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...

Food and housing prices pushed overall inflation in the WAEMU above the 3% threshold, reaching 3.7% in April 2024. UEMOA countries Niger, Burkina Faso and Benin recorded the highest inflation rates within the bloc in April 2024. Data from the BCEAO central bank show that these countries posted respective rates of 11%, 3.7% and 3.1% over the period, compared with 2.9% for Guinea-Bissau and just...

Kamoa-Kakula, the largest copper mine in the DRC and Africa, is expected to produce a maximum of 490,000 tonnes of concentrate in 2024. Its owners recently commissioned a new copper concentrator, aiming for an annual output of over 600,000 tonnes by 2025. Commissioned last month, the Kamoa-Kakula project’s third copper concentrator is online. Ivanhoe Mines, which owns the project, announced on...

Africa Data Centres (ADC) continues its expansion in West Africa with the construction of a new data center in Accra, Ghana. The move, announced in June 2022, aims to bolster ADC's footprint in the region where it already operates facilities in Nigeria and Togo. ADC, a leading builder and operator of data centers, unveiled a partnership agreement yesterday with Onix Data Centres to solidify its...

Lawmakers from the Peoples Democratic Party (PDP) of Nigeria have introduced a constitutional reform proposing to change the presidential term from a renewable four-year cycle to a single six-year term. This initiative comes amid electoral violence concerns. The proposal, unveiled in Abuja on Monday, June 10, by 35 opposition party lawmakers, aims to streamline governance and reduce public...

Fidelity Bank Nigeria Plc has acquired Union Bank UK, supported by a $40 million intra-African investment facility from Afreximbank. The financing, announced yesterday facilitated both the acquisition and recapitalization of Union Bank UK by the Nigerian commercial bank. Afreximbank provided $40 million in total, with an initial $20 million used to partially refinance the...

22 Chinese nationals and one Cameroonian have been sentenced to prison terms ranging from seven to eleven years, along with fines, for cybercrime in Zambia, according to information recently relayed by AP News. These convictions follow investigations launched after a rise in cases of computer fraud. Many victims reported unexplained financial losses from their mobile phones and bank accounts....

African and Asian applicants accounted for 90% of the global costs of Schengen visa refusals in 2023, a figure set to rise by 12.5% as application fees increase from €80 to €90. In 2023, SchengenVisainfo reported that 704,000 visa applications from Africans were rejected, totaling approximately $60.5 million (€56.3 million) lost in fees paid to the European Union without...

Emirati satellite telecom provider Yahsat announced on June 10 that it has awarded a contract to Airbus Defence and Space for the construction of two new geostationary satellites. Named AY4 and AY5, these satellites will enable secure government communications across the Middle East, Africa, Europe, and Asia. Airbus will design and build the AY4 and AY5 satellites using its Eurostar Neo...

Nigerian financial technology companies, including Opay, Palmpay, and Moniepoint, are grappling with compliance costs nearing $1 million. These expenses stem from new anti-fraud requirements implemented by the Central Bank of Nigeria in 2023. The measures aim to bolster consumer protection and combat money laundering and terrorism financing. Fintechs must now adhere to strict obligations,...