Ethiopia’s economic woes deepened as Fitch Ratings delivered a significant blow, downgrading the nation’s credit rating to “C.” The downgrade, triggered by a recent failure to meet a $1 billion Eurobond payment, marks the lowest level before an outright default. Challenges Mount: Economic Struggles and Civil Unrest Fallout The missed payment exacerbates Ethiopia’s existing economic […]
In a strategic move to bolster Kenya’s economic vitality, the World Bank has given the nod to the Kenya Jobs and Economic Transformation Project (KJET), earmarking a substantial Sh23 billion to empower the micro, small, and medium enterprises (MSMEs) sector. With a keen eye on job creation, increased private sector investments, and enhanced market access, […]
Kenyan banks are witnessing a substantial increase in dollar deposits, soaring by Sh528.56 billion over the first ten months of 2023 due to the ongoing depreciation of the Kenyan shilling against the US dollar. Central Bank of Kenya (CBK) data reveals a remarkable 57 percent surge in dollar deposits, reaching Sh1.449 trillion by the end […]
In a pivotal move reflecting a shift in economic strategy, the Federal Reserve announced on Wednesday its decision to maintain current interest rates, indicating the conclusion of a two-year period of tightening U.S. monetary policy. The released economic projections subtly suggest an impending reduction in borrowing costs for the year 2024. Acknowledging a notable easing […]
Egypt is set to embark on a comprehensive economic reform agenda post the presidential elections, with global investment giant Morgan Stanley steering the nation’s financial strategy. The renowned bank recommends a meticulous approach, emphasizing a “phased devaluation of the pound in the short term” instead of a sudden exchange rate floatation. The strategy aims to […]
In response to the persistent issue of national blackouts, Kenya’s Energy Minister, Davis Chirchir, announced a strategic approach to combat the frequent power disruptions that have plagued the country. The move involves the consideration of localized load-shedding to address the root cause of these outages – demand surges. The most recent country-wide blackout occurred on […]
In a significant announcement during COP28 in Dubai, the African Development Bank Group (AfDB) revealed its strategic plan to introduce a $1 billion insurance facility, designed to safeguard over 40 million farmers across Africa from the adverse impacts of climate change. Known as the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA), the initiative gained […]
In a comprehensive Global Trade Update released on Monday, the United Nations Conference on Trade and Development (UNCTAD) painted a sobering picture for the world economy, projecting a 5% contraction in global trade for 2023 compared to the previous year. The total estimated commerce value for the year stands at approximately $30.7 trillion. The report […]
Kenya faces escalating economic challenges as recent data from the Central Bank of Kenya (CBK) underscores a decline in the nation’s competitiveness vis-à-vis East African counterparts, Uganda and Tanzania. The primary culprits behind this worrisome trend are a fall in foreign direct investment (FDI) and the depreciation of the Kenyan shilling. During a recent media […]
Argentina stands at a critical juncture as Javier Milei, an unconventional economist turned president, assumes office with a commitment to undertake profound economic reforms. In his inaugural address outside the Buenos Aires congress, the 53-year-old leader declared an end to the nation’s era of “decadence and decline” and outlined his vision for a comprehensive overhaul. […]
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...
