South Africa’s economic landscape saw a notable uptick in the first quarter of 2024, as foreign direct investment (FDI) surged to 24.4 billion rand ($1.34 billion), according to the latest Quarterly Bulletin from the South African Reserve Bank. This marks a significant increase from the revised 2.5 billion rand recorded in the previous quarter. The […]

The International Monetary Fund (IMF) has approved the second review of Ghana’s $3 billion loan program, clearing the way for an immediate disbursement of approximately $360 million. This follows Ghana’s successful agreement with its official creditor committee, a necessary step for unlocking this tranche of funds. This latest disbursement brings the total IMF support for […]

Tunisia took a significant step forward in its development agenda with the signing of four crucial agreements totaling €137 million with the French Development Agency (AFD). The agreements, inked at the Government Palace in Kasbah, aim to bolster key sectors crucial to Tunisia’s socio-economic advancement. Minister of Economy and Planning, Feryel Ouerghi Sebai, joined by […]

Egypt’s food exports to the United States have experienced a notable increase, reaching $67 million in the first quarter of 2024. This marks a 22% rise compared to the $54.9 million recorded in the same period last year, reflecting growing demand for Egyptian food products in the American market, which now represents approximately 4% of […]

The Coalition of Civil Society Organisations has expressed strong support for the Central Bank of Nigeria’s (CBN) proposed recapitalization of commercial banks, viewing it as essential for strengthening the banking sector and attracting foreign investment. Alesta Wilcox Advocates for Recapitalization At a press conference in Ikeja, Lagos, Alesta Wilcox, past chairman of the Institute of […]

In a strategic effort to enhance economic ties, a high-level Egyptian trade delegation, organized by the Egyptian Business Council for International Cooperation (EBCCI), recently visited Uzbekistan from June 3rd to 6th. The delegation included members of parliament, senators, and prominent business leaders from major Egyptian companies across various sectors. Moataz Raslan, Chairperson of the EBCCI, […]

Ghana has reached a significant agreement in principle with its bondholders to restructure $13 billion of its international debt, sources told Reuters on Thursday. This agreement follows a recent accord with the country’s official creditors, providing a crucial step towards stabilizing Ghana’s financial situation. The restructuring deal will require bondholders to accept a reduction in […]

South Africa’s decision to increase tariffs on clothing imports from Chinese e-commerce giants Shein and Temu has sparked debate over its economic impact and implications for consumers. Set to take effect next month, the tariff hike from 20% to 60% aims to level the playing field for domestic retailers, addressing concerns of unfair competition enabled […]

Africa will need $240 billion annually by 2030 to address its growing energy demands, according to a recent report by the International Energy Agency (IEA). The report, titled “Clean Energy Investment for Development in Africa,” underscores the urgent necessity of substantial investment in clean energy projects to alleviate the continent’s energy crisis. Current Energy Landscape […]

Nigeria’s official foreign exchange (FX) market is experiencing significant volatility, with turnover dropping sharply by 75.98% to a three-week low of $92.68 million on Thursday, down from $385.91 million at the close of trading on Tuesday. This marked decline, the second in recent weeks, underscores ongoing challenges in the nation’s FX market. On June 6, […]