Updates on trends of various African markets, including stock markets, real estate, commodities, and more.
Nigeria’s money supply, measured by M2, witnessed a substantial rise to N64.9 trillion in July 2023, up from N64.3 trillion in June. This surge represents a notable increase from the N55.5 trillion recorded in May, amounting to a substantial N9.4 trillion growth. These figures, recently released by the Central Bank of Nigeria as part of … Read more
Investor Interest and Government Offer Discrepancy The recent auction of the Government of Ghana’s Treasury Bills (T-bills) spanning across maturities of 91 days to 364 days faced a shortfall of approximately 12.91% from the targeted amount of GHS 3.96 billion. Last week’s auction saw the offer receiving total bids worth GHS 3.45 billion, with the … Read more
In a move aimed at bolstering national security, the Somali Government has recently declared a ban on popular social media platform TikTok, messaging app Telegram, and online betting site 1xBet. The government’s assertion is that these platforms have been exploited by “terrorist” groups for propagating their ideologies. Cutting Off Access: The Ban and Its Implications … Read more
Mozambique is gearing up to implement regulations governing carbon-credit projects in the country, joining other African nations like Zimbabwe, Malawi, and Kenya in this endeavor. The government aims to finalize draft rules by the end of this year, with presentation to the Council of Ministers for approval expected in Q1 2024. This move seeks to … Read more
For decades, the bread industry has been a cornerstone of Ghana’s culinary culture, but recent developments are reshaping its landscape. The rise of a sprawling factory along the Accra-Tema motorway has ignited discussions about the future of this staple industry and its local players. Traditionally dominated by local producers, the bread industry is now facing … Read more
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has released its latest findings on petrol consumption in the country, revealing a significant drop of 16.8% in July 2023. According to the Authority’s report, daily petrol consumption decreased to 52 million litres in July, compared to 64.96 million litres in June of the same year. … Read more
The Nigeria Deposit Insurance Corporation (NDIC) has announced its intention to conduct investigations into the directors of 183 banks whose licenses were recently revoked. The Managing Director of NDIC, Mr. Bello Hassan, shared this information during a capacity-building workshop for law enforcement agencies in Lagos. NDIC plans to collaborate with the Economic and Financial Crimes … Read more
The Ghana Police Service (GPS) has taken a significant step towards enhancing road safety and enforcing road traffic regulations with the introduction of an advanced automated system named Traffictech-GH. This digital platform aims to ensure strict adherence to road traffic laws through the use of cutting-edge cameras and sensors that identify drivers who violate these … Read more
African e-commerce giant, Jumia, has reported a significant setback in its sales and revenue performance for the second quarter of the year. Between April and June, the company’s sales value experienced a notable drop of 25%, amounting to $202 million. This decline had a direct impact on its revenue, resulting in a 15% decrease to … Read more
Zeepay, a pioneering force in the realm of cross-border payments and mobile money innovation, has showcased impressive resilience and growth in the face of economic adversities. Despite navigating through a challenging economic landscape, Zeepay reported a pre-tax profit of GH¢43.9 million by the end of 2022, marking a notable achievement in its annual report. Financial … Read more