Finance

New Leadership for Somalia’s Budget, Finance, Planning, and Oversight Committee The recent election of new leadership within Somalia’s Budget, Finance, Planning, and Oversight Committee marks a significant moment in the country’s ongoing journey toward fiscal responsibility and institutional reform. Held at the committee’s office in Villa Hargeisa—the official seat of Somalia’s parliamentary leadership—this meeting was not just a procedural formality; it represented a critical step toward strengthening governance in a…

Screder’s Bold Leap: Embracing the Cross-Border Financial Services Terrain Summary: Pioneering fintech enterprise, Screder, unveils comprehensive cross-border payment solutions, addressing the rising need for boundless financial interactions. In the ever-evolving realm of digital finances, SCREDER Finance stands poised on the brink of a significant transformation. Anyone who’s watched the rapid digitization of financial services knows this isn't just a passing fad. But have you ever…

As South Africa prepares to step onto the world stage, it has officially assumed the Presidency of the G20, paving the way for the highly anticipated Johannesburg Summit, set for November 22-23, 2025. This event promises to be pivotal, not just for the nation, but for the broader global community as well. President Cyril Ramaphosa, during the inaugural gathering of Finance Ministers and Central Bank Governors, eloquently articulated a vision for progress: "For nations to flourish, equality and prosperity must be available to…

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…