The dramatic evolution of digital currencies, coupled up by the never ending evolution of new technologies and finance is transforming how we use money today. Gone are the days we would have to queue at banking halls to withdraw and deposit money or apply for mortgages by visiting a bank branch. For many people across…
Mali a vast Sahelian country has been rocked by mass protests in the recent days with Malians taking to the streets after Colonel Assimi Goïta called for protests against harsh sanctions imposed by the West Africa regional bloc ECOWAS over delayed elections. In the capital Bamako, thousands of its citizens wearing the national colors of red, yellow…
African airlines continue to recover from the challenges brought by COVID-19. Both passenger and cargo fleets showed great improvement in 2021 as compared to when the pandemic struck in 2020. Passenger demand for air transport rose to 58% as compared to 2020 when it had fallen to 65% while the international demand for cargo grew…
The World Bank has approved South Africa’s $750 million development loan request. The loan is set to support South African government’s efforts to accelerate its COVID-19 response by protecting both the vulnerable and poor from adverse socio-economic impacts of the pandemic and support a resilient and sustainable economic recovery. This is according to a statement…
US biotech Billionaire Patrick Soon Shiong and South Africa’s President Cyril Ramaphosa officially launched NantSA Vaccine production hub, a vaccine manufacturing facility aimed at producing COVID-19 vaccines to stop COVID -19. Located in Cape Town the facility seeks to manufacture 1 billion COVID-19 vaccines doses a year, from scratch to finish by 2025. This COVID-19…
The East African (EAC) member states lost $3.36Bn worth of trade in the year when COVID-19 struck. Mitigation measures to curb the spread of the virus led to cutting off of major global trade links through lockdowns. This is according to the latest draft report on EAC Trade and Investment for 2020. Notably, Uganda was the…
Did Twitter throw Nigerians under the bus? On Jan. 13, the Nigerian government lifted the suspension of Twitter, ending a seven-month embargo of the microblogging site in Africa’s most populous nation. However, it appears that the lifting of the Twitter suspension came with a rolling back of freedom of expression, as demanded by the government…
The World’s top ten richest men doubled their fortune during the pandemic A new report by Oxfam, states that the wealth of the world’s 10 richest men grew at a rate of $1.3 billion per day from $700bn to $1.5 trillion since the beginning of the Covid-19 pandemic. At the same time, approximately 21, 000 people…
The federal Government of Nigeria has lifted its suspension on Twitter after a seven month long ban imposed on the social media network. This was announced by the Chairman technical committee Nigeria- Twitter Kashifu Inuwa Abdullahi. In the statement, the Federal government said that this action is a deliberate attempt to recalibrate their relationship with Twitter…
Consumers and traders from the East African hinterland countries will be the biggest winners once the proposed Chinese mega infrastructure plan for the horn of Africa is fully implemented. The multi-billion project, which was announced by China’s Foreign Minister Wang Yi on his recent visit to Kenya, will involve expanding the two major railroads and…
Africa continues to be a large, unexploited market that continues to garner global interests with its business landscape constantly evolving. Often times, businesses that have failed to adjust to the new changes have been at the verge of being extinct. Speculation aside, the reality is that technology is revolutionising the way companies in Africa are…
Electricity and Gasoline are the primary energy sources for the population of Ghana, however they present notable challenges day-to-day. Despite Ghana’s investments into electricity generation, 46 percent of Ghanaians continue to have to work around this unaffordable and unreliable energy source. Ghana’s primary power supply sources continue to be from hydroelectricity at 38%, thermal fueled…
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…