IMF aid to Guinea depends on tax debt recovery says government
International Monetary Fund (IMF) has informed Guinea that a new financial support program is contingent upon the country recovering outstanding tax debts.
Google, Meta face potential fines for stifling South African news media
In a provisional report released Monday, the regulator accused Google of skewing search results in favor of global news outlets while downplaying local and community media
Eskom announces days of power cuts in South Africa
South Africa is experiencing widespread power cuts after multiple breakdowns at Eskom’s coal-fired power plants.
Gambia, Turkey strengthen ties through media, culture
Gambian Information Minister Ismaila Ceesay emphasizes Turkey’s strong relations with Gambia, highlighting cultural exchanges and mutual cooperation in media, defense, and investments.
Ivory Coast cashew processors face funding gap
The ancient city of Chinguetti in Mauritania is at risk as desertification and climate change threaten its homes, history, and cultural heritage.
Turkey, South Africa discuss trade, investment in Johannesburg
Turkish Foreign Minister Hakan Fidan met with his South African counterpart Ronald Lamola in Johannesburg to discuss bilateral trade, investment opportunities, potential defense industry cooperation.
African e-commerce giant Jumia plans expansion and cost cuts
Jumia Technologies, an Africa-focused e-commerce retailer, projects order growth of up to 25% and continued cost reductions in 2024, despite facing increasing competition from Chinese companies like Temu.
Ethiopia and Russia ink 3-year nuclear cooperation deal
Ethiopia and Russia’s new nuclear cooperation agreement will drive technological exchange and nuclear infrastructure development.
Jobless rate down in South Africa, but challenges remain
It remains one of the highest in the world, and the country faces economic uncertainty due to potential cuts in US aid.
Rebased data shows lower inflation rate in Nigeria
The rebasing, which reflects changes in consumption patterns, has led to a lower inflation figure than previously reported.
Ethiopia bondholders dispute IMF report on solvency concerns
The bondholders believe the IMF’s analysis undervalues Ethiopia’s economic fundamentals and overstates the need for debt relief.
Ghana intensifies efforts to combat pangolin poaching
Ghana is intensifying efforts to protect endangered pangolins from poaching, focusing on increased patrols, community engagement, and awareness initiatives.
Thomson Reuters rejects ‘social deception’ allegations
The company says it provided software, information services to US agencies to prevent fraud
US escalates trade war with new reciprocal tariff policy
Trump announced new reciprocal tariffs targeting allies and competitors, aiming to counter trade imbalances, though economists warn they may raise US inflation and strain global trade.
DeepSeek AI faces global backlash: What’s behind the controversy?
Several countries have banned DeepSeek for government employees, citing concerns over national security, user data, and privacy
Somalia, Azerbaijan sign agreements to boost cooperation
Azerbaijan and Somalia have taken a significant step towards strengthening their bilateral ties by signing agreements to enhance cooperation in public service, green energy, education, and defense.
Shell in talks with Nigerian oil firms for Bonga North deals
Nigerian oil producers are negotiating with Shell to secure up to 25% of service contracts for the Bonga North project, aligning with the country’s local content goals.
Ivory Coast faces cocoa shortage risk due to dry season
Farmers in Ivory Coast warn that a prolonged dry season could delay the mid-crop harvest and lead to a potential cocoa shortage.
Dangote refinery set to hit full capacity in 30 days, exec says
The 650,000-barrel-per-day (bpd) facility, built by Nigerian billionaire Aliko Dangote in Lagos, began refining crude into diesel, naphtha, and jet fuel in January 2024
Nigeria’s Dangote refinery to reach full capacity in 30 days
The refinery, which has faced challenges securing adequate crude oil supplies, is exploring new markets for its products, including exports to Saudi Aramco.
Ethiopia nears completion of debt restructuring negotiations
Ethiopia’s Finance Minister has announced that the country is in the “final stages” of negotiations to restructure its sovereign debt.
France, UAE to develop $30-$50B AI data centre
The deal was reached during a meeting between French President Emmanuel Macron and UAE President Sheikh Mohamed bin Zayed Al Nahyan in Paris
Egypt signs $3B LNG deals with Shell and TotalEnergies for 2025
After experiencing a significant decline in domestic production, Egypt reverted to being a net importer of natural gas in 2024
Nigeria’s lithium boom raises hopes and sparks concerns
Nigeria is experiencing a lithium mining boom, driven by global demand for the metal used in electric vehicle batteries.
Volkswagen’s African unit sets export record for Polo
Volkswagen’s African unit achieved a record 131,485 Polo exports in 2024, primarily to European and Asia-Pacific markets.
Kenya central bank cuts interest rate again to boost growth
The Central Bank of Kenya cut its key interest rate for the fourth consecutive meeting on Wednesday, aiming to stimulate economic growth. The Monetary Policy Committee lowered the Central Bank Rate by 50 basis points to 10.75%. The Kenyan economy has faced challenges, including the impact of the COVID-19 pandemic and a recent drought. While the economy showed signs of recovery, growth has slowed. The rate cut is expected to encourage lending, boost investment, and stimulate economic activity. However, the bank acknowledged potential risks, such as higher-than-expected inflation and a worsening global economic environment. This action reflects the central bank’s commitment to supporting economic growth while maintaining price stability.
Nigeria increases 2025 budget following higher revenue collection
Nigeria’s President Bola Tinubu has increased the 2025 budget to $36.4 billion, citing additional revenue from tax, customs, and other government agencies.
