Debt burden, project costs squeeze Egypt, Sisi rejects austerity path
Sisi seeks IMF support but faces tough choices amid float currency, curb military dominance, or abandon projects.
South Africa experiences 2nd consecutive monthly decline in inflation
The annual average inflation rate for 2023 stood at 6.0 percent, marking a decrease of 0.9 percentage points from 2022
Egypt calls for more European investment to address currency crisis
Top diplomat Shoukry’s diplomatic offensive underscores Egypt’s urgent need for foreign investment and international cooperation.
Sub-Saharan Africa gripped by worst-ever debt crisis
Zambia’s debt deal offers a glimpse into Africa’s struggle for financial freedom, but challenges remain.
Libyan oil resumes after protester-NOC agreement
Libya’s largest oilfield, Sharara, restarts production after resolving a fuel protest standoff. Details on the agreement brokered by the Libyan National Army.
Sub-Saharan Africa unprecedented challenges amid debt challenges
Unravel the interconnected challenges of sub-Saharan Africa’s debt crisis, urging global cooperation for a solution.
India boosts Nigerian crude imports in strategic move
December sees India taking advantage of Nigeria’s surplus oil, resulting in a substantial surge in crude imports.
IMF approves $941 million loan for Kenya
As of the latest Treasury data released this month, Kenya’s public debt has surged to 10.585 trillion shillings ($65.5 billion)
EgyptAir boosts Libya connections with Misrata
Misrata joins Benghazi and Tripoli as EgyptAir expands its Libyan network with a new direct service from Cairo.
Ghana inches closer to rescue loan disbursement amid IMF review
Ghana’s debt restructuring paves way for potential IMF loan approval this Friday, unlocking crucial financial support.
Nigeria faces highest inflation in over 27 years as rates soar in December
According to the National Bureau of Statistics, consumer inflation climbed for the 12th consecutive month in December, reaching 28.92% year on year
Kenya’s Ruto in regional trip, eyeing investment boost
President Ruto tackles infrastructure concerns, empowers youth, and attracts foreign investment in Nakuru and Nyandarua.
Turkey ready for collaboration to harness Libya’s energy potential
Stressing long-standing partnership between Turkey, Libya, Alparslan Bayraktar says this alliance could be expanded into energy sector
Focusing on oil and gas, Libya seeks to rebuild economy
At the Libya Energy and Economic Summit, PM Dbeibeh highlights Libya’s commitment to economic reform and leveraging its energy resources.
Ghana’s $5.4B debt relief deal nears completion
Ghana is nearing a deal with official creditors on restructuring $5.4 billion of debt, aiming to finalize the terms by Friday and unlock a vital $600 million IMF loan tranche to tackle its economic crisis.
Microsoft briefly dethrones Apple as top tech titan
Apple contends with weakening demand as Microsoft briefly claims the market value crown, driven by AI advancements.
Botswana, De Beers OK $1B deal for world’s leading diamond mine
Botswana stands as Africa’s foremost diamond producer, with diamond mining constituting a third of its GDP
EU probes Microsoft-OpenAI partnership
EU investigates Microsoft’s OpenAI deal, fearing dominance in AI field.
IMF greenlights $60.7 million disbursement to Mozambique
According to the IMF, Mozambique’s program performance has been satisfactory
5,000 Swiss troops ready for Davos economic forum security
Swiss military readies 5,000 troops to safeguard Davos during the annual WEF event.
Nigeria central bank settles nearly $2 billion of FX backlog
The country, boasting Africa’s largest economy, grapples with approximately $7 billion in matured forex forwards, a significant concern for investors
Libya’s NOC enacts force majeure at Sharara Oilfield
Negotiations are underway to swiftly resume production, NOC has reported
OPEC oil output inches up as Angola exits body, new cuts
December sees a slight uptick in OPEC’s oil output, marked by increases from Iraq, Angola, and Nigeria.
Niger seeks revenue from international calls after coup sanctions
Niger government seeks revenue from incoming calls to boost struggling economy.