Can Ethiopia’s economic liberalization boost jobs?
Ethiopia is undergoing a dramatic economic transformation, pivoting from a decades-old state-led model to ambitious liberalization. Under Prime Minister Abiy Ahmed, the government has opened key sectors such as telecoms to foreign investment and floated its currency, painful measures that have unlocked billions in international funding and positioned the country for impressive growth. However, this economic overhaul […]
Strive Masiyiwa’s fortune rebounds with tech push
Zimbabwean billionaire Strive Masiyiwa is making bold moves to position Africa at the forefront of the global artificial intelligence revolution. Through his company, Cassava Technologies, he has formed a landmark partnership with tech giant Nvidia to build the continent’s first AI factory. This ambitious vision is part of a massive $720 million investment plan to establish five […]
Kenya races ahead as Africa’s digital ad powerhouse
Kenya has officially been crowned Africa’s fastest-growing digital marketplace, according to a new PwC report. The nation outpaced economic heavyweights like Nigeria and South Africa, boasting a remarkable 16% compound annual growth rate in internet advertising. The study highlights Kenya’s booming digital economy, fueled by rising ad spending across platforms like TikTok, YouTube, and Instagram. PwC […]
South Africa’s Reserve Bank sounds alarm on stablecoins
South African Reserve Bank Governor Lesetja Kganyago has warned that the growing use of dollar-backed stablecoins could erode Africa’s monetary sovereignty if left unchecked. During a recent interview, he explained that stablecoins are increasingly used to “short” local currencies, especially in countries facing foreign exchange shortages. This trend aligns with a stark prediction from Standard Chartered, which fears such stablecoins could pull up to $1 […]
African banks flock to DR Congo’s market
Africa’s biggest banks are rushing into the Democratic Republic of Congo, lured by rapid economic growth, soaring mining revenues, and some of the highest banking returns on the continent. Lenders from Kenya, Nigeria, Tanzania, and South Africa have expanded across Kinshasa and Lubumbashi, chasing untapped markets where fewer than 10% of Congolese have bank accounts. Kenya’s Equity […]
Ethiopia moves to concessional loans for foreign debt
Ethiopia is taking decisive steps to ease its debt burden by negotiating with creditors to convert costly commercial loans into concessional ones with lower interest rates. This initiative follows successful macroeconomic reforms that restructured up to $4.5 billion in previous loans, reducing the nation’s external debt to less than $23 billion. The government has already halted new […]
Ghana’s banks turn away from growth sectors, study warns
A startling new study reveals a troubling trend in Ghana’s financial landscape: banks are increasingly turning away from lending to the very sectors that fuel sustainable economic growth. According to the study, credit to critical areas such as agriculture and manufacturing plunged by 65% and 56% respectively, between 1999 and 2023. Instead, credit has increasingly flowed to […]
