IMF approval allows countries to channel Special Drawing Rights (SDRs) through multilateral development banks. AfDB-IDB financial instruments could leverage SDRs by up to four times their value in the form of loans to finance social and climate projects. The African Development Bank Group (AfDB) and the Inter-American Development Bank (IDB) today welcomed the announcement by the International...

After a nine-day standoff, Benin has announced a partial lifting of the blockade on Niger’s crude oil exports passing through its territory. This move comes amid a diplomatic tussle between the two neighbors. The blockade, imposed on May 6, aimed to pressure Niger to reopen its land borders, which have been closed since last year. Benin's action underscored its determination to reopen formal...

Inflation in Africa's most populous nation soared to its highest level in 28 years in April 2024, propelled by the reduction of subsidies on energy products and the currency devaluation twice. Data released yesterday by the National Bureau of Statistics (NBS) showed that Nigeria's inflation reached its highest level since 1996, standing at 33.69% yoy, up from 33.20% in March. Food and...

Sub-Saharan Africa witnessed a surge in internal displacements in 2023, totaling 19.5 million individuals, according to a report released yesterday by the Internal Displacement Monitoring Center (IDMC). This marks a significant increase from 16.5 million in 2022, constituting 42% of the global total. Conflict and violence remain the primary drivers behind these massive population movements,...

 The SMSZ gold project is Desert Gold’s flagship asset in Mali. The company has been conducting drilling operations for several months to increase the mineral resources of the project and ultimately develop a gold mine. Canadian junior miner Desert Gold Ventures Inc. kicked off the second phase of its 2024 drilling program at its SMSZ gold project in Mali on May 14, the company announced....

Amplats, the top producer of platinum in South Africa and a majority-owned subsidiary (79%) of Anglo American, is on the table for a spin-off. This move is part of a broader restructuring effort by Anglo American to revamp its global operations and potentially create a separate, independent company out of Amplats.  Anglo American Plc is exploring a spinoff of its South African platinum...

Tunisia's trade deficit has decreased by 23.5% in the first four months of 2024, dropping to TND4.77 billion ($1.53 billion) compared to TND6.23 billion during the same period in 2023. According to the National Institute of Statistics (INS), between January 1 and April 30 of this year, exports reached 21.24 billion dinars, up 4.8% from the same period last year, while imports stood at 26.01...

Primitive cooking methods fueled by wood, animal dung, or agricultural residues cause the premature deaths of 600,000 people in Africa annually due to respiratory diseases linked to inhaling toxic particles. Akinwumi Adesina, President of the African Development Bank (AfDB), announced yesterday the disbursement of $2 billion to facilitate access to clean cooking solutions across Africa over...

In Burkina Faso, Moov Africa reported a net profit of CFA5.2 billion (around $8.5 million) for the first quarter this year, up 10.7% compared to the same period in 2023 when net progit was CFA4.7 billion. The company hailed its investment strategy deployed to enhance service quality, customer experience, and promote fiber access across the country. Despite facing challenges such as...

The ECOWAS Bank for Investment and Development (EBID) has strengthened its transformative partnership with the Republic of Ghana by committing to inject USD 200 million into the Ghanaian economy through strategic alliances with the Ghana Export-Import Bank (GEXIM) and GCB Bank PLC. This was contained in a Memorandum of Understanding (MOU) signed by Dr. George Agyekum Donkor, President and...