economic

Economic transformation is an intricate journey, often fraught with challenges and uncertainties. Throughout the African continent, nations are wrestling with the multifaceted demands of modernization, industrialization, and societal inclusion. It's a delicate balancing act, and at the heart of it lies Kenya, precariously teetering on this transformative tightrope. Recently, Kenya garnered international attention for two pivotal events: a surge of nationwide protests driven by the aspirations of Gen Z, and a…

In recent days, U.S. stocks have shown a modest decline from the record highs achieved last Thursday. This slight downturn appears somewhat subdued, particularly as traders reflect on President Donald Trump's recent tariff threats made over the weekend. One might ask, what underlies this tempered investor reaction? Is it optimism in the economic resilience, or an acceptance of the unpredictability of trade policies? As of shortly after the 9:30 a.m. bell on Monday, here's how the major U.S. indexes stood:…

Somalia is a land filled with untapped natural and human potential. The journey towards real prosperity hinges not just on harnessing its resources but also on establishing robust governance structures, embracing sustainable development, and ensuring an inclusive approach to utilizing its vast land, maritime, and diaspora assets. The Promise Beneath the Soil Recent geological surveys reveal something intriguing: Somalia may be sitting on significant reserves of oil, gas, and an array of valuable minerals, like gold, iron…

IMF Completes Third Review of Somalia's Economic Reform Program Washington D.C. (AX) — Recently, the Executive Board of the International Monetary Fund (IMF) concluded its third review of Somalia’s economic reform program under the Extended Credit Facility (ECF) arrangement. This review is a significant milestone that unlocks an immediate disbursement of approximately US $10 million to bolster Somalia’s ongoing economic reforms. To put that into perspective, this latest disbursement, which amounts to SDR 7.5 million,…

Kenyan Youth Rise: The Voice of a Generation On June 25, 2025, Nairobi became a vibrant stage for the resilience of its youth. Clutching banners and donning bold bandanas, hundreds took to the streets not just to protest, but to honor the memory of over 60 fellow demonstrators who lost their lives in similar protests the previous year. But before marching, there was a somber task: writing their own eulogies—just in case. Among the many voices rising in fervor, 19-year-old Wilson, a jobless Nairobi resident, proclaimed,…

In the throbbing heart of Africa's economic evolution lies the African Continental Free Trade Area (AfCFTA), a monumental venture aiming to redefine the continent’s trade dynamics. Yet, as with any ambitious initiative, the path forward is strewn with both opportunities and obstacles. Among these challenges, the security of ports emerges as a critical focal point, given that a staggering 80% of Africa's trade transits by sea. How can nations truly thrive if the vessels carrying their dreams are vulnerable to theft and…

The Path to Collaboration: North Western State of Somalia and Qatar Explore New Horizons Hargeisa (AX) — In an intriguing turn of events, the President of North Western State of Somalia, Abdirahman Mohamed Abdillahi Irro, recently engaged in a pivotal meeting with the Prime Minister of Qatar, Sheikh Mohammed bin Abdulrahman Al-Thani, in the vibrant city of Doha. This encounter, an exciting milestone for both nations, was centered around the expansion of bilateral cooperation in various sectors, including trade, energy,…

Mogadishu (AX) — In a significant stride towards enhancing its maritime and transport infrastructure, the Somali Ministry of Ports and Maritime Transport announced this past Sunday the signing of a pivotal memorandum of understanding (MoU) with Turkey. This partnership is poised to bolster cooperation not only in economic realms but also in the vital transport networks that connect African coastal nations. The agreement was formalized by Somalia’s Minister of Ports and Maritime Transport, Abdulkadir Mohamed Nur, who…

Strengthening Alliances: A New Chapter in China-Senegal Relations In a significant gathering held in Beijing on a recent Friday, Chinese President Xi Jinping welcomed Senegalese Prime Minister Ousmane Sonko. This meeting bespoke of a deep-seated commitment to mutual growth, highlighting the remarkable strides both nations have made since the 2024 Forum on China-Africa Cooperation. One can't help but wonder: what are the underlying motivations that drive these alliances between nations that…

Zambia has embarked on a promising journey towards economic recovery, with projections indicating a growth rate of at least 6% this year. This significant expansion, the most robust since 2021, reflects the hopeful aspirations of many in the nation, as shared by Finance Minister Situmbeko Musokotwane during a recent Bloomberg Africa Business Media Innovators conference. Musokotwane attributes this rebound to two pivotal factors: improved rainfall and a notable increase in copper production. Earlier in the year, he…