Ethiopia official creditors to extend deadline for IMF deal
Paris Club extends Ethiopia’s IMF deal deadline to June, offering a brief respite amid ongoing debt crisis negotiations.
Ghana to hike cocoa farmgate price by 50 pct
To address smuggling and share profits from the global cocoa price boom, Ghana announces a significant increase in farmgate prices for cocoa farmers.
Caledonia seeks AfDB for $250 Million Zimbabwe gold mine
Caledonia Mining, aiming for Zimbabwe’s biggest gold mine, seeks funding from African development banks for its $250 million Bilboes project.
Senegal’s new leader orders audit of oil, gas and mining sectors
Senegal’s newly elected leader, Faye, announces an audit of the oil, gas and mining sectors, aiming to ensure transparency in resource management.
Power price hike looms in Nigeria as subsidy reduction announced
In a move to tackle budget pressures, Nigeria plans to cut electricity subsidies for wealthier consumers (15%).
Dangote refinery begins supplying fuel to Nigeria
A historic moment for Nigeria as Dangote’s refinery, the biggest in Africa, begins supplying fuel locally.
Gold soars to record highs despite strong dollar
Gold prices shatter records for a third consecutive day, driven by momentum investors, safe-haven demand.
AfDB bans Chinese builder for Uganda fraud
A Chinese road builder is banned for failing to disclose a commission agent in a Ugandan project bid.
Ivory Coast to increase official farmgate cocoa price
Ivory Coast, the world’s largest exporter of cocoa is exected to increase the official cocoa farmgate price.
Chocolate prices to keep rising as West Africa’s cocoa crisis deepens
Top growers in Ivory Coast and Ghana are facing catastrophic harvests, resulting in record-high cocoa prices.
Kenya, Uganda to end oil import feud over licensing
The assurances to license Unoc comes less than a week
Central bank of Nigeria raises interest rates
This decision marks a continuation of the bank’s efforts to combat surging inflation.
Uganda launches first-ever interest-free Islamic banking
Islamic banking has potential to significantly contribute to development of Uganda’s financial sector.
US boosts African food imports: $300 million target
Looking to expand African food offerings in the US, USAID launches a project to increase imports by 10%.
Africa launches new energy bank for oil, gas projects
The African Energy Bank, a partnership to fund oil and gas projects in Africa despite environmental concerns, is expected to launch this year with $5 billion in capital.
Kenya Airways takes off: First profit in 7 years
The airline secured its first operating profit in seven years, driven by a 53% revenue increase and a 43% jump in passengers.
Nigeria central bank raises interest rates to 24+ pct to curb inflation
Nigeria’s central bank raised interest rates to a record high to combat inflation exceeding 30%, following government reforms that caused price pressures.
Ghana seeks faster bond deal for $13 billion
Struggling Ghana seeks to accelerate debt restructuring negotiations with bondholders for over $13 billion in international bonds.
Binance executive detained in Nigeria
The Binance executives were due to appear in court on April 4.
Bamboo farming in Uganda on the rise
In Uganda, bamboo has government’s backing as a crop with real growth potential
Bitcoin breaks $70,000 barrier, surges 11.7 pct again
Geopolitical tensions and Russian production cuts are causing jitters in the oil market, leading to rising prices.
Zambia strikes $3 billion debt restructuring deal with creditors
Zambia’s government strikes a crucial deal, restructuring $3 billion of international bonds in an agreement with private creditors to address its debt burden.
Ethiopia plans legislation allowing foreigners to own real estate
Ethiopia’s Prime Minister Abiy Ahmed announces plans to introduce legislation allowing foreigners to own real estate in the country as part of broader economic reforms aimed at attracting investment.
Disease, smuggling cut Ghana’s cocoa output
Ghana’s cocoa production decline is hurting its economy, reducing exports, weakening the currency, and threatening an IMF loan program.
Egypt increases fuel prices following depreciation of currency
The Egyptian government raised fuel prices in a move that is bound to exacerbate inflationary pressures on an already struggling population.
IMF mission visits Ethiopia as Abiy pushes for loan deal
In December, Ethiopia failed to pay a $31 million coupon, effectively entering default status.
Binance execs held in Nigeria for another two weeks
The legal battle continues for Binance executives Tigran Gambaryan and Nadeem Anjarwalla, detained in Nigeria for allegedly violating cryptocurrency regulations.