The Kouroussa gold mine should have produced its first gold in late March 2024, but production was postponed due to a commercial dispute. The dispute, opposing the mine’s British owner and its main subcontractor, should soon be settled. British firm Hummingbird Resources announced on May 16, 2024, that it sealed a deal to resume operations at its Kouroussa gold mine in Guinea. The deal was...

A recent report reveals that 69% of African banks consider themselves significantly exposed to currency risk, stemming mainly from the imbalance created by securing funds in strong foreign currencies while issuing loans in local currencies. Around 60% of African banks view financial products designed to mitigate exposure to exchange rate fluctuations, such as forward contracts and currency...

Burkina Faso, alongside Mali and Benin, is a key player in West Africa's cotton production. Following a lukewarm 2023/2024 season, authorities are banking on a recovery in the cotton sector for the upcoming season. The Burkinabe government sets its sights on ramping up cottonseed production to 598,250 tons during the 2024/2025 cotton season, according to the outcome of the latest Cabinet meeting...

As part of its corporate social responsibility efforts, the National Polytechnic Institute Houphouët-Boigny (INP-HB) is offering training to returning migrants in Côte d'Ivoire. The initiative focuses on equipping them with skills in mushroom farming, a sector boasting numerous opportunities in both local and international markets. Through its Center of Excellence for Waste Valorization into...

On May 13, the Malian Telecom/ICT and Postal Regulatory Authority (AMRTP) kicked off a capacity-building program for the postal sector. The initiative aims to raise awareness among participants on critical issues such as operational efficiency, data security, and innovation within the sector. Scheduled in three sessions throughout the year, the program seeks to tackle various challenges facing...

As oil, gas, and mining projects mutiply in Africa, notably in Niger, Senegal, and Côte d'Ivoire, states anticipate strong economic growth. However, for the IMF, these projects alone will not be sufficient to drive real development. In sub-Saharan Africa, countries must diversify their economies to catch up with wealthier nations, according to Luc Eyraud, Director of Regional Studies for...

IMF approval allows countries to channel Special Drawing Rights (SDRs) through multilateral development banks. AfDB-IDB financial instruments could leverage SDRs by up to four times their value in the form of loans to finance social and climate projects. The African Development Bank Group (AfDB) and the Inter-American Development Bank (IDB) today welcomed the announcement by the International...

After a nine-day standoff, Benin has announced a partial lifting of the blockade on Niger’s crude oil exports passing through its territory. This move comes amid a diplomatic tussle between the two neighbors. The blockade, imposed on May 6, aimed to pressure Niger to reopen its land borders, which have been closed since last year. Benin's action underscored its determination to reopen formal...

Inflation in Africa's most populous nation soared to its highest level in 28 years in April 2024, propelled by the reduction of subsidies on energy products and the currency devaluation twice. Data released yesterday by the National Bureau of Statistics (NBS) showed that Nigeria's inflation reached its highest level since 1996, standing at 33.69% yoy, up from 33.20% in March. Food and...

Sub-Saharan Africa witnessed a surge in internal displacements in 2023, totaling 19.5 million individuals, according to a report released yesterday by the Internal Displacement Monitoring Center (IDMC). This marks a significant increase from 16.5 million in 2022, constituting 42% of the global total. Conflict and violence remain the primary drivers behind these massive population movements,...