Canada's Montage Gold has discovered a large gold deposit in Côte d'Ivoire, capable of producing over 100 tonnes of gold over 16 years. The mine, called Koné, is expected to start operating in 2027. The Ivorian government granted on July 10 two operating permits for the Koné project, a gold deposit spanning the Dianra and Kani departments. Koné will be the country’s biggest gold mine and...

China's control of the rare earth market has raised concerns in the West, prompting a search for alternative suppliers. According to recent forecasts by Benchmark Mineral Intelligence, Africa could be this alternative in the coming years. Currently a minor player in the rare earth market, Africa could provide 9% of the world’s supply by 2029. According to Benchmark Mineral Intelligence who...

Proparco has strengthened its support for Cameroon’s commercial bank, Afriland First Bank, by finalizing a second partnership agreement. Announced on July 10, this €20 million ($21.6 million) guarantee agreement will enable Cameroon’s leading bank in terms of loans and deposits (as of the end of 2023) to enhance its international trade financing capabilities. Import companies that are...

In recent years, Côte d’Ivoire has launched several initiatives to enhance healthcare access and ensure the continuous availability of essential medicines for its population. The Ivorian government approved Wednesday a five-year agreement with the New Public Health Pharmacy (PSP), a national public institution, to improve access to essential medicines. The agreement aims to ensure...

Guinea's National Transitional Council (CNT) has approved a €60 million ($65.03 million) loan from the French Development Agency (AFD). Several local media outlets announced the decision on July 8. The loan supports the Guinea Forest Region Electricity Access Improvement Project (PAAEGF), which is part of the government's broader National Program for Improved Access to Low-Cost...

The Democratic Republic of Congo (DRC) recorded 6.4 million new mobile subscribers in 2023, according to data from the Congolese Post and Telecommunications Regulatory Authority (ARPTC). The number of mobile subscriptions rose from 49.8 million at the end of 2022 to 56.2 million by December 31, 2023, marking a 12.8% increase. The mobile penetration rate increased from 52.35% to 59.1% during this...

Following its $8 million investment in 2019, the International Finance Corporation (IFC) is once again partnering with fintech firm TerraPay. Together with other partners, they are injecting a total of $75 million to support the company's expansion in Africa. TerraPay, a digital payments provider focused on Africa, is set to receive $75 million through a financing arrangement led...

On July 8, 2024, the International Monetary Fund (IMF) approved a $60.03 million disbursement to Mozambique under the fourth review of the Extended Credit Facility (ECF) agreement. Initially approved in May 2022, the program, totaling approximately $456 million, aims to support Mozambique’s efforts to restore macroeconomic stability, ensure debt sustainability, and foster stronger...

In April 2024, Orange, a competitor of Telecel, was confronted by the government after the company increased transaction fees on its mobile money platform in response to a new 1% tax. The Ministry of Finance and Budget has closed the offices of mobile operator Telecel Centrafrique, according to local media reports. The telecom company is accused of failing to pay taxes amounting to about 2.7...

Benin has been focusing on processing its cotton output in recent years. A new project, backed by four major banks, (87.17 billion FCFA) will help the country boost its processing capacity. Société des Textiles du Bénin (STB) has secured 52.3 billion FCFA (around $86 million) from a consortium of banks, including BIIC, CBAO Bénin, BGFI Bank, and BOAD. The agreement, signed in Cotonou at...