• Senegal raises 560 billion CFA francs in final 2025 bond sale

• Issuance exceeds target, reflecting strong demand despite fiscal pressures

• Proceeds fund 2025 budget needs and Vision 2050 priority projects

Senegal has completed its fourth and final bond issuance of 2025, raising 560 billion CFA francs ($1 billion), or 140% of its initial 400 billion CFA franc target, the finance ministry said.

The sale, which ran from Dec. 2 to Dec. 22, exceeded the target by 160 billion CFA francs, underscoring investor demand for Senegalese sovereign debt despite tight economic and financial conditions.

The proceeds will be used mainly to meet treasury requirements for the 2025 budget and to finance priority projects under the Senegal Vision 2050 programme, including in health, education, agriculture and infrastructure.

The ministry said the issuance would help support macroeconomic stability and improve the debt structure, with interest rates capped at 6.95% and maturities extending up to 10 years.

The final sale comes as Senegal faces mounting financing pressures in 2025. The disclosure of previously unreported debt, combined with the country’s loss of access to international capital markets, has pushed the government to rely heavily on the regional market to meet large funding needs.

Over the year, Senegal raised 2.225 trillion CFA francs through auctions on UMOA-Titres, the debt issuance agency of the West African Economic and Monetary Union (WAEMU), and a further 1.779 trillion CFA francs through syndicated bond offerings. Securities from these issues are due to be listed on the Regional Securities Exchange, with some already trading.

With the fourth issue, the government concludes its annual syndication programme after raising 405 billion CFA francs in April, 364 billion in July and 450 billion in October.

On Wednesday, Dec. 24, the Treasury also raised nearly 60 billion CFA francs from regional investors through a separate bond auction on UMOA-Titres.

Despite the heavy issuance, Senegal remains behind Ivory Coast, the region’s largest sovereign borrower, which raised more than 5.111 trillion CFA francs in 2025 on the UMOA-Titres market.

Fiacre E. Kakpo

• Benin creates National Distance Learning Agency, ministers approve statutes

• Pilot focuses on higher education, launching 2026-2027 academic year

• Agency aims to expand quality education via digital learning systems

Benin announced on Wednesday the creation of the National Distance Learning Agency, following approval of its statutes by the Council of Ministers.

The first phase of the project will focus on higher education, with an operational launch scheduled for the 2026-2027 academic year. This pilot stage will allow authorities to test and fine-tune the system before a gradual expansion to other levels of education.

To ensure proper coordination across all levels of education, the Council of Ministers said an agency was needed. Its mandate will be to expand access to high-quality education through distance learning by strengthening existing digital infrastructure or developing new systems, while providing dedicated support to teachers and learners.

The decision forms part of a broader strategy aimed at harnessing digital technologies to improve access to quality education and reinforce academic excellence. Through this system, the government seeks to modernize teaching methods, enrich pedagogical content and enhance academic support for learners, while reducing inequalities in access to education nationwide.

The new agency will be responsible for coordinating and implementing distance learning programmes. It will rely on strategic partnerships with national and international institutions, reinforce existing digital infrastructure or develop new ones as needed, and support teachers and learners in adopting digital tools.

Adoni Conrad Quenum

• $9 million joint-venture becomes effective after permit approval

• AngloGold can earn up to 70% stake over five years

• Project located near historic Golden Pride mine

In Tanzania, a $9 million joint venture agreement between AngloGold Ashanti and Ecograf Limited around the Golden Eagle gold exploration project has officially taken effect. The announcement was made on Wednesday, December 17, by the Australian company, which said it has now obtained prospecting permits from the Tanzanian government for the asset it previously controlled at 100%.

In May 2024, the two companies signed an agreement allowing AngloGold Ashanti to acquire up to 70% of the Golden Eagle project by investing $9 million over five years. The commitment paves the way for the creation of a joint venture, with Ecograf retaining the remaining 30%. Long subject to the approval of exploration permits by authorities in Dodoma, the agreement has now entered into force following the issuance of these authorizations.

Ecograf Limited said prospecting permits for the Golden Eagle project have been granted by the Tanzanian Ministry of Minerals, a condition precedent to the implementation of the participation agreement with AngloGold Ashanti Holdings, allowing the agreement to enter into force.

