Ghana will gain revenues worth $1 billion next year from its nascent petroleum industry, authorities have projected. Out of the total, participating interest from crude oil will fetch the West African country $537.61 million, corporate income tax – $261.13 million, royalties from the sale of crude – $238.1 million, and surface rentals will be $0.9…
Seychelles’ financial woes may ease in the coming days as the International Monetary Fund (IMF) has approved the second disbursement of $34 million. The announcement came as cabinet ministers decided that employees of state-owned enterprises will not receive any bonuses or incentives for 2021. The disbursement by IMF is part of the 32 month extended…
The East African Business Council (EABC) is pushing for a bilateral meeting to eliminate all remaining non-tariff barriers between Kenya and Uganda so as to further accelerate post-COVID economic recovery and foster integration across the wider region. According to this apex body that represents interests of investors and businesses in the region, a quick convening…
Wowzi, an internet-based Kenyan startup, has secured a total of $3.2 million financing from the Africa-focused venture capital firm 4DX Ventures, part of which includes a recently concluded $2 million seed round. Launched in 2020, Wowzi is an online marketplace that democratises influence, connecting everyday social media users with big brands, and enabling nano and…
Egypt has remained one of the few countries that has maintained positive growth during and after the COVID-19 crisis. In October 2021, Egypt instituted structural reform policies that were deemed integral to its efforts to accomplish a sustainable and resilient economic recovery. Egyptian GDP remains at an all-time high and is expected to continue increasing…
The African Development Bank’s board of directors have approved a $170 million loan to finance a newly-launched digital and creative enterprises programme in Nigeria. The investment in Digital and Creative Enterprises Program (i-DICE) is an initiative by the Federal Government of Nigeria to promote investment in digital and creative industries. It targets more than 68…
In 2016, Ugandan President Yoweri Museveni had a dream. After 30 years of lull, the East African country, whose airport has become a fixation of Hollywood movies, would have its national carrier flying across the world. The crane in the national flag would spread its wings and ensure the $450 million that Ugandans spent on…
Over the last decade, tech entrepreneurship has continued to represent a major source of growth and development across the world and has become very vital for Africa. Hundreds of tech hubs have emerged across the African continent and risen to become the most active players in the technology scene. They have continuously driven innovation and…
Kwara, a Nairobi-based fintech, has raised $4 million seed capital to build a neobank app that will enable individuals to sign up with their preferred credit unions and access various financial services. Kwara was launched in 2019 to aid credit unions, commonly known as SACCOs, in Kenya shift to digital platforms by providing them with…
In a bid to stem the spread of the omicron variant of COVID-19, Ghana’s health and aviation authorities have issued, what could be, the harshest ever imposed guidelines, to airlines flying passengers into the country. In a statement announcing the sweeping directives, health authorizes said effective Tuesday, December 14, 2021, all persons flying in and…
Twin pressures of tight COVID-19 restrictions and the spate of civil disorder that rocked the country in July contributed to South Africa’s economy contracting in the fourth quarter. According to Statistics South Africa (SSA), GDP slumped by 1.5% eroding some of the hard-fought gains the country had made in the proceeding two quarters. The worst…
The African Continental Free Trade Area (AfCFTA) could help drive economic growth and reduce inequalities widened by the pandemic, a newly released report by UNCTAD indicates. The AfCFTA came into operation on January 1st, and all countries except Eritrea have signed up. It consists of 1.3 billion people with a combined GDP of $3.4 trillion….
Elections in The Gambia are always a thrilling affair. There is a unique marble voting system used nowhere else in the world and results that rock the political establishment. While the outcome of this election avoided the ugly scenes witnessed four years ago – when former President Yahya Jammeh refused to accept defeat – a…
Nations across the globe and mostly in Africa are rushing to pass laws designed to support and promote homegrown innovation. Africa has made great strides recently in fulfilling its dream of becoming a launchpad for innovative high technology companies. In 2020 alone, Nigeria and Kenya were the hotspots of venture capital investments with the countries…
Africa’s aviation sector is struggling to hit pre-pandemic levels, with airlines projected to lose revenues worth $8.5 billion in 2021 due to ongoing travel bans and limited domestic travel. However, the figure represents a slight improvement from the year before when losses mounted to $10.21 billion. According to the African Airlines Association (AFRAA), the poor…
The African Airlines Association (AFRAA) has decried the recent imposition of travel bans on southern African countries after discovery of the Omicron variant, terming it unhelpful in curtailing the spread of COVID-19. There is feeling of betrayal, especially in South Africa, where the hard graft of scientists in unearthing and transparently announcing to the world…
Over the last decade, China has outgunned Western powers in cementing its ties with the continent, and now it is winning the COVID-19 vaccine diplomacy war. Vaccine diplomacy is a relatively new term that has entered our lexicon primarily due to the pandemic that began in Wuhan, China. It employs vaccine delivery and distribution to…
The International Monetary Fund has called on the world’s largest economies to extend debt relief, warning of an economic catastrophe in developing countries without such help. The G20 Debt Service Suspension Initiative (DSSI) expires at the end of the year, and without a renewal, developing countries would face financial pressure and spending cuts. The spread…
Tanzania’s Central Bank has announced plans to roll out its digital currency, following in the footsteps of Nigeria and a global wave of adoption of cryptocurrencies. In preparation for this major step, the Bank of Tanzania is currently strengthening the knowledge and capacity of its officers on digital currencies. “To ensure that our country is…
Chinese President Xi Jinping has pledged to provide 1 billion COVID-19 vaccine doses to African countries and invest $10 billion across the next three years. The vaccine pledge was made during a speech via video link to the China-Africa summit in Dakar, Senegal, and it comes at a time when concerns are mounting over the…