In a significant move towards bolstering regional financial stability, the Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of Egypt (CBE) have formally entered into a bilateral currency swap agreement worth more than $1 billion. This strategic collaboration announced on Thursday, stands as a testament to the strengthening economic ties between […]

United Bank for Africa (UBA), a leading pan-African financial institution, has unveiled a substantial $6 billion initiative aimed at bolstering the growth of Small and Medium Enterprises (SMEs) across the continent. UBA, known for its global presence with offices in the UAE, New York, London, and Paris, issued a statement on Monday outlining its plan […]

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 […]