Currencies, capital markets, and the prices that move African economies.
The continent was severely affected by the Covid-19 pandemic, and just when things started picking up, the invasion of Ukraine by Russia in February this year made matters even worse. Debt obligations had been on the rise and commodity prices falling, eroding foreign-exchange earning power in some countries. Another issue
The Ghanaian Cedi is currently the world’s worst-performing currency in the financial market. The news confirms the economic struggles that the West African country has been battling since the turn of the year. The Stock Exchange made the news public today after the Ghanaian Cedi slumped to become the
Experts say the international monetary organization and other stakeholders believe the South African economy will suffer from current crises, such as food prices and power outages. The IMF also revealed in its recent report that the country would likely experience inflation for the better part of the coming year. After
China has excluded Kenya from a new list of African countries that will receive debt relief this year. The East African country has been left out because of its transition to middle-income status. China will provide debt relief to 17 impoverished states on the continent burdened with China's
Mali has announced that it has settled all its outstanding debts to the World Bank and the African Development Bank. The information was revealed in a statement released by the government to provide an update on the country’s debt status. According to the Malian authorities, the country’s debts
Africa Export-Import (Afrexim) Bank and the government of Barbados have announced the inaugural AfriCaribbean Trade and Investment Forum (ACTIF) which is scheduled to take place from September 1 to September 3. The forum’s maiden edition dubbed “ACTIF2022” will be held under the theme “One People, One Destiny: Uniting and
The war between Russia and Ukraine has done more harm than good to most of the African countries, Uganda inclusive. With the cost of living going higher by the day, a group of Ugandans called out to the general public through social media to stage a three day economic shutdown
Despite the overall message of the dangers of skin whitening product use, the popularity rises annually among the industry's main targets: women of colour, who account for approximately 80% of the consumers. Deeply rooted in colourism, this practice remains a significant part of some beauty routines. Skin whitening
Russia is ready to develop a new global reserve currency alongside China, South Africa, and other BRICS nations, in a potential challenge to the dominance of the US dollar. President Vladimir Putin signalled the new reserve currency would be based on a basket of currencies from the group's
According to Zambian President Hakainde Hichilema, trade restrictions between African countries are suffocating the movement of goods to the point where African countries find it easier to buy African products through Europe. President Hichilema remarked during a state visit to Kenya that the continent needed to open its borders, implement
Many African countries are still grappling with the negative consequences of the COVID-19 global pandemic. While decent measures put in place to curtail the economic impacts of the pandemic have made significant positives, the war in Ukraine has eroded the positives. The Kremlin’s offensive against Kyiv has dealt a
Although the development is just making the news worldwide, reports claim that the traditional ruler, King Ademola Ajibola, introduced the currency in August 2021. the currency which is in a form of a voucher, and dubbed the ‘TLK voucher’, is a legal tender within the Ijara-Isin community. Ijara-Isin is a
Wagadu also known as Awkar was a West African empire based in the modern-day southeast of Mauritania and western Mali that existed from c. 300 until c. 1100. The Empire was founded by the Soninke people and was based in the capital city of Koumbi Saleh. The Wagadu Empire was
Southern African countries that were represented at the just ended Africa Elephant Summit in Hwange, Zimbabwe, have agreed to challenge the ivory trade ban imposed by the Convention on International Trade in Endangered Species (CITES). Nineteen elephant-rich African countries were invited to the summit, but only six showed up, and
Ivory pillage in Africa has become even more pronounced in Africa than in the previous decades. The population of African elephants is estimated to have declined by 150 000 over the past ten years. Eastern Africa, for example, has experienced an almost 50% reduction in its elephant population. Just this
Zimbabwe is on the verge of economic catastrophe, with economists blaming the country's deteriorating economic situation on erratic monetary policies. The Reserve Bank of Zimbabwe and the Ministry of Finance have both flipped flopped on policy decisions. President Emerson Mnangagwa recently said that banks would be prohibited from
