Kenya and EU seal landmark trade pact
The signing ceremony in Nairobi witnessed the presence of Kenyan President William Ruto and EU Commission Chief Ursula Von Der Leyen
Egyptian exports to Africa surges, reaching $6B
Forget oil, Egypt’s new export heroes are marble, cement, and chemicals! Trade with Africa surges 13%, hitting $6 billion in just 10 months.
Kenya secures 2,500 jobs in Saudi Arabia, confirms President Ruto
The announcement closely follows Kenya’s recent commitment to dispatch 1,500 workers to Israel
North African nations eye alternatives to US currency
North Africa’s de-dollarization move is not just about currency; it reflects a broader shift in geopolitical and economic alliances in the region.
IMF, IDA approve a $4.5 billion debt relief for Somalia
‘This is a testament to Somalia’s unwavering commitment to economic reforms,’ says IMF managing director
Tanzania, Burundi and DRC secure $696M backing for rail network project
The African Development Bank (AfDB) has approved $696 million in financing for a rail project that will connect Tanzania, Burundi, and the Democratic Republic of Congo.
US welcomes ‘record’ year in trade with Africa
This surge in trade initiatives aims to counterbalance China’s escalating influence across the continent
Opposition raises concerns over Russia ties in S Africa’s nuclear plans
South Africa’s energy future depends heavily on its nuclear plans, but the controversy surrounding Russia’s role creates uncertainty and potential risks.
South Africa announces plans for new nuclear plants amid energy crisis
South Africa has grappled with extensive power cuts lasting up to 12 hours a day over the past 15 years
Blueprint for South Africa’s future energy mix gets cabinet nod
South Africa’s Cabinet has approved an updated energy blueprint that sets out a long-term plan for the country’s energy future.
Egypt’s headline inflation eases to 34.6% in November
The decrease was primarily attributed to a slowdown in the pace of food price escalations
Nigeria’s biggest: Dangote refinery aims to end reliance on oil imports
The Dangote Refinery represents a major step towards energy independence and growth.
Algeria supports oil production cuts extension
Energy Minister Mohamed Arkab stated in a Wednesday announcement that the alliance’s actions are aimed at stabilizing the global oil market by aligning it with “intrinsic fundamentals” rather than leaving it vulnerable to “irrational fluctuations of speculators.”
India extends $250 million credit line to Kenya
Kenyan President William Samoei Ruto holds talks with Indian Prime Minister Narendra Modi in New Delhi
Economy contracts in South Africa as elections loom
With general elections looming in 2024, South Africa grapples with high unemployment
Botswana’s extended import ban hampers regional trade
Local farmers welcome the move, while neighboring producers raise concerns about its impact on regional trade.
Kenyan court blocks firm sell-offs
The court’s decision is a major setback for the government’s economic reform agenda.
Bitcoin surpasses $41,000 amid optimism for ETF approval
Total value of crypto market rises over 3.77% to around $1.54T
Tanzania signs major land-based carbon credit deal
Tanzania has signed a groundbreaking deal for one of East Africa’s biggest land-based carbon credit projects.
South Africa extends $2.5 billion lifeline to port operator Transnet
Transnet, responsible for operating Africa’s largest rail freight network and all ports, will immediately access 22.8 billion rand to address debt
Zambian inflation hits 20-month high amid kwacha depreciation
Statistician-General Mulenga Musepa disclosed that consumer prices rose by 12.9% from the preceding year
Ethiopia secures $1.5 billion debt relief agreement
The nation’s financial stability has been adversely affected by the two-year conflict in the northern Tigray region
Africa’s economic outlook dims amid global uncertainty
Africa’s economic growth is being hindered by global factors, such as the war in Ukraine and the slowdown in China’s economy.
Court OK’s $10B French-led East African pipeline project
A court threw out a lawsuit against a $10 billion oil pipeline project in East Africa due to a procedural issue.