Author: James Wambua

BRICS Competitive Agencies are set to develop a new approach to food markets regulation. One of the largest global blockchain platforms on commodities, Covantis, may be the first to fall under restrictions. Founded by the largest agro-traders of the ABCCD group and Viterra, Covantis avoids antitrust scrutiny due to its structure. Antitrust authorities drawn from BRICS member countries are set to establish a unified system to monitor and control food markets regulation, in a move that is poised to put Covantis, one of the giant platforms on commodities under close check. In a statement released during a meeting on the…

Will U.S. policies empower Africa’s sustainable development, or will they prioritize American interests at the expense of local communities and ecosystems in the next four years? Africa’s vast mineral wealth makes the continent a focal point for global economic and strategic competition. By encouraging African nations to process and refine their minerals domestically, the U.S. can help Africa can create jobs and enhance economic benefits. Africa’s natural resources hold a key position in shaping the future of the global mining and energy industry. From critical minerals essential for modern technology to immense energy reserves, the continent is both an opportunity…

Pattni’s network exploited Zimbabwe’s natural resources, overreported cash proceeds from foreign sales to claim inflated compensation, and bribed officials to shield their illicit operations. A total of 28 individuals and businesses involved in gold smuggling network in Zimbabwe were Investigations show the gold smuggling and money laundering scheme had direct ties to President Emmerson Mnangagwa of Zimbabwe. The U.S. Department of the Treasury has imposed sanctions on 28 individuals and businesses involved in a gold smuggling network in Zimbabwe. Among the culprits slapped with far-reaching sanctions by the Office of Foreign Assets Control (OFAC) is controversial businessman Kamlesh Pattni, who…

AIM Congress 2025 will solidify its role in shaping a sustainable global economy, observes His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade. Already, the annual forum has positioned itself as a hotbed for transformative ideas and partnerships; the bridge between emerging economies and global powerhouses. Key themes Foreign Direct Investment, Global Trade, Startups, Future Cities, Future Finance, Global Manufacturing, Digital Economy, and Entrepreneurship are tailored to resonate with the pulse of a rapidly evolving global economy. In April next year, the bustling city of Abu Dhabi will once again take center stage as…

Despite a challenging economic climate, cleantech and internet connectivity sectors lead the way, with Kenya spearheading investment activity. Debt funding, often overshadowed by venture capital, played a dominant role in terms of volume, with transactions totaling over $26 million for November alone. The dual reliance on debt and equity highlights the adaptability of African startups in securing resources to fuel their growth. As 2024 winds down, the African startup ecosystem finds itself in a less-than-rosy funding environment. According to data from startup funding tracker Briter Bridges, over 580 startups in over 30 African markets secured $1.9 billion through more than…

Nigeria’s November PMI rose to 49.6 from 46.9 in October, marking its fifth consecutive month below the neutral 50.0 threshold. This reading signals an ongoing deterioration in business conditions in Africa’s biggest economy. Rising energy prices, expensive raw materials, and a weak naira continued to drive substantial input price inflation. Nigeria’s private sector showed tentative signs of improvement in November 2024, as inflationary pressures eased slightly. However, steep price increases and subdued demand continued to choke businesses, pushing many to cut jobs and reduce purchasing activity. The headline Purchasing Managers’ Index (PMI) rose to 49.6 from 46.9 in October, marking…

Six African nations ranked among the top 10 globally for money laundering and terrorism financing risk by the 2023 Basel AML Index. Another 11 African countries are grey-listed by the Financial Action Task Force (FATF), including Kenya, Tanzania, and South Africa. The overall economic ramifications of these crimes are staggering, from lost FDI to widespread inequality. Money laundering, corruption, and terrorism financing are no longer hidden threats—they are destructive forces ravaging Africa’s economies. With six African nations ranked among the top 10 globally for money laundering and terrorism financing risk by the 2023 Basel AML Index, the scope of the…

The AI analyzes customer transaction histories, product interactions, and other data points to provide real-time summaries. This has reduced the average response time for customer inquiries by 2.5 minutes and freed up over 5,000 customer service hours per month. Bboxx-AWS partnership marks one of the first instances of an African business adopting generative AI at this scale. Bboxx, a platform unlocking access to clean energy and digital products across Africa, has partnered with Amazon Web Services (AWS) to integrate generative artificial intelligence (GenAI) into its operations. This collaboration is poised to position Bboxx as a pioneer in using advanced AI…

AfDB slaps 12-month sanctions on China Railway Construction Engineering Group over scandal involving Tanzania’s Msalato International Airport Project. The hit stems from findings by AfDB, which uncovered fraud in the company’s bid for phase one of the airport project. However, the firm remains eligible to participate in AfDB-funded projects during the penalty period provided it adheres to strict compliance measures. The African Development Bank Group (AfDB) has placed China Railway Construction Engineering Group under a 12-month conditional non-debarment following a fraud investigation linked to Tanzania’s Msalato International Airport Project. This decision, effective from November 7, 2024, stems from findings by…

With Acumen’s boost, d.light will speed up operations in Uganda, where about 2M people will access electricity for the first time. By selling customer receivables to Brighter Life by d.light (BLd) upfront, d.light subsidiaries now have immediate cash flow, enabling them to scale at speed. This funding model not only supports financial sustainability but also mitigates currency risks by conducting transactions in local currencies. For solar-power equipment provider d.light, the journey to lighting homes across East Africa with reliable green energy is fast gaining momentum. In the latest move, d.light has received a $5 million investment from Acumen’s Hardest-to-Reach (H2R)…