COVID-19 did not just claim lives. It also coincided with the closure of businesses, large scale retrenchment and the closure of companies that were unable to operate during the lock-downs. However, one silver lining in all this gloom was the rise in entrepreneurship, driven primarily by innovative youths and women eager to make hay in…
Kenyan manufactures have unveiled a strategy to sustainably expand forestry businesses in the country. The Forestry Business Sustainable Action Plan sheds light on interdependences of the forestry industry and other economic sectors for the country’s socioeconomic development, while preserving ecosystems. Speaking at the launch, Kenya Forest Service (KFS) Chairman Peter Kinyua said that his organization…
Amid fears of losing its main gateway to the outside world, Uganda has stepped up efforts to amend a loan agreement it signed with China in 2015. Back then, the land-locked country had launched an ambitious 20-year civil aviation master plan, which included the upgrade of its only international airport in Entebbe. The refurbished airport…
COMESA Heads of State have urged member states to increase investment in research and innovation in the health sector to enhance socio-economic recovery of the region and generate more resilience against future disasters. In a communique issued at the end of the 21st COMESA Summit, the leaders noted the devastating socio-economic and cultural effects of the…
The Democratic Republic of Congo’s bid to join the East African Community (EAC) has been approved, marking a successful end to years of efforts to integrate with its eastern neighbors. The approval to join the regional bloc was granted by the EAC Council of Ministers, after a thorough verification process conducted in line with the…
Nigeria’s federal government will remove a controversial fuel subsidy scheme and replace it with transport grants of 5000 naira ($12.20) each to nearly 40 million poor people every month. Speaking at the launch of the World Bank Nigeria Development Update (NDU) on Tuesday, Minister of Finance, Budget and National Planning Zainab Ahmed, said the transport…
Tanzania’s request to the International Monetary Fund to provide it with a $372.4 million loan to support COVID-19 pandemic relief measures has been approved. The loan will be issued through the Washington-based lender’s Rapid Credit Facility (RCF), and is part of a $567.25 million package released in September under a blended RCF/Rapid Financing Instrument (RFI)…
A newly released report by UNCTAD has outlined the role the African Continental Free Trade Area (AfCFTA) could play in boosting transport communication networks that will spur intra-African trade. Despite the similarities in languages and ethnicities, African countries seldom trade with each other. Policymakers hoped to change the status quo with the rolling out of…
Load shedding has become synonymous in the life of every South African. For 14 years, the country’s power utility – Eskom – has been implementing a complicated system of rolling blackouts on a rotating schedule. But how did Africa’s most developed country, the only nation in the continent to ever host arguably the largest tournament…
The record rise of Tanzania’s forex reserves has sparked optimism among local economists over the country’s economic prospects. In the latest monthly economic review, the Bank of Tanzania (BoT) says that its foreign reserves have jumped to $6.7 billion up from $4.9 billion in September, marking a historic high for the East African country sailing…
Senegal has signed infrastructure deals worth $1 billion with U.S. companies, a sign that President Joe Biden’s administration plans to live up to its promise to recalibrate long-neglected relations with the continent. America’s top diplomat Antony Blinken oversaw the signing ceremony on the second day of his visit to Senegal. According to a statement handed…
Former Nigerian head of state Olusegun Obasanjo has urged policymakers to create a Made-in-Africa brand that will promote intra-African trade and boost the international exports of products made within the continent, Speaking during the third day of the Intra-African Trade Fair (IATF), Obasanjo told the audience that having a Made-in-Africa brand would instill a sense…
The pandemic has plunged economies around the world into an emerging recession of somewhat great and unknown depth, resulting from significant disruptions to international trade and commerce. Most countries went into partial or total lockdown, and travel bans were instituted which had an overall negative effects in shrinking the labor market. The economic fallout has…
Peugeot, Renault, Tesla, Volkswagen and Volvo share two conspicuous things in common. One, is they are car manufacturers who command a large share of the global market. And the second, which may be little unknown to the common driver, is their reliance on cobalt to manufacture the vehicles that have made their brands household names….
Air transport leaders and decision makers set a roadmap for transformation and the economic development of air transport in Africa at the 53rd AFRAA Annual General Assembly & Summit that has concluded today. The event was held under the patronage of the Government of Angola under the theme: “Flightpath to Africa’s resilient travel ecosystem.” The…
The International Monetary Fund has declined Zimbabwe’s request for financial support and called for authorities to revamp the country’s unsustainable debt and outstanding official external arrears. The announcement follows a month-long mission to the southern African country that ran from October 16 to November 16 of 2021. IMF noted the significant efforts by President Emerson…
The 1960s were characterized by the pulling out of British colonial forces as several Anglophone countries gained their independence. However, today, another withdrawal is happening. And it is the banks not troops or administrators that are taking off. The withdrawal of British banks from the continent may appear surprising to many especially as it comes…
The COP26 summit started with much fan fare and ended with developing countries being bashed for not making enough commitments to the global climate agenda. South Africa, the region’s most developed country, received the most heat, alongside Brazil, India and China, for pushing for the words “coal to be phased out” be changed to “phased…
Tanzania will borrow at least $2.34 billion from foreign lenders to finance its proposed 2022/2023 budget of $17.1 billion, a plan that risks sliding the East African nation into the red zone of countries with a heavy burden of public debt. According to Finance Minster Mwigulu Nchemba, 7.7% ($1.32 billion) of next financial year’s budget…
Since Ghana began implementing its Energy Efficient Refrigerating Appliance Project (EER), the West African country has saved nearly 400 Gigawatt Hours (GWh) of electricity. The project has also reduced the yearly average energy consumption of refrigerators from 1200GW to 385GW, according to Kofi Agyarko, the Director of Renewable Energy, Energy Efficiency and Climate Change. Over…