A sense of unease hung heavy in the air at the recent World Economic Forum (WEF) meeting in Riyadh. President Borge Brende painted a concerning picture of the global economy’s future. His stark message: buckle up for a potentially long stretch of sluggish growth unless world leaders take decisive action. Brende outlined a series of […]
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 […]
