The Suez Canal, a linchpin in global maritime trade, is facing a challenging start to 2024, with revenues witnessing a substantial 40% decline in the first 11 days of the year. Chairman of the Suez Canal Authority (SCA), Osama Rabie, disclosed this alarming figure, shedding light on the canal’s current economic turbulence. A pivotal factor […]

In a pivotal economic juncture, Capital Economics’ recent assessment has spotlighted potential challenges for Egypt as it contemplates expanding its $3 billion loan program with the International Monetary Fund (IMF) to a substantial $6 billion. The implications of this move extend beyond the financial realm, impacting local and international stakeholders who are carefully monitoring for […]

The latest World Bank report on Global Economic Prospects provides a detailed analysis of Sub-Saharan Africa’s economic performance in 2023. The region, while demonstrating commendable resilience, experienced a slight dip in growth, registering 2.9 percent compared to 3.7 percent in 2022. A key highlight is the moderation in growth within the region’s economic powerhouses – […]

In a strategic move to tackle prevailing forex challenges, Nigeria’s Central Bank (CBN) has efficiently disbursed nearly $2 billion over the last three months to settle outstanding foreign exchange forwards. Despite these efforts, the nation grapples with a lingering forex shortage. Facing approximately $7 billion in matured forex forwards, the CBN has prioritized settling these […]

India is set to achieve a substantial 7.3% annual economic growth in the fiscal year ending March 2024, as projected by the National Statistical Office (NSO). This outlook, surpassing forecasts for major global economies, provides a significant political advantage for Prime Minister Narendra Modi in the lead-up to national elections. The NSO, cautioning that these […]

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 […]