In Uganda, bamboo has government’s backing as a crop with real growth potential

Geopolitical tensions and Russian production cuts are causing jitters in the oil market, leading to rising prices.

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’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.

Ghana’s cocoa production decline is hurting its economy, reducing exports, weakening the currency, and threatening an IMF loan program.

The Egyptian government raised fuel prices in a move that is bound to exacerbate inflationary pressures on an already struggling population.

In December, Ethiopia failed to pay a $31 million coupon, effectively entering default status.

The legal battle continues for Binance executives Tigran Gambaryan and Nadeem Anjarwalla, detained in Nigeria for allegedly violating cryptocurrency regulations.

After a previous rejection, Zambia restarts talks with bondholders to find a solution for its $3 billion debt burden.

Nigeria’s sovereign fund is taking a step towards cleaner energy with a 20MW solar plant, the initial phase of a 300MW project.

President Xi Jinping and President Lourenco announced this upgrade during a meeting, aiming to enhance cooperation across trade, investment, and other sectors.

A deal to sell a majority stake in the troubled South African Airways (SAA) has fallen apart.

Ghana kicks off formal talks to find a solution for its $13 billion debt with international bondholders.

The head of the African Development Bank argues resource-backed loans are unfair, leave African nations in debt, and benefit countries like China.

Nigeria has 13 million cryptocurrency holders, more than any other African country. Kenya is next with 4.4 million.

Algeria is importing massive amounts of beef and lamb to confront an explosion in demand for meat expected during Ramadan.

India signed a trade agreement with Iceland, Liechtenstein, Norway, and Switzerland (EFTA) for increased trade, investment, and job creation.

Egypt has taken significant measures to address its budget deficit, as revealed by the finance minister on Sunday. In a press conference, Finance Minister Mohamed Maait announced that Egypt is set to increase its primary budget surplus to over 3.5% in the upcoming fiscal year starting in July. The primary surplus, excluding interest payments, is a key indicator of fiscal health. Interest payments, constituting more than half of total expenditure in the seven months leading to January, have contributed significantly to Egypt’s persistent deficit. In a recent projection, the finance ministry anticipated a primary general budget surplus equivalent to 2.5% of the gross domestic product for the current fiscal year (2023/24). To bolster its finances, Egypt finalized a deal in February, selling development rights to the Ras al-Hikma Mediterranean resort to Abu Dhabi for $24 billion. Additionally, the country anticipates over $20 billion from an International Monetary Fund (IMF)-led support package inked last Wednesday, which includes a $3 billion contribution from the World Bank. Finance Minister Maait highlighted the positive impact of the Ras al-Hikma deal on the general budget, stating that it would contribute a substantial amount in local currency. This development is expected to result in a deficit lower than the targeted amount. Maait acknowledged challenges faced by the budget, including reduced revenue from the Suez Canal and other sources. Factors such as a depreciating currency and higher interest rates on Egypt’s debts have contributed to increased expenditures. As part of the IMF package, Egypt devalued its currency, adjusting it to around 50 Egyptian pounds per dollar from 30.85 pounds, and raised overnight interest rates by 600 basis points. The finance minister emphasized the government’s commitment to a program of budgetary restraint, ongoing sales of state assets, and the goal of maintaining the country’s debt below 90% of the gross domestic product. The strategy aims to mitigate the impact of a chronic dollar shortage, which has caused significant delays in the release of goods from ports since January. To date, Egypt has released goods totaling $13 billion in value.

IMF said that it will visit Zambia, tentatively mid-April, to assess the adverse impact of the ongoing drought on growth and the country’s budget.

Cocoa farmers across West Africa are monitoring the progress of several plant diseases that are ruining crops on a vast scale and pushing up the global price of cacao.

High food inflation makes it difficult for many Muslims to afford food for their families

Bitcoin reached a record high above $70,000 driven by investor demand for new crypto ETFs and expectations for lower interest rates, despite remaining volatility.

Egypt’s central bank auction sees strong demand for treasury bills with yields exceeding 30% after interest rate increase and Egyptian pound devaluation.

Egypt said Wednesday it has reached a deal with the International Monetary Fund to increase a bailout loan to $8 billion.