The recent surge in gold prices could boost gold producers' revenues significantly. Galiano Gold, a Canadian company, is poised to capitalize on this trend following its increased stake in the Asanko gold mine in Ghana. For the first quarter of 2024, Galiano Gold reported an average gold selling price of $2,056 per ounce from the Asanko mine in Ghana. This marks an 11% increase from the...

Ivory Coast has rapidly transformed into a major gold producer in Africa, with a record output of 48 tons in 2022 and a projected increase to 55 tons in 2024. To sustain this growth, more deposits must be found.  The Ivoirian Council of Ministers approved on April 17, 2024, the issuance of four exploration permits for gold, each valid for four years, to attract more investors to the...

The United States has allocated an extra $154 million for humanitarian assistance in Ethiopia, bringing their total contribution to nearly $243 million since the start of 2024. This information comes from a statement by the U.S. Department, released on April 16. The aid aims to address urgent needs arising from conflict, insecurity, and climate shocks by providing essential services to...

Kenya is set to become the first African nation to issue Sustainable Linked Bonds (SLBs) by the end of 2024, with the support of the World Bank, Bloomberg reported yesterday, citing an expert from the multilateral financial institution. The sustainable development bonds, totaling $500 million, are expected to be issued by November. “Kenya has promised a very ambitious sustainability...

Over the past decade, 18,700 African millionaires have left the continent in search of better opportunities, according to a report released on April 16 by Henley & Partners, a British firm specializing in investment migration advice, in collaboration with New World Wealth research firm. Titled "The Africa Wealth Report 2024," the report indicates an 8% decline in the number of High Net Worth...

Aya Gold & Silver has announced a silver production of 1.97 million ounces in 2023 and aims to increase this to between 2.6 and 3.2 million ounces in 2024. Alongside its operational Zgounder mine, the Canadian company is exploring the potential development of a second mine at Boumadine. On April 16, Aya Gold & Silver, a Canadian firm, unveiled a mineral resource estimate for its polymetallic...

Two former bankers from the French group BNP Paribas, Hussein Sefian and Faisal Khan, have initiated a new $100 million private debt impact fund focused on financing climate-resilient infrastructure projects in Africa, Reuters reported today. Named Acre Impact Capital, the fund aims to address an estimated $100 billion annual infrastructure financing gap on the continent. It will...

The Fund for Export Development in Africa (“FEDA”), Afreximbank’s impact investment subsidiary, has announced its investment into Bloom Africa Holdings Limited (BAHL), a regional financial services platform operating across West Africa. BAHL holds interests in multiple financial institutions across Gambia, Sierra Leone, and Liberia operating as Bloom Bank Africa. These institutions...

Fitch Ratings last week reaffirmed the 'B' long-term credit rating of the West African Development Bank (BIDC), despite potential challenges from the withdrawal of Mali, Niger, and Burkina Faso.  The American rating agency noted that about half of BIDC's loans are granted to sovereigns, none of which were in default. This has been crucial in improving the average loan portfolio rating. "The...

Côte d'Ivoire has unveiled a plan to develop a certified green agricultural sector. The country partnered with Orange CI, the European Union, and German Cooperation (GIZ), to implement the "DigiGreen & Agri" project; an initiative aimed at modernizing agriculture and transition towards a green economy, with a particular focus on the cocoa industry. The strategic vision of the "DigiGreen & Agri"...