The partnership aligns with the growth plans of both groups. Already the operator of Geita, the country’s largest gold mine, AngloGold Ashanti is strengthening its presence in Tanzania’s gold sector, with the aim of identifying new promising deposits. For Ecograf, support from a strategic partner at Golden Eagle allows it to focus resources on developing its future Epanko graphite mine, while maintaining exposure to the gold sector.

A “strong potential for a Tier 1 discovery” is seen at Golden Eagle, which lies in the same corridor as Golden Pride, a historic mine that produced 3.4 million ounces. At this stage, however, no exploration program has been announced to support these prospects. Further developments are expected in the coming months, as the gold market remains strong, with prices up 67% since the start of the year, according to Trading Economics.

Aurel Sèdjro Houenou

• Algeria to connect new undersea fibre-optic cable, minister says

• Project aims to boost internet speeds amid rising data demand

• Move supports digital transformation, expanding broadband capacity

Algeria plans to connect to a new undersea fibre-optic cable to boost internet speeds, Post and Telecommunications Minister Sid Ali Zerrouki said on Monday in an interview with Algerian Radio.

Construction of the cable project will begin within the next two days, according to the state news agency Algeria Press Service (APS). No further details were provided on the name of the infrastructure, its capacity, cost, technical partners or commissioning schedule.

Data from Submarine Cable Map, a platform that tracks global subsea infrastructure, show that two cables are expected to enter service in Algeria in 2026. These include Africa-1, with a nominal capacity of between 200 and 300 gigabits per second (Gbps), and the Medusa cable, which is currently under installation. The first phase of Medusa is scheduled for completion in 2026 and will include segments with up to 24 fibre pairs, each capable of carrying up to 20 terabits per second.

Algeria is currently connected to five submarine cables: TE North/TGN-Eurasia/SEACOM/Alexandros/Medex, SeaMeWe-4, Oran-Valencia (ORVAL), Med Cable Network and Alpal-2. Total installed capacity stands at 10.2 terabits per second. This level of capacity places Algeria in a strong position in terms of internet speeds, the minister said.

The capacity expansion comes as part of a broader digital transformation driven by the rapid uptake of information and communication technologies (ICT), particularly internet services. This trend is reflected in sustained growth in data demand and consumption. GSMA forecasts that average monthly data usage per subscription in Africa will rise from 4 gigabytes in 2024 to 9 gigabytes by 2030.

In Algeria, the number of internet subscriptions increased from about 18.6 million in December 2015 to around 59.1 million by the end of June 2025. Over the same period, data consumption rose from approximately 379.7 million gigabytes in the second quarter of 2020 to about 3.3 billion gigabytes in the second quarter of 2025. Used bandwidth also increased, from 1,600 Gbps to 5,390 Gbps, out of the country’s total installed capacity of 10.2 terabits per second. Algeria has also recently launched commercial 5G services, which are more powerful and significantly more capacity-intensive than previous generations.

Sector studies and analyses show that expanding submarine cable capacity can significantly reduce mobile broadband prices and support wider adoption of digital services. However, they also stress the importance of extending fibre-optic networks across the country to carry connectivity inland beyond coastal landing points.

Isaac K. Kassouwi

• South Africa selects four new solar projects under REIPPPP bid window seven

• Red Rocket, Engie win 890-MW capacity worth about $955 million

• Awards support renewable expansion, reducing coal reliance

South Africa’s Minister of Electricity and Energy, Kgosientsho Ramokgopa, said on Monday, Dec. 15, that four new preferred bidders had been selected for solar photovoltaic projects under the seventh bid window of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). The decision followed value-for-money negotiations with eligible bidders.

Three of the projects were awarded to Red Rocket South Africa: the Rondebosch Solar Park, Springhaas Solar Facility 1 and Springhaas Solar Facility 6, all located in the Free State province. The fourth project, Corona Solar PV, is located in the North West province and is led by Engie. Total investment in the four projects is estimated at about $955 million.

The four selected projects have a combined capacity of 890 megawatts. They add to earlier awards made under the seventh bid window, which was initially designed to contract up to 5,000 MW of renewable generation capacity.

Launched in 2010, the REIPPPP is South Africa’s main mechanism for bringing private investment into renewable power generation. The first projects under the programme entered operation in 2012, marking the start of a gradual rollout of grid-connected solar and wind capacity.

According to official data available as of October 2025, a total of 6,559 MW is currently in commercial operation under the programme. The seventh bid window forms part of this trajectory, characterised by a steady increase in awarded capacity aimed at accelerating the decarbonisation of South Africa’s power mix, which remains heavily dependent on coal.

