Developing Economies in sub-Saharan Africa Make News as They Pursue Resolution, Recovery and Opportunities

In sub-Saharan Africa, several countries made headlines this week. On Monday, Zambia announced that they had reached an agreement with private creditors to restructure $3 billion of international bonds, marking a significant step towards resolving their debt issues. Kenya Airways also reported on Tuesday that they had swung to an operating profit of 10.53 billion shillings or over $80 million, their first profit since 2017.

Nigeria is seeking an international arrest warrant for Binance’s regional manager for Africa who fled custody last week and filed tax evasion charges against the cryptocurrency platform. Meanwhile, in Ethiopia, 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.

In Kenya, there are concerns among second-hand clothes sellers about a proposal by France, Denmark, and Sweden to restrict imports of used clothing from the European Union. The EU argues that clothes that cannot be resold end up in dumps but 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.