economic

The Hemorrhage: Africa's Battle Against Illicit Financial Flows As the sun rises over the sprawling cities of Africa, it casts a light on an urgent issue plaguing the continent: illicit financial flows. While Africa is rich in resources and potential, it is estimated to lose a staggering U.S.$88 billion each year due to tax evasion, money laundering, and corruption. This figure, a steep jump from U.S.$50 billion just eight years ago, paints a bleak picture of a continent struggling against forces that siphon away its…

Strengthening Bonds: UAE and Somalia Forge Deeper Ties Amid Regional Shifts In a move resonating with diplomatic significance, Somali President Hassan Sheikh Mohamud welcomed Sheikh Shakhboot Nahyan Al Nahyan, the UAE's Minister of State for Foreign Affairs, to Mogadishu. The high-level meeting unfolded against the backdrop of shifting regional dynamics, underscoring the evolving socio-political landscape of the Horn of Africa. Deepening Diplomatic Relations The discussions took place at the heart of Somali leadership—the…

The Gold Coin Dilemma: Zimbabwe’s Currency Crisis Continues to Unfold In a bid to stabilize its struggling economy, the Reserve Bank of Zimbabwe made a bold announcement in April 2023: gold coins were to be reintroduced into the market. This move was intended as a countermeasure to the increasingly erratic global gold prices that were wreaking havoc on local currency values. Yet, as the months unfolded, the temporarily revived enthusiasm for these coins proved to be a fleeting beacon of hope against long-standing financial…

The Political Earthquake of Botswana: Reflections on Change and Continuity In a dramatic twist that has sent shockwaves across Southern Africa, Botswana’s long-standing political landscape has been irrevocably altered. The recent election saw the fall of former President Mokgweetsi Masisi, marking a seminal moment in a nation long identified with stability and prudent governance. To understand the implications of this political upheaval, one must look beyond the ballot results and the immediate aftermath. The defeat was…

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…

Mogadishu (AX) — In a monumental financial shift, Somalia has seen $1.14 billion in debt forgiven by the United States, signaling a significant stride towards achieving economic stability and revitalizing fundamental public sectors. Richard Riley, the US Ambassador to Somalia, shared this news in Mogadishu, emphasizing America’s strong dedication to bolstering Somalia’s future. Emboldened by this support, Riley stated, "This debt cancellation underlines our unwavering commitment to aid the Somali people in their pursuit…

Turkey's government emphasizes bolstering its relationship with Africa, acknowledging the continent's vast potential for economic growth. Expressing gratitude for Africa's unwavering support for Palestine, Turkey pledges to fortify diplomatic ties with this vibrant region. In a strategic move, Turkey has ramped up investments across Africa, with President Recep Tayyip Erdogan touring more than 31 countries, passionately advocating for stronger connections between Ankara and the African bloc. During a recent…