Nigerian Minister of Finance, Budget and National Planning Zainab Ahmed has said that the country’s total public debt may hit $100.8 billion by December 2021. Ahmed made the statements when she appeared before the Senate Committee on Local and Foreign Debts. There have been growing concerns among the public and economists over Nigeria’s debt stock….
Less than two years have passed since Ethiopian Prime Minister Abiy Ahmed was awarded the Nobel Peace Prize for what the awarding committee said was his efforts to promote peace in the region. Fast forward and how things can change. Abiy’s government is no longer engaging in peace projects to end regional conflicts but rather…
Japan’s Nagashiki Shipping, owner of the vessel that spilled over 1,000 tonnes of oil in August says that the clean-up will likely end in January. The massive oil spill came from the Panamanian-flagged MV Wakashio chartered by Mitsui OSK Lines Ltd, and the ship’s owner said in a statement that all of the oil that…
Nigeria’s federal government has reached a deal with Chad to supply electricity to its north eastern neighbor, sources have confirmed. The agreement was finalized after a recent meeting between the Nigerian negotiating team composed of officials from the Transmission Company of Nigeria and Chad’s Minister of Energy Ramatou Houtouin. Despite being a major oil producer,…
Malawi will become the first African country in decades to open its embassy to Israel in the capital Jerusalem. Malawian Foreign Minister Eisenhower Mkaka made the announcement during a trip to Israel, calling the decision a “bold and significant step.” Mkaka also congratulated the Jewish state for enhancing relations with Arab and Muslim nations after…
South Sudan’s President Salva Kiir has fired Central Bank governor Jamal Wani, as the country battles a struggling economy. The announcement was made in a presidential decree read on State-run TV SSBC, which also included the appointment of Dier Tong to replace Mr. Wani. The president did not give reasons for firing Mr. Wani, but…
Sudan and South Sudan inked a joint military pact on Thursday aimed at providing armed training, opening borders and promoting peace and development between the two countries. The memorandum of understanding was signed by Sudan and South Sudan’s Ministers for Defence, Ibrahim Yassin and Angelina Teny. It also mandates both sides to resolve the issue…
Mali’s interim President Bah N’daw has announced that the government will review mining conventions signed with companies by previous administrations. The directive follows recommendations that were issued from the country’s auditor general citing corruption and undervaluing of the country’s interests in the contracts. While Mali is one of Africa’s largest gold producers, it remains one…
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…
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…
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…
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…
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…
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…
Sudan’s central bank has transferred the compensation the nation agreed to pay U.S. victims of militant attacks and their families, allowing for the lifting of sanctions. Sudan agreed to make the payment of $335 million, as part of a deal with the United States to get the country removed from its list of state sponsors…
Ethiopian Prime Minister Abiy Ahmed has announced that the country’s economy grew 6.1% in 2019/20 financial year. The Ministry of Finance in June, said that the economy was projected to grow 9% for the same period. In a speech to lawmakers, PM Abiy said, “For eight months we registered a healthy economic growth but after…
President Cyril Ramaphosa unveiled a plan on Friday, to return South Africa’s economy back on track by focusing on massive public works and job-creation. Following a record gross domestic product (GDP) contraction in the second quarter, Ramaphosa said that his plan will unlock more than 60 billion dollars in investment in the next four years…
Zimbabwe’s average annual inflation rate will drop to 134% in 2020, according to a new report published by the Ministry of Finance. The Southern African country has been grappling with dire economic declines for more than ten years, with runaway inflation hitting the 659.4% mark in September. As a result, there have been severe shortages…
The World Bank has issued an urgent call for $25 billion in further COVID-19 emergency financing to assist the world’s poorest nations tackle the challenges raised by the pandemic. David Malpass, the World Bank’s president, spoke to finance ministers and central bank governors of the G20 major economies that he would lay out a supplemental…