Nigeria's overall inflation rate reached 34.8% in December 2024, up from 34.6% in November 2024. This marks the fourth consecutive increase since the rate was 32.15% in August 2024, the National Bureau of Statistics (NBS) reported on January 15, 2025. The rise is mainly due to higher demand for goods and services during the holiday period, NBS said. Key contributors to the increase were food and...

The idea of breaking free from the U.S. dollar is not new in Africa, but it has gained momentum in recent years. In a context marked by high volatility in local currencies, challenges in accessing financing in strong currencies, and persistent dependence on dollar-denominated imports, the issue deserves a deeper look. While moving away from the dollar is not simple, alternatives have been...

In early 2024, Côte d’Ivoire became the first sub-Saharan African country to raise Eurobonds since 2022. Following this, Moody's upgraded its credit rating, thanks in part to its efforts to mobilize domestic revenue. Efforts by Côte d’Ivoire to increase domestic revenue collection have strengthened the country’s credit rating. Olaf Unteroberdoerster, head of the International Monetary...

So far, the negotiations with companies owning gold mines in the country have yielded $783 million (CFA500 billion) for Mali. Hummingbird is among the latest to have reached an agreement with Bamako. The British firm is about to be acquired by Burkinabe businessman and owner of Coris Bank, Idrissa Nassa.  On January 15, Hummingbird announced it would pay the Malian State...

Canadian company Asante Gold runs two gold mines in Ghana and aims for an annual production of 500,000 ounces by 2028. Asante plans to develop an underground operation at Bibiani, one of the two mines–a move which the firm expects to yield 250,000 ounces annually starting in 2026. Over the next two years, Asante Gold will spend $116 million to boost the output of its Bibiani project in...

Robex Resources has acquired its second gold mine in West Africa, the Kiniero mine in Guinea. The Canadian firm aims to start production at Kiniero by late 2025. Its first mine is the Nampala mine in Mali. Guinea’s Kiniero gold mine should deliver 1.21 million ounces (34 tonnes) over the next nine years. The forecast comes from a 14 January feasibility study issued by the project’s new...

Fintech remains the top choice for investors in Africa's startup ecosystem, with 2024 continuing the strong momentum seen in recent years. In 2024, African financial technology startups raised $1.034 billion, representing 47% of the total funding secured by startups across the continent. This marked an increase from 42% in 2023, according to data published by Africa: The Big Deal on January...

With the youngest population in the world, Africa could provide a skilled workforce to the global market in the next 10 to 15 years, according to Brookings forecasts. However, this will only be possible with significant investments in education and training. A new report from the Brookings Institution, titled Foresight Africa 2025-2030, highlights the significant demand for digital skills in...

Africa's external debt has reached $1.15 trillion, and the report highlights that interest payments account for more than 25% of public revenues in six African countries, including Egypt, Nigeria, and Angola. Africa's average public debt-to-GDP ratio is expected to continue its downward trend, reaching 64.3% in 2025, compared to 67.5% in 2024 and 68.9% in 2023. This improvement is the...

In just one year, Canadian company Koulou Gold has doubled the area of its projects in Côte d'Ivoire, reflecting growing interest from mining investors in the country's gold potential, estimated at 600 tonnes of reserves. Koulou Gold announced on January 13 that it acquired the Assuéfry permit, enhancing its presence in Côte d'Ivoire. The company has expanded its exploration portfolio from...