Kenyan consumers are feeling the pinch as onion prices soar to unprecedented heights following a significant reduction in imports from Tanzania. The scarcity of Tanzanian onions has triggered a sharp increase in local onion prices, with the commodity now trading at a staggering KSh150 per kilogram. The shortage has been further exacerbated by a decline […]
In a crucial move to bolster Kenya’s economy amidst difficult times, the International Monetary Fund (IMF) Executive Board has completed the fifth review for Kenya under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) arrangements. The decision allows for an immediate disbursement equivalent to approximately US$415.4 million. Kenya’s Extended Fund Facility (EFF) […]
In a move to safeguard its food sovereignty and maintain social peace, Guinea’s ruling junta has announced the suspension of several crucial agricultural exports for a period of six months. The decision, which includes staples like rice, potatoes, and palm oil, is aimed at preserving stocks ahead of the upcoming harvests, according to a trade […]
In a positive turn of events, South Africa’s inflation has taken a steep plunge, landing within the central bank’s target range for the first time in over a year. According to official data released by the national statistics agency StatsSA on Wednesday, annual consumer price inflation fell to 5.4 percent in June, down from 6.3 […]
Ajay Banga, the recently appointed President of the World Bank, has revealed a groundbreaking set of measures aimed at ramping up lending to the world’s most impoverished nations. As part of the Bank’s strategic shift towards combating climate change and pandemics, Banga’s initiatives are poised to unlock substantial financial resources and foster sustainable development worldwide. […]
Lagos, Nigeria – In a historic development for Nigeria’s oil industry, Africa’s largest oil refinery was commissioned in Lagos today by outgoing President Muhammadu Buhari. The long-awaited project, spearheaded by Africa’s richest person, Aliko Dangote, is set to breathe new life into Nigeria’s struggling oil sector, which has faced challenges due to under-performing state-run refineries […]
With a population of nearly 20 million, Zambia is Africa’s largest copper producer. As the nation faces economic challenges, its leadership is determined to navigate the obstacles and steer LUSAKA – Zambia’s economic growth is expected to decelerate in 2023, with the nation’s GDP projected to grow by just 2.7%, down from the 4.7% growth […]
In response to surging retail rice prices and widespread crop damage caused by late monsoon rains, India, one of the world’s top rice exporters, has taken the bold step of banning the export of non-basmati white rice with immediate effect. This move has raised concerns in the global market, as India accounts for over 40% […]
The UK inflation rate has significantly cooled in June, surprising economists by coming in below consensus expectations at 7.9% annually. Analysts polled by Reuters had projected an annual rise in the headline consumer price index of 8.2%, following May’s hotter-than-expected 8.7% reading. While this decline is encouraging, annualized price rises still exceed the Bank of […]
In a concerning development for China’s economy, youth unemployment has reached an all-time high, adding further strain as the country’s post-pandemic recovery stumbles. Official figures reveal that the jobless rate for 16 to 24-year-olds in urban areas skyrocketed to 21.3% last month, sparking alarm among economists and policymakers. As the world’s second-largest economy, China’s growth […]
Kenya’s Central Bank of Kenya (CBK) has lowered its benchmark interest rate by 50 basis points, reducing it to 10.75%...
U.S. President Donald Trump has once again escalated his trade war rhetoric, this time setting his sights on the European...
The World Bank has revised its economic growth forecast for South Africa, increasing its 2025 GDP projection from 1.6% to...
The Central Bank of Kenya (CBK) has rejected a new bond trading platform proposed by commercial banks, known as the...