In a positive turn of events, the UN’s Food and Agriculture Organization (FAO) disclosed on Friday that global food prices experienced a substantial decline of 13.7% in 2023, providing relief after the challenges of the preceding year. The FAO’s cereals price index led the downward trend with a 15.4% decrease. This shift was attributed to […]

President Hassan Sheikh Mohamud of Somalia has officially nullified the recent agreement between Ethiopia and the breakaway region of Somaliland. The deal, signed on New Year’s Day, aimed to grant Ethiopia access to the Red Sea in exchange for recognizing Somaliland’s independence. The rejected agreement permitted Ethiopia to lease a strategic 20 km (12 miles) […]

Ethiopia finds itself in a precarious financial position as Fitch Ratings delivers a sobering blow by downgrading its Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) to ‘RD’ (Restricted Default) from ‘C.’ This decision, prompted by the Ethiopian government’s failure to meet the USD33 million Eurobond coupon payment due on December 11, 2023, signals a critical […]

Ethiopia finds itself at a financial crossroads as it becomes the third African nation to default on a Eurobond repayment, echoing the economic struggles seen in Zambia and Ghana. Governor Mamo Mihretu, leading the National Bank of Ethiopia, confirmed the failure to meet a $33 million “coupon” payment on the country’s only international government bond. […]

In a surprising turn of events, Angola has announced its departure from the Organization of the Petroleum Exporting Countries (OPEC), citing a divergence of interests. This decision, rooted in a dispute over Angola’s 2024 output quota, has raised concerns about the unity within OPEC and its broader coalition, OPEC+. Angola’s Oil Minister, Diamantino Azevedo, stated […]

TotalEnergies, a major player in the global energy sector, has unveiled plans for a substantial $6 billion investment in Nigeria’s energy landscape. The commitment was underscored during a pivotal meeting between TotalEnergies’ CEO, Patrick Pouyanne, and Nigeria’s President, Bola Tinubu, held in Abuja on Monday. The French energy giant aims to reinforce its foothold in […]

In a recent report, HSBC has delivered a stark warning about Egypt’s economic future, predicting a further depreciation of the Egyptian pound against the US dollar. The forecast, ranging from 45 to 50 EGP, is slated for the first quarter of 2024, adding a layer of complexity to the country’s ongoing economic challenges. This cautionary […]

Ethiopia’s economic woes deepened as Fitch Ratings delivered a significant blow, downgrading the nation’s credit rating to “C.” The downgrade, triggered by a recent failure to meet a $1 billion Eurobond payment, marks the lowest level before an outright default. Challenges Mount: Economic Struggles and Civil Unrest Fallout The missed payment exacerbates Ethiopia’s existing economic […]

Egypt is set to embark on a comprehensive economic reform agenda post the presidential elections, with global investment giant Morgan Stanley steering the nation’s financial strategy. The renowned bank recommends a meticulous approach, emphasizing a “phased devaluation of the pound in the short term” instead of a sudden exchange rate floatation. The strategy aims to […]