Employment and Labour Minister Thulas Nxesi has announced an upcoming increase in South Africa’s National Minimum Wage (NMW), effective March 1, 2024. The hourly wage will rise from R25.42 to R27.58, benefiting workers across various sectors. The adjustment extends to vulnerable sectors such as farm workers and domestic workers, in alignment with efforts to ensure […]

Nigeria’s recent currency devaluation, coupled with revised forex regulations, suggests a potential shift towards a more flexible exchange rate regime. However, concerns linger amidst challenges and investor skepticism. The adjustment in the official naira exchange rate, prompted by alterations in the market regulator’s calculation methodology, brings it closer to black market levels. Yet, apprehensions persist […]

Morocco, grappling with reduced wheat production due to drought, has unveiled a strategic move to fortify its grain reserves. The state grains agency ONICL has announced subsidies for companies involved in storing imported wheat. Under the scheme, the government will provide a subsidy of 2.5 dirhams per quintal, equivalent to 25 dirhams ($2.5) per metric […]

Mastercard has intensified its commitment to tackling youth unemployment in South Africa through an expanded partnership with the Youth Employment Service (Yes), a prominent private-sector initiative. Having previously integrated 12 Yes Youth into its workforce, Mastercard is now enhancing its engagement by welcoming an additional 14 young individuals for the upcoming phase (2023/24). This move […]

Kenya and Tanzania are poised to strengthen their energy collaboration as the African Development Bank (AfDB) stresses the importance of expediting three key agreements. Valued at Sh43 billion ($309.26 million), these agreements aim to facilitate the exchange of surplus electricity between the two nations. Central to these agreements are a wheeling agreement between Tanzania Electric […]

The Democratic Republic of Congo (DRC) has sealed a crucial partnership with Chinese construction giants, marking a significant milestone in the mining sector’s development. Under the agreement, Sinohydro Corp and China Railway Group Limited will invest $7 billion in infrastructure projects within the DRC as part of the Sicomines copper and cobalt joint venture. The […]

Egypt and Hong Kong are set to deepen their economic ties with a focus on pragmatic collaboration in key financial areas. Egypt’s Minister of Finance, Mohamed Maait, and Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, convened during the Asian Financial Forum to discuss avenues for mutual growth amidst global economic uncertainties. […]

In a move widely anticipated by economists, South Africa’s Reserve Bank opted to keep its benchmark interest rate unchanged at 8.25% during its latest meeting. This decision marks the fourth consecutive hold on rates, reflecting the central bank’s cautious approach amidst ongoing economic uncertainties. Governor Lesetja Kganyago announced the unanimous decision, highlighting the continued commitment […]

Nigeria’s Central Bank, led by Governor Olayemi Cardoso, has announced a robust plan to combat the country’s surging inflation rates, aiming for a substantial decline to 21.4%. Against the backdrop of December’s alarming inflation figure of 28.92%, the move comes as a proactive measure to stabilize the economy. In a recent speech, Governor Cardoso emphasized […]

In the latest report by S&P Global Ratings, Nigeria’s mobile money landscape comes under scrutiny, revealing a gap compared to its counterparts, Ghana and Kenya. Despite a commendable surge in mobile phone usage, reaching 93 percent (103 million) in 2023 from 90 percent in 2020, registered mobile money accounts in Nigeria still fall short. Fintech […]