar, stated that the New Urban Communities Authority (NUCA) will review all allocations under this system to ensure they align with the Central Bank of Egypt’s foreign […]

In a pivotal step to reform Nigeria’s tax system, the Presidential Fiscal Policy and Tax Reforms Committee has recommended establishing the Nigerian Revenue Service (NRS). This centralized agency aims to replace over 100 federal, state, and municipal collection bodies, streamlining tax administration. President Bola Tinubu appointed Taiwo Oyedele, a partner at PwC Nigeria, to lead […]

 In a significant policy shift, Egypt’s Prime Minister Mostafa Madbouly has announced a 300% increase in the price of subsidized bread, effective in June. This will be the first increase in decades for a staple that two-thirds of the Egyptian population depends on daily. Adjusting to Economic Realities The price hike will see the cost […]