economic

Hargeisa (Axadle Times) – North Western State of Somalia’s President, Abdirahman Mohamed Abdillahi Irro, stepped off the plane in Hargeisa on a crisp Thursday morning, concluding a whirlwind three-day official journey to the United Arab Emirates. His mission? To cultivate investment opportunities that promise to breathe life into North Western State of Somalia’s natural resources, invigorate agriculture, and most crucially, carve out promising new pathways for its burgeoning youth. It begs the question: Can this small,…

In the bustling heart of Harare, a disconcerting trend is unfolding before our very eyes. Zimbabwean retailers are trimming their sails, downsizing their operations in response to relentless economic shocks—a clear sign that all is not well in this Southern African nation. As reported by NewZimbabwe.com, the retail landscape is morphing into a ghost town. Stores once vibrant and bustling with life now stand as mere husks of their former selves. Take, for instance, the OK Zimbabwe outlets in Marimba, Hillside, Kuwadzana 2…

In the sprawling and untamed landscapes of Somalia, livestock isn't just a commodity—it's the lifeblood of the economy. Picture this: a whopping 70% of the country's exports are tied to camels, goats, cattle, and sheep. It's a pastoral symphony harmonized around the rhythm of animal trade. But as serene as it sounds, this melodious arrangement hit a discordant note in 2023, when nearly $1 billion flowed primarily into Saudi Arabia's coffers from Somali livestock exports. However, this paradise of pastoral profits faces a…

In the spirited heart of Nairobi, amidst celebrations at Uhuru Park on January 1, 2025, the air buzzed with more than just fireworks and selfie snaps. People eagerly embracing the New Year couldn't help but feel a tinge of optimism about Kenya's economic prospects. As folks captured memories with friends and family, somewhere in the background, a pivotal announcement also caught the attention. (Photo by Joy Nabukewa/Xinhua) With the economic crystal ball laid bare by the National Treasury, Kenya stands on the cusp…

Monday January 13, 2025 Under the golden yet oppressive Californian sun, Hussein Mohamud Bulow finds himself contemplating the menu at his quaint Somali eatery tucked away in southern Los Angeles. It's hard not to notice the weight on his shoulders as he wistfully recalls better days before the thick shroud of smoke and ash from the encroaching wildfires turned life topsy-turvy. These blazes have painted a rather grim picture, discouraging Angelenos from venturing out for a meal and leaving local business owners, like…

Mogadishu — Off the shimmering Somali coast, where the endless waves whisper secrets of the deep, a game-changing adventure is underway. Somalia, a nation poised at the crossroads of opportunity and challenge, is setting the stage for what could be its grandest economic revival—or its most precarious gamble. Picture this: a Turkish-owned research vessel slicing through the azure waters, its mission as ambitious as it is daring. By April 2025, the Oruc Reis vessel—Turkey’s pride and joy—aims to uncover untapped oil and gas…

Today, an intriguing diplomatic exchange unfolded as Ethiopia's State Minister of Foreign Affairs, Ambassador Mesganu Arga, sat down for a chat with Vincent D. Spera, the U.S. Deputy Assistant Secretary of State for East Africa, Sudan, and South Sudan. From the onset, Ambassador Mesganu didn't mince words. He drove home the point that Ethiopia and the U.S. need to crank up their relationship, especially where peace and security are concerned. For Mesganu, the magic word is "economic." He passionately delved into Ethiopia’s…

In a key move for Somalia's financial future, Finance Minister Bihi Iman Egeh inked a pivotal debt relief deal with Denmark's representative, Ambassador Steen Sonne Aderson, in the bustling city of Mogadishu on a vibrant Monday. This latest agreement reflects the positive outcomes from the notable discussions held by the Paris Club back in March 2024, another feather in the cap of Somalia’s ongoing economic reform crusade. The ministry enthusiastically declared, "The national reform efforts and debt forgiveness successes…

In the bustling city of Frankfurt, an intriguing meeting took place between Somali President Hassan Sheikh Mohamud and Christoph Kannengiesser, CEO of Afrika-Verein. The venue? The renowned German-African Investment Conference. Their purpose was clear: forging stronger economic ties and boosting investment between Somalia and Germany. The event was covered extensively by SONNA, Somalia's National News Agency. FRANKFURT, Germany (AX) — In a spirited rallying cry, President Hassan Sheikh Mohamud spoke with great enthusiasm to…

In the bustling city of Mogadishu, there's a breath of fresh air as the U.S. has lifted a heavy burden off Somalia's shoulders. A staggering $1.14 billion in debt has been forgiven, setting the stage for the nation to rebuild its economy and strengthen vital public services. During a spirited announcement, U.S. Ambassador to Somalia, Richard Riley, highlighted this decision as a testament to America’s solid dedication to Somalia's promising future. "With this debt forgiveness, we're showing our steadfast support for the…