In a surprising turn of events, Angola has announced its departure from the Organization of the Petroleum Exporting Countries (OPEC), citing a divergence of interests. This decision, rooted in a dispute over Angola’s 2024 output quota, has raised concerns about the unity within OPEC and its broader coalition, OPEC+. Angola’s Oil Minister, Diamantino Azevedo, stated […]
In a significant development, Saccos have achieved a major milestone by crossing the Sh1 trillion mark in member deposits. Despite economic challenges prompting some withdrawals for immediate needs, the State Department of Cooperatives reports a robust 15.6 percent surge in savings, reaching Sh1.047 trillion in the year to June 2023 from Sh906 billion. This remarkable […]
In a notable development, the interest rate on the widely-used 30-year fixed-rate mortgage in the United States dropped to 6.83% last week, marking its lowest point since June. The Mortgage Bankers Association’s report on December 20 revealed a significant 24 basis points decrease in the average contract rate during the week ending December 15. This […]
Ghana, renowned for being the world’s second-largest cocoa producer, is confronting a severe threat to its cocoa industry from illegal mining, locally known as “galamsey.” This challenge is exacerbating the nation’s economic crisis, marked by a daunting 26.4% inflation rate in November. Michael Kwarteng, director of anti-illegal mining activities at the Ghana Cocoa Board (COCOBOD), […]
In response to unexpected fiscal challenges arising from lower-than-anticipated tax collections, Kenya’s National Treasury has revised its domestic borrowing target for the current financial year. This adjustment comes as the government grapples with the complexities of President William Ruto’s ambitious first full-year budget of nearly Sh3.9 trillion. The latest figures reported in the Kenya Gazette […]
India has solidified its position as the world’s leading recipient of remittances, experiencing a remarkable 12.3% surge in 2023, with an influx of $125 billion. This substantial increase not only highlights the financial contributions of the Indian diaspora but also underscores their pivotal role in fortifying the nation’s economic foundations. The United States remains the […]
TotalEnergies, a major player in the global energy sector, has unveiled plans for a substantial $6 billion investment in Nigeria’s energy landscape. The commitment was underscored during a pivotal meeting between TotalEnergies’ CEO, Patrick Pouyanne, and Nigeria’s President, Bola Tinubu, held in Abuja on Monday. The French energy giant aims to reinforce its foothold in […]
Latest Treasury bills auction unfolded with a remarkable uptick in investor interest, propelling one-year T-bill rates beyond the 16% mark, a significant leap from the previous week’s 15.79%. This surge was a direct response to the Central Bank of Kenya’s (CBK) strategic decision to raise its base lending rate by two percentage points during the […]
In response to the escalating year-end liquidity demand, China’s central bank, The People’s Bank of China (PBOC), recently reinstated the use of 14-day reverse repos. This strategic move, the first in three months, injected a total of 244 billion yuan ($34.28 billion) into the market through open market operations. Of this, 184 billion yuan utilized […]
In a recent report, HSBC has delivered a stark warning about Egypt’s economic future, predicting a further depreciation of the Egyptian pound against the US dollar. The forecast, ranging from 45 to 50 EGP, is slated for the first quarter of 2024, adding a layer of complexity to the country’s ongoing economic challenges. This cautionary […]
Kenyans holding virtual assets such as cryptocurrencies and other digital tokens could soon have the option to insure them under...
Goldman Sachs has issued a stark warning about mounting risks to global supply chains of rare earth elements and other...
BP, one of the world's largest integrated energy companies, has confirmed the preliminary results of the Volans-1X exploration well in...
By Brian NzomoOctober 22, 2025 Tether, the company behind the world's largest stablecoin USDT, has made a strategic investment in...
