In response to Kenya’s economic challenges, the International Monetary Fund (IMF) has reached a crucial agreement to provide financial support. This includes an immediate disbursement of $682.3 million, with an additional commitment of $938 million to sustain Kenya’s ongoing economic initiatives. These measures come at a critical juncture for the East African nation, grappling with […]
The International Energy Forum (IEF) and Synmax, a satellite data analytics company, have jointly released a report titled “Fragile Equilibrium: LNG Trade Dynamics and Market Risks,” outlining the impressive trajectory of the global liquefied natural gas (LNG) market. Global LNG trade, reaching a record high in 2022, is anticipated to grow by 25%, totaling 500 […]
Nigeria faced economic uncertainty as the naira hit a record low against the dollar on Thursday. LSEG data showed a drop from 830 to 1,105 naira to the dollar before recovering slightly to 800 by day’s end. The official exchange rate’s convergence with the parallel market rate over the past two weeks has heightened anxieties […]
In a significant stride, Nairobi Gate Industrial Park unveiled East Africa’s maiden Special Economic Zone (SEZ), complete with a gazetted customs control area during yesterday’s inauguration. The industrial park now provides a consolidated hub, offering businesses operating within the facility a streamlined experience with various regulatory agencies, including the Kenya Revenue Authority, Kenya Ports Authority, […]
In a significant development for the global financial sector, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has advocated for a more proactive approach to the creation of Central Bank Digital Currencies (CBDCs). To date, eleven countries, including several in the Caribbean and Nigeria, have successfully introduced CBDCs. However, a noteworthy 120 […]
Against the backdrop of global economic challenges triggered by the conflict in Ukraine, Egypt’s Finance Minister, Mohamed Maait, and India’s Ambassador to Cairo, Ajit Gupte, engaged in a pivotal discussion to fortify economic cooperation. The primary focus of their meeting was on diversifying trade settlements by exploring the feasibility of utilizing local currencies between Egypt […]
Kenya’s horticulture industry has demonstrated robust growth, recording a noteworthy 40% increase in export earnings for the third quarter. The Central Bank of Kenya (CBK) unveiled these promising figures in its latest economic report released on Tuesday. Economic Momentum: Key Metrics During the July-September period, Kenya’s horticulture exports fetched 39.3 billion Kenyan shillings, reflecting a […]
In an unexpected development, CovrigAnalytics reported on Monday that the global sugar production deficit for the ongoing 2023/24 crop year has grown to 2.4 million metric tons, surpassing earlier estimates by 200,000 tons. This surprising revelation coincides with China making a substantial cut of 440,000 tons in its sugar demand. Contrary to initial expectations, the […]
Nigeria is bracing for a significant economic challenge, with KPMG’s latest report projecting a rise in inflation to 30% by the close of 2023. The primary driver behind this concerning forecast is the sustained weakness of the national currency, the naira. In September, inflation reached a two-decade high at 26.72%, setting the stage for heightened […]
October witnessed a commendable financial upswing for President William Ruto’s administration, with tax receipts showing a substantial 19.42% growth, totaling Sh170.48 billion compared to the same period last year. The surge can be attributed to the effective implementation of measures backed by the International Monetary Fund (IMF). Under the Finance Act of 2023, the Kenya […]
In a significant strategic development for both Kenya and the broader African continent, the European Bank for Reconstruction and Development...
In a significant diplomatic and trade breakthrough, China on Friday officially signaled its approval for the export of critical rare...
In a comprehensive assessment of Nigeria's economic trajectory, the African Development Bank (AfDB) has released its 2025 Nigeria Country Focus...
East Africa's leading investment powerhouse, Centum Investment Company PLC, has sent ripples across the regional financial markets with a recent...
