Côte d'Ivoire's government announced an 11.5% increase in the national budget for 2025, raising it to FCFA 15,301 billion ($25.1 billion) from FCFA 13,720.7 billion ($22.5 billion) in 2024. Government spokesman Amadou Coulibaly made this announcement following a cabinet meeting on June 12, 2024. Government projections show this upward trend continuing, with the budget reaching FCFA 17,070...

The report reveals that 76% of banks surveyed in 35 African countries rank digital transformation among the top three priorities in their growth strategies, with 24% considering it important. Facing fierce competition from fintechs, neobanks, and telecom operators increasingly venturing into financial services, 60% of active banks in Africa claim to have already digitized most of their...

The World Bank has approved an additional $150 million loan to support Benin's agricultural sector. This loan will aid the Project for the Competitiveness of Agricultural Sectors and Export Diversification (PACOFIDE) running from 2020 to 2026. Benin's agriculture sector contributes nearly 30% of its GDP and employs over two-thirds of the active population. Cashew and pineapple, alongside...

Nigerians are voicing strong dissatisfaction with the current economic situation, largely attributing their concerns to reforms enacted under the Tinubu administration. While some minor changes are anticipated, significant challenges persist. President Bola Tinubu of Nigeria unveiled forthcoming plans to introduce an executive bill to the National Assembly to establish a new national minimum...

Senegal's telecommunications regulator awarded 5G licenses to Sonatel and Free in July and December 2023, respectively. Both operators commenced offering ultra-high-speed broadband on varying scales in March 2024. Guinea seeks to draw on Senegal's "best practices and expertise" for its own 5G deployment. To this end, a delegation from Guinea's Regulatory Authority for Posts and...

Gabon's raw gold exports have taken a significant hit, falling from 43.9 billion FCFA in 2022 to just 8.5 billion FCFA in 2023, according to data from the Ministry of the Economy. This 80.7% drop is attributed to the commissioning of the country's first gold refinery, the Raffinerie Gabonaise de l'Or (RGO), which was inaugurated on June 2, 2023. The new refinery, which can process 7 to 10 tonnes...

The Adumbi project hosts over 100 tonnes of gold mineral resources in the DRC. Developing a gold mine on the site would increase Congolese gold exports, estimated at 34 tonnes by 2023. Loncor Gold revealed on June 10 that it inked contracts for an 11,000m-deep-drilling program at its Adumbi gold project in the Democratic Republic of Congo. The goal is to increase the project’s mineral...

High battery prices have long impacted electric cars’ final cost, thus impeding their adoption. If the prices of these batteries were to fall, consumer interest could rise, stimulating demand for raw materials in the process. The prices of lithium-ion batteries dropped 80% over the past decade, from $400/kWh in 2014 to $78/kWh in 2024. Simon Moores, CEO of critical minerals research...

Panthera Resources holds an 80% stake in Mali’s Kalaka and Bassala gold projects. The British company has just increased its stake in both assets and is now exploring its options for financing their development. Panthera Resources, a British company, has increased its stake in Mali's Kalaka and Bassala gold projects. It now holds 85% of both assets after acquiring an additional 5%,...

For FY2024-25, Ethiopia is expecting its economy to grow by 8.4%, up from 7.9% currently. “In recent years Ethiopia has faced a number of social, economic and political challenges. And a wide range of reforms have been implemented to address those challenges," Finance Minister Ahmed Shide said on Tuesday while presenting the State Budget proposal for the upcoming fiscal year. "The government's...