Market Bazaar

The shilling has officially crossed the 160 units points against the US dollar, the lowest level on record. On Monday, the Central Bank of Kenya (CBK) quoted the local currency trading at 160.23 units against the greenback, compared to 159.85 … Continued

(ERGO) – After 12 years working as a waiter in a restaurant, Abdirahman Bihi Osman, 38, decided to open his own business selling fresh fruit drinks in the central Somali town of Adado. Since last October, he has reached regular profits … Continued

By Fasika Tadesse and Mohamed Omar Ahmed Ethiopia has been landlocked since 1993, when Eritrea gained independence after a three-decade war, leaving it reliant on its neighbors’ ports. In 2023, Prime Minister Abiy Ahmed identified regaining ocean access as a strategic objective and warned that failure to … Continued

Premier lender African Development Bank (AfDB) on Wednesday announced that it was pulling out international staff from Ethiopia, after a “serious diplomatic incident” in which its employees were attacked by security officers. The Abidjan-headquartered lender said that existing Ethiopian staff … Continued

CAPE TOWN, (Reuters) – Shipping companies sailing around the Cape of Good Hope to avoid Houthi attacks on the Red Sea face tough choices over where to refuel and restock, as African ports struggle with red tape, congestion and poor … Continued

Some of the largest shipping companies in the world have been forced to reroute their vessels at considerable costs after Yemen’s Houthi group targeted ships headed towards Israeli ports in solidarity with Palestinians. The Iran-aligned group has demanded that Israel … Continued

Heads of the country’s nascent sovereign wealth fund are partnering with the Japanese Toppan Holdings Inc. in a bid to localize the printing of currency and passports.  Sources disclosed the progress of the partnership was a topic during discussions between … Continued

The Federal Republic of Somalia is inching closer to joining the East African Community, as it moves to sign a Treaty of Accession with the bloc at State House, Entebbe, Uganda today.   The Treaty of Accession will be signed … Continued

WASHINGTON — Somalia on Wednesday secured a $4.5 billion debt relief deal from its international creditors, the International Monetary Fund and World Bank said, which will allow the nation to develop economically and take on new projects. The deal comes … Continued

(Bloomberg) — Ethiopia looks set to miss an interest payment due later on Monday on its December 2024 dollar bond, becoming the latest emerging-market sovereign to default on debt.  The country’s finance ministry said on Friday, it was “not in … Continued

(Bloomberg) — The head of Kenya’s largest bank by market value said the depreciation of the East African country’s currency, which has weakened almost 20% against the dollar this year, has peaked. “We seem to have reached the peak,” Equity … Continued