The BRICS group of nations, comprising Brazil, Russia, India, China, and South Africa, is set to witness a significant expansion as more than 40 countries have expressed their keen interest in becoming part of this influential alliance. South Africa, the current chair of BRICS and a key mediator, revealed that while 22 countries had formally […]
Japan’s economy is set to make a notable comeback with an expected growth of 1.4% in 2023, surpassing last year’s 1.0% rise, according to the International Monetary Fund’s (IMF) latest projection. The bright economic outlook comes as pandemic restrictions are eased, stimulating increased consumer spending and overall economic activity. Pierre-Olivier Gourinchas, the IMF’s chief economist, […]
The Israeli shekel experienced a dramatic rollercoaster ride on Monday, as investors grappled with the potential long-term impact of rising political tension in the country. The shekel weakened for a third consecutive day, dropping 0.7% against the dollar, after initially surging more than 1%, only to plummet by as much as 1.5%. The cause of […]
Safaricom Plc, Kenya’s leading telecommunications and financial services provider, has announced a groundbreaking partnership with UK-based payments infrastructure company TerraPay (Mobex Kenya). This collaboration aims to revolutionize cross-border remittances by enabling over 32 million M-PESA customers in Kenya to send and receive money to Bangladesh and Pakistan, reaching a combined population of over 200 million […]
Kenyan consumers are feeling the pinch as onion prices soar to unprecedented heights following a significant reduction in imports from Tanzania. The scarcity of Tanzanian onions has triggered a sharp increase in local onion prices, with the commodity now trading at a staggering KSh150 per kilogram. The shortage has been further exacerbated by a decline […]
In a crucial move to bolster Kenya’s economy amidst difficult times, the International Monetary Fund (IMF) Executive Board has completed the fifth review for Kenya under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) arrangements. The decision allows for an immediate disbursement equivalent to approximately US$415.4 million. Kenya’s Extended Fund Facility (EFF) […]
In a move to safeguard its food sovereignty and maintain social peace, Guinea’s ruling junta has announced the suspension of several crucial agricultural exports for a period of six months. The decision, which includes staples like rice, potatoes, and palm oil, is aimed at preserving stocks ahead of the upcoming harvests, according to a trade […]
In a positive turn of events, South Africa’s inflation has taken a steep plunge, landing within the central bank’s target range for the first time in over a year. According to official data released by the national statistics agency StatsSA on Wednesday, annual consumer price inflation fell to 5.4 percent in June, down from 6.3 […]
Ajay Banga, the recently appointed President of the World Bank, has revealed a groundbreaking set of measures aimed at ramping up lending to the world’s most impoverished nations. As part of the Bank’s strategic shift towards combating climate change and pandemics, Banga’s initiatives are poised to unlock substantial financial resources and foster sustainable development worldwide. […]
Lagos, Nigeria – In a historic development for Nigeria’s oil industry, Africa’s largest oil refinery was commissioned in Lagos today by outgoing President Muhammadu Buhari. The long-awaited project, spearheaded by Africa’s richest person, Aliko Dangote, is set to breathe new life into Nigeria’s struggling oil sector, which has faced challenges due to under-performing state-run refineries […]
Global credit ratings agency S&P Global Ratings upgraded Kenya's long-term sovereign credit rating to 'B' from 'B-' on Friday, citing...
Syria will issue new banknotes in December 2025, removing two zeros from its currency in an ambitious attempt to restore...
Reserve Bank Governor Lesetja Kganyago has issued a stark warning that South Africa is heading toward serious financial trouble, with...
HewaTele Limited, a Kenyan medical oxygen producer, has secured US$10.5 million from AfricInvest's Transform Health Fund to build a large-scale...
