economic

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…

Madagascar stands at a crucial crossroads as it seeks to deepen its economic ties with the United Arab Emirates (UAE). The island nation is working diligently to attract investments that aim to invigorate its tourism and energy sectors. Such a partnership has become increasingly important in light of recent trade challenges with the United States, particularly steep tariffs that threaten its economic stability. As of 2024, the United States ranks as Madagascar's third-largest trading partner, trailing only…

The International Monetary Fund (IMF) recently conducted a mission in Egypt, which offered intriguing insights into the nation’s economic landscape. After a thorough assessment, the IMF emphasized a single, pivotal need for Egypt: broadening its tax base. This step is crucial for reinforcing the progress Egypt has made toward achieving greater macroeconomic stability. "Egypt has made substantial progress toward macroeconomic stability," remarked Vladkova Hollar, the IMF Mission Chief for Egypt. Such affirmations from…

The foreign ministers of the European Union have reached a pivotal agreement to lift economic sanctions on Syria, as announced by the bloc’s foreign policy chief, Kaja Kallas. In her statement, Ms. Kallas emphasized the EU's commitment: "We want to help the Syrian people rebuild a new, inclusive and peaceful Syria." This declaration followed important discussions held in Brussels. This shift in EU policy mirrors recent actions from the United States, with President Donald Trump indicating last week that he would initiate…

In a significant milestone, the Monetary Policy Committee (MPC) gathered for its 300th meeting last Tuesday, a momentous occasion celebrated by the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, during a press conference in Abuja. Meetings like these often hold the weight of economic forecasts, yet they also reflect the pulse of the nation—a blend of caution and opportunity. Governor Cardoso emphasized that the committee reached a unanimous decision to maintain current policies. This choice speaks…

Pope Leo XIV has committed to preserving the teachings of the Catholic Church while boldly addressing contemporary challenges. He voiced concerns over economic systems that exploit both our planet and the marginalized. Addressing a crowd of thousands in St. Peter's Square, the Pope underscored the importance of the Church—home to 1.4 billion members—remaining anchored in tradition yet open to the world. He stated, "There is no place for religious propaganda or power struggles in the future of our beloved institution." In…

The recent report sheds light on an array of growing challenges faced by Ghana, which include alarming inflation rates, a weakening cedi, and increasing climate-related risks. Together, these factors are contributing to a significant rise in household vulnerability. The implications are profound, impacting not just the economy but the daily lives of countless Ghanaians. How can we respond effectively to these pressing issues? Over One in Four Ghanaians Now in Extreme Poverty More than 25% of Ghanaians…