Ghana receives $360m IMF aid tranche to address crisis
Ghana secures $360M IMF aid tranche to tackle economic challenges and promote inclusive growth.
Zimbabwe’s gold-backed currency faces rocky debut
Banks faced technical difficulties, old banknotes lost value overnight, and many businesses continued using US dollars.
Zimbabwe’s introduction of new currency plagued by chaos
Numerous establishments, including stores and street vendors, opted to transact solely in US dollars due to a scarcity of coins
Ivory Coast secures $574 million IMF loan
Ivory Coast secures a $574 million loan from the IMF to support economic reforms and a new climate action plan.
Ghana set to raise cocoa farmgate price significantly
In a response to both high global cocoa prices and competition with Ivory Coast, Ghana raises cocoa farmgate prices.
Caledonia in talks with African banks for Zimbabwe mine funding
The company is in discussions with African development banks as potential lenders for the $250 million project.
Senegal to conduct audit of resource sectors, reassure investors
New president, Faye, announces an audit to ensure transparency and responsible resource management.
Nigeria to cut electricity subsidy for wealthier consumers
Nigeria’s economic reforms continue with a planned reduction in electricity subsidies.
Africa’s biggest refinery starts pumping fuel in Nigeria
Nigeria’s dream of energy independence inches closer to reality with Dangote’s massive oil refinery starting fuel deliveries.
Gold breaks records despite conflicting market forces
The gold market is experiencing an unprecedented surge, breaking records for a third consecutive day.
Kenyan doctors strike enters third week, talks remain stalled
Kenyan doctors on strike since March 15 demand better pay, hiring of trainee doctors, and improved working conditions.
One-year ban for China road firm in Uganda
The African Development Bank banned a Chinese road builder for a year due to undisclosed commission agent use in bidding for a Ugandan road project.
Kenya’s tourist revenue surpasses pre-COVID levels
Traditionally renowned for its wildlife parks and stunning Indian Ocean beaches, Kenya has attracted tourists from around the globe
Egypt set to receive initial portion of expanded IMF loan next week
The arrangement builds upon a previous $3 billion, 46-month Extended Fund Facility inked in December 2022
US launches initiative to boost African food imports
Africa Trade Desk aims to increase sales by $300 million, benefiting small-scale farmers and meeting US demand for unique African flavors.
Africa Energy Bank set for launch in 2024 with $5B war chest
The Africa Energy Bank is set to launch with $5 billion to fund oil & gas projects across the continent.
Kenya Airways soars to first operating profit in seven years
Kenya Airways emerges from years of losses, recording its first operating profit in seven years thanks to a surge in revenue and passenger numbers.
Nigeria’s central bank aggressively hikes rates to combat inflation
Nigeria’s central bank hikes interest rates to a record 24.75% to battle soaring inflation above 30%.
Ghana pushes for faster debt restructuring talks
Ghana aims to fast-track debt restructuring talks with bondholders to secure IMF funds and overcome its worst economic crisis.
Bitcoin breaks records, stocks mixed on rate cut bets
New exchange-traded funds (ETFs) are fueling a surge in Bitcoin demand.
Zambia agrees to $3 billion debt restructuring deal
Zambia’s government announces a milestone agreement, restructuring $3 billion of international bonds in a debt restructuring deal with private creditors.
Nigerian food banks reduce assistance amid soaring prices
According to World Bank data, 46% of Nigeria’s population was classified as poor in 2023, with twenty million residing in urban areas
Ghana’s cocoa woes threaten economic recovery
Ghana’s cocoa woes are causing a ripple effect. Falling production slashes exports, shrinks trade surplus, and weakens the cedi.
Nigeria detains Binance officials over crypto crackdown
Facing a crypto crackdown in Nigeria, Binance executives remain in detention despite a court appearance.