growth

Egypt’s Economic Resurgence and Challenges In an encouraging turn of events, Egypt’s economy reported a growth of 4.77% during the third quarter of the 2024/25 fiscal year, a significant improvement from just 2.2% in the same period last year. This data, released by the Ministry of Planning, brings a sense of optimism amid the challenges that have long plagued the Egyptian economy. Could this signify a turning point, or is it merely a fleeting moment in a much larger narrative? The fiscal year in Egypt spans from July to…

The ambitious billionaire Elon Musk is making waves yet again. His satellite internet venture, Starlink, is setting its sights on a hefty R2 billion investment—roughly $112.7 million—in South Africa. This investment appears to be a strategic move to navigate the complexities of the country’s Black Economic Empowerment (BEE) requirements. But what does this mean for both Starlink and the South African landscape? Starlink has openly expressed its intent to forge partnerships with local South African businesses to…

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…

Image source Somalia has reached a remarkable epoch in its economic narrative. On December 13, 2023, the International Monetary Fund (IMF) and the World Bank confirmed that Somalia had reached the Heavily Indebted Poor Countries (HIPC) completion point. This milestone facilitated a dramatic reduction of external debt, from a staggering 64 percent of GDP in 2018 to below 6 percent by the end of 2023—an accomplishment that translates to an impressive $4.5 billion in debt relief. The momentum didn't stop there. In early 2024,…

The Complex Dynamics of Debt in Africa: An Endless Cycle or a Path to Growth? Debt may be a critical tool for fueling development, but its sharp annual growth raises significant concerns about the long-term sustainability of economic progress and public welfare. Each year, we find ourselves asking: Is the debt we incur serving us or shackling future generations? Take a closer look at nations like Ghana, Zambia, Kenya, and Egypt. These countries have witnessed dramatic surges in their…

Tesla's Strategic Move into Morocco: A Vision for Clean Energy and Electric Mobility On May 27, 2025, a significant milestone was achieved when Tesla officially established its subsidiary, Tesla Morocco. With an initial investment of MAD 27.5 million—equivalent to around USD 2.75 million—this venture marks Tesla's ambitious entry into North Africa. It's fascinating to consider how this investment could reshape not just the automotive landscape but the energy landscape as well.…

Mogadishu (AX) — In a significant move signaling his commitment to urban development and community welfare, Dr. Hassan Mohamed Hussein, affectionately known as Muungaab, has announced the appointment of new district commissioners for two key areas in the Banaadir Region. This action represents not just a shift in leadership but a broader vision aimed at steering the Somali capital toward a more stable and prosperous future. On Wednesday, Governor Muungaab appointed Mr. Omar Meeyre Mo’ow as the new commissioner of…

Africa Soft Power Summit 2025: A Vision Unfolding The recent summit was an eye-opener, comprising two pivotal conferences: the Remarkable African Women's Leadership Conference and the Creative & Innovative Industries Conference, culminating in the prestigious Africa Soft Power Gala & Awards. Each segment offered profound insights that resonate with a diverse audience, charting a hopeful yet realistic path forward for the continent. “Africa's creative and tech sectors have already proven themselves to…

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…

In the vast landscape of electric vehicles, BYD stands as a titan, making waves as it ventures into South Africa's burgeoning new energy vehicle (NEV) market. This market isn't just about numbers; it's about transformative change. With competitors like GAC, Chery, and Great Wall Motors (GWM) stepping up their game, BYD's strategy unfolds with both vigor and ambition. BYD made its official entrance into the South African market in 2023, introducing the BYD battery electric ATTO 3. This launch was not just a mere…