In the third quarter of 2023, Ghana witnessed a deceleration in economic growth, dropping to 2.0% compared to the previous quarter’s 3.2%. The nation, facing its most severe economic crisis in a generation, grapples with a significantly devalued cedi and double-digit inflation impacting consumers. This downturn is primarily attributed to a downturn in the industrial […]
In the upcoming year of 2024, Kenya’s economic landscape is poised for a dynamic expansion, forecasted to reach an impressive 4.5%-5.2%, a slight dip from the estimated 5% this current year, as revealed by the World Bank on a vibrant Wednesday. Despite its status as one of the fastest-growing nations on the African continent, Kenya […]
The global online realm witnessed an exhilarating shake-up when Social Media Dynamo X, the phoenix risen from the ashes of Twitter, plunged into an unexpected hour-long blackout on Thursday. A digital tempest ensued as over 47,000 American denizens grappled with the enigmatic disruptions, encountering perplexing barriers on both X and its premium variant, X Pro. […]
Navigating the treacherous waters of international trade as a franchise holder in Africa can be a daunting task, as highlighted by the recent saga involving Majid al Futtaim, the Carrefour franchise (article link) holder in Kenya. Here are seven crucial lessons that franchise holders can glean from this drama: Beware the Fine Print: Majid […]
Kenya’s competition watchdog has slapped Majid al Futtaim, the local Carrefour franchise holder, with a jaw-dropping $7.1 million fine (£5.6 million) for its dazzling performance in the art of arm-twisting suppliers into accepting bargain-basement prices. The regulator, clearly unimpressed by Carrefour’s theatrics, accused the retail giant of playing puppet master with its suppliers, yanking their […]
Embark on an exciting economic journey as Rwanda charts a path of prosperity, with a projected growth of 6.6% in 2024, surpassing this year’s impressive 6.2%. In a compelling letter to the International Monetary Fund, Finance Minister Uzziel Ndagijimana and Central Bank Governor John Rwangombwa shed light on the nation’s dynamic economic landscape. While initial […]
Tanzania anticipates a robust economic upswing of approximately 5.5% in 2024, marking a noteworthy uptick from the 5% growth projected for 2023. However, this optimistic outlook is not without its cautionary notes, as outlined by the nation’s finance minister and central bank governor in their correspondence with the International Monetary Fund. In a letter dated […]
Kenya and the European Union have edged closer to finalizing a groundbreaking Economic Partnership Agreement, paving the way for Kenya’s exports to enjoy tariff-free status and unrestricted entry into the EU market. This significant development, marking the culmination of seven months of negotiations, was officially announced on Monday. The draft deal, inked by both parties […]
Kenya is actively seeking strategies to realign its budget deficit for the current financial year with its original target, following a setback caused by a depreciation in its currency, as per a statement from a finance ministry representative on Wednesday. In late October, the government of the East African nation adjusted its expenditure plans for […]
In a riveting turn of events, ministers from nearly 200 nations reached a groundbreaking agreement on Wednesday, outlining a visionary shift away from fossil fuels. This momentous decision comes on the heels of a previous proposal that faced widespread criticism. The UAE Consensus, as it’s been dubbed, marks an unprecedented commitment to transition from all […]
