Last year, Morocco's trade transactions with the rest of the world stood at $116.8 billion, against $85.9 billion in 2021. Despite the surge, however, the country’s trade deficit widened, reaching 22.7% of GDP. Morocco's trade deficit widened by 7.2 percentage points, from 15.5% of GDP in 2021 to 22.7% of GDP in 2022. The Moroccan Ministry of Economy disclosed the figures in its...

Nigeria presently grapples with a surge in its inflation rate, following near-stability since December 2022 when it stood at 21.34%. Nigeria's overall inflation rate reached 24.08% in July 2023, up from 22.79% in June 2023, an increase of 1.29 percentage points. The Nigerian Bureau of Statistics (NBS) disclosed the figures in a report it released on August 16, 2023. The NBS attributed the hike...

Vista Group eyes a 61.4% stake in Oragroup through a deal with Emerging Capital Partners. If the latter comes through, Vista would expand to 12 countries. The deal is backed by a $41.2 million loan obtained from the BOAD in March 2023.  Vista Group could become the majority shareholder in Oragroup with a 61.4% stake. The holding company recently inked an agreement in this framework...

With digital banks growing, and competition heating up among incumbents, new partnership offers banks accelerated innovation Backbase, the global leader in Engagement Banking announced today its strategic partnership with Valleysoft, a premier business and IT consulting provider with a strong presence across the Middle East and Africa. This collaboration aims to enable banks in the region to...

Last year, after an audit of its mining sector, Mali decided to suspend the issuance of new mining permits. A new mining code was subsequently adopted to boost and even double the sector’s contribution to GDP.  Mali's National Transitional Council, which currently serves as the country's legislative body, passed a new mining code on Tuesday, August 8. Adopted unanimously by the plenary...

Societe Generale has reportedly announced a $60 million loan to Spiro, a Benin-based startup that plans to use the money to expand its electric motorcycle leasing offers. The French banking group Société Générale will reportedly loan $60 million to the Indian start-up Spiro, based in Cotonou, Benin. Spiro plans to use the funds to expand its range of electric motorcycles through...

The Ugandan government has been taking several steps to speed up internet adoption in the country where the penetration rate stands at 53%. Recently, the government took a loan of about $496 million from the World Bank to achieve this goal. Internet cost has been halved in Uganda, from $70 to $35. Chris Baryomunsi (pictured), Minister of ICT and National Guidance, revealed the...

Central Africa achieved real GDP growth of 5.0 percent in 2022, compared with 3.4 percent in 2021. The rebound in economic activity was driven by favourable prices for raw materials, in a region that is home to net exporters of crude oil, minerals and other commodities. The region’s growth rate was higher than the African average, which is estimated at 3.8 percent in 2022, down from 4.8 percent...

“This glimpse into ETG’s operations was deeply insightful,” says Vice President Quaynor after trip to company’s Southern Africa operations. African Development Bank Group Vice President Solomon Quaynor has concluded a tour of Export Trade Group (ETG)’s southern Africa operations, signalling the potential for stronger partnership with the agribusiness giant to boost livelihoods on the...

The African Development Bank Group has expressed satisfaction with the implementation of its Country Strategy Paper for Burundi for 2019-2023 based on an evaluation by a Bank team led by country representative Pascal Yembiline. Approved in 2019, the CSP helped Burundi mitigate fragility and build resilience through two main pillars: support for the development and transformation of agriculture;...