Sub-Saharan Africa: A Week of Headlines – From Debt Relief to Profit and Tax Evasion Charges

In sub-Saharan Africa, several countries made headlines this week. Zambia reached an agreement with private creditors to restructure $3 billion worth of international bonds, a significant step towards resolving its debt issue after defaulting more than three years ago. Meanwhile, Kenya Airways reported an operating profit of 10.53 billion shillings, or over $80 million, its first profit since 2017. The profit was driven by a 53% increase in revenue and a 35% increase in passenger numbers.

Nigeria is seeking an international arrest warrant for Binance’s regional manager for Africa who escaped custody last week. The country has also filed tax evasion charges against the cryptocurrency platform. In Ethiopia, the Commercial Bank of Ethiopia announced that it has 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. However, the president of the bank blamed the students for the “theft” and stated that the names of over 500 people who did not return the money were published.

In Kenya, there is concern among second-hand clothing sellers over proposals by France, Denmark and Sweden to limit the importation of used clothing from the European Union. The EU claims that clothes that cannot be resold end up in landfills, but Teresia Wairimu Njenga, president of the Mitumba Consortium Association in Kenya, stressed that used clothes support the livelihoods of two million Kenyans and generate tax revenue for the country.