In a bid to address mounting economic concerns and prevent a return to dollarization, Zimbabwe has unveiled a gold-backed digital currency, named Zimbabwe Gold (ZiG). This initiative comes amidst growing worries over the stability of the country’s economy under President Emmerson Mnangagwa’s administration. Zimbabwe’s central bank has launched ZiG, a digital token denominated in milligrams, […]
Kenya’s imports have experienced a notable decline of almost 14% during the initial eight months of this year. This downturn underscores the significant impact of the weakening Kenyan shilling on the nation’s purchasing power. The Kenyan shilling has witnessed a substantial depreciation of 17% against the US dollar. This depreciation has made imports more expensive, […]
In a recent address, IMF Chief Kristalina Georgieva provided an overview of the current state of the global economy, highlighting both positive and concerning factors. She pointed out that while there are some positive developments, such as increased demand for services and progress in tackling inflation, there are also significant fiscal and financial risks that […]
Niger, one of the world’s poorest nations, has been compelled to make substantial budget cuts following international sanctions imposed in the aftermath of a military coup that occurred in July. In a televised statement, the junta-led government announced that the initial budget of 3.29 trillion CFA francs ($5.3 billion) for 2023 has been significantly reduced […]
The Kenyan government has embarked on a strategic plan to reduce recurrent spending by Ministries, Departments, and Agencies (MDAs), with the aim of saving an estimated Sh130.2 billion. This move, approved by the Cabinet on Tuesday, underscores the government’s commitment to fiscal responsibility. In a press statement, the Cabinet explained that the decision to streamline […]
In a webinar held on Thursday, South Africa’s central bank Governor Lesetja Kganyago delivered a clear message – the South African Reserve Bank (SARB) will not intervene to bolster the ailing rand. Kganyago asserted that the rand’s recent decline is part of a broader global currency realignment, and defending it would be an exercise in […]
The World Trade Organization (WTO) has revised its outlook for global goods trade in 2023, citing multiple global factors that have tempered expectations for a robust recovery. The organization, headquartered in Geneva, Switzerland, highlighted that persistent inflation, higher interest rates, a turbulent Chinese property market, and the ongoing Ukraine conflict have cast a shadow over […]
The Central Bank of Kenya’s Monetary Policy Committee (MPC) decided to maintain the benchmark lending rate at 10.5% during its latest meeting, reaffirming its commitment to managing inflation within the targeted range. This decision comes after a previous rate increase of 100 basis points in June, which was implemented to counter inflationary pressures. The MPC’s […]
In an unexpected turn of events, the United States job market witnessed a significant surge in August, marking its most substantial increase in two years. This surge in job openings, particularly within the professional and business services sector, has ignited discussions about the Federal Reserve’s potential decision to raise interest rates next month. The Labor […]
Ethiopia and the European Union have unveiled a significant cooperation agreement valued at 650 million euros ($680 million). This historic accord signifies a vital step in restoring diplomatic relations and supporting Ethiopia’s recovery from a destructive conflict. The announcement was made during a press conference held in the capital city, Addis Ababa, with Ethiopian Finance […]
In a pivotal moment for Kenya's economic trajectory, President William Ruto has officially assented to three critical National Assembly Bills:...
In a significant pronouncement that reverberates through the burgeoning digital asset landscape, the Bank for International Settlements (BIS), often referred...
The Coca-Cola Company, a global beverage giant, has unveiled a groundbreaking study highlighting its monumental socio-economic impact across the African...
A transformative era has dawned for chilli farmers in Kenya's coastal region with the official commissioning of a state-of-the-art Sh250...
