revenue

Egyptian President Abdel Fattah al-Sisi, in a bid to illuminate the economic ripples of regional tension, unveiled a worrying revelation on Monday. The Suez Canal, a crucial artery of global maritime trade, is hemorrhaging approximately $800 million every month. A staggering loss underscored by growing instability in the region. This shortfall not only poses a threat to Egypt’s economic engine but also raises a question: What are the far-reaching consequences of such financial hemorrhage on global…

The Suez Canal: Navigating Rough Waters in Search of Economic Stability The Suez Canal, a name synonymous with maritime economics and global trade, faces rough waters once more. Imagine a once vibrant corridor, bustling with the energy of international trade, now struck by a trifecta of unforeseen challenges. This crucial waterway, which has been the heart of Egypt's economic lifeline, is currently grappling with a loss of around $800 million in monthly revenue. How did this happen? And more importantly, what does it mean…

Imagine a vast land teeming with unparalleled opportunities and challenges—a mosaic of cultures, resources, and vibrant economies. Welcome to Africa, the continent at the heart of Russia's expanding international trade canvas. In 2024, Russia's food shipments to Africa burgeoned to an impressive $7 billion, marking a nearly 20% rise compared to the previous year. Why this surge? What does this tell us about the evolving global trade dynamics? A publication from the Russian Export Centre (REC) painted a detailed picture:…

In the rugged yet dynamic cityscape of Hargeisa, a new chapter in taxation has recently unfolded. The North Western State of Somalia government, keen on broadening its financial horizons, has introduced a sales tax policy that intriguingly touches the pulse of everyday life: mobile money transactions. Once constrained to a select few businesses, this 5% sales tax now meticulously extends its reach over mobile phone airtime, internet data packages, and internet services for homes and offices. Such a decision is not…

With a canvas that paints the vibrant economic landscape of Ghana in 2024, the nation has remarkably exceeded expectations. According to the latest Ghana Statistical Service (GSS) Trade Report, Ghana ended up with a trade surplus of GH₵44.7 billion, considerably overshooting the import bill of GH₵250.2 billion. This prompts the question: What's driving such growth, and more importantly, what's next for Ghana? Gold, Petroleum, and Cocoa dominate exports A deep dive into the report…

Understanding the Role of Customs Duties in Africa For some countries heavily reliant on international trade, the levying of tariffs on imported goods comprises more than 40% of total tax revenue. This fact alone underscores just how integral these duties are to the infrastructure of governmental funding across various nations. Consider the island nation of São Tomé and Príncipe, where customs duties remarkably constitute 100% of the country’s tax revenue. What does this tell us about their economic structure or their…

Edited By Ali Musa Axadle Times International–Monitoring. In a move that has reverberated across the fuel market, the Dangote Refinery made headlines on Wednesday by announcing a significant reduction in the ex-depot price of petrol. The price has been slashed by N65, bringing it down from N890 to N825 per liter. At first glance, this may appear as just another business decision, but as with many things in life, the ripple effects reach far and wide. Starting…

Hargeisa (AX) – In a spirited push towards financial transparency and accountability, President Abdirahman Mohamed Abdillahi Cirro of North Western State of Somalia has laid down the gauntlet, urging all government ministries and agencies to channel accrued revenues directly to the Ministry of Finance. It's a move designed to tighten the screws on financial operations and sniff out any fiscal hide-and-seek played in dark corners. At a cabinet gathering this Thursday, against the backdrop of Hargeisa's bustling…

Mogadishu (AX) — Things are heating up in Yaqbariweyne as the South West State troops gear up to take on local militias, stirring worries of a fresh conflict over who calls the shots and collects taxes in the area.Folks in Yaqbariweyne have mentioned that both factions are on high alert, causing the local populace to brace for what might come. Eyes and ears on the ground hint that the South West forces are keen on tightening their grip on the town, which has, for the past few months, been pretty much under the thumb of armed…

On Wednesday, March 31, the head of the Congolese mining company Gécamines launched a new subsidiary called the General Company of Cobalt. ECG aims to establish the state monopoly on the purchase, processing, conversion, sale and export of artisanal cobalt, which corresponds to 20% of the total cobalt mined in the country. Democratic Republic of Congo is the leader in the sector with 67% of world…