Africa needs to rethink how it manages its natural resources to avoid adverse socio-economic consequences that could hamper sustainable development on the continent, experts said at a recent webinar organised by the African Development Bank. The call came ahead of the 2023 United Nations Conference on Climate Change scheduled for November 30 to December 12 in Dubai, United Arab Emirates. The...

The transitional government in Guinea, in partnership with the African Development Bank Group, has received a large consignment of agricultural supplies in Guinea’s western town of Forécariah for distribution to local farmers. The consignment, delivered on 13 October 2023, forms part of implementing the Emergency Food Production Project, spearheaded by the African Development Bank. Overall,...

The African Development Bank Group has appointed Dr Akinsola Babalola, a banking and finance management professional, Special Assistant to the Bank Group President. Dr Babalola is a Nigerian citizen with over 20 years of experience across sub-Saharan Africa. Before joining the Bank, he was Assistant Vice President at Ecobank Transnational Incorporated in Lome, Togo, where he served in various...

The African Development Bank has appointed Desiré Jean-Marie Vencatachellum Senior Director of the Country Economics Department, effective 1st November 2023. A Mauritian national and seasoned development banker, Vencatachellum has more than thirty years of experience in strategic leadership on development economics and finance issues, particularly in Africa. He has excelled in leading large and...

The Cameroonian Ministry of Finance issued a note Tuesday informing of the signing of a new cooperation deal with China. The document, signed as part of a visit by Minister Louis Paul Motazé to Beijing, aims to "eliminate double taxation on income and prevent tax evasion and avoidance." According to the Organization for Economic Co-operation and Development (OECD), double taxation, recognized...

Fish consumption continues to grow in West Africa with more than half of the region’s population consuming fish products daily, according to official stats. However, despite the firm farming potential West Africa has, governments there primarily turn to imports to meet demand. To address this situation, countries are now increasingly focusing on aquaculture, a sector that promises major growth....

Despite its strong financial fundamentals, Moody's estimated that Dangote Sugar Refinery's international debt presents a high-risk profile due to its exposure to a volatile Nigerian market and the current global economic conditions signaling potential imbalances. The financial rating agency Moody's has announced a Caa1 rating for the debt of Dangote Sugar Refinery Plc (DSR). This rating might...

The Fund for Export Development in Africa (“FEDA”), Afreximbank’s impact investment subsidiary, has announced an investment into Cabinda Oil Refinery, an integrated modular oil refining platform in Angola being developed by Gemcorp Holdings (“Gemcorp”) in Joint Venture with Sonangol. Cabinda Oil Refinery is a 60,000 barrel per day (bpd) high conversion refinery, with a first phase of...

The International Monetary Fund identified sub-Saharan Africa as one of the regions to be hardest hit by the economic slowdown in China. In a recent report entitled “At a Crossroads: Sub-Saharan Africa’s Economic Relations with China”, the institution revealed that every percentage point drop in China's real GDP growth rate results in an average drop of around 0.25 percentage points in...

The project was originally scheduled for 2021 but was delayed due to the Covid-19 pandemic. Senegal is preparing for the launch of its first satellite, GAINDESAT. On October 13, the Ministry of Higher Education, Research, and Innovation (MESRI) announced that the satellite would be delivered on November 10. The launch date will then be announced by the government. The construction of this...