Morocco collected MAD3.6 billion ($360 million) in foreign direct investments (FDI) in January 2024, marking a 21% increase compared to the same month in 2023, data released on March 1 by the Moroccan Foreign Exchange Office showed. However, remittances from the Moroccan diaspora saw a decrease of 2.6% in January 2024 compared to the same period last year, totaling MAD9.2 billion ($916 million),...

Botswana stands as Africa's leading producer of diamonds. The Botswana government operates several local mines under a joint venture with De Beers. Debswana, the JV, produced 24.7 million carats in 2022. Botswana’s top diamond producer, Debswana, sold $3.44 billion of diamonds in 2023, down 25% year-on-year. The Botswana Central Bank released the figure on February 29. It shows how the...

Benin announced in late February the reopening of its land border with Niger, in line with directives from the Economic Community of West African States (ECOWAS). Yet, the passage remains sealed on the Niger side, despite the operational commencement of the Benin-Niger pipeline. Amid rising tensions with Niamey, Benin has welcomed a delegation from Niger's customs service since Sunday, March 3,...

More than a million people work in artisanal and small-scale mines in Ghana. Most of them work illegally, and sometimes they attack industrial mines. Some of these conflicts can be deadly. Two security agents were killed last Saturday at the Asanko gold mine in Ghana. They died during a clash with illegal miners. According to Galiano Gold, the firm that owns the mine, a civilian was also killed....

Illegal mining is a major problem in Nigeria. The Buhari regime had made it a priority. So has the Tinubu regime. Still, efforts to tackle the issue have shown limitations, thus calling for new measures.  Nigeria is setting up a new armed unit to fight illegal mining nationwide. The news, announced on March 1, comes after years of unfruitful efforts to deal with the issue,...

The package should benefit countries grappling with the food shortages spurred by the war in Ukraine, regional conflicts, and droughts induced by climate change. Japan will provide Africa ¥5.042 billion (approximately $33.5 million) to enhance food security. The Japanese Ministry of Foreign Affairs disclosed the aid on March 1, 2024. According to the same source, this funding will benefit...

Rwanda has agreed to accept illegal migrants from the United Kingdom on its territory in exchange for British investment. Initiated in 2022, the project has faced criticism from human rights NGOs and encountered strong opposition in British and European courts. The National Audit Office (NAO), a government spending watchdog in the United Kingdom, announced on Friday, March 1st, that the UK would...

Meeting in Abidjan on 14 February 2024, the Board of Directors of the African Development Bank Group approved a loan of $117.9 million to the Democratic Republic of Congo to implement the Project to Support Governance and Skills Development in support of the Agriculture Transformation Programme (PTA). The financial support comes from the African Development Fund, the Bank Group's...

The Board of Directors of the African Development Fund approved, in Abidjan on 27 February 2024, $11.96 million Grant to speed up the establishment of the African Pharmaceutical Technology Foundation, headquartered in Kigali, Rwanda. The financial support from the African Development Bank Group’s Regional Public Good window, together with a contribution of $1.93 million from the...

U.S. rating agency Moody's has maintained a strict (Caa) rating for Cameroon, even though the country's debt is projected to remain stable until 2027. The agency cites insufficient budgetary performance and emphasizes the need for political stability, especially in a global context where democracies are under significant strain. In its recent analysis, Moody's decision to keep Cameroon's rating...