growth

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…

In recent years, Africa has encountered a series of economic challenges that have hindered the continent's growth trajectory. This declining trend presents a multitude of obstacles and drawbacks, significantly impacting nations striving for development. Without careful navigation, these issues may undermine future progress, setting back years of hard work. Yet, amidst these hurdles, there is a glimmer of hope. Several African nations are stepping up to serve as beacons of stability and economic strength within their…

It's fascinating to observe how a nation's infrastructure plays a critical role in shaping its economic destiny. Across Africa, there is a palpable momentum as countries invest significantly in energy, transport, and digital frameworks. This deliberate focus on infrastructure is not just a fleeting trend; it’s a strategic move aimed at fostering sustainable economic growth for generations to come. These important investments don’t merely exist in a vacuum. They serve to minimize transaction costs, enhance…