Nigeria and Cuba have formalized a strategic partnership aimed at enhancing food security and advancing agriculture. The Memorandum of Understanding (MoU) was signed during a significant ceremony at the Cuban Ministry of Agriculture, coinciding with the G77+ China Leaders’ Summit. Distinguished officials from both nations bore witness to this momentous occasion. Representing Nigeria, Senator Abubakar […]

Moody’s, the prominent credit rating agency, has made a significant adjustment to Ethiopia’s foreign currency rating, lowering it by one notch from ‘Caa2’ to ‘Caa3.’ This decision reflects growing concerns about the country’s ability to meet its foreign currency-denominated private sector debt obligations, brought about by a combination of persistent challenges. Foremost among these challenges […]

Ghana has once again secured its position as Africa’s foremost borrower from the International Monetary Fund (IMF), according to data revealed in the IMF’s Quarterly Finances report for July-end 2023. Ghana’s debt to the IMF has surged by a significant 35.55% during the period under review, underscoring the nation’s growing financial reliance on the IMF. […]

The International Monetary Fund (IMF) has offered a pragmatic solution to address the mounting debt crisis in developing economies, particularly Malawi. The IMF’s recommendation comes after observing a concerning trend of escalating public debt in these nations over the last decade. In response to this growing crisis, the IMF has proposed a set of targeted […]

The African Development Bank (AfDB) and the South Korean Government have solidified their commitment to African development with a $28.6 million financial partnership. This collaboration is an extension of the Korea-Africa Energy Investment Framework, initiated in 2021, which has already provided $600 million in co-financing to bolster African nations’ human capacity and energy sectors. In […]

Rwanda has taken a significant step towards diversifying its energy portfolio and reducing its reliance on fossil fuels by signing a crucial agreement with the German-Canadian start-up, Dual Fluid Energy, to construct an experimental civil nuclear reactor. According to Dual Fluid Energy’s CEO, Gotz Ruprecht, this cutting-edge reactor, set to undergo testing by 2026, is […]

Morocco is currently dealing with the aftermath of a devastating earthquake that struck on Friday, with initial assessments indicating that the nation’s Gross Domestic Product (GDP) could face damage equivalent to 8 percent according to the United States Geological Survey (USGS). The survey has expressed serious concerns about the widespread destruction and extensive economic losses […]

In a significant move towards sustainability, the UAE Carbon Alliance has unveiled plans to invest $450 million in African carbon credits by 2030. This strategic investment follows a non-binding Letter of Intent signed between the UAE Carbon Alliance and the Africa Carbon Markets Initiative’s (ACMI) Advance Market Signal during the COP27 summit in 2022. The […]

In a momentous diplomatic move, the African Union (AU) has secured permanent membership in the Group of Twenty (G20) during the G20 leaders’ summit, hosted by Indian Prime Minister Narendra Modi. This landmark decision reflects India’s commitment to fostering inclusivity and amplifying the voices of nations from the Global South. Africa’s presence within the G20 […]

MALAWI, AFRICA – In a groundbreaking development, the Geothermal Development Company (GDC) has sealed a transformative partnership with the Electricity Generation Company of Malawi (Egenco) to harness Malawi’s vast geothermal potential. This collaboration marks a pivotal moment for Malawi as it ventures into the untapped world of geothermal energy. GDC, a trailblazer in the geothermal […]