Egypt’s money supply grows rapidly despite IMF pressure
Despite IMF pressure, the central bank continues to support the government’s spending.
China’s lending to Africa increases for the first time in 7 years
From 2012 to 2018, Africa received over $10 billion annually in loans from China, driven largely by President Xi Jinping’s Belt and Road Initiative (BRI)
South African potato prices soar due to frost damage
A frost in Limpopo, South Africa, has damaged potato crops, leading to a 15% increase in potato prices nationwide.
Grand Ethiopian renaissance dam expands power generation
Ethiopia’s Grand Ethiopian Renaissance Dam (GERD) has doubled its electricity production after two more turbines started operating.
South Africa’s graft probe reveals $7 billion in losses
The losses amount to billions of dollars and have had devastating consequences for the country’s economy.
Senegal halts mining near Mali border to protect river
The Faleme River, a vital source of water for thousands in Senegal, is facing significant pollution from gold mining.
Rising food prices push millions into hunger in Nigeria
Over 31.8 million Nigerians are facing acute food insecurity due to security challenges and the removal of fuel subsidies, according to a recent study.
Binance money laundering case fast-tracked in Nigeria
Binance, the world’s largest cryptocurrency exchange, is facing a money laundering trial in Nigeria.
Below-average rains hinder Ivory Coast’s cocoa harvest
Despite abundant pods on trees, Ivory Coast’s cocoa harvest is starting slowly due to below-average rainfall.
Ivory Coast to boost support for small cocoa exporters
The aim is to increase their purchasing volumes and make them more competitive in the global market.
Ghana offers bondholders choice in debt restructuring
The government is offering bondholders the opportunity to exchange their existing bonds for new instruments with different terms.
Mali’s gold reserves plummet 17% in two years
Syama mine remains the largest gold reserve in Mali despite a significant decrease in the country’s overall reserves.
Yaga expands into Kenya and Nigeria for second-hand fashion
Since its launch in 2020, Yaga has become a significant player in the South African second-hand fashion market
Kenya’s first nuclear power plant is set for 2034 despite objections
Kenya plans to construct a nuclear power plant by 2034 with a focus on clean energy and increased capacity.
Algeria sends fuel to Lebanon to restore power
Algeria has sent an initial shipment of fuel to Lebanon to help address the country’s severe power outage crisis.
South Africa’s inflation rate hits three-year low
However, the country’s economy remains challenged by high unemployment and poverty.
Nigeria to sell oil in naira to Dangote refinery starting October
Last month, the government authorized the state oil company NNPC to start selling crude oil to the Dangote refinery in naira
Ghana’s Cocobod ends 3-decade loan, targets local funding
The 2024/25 cocoa season in Ghana is set to begin earlier than usual, with a reduced target of 650,000 tonnes due to unfavorable weather conditions.
Qatar Airways expands African footprint with Airlink investment
Qatar Airways has acquired a 25% stake in the South African regional airline Airlink, strengthening their existing partnership and expanding their African network.
Azerbaijan officially seeks BRICS membership
Azerbaijan has officially applied to join the BRICS bloc of emerging economies, following the recent expansion of the group.
Egypt slaps up to 50% hike on electricity bills
The move is part of the country’s economic reform agenda tied to an IMF loan.
Nairobi taxi drivers demand higher pay, ignore app fates
A price war between Uber, Bolt, and local rivals has pushed Kenyan taxi drivers to the brink.
Ethiopia’s currency float sparks hope for debt relief
Bondholders have rejected the government’s proposed debt haircut, setting the stage for tense negotiations.
SADC leaders gather in Zimbabwe for economic summit
President Mnangagwa assumes the SADC chair as leaders meet in Harare to discuss strategies for boosting economic growth and addressing regional security concerns.
Namibia resumes poultry imports from South Africa
Namibia, which consumes around 2,500 metric tons of chicken per month, primarily depends on imports from neighboring South Africa to meet its demand
Nigeria, Equatorial Guinea sign key gas pipeline agreement
Nigeria and Equatorial Guinea signed a crucial gas pipeline agreement in Malabo, targeting opportunities in gas exploration, employment, and regional stability within africa.
Congo’s South Kivu lifts mining suspension, governor announces
The suspension, imposed in July due to “disorder caused by mining operators,” affected mining operations in the region, which is rich in tin ore cassiterite and coltan