Abdoullah Diop

• ECOWAS rejects Guinea-Bissau junta’s transition timetable

• Bloc demands political prisoners freed, inclusive transition government

• ECOWAS threatens targeted sanctions, deploys defence chiefs delegation

West African regional bloc, ECOWAS, has taken a tougher line against Guinea-Bissau’s ruling junta, rejecting outright the “transition timetable” announced by the interim authorities.

In a communiqué issued on Monday, Dec. 15, 2025, after its 68th summit of heads of state and government, the regional body called for the immediate release of all political prisoners and their inclusion in the political process. It also urged the launch of a short transition led by an inclusive government.

That government would be responsible for constitutional, legal and political reforms and for organising credible, transparent and inclusive elections.

The Authority of Heads of State and Government also instructed the ECOWAS Commission to fully support the transition, including by strengthening the capacity of the ECOWAS Mission in Guinea-Bissau, the statement said.

To continue discussions, the Authority ordered the immediate deployment of a delegation from the Committee of Chiefs of Defence Staff to the country to hold talks with military leaders.

The bloc said it would impose targeted sanctions on individuals or groups obstructing a return to constitutional order through an inclusive process. Possible measures include asset freezes, restrictions on commercial transactions and travel bans within the ECOWAS region for junta members and their relatives. No further details were provided.

Following the coup, the military installed army chief General Horta N’Tam as interim president and head of a military command tasked with restoring national security and public order for a one-year period.

ECOWAS said elections held on Nov. 23, 2025, were judged free, transparent and peaceful by its election observation mission and by other international observers, including the African Union.

The Authority called on the African Union and other international partners to support implementation of the decisions.

Lydie Mobio

• French journalist Christophe Gleizes files cassation appeal against Algeria conviction

• Appeal challenges seven-year sentence for terrorism-related charges

• Case fuels press freedom concerns and France-Algeria diplomatic tensions

French sports journalist Christophe Gleizes has filed an appeal in cassation in Algeria after being convicted of glorifying terrorism and possessing publications deemed harmful to national interests, his lawyers said on Sunday, Dec. 14.

Gleizes’ legal team, comprising Algerian lawyer Amirouche Bakouri and French lawyer Emmanuel Daoud, confirmed that the appeal was lodged following a Dec. 3 ruling by the Tizi-Ouzou Court of Appeal, which upheld his seven-year prison sentence.

The move comes amid growing diplomatic tensions. Gleizes, a contributor to So Foot and Society magazines, was arrested in May 2024 in the Kabylie region while reporting on Jeunesse Sportive de Kabylie (JSK). Algerian authorities said the case stemmed from exchanges with individuals linked to the Movement for the Self-Determination of Kabylie (MAK), which the Algerian government has designated a terrorist organization.

His conviction and the upholding of the sentence have raised concerns over press freedom and judicial practices in Algeria. Media freedom group Reporters Without Borders described the appeal court’s decision as “aberrant.”

The appeal comes as France presses for the release of its citizen. President Emmanuel Macron, in comments reported last week by Le Parisien, called the verdict “excessive” and “unjust” and said he would work to secure the journalist’s swift return. Relatives of the 36-year-old journalist are also seeking a presidential pardon.

Gleizes was initially sentenced in late June, a ruling that was later confirmed on appeal.

Félicien Houindo Lokossou

• Sovereign Metals signs collaboration agreement with World Bank’s IFC

• IFC may finance Malawi Kasiya rutile, graphite project, costing $665 million

• Project studies ongoing; mine could generate $640 million annual revenue

Australian mining company Sovereign Metals said on Tuesday, Dec. 16, that it had signed a collaboration agreement with the International Finance Corporation (IFC), which could finance the development of the Kasiya rutile and graphite project in Malawi.

The IFC, a member of the World Bank Group, may support the project through several financing structures, according to Sovereign. Based on an updated pre-feasibility study (PFS) released in 2025, construction of the Kasiya mine would require an initial investment of $665 million. The IFC could participate as lead lender, act as mandated co-arranger for the project’s debt financing, or take a cornerstone position in debt or equity.

The two parties have up to three years to negotiate a financing agreement under one of these options. The IFC will also provide technical support to ensure that the project complies with its environmental, social, and governance standards.

