The African Development Bank (AfDB) and the South Korean Government have solidified their commitment to African development with a $28.6 million financial partnership. This collaboration is an extension of the Korea-Africa Energy Investment Framework, initiated in 2021, which has already provided $600 million in co-financing to bolster African nations’ human capacity and energy sectors. In […]
Encouraging news for Kenya’s economic outlook as the Parliamentary Budget Office releases its report projecting a 5.5 percent growth in the GDP for 2023, up from the 4.8 percent recorded in 2022. The anticipated expansion is driven by several key factors, chiefly the reduced cost of living and a rejuvenated agricultural sector. A significant catalyst […]
The International Monetary Fund (IMF) revealed in its latest update to the Global Debt Database that global debt as a percentage of economic output experienced a notable decrease in 2022. This marks the second consecutive year of decline, following strong growth and unexpected inflation trends. However, caution is warranted, as experts anticipate a potential reversal […]
Rwanda has taken a significant step towards diversifying its energy portfolio and reducing its reliance on fossil fuels by signing a crucial agreement with the German-Canadian start-up, Dual Fluid Energy, to construct an experimental civil nuclear reactor. According to Dual Fluid Energy’s CEO, Gotz Ruprecht, this cutting-edge reactor, set to undergo testing by 2026, is […]
Morocco is currently dealing with the aftermath of a devastating earthquake that struck on Friday, with initial assessments indicating that the nation’s Gross Domestic Product (GDP) could face damage equivalent to 8 percent according to the United States Geological Survey (USGS). The survey has expressed serious concerns about the widespread destruction and extensive economic losses […]
Recent data from the Bank of England’s quarterly survey reveals that residential mortgages in the UK have hit a seven-year high in arrears, totaling £16.9 billion in the three months leading up to June 2023. This figure reflects a notable 28.8% increase compared to the same period in the previous year. This concerning surge in […]
In a significant move towards sustainability, the UAE Carbon Alliance has unveiled plans to invest $450 million in African carbon credits by 2030. This strategic investment follows a non-binding Letter of Intent signed between the UAE Carbon Alliance and the Africa Carbon Markets Initiative’s (ACMI) Advance Market Signal during the COP27 summit in 2022. The […]
In response to mounting depreciation pressures on the Chinese currency, the People’s Bank of China (PBOC) is implementing stricter controls over bulk dollar purchases by domestic corporations. Reuters disclosed that companies seeking to acquire $50 million or more in foreign currency will now require approval from the PBOC. Over the weekend, the central bank engaged […]
Kenya has achieved a significant milestone in its trade relationship with China, successfully exporting its first 52-tonne batch of anchovies, commonly referred to as ‘omena,’ to the Chinese market. This achievement follows a bilateral agreement inked between the two nations early last year. China’s Director-General of the Department of African Affairs, Wu Peng, expressed his […]
In a momentous diplomatic move, the African Union (AU) has secured permanent membership in the Group of Twenty (G20) during the G20 leaders’ summit, hosted by Indian Prime Minister Narendra Modi. This landmark decision reflects India’s commitment to fostering inclusivity and amplifying the voices of nations from the Global South. Africa’s presence within the G20 […]
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...
