• Wed. May 22nd, 2024

Zambia Resolves Debt Crisis, Kenya Airways Posts Profit, Nigeria Seeks Arrest Warrant for Binance Executive, Ethiopia Recovers Lost Funds: A Roundup of Sub-Saharan Africa’s Financial News

BySamantha Jones

Mar 29, 2024
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In sub-Saharan Africa, Zambia made a significant step towards resolving their debt issues by announcing on Monday that they had reached an agreement with private creditors to restructure $3 billion of international bonds. This comes after defaulting over three years ago.

Meanwhile in Kenya, Kenya Airways reported on Tuesday that they had swung to an operating profit of 10.53 billion shillings, or over $80 million, marking their first profit since 2017. The profit was driven by a 53% increase in revenue and a 35% increase in passenger numbers. The airline had faced insolvency in 2018 due to debts accumulated during an expansion drive.

Nigeria is seeking an international arrest warrant for Binance’s regional manager for Africa who fled custody last week. The country has also filed tax evasion charges against the cryptocurrency platform. Binance has confirmed that they are working with authorities to address the situation.

The Commercial Bank of Ethiopia announced that they have recovered more than three-quarters of the $14 million lost due to a software glitch that allowed customers to withdraw more funds than they had in their accounts. The bank’s president blamed university students for the “theft” and stated that names of over 500 people who have not returned the money have been published.

In Kenya, there is concern among second-hand clothes sellers about a proposal by France, Denmark, and Sweden to restrict imports of used clothing from the European Union. Teresia Wairimu Njenga, chair of the Mitumba Consortium Association of Kenya, emphasized that used clothes support livelihoods for two million Kenyans and generate tax revenues for the country.

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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