Updates on trends of various African markets, including stock markets, real estate, commodities, and more.
Cameroon-based fintech startup, Koree, is making waves in the financial technology landscape with a recent pre-seed funding injection of $200,000. The backing comes from a consortium of investors, including Cameroon Angels Network, Catalytic Africa, Digital Africa, and various private backers. Empowering Users to Save Spare Change Koree’s innovative solution addresses the challenge of spare change … Read more
Ethiopian Airlines, the largest carrier in Africa, has recently revealed a significant milestone in its growth strategy—an agreement for a USD $450 million loan to fund the acquisition of five new Boeing aircraft. The deal comprises three Boeing 737-8 and two Boeing 777F (Cargo) planes. Facilitated by Citi’s Corporate Banking and Export Agency and Finance … Read more
Investors navigating the complex landscape of financial markets understand the crucial role of company valuation. Whether you’re a seasoned investor or just starting, grasping the intricacies of assessing a company’s worth is fundamental. In this comprehensive guide, we’ll break down the process step by step, empowering you to make informed investment decisions. 1. Understanding the … Read more
Somalia has received approval for debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative from the IMF and World Bank, translating into substantial savings of $4.5 billion for the country. This strategic move has significantly slashed Somalia’s external debt from 64% of GDP in 2018 to less than 6% by the close of 2023. … Read more
Having peaked at 9.2% in March 2023, the Central Bank of Kenya responded by raising the Central Bank rate by 175 basis points in the first half of 2023, reaching 10.5%, the highest level in the past seven years. Fitch predicts that Kenyan banks will sustain robust pre-impairment operating profits in the context of a … Read more
Naira’s Triumph: A Strong Close at N844.85/$1 On Tuesday, December 19, 2023, the Naira demonstrated further strength against the dollar, closing at N844.85/$1 in the official market, marking a 5.15% appreciation. The NAFEM data revealed a closure at N888.35/$1, reflecting a N43.5 gain or a 5.15% increase compared to Monday’s close. Throughout the day, the … Read more
Details Emerge on the Controversial Exit In a surprising turn of events, OpenAI’s renowned CEO, Sam Altman, and its Chairman, Greg Brockman, bid farewell on Friday. The departure followed a review revealing Altman’s inconsistent communication, denting the board’s ability to fulfill its duties and subsequently eroding their confidence in his leadership. Altman’s Resignation: A Mysterious … Read more
In a groundbreaking move towards sustainable transportation, Ghana’s Finance Minister, Ken Ofori Atta, delivered exciting news during a budget reading to parliament on November 15th. The announcement? A significant import duty waiver on electric vehicles (EVs) designated for public transportation. Key Details: Import Duty Waiver for Public Transportation EVs: Duration of Import Duty Waiver: Local … Read more
As Nigeria grapples with a challenging economic environment, the recent Economic Report for the Second Quarter of 2023 by the Central Bank of Nigeria (CBN) reveals a concerning trend—Nigerians have borrowed approximately N290 billion from banks in just three months. Consumer Credit Surge According to the report, consumer credit, encompassing personal and retail loans, surged … Read more
In a move aimed at bringing order and oversight to the burgeoning e-commerce and courier services sector, Ghana’s Ministry of Communications and Digitalisation has issued a directive impacting both new and existing operators. As of December 19, 2023, all e-commerce operators and their courier drivers are required to register with the Postal and Courier Services … Read more