Kenya’s Court of Appeal has made a significant decision by overturning the suspension of the 2023 Finance Act. The suspension had been put in place following Treasury Cabinet Secretary (CS) Prof Njuguna Ndung’u’s assertion that the government was losing an estimated half a billion shillings per day due to the freeze. A panel of three […]
In the heart of Africa, Kenya has emerged as a trailblazer in the realm of digital innovation, and one sector, in particular, has been a driving force behind the nation’s economic growth and financial inclusivity: digital credit. Through harnessing the power of technology, digital credit has transformed access to finance, empowering individuals and businesses alike, […]
In a recent development, Fitch Ratings, a prominent global rating agency, has taken a noteworthy step by revising Kenya’s credit rating outlook from stable to negative. This move is significant as it joins the chorus of concern from other major rating firms such as Moody’s and Standard & Poor’s, which have also expressed reservations about […]
Saudi Arabia, which was previously recognized as the fastest-growing economy in the G20, is now experiencing a notable economic slowdown in the second quarter of this year. During this period, the country’s GDP only expanded by 1.1% annually, a stark contrast to the impressive 11.2% growth seen in the same quarter of 2022. The main […]
Argentina’s economic woes are set to receive a much-needed boost as the International Monetary Fund (IMF) and the country reach a staff-level agreement. The agreement unlocks access to $7.5 billion in funds from the IMF to support Argentina’s struggling economy, which has been grappling with a tough economic backdrop. The agreement aims to address Argentina’s […]
The European Central Bank (ECB) has decided to raise its benchmark deposit rate by a quarter-percentage point to 3.75 per cent, matching a high last seen in 2001. This move marks the ninth consecutive rate increase and comes on the heels of the US Federal Reserve’s similar decision to raise rates. ECB President Christine Lagarde’s […]
In the wake of last week’s coup in Niger, the West African nation has been dealt a major blow to its financial stability as countries around the world condemn the military uprising. The Central Bank of West African States (BCEAO) has cancelled a planned 30 billion CFA franc ($51 million) bond issuance by Niger in […]
The International Monetary Fund’s (IMF) Executive Board convened to discuss the first review of Malawi’s 12-month Staff-Monitored Program (PMB) with Executive Board involvement. The program, greenlit by the IMF Management on July 13, 2023, has been under close scrutiny due to the country’s resilience in the face of multiple challenges. Malawi has confronted a series […]
As African leaders converge in St. Petersburg for the second Russia-Africa Summit. With 49 African delegations and 17 heads of state in attendance, the two-day summit and economic forum offer a unique opportunity to explore key areas of cooperation between Russia and Africa. Top on the summit’s agenda are discussions surrounding food security and the […]
China’s top diplomat, Wang Yi, arrived in Kenya on Saturday for a significant visit, during which he lauded the economic partnership between China and Kenya as a win-win. The Chinese embassy in Kenya issued a statement highlighting the close friendship and mutual trust between the two nations in both political and economic realms. Kenya, with […]
In a bold move signaling a significant shift in its domestic economic policy, the Tanzanian government has issued a directive...
The International Monetary Fund (IMF) today delivered a cautiously optimistic update to its global economic outlook, projecting revised growth rates...
In a pivotal step towards a sustainable and equitable energy future, South Africa and the African Development Bank (AfDB) have...
In a monumental boost for energy access and digital inclusion across Kenya, Sun King, a global leader in off-grid solar...
