The volume of remittances in Sub-Saharan Africa is expected to increase by 1.9% in 2023, reaching $54 billion. The World Bank anticipates an improvement in the flow of remittances to Sub-Saharan Africa in 2024, reaching 2.5%. According to the World Bank's most recent report on migration and development published on December 18, 2023, migrant remittances to Sub-Saharan African countries are...

The loanis the very first agreement between the Canadian financial institution and the West African Development Bank. It will in crease financing for agri-food businesses and the energy sector in West Africa. Findev Canada, Canada's development financial institution, announced last December 19 the disbursement of €20 million ($21.8 million) to support development projects in West Africa....

Despite a 14% decrease in the value of palm oil since the beginning of 2023, positive signs are emerging with a recovery in prices, increased demand from India, and slightly reduced stocks. These positive factors predict better year-end results for Palm CI, but 2023 may mark its first stock value decline in three years. The ongoing rise in palm oil prices on the global market presents a...

The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, has committed a US$ 30 million senior secured loan facility to AXIAN Energy, as part of the company's expansion plan to deliver more than 460 Megawatt (MW) of utility-scale renewable energy generation capacity across Africa over the next decade. Established in 2001 initially through its...

The President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor, has once again been recognized as one of the 100 personalities transforming Africa by Financial Afrik, a leading business news magazine. The annual ranking, now in its ninth year, highlights influential individuals for their accomplishments over the preceding...

Free had participated in the public tender launched on May 31 by ARTP for the award of 5G licenses. The company's bid of CFA3 billion was rejected for non-compliance. The reserve price was set at CFA19.5 billion. Senegalese telecom company Saga Africa Holdings Limited (Free) has expanded its operating license to include fifth-generation (5G) mobile technology. The operator acquired 90 MHz of...

The International Finance Corporation's (IFC) investment in the second fund of A.P. Moller Capital is awaiting approval since August 31, 2023. The institution, led by Senegalese Makhtar Diop, aims to increase its commitments to sustainable energy and transportation in Africa and Asia. The International Finance Corporation (IFC) confirmed on Monday, December 18, 2023, its equity investment...

Cameroon is getting ready to change its strategy for supplying the domestic fuel market in the coming days. The Secretary-General of the Presidency (SGPR), Ferdinand Ngoh Ngoh, made it clear in a December 14 letter addressed to the Minister of Water and Energy, Gaston Eloundou Essomba, that President Paul Biya "prescribes the liberalization of petroleum product imports." Specifically, according...

Simon-Pierre Boussim (pictured) is no longer Burkina Faso’s mining minister. He has been removed from this position and the government after a reshuffle last December 17, replaced by Yacouba Zabre. This move comes at a time when the country seeks to improve its gold production following a decline of 14% in 2022. The government's response to this poor performance included a change earlier this...

AXIAN Group, a responsible player in the pan-African private sector committed to addressing the social, economic, and climate challenges of the continent, participated in this year's COP. In this inaugural edition where the private sector was invited as a key stakeholder, AXIAN was able to reaffirm its commitment to ecological transition and highlight the crucial role of businesses in the fight...