Browsing: economic growth

Financial knowledge remains paramount in an era in which increasingly complex financial products have become readily available to many. Governments in different countries have put more effort into expanding access to financial services. Consequently, the number of individuals with bank accounts and access to credit products is increasing.

Financial literacy remains crucial to personal and economic empowerment, enabling people to make sound financial choices and manage their finances effectively. Africa suffers from a significant shortage of financial literacy, which hinders its economic growth and development.…

A recent report has revealed that the ban on second-hand clothing, also known as mitumba, might not enhance Kenya’s textile industry as previously anticipated. The report commissioned by the Mitumba Consortium Association of Kenya (MCAS) on the Second-Hand Clothing Industry in the East Africa Community has cautioned against protectionism towards importing second-hand clothing.…

In recent years, Africa has emerged as a promising destination for global investment, with its vast natural resources, expanding consumer markets, and growing middle class. As the continent’s economies continue to strengthen and diversify, global players increasingly recognise the potential for mutually beneficial partnerships. The United States has significantly contributed to Africa’s economic transformation among these partners.…

Regional insurer Jubilee Holdings Limited has cut dividend payout to shareholders to $6.18 million in 2022 from $6.69 million a year earlier. The declaration follows shareholders’ endorsement of the payment of a dividend of $0.064 per share plus a special dividend of $0.021 per share during the 2022 Annual General Meeting (AGM).…

In May 2023, Zimbabwe released a gold-backed digital currency for peer-to-peer and business transactions. It acted as a store of value as the Zimbabwean dollar continued its steep depreciation. International gold prices controlled by the London Bullion Market Association will dictate the local pricing of Zimbabwe’s digital currency tokens.…

Population growth and economic development have necessitated speeding up and scaling up infrastructure development in Africa. Over 28 African nations have seen population growth of more than double in the last 30 years. The population of 26 other African countries will quadruple over the next 30 years. Consequently, funding for the continent’s infrastructure has become essential.…

As the 16th president of Nigeria, Bola Ahmed Tinubu has inherited an economy grappling with record-high inflation, enduring unemployment, extreme poverty, crumbling infrastructure and high levels of insecurity. However, Nigeria’s debt situation is a sore thumb among these challenges.

Nigeria’s external debt stock stood at US$41.69 billion in 2022. Multilateral lenders accounted for almost half of this figure, with Eurobonds taking about 38 per cent of Nigeria’s external debt. China’s Exim Bank accounts for US$4.3 billion, or 86 per cent of the $5 billion in bilateral debt.…

xternal and domestic economic shocks disrupted Sierra Leone’s post-pandemic recovery, exacerbating existing macro-fiscal vulnerabilities and plunging Sierra Leone into a severe economic crisis. In Sierra Leone’s presidential poll today, the citizens will look to choose the best promise for an economic rebuild.…

• Seedstars Capital represents an alternative investment platform focused on supporting emerging fund managers and investing in technology companies in emerging and frontier markets.
• Fondation Botnar is a Swiss philanthropic foundation dedicated to improving the health and well-being of young people living in urban areas worldwide.
• The partnership reflects their shared commitment to fostering positive impact through strategic investment.

Switzerland-based investment platforms– Seedstars Capital and Fondation Botnar have launched the Seedstars Youth Wellbeing Ventures mandate targeting Africa. Consequently, they intend to invest $20 million in early-stage, purpose-driven companies. These companies will help improve the well-being of young people in low- and middle-income countries across the continent.

Seedstars Capital represents an alternative investment platform. The platform supports emerging fund managers and invests in technology companies in emerging and frontier markets. Moreover, Fondation Botnar is a Swiss philanthropic foundation dedicated to improving the health and well-being of young people living in urban areas…

The United Nations (UN) has called for major reforms for two institutions considered key players in the new world order. Antonio Guterres, the UN secretary-general, is pushing for major changes in the IMF and the World Bank.

According to Guterres, the International Monetary Fund has profited the rich nations at the expense of the developing ones. The UN secretary-general describes the response by IMF and the World Bank towards the COVID-19 pandemic as a “glaring failure” that left most developing nations significantly indebted.…