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Africa

Mali, Burkina Faso, and Niger Exit ECOWAS, Disrupting West African Integration

Comparing their decision to Brexit, Mali, Burkina Faso, and Niger have chosen to exit the Economic Community of West African States ECOWAS. The free t

Comparing their decision to Brexit, Mali, Burkina Faso, and Niger have chosen to exit the Economic Community of West African States ECOWAS. The free trade zone in West Africa is weakened by this action, which is spearheaded by military juntas and upends decades of regional integration. These countries are anticipated to suffer more from the exit than ECOWAS, as they will be more vulnerable to Russian influence. Economic stability and regional geopolitical changes are questioned in light of the decision. Read More..

B2B Tech News | 10 days ago         

South African Reserve Bank Holds Interest Rates Amid Inflation Concerns

The benchmark interest rate will remain steady, the South African Reserve Bank SARB said, citing worries about inflation and the state of the world ec

The benchmark interest rate will remain steady, the South African Reserve Bank SARB said, citing worries about inflation and the state of the world economy. The central bank strives to strike a balance between price stability and economic growth in the face of external challenges, including shifting commodity prices and geopolitical unrest. Inflationary threats, poor economic growth, and a weak currency are some of the ongoing issues facing South Africa. SARB continues to exercise caution and regularly monitors local inflation trends, economic performance, and international financial conditions before making any changes. Although the ruling gives borrowers stability, analysts predict that further rate reductions will be contingent upon less inflation and a stronger economy. In order to sustain longterm economic resilience and preserve financial stability, the central bank reiterated its commitment. Read More..

B2B Tech News | 10 days ago         

South Africa Expands Trade Partnerships Amid U.S. Diplomatic Strains

Despite political difficulties with the United States, South Africa is concentrating on growing commercial alliances in an effort to diversify its eco

Despite political difficulties with the United States, South Africa is concentrating on growing commercial alliances in an effort to diversify its economic connections. Disagreements over trade and geopolitical matters are the root of the rift, which raises questions about the future of economic ties between the United States and South Africa. In response, South Africa is reducing its reliance on Western economies by fortifying its relations with emerging markets, especially those in Asia, Africa, and the BRICS bloc. The nation wants to improve regional economic cooperation, increase exports, and draw in foreign investment. Notwithstanding the diplomatic difficulties, policymakers are dedicated to maintaining a stable trading climate and looking for fresh ways to maintain economic expansion while striking a balance with both Western and nonWestern allies. Read More..

B2B Tech News | 10 days ago         

Rwanda’s Economy Surges 8.9% in 2024, Driven by Services & Industry

Rwandas statistics office reports that the countrys economy grew by 8.9% in 2024. Strong results in the services and industry sectors were the main dr

Rwandas statistics office reports that the countrys economy grew by 8.9% in 2024. Strong results in the services and industry sectors were the main drivers of growth, with services making up 46% of GDP and industry 22%. Despite difficulties, the agriculture industry continued to be a vital economic component. The governments initiatives to advance manufacturing, technology, and infrastructure are in line with Rwandas economic growth. Foreign investment has also surged in the nation, especially in digital services and green energy. The government is still hopeful that it can maintain rapid growth rates with the help of regional trade and policy changes. However, sustaining this momentum in the upcoming years may be difficult due to concerns associated with climate change and global economic instability. Read More..

B2B Tech News | 10 days ago         

Kenya Seeks New IMF Deal Amid Rising Debt Pressures

The ninth review under the current Extended Fund Facility EFF and Extended Credit Facility ECF programs has terminated as a result of Kenyas formal re

The ninth review under the current Extended Fund Facility EFF and Extended Credit Facility ECF programs has terminated as a result of Kenyas formal request to the International Monetary Fund IMF for a new financing program. The current $3.6 billion agreement, which was started in April 2021, was scheduled to expire the following month. However, in order to preserve economic stability, the Kenyan government is looking for ongoing IMF assistance because of rising debtservicing costs brought on by massive borrowing and the cancellation of planned tax increases after last years protests. The request has been accepted by the IMF, which will work with Kenyan officials to create a new scheme. Read More..

B2B Tech News | 10 days ago         

EU Announces €4.7 Billion Investment in South Africa’s Green Transition

With an emphasis on vaccine production, improving digital and physical connectivity, and a just energy transition, the European Union EU has announced

With an emphasis on vaccine production, improving digital and physical connectivity, and a just energy transition, the European Union EU has announced a €4.7 billion investment package for South Africa. This project, a component of the EUs Global Gateway policy, supports South Africas infrastructure and sustainable development. A sizeable amount—€4.4 billion—is set aside to aid the nations transition to cleaner energy sources. The declaration came during talks between South African President Cyril Ramaphosa, European Council President António Costa, and European Commission President Ursula von der Leyen. The EUs dedication to advancing economic growth, bolstering its alliance with South Africa, and tackling global issues like climate change is demonstrated by this investment. Read More..

B2B Tech News | 10 days ago         

NNPC Ltd in Talks to Extend Crude Oil Supply Deal with Dangote Refinery

After the initial sixmonth agreement expired this month, Nigerias state oil company, NNPC Ltd, is negotiating with Dangote Oil Refinery to renew its c

After the initial sixmonth agreement expired this month, Nigerias state oil company, NNPC Ltd, is negotiating with Dangote Oil Refinery to renew its crude oil delivery contract in naira. The agreement, which was unveiled in October, was designed to alleviate local refineries supply limitations. Although the agreedupon volumes were not entirely fulfilled and smaller refineries did not profit as anticipated, NNPC Ltd. supplied 48 million barrels to Dangote Refinery per the terms of the agreement. Specifics on cost, volume, and duration are still being worked out. In line with more significant economic and energy sector objectives, the extension might support domestic refining operations and lessen Nigerias reliance on imported fuel. Read More..

B2B Tech News | 17 days ago         

Ghana’s Economic Growth Slows to 3.6% in Q4 as Industry Sector Stalls

The industry sector trailed behind with a mere 0.2% gain, causing Ghanas economic growth to decrease to 3.6% yearoveryear in Q4 2024 from 7.5% in Q3.

The industry sector trailed behind with a mere 0.2% gain, causing Ghanas economic growth to decrease to 3.6% yearoveryear in Q4 2024 from 7.5% in Q3. Agriculture increased 2.9%, and the services sector to 6.3%, bringing the years GDP growth to 5.7%. Challenges in the cocoa and gold industries have made the nations recovery from a severe economic catastrophe even more difficult. For the second consecutive month, inflation decreased from 23.5% in January to 23.1% in February, but it is still far above the central banks objective of 8%. Since retaking office in January, President John Dramani Mahama has promised to reduce taxes and spending to increase investment and accelerate economic growth. Read More..

B2B Tech News | 17 days ago         



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