Africa needs to mobilize $3 trillion by 2030 to tackle the impacts of climate change. This urgent reminder was delivered by Josefa Correia Sacko, Commissioner for Agriculture, Rural Development, Blue Economy, and Sustainable Environment at the African Union Commission. She made this statement during the opening of the 12th Conference on Climate Change and Development in Africa (CCDA-XII) in...

Moody’s has affirmed Benin’s sovereign rating at B1 with a stable outlook but warned of possible downgrades if reforms slow or economic growth weakens. The message came on August 30 after the agency reviewed the country's economic and political situation, particularly noting recent diplomatic tensions with some neighboring countries. In its assessment, Moody’s highlighted that Benin...

Burkina Faso revealed a plan to bring mobile and Internet services to 1,000 remote areas, known as "white zones," over the next three years. These are regions currently without access to telephony and Internet services. The plan was announced on August 27 by Aminata Zerbo/Sabane, the Minister of Digital Transition, Posts, and Electronic Communications, during the "Tribune de Redevabilité"...

African venture capital took a serious hit in the first half of 2024, marking a significant downturn after being relatively shielded in the past two years. With the rising cost of money, investors have become more cautious. Venture capital investments in Africa reached $700 million in the first six months of 2024, dropping over 65% compared to the same period in 2023. The figures were...

Report Calls for Exemptions on Small Transactions in Mobile Money Taxation Across Africa A new report highlights that while taxing mobile money services in Africa could increase government revenue, it may negatively impact the poorest households if small transactions are not exempted. A report released on July 25 by the Institute of Development Studies, a think tank associated with the...

With the growing economic and financial challenges, West African governments are emerging as key players, not just as regulators but also as strategic shareholders. This trend could reshape the banking landscape in West Africa in the coming years. Over the past five years, the governments of the West African Economic and Monetary Union (WAEMU) have significantly increased their stakes in credit...

From 1996 to 2023, the Senegalese government invested over $1.3 billion in its potable water supply system, focusing on the urban areas within the Dakar-Mbour-Thiès triangle. During an interministerial council meeting on water supply, the Senegalese government adopted several reforms that require more than CFA1,627 billion ($2.74 billion) in funding. This announcement was made in a...

Cocoa is one of Cameroon’s main agricultural exports to Europe. With the European Union’s new deforestation law approaching, those involved in the cocoa sector are taking steps to adapt. Cameroon’s Ministry of Commerce announced the signing on August 28 of an agreement to share geolocation data for cocoa and coffee farms. The deal was signed by the Cameroon Cocoa and Coffee...

In Senegal, artisanal gold mining produces several tonnes of gold each year and provides thousands of jobs. Concentrated in the Kédougou region along the Falémé River, this activity has significant environmental and health impacts. Senegalese authorities have banned mining along the Falélmé River until June 30, 2027. Disclosed on August 27, the move aims to protect the river from pollution...

Sumitomo, a Japanese company, operates Madagascar's largest nickel mine in partnership with a South Korean company. The mine failed to meet its production targets for fiscal 2023 due to malfunctions that the owners are working to resolve. On August 28, Sumitomo filed a restructuring plan with a British court for its Ambatovy nickel mine in Madagascar. This is part of the company's efforts to...