Economy & Trade

Uganda's debt rises to $37.1 billion on higher domestic borrowing

The central bank has previously expressed concern over the rising debt.

Nigeria cuts interest rate by largest margin in nearly two decades

The Central Bank of Nigeria's governor Olayemi Cardoso said the base rate of interest was now 23 percent, down from 26.5 percent previously.

Sudan pledges to tackle severe inflation as war affects economy

Sudan has vowed to bring its inflation rate below 60% by the end of 2026, as three years of war leave citizens struggling to put food on the table.

UN chief calls for global financial reform, permanent Security Council seats for Africa

UN Secretary-General Antonio Guterres on Sunday called for sweeping reforms to global governance structures, urging permanent African representation on the UN Security Council.

'Our refinery': Africa's biggest IPO prompts meme frenzy in Nigeria

Investors joke how owning a stake at Dangote refinery had made them co-owners, board members and business partners of Aliko Dangote himself.

Somalis rethink trade routes as Houthis disrupt established shipping channels

Somalia's business community is seeking alternative shipping routes due to disruptions and security concerns around the Bab Al Mandab Strait and the Strait of Hormuz.

Zambia's president retains finance minister after notable economic gains

Zambia's President Hakainde Hichilema has reappointed Situmbeko Musokotwane as finance minister following last month's election.

From selling sweets to running Africa's largest refinery, Dangote's meteoric rise in business

More than half a century after launching his business career selling candy to classmates in northern Nigeria, serial entrepreneur Aliko Dangote launched the biggest stock market listing in Africa.

Dangote launches Africa's biggest share sale with oil refinery IPO

Africa's richest man has marketed the offer to ordinary Nigerians.

Ramaphosa calls for a new era in South Africa-India economic ties

President Cyril Ramaphosa urges stronger investment and trade partnerships with India, highlighting opportunities in infrastructure, critical minerals and energy.

Kenya's President Ruto backtracks on foreign traders crackdown after backlash

President William Ruto says the country is open for business and investment, warning Kenyans against targeting foreign nationals operating small businesses in the country.

Putin backs Africa's push for UN Security Council reforms

The Russian president also urges reforms to IMF, World Bank, WTO to reflect changing global economic realities.

Türkiye eyes major AI investment drive to become global hub: tech minister

New action plan aims to expand AI infrastructure, attract private investment and strengthen Türkiye’s technology and startup ecosystem.

Ghana's economy expands 6% in second quarter

The expansion follows provisional growth of 6.4% in the first quarter.

Iran warns US 'economic warfare' could trigger Gulf maritime exclusion zone

Senior security official says Tehran is recalibrating its posture towards US warships and bases amid continuing regional tensions.

Nigeria's Dangote targets to raise $1.6 billion in stock market debut

Dangote Petroleum Refinery is aiming to raise funds to double its capacity to 1.4 million barrels a day, which would make it the world's largest refinery.

IMF agrees $2.2 billion Senegal bailout package

The new 36-month arrangement is meant to support Senegal's "economic and financial reform program for the 2026–2029 period", the IMF said.

Türkiye’s trade with Turkic states rises 6.6% to $10.1B in first seven months of 2026

Trade with OTS members rose 6.6 percent year-on-year in the first seven months of 2026, while Kazakhstan remained Türkiye’s biggest trading partner within the group.

Kenya police disperse traders protesting import duty hike with tear gas

Traders say the change would ​raise the cost of clearing goods and hurt small ​businesses.

Türkiye, Syria discuss $10B trade target in Damascus

Turkish trade minister Omer Bolat visits Damascus to discuss trade relations and investment opportunities with Syrian officials.

US faces backlash after describing Ethiopia as 'Africa's second-largest economy'

Social media users say the error suggests that US officials lack adequate knowledge about the continent.

Erdogan, Lula seek closer economic ties in phone call

Deeper cooperation in investment, trade, and defence industry would benefit both countries, says Turkish President Recep Tayyip Erdogan.

Iran defiant as US threatens 'economic D-Day'

Tehran continues to blockade the strait, which it did not restrict before the war, driving up global inflation and heaping domestic pressure on US President Donald Trump ahead of mid-term elections in November.

Trump criticises Canada over tariffs amid ongoing trade dispute

The US president accuses Ottawa of imposing high tariffs on American agricultural products as the two countries remain locked in a trade dispute.