• South Africa’s budget update has revealed that public finances face a mounting strain. 
• The tax revenue for the current fiscal year is projected to be $1.27 billion.
• President Cyril Ramaphosa has vowed to transform the country into a giant construction site.

South Africa’s Budget Reveals Strain to Public Finances

South Africa’s latest budget update has revealed that public finances are facing mounting strain, emphasizing the urgency for the newly formed coalition government to attract additional investment into the region’s largest economy.

The medium-term budget policy statement presented by Finance Minister Enoch Godongwana on Wednesday indicates that the fiscal deficit is anticipated to expand to 5 per cent of the gross domestic product in the fiscal year ending in March. This figure is an increase from the 4.5 per cent predicted in February and exceeds the predictions of most economists.

The rand weakened with rising bond yields. The nation’s currency fell …

• Authorities need to rework Senegal’s program with the IMF after an audit revealed a higher budget and debt deficit than previously reported.
• During former President Macky Sall’s rule, a review of Senegal’s finances showed that the country’s public and budget deficit was more than 10 percent of the gross domestic product, almost double the 5.5 percent reported under Sall.
• Shortly after taking office, President Faye initiated a review of Senegal’s natural resources sector.

Reworking Senegal’s program with the IMF

Senegal needs to rework its program with the International Monetary Fund after an audit revealed a higher budget and debt deficit than previously reported.

Senegalese authorities hope to meet all the prerequisite conditions to reach a new agreement with the IMF by Q1 2025. This is according to Senegal’s Finance Minister Cheikh Diba, who attended the IMF’s annual meeting in Washington.

“The current program must be updated,” Diba said. “We’re in …

• Global economic growth will emanate from powerhouse BRICS economies over the next five years as per the IMF predictions.
• The ten BRICS nations comprise more than a quarter of the world economy and almost half the global population.
• China will contribute most significantly to global growth over the next half-decade, with its 22 per cent share outpacing all G7 countries combined.

The countries comprising BRICS— Brazil, Russia, India, China, and South Africa, with five new members—are an informal grouping of emerging economies hoping to increase their sway in the world order.

The BRICS group has become a major political force in the last two decades, building on its desire to counter Western influence in global institutions.

BRICS’ 2024 expansion has come with a range of geopolitical implications. It forms a rising economic and demographic heft: the ten BRICS nations comprise more than a quarter of the world economy and almost …

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• Managing business finances is a pivotal aspect of running a successful enterprise.
• Before we dive into how to effectively manage business finances in Kenya, it’s crucial to understand the local financial landscape.
• Every successful financial strategy begins with clear, attainable goals.

How to Effectively Manage Business Finances in Kenya

Managing business finances is a pivotal aspect of running a successful enterprise, regardless of its size. In Kenya, where the entrepreneurial spirit is vibrant, the need for effective financial management cannot be overstated. This comprehensive guide to business financial management in Kenya aims to provide entrepreneurs, financial managers, and small business owners with actionable insights and best practices to ensure their financial health.

Understanding the Kenyan Financial Landscape

Before we dive into how to effectively manage business finances in …

Budgeting for Startups

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Starting a business is an exciting venture but comes with challenges, particularly in financial management. Budgeting is crucial for startups to ensure they allocate resources efficiently and sustainably.

The Importance of Effective Budgeting Techniques for Startups

Effective budgeting techniques for startups involve keeping track of expenses and strategic planning. A well-structured budget helps startups: Ensure financial stability, allocate resources wisely, prepare for unexpected costs, and, achieve long-term growth
Without a proper budget, startups may face cash flow issues, hindering their growth and sustainability.

Understanding the Financial Landscape for Startups in Kenya

Kenya’s startup ecosystem is vibrant and rapidly growing. However, it also presents unique financial challenges. High operational costs, fluctuating market conditions, and limited access to capital are common hurdles. Understanding these challenges is the first step in creating an effective budget.…

Understanding Business Taxation in Kenya

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Understanding business taxation in Kenya is crucial for any entrepreneur or business owner. With the rapid changes in tax laws and regulations, staying informed about the tax obligations for Kenyan businesses in 2024 is essential.

Business taxation in Kenya encompasses various taxes imposed on businesses by the government. These include corporate income tax, value-added tax (VAT), and withholding taxes. Understanding business taxes in Kenya in 2024 helps businesses plan their finances and ensure compliance with the law.

Importance of Tax Compliance

Tax compliance for businesses …