economic

Struggles in Central Somalia: A Glimpse into the Lives of Families In a quiet corner of Dusamareb, Somalia, Mohamed Mahmoud Hussein stands in his metal workshop, gripped by the unsettling reality that his doors may soon close for good. His concern, however, stretches beyond the confines of his business; it envelops his family. Five of his children have faced expulsion from school due to unpaid fees, a heart-wrenching consequence of his current struggles. “I owe $150 at Waabari School, where my daughter was…

Economic freedom. At first glance, this term may conjure images of spreadsheets, policies, and perhaps even the dusty pages of an economic textbook. Yet, peel back the layers, and you'll find that it is far more than an academic concept. Economic freedom intricately weaves its way through our lives, influencing the jobs we can secure, the quality and variety of goods available for purchase, the education our children receive, and even the very air we breathe. The Index of Economic Freedom,…

Significant Collaborations: Saudi Arabia and South Africa's Thriving Partnership Over the past year, a remarkable series of high-level discussions between Saudi Arabia and South Africa has unfolded, leading to some noteworthy agreements and deals that amount to billions of dollars. This burgeoning relationship is particularly evident in Africa's most industrialized nation, and there’s much more to come as corporate activities ramp up. The foundation of this growing partnership can be traced back to a pivotal…

Hope on the Horizon: DRC and Rwanda Sign Peace Agreement in Washington In a significant diplomatic move, the Democratic Republic of the Congo (DRC) and Rwanda are poised to sign a pivotal agreement in Washington aimed at fostering both peace and economic development. This agreement, crafted with careful attention to both nations’ interests, symbolizes a collective desire for stability in a region that has long been plagued by conflict. Earlier this week, representatives from the DRC and the M23 rebel group…

Recent projections from the International Monetary Fund (IMF) indicate a significant shift in the economic landscape of East Africa. By 2025, Kenya is anticipated to surpass Ethiopia, claiming the title of the largest economy in the region. This news, while hopeful for many, reflects the complex and often turbulent nature of economic growth and stability. The catalyst for this change has been a severe devaluation of the Ethiopian birr last July. This move, part of a broader strategy to stabilize the economy and…

In today's complex world, we are witnessing an alarming increase in refugee flows, particularly from regions marred by intense conflicts. The International Monetary Fund (IMF) highlights that these migratory waves often last significantly longer than those caused by natural disasters. This raises a critical question: how can we as a global community better respond to these ongoing crises? A striking observation from the IMF report sheds light on the relationship between natural disasters and migration patterns.…

The European Union is gearing up to implement its 17th sanctions package against Russia in response to its unwarranted invasion of Ukraine. However, the foundation of economic pressure that the West has exerted on Moscow appears to have been destabilized by the actions and declarations of former U.S. President Donald Trump, posing questions about the future of the transatlantic security alliance. Prior to any tangible concessions from the Kremlin, the Trump administration has expressed a willingness to ease sanctions on…

Nigerian officials have imposed a ban on a provocative song that dares to criticize President Bola Tinubu and his administration's economic strategies. The track in question, "Tell Your Papa," crafted by renowned artist Eedris Abdulkareem, expresses a piercing discontent with the president’s two-year tenure, which has already been marred by significant unrest fueled by escalating inflation and soaring fuel costs. Interestingly, this Afrobeats anthem is directed at none other than Seyi Tinubu, the president's son, who has…

Mogadishu (AX) — The city of Mogadishu on an ordinary Wednesday afternoon bore witness to a meeting that could potentially alter the trajectory of Somali-Arab relations. Somali Prime Minister Hamsa Abdi Barre welcomed Ambassador Abdullah Al-Otaibi, representing the Arab League Mission in Somalia, to a discussion characterized by ambition, potential, and mutual growth. Their conversation, while cordial and forward-thinking, was charged with the unspoken acknowledgment of the historical bonds and the pressing need for…

In a year marked by significant economic challenges, Kenyan banks have outdone themselves, posting a remarkable profit of Sh240.1 billion in 2024. This milestone comes despite the turbulent financial landscape of the nation. But what does this mean for the average Kenyan and the broader economy? As we delve into the details, let's explore the interplay between high profits and economic hardship, drawing insights from leading financial figures. Surprisingly, amid this financial success, banks…