File Photo/Somali Times By The East African Several African countries reeling under the weight of economic and political problems are banking on rescue interventions from the World Bank and the International Monetary Fund (IMF), which are now holding their annual spring meets in Washington DC. Read: Africa’s $824 billion debt burden and opaque resource-backed loans

Dr Akinwumi Adesina (right) warns of the impact of non-transparent resource-backed loans on Africa’s debt burden. Semafor Summit, Washington DC April 2024 By African Development Bank Africa’s immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries’ future growth, African Development Bank President Akinwumi Adesina said on Thursday.

Kenya’s President William Ruto (L) and his Ghanaian counterpart President Nana Akufo-Addo pose for a picture at Jubilee House, the Office of the President, in Accra, Ghana on April 3, 2024 By The East African Kenya and Ghana, on opposite sides of the continent, say they want to revive trade between them. And they see

A drone view of London’s Shard skyscraper with the Canary Wharf financial district in the background in London, Britain March 3, 2024. Photographer Yann Tessier/File Photo By Reuters Britain faces risks and challenges from the scale of borrowing it will need in coming years, though it can take some comfort from the fact many other

By Reuters Zimbabwe is replacing its collapsing local currency with a new one backed by gold and foreign currencies that it hopes will be more stable and help bring down inflation, the central bank said on Friday. The Southern African country relaunched its own currency in 2019 after a decade of dollarisation, but it struggled

By Anadolu Agency Oil prices increased on Monday with worries over tighter oil supply from tension in the Middle East and the Russia-Ukraine War. International benchmark Brent crude traded at $87.24 per barrel at 9.31 a.m. local time (0631 GMT), a 32% rise from the closing price of $86.96 per barrel in the previous trading

Waya Limited CEO David Wachira By Business Daily Africa Every year, Kenyans living abroad send hundreds of billions of shillings home using non-inclusive banking and financial services. For most, they have no choice but to make do with the available system. David Wachira, however, after years of experiencing first-hand the challenges of immigrants, decided to

An oil pumpjack is pictured in the Permian basin, Loco Hills regions, New Mexico, U.S., April 6, 2023. Photographer Liz Hampton/File Photo By Reuters Oil prices fell for the second consecutive session on Wednesday as the dollar strengthened and government data showed a surprise jump in U.S. crude and gasoline stocks. Brent crude futures for

Angola’s President Joao Lourenco, left, shakes hands with Chinese President Xi Jinping during the Forum on China-Africa Cooperation held at the Great Hall of the People in Beijing September 3, 2018. Photographer Andy Wong/File Photo By Reuters Chinese President Xi Jinping said he would support Chinese firms that invest in Angola’s agriculture and manufacturing sectors,

Akinwumi Adesina, President African development bank, speaks during an interview with The Associated Press in Lagos Nigeria, Tuesday , March. 5, 2024. The head of the African Development Bank is calling for an end to loans given in exchange for the continent’s rich supplies of oil or critical minerals used in smartphones and electric car