Sea-Air Modal transportation to take African trade to new heights.
|

Sea-Air Modal transportation to take African trade to new heights.

Ethiopian airlines has signed a strategic partnership agreement to jointly commence sea-air multi-modal transportation with International Djibouti Industrial Park (IDIPO) and Air Djibouti for swift transportation of goods for Africa. Based on this agreement, the cargo will be transported from China to Djibouti Free Zone by sea and will be uplifted by air from Djibouti…

Mauritius hikes interest rates  for the first time since 2011 over inflation fears
|

Mauritius hikes interest rates for the first time since 2011 over inflation fears

African Indian Ocean island nation Mauritius has increased its key interest rate for the first time in over a decade as it anticipates Ukraine’s war piling on inflation pressures in 2022. This hike is the first ever since 2011. “The monetary policy committee raised the rate from 1.85% to 2%,” said Central Bank of Mauritius…

Oil production at Libya’s largest oil field resumes
|

Oil production at Libya’s largest oil field resumes

Libya’s national oil company says it has resumed oil production today on the country’s largest field three days after an armed group shut it down. The shutdown has caused the country’s daily production of oil to drop by 330,000 barrels. The state-run National Oil Corporation said the group closed pump valves at the Sharara field,…

Six countries to benefit from AFDB’s grant on natural resource outflows
|

Six countries to benefit from AFDB’s grant on natural resource outflows

Six African countries are set to benefit from a grant from the Transitional Support Facility (TSF) of the African Development Fund, a concessional lending arm of the African Development Group. This grants will soon be given through a project designed to “strengthen national capacity for governing natural resource outflows in Africa,” AFDB said. The Central…

Will innovative technologies foster UNEA’s ‘End Plastic Pollution’ resolution?
|

Will innovative technologies foster UNEA’s ‘End Plastic Pollution’ resolution?

As the heads of states, environment ministers and other representatives from 175 nations, endorsed a historic resolution on the full lifecycle of plastic, including its production, design and disposal at the UN Environment Assembly in Nairobi on Wednesday to end plastic pollution, and forge an international legally binding agreement, by the end of 2024 pollution…

DRC court appoints new administrator to run China’s Molybdenum Tenke Fungurume mine
|

DRC court appoints new administrator to run China’s Molybdenum Tenke Fungurume mine

A court in DRC has removed China Molybdenum as the owner of the world’s largest copper and cobalt mine saying the company owes DRC billions of dollars in arrears. The court has then appointed the state miner Gecamines as the new administrator to the Tenke Fungurume mine. This order was made by the Tribunal of…

Tanzania risks debt distress post pandemic: World Bank
|

Tanzania risks debt distress post pandemic: World Bank

Tanzania’s risk of debt has worsened from low to moderate. This is according to World Bank’s 17th Tanzania Economic update. Conducted in September 2021, the survey shows that the risk has been exacerbated by the dismal performance of the tourism sector due to the COVID-19 pandemic concerns. Tanzania lost major business deals after President John…

South Africa’s Biovac to receive  $150M  from development partners to fund expansion
|

South Africa’s Biovac to receive $150M from development partners to fund expansion

 Biovac , South Africa’s vaccine manufacturer has clinched a deal with a consortium of nine development finance institutions to raise $150M to fund the Cape Town based facility to produce up to 1- billion doses a year. This deal bolsters South Africa and the African continent to increase vaccine manufacturing capacity and reduce reliance on…

What does the invasion of Ukraine by Russia mean for Africa?
|

What does the invasion of Ukraine by Russia mean for Africa?

The invasion of Ukraine by Russia on the morning of 24th February marked a new period in world history. In what Russia’s president called a “special military operation” on Ukraine, Africa and the globe was not ready for what was to come.  In spite of the geographical distance there are very important ties between Africa,…

Women, mining and the untold story.
|

Women, mining and the untold story.

