In 2022, Senegal’s industrial mines produced 15 tons of gold. With this output, it is far from rivaling with Mali or Côte d’Ivoire. However, several investments in exploration could soon push the country among West Africa’s top gold producers. Cora Gold will soon start a 2,000 m Reverse Circulation (RC) drilling program in Senegal. The British firm announced the news on April 8, 2024,...

Mobile internet subscriptions in Congo have surged by 61% over the last five years, climbing from 2.1 million in 2019 to 3.4 million in 2023, according to the Postal and Electronic Communications Regulatory Authority (ARPCE). The regulatory body, however, did not specify whether this figure represents unique subscribers or the number of SIM cards accessing the service. This substantial increase...

Côte d'Ivoire reached a staff-level agreement with the IMF over the disbursement of $574 million to advance the country’s economic programs. This announcement came on Monday, April 8, following the visit of an IMF team to Abidjan. Led by Mr. Olaf Unteroberdoerster, the visit was intended to assess the advancements made under the economic program rolled out by the government. This...

In 2023, the African private equity sector experienced significant downturns, with exits dropping by 48% and investments by 22% to $5.9 billion, primarily due to macroeconomic challenges. Africa recorded only 43 PE exits throughout 2023, according to a report issued on March 31 by the African Private Equity and Venture Capital Association (AVCA). This figure marks a sharp decrease from the...

The Board of Directors of the African Development Bank Group has approved the Country Strategy Paper (CSP) for Zambia for 2024-2029, which sets out two priority intervention areas: Boosting the development of the private sector through investments in infrastructure and developing the country’s agricultural value chain. “The aim of this new CSP is to support Zambia’s vision of speeding up...

As part of the effective start of activities of Yiri, the innovation center of Africa Global Logistics (AGL) dedicated to the development of start-ups in Africa, Pangaea X, MSC Foundation and AGL announce the launch of a hackathon dedicated to youth entrepreneurship in Ivory Coast. This unique and free event, which will be held from May 30 to June 1, 2024, in the city of Assinie, aims to reveal...

Despite the closure of its borders with Niger, which accounts for 80% of its port transit volume, Benin reported a 14% increase in customs revenue in 2023. This growth, amounting to over CFA628 billion ($1.03 billion) in gross customs revenue, marks an increase of CFA80.8 billion (+14.8%) from the previous year. While the growth is notable, it remains below the post-COVID-19 trend, which saw...

Located in Côte d’Ivoire, the Abujar gold mine produced its first gold in January 2023. It is owned by Australian company Tietto Minerals, which Chinese firm Zhaojin Mining has been trying to take over for months. However, Zhaojin, Tietto’s second-largest shareholder, has been facing opposition from other Chinese investors. In Côte d'Ivoire, the Abujar gold mine delivered 37,111 ounces in...

Société Générale's subsidiary in Côte d'Ivoire announced it is getting ready to increase its capital by CFA4.45 billion (around $7.3 million). This financial strategy, which avoids the issuance of new shares or direct appeals to existing shareholders, will be a key topic at an extraordinary general meeting on April 23, the company said. Rather than enlarging its share base, the bank...

Burkina Faso is one of Africa's biggest gold producers, with Australian company West African Resources operating the Sanbrado gold mine there. Last year, the mine yielded 226,823 ounces, earning the firm over $400 million in revenue. West African Resources recently released its Q1 2024 production update for its Sanbrado gold mine in Burkina Faso. According to the update, released on...