“We are incredibly pleased to get IFC involved at this stage, as this will support our DFS and ESIA efforts to be aligned with IFC's Environmental and Social Performance Standards, seeking to make the Kasiya Project DFS not just feasible but also bankable,” Sovereign chief executive Frank Eagar said. “Having IFC's support validates Kasiya's exceptional quality and strategic importance and takes us one step closer to project execution.”

The IFC’s interest comes as Sovereign is carrying out environmental and social impact assessments (ESIA) alongside a definitive feasibility study (DFS). The results, expected next year, should provide further details on capital requirements, production levels, and projected revenues.

The PFS published in January 2025 estimates that the mine could produce an annual average of 222,000 tonnes of rutile and 233,000 tonnes of graphite over a 25-year lifespan. Average annual revenues are projected at $640 million, the study shows.

Sovereign has already partnered with Anglo-Australian mining group Rio Tinto on the project. Rio Tinto is the company’s largest shareholder, with an 18.45% stake, and is among the potential financiers for the construction of the Kasiya mine.

Emiliano Tossou

• Government reviews higher education reforms at 2025 conference

• Authorities push for more professional and market-driven training

• Youth unemployment stands at about 8.1% amid rising graduate numbers

In Burkina Faso, the 2025 session of the Conference of Presidents, Rectors, and Directors General of Higher Education and Research Institutions was held on Friday, December 12, at Norbert Zongo University. The statutory meeting, chaired by the Minister of Higher Education, Research, and Innovation, Adjima Thiombiano, focused on assessing ongoing reforms in the sector.

At the center of the discussions, the Director General of Higher Education, Roger Lanou, called on public and private institutions to strengthen professional and skills-based programs in order to produce graduates who can be immediately absorbed by the labor market. The objective is to reduce the persistent gap between graduate profiles and employer needs.

One of the key priorities highlighted was the reform of incubation systems. Following pilot phases conducted notably in Bagré and Samandéni, the authorities plan to roll out these structures across all higher education institutions. The goal is to promote student entrepreneurship and provide stronger support for innovative projects emerging from universities. “Starting from the next academic year, all higher education and research institutions must have their own incubation centers,” the minister said.

These adjustments are intended to address a structural mismatch between training supply and labor market needs, which is regularly identified as a major constraint on graduate employability. Available data show a significant number of graduates whose skills remain poorly utilized in the economy, contributing to higher unemployment among educated youth compared with those with lower levels of education.

This policy direction comes as professional integration remains a major challenge for young graduates. According to the World Bank, the unemployment rate among people aged 15–24 stood at about 8.1% in 2024. At the same time, demographic pressure continues to intensify, with more than 200,000 young people entering the labor market each year, while the formal sector struggles to absorb them.

Official statistics also indicate that about 12,772 national graduates were recorded in 2024, highlighting the steady rise in the number of qualified young people seeking opportunities in both the public and private sectors. This trend underscores the urgency of aligning higher education more closely with the country’s economic realities.

Félicien Houindo Lokossou

• Government publishes the joint Mines–Finance circular needed to restart exports

• Miners faced weeks of delays despite the embargo being lifted in mid-October

• First shipments are expected only at the end of the month due to lengthy procedures

Cobalt exports from the Democratic Republic of Congo can now resume following the release of a joint circular from the Ministries of Mines and Finance on December 2, 2025. The document sets out the practical rules for export operations. Until its publication, shipments had remained blocked despite the formal end of the export embargo on October 15.

Mining companies had grown increasingly frustrated with the delays. On November 25, John Woto, deputy managing director of Tenke Fungurume Mining (TFM), questioned the holdup during the mining session of the Makutano Forum, noting that the sector had been told to wait for the joint ministerial order without clarity on its timing or its purpose.

In response, Mines Minister Louis Watum Kabamba said exports should have restarted during the week of November 24–30. He explained that the delay stemmed from the need to update the export procedures manual to reflect directives from the Authority for the Regulation and Control of Strategic Mineral Substances (Arecoms), including new advance-payment requirements for certain fees.

According to the minister, technical teams from the Mines and Finance ministries had to align their systems to apply the new framework. He said a full-scale test run involving all services took place the previous week and that, in his view, exports could resume immediately after the circular was signed.

The document released today was signed on November 26 by the Mines Minister. According to a member of the Chamber of Mines at the Federation of Congolese Enterprises (FEC), the Finance Minister’s signature was the final element needed.

With the circular now published, cobalt exports can resume. However, the first ton is not expected to leave the country until the end of the month because export procedures take several weeks.

Pierre Mukoko, Bankable