A powerful message of unity and urgency resonated from a recent meeting between African leaders and the World Bank. The focus? A significant boost in funding for the World Bank’s International Development Association (IDA) program. This critical initiative provides developing countries, especially those in Africa, with a lifeline: low-interest, long-term loans to tackle some of […]
Zimbabwean streets have undergone a dramatic transformation. Just a fortnight ago, they throbbed with the activity of black-market currency traders, their calls echoing off buildings. Now, an eerie silence has descended as a police crackdown has sent these unofficial money changers scurrying for cover. The reason for this dramatic shift? The Zimbabwean government is on […]
Kenya Airways, Kenya’s national airline, is soaring again after years of financial woes. They’ve turned a corner, recording an operating profit in 2022 for the first time in seven years. This is good news, but is it smooth skies ahead, or just a temporary break in the storm? The Climb Back Up: Passenger numbers across […]
Somalia’s finally shaking off the shackles of the past. That massive debt that’s been weighing them down for years? Gone! This debt relief is a game-changer, allowing them to ditch the metaphorical credit card and focus on building a stronger economy from the ground up. It’s a fresh start, a chance to rewrite their financial […]
President Félix Tshisekedi of the Democratic Republic of the Congo has set his sights high, aiming to generate a whopping 6.4 million job opportunities during his second term, equating to about 1.3 million jobs annually. His game plan? Mining—the nation’s prime export. With untapped mineral resources valued at a jaw-dropping $24 trillion, the potential for […]
Kenyans abroad are on a record-breaking money-sending spree! They funneled a whopping $1.2 billion (Ksh158 billion) back into the Kenyan economy during the first quarter of 2024. This 18.8% surge over last year is a welcome sign, likely fueled by easing inflation in developed countries where many Kenyans live and work. Breaking it down further, […]
The Kenyan shilling has emerged as a surprising outperformer in Sub-Saharan Africa, experiencing a significant appreciation against major currencies in 2024. This positive development can be attributed, in part, to the strategic interventions of the Central Bank of Kenya (CBK). The CBK implemented a two-pronged approach to bolster the shilling. Firstly, it employed a series […]
Kenya’s banking sector has been in a fascinating tug-of-war lately. New accounting rules, while intended to strengthen the financial system, forced banks to confront the reality of potential loan defaults. To avoid taking a financial tumble, Kenya’s biggest banks have been busy pumping billions into their reserves. The culprit behind this capital scramble? IFRS 9, […]
South African consumers, after a year of unleashed spending in 2022 as pandemic restrictions eased, adopted a more cautious approach in 2023. Rising living costs put a strain on wallets, with groceries becoming a more prominent expense than ever before. However, there’s a potential ray of sunshine peeking through the clouds: anticipated interest rate cuts […]
A longstanding oil squabble between Kenya and Uganda has been squashed! After decades of relying on Kenyan middlemen for their oil, Uganda’s state-owned oil company, UNOC, can now import directly through Mombasa port. This agreement ends months of simmering tensions that even saw Uganda explore using Tanzania’s port facilities instead. The good news doesn’t stop […]
