Central Bank of Congo Mandates Use of Congolese Francs for Electronic Payments
This strategic move is designed to enhance the use of the national currency and reduce the country's heavy reliance on the US dollar, which has been weakening the franc.
Money & Markets
Currencies, capital markets, and the prices that move African economies.
Nigeria's Trade Unions Suspend General Strike After Government Promises Wage Increase
The decision follows the government's commitment to raise the national minimum wage to at least 60,000 naira ($40, £32) a month, which is double the current wage but falls short of the unions' demand for $330.
President Samia Suluhu Hassan to Visit China for FOCAC, Expected to Sign New Loan Deals
This year's event will be the first since 2019 and is expected to draw numerous African leaders as China seeks to expand its influence across the continent further.
Zimbabwe’s New Currency Faces Uphill Battle
Zimbabwe's government launched the gold-backed ZiG in a desperate bid to halt a money crisis exacerbating the country’s economic woes.
Zimbabwe Faces Currency Chaos as School Term Begins
The ongoing currency crisis has caused widespread anxiety about how school fees, set in US dollars, will be paid in a predominantly cash-based society.
Fuel Shortages Intensify Economic Hardship Across Nigeria
Nigeria, despite being one of Africa's largest crude oil producers, continues to suffer from frequent gasoline shortages. These are often exacerbated by strikes and other supply disruptions.
DRC Explores Economic Diversification Beyond Mining
In search of stability and growth, the DRC is considering alternative sectors such as agriculture, renewable energy, and tourism.
Fuel Shortages Wreak Havoc on Nigerian Businesses and Public Transport
Numerous petrol stations have shut down, citing a lack of supply from the Nigerian National Petroleum Company (NNPC), formerly a state-owned entity.
Nigeria Seeks $2.25 Billion in World Bank Loans
According to Minister Edun, the proposed funding from the World Bank will be split into two main parts: $1.5 billion in development policy financing and $750 million in program-for-results financing.
Morocco Aims to Become a Global Aviation Hub, Attracting Major Aerospace Investors
This initiative is part of broader efforts to enhance the capabilities of Moroccan airlines and expand their operations, aligning with the national strategy to boost the overall economic profile of the country.
Kenya to Boost E-Mobility with $2.2 Million Investment
The bulk of the investment will focus on expanding the infrastructure for electric vehicles (EVs) across the nation.
Phantom Gold Refineries Uncovered in Eswatini's Special Economic Zone
This discovery has cast a shadow over what was once touted as a bold plan by King Mswati III to transform a large tract of agricultural land into a thriving economic zone, the Royal Science and Technology Park.
President Museveni Engages with Ugandan Traders on Tax and Trade Issues after a Week-long Standoff with Revenue Collector
Acknowledging the complexity of the issues, President Museveni has asked for additional time to research and consult with technocrats on the matters raised. He has scheduled a follow-up meeting on May 7, 2024, at Kololo, where these discussions will continue.
Uganda Implements New ID Requirement for Large Mobile Money Transactions
Under these regulations, all high-value transactions ( UGx 1,000,000 upwards ) at authorized agent locations and operator centres on digital financial service platforms must be conducted only after verifying the customer's identity using a valid form of identification.
Zimbabwe Faces 'Currency Chaos' with the Introduction of New ZiG Notes
Many find themselves needing to double or even triple their usual spending to get through the day due to shops rounding up transactions or refusing smaller denominations.
China Cancels Part of Zimbabwe's Debt as Country Grapples with Financial Crisis
According to government data, Western countries and international financial institutions make up 70% of Zimbabwe's external debt, while obligations to China account for just 15%.