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...

African businesses and governments are increasingly turning to the international bond market to meet their foreign currency needs, amid signs of growing openness from international investors. Despite the complexities many issuers from the region face, bond issues originating from Africa have exceeded $10 billion since the start of the year. Although this figure may seem modest compared to...

The Democratic Republic of Congo (DRC) and Rwanda are the world's top exporters of coltan, a mineral used to make key components of electronic devices like computers and smartphones. Together the two countries exported 32,702 tons of coltan between 2014 and 2023.  The Democratic Republic of Congo (DRC) exported 1,918 tons of coltan in 2023, while Rwanda exported 2,070 tons. According to...

Subsidiaries of the Bank of Africa (BOA) in Côte d'Ivoire, Burkina Faso, and Niger are set to initiate the 2023 dividend distribution season on the regional stock exchange BRVM. Investors can anticipate a total payout of CFA36.96 billion (approximately $61 million) in net dividends from these banks. As per the official schedule, three BOA group banks will be the first listed companies to...

Angola, a country where only 33% of the population has internet access, initiated the commercial operation of its Angosat-2 satellite at the end of January 2023. The government, in partnership with telecom service providers, sees this as a pivotal step toward fast-tracking the country's digital transformation. Internet Service Provider MSTelecom plans to leverage the national telecom satellite,...

Sub-Saharan Africa spends $8.4 billion each year to fight infections acquired within healthcare facilities, according to a comprehensive study published on April 7 by the global NGO WaterAid and the World Bank. This significant financial burden equates to an average of 4.5% of the region’s annual health budget, the study conducted in Nigeria, Malawi, Ethiopia, Zambia, Uganda, Mali, and...

Following the sale of its short-term insurance subsidiary in Tanzania in January 2024, Old Mutual is continuing its withdrawal from certain African markets. The group, whose 1st shareholder is the South African Public Investment Corporation (16.76%), has launched the sale of its life and general insurance activities in Nigeria. South African financial services group Old Mutual has reached an...