Kenya’s banking sector faces a significant challenge as loan defaults soar to a record high of Sh634 billion, marking a 26% increase over the past year, according to data from the Central Bank of Kenya. This surge in non-performing loans, amounting to an additional Sh129.8 billion within just one year, reflects the strain on the […]
Turkey’s central bank announced the conclusion of its series of interest rate hikes, settling at a policy rate of 45 percent, up from 42.5 percent. This decision, aimed at combating record inflation and addressing the country’s cost of living crisis, marks a significant milestone in the bank’s efforts. Under the leadership of Governor Hafize Gaye […]
In a move widely anticipated by economists, South Africa’s Reserve Bank opted to keep its benchmark interest rate unchanged at 8.25% during its latest meeting. This decision marks the fourth consecutive hold on rates, reflecting the central bank’s cautious approach amidst ongoing economic uncertainties. Governor Lesetja Kganyago announced the unanimous decision, highlighting the continued commitment […]
In a noteworthy development, Kenya’s exports to Uganda have exceeded Sh100 billion, marking a significant milestone attributed to the weakened state of the Kenyan shilling against its Ugandan counterpart. Official data for November 2023 reveals that Kenya exported goods valued at Sh105 billion to Uganda during that month alone. The Kenyan shilling experienced a considerable […]
In the face of seismic global economic shifts, a recent study by the Association of Chartered Certified Accountants (ACCA) has unveiled critical challenges confronting small and medium enterprises (SMEs). The study, focusing on escalating costs, workforce dilemmas, and the evolving Environmental, Social, and Governance (ESG) reporting landscape, paints a stark picture of the current SME […]
Nigeria’s Central Bank, led by Governor Olayemi Cardoso, has announced a robust plan to combat the country’s surging inflation rates, aiming for a substantial decline to 21.4%. Against the backdrop of December’s alarming inflation figure of 28.92%, the move comes as a proactive measure to stabilize the economy. In a recent speech, Governor Cardoso emphasized […]
Against the backdrop of persistent forex scarcity, businesses and individuals with dollar-denominated loans are grappling with a mounting crisis. Unable to access US dollars, borrowers in sectors such as real estate, transport, communication, and construction are resorting to repaying their debts in local currency, a move that is technically defaulting and contributing to the surge […]
In response to recent market fluctuations, China has unveiled a strategic plan to bolster market confidence amidst economic uncertainties. Premier Li Qiang, presiding over a cabinet meeting, acknowledged prevailing challenges, including a weakened housing market, sluggish demand, deflationary pressures, and geopolitical uncertainties. This acknowledgment comes as Chinese shares experienced a notable downturn, prompting concerns about […]
In the latest report by S&P Global Ratings, Nigeria’s mobile money landscape comes under scrutiny, revealing a gap compared to its counterparts, Ghana and Kenya. Despite a commendable surge in mobile phone usage, reaching 93 percent (103 million) in 2023 from 90 percent in 2020, registered mobile money accounts in Nigeria still fall short. Fintech […]
In a strategic move, the Biden administration has announced a targeted $4.9 billion student loan forgiveness initiative, providing relief to 74,000 borrowers. This comes as a measured response after the Supreme Court rejected a broader $400 billion loan forgiveness plan in June 2023. This initiative specifically addresses the challenges faced by public servants, including teachers […]
Kenya's fiscal deficit is projected to widen by 10.23 percent in the 2026/27 financial year (FY), signaling renewed pressure on...
Financial markets are experiencing a significant shift as the benchmark US 10-Year Treasury Yield has decisively fallen below the critical...
A comprehensive demographic research study conducted by the International Labour Organisation (ILO) has revealed alarming statistics about Nigeria's employment landscape,...
Africa's electric mobility story has long been characterized by unfulfilled promise rather than tangible progress. Infrastructure remains scarce across the...
