In the latest report by S&P Global Ratings, Nigeria’s mobile money landscape comes under scrutiny, revealing a gap compared to its counterparts, Ghana and Kenya. Despite a commendable surge in mobile phone usage, reaching 93 percent (103 million) in 2023 from 90 percent in 2020, registered mobile money accounts in Nigeria still fall short. Fintech […]
In a strategic move, the Biden administration has announced a targeted $4.9 billion student loan forgiveness initiative, providing relief to 74,000 borrowers. This comes as a measured response after the Supreme Court rejected a broader $400 billion loan forgiveness plan in June 2023. This initiative specifically addresses the challenges faced by public servants, including teachers […]
The International Monetary Fund (IMF) has undertaken a pivotal mission to Cairo this week, marking a significant step in the ongoing discussions surrounding Egypt’s $3 billion loan program and crucial reform initiatives. Headed by Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, the visit comes on the heels of a recent […]
In a significant policy shift, Kenya has formally announced its withdrawal from the Government to Government (G2G) oil deal with Saudi Arabia, citing concerns over its impact on the forex market and an inability to mitigate the fluctuating shilling-dollar exchange rate. Launched with much anticipation in April 2023 by President William Ruto, the G2G deal […]
In a strategic move preceding the launch of its securities exchange later this year, Ethiopia is set to issue licenses to foreign investment banks. Brook Taye, Director General of the Ethiopian Capital Market Authority, disclosed to Reuters that the justice ministry has authorized the regulator to proceed with this pivotal step. The liberalization initiative, designed […]
In a sobering report, Oxfam reveals that nearly 800 million workers worldwide have collectively lost $1.5 trillion to inflation over the past two years. This equates to almost a month’s wages for each affected worker, highlighting a stark reality of economic challenges faced by the global workforce. The report underscores the impact of rising essential […]
Kenya is proactively tackling its financial challenges, with a specific focus on venturing into international bond markets. The impending maturation of a $2 billion Eurobond in June has intensified global interest, fueled by concerns over dwindling hard currency reserves, a significant currency depreciation, and revenue limitations. While the International Monetary Fund (IMF) raises red flags […]
In a significant move to bolster Kenya’s economic landscape, the Cabinet, under President William Ruto’s leadership, has greenlit several crucial financial reforms. In addition to these key reforms, the Cabinet also approved the Recognition of Prior Learning Policy, Establishment of the African Legal Support Facility, and the Memorandum to Join the Asian Infrastructure Investment Bank. […]
At the World Economic Forum in Davos, Secretary of State Antony Blinken reinforced the United States’ commitment to addressing global food security challenges. Collaborating with the African Union and the Food and Agriculture Organization, Blinken introduced the Vision for Adapted Crops and Soils (VACS) initiative, a crucial facet of the USAID’s Feed the Future program. […]
In a significant move towards regional collaboration, Prime Cabinet Secretary and Foreign Affairs Cabinet Secretary of Kenya, Musalia Mudavadi, held talks with Tanzanian Foreign Affairs Minister Dr January Makamba on the sidelines of the Non-Aligned Movement (NAM) Member States Summit. Mudavadi reaffirmed Kenya’s dedication to fostering integration within the East African Community (EAC), emphasizing the […]
A historic moment in East African energy cooperation unfolded this week as Ethiopia commenced its first-ever electricity exports to Tanzania,...
The United States Senate is currently embroiled in a high-stakes, marathon voting session on a sweeping budget bill, colloquially dubbed...
In a landmark moment for Burundi's energy future, President Evariste Ndayishimiye this week inaugurated the Jiji hydroelectric plant, a crucial...
The financial landscape in Kenya has seen a notable development with the Central Bank of Kenya (CBK) announcing the cancellation...
