economy - The African Mirror

Apr

2024

Chad interim president Deby kicks off campaign for vote set to end junta rule

CHAD'S interim President Mahamat Idriss Deby kicked off his presidential campaign for an election next month meant to end three years of military rule on a promise to strengthen security and boost the economy. Deby's government is one of several juntas that seized power in West and Central Africa since 2020, drawing concerns of a democratic backslide. Chad is the first of these to organise elections despite regional and international pressure to swiftly hand power back to civilians. "Today we are at the final turn on the road to constitutional return," Deby told a large crowd gathered in scorching weather…

Mar

2024

By FARAH SAAFAN

For struggling Egyptians, devaluation promises price pain

BUSINESS

EGYPT'S move to devalue the pound was met with frustration online and on the streets, with Egyptians complaining about everything from the cost of diapers to the price of chicken after years of struggling with low wages to afford them. President Abdel Fattah al-Sisi let the Egyptian pound plunge in value in a bid to restore economic stability to the most populous Arab state with the help of billions of dollars of Gulf investment inflows. However, some Egyptians wonder whether such high-profile moves will provide relief for them after years of hardships. "This will magnify the suffering of citizens," said Eman Hussein,…

Jan

2024

By The African Mirror

Burundi economy to expand 4.3% in 2024 vs 2.7% last year – IMF

BUSINESS

BURUNDI'S economy is projected to expand 4.3% this year from 2.7% in 2023, helped by improved performance in the agriculture sector, the International Monetary Fund said. With a population of 12 million, Burundi's economy relies heavily on agriculture revenues, especially from tea and coffee. "Growth is projected to accelerate ... supported by strong agricultural production, productive investment, and the ongoing reforms," the fund said in a statement late on Monday. Fuel shortages had hampered economic activity in 2023, the fund said. Burundi's economy is only starting to recover from years of conflict and political upheaval under former leader Pierre Nkurunziza…

Nov

2023

By PATRICK WERR and SARAH EL SAFTY

Egypt’s stumbling economy faces new pressures from Gaza crisis

BUSINESS

EGYPT'S struggling economy faces new risks as the war in the neighbouring Gaza Strip threatens to disrupt tourism bookings and natural gas imports. Oil-rich Gulf countries, which repeatedly propped up Egypt's finances with deposits over the past decade, had recently shifted to seeking profitable investments instead. Now they may step up assistance once more, analysts and bankers say. The Gaza war on the border with Egypt's Sinai Peninsula comes after the impact of Russia's invasion of Ukraine and the coronavirus pandemic exposed long-standing frailties in the Egyptian economy. Egypt had relied heavily on inflows of short-term portfolio investment, tourism revenues…

Oct

2023

By TAREK AMARA

Tunisia to keep fuel, food subsidies in 2024, raise taxes for banks, others

BUSINESS

TUNISIA expects its economy to grow by 2.1% in 2024, up from 0.9% in 2023 and plans almost the same subsidies for fuel, electricity and food while raising taxes for banks, hotels and liquor firms, a bill on its budget showed on Tuesday. The bill included no reference to an agreement with the International Monetary Fund (IMF). Tunisia's President Kais Saied this year rejected what he called IMF 'diktats' saying they could lead to social protests, casting doubt on the IMF deal. Tunisia last year reached a staff-level deal with the IMF for a $1.9 billion loan, but it has…

Oct

2023

By MARIAM RIZK

Egypt’s cratering economy drives many to risky migrant route

NEWS

WALEED el-Degwy found his plumbing skills no longer earned enough for his family in Egypt's northern Nile Delta region, so he crossed the border to Libya where he boarded an old, overcrowded trawler bound for Europe. In June, a few miles off the Greek coast, the trawler sank, drowning hundreds of those on board, among them Egyptians who have made the crossing in growing numbers as Egypt's economy has cratered. A few people survived but Degwy was among the many on board who had disappeared without a trace. "He wasn't able to provide for his children, he was in debt," the…

Oct

2023

By The African Mirror

Trade unions and the new economy: 3 African case studies show how workers are recasting their power in the digital age

SPECIAL FEATURES: ANALYSIS

FROM US car factories to public sector workers in Nigeria and South Africa, strikes by trade unions continue unabated among the established sectors of the working class. In Detroit in the US, workers are resisting contract employment. In Nigeria, they are angry over the rising cost of living and in South Africa, municipal workers are striking for better wages. EDWARD WEBSTER, Distinguished Reserach Professor, Southern Centre for Inequality Studies, University of the Witwatersrand But it’s becoming increasingly difficult to build sustainable worker organisations as companies employ more people on a casual basis in the digital age. Work has become more…

Jun

2023

By The African Mirror

Nigeria swears in lawmakers, focus shifts to president’s cabinet nominees

NEWS

NIGERIA'S new lawmakers were sworn in following the February elections, setting the stage for President Bola Tinubu to submit cabinet nominees in a process likely to signal how he intends to tackle a struggling economy and growing insecurity. The swearing-in ceremony in the capital Abuja also saw Tinubu's allies elected as Senate President and House Speaker, to mark the official start of legislative duties for newly elected officials. Advertisement · Scroll to continue Nigeria's Senate wields significant influence in Nigeria's bicameral legislature, including scrutinizing and confirming the president's cabinet nominees. Tinubu has up to the end of July to name his cabinet…

Feb

2023

By NQOBILE DLUDLA

SA energy crisis: high consumer prices loom

NEWS

SOUTH African manufacturers and retailers of food and other essential products warned that consumers will face much higher prices unless the government urgently finds solutions to the power cuts that are crippling the economy. Food, consumer goods companies and retailers in South Africa are cranking up diesel generators and spending more on backup power supplies, adding to the pressure from soaring costs for raw materials, transportation and packaging. South African businesses and households are spending between six and ten hours a day without electricity as state-owned utility Eskom implements some of the harshest blackouts in living memory owing to breakdowns…

Jan

2023

By The African Mirror

Davos 2023: Key takeaways from the World Economic Forum

WORLD

GLOBAL leaders and business executives departed a freezing World Economic Forum (WEF) meeting after a frank exchange of views over how the world will tackle its biggest issues in 2023. Here's what we learned: ECONOMY: Gloom and doom heading into Davos turned into cautious optimism by the end with the global economic outlook for the year ahead looking better than feared. But the WEF's annual meeting was filled with discussion of plenty of risks, including inflationary pressures from China's reopening and rising debt distress in the developing world. Not to mention that the hardest bit for Western nations is yet to come - getting…