Ivory Coast ends mid-cocoa discount
Ivory Coast cancels a mid-crop grading discount, leading to potential losses for exporters.
EU-Kenya trade deal: Duty-free access for Kenyan exports
The EU and Kenya have officially adopted a trade deal offering duty-free access for Kenyan exports to the EU market.
African leaders demand reform of ‘unjust’ global financial system
African leaders at a major economic gathering say the current global financial system unfairly penalizes African nations with high borrowing rates, hindering their development.
Guinea-Bissau aims to tackle corruption with blockchain system
The country implements a blockchain platform to manage civil servant salaries, promoting transparency and tackling ghost worker issues.
UN revises global unemployment forecast downward
The International Labour Organization revises its 2024 global unemployment forecast to a slight decline, but warns of persistent gender inequalities in the labor market.
Wealthy nations finally meet $100 billion climate aid target
Wealthy countries finally delivered the promised $100 billion in annual climate aid to developing nations in 2022, but experts and the UN urge more ambitious goals for the future.
Pandemic, oil terminal blast hit Guinea’s economic growth
Guinea’s projected economic growth for 2024 has been lowered to 4.2% due to pandemic aftereffects, global tensions, and a domestic oil terminal explosion.
China electric vehicle exports surge in Brazil amid EU probe
The EU’s anti-subsidy investigation disrupts China’s electric vehicle exports to Europe.
Suez traffic crawls; Cape of Good hope doubles
Total number of vessels passing through Suez Canal falls from 1,094 in November to 85 in March and 159 in April, data shows
US-Kenya forge new trade links, eyes economic boost
US-Kenya trade relations poised for expansion with new dialogue and business ventures.
Morocco’s top miner: Revenue falls with cobalt cut
Morocco’s largest mining company, Managem, reported a revenue drop due to reduced cobalt output, despite higher prices for other metals.
Ghana reviews debt restructuring deal with bilateral creditors
Ghana is reviewing a draft agreement with bilateral creditors to restructure $5.4 billion in debt, paving the way for potential IMF bailout funds and aiming to strengthen its currency.
Ghana petrol price resilience despite currency shifts
Despite the cedi’s depreciation, Ghana maintains its 10th position for the lowest fuel price in Africa, with an average petrol price of $1.070 per litre.
Ivory Coast regulator tackles fraud in Fairtrade cocoa contracts
Ivory Coast’s market regulator, led by Yves Brahima Kone, aims to combat fraud related to fairtrade certified cocoa contracts.
Nigeria’s central bank has raised interest rates again
The Central Bank of Nigeria hiked its key interest rate by 200 basis points, as Africa’s largest economy looks to recover from a historic currency crisis.
Africa’s venture capital scene encounters challenges
Investments in African startups surged from $1.3 billion to $4 billion between 2019 and 2021.
Microsoft unveils AI-powered tablet and laptop
The Surface Pro 11 and Surface Laptop boast advanced AI chips for faster performance and improved creativity with Windows 11 integration.
Moroccan program helps disabilities to find jobs
Facing high unemployment rates, a program in Morocco is helping people with disabilities find jobs and achieve their dreams.
Parliament approves US$150m World Bank IDA loan
Akufo-Addo’s office said it would wait for the outcome of two legal challenges to the bill before it passes to him for assent.
Emirates’ Nigeria services resume after two years
Emirates is resuming flights to Nigeria from October 1st, ending a two-year hiatus caused by difficulties repatriating funds.
Nigeria inflation scales new 28-year peak in April
The central bank has raised interest rates twice this year, including its largest hike in around 17 years, as it struggles to contain the price pressures.
Benin lifts blockade, allows Niger to export oil
Benin lifted its blockade, allowing Niger to export oil via the Seme port, resolving a trade standoff triggered by ECOWAS sanctions on Niger’s military rulers.
Morocco’s EV car industry speeds ahead
Morocco, with its fast-track factory approvals, skilled workforce, and strategic location, has become Africa’s leading car exporter, raising questions about its ability to adapt to the electric vehicle revolution.
Egypt receives $14 billion more in UAE investment deal
Egypt receives another $14 billion from the UAE as part of a massive $35 billion investment deal to develop the new Ras El-Hekma urban center.
Senegal government freezes Dakar beach construction projects
Senegal’s new government halts construction along Dakar’s coastline for two months to investigate the legality of permits and ensure public access to the beaches.
Nigerian labor unions protest soaring electricity prices
Labor unions in Nigeria staged nationwide protests against the government’s recent electricity price increase, arguing it worsens the cost of living crisis despite unreliable power supply.
DR Congo, EU aim to improve mineral tracking
Despite accusations of Rwandan mineral theft, the EU and DR Congo forge a partnership to track minerals more effectively.