Finance

The landscape of international climate finance is witnessing a significant shift as the United States retreats from a massive $9.3 billion initiative. This pact was originally designed to assist developing nations in moving away from their reliance on coal and transitioning towards cleaner energy solutions. Let's take a journey back to 2021. It was then, amidst the buzzing atmosphere of the UN climate talks held in Glasgow, Scotland, that the Just Energy Transition Partnership was born. Comprised of…

The Cabinet has finalized its contributions to the 2025 Budget, which Finance Minister Enoch Godongwana is poised to present to Members of Parliament. This marks a significant moment in our fiscal planning. In a bid to craft a responsible and inclusive financial blueprint, ministers convened for an extraordinary session dedicated to navigating the intricate details of the Budget. This was not merely a routine meeting—it was a second attempt after the Cabinet previously dismissed a revised proposal that notably lacked the…

Amid a bustling Nairobi on February 5, 2025, Kenya’s Finance Minister, John Mbadi, shared insights with Reuters during a revealing interview. Nestled in the heart of the busy capital, Mbadi's gestures punctuated his anticipation of Kenya's ongoing talks with the International Monetary Fund (IMF). What do these discussions entail? And how do they shape Kenya's future? Kenya, positioned as a pivotal East African nation, is deftly navigating its fiscal landscape. Imagine a country poised at the crossroads of…

On the dusty streets of Accra, the buzz amongst locals revolves around an announcement that came as quite the surprise. You see, a letter has arrived from abroad—a formal communiqué sent by none other than the legal counsel of Mr. Ken Ofori-Atta, former finance minister of Ghana. The correspondence sheds light on Ofori-Atta's peculiar status, detailing a confirmed date for his much-anticipated return. Will his return solve the riddles that surround him? Let's dive back to a pivotal date—February 12, 2025. On that day,…

In a poignant announcement, Somalia's Minister of Finance, Bihi Iman Egeh, heralded a defining achievement: the nation has successfully cleared approximately $4.5 billion in debt. This monumental accomplishment, attained through the Heavily Indebted Poor Countries (HIPC) Initiative spearheaded by the International Monetary Fund (IMF), perhaps turns a promising page in Somalia’s ongoing narrative. Who would have thought that such reformative strides could bring a country closer to financial stability? Egeh spoke…

Mogadishu (AX) — The hustle and bustle of Mogadishu's vibrant markets, where traders earn their living amid the daily chaos, can mask an insidious undercurrent. Al-Shabaab, notorious for their devastating attacks, draws substantial financial support from unsuspecting Somali entrepreneurs. Banadir Regional Police Commander Moalim Mahdi recently unveiled this chilling reality at a national prosecutors' conference. Mahdi unraveled the intricate nexus of power and fear that enables these militants to execute operations that…

Mogadishu (AX) — In an unforeseen twist of events, Somalia's Ministry of Finance has decided to suspend the controversial health card fees that had left travelers bewildered and frustrated. Those fees, imposed on January 28, 2025, by the Ministry of Health, were meant to serve as a financial buffer for vaccinations and other health-related travel requisites. Yet, their introduction was anything but smooth. Chaos erupted as passengers found themselves unexpectedly asked for payments, with no prior announcement, leading to…

Hargeisa (AX) – In a surprising turn of events, Abdirahman Duale Bayle, who once held the position of Somali Finance Minister, alongside other notable political figures, has thrown his lot in with North Western State of Somalia’s opposition party, Waddani, with the November ballots just around the corner.Having distanced himself from his earlier campaign for a 'Greater Somalia,' Bayle made a homecoming to North Western State of Somalia after years in the federal quarters. "We’re jumping aboard this ship and teaming up with…

Emerging from its origins in the 1960s, Islamic finance has grabbed attention worldwide with its steadfast ethical guidelines. This unconventional financial system has resonated widely, even in the United States, bolstered by supportive conditions and political endorsement. Known for its financial wizardry and economic might, America has witnessed Islamic finance gain traction, drawing interest from both Muslim and non-Muslim circles alike. "Sukuk," often dubbed as Islamic bonds, stand out for their potential utility by…

Djibouti (AX) — The rumors about Djibouti's President Ismail Omar Guelleh being gravely ill are just that, rumors. Minister of Economy and Finance, Ilyas Moussa Dawaleh, swiftly shut down the gossip following the president's hospital visit on Saturday.Jumping on X (formerly Twitter), Dawaleh reassured the public by saying, "President Guelleh is in fine fettle. Yes, he’s got a bum right knee, but that's it." He didn't hold back, condemning the rumor mill, highlighting the absurdity of such fabrications."Sorry haters,…