Kenyan small businesses threatened by costs and over-regulation
Kenyan business owners are facing a big challenge of operational costs and over-regulation.Kenya Bankers Association president John Gachora said businesses that currently account for a third of Kenya’s GDP are…
Naira among Africa’s Worst-Performing Currencies in 2024 – World Bank
According to the World Bank's Africa Pulse report, the Nigerian naira has emerged as one of the worst-performing currencies in sub-Saharan Africa.By August 2024, the naira had depreciated by 43%,…
Namibia Central Bank cuts interest rate to boost growth
The Central Bank of Namibia has cut the country's lending rate by 25 basis point to 7.25%. The Monetary Policy Committee of the bank announced the cut at the end…
Uganda signs $3 billion contract to build new rail network
Uganda has signed a $3 billion (about Sh10.8 trillion) contract with Turkish construction company Yapı Merkezi to build a 272-kilometre railway to boost regional trade and business integration.The agreement, which…
Ethiopia implements new rules on foreign exchange and transaction fees
The National Bank of Ethiopia (NBE) has ordered the country’s financial institutions to include foreign exchange transactions in daily reports for transparency purposes.Foreign exchange is the difference between the bank’s…
99% of rich Nigerians evade taxes – Oxfam report
A recent report by Oxfam International in Nigeria has revealed that 99% of Nigeria’s wealthiest citizens evade paying their taxes, significantly contributing to the country’s wealth gap. The report, titled…
Nigeria is on track to achieve a $1 trillion economy by 2030 – CBN
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has expressed optimism that Nigeria is on track to achieve a $1 trillion economy by 2030. This bold projection…
Petrofac signs contract with Marathon Petroleum in Equatorial Guinea
Petrofac Limited has signed a new service agreement with Marathon Petroleum of Equatorial Guinea. Under the agreement, Petrofac will provide legal and disciplined engineering support to ensure work quality, integrity…
Nigeria proposes 25% tax on high income earners
Nigeria is proposing 25% tax on high income earners with a monthly take home of N100 million. The proposal was announced by the Presidential Committee on Fiscal Policy and Tax…
Liberia to build first large solar power plant
The Liberian government, along with the Liberia Electricity Corporation (LEC) and World Bank Liberia, broke ground for the country's first utility-scale solar power facility.With a $2 million grant from the…
