Ivory Coast is the world largest cocoa producer, and this year it has been unable to sell most of its produce due to the ongoing pandemic. The coronavirus pandemic has led to global grinding dropping 4% on average and general demand for the produce drop sharply. As a result, the West African nation has been…
South African Airways (SAA) has received a new $650 million bailout in the mid-term budget released by the South African government. The state-owned airline has been under bankruptcy protection since December, and after the government imposed a strict coronavirus lockdown in March, has flown only repatriation and cargo flights. South African Airways financial woes have…
Sudan has doubled domestic fuel prices as it aims to reduce a gaping budget deficit. The government which has long fixed fuel prices at one of the lowest levels in the world raised prices of locally produced diesel by 23 Sudanese pounds ($0.8364) a litre. The move will anger most of the nation’s impoverished citizens…
Total has announced a second significant gas condensate discovery in the Outeniqua Basin, located 175 kilometers off the southern coast of South Africa. The French oil giant’s announcement follows an adjacent discovery made in 2019, which provided huge hopes of petroleum riches for Africa’s most developed nation, South Africa produces 41,319 million cubic feet of…
A report released by the Mogadishu-based Hiraal Institute has revealed that Somali Islamic extremist group al Shabaab collects as much tax as the government through a sophisticated system that involves levies on activities ranging from importing goods to irrigating crops. The report was based on 70 interviews with businessmen, government officials, al Shabaab defectors and…
Zambia’s government has reached an agreement with the China Development Bank (CDB) to defer debt repayments that were due this month on a loan it received from the lender. According to the finance ministry, Zambia owed CDB nearly $391 million at the end of last year, which is just a tenth of the total $3…
The World Meteorological Organization (WMO) has warned that Africa is suffering from the impacts of climate change, and worse is yet to come for the continent’s food supplies, health and economy. According to the U.N. climate agency, temperatures have been rising in Africa at a comparable rate to other continents but the region is exceptionally…
Even before the euphoria in Sudan had settled down following the country’s removal from the U.S. list of state sponsors of terrorism, protests began as citizens came into reckoning with the entirety of the deal. Not only had Sudan agreed to pay $335 million as compensation to the victims of the U.S. Embassy bombings in…
President John Pombe Magufuli is a no nonsense man. That doesn’t need to be said again. Through his no non-sense administration, he has steered what was once a resource rich but sluggish economy to a level where it is challenging the region’s economic powerhouses. Picture this. Before Magufuli was sworn in 2015 to begin his…
Physical fitness and wellness has long been associated with the wealthy class, the elderly or people suffering from lifestyle diseases such as obesity. Statistics show that the level of obesity in Kenya is approaching 50% of the population as at 2018 with the most affected group being women between the ages of 19-49 years. Jackie…
Heightened corruption fears have led South African investigators to begin a widespread probe of the government’s coronavirus spending worth $636.2 million. In a submission to parliament, the Special Investigation Unit (SIU) revealed that the amount they are investigation is more than double a previous figure that was under investigation two months ago. South Africa has…
U.S. president Donald Trump is known for making short outbursts that shock the world. But most people, even his critics, admit that such comments that often sound irrational, threatening, outside the realm of reality, and belonging to a drunk man who’s had seven rounds at the bar, are laced with some deep truths. Especially when…
Seychelles opposition leader Wavel Ramkalawan has won the country’s presidential poll, marking the first time an opposition candidate has won the presidency since 1977. The electoral commission announced that Ramkalawan, a former Anglican priest, garnered 54.9% of the vote while President Danny Faure captured 43.5%. The win was slightly unexpected as Ramkalawan, at his sixth…
Ethiopia has gazette a new law that could see people jailed for up to two years if they deliberately violate restrictions aimed at curbing the spread of COVID-19. The new decree from the attorney general’s office comes amid heightened concern that citizens are becoming lax after a state of emergency was lifted. Alongside the new…
South Africa’s cabinet has approved sweeping policies to lift the domestic ferrochrome industry including through an export tax on chrome ore. While reading the cabinet statement, Minister in the Presidency Jackson Mthembu said, “The interventions include the proposed introduction of the export tax on chrome ore, the usage of energy efficiency technologies on smelters, and…
Botswana’s government has approached the World Bank for budgetary support as the country’s economy suffers from a dip in revenues due to the ongoing COVID-19 pandemic. Botswana’s economy dropped by 24% in the second quarter of 2020, as coronavirus enforced lockdowns at home and across the world slowed down domestic economic activity and limited diamond…
Global payments provider firm PayPal has announced that it will allow customers to hold bitcoins and other virtual coins its online wallet, and shop using cryptocurrencies at the 26 million merchants on its network. Through this move, the California based company could aid bitcoin and rival cryptocurrencies gain wider adoption as viable payment methods across…
American firm Stripe has purchased Nigerian fintech startup Paystack, as it aims to taps into the fast growing online market in Africa. Bothe companies announced the acquisition, which is believed to be worth $200 million. The figure is reflection of the strength of Nigeria’s and Sub-Saharan Africa’s online market. “The African internet economy is expanding…
Uganda’s Permanent Secretary in the Ministry of Energy Robert Kasande has confirmed that the second extension of bids for the country’s second oil licensing round expired in September without any new expressions of interest received from oil companies. Uganda had invited companies in March to explore five new blocks on offer in the Albertine Graben,…
Former Burundian president Pierre Buyoyoa has been sentenced to life in prison by Burundi’s top court for the murder of another president who defeated him in elections in 1993. The death of Melchior Ndadaye who had defeated Buyoya to become Burundi’s first freely elected president plunged the country into a 10-year civil war that killed…