Business and Finance

The commitment of the Trump administration to bolster U.S. exports to Africa is not merely a political statement; it is a clarion call for transformation. “We aim to elevate U.S. exports and investments in Africa, eliminate trade deficits, and foster mutual prosperity,” shared Ambassador Troy Fitrell, currently leading the Africa Bureau at the State Department. His remarks were made during an American Chambers of Commerce gathering in the vibrant city of Abidjan, a place rich with opportunity yet often overlooked. This…

In the wake of widespread public discontent, the Gambian government has initiated an investigation concerning the controversial sale of assets confiscated from former President Yahya Jammeh. This decision reflects the growing disquiet among citizens who have raised concerns over alleged irregularities and a glaring lack of transparency surrounding these transactions. Among the assets in question are livestock, luxury vehicles, and various properties, all sold precipitously before an inquiry panel could assess Jammeh's…

In a world where development is often stymied by bureaucratic inertia, Sidi Ould Tah, the former Finance Minister of Mauritania, stands at the precipice of change. As he sets his sights on the presidency of the African Development Bank (AfDB), his vision for reform promises not just a shift in policy but a fundamental evolution in how the institution operates. Tah's aspirations will take center stage during the upcoming Board of Governors meeting in Abidjan, where critical decisions affecting the financial landscape of the…

Recent cuts to international funding, notably the stop-work orders imposed by the United States, have begun to take a heavy toll on humanitarian initiatives and local economies that depend heavily on aid operations. This predicament is exemplified by the situation in Maiduguri, Nigeria, as reported by The New Humanitarian. Often nicknamed the heart of aid efforts battling Boko Haram's relentless insurgency, Maiduguri has witnessed notable economic revival, significantly driven by the initiatives of non-governmental…

Recent developments have cast a shadow over the Lesotho Health and Horticulture compact agreement, originally established in 2022 with the Millennium Challenge Corporation (MCC), a prominent U.S. foreign aid agency. In a striking turn of events, reports indicate that this vital initiative may face closure, following the MCC’s disbandment under the previous Trump Administration. At the heart of this compact was an impressive $300 million investment—an endeavor designed to uplift nearly 2.5 million lives. Imagine the ripple…

On a notable day in South African finance, Minister Enoch Godongwana revealed that the 2025 Budget Review would be re-tabled on 21 May 2025. This decision came in the wake of National Treasury’s choice to retract a proposed 0.5% increase in Value Added Tax (VAT), initially scheduled to kick in on 1 May. Reflecting on the public and political discourse that erupted following the initial budget announcement made on 12 March, Godongwana stated, “This debate was rigorous, as is necessary in a healthy democracy.” Such…

As anticipation mounts for the upcoming election to lead the African Development Bank (AfDB) on May 29, 2025, five distinguished candidates are stepping into the spotlight, each eager to share their distinctive visions for steering the institution toward a brighter future. With current president Dr. Akinwumi Adesina set to conclude his two-term tenure on August 31, 2025, the stakes couldn't be higher. Adesina has championed social and economic development across the continent during his leadership, leaving a profound impact…

In a poignant gesture that acknowledges a challenging past, French President Emmanuel Macron recently articulated his intent to seek “forgiveness” for France’s colonial domination over Madagascar. This statement comes as part of a broader commitment to revisit the historical narrative, beginning with the return of cultural artifacts looted during the colonial era. Madagascar, with its rich tapestry of history and heritage, endured French colonial rule from 1896 until it regained full sovereignty in 1960. This period marked…

In a move that surprised many, Finance Minister Enoch Godongwana has officially abandoned plans for a 0.5% increase in Value Added Tax (VAT), a change that would have taken effect on May 1. The VAT rate will remain at 15%, offering a momentary sigh of relief for consumers and businesses alike. This decision did not occur in isolation; it stemmed from thorough discussions with various political factions and a meticulous evaluation of recommendations put forth by parliamentary committees. It appears the government is keenly…

Gorée Island, a cherished UNESCO World Heritage Site nestled off the coast of Senegal, serves not only as a poignant reminder of the transatlantic slave trade but also as a vibrant community steeped in life and history. It’s a place where the echoes of the past resonate powerfully, inviting reflection and contemplation. At the heart of the island's narrative lies the Maison des Esclaves, or the Slave House, a solemn museum that attracts thousands of visitors annually. Among these are many individuals from diverse corners…