Nigeria’s central bank has taken decisive action over the past three months, settling nearly $2 billion in overdue foreign exchange forwards to address a mounting backlog of dollars. Despite these efforts, the nation’s currency, the naira, remains ensnared by persistent forex shortages. With approximately $7 billion in matured forex forwards causing anxiety among investors, the […]
The African startup ecosystem has witnessed a tumultuous 2023. As global venture capital funding experienced a significant decline, the repercussions were deeply felt across the African tech landscape. This downturn in investment has highlighted several challenges, leading to the shuttering of several promising fintech and tech-driven ventures. Let’s delve into the reasons behind these failures […]
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 […]
