Author: Maingi Gichuku

After Zambia’s sovereign default, the G20 expressed concern that a “debt tsunami” could engulf the continent’s most heavily indebted nations. In response, the G20 and the Paris Club established a “common framework” with the intention of assisting more than 70 countries in dealing with the aftermath of the pandemic by providing debt relief and restructuring.

Given the substantial share of Zambia’s debt that is owned by Chinese lenders, the Paris Club needed the participation of China, which is not a member of the Paris Club. At the beginning of May, it was announced that China would co-chair the official creditor committee with France.

At the Paris negotiations, it will be determined whether Chinese and international lenders can work side by side to establish a clear debt overhaul plan. This might also pave the way for debt-restructuring talks between Chinese institutions and other countries that are in debt.…

• Sub-Saharan Africa has seen the fastest increase in worldwide Internet penetration, from less than 1 per cent in 2000 to 30 per cent now. The use of the internet in Africa increased by 23 per cent between 2019 and 2021
• The Internet Society has been at the forefront of supporting the construction and growth of worldwide Internet penetration(IXPs), which permit and stimulate local traffic
• The Internet Society has assisted in the development of community networks in South Africa, Zimbabwe, Uganda, Nigeria, Kenya, Namibia, Senegal, Morocco Ethiopia. And the Democratic Republic of the Congo

As the Internet Society (ISOC), a global non-profit organisation that advocates for an open and globally linked Internet, celebrated its 30th anniversary, the organisation demands urgent action to advance Internet growth throughout the African region.

Dawit Bekele, the Africa Regional Vice President of the Internet Society, lauded stakeholders’ progress in expanding access across the continent while encouraging …

The recent Nigeria’s central bank rise of benchmark interest was the first one implemented by the monetary policy council of the central bank since July of 2016. Prior to that time, the apex bank favoured lower interest rates in the hope that it would encourage lending.

To counteract the persistently increasing cost of goods and services, however, the world’s most influential central bank has followed the pattern of other central banks throughout the world and raised interest rates.

Pundits are led to assume that the policies of the CBN have little to no influence since, unlike in other economies across the world, the rising inflation in Nigeria is driven more by supply than by demand.…

Through the use of a digital payment system and online ticketing, which the Kenya Wildlife Service (KWS) intends to implement in all of the country’s national parks and reserves, the number of tourists, both local and non-resident, will be restricted to an acceptable level.

The digital system will generate tickets that contain information about the traveller, such as the validity date of the ticket, as well as a cost breakdown that details all of the prices, including the portions of those fees that are designated for park development and conservation.

According to the Ministry of Tourism and Wildlife, “capping the size of tourists in priority parks could limit the overall number of tourists but shouldn’t severely affect overall earnings if accompanied by a seasonal increase in costs.”…

Despite this, the “SANGO” cryptocurrency project, which will be released in the near future, is open to prospective investors, who can register on a waiting list on the official website.

In a statement released on Monday, Touadera stated that “a formal economy is no longer an option.” “We are being held hostage by a bureaucracy that is impossible to navigate, and as a result, we are unable to change to more competitive solutions.”

Gourna Zacko, who is the minister of digital economy and telecommunications, and Calixte Nganongo, who is the minister of finance, were the driving forces behind the passage of the Bitcoin bill in the National Assembly of the country, which was done with the intention of “economic recovery.”…

The factory is being developed near the tycoon’s nickel mines and cobalt in the DRC. “This is intended to resolve supply chain concerns in global battery supplies.” The batteries additionally will be utilised to power electric automobiles, bicycles, as well as residential and commercial applications, “Mwale explained.

Between now and 2050, the electric battery business is expected to be worth $45 trillion.

According to OEC, an MIT data analysis organisation, in 2020, electric batteries worth US$67 billion were traded, making them the 38th most-traded item worldwide,…

Other major export destinations comprised the Netherlands and the United States of America, both of which accounted for purchases of 15.83 and 14.78 billion shillings, respectively.

A jump in imports, led by gasoline and industrial supplies, caused the country’s trade deficit to widen over this time period by Sh34.2 billion, which is equivalent to 10.8 per cent of the country’s GDP in the first quarter.
In spite of a 26.3% increase in exports, the country’s import bill increased by 16.6% to a total of Sh591.6 billion, increasing the trade disparity to a total of Sh351.54 billion.

The economic rebound that was seen in 2019 as the country emerged from the harshest of the COVID-19 restrictions boosted demand, enabling firms to resume production that had been halted in 2020. This occurred as the country broke out of the worst of the COVID-19 restrictions.…

• The Mastercard, OPay partnership will make it possible for OPay customers and merchants in the region to interact with brands and businesses worldwide
• The partnership will benefit users in Kenya, Egypt, Algeria, Nigeria, Morocco, Ethiopia, Pakistan, South Africa and the United Arab Emirates
• Opay customers will be able to make use of the Mastercard virtual payment solution that is linked to their OPay wallets

The announcement of a strategic partnership between Mastercard and the African fintech giant OPay, which took place on May 19 of this year, represents a significant boost for broader financial inclusion.

This partnership makes digital commerce accessible to millions of people across the Middle East and Africa.

The collaboration will make it possible for OPay customers and merchants in the region, which includes Kenya, Egypt, Algeria, Nigeria, Morocco, Ethiopia, Pakistan, South Africa, and the United Arab Emirates, to interact with brands and businesses located anywhere in …

According to him, the goal of the store is to increase the number of online clients it serves by continuing to invest in the growth of its e-commerce business. If successful, this will result in an increase in sales that is eight times greater by the end of the retailer’s fiscal year in 2026.

Pick n Pay will be able to attain a compound annual rate of 10 per cent growth in group turnover as a result of other measures, which will ultimately result in market share growth of at least 3 per cent by the year 2026.

In addition to this, it has committed to doubling the number of Boxer products sold by 2026 and increasing its profit margin before taxes from the current level of two per cent to more than three per cent.

According to Boone, the formal food and grocery market in South Africa is expected …

The French firm will maintain ownership of oil mining licenses 23 and 28, as well as its investment in the accompanying gas pipeline grid that supplies Nigeria LNG with fuel.

Because of years of sabotage and theft that have deteriorated resources along the oil-rich delta region, large oil corporations have been gradually abandoning Nigeria’s onshore production. This is owing to the fact that Nigeria’s onshore production is located in a hostile environment.

SPDC is a partnership in which Shell (SHEL.L) has a working interest equal to thirty per cent, NNPC (NNPC.L) has a working interest equal to fifty-five per cent, and Eni (ENI.MI) has five per cent. Additionally, Shell is selling its investment in SPDC. However, these attempts have been stalled due to a legal dispute.…