Business and Finance

The government has announced an ambitious 25-year development strategy designed to enhance competitiveness, promote sustainable resource management, and uphold exemplary governance, establishing a foundation for economic autonomy. Dubbed "Senegal 2050," this initiative aspires to raise per capita income by an impressive 50% over the next five years. There’s also a goal to extend the average life expectancy by three years and to mitigate national debt and fiscal deficits. The overarching intention is to diminish reliance on…

In the wake of a catastrophic blaze at Mbare Musika, Zimbabwe’s largest informal retail hub, President Emmerson Mnangagwa has instituted a State of Emergency. This decision comes as a response to the widespread devastation that impacted roughly 4,000 vendors, leaving many grappling with the loss of merchandise valued in the thousands. The flames, which raged through the market, not only destroyed goods but also disrupted the livelihood of countless traders. “This unfortunate incident has turned many lives upside down,”…

Yet again, Nigeria's national electricity grid has taken a nosedive, leaving citizens in the dark just a day after power was reinstated. Numerous distribution companies, such as the Enugu Electricity Distribution Company, Eko Electricity Distribution Company, and the Abuja Electricity Distribution Company, have alerted their customers about the latest outage. Although these power firms are reportedly scrambling to restore electricity, the exasperation among the populace and local businesses is palpable, stemming from a…

Tributes are flooding in for Tito Mboweni, the former Governor of the Reserve Bank and South Africa's Labour and Finance Minister, who sadly passed away following a brief illness. He was 65 years old. Mboweni's political journey began in South Africa’s first democratically elected Cabinet, where he held the position of Minister of Labour from 1994 to 1999. He later took the helm as the Governor of the South African Reserve Bank, serving from 1999 until 2009. His tenure in government culminated in his role as Minister of…

In a striking move, the state-run National Handling Services (NHS) has sent several senior executives home amid serious allegations of corruption, ineptitude, and failures in corporate governance. Among those suspended are Godknows Maravanyika, Question Maisera, and Shamiso Nyangairi, who heads the Human Resources department. These individuals face accusations of financial improprieties and mismanagement of company assets. The atmosphere within NHS resembles a stormy sea, as discontent among employees reaches a boiling…

In recent days, a passionate group of environmental advocates filled the streets of Sandton and Cape Town, South Africa, making a resounding call for a boycott of an event known as Africa Energy Week, or Africa Oil Week, happening in Cape Town this week. Following a protest in Cape Town that drew inspiration from horror themes, activist Lisa Makaula had a conversation with Bush Radio’s Renato van Schalkwyk. Makaula emphasized the urgent need for the government to pivot its investments towards renewable energy sources,…

On a recent day, the quietude of the Ethiopian Rift Valley was shattered by a 4.9-magnitude earthquake. This seismic event originated west of Lake Awash, particularly near the Mount Fentale district, rattling the town of Metehara and prompting some locals to scramble for safety. In the aftermath of the quake, reports indicated that numerous buildings suffered structural damage, while cracks emerged in the ground nearby. Fortunately, as of now, no injuries or significant destruction have been documented, which is a relief…

Tragically, at least 78 individuals have lost their lives, with many more unaccounted for, following a boat capsizing incident on Lake Kivu in the Democratic Republic of Congo. This calamity unfolded as a heavily overloaded vessel, packed with over 300 passengers, approached the shoreline of Goma after departing from the town of Minova in South Kivu. Unfortunately, this incident is just one of many that have occurred on Lake Kivu. Earlier this year, specifically in February 2024, another boat tragedy struck near Bahimba,…

In a significant turn of events, the former Chief Financial Officer of Steinhoff, Ben la Grange, has been handed a prison sentence of 10 years, with half of that time suspended. This sentence comes after La Grange pleaded guilty to a singular fraud charge linked to a staggering amount of R367 million. The stipulation for the suspended sentence mandates that La Grange must stay clear of any future fraud convictions during this period. Additionally, he is required to serve as a witness for the state in any upcoming…

In the grip of a drought that rivals the direst conditions faced in the last two decades, Zambia finds itself in a precarious situation. Both businesses and households are enduring prolonged periods without electricity. With this backdrop, specialists are warning that the ongoing energy predicament could exacerbate the nation's already vulnerable economic landscape. This precarious situation poses the risk of extensive job losses across numerous sectors. According to a report from Daba Finance, the annual inflation rate in…