Kenya to cut spending in revised budget after tax-hike rollback
President William Ruto recently fired almost his entire cabinet and pledged to form a broad-based government in response to protester demands
Senegal to renegotiate oil contracts, says President Faye
After taking office in March, Faye ordered an audit of the oil, gas, and mining sectors and emphasized the need for fairer terms with foreign operators
IMF cuts Botswana’s 2024 growth forecast sharply
Falling diamond sales widen the budget deficit, prompting the IMF to advise slowing infrastructure spending.
African Group supports Okonjo-Iweala for another WTO term
The African Group has requested WTO chief Ngozi Okonjo-Iweala to run for a second term, highlighting her historic leadership and the need for continued progress.
Trucking giant JSL eyes Nigeria as Africa expansion heats up
The Brazilian logistics giant eyes the potential of Africa’s most populous nation.
Eastern parliament’s budget rejected by Libya’s HSC
Libya’s High State Council (HSC) rejected a budget passed by the eastern-based parliament.
Uganda central bank starts local gold purchase to boost forex reserves
The move is expected to impact Uganda’s increasing gold exports, which surged to $2.3 billion last year
Libyan parliament unanimously approves extra funds for Benghazi
Libyan eastern parliament approves additional 88 billion dinar budget to support Benghazi government for the rest of 2024
Mali signs nuclear plant deals with Russia’s Rosatom
Russia’s state nuclear company Rosatom expands its footprint in Africa with deals signed with Mali’s military rulers.
China and Guinea-Bissau forge strategic partnership
China and Guinea-Bissau announce a strategic partnership, marking a significant development in their bilateral relations.
Mali flights grounded due to fuel shortage
Mali’s aviation industry faces a crisis as a fuel shortage disrupts flights.
Boakai cuts salary by 40% to boost accountability in Liberia
President Joseph Boakai cuts his salary by 40% to promote accountability and combat poverty and corruption in Liberia.
Egypt, Emirate KSH investment in $500m Cairo venture
Safwat Kaliouby Group and Emirati KSH Investment partner on $500 million Nile project in Cairo.
Saudi Arabia expresses interest in Nigerian red meat and soybeans
Nigeria aims to diversify its exports beyond the oil and gas sectors to promote non-oil exports and protect its economy from oil price fluctuations
Nigeria battles soaring food prices with tax cuts and imports
To tackle soaring food prices, Nigeria suspends import taxes on staples like wheat and maize for 150 days.
South Africa pursues renewables revolution
The country’s new energy minister pledges an “ultra-aggressive” push for renewables, aiming to become a leader on the continent.
South Africa’s energy crisis arises as blackouts achieve 100 days
South Africa’s Eskom expects a $823 million annual loss despite ending blackouts, attributing the loss to high diesel costs for power generation.
Rwanda gets doubled loan package from South Korea
Rwanda’s Ministry of Finance announced a $1 billion concessionary loan from South Korea to fund development projects in transportation, healthcare, and education.
Kenyan Ruto announces new borrowing plans and spending cuts
President William Ruto of Kenya has announced new borrowing plans and significant spending cuts after protests against tax hikes that resulted in 39 deaths and widespread unrest in the country.
Nigeria’s gasoline debt surpasses $6B amid supplier backlash
President Bola Tinubu’s decision last year to terminate costly fuel subsidies led to a tripling of pump prices initially
Telecom giant fined for squeezing competition in Morocco
A Moroccan court upheld a record $630 million fine against Maroc Telecom for unfair competition practices that stifled competitor Inwi.
Nigeria’s oil regulator approves key onshore asset sales
Nigeria’s oil regulator approved the sale of key onshore assets to Oando and Project Odinmim, while approvals for Exxon Mobil and Shell’s sales remain pending.
Congo secures final loan payment, must improve spending clarity
The IMF finishes disbursing a loan to Congo, with future support contingent on transparency in military spending and mining revenue.
World Bank suspends Gabon’s right to make withdrawals
The World Bank’s active projects in Gabon focus on public health, skills development, and statistics, as listed on its website