Nigeria Bets Big on Refining with $15 Billion Oil Megaproject
Nigeria is ramping up efforts to boost local oil refining with a $15 billion, 500,000 bpd refinery project led by Backbone Infrastructure Nigeria Ltd (BINL) in partnership with Ondo State. Sited in the Sunshine Industrial Park and Free Trade Zone, the refinery will be built in phases, with the first phase set for completion in four […]
Africa Turns the Page on Debt Distress as Bond Spreads Improve
For the first time in a decade, no African nation currently faces a sovereign risk premium indicating debt distress, signaling a major turnaround in the continent’s financial landscape. Mozambique’s bond spread dropped below the critical 1,000 basis point mark this month, marking the end of a period characterized by defaults in Zambia, Ghana, Malawi, and Ethiopia […]
Zimbabwe’s Gold and Forex Reserves Backing ZiG Hit New Record
Zimbabwe’s central bank announced that gold and foreign currency reserves backing the new ZiG currency surged to a record $731 million in June, up from $639 million in May. This marks a significant leap from the $276 million held in April 2023, when the ZiG—short for Zimbabwe Gold—was first introduced to replace the defunct Zimbabwean dollar. After […]
How Tax Breaks Undermine South Africa’s Fiscal Fairness
As South Africa’s tax season kicks off, attention is turning to how well the country’s progressive personal income tax system addresses inequality. While higher earners face rates up to 45%, deductions and credits—often used by wealthier taxpayers—significantly reduce its ability to fairly distribute income. Recent reforms, such as pension deduction tweaks and new top tax brackets, […]
Botswana to Accelerate Currency Depreciation as Economic Pressures Mount
Botswana plans to let its currency, the pula, depreciate by 2.76% over the next year—nearly double the rate set last December—as the country grapples with economic pressure from a global diamond market slump. The depreciation, part of its biannual crawling band exchange rate regime, aims to boost the competitiveness of local goods and curb foreign exchange demand. […]
