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...

Société de Limonaderies et de Boissons Rafraîchissantes d'Afrique (SOLIBRA), a subsidiary of the French group Castel with a 76.8% stake held by BGI, announced a net profit of CFA15 billion (around $24.69 million) for FY2023. This represents a robust growth of 1,139% compared to 2022, when the company reported a profit of CFA1.2 billion. The strong performance was driven by an increase in...

Amid strained relations between Benin and Niger regarding border openings, the government of Niger has issued a decree banning Beninese vehicles from operating on the corridor between Lomé Port in Togo and various locations in Niger. This decision, released on May 11 adds tension to an already complex situation for regional logistics stakeholders. According to the decree, transportation of...

The institution stresses that achieving sustainable and resilient economic growth in the longer term will depend on efforts to adapt to climate change. Without further investment in this area, average annual GDP losses could reach 19% by 2050. Benin’s economy should grow by an average of 6.2% per year between 2024 and 2026, the World Bank estimated in the 2nd edition of its report on Benin's...

AXIAN, a responsible pan-African group operating in 5 business sectors including energy and telecoms, strengthens its commitment to creating a positive impact in Africa through its appointment as Vice Chair of the United Nations Global Compact (UNGC) Indian Ocean Network. AXIAN’s CEO, Hassanein Hiridjee, has also joined the Advisory Council of the Africa Business Leaders Coalition...

Thirty-one companies listed on the West African Regional Stock Exchange (BRVM) have reported positive net margins for 2023, while four have announced losses. Despite reaching a record level, the cumulative net profit and dividend announcements have grown at a slower pace than in the previous two years. Based on the financial results of 35 BRVM-listed companies, excluding Ecobank, the total net...

Bilateral trade between Senegal and Rwanda remains relatively low, according to data from WTO. However, both nations established embassies in 2012 in Dakar and in 2020 in Kigali to bolster their ties, a vision seemingly pursued by the new Senegalese authorities. Senegalese President Bassirou Diomaye Faye hosted his Rwandan counterpart, Paul Kagame, during his visit to Dakar on May 11 and 12....

Deep-tech startups in Africa have raised more than $3 billion in funding between January 1, 2013, and June 30, 2023, a recent report by Briter Bridges revealed. The document revealed that these funds were raised through 360 transactions, constituting 15% of the total funds raised by African start-ups during that period. The "Mapping the African Deeptech Landscape", highlighted significant...

The Federal Republic of Nigeria has acceded to the Establishment Agreement for the Fund for Export Development in Africa (FEDA), the development impact investment platform of the African Export-Import Bank (Afreximbank). Nigeria joins the ranks of countries acceding to the Establishment Agreement of FEDA, becoming the 16th nation to do so.  This underscores the increasing backing the...