In a candid admission, the Central Bank of Kenya governor, Kamau Thugge, addressed a parliamentary committee on Tuesday, highlighting long-standing concerns about the overvaluation of the Kenyan shilling. This announcement comes as the shilling faces a steady decline, recently reaching historic lows, now exchanging at more than 150 against the US dollar. This represents a […]
Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), delivered a sobering message at the Future Investment Initiative (FII) in Riyadh. She highlighted the current state of the global economy, which is marred by persistent inflation, necessitating high interest rates, thereby adding to the strain on growth prospects. Georgieva stressed the inevitability of […]
Nigeria, Africa’s largest economy, is set to embark on a comprehensive tax reform to simplify its complex tax system and enhance its business-friendly environment. The primary objective is to reduce the multitude of taxes currently in place to fewer than 10, a move aimed at promoting investment and increasing government revenues. The current tax-to-GDP ratio […]
In a strategic move, the Kenya Revenue Authority (KRA) aims to collect an additional Ksh 282 billion in revenue from large taxpayers in the current fiscal year, supported by simplified processes to enhance compliance. KRA Commissioner-General, Humphrey Wattanga, announced the tax agency’s ambitious goal to collect Ksh 1.1 trillion from this group of taxpayers in […]
The World Bank is gearing up to make a substantial expansion in its catastrophe bonds (cat bonds) offering, aiming to boost it from $1 billion to $5 billion within the next five years. Michael Bennett, a spokesperson for the World Bank, made this announcement, marking a notable development in the world of financial instruments. The […]
In a significant legal development, Nigeria has emerged victorious in its endeavor to challenge an $11 billion damages bill associated with a defunct gas processing project. This was achieved on the grounds of an alleged campaign of bribery. The dramatic legal saga saw Nigeria facing off against Process & Industrial Developments (P&ID), a British Virgin […]
In a move met with mixed reactions and public protests, Tanzania’s government officially signed a port management agreement with DP World, a Dubai-based logistics giant, on Sunday. The deal, endorsed in the presence of Tanzania’s President, Samia Suluhu Hassan, aims to enhance trade with neighboring landlocked countries and expedite operations at the nation’s largest port, […]
The US financial landscape has witnessed a significant milestone, as the yield on the benchmark 10-year U.S. Treasury note surged past the 5.0% threshold. This achievement hasn’t been seen since July 2007, and it comes on the heels of a notable but short-lived attempt last week. The 10-year Treasury bond, long-regarded as a safe haven […]
The Kenyan shilling, struggling under the weight of economic challenges, plunged to an all-time low, reaching 150 shillings to the US dollar on Monday. This depreciation has exacerbated existing problems, including soaring inflation rates and the implementation of new taxes, burdening Kenyan citizens. The shilling’s decline has been a consistent trend over recent years, with […]
S&P Global Ratings downgraded Egypt’s sovereign credit ratings. Egypt’s long-term foreign and local currency credit ratings have been lowered from “B” to “B-” with a stable outlook. The decision, communicated through an official statement on October 20th, is attributed to persistent delays in implementing essential monetary and structural reforms in the North African nation. The […]
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...
