Moody’s Investors Service has downgraded Niger’s long-term foreign and local currency issuer ratings from Caa2 to Caa3, with a stable outlook. This decision follows the continued accumulation of payment arrears on debt service due to sanctions from ECOWAS and WAEMU, stemming from a military coup in July 2023. The downgrade reflects concerns about Niger’s ability […]

Egypt and the International Monetary Fund (IMF) are on the brink of concluding evaluations for Egypt’s $3 billion loan program, with discussions signaling a significant boost in funding. At the World Governments Summit in Dubai, IMF Managing Director Kristalina Georgieva disclosed progress in formulating a policy package aimed at economic reforms and addressing financial gaps. […]

Nigeria’s currency, the naira, faced a sharp decline against the dollar, hitting a record low despite recent efforts to improve liquidity in the foreign exchange market. Central Bank Governor Olayemi Cardoso disclosed that despite over $1 billion flowing into the economy to purchase Nigerian Treasury bills, the naira struggled to maintain stability. The auction of […]

In response to a sharp depreciation of the Zimbabwean dollar, the country’s central bank and finance ministry have announced collaborative efforts to restore stability to the local currency. The Zimbabwean dollar has witnessed a significant 40% decline since the start of the year, driven by heightened demand for foreign currency due to civil servants receiving […]

Egyptian President Abdel Fattah al-Sisi has announced a significant increase in the minimum wage, raising it by 50% to 6,000 Egyptian pounds ($194) effective March. This move is part of a larger 180 billion pound “urgent social protection package” aimed at addressing economic challenges and enhancing social welfare. The decision comes amidst concerns over the […]

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 […]