In a widely anticipated move, Ghana’s central bank announced today that it would keep its main interest rate steady at 30.00%. This decision, as forecast by a Reuters poll of analysts, comes against the backdrop of a complex economic landscape in the West African nation. Ghana, known for its production of cocoa, gold, and oil, […]

In the wake of a coup that ousted Niger’s democratically elected president, the country finds itself grappling with a severe economic crisis, further exacerbated by West African sanctions. These measures, intended to force a return to democracy, are taking a heavy toll on one of the world’s poorest nations. Food and medicine shortages have become […]

Egypt has taken a significant step in bolstering its energy sector, granting approval for a pivotal oil exploration agreement with LukOil Overseas Egypt Ltd, a subsidiary of Russia’s renowned oil and gas giant, LUKOIL. The Egyptian Cabinet’s green light for this landmark deal signifies the nation’s commitment to harnessing its abundant energy resources. In a […]

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 […]