NSIA Banque Côte d’Ivoire saw solid results in the first half of 2024, strengthening its position in the Ivorian financial market. A key highlight was the reduction in non-performing loans, which dropped by 39%, from CFA9 billion in December 2023 to CFA5.5 billion as of June 30, 2024. This decrease reflects proactive risk management and effective debt recovery, improving asset quality and...

5G subscriptions in Sub-Saharan Africa are expected to reach 320 million by 2029 from 11 million in 2023, according to a June report released by Swedish telecommunications giant -Ericsson. The “Ericsson Mobility Report June 2024” highlights that the rapid growth of 5G in the region will primarily be driven by the release of spectrum in low and mid bands and the decreasing prices of devices...

Nigeria's real GDP growth reached 3.19% year-on-year in the second quarter of 2024, up from 2.98% in the previous quarter. The figures were reported yesterday by the National Bureau of Statistics (NBS). According to the document, this uptick is largely attributed to strong performances in the services sector and increased crude oil production. The services sector grew by 3.79% year-on-year in...

Spanish Prime Minister Pedro Sanchez will embark on a tour of West Africa this week, according to multiple sources. His visit, scheduled from August 27 to 29, 2024, will take him to Mauritania, Gambia, and Senegal. Discussions will primarily focus on bilateral cooperation, with a particular emphasis on migration—a pressing issue in both Spain and Europe. Sanchez aims to strengthen cooperation...

Denmark announced yesterday that it is closing its embassies in Mali and Burkina Faso, citing the series of military coups that have occurred in recent years. The decision was revealed as the country unveiled a new cooperation strategy with Africa. While cutting ties with these nations, Denmark also plans to open new embassies in Rwanda, Senegal, and Tunisia, and strengthen its diplomatic...

Shanghai, China, August 26, 2024 – CMOC, a global leader in the exploration, mining, and marketing of rare metals, today announced exceptional half-yearly results, with a net profit attributable to the parent company of $762 million USD, marking an astounding increase of 670.43% compared to the previous year. This record performance is driven by sustained production growth, rigorous cost...

Since late 2021, Benin has faced terrorist attacks from jihadist groups in its northern regions. In response, the government has deployed thousands of soldiers to secure its borders with Niger and Burkina Faso. Benin army announced earlier this month it has received military equipment from China. The donation, which aims to boost the country’s counter-terrorism efforts, includes howitzers and...

The price of gold has been rising steadily since 2023, surpassing $2,500 per ounce in August 2024. This trend is beneficial for gold producers like South Africa, which has faced challenges in its mining sector in recent years. South Africa sold 114.4 billion rands (about $6.4 billion) of gold in 2023, up 18.8% YoY. The growth was driven by an average 8% rise in gold prices, according...

Copper prices have been surging in recent months. Africa's largest copper producer and one of the largest globally, the Democratic Republic of the Congo (DRC),  benefits from the dynamic. The country houses Africa’s biggest copper mine, the Kamoa-Kakula mine. Last week, Ivanhoe Mines announced the start of commercial production at the third copper concentrator of its Kamoa-Kakula project....

Given its limited access to the sea, the Democratic Republic of the Congo (DRC) strongly relies on its neighbors, including South Africa and Tanzania, to export its copper. Angola may soon become a new shipping route, due to the slowness when passing through Tanzania and SA. Last week, the first shipment of Congolese copper left the port of Lobito in Angola for the United States. Trafigura, part...