The package includes $25 billion in direct investments from private companies, along with funding for startups and loans. Saudi Arabia announced plans to raise $41 billion in investments and financing for Sub-Saharan African nations. This commitment was revealed by Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan at the Future Investment Initiative New Africa Summit in Riyadh,...

Although Senegal is going through a period of financial turbulence, the government’s transparency and responsiveness could prove crucial in restoring the confidence of international partners and rebuilding the foundation for sustainable growth. Senegal’s $1.8 billion International Monetary Fund (IMF) program has been temporarily frozen due to financial imbalances, Finance Minister...

Rawbank, the leading bank in the Democratic Republic of Congo (DRC), has been named "Best Bank in Africa 2024" by Global Finance magazine at the Best Bank Awards, held in Washington D.C. This prestigious recognition reflects the strength of Rawbank's growth strategy, its commitment to innovation, and its central role in transforming the financial landscape in the DRC.  For almost 11 years,...

The analysis of ITU data over the past five years reveals an increase in Internet usage among women in Africa. However, the continent still needs to work towards achieving digital parity between men and women. Since 2019, the number of women using the internet in Africa has been steadily rising. According to the "Facts and Figures 2023" report by the International Telecommunication Union (ITU),...

Interoperability enables users to transact across various mobile money platforms and banks, making financial services more accessible, especially for unbanked and underbanked populations. It reduces the costs of currency conversion and cross-border transactions, lowering barriers for individuals and businesses to send and receive funds affordably.  In a milestone for African financial...

Countries on the FATF’s gray list face increased scrutiny and must ramp up efforts to counter money laundering and terrorism financing, as required by the Financial Action Task Force (FATF), a global anti-money laundering organization. Recently, FATF removed Senegal from its gray list, a positive step for the West African nation’s financial reputation. However, Côte d'Ivoire joined Algeria...

In its latest outlook, the International Monetary Fund (IMF) projects that by 2025, sub-Saharan Africa could see per capita consumption equivalent to $15 per day, adjusted for purchasing power parity (PPP). Despite this positive trend, widespread income inequality and capital flight are expected to limit the impact of this economic growth on local populations. The 2025 GDP per capita...

Chad is counting on the trans-Saharan fiber optic backbone to strengthen its digital infrastructure. The country frequently experiences Internet disruptions due to incidents on its infrastructure. The European Union (EU) and the African Development Bank (AfDB) are pleased with the progress of the trans-Saharan fiber optic backbone project in Chad. On October 24, representatives from both...

IMF Africa Deputy Division Chief Antonio David notes in the October 2024 regional outlook that while African public debt is stabilizing, its cost remains a concern. In one out of four countries, debt repayments consume over 20% of tax revenues, indicating budget pressures. Ecofin Agency: For the October 2024 economic outlook in sub-Saharan Africa, what improvements have you noticed since last...

Africa could see up to 3.3 million new direct jobs by 2030 in the green economy, particularly in sectors like solar energy, electric vehicle production, and climate-smart agriculture. This insight comes from a report published in late July by FSD Africa, a British government-funded development agency, and HR consulting firm Shortlist. The report, titled “Forecasting Green Jobs in Africa”,...