Richard Auty, a renowned scholar in 1993 introduced a concept of the ‘resource curse’ to define how countries rich in natural resources are generally unable to use that wealth to improve their economies. The concept delves around how counter-intuitively these countries have lower long‐ term economic growth than countries which do not possess an abundance…

Eswatini considers using Mozambican gas to generate more electricity.
|

Eswatini considers using Mozambican gas to generate more electricity.

Eswatini Electric Company is gauging its interest in a plan to build infrastructure that would tap gas from neighboring Mozambique to generate electricity. The power company’s infrastructure will include pipelines as well as trucks will be used to ferry gas from locations in Mozambique. This is in a bid to supply gas-fired turbines, with additional…

SMEs set to benefit from AfCFTA as MFS Africa joins PAPSS
|

SMEs set to benefit from AfCFTA as MFS Africa joins PAPSS

Millions of African businesses are set to benefit  from opportunities in the African Free Trade Area (AfCFTA) as MFS Africa, one of Africa’s largest digital payments network announced that it has joined the Pan-African Payment and Settlement System (PAPSS) network. PAPSS which is the newly established African cross-border and financial markets infrastructure, facilitates the clearance,…

Six African countries to get mRNA vaccine technology in a WHO program.
|

Six African countries to get mRNA vaccine technology in a WHO program.

World Health Organization has named six African countries who will be the first recipients of the technology required to produce mRNA vaccines in Africa. Egypt, Kenya, Nigeria, Senegal, Tunisia and South Africa will receive the technology as part of the vaccine hub program by WHO. The announcement was made at a ceremony hosted by the European…

Uganda withdraws from International Coffee Organization amid fears of losing its European lucrative market.
|

Uganda withdraws from International Coffee Organization amid fears of losing its European lucrative market.

Uganda has withdrawn from the International Coffee Organization. This follows a decision by Uganda Coffee Development Authority not to renew their two-year extension of their membership through the International Coffee Agreement. Uganda’s intention to leave was signaled in September 2021. According to a press release by Uganda Coffee Development Authority, the body wants the International…

Finnfund opens regional office in Nairobi in search of investment opportunities
|

Finnfund opens regional office in Nairobi in search of investment opportunities

Finnish Fund for Industrial Cooperation Ltd (Finnfund), a sovereign wealth company has opened a regional office in Nairobi. This office is set to expand its portfolio in the local market where it has already made several investments. The fund normally invests $226M to $280M in 20 to 30 companies throughout developing countries with its targets…

Will African  commercial banks endure the shocks of decentralized finance revolution?
|

Will African commercial banks endure the shocks of decentralized finance revolution?

I have had so much ease transacting business in the recent days since everything is just a tap away on my mobile phone. Making purchases, receiving tailored solutions, choosing customized products, enjoying delivery of almost any item directly at my front door from different applications has become the norm for both consumer goods and services….

Zanzibar’s $2BN growth plan to move beyond tourism
|

Zanzibar’s $2BN growth plan to move beyond tourism

Zanzibar is drumming up a $2BN plan to encourage shipping, oil exploration and processing of seaweed as it seeks to expand beyond tourism that makes up more than quarter of the economy.. “The 5-year blueprint proposes developing the oil and gas sector alongside with efforts to boost the booming blue-economy,” says Ali Hassan Mwinyi, president…

Slow ratification of legal instruments is delaying the establishment of  AU’s financial institutions.
|

Slow ratification of legal instruments is delaying the establishment of AU’s financial institutions.

African Union must work collectively to reform the global financial architecture as well as build and strengthen the union’s financial institutions. This was said by Ghana’s President and AU’s champion for financial institutions Nana Akufo Addo during his delivery of the second report to the Assembly in the just concluded AU summit in Addis Ababa,…

Crude oil processing vessel explodes in Warri, Nigeria
|

Crude oil processing vessel explodes in Warri, Nigeria

An oil production and storage vessel has exploded off the Nigerian Coast with 10 crew members on board. Trinity Spirit, a Floating Production, Storage and Offloading (FPSO) vessel by Sheba Exploration and Production Company limited (SEPCOL) was engulfed by flames near Warri in Southern Nigeria. The vessel could process up to 22000 barrels of crude…