Denis Sassou N'guesso, President of the Republic of Congo, began an official visit to Russia on June 25, 2024. This visit focuses on vital areas of cooperation, according to the Congolese presidency. Early in his visit, Sassou N'guesso met with the CEO of Rosatom, the Russian nuclear energy firm. While details of the meeting were not disclosed, Russia has shown strong interest in developing...

The International Monetary Fund (IMF) announced that Zimbabwe's new gold-backed currency has stabilized the nation's economy. This currency, introduced in April, is supported by 2.5 tons of gold and $100 million in foreign currency reserves. In a June 27 statement released following an Article IV consultation mission, the institution noted that the official exchange rate of the Zimbabwe...

Considered by the Fraser Institute as West Africa’s most attractive mining jurisdiction, Côte d'Ivoire pulls in new investors who eye its important yet untapped gold reserves. At a recent Council of Ministers meeting, the Ivoirian government adopted nine decrees granting various firms mining permits for exploration. The permits, respectively valid for four years, cover mostly gold...

The loan will finance the third phase of the copper complex's expansion. This phase should increase the facility’s production capacity to over 600,000 tonnes annually. In a statement dated 26 June 2024, the Africa Finance Corporation (AFC) said it extended a $150 million loan to mining company Kamoa Copper. The funds will help expand the firm’s Kamoa-Kakula cruciferous complex in the...

French company Alteo expects its bauxite mine project in Guinea to create around 800 direct jobs. These include positions for qualified engineers and technicians. The Guinean Ministries of Higher Education and Technical Education and Altea Alumina, a French alumina producer, recently partnered to create an alumina training school in Conakry. The related agreement was inked on June...

A recent report by the Mo Ibrahim Foundation reveals that 50 African countries have lower debt-to-GDP ratios than both Japan and the United States. Based on evaluations by the International Monetary Fund (IMF), the report highlights that out of the 52 African countries with available data, only two exceed Japan’s debt-to-GDP ratio of 254.6% and the USA’s 123.3%. Sudan holds the highest...

Morocco's GDP is projected to grow by 2.8% in 2024 and accelerate to 4.5% in 2025, according to a June 25 statement from the Central Bank. Non-agricultural activities are expected to increase by 3.8% in 2024 and 4.1% in 2025. The agricultural sector, however, is predicted to contract by 6.9% in 2024 before rebounding with 8.6% growth in 2025. The Central Bank attributes the strengthening of...

Congo's Universal Access and Service Fund for Electronic Communications (FASUCE) has connected over 300,000 people in 180 remote areas over the past three years. The project, launched in March 2020, aims to reduce the digital divide and promote social inclusion by providing internet and mobile phone services to rural and underserved communities. From 2021 to 2023, FASUCE invested CFA4 billion...

Côte d'Ivoire is set to receive a $570 million loan from the International Monetary Fund (IMF) as part of ongoing economic programs. This announcement came on Monday, June 24, 2024, following an evaluation by the IMF. The loan is part of the second review of the combined arrangement under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF), as well as the first review...

Nigeria's telecom industry has achieved a significant milestone with the complete transition to local production of all SIM cards, eliminating the need for imports, as announced by Babagana Digima of the Nigerian Communications Commission (NCC) during a media executives' training session in Lagos. The move follows Nigeria's ban on SIM card imports implemented in August 2022, aimed at promoting...