The Board of Directors of the African Development Bank Group approved the mid-term review of the Country Strategy Paper (CSP) 2022-26 for Rwanda in Abidjan on 21 May 2024. The progress during the first half of the implementation period has been significant. The CSP for Rwanda was approved by the Boards of Directors of the African Development Bank and the African Development Fund – the Bank...

Gold's upward trajectory continues, setting a new historical record above $2,400 per ounce, thus getting closer to the $3,000 mark. On Monday, May 20th, gold traded at $2,440.59 per ounce on Asian markets, marking a new record. The surge was mainly driven by renewed optimism around a potential US Federal Reserve interest rate reduction. Some traders anticipate the reduction to...

Copper prices keep climbing. After surging past $9,000 in March, they hit a new high above $11,000 per ton. While long-term prospects for copper remain robust, opinions vary regarding short-term outlooks. On Monday, May 20th, copper reached a record $11,460 per ton, outperforming Macquarie analysts' Q3 2023 peak prediction of $9,500. The analysts had also forecast copper...

London-listed firm KEFI Minerals “officially” kicked off its first African mine, Tulu Kapi. The project was started amid a historic rise in gold prices. It should have been launched in Q4 2023. After months of delays, construction works at the Tulu Kapi gold mine in Ethiopia have begun. KEFI Minerals, the project’s owner, announced the launch on May 20th. The project, the firm’s...

The persistently low value of bonds issued by this WAEMU country, which faces no risk of currency volatility due to the fixed parity of its currency with the euro, has rekindled the debate on the surcharge imposed on African states for borrowing on the world market. Market data analyzed by the Ecofin Agency reveals investor reluctance towards long-term Côte d'Ivoire Eurobonds. This skepticism...

The introduction of carbon taxes by key trading partners could severely impact South Africa's exports. The country relies on coal for over 80% of its electricity. South Africa's GDP growth could be significantly hampered if widespread carbon taxes are imposed on its exports in the coming decades, the South African Reserve Bank (SARB) warned in a report released May 20. The SARB stated that...

Southern Africa faces severe weather disruptions due to the natural climate phenomenon, El Niño. Zambia, Zimbabwe, and Malawi have experienced the worst droughts in at least forty years, while Tanzania has been hit by deadly torrential rains. The Southern African Development Community (SADC) launched a $5.5 billion aid appeal on May 20 to address the severe droughts and floods brought on...

Sonatel, a subsidiary of the French group Orange, signed a loan agreement on May 17 with Proparco, the British International Investment (BII), and the International Finance Corporation (IFC), totaling the equivalent of €87 million (about $94.5 million). These three financial institutions contributed €30 million, €25 million, and €32 million, respectively, to...

Africa’s top lithium producer, Zimbabwe, attracted over a billion dollars in investments for new mines over the past three years. The government now urges companies to establish local factories to process the mineral. Four major lithium producers active in Zimbabwe have submitted to the government projects to set up lithium concentrate processing plants in the country. Reuters reported the...

Zijin Mining owns 39.6% of the Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC). Last Thursday, the Chinese firm unveiled plans to increase its global production, including in the DRC. China's top copper producer, Zijin Mining, plans to ramp its production to 1.22 million tonnes in 2025 and up to 1.6 million tonnes by 2028. This is about 50% more than its 2023 output (1.01...