Andela Lays off 10% of its Workforce
Andela has announced plans to lay off 10% of its workforce, translating to 135 employees across 4 locations, in the wake of the coronavirus that has grappled the economy. In [...]
Vodacom Launches 5G Network in South Africa
Vodacom announced on Monday that it had launched 5G technology in three cities across South Africa; Pretoria, Cape Town, and Johannesburg. The spectrum is Africa’s first live 5G network which [...]
South Africa Hints at New National Airline
South Africa's state airline, South African Airways (SAA), is set to be restructured into a new airline, which will still be the country's flag airline. The new airline will involve [...]Nigeria Begins Phased Re-Opening of Economy
Nigeria has unveiled plans to restart the economy in phases as from 4th May 2020, a measure that seeks to reduce the pains of socio-economic disruptions while strengthening the public [...]Egypt Seeks Financial Aid from IMF
The Egyptian government is in talks with the International Monetary Fund (IMF), through its Rapid Financing Instrument (RFI), seeking one-year financial assistance to cushion the country from the economic impacts [...]South African Businesses Feeling the COVID-19 Heat
South Africa's nationwide lockdown in its fifth-straight week threatens to cripple the economy as companies file for voluntary liquidation and business rescue. South Africa, one of the top emerging markets, [...]AfCFTA Implementation Postponed due to COVID-19
Implementation of the AfCFTA (African Continental Free Trade Area), initially planned for 1st July 2020, has been postponed due to the COVID-19 pandemic. According to AfCFTA Secretary-General, Wamkele Mene, the [...]Rwanda Central Bank Lowers Key Rate to 4.5%
Rwanda’s central bank has cut the lending rate to 4.5% from 5% in an effort to mitigate economic shocks of COVID19. Further, the bank lowered the cash reserve requirements to [...]IMF Approves $ 3.4 Billion for Nigeria
The International Monetary Fund (IMF), through its Rapid Financing Instrument (RFI), has approved a $3.4 billion emergency loan for Nigeria, to help it curb the economic effects of COVID-19, which [...]Rwanda Seeks Suspension of Debt Repayments
Rwanda is seeking for the suspension of its debt repayments for at least two years in order to deal with the economic impacts of the global COVID-19 pandemic. The country's [...]West African Countries to Issue $1.4 Billion in COVID-19 Bonds
Members of the West African Monetary Union (UEMOA) have announced plans to issue $1.4 billion on the regional debt market in response to the COVID-19 crisis. UEMOA’s members are Benin, [...]Angola's Oil Firm Begins Selling Assets
Angola's state oil company, Sonangol, has opened a public tender to sell its stakes in some private firms as part of the government's bid to privatize critical state assets, including [...]
