Internet adoption in Senegal is closely tied to mobile telephony, particularly regarding mobile internet. Between 2022 and 2023, the number of active SIM cards in Senegal rose from 20.5 million to 22.4 million. Senegal’s telecoms authority (ARTP) reported 19.8 million internet subscriptions with mobile operators and internet service providers as of December 31, 2023. This marks a 15.2% growth...

Vivo Energy Côte d'Ivoire, a subsidiary of the Anglo-Dutch Shell group specializing in petroleum product distribution, has recently released provisional financial results for the first quarter of 2024. The company reported a net profit of CFA1.28 billion ($1.6 million), marking a 48% increase yoy. This growth represents the highest surge since 2017. The notable increase in net profit, exceeding...

President Bola Tinubu of Nigeria wasted no time in office, swiftly implementing a series of economic, political, and monetary reforms, including the removal of fuel subsidies. These measures are aimed at stabilizing the Nigerian economy. U.S. rating agency Fitch Ratings reported last week an upward revision in Nigeria's long-term debt repayment capacity. From stable, the agency brought it to...

Ivory Coast produced 50 tonnes of gold in 2023, with plans to boost production through projects like the Koné mine owned by Montage Gold. The company aims to tap into the potential of this deposit, working closely with the Ivorian government. During a meeting with Ivorian President Alassane Ouattara, Montage Gold highlighted the Koné project as Ivory Coast's largest gold deposit. Once...

The International Monetary Fund (IMF) announced in a May 3 statement it has lowered its economic growth forecast for Senegal to 7.1% for 2024. The institution cited uncertainty related to the presidential election held last March and a delay in gas production. The previous estimate was 8.3%. "Economic growth for 2024 is now projected at 7.1 percent down from 8.3 percent, reflecting weaker...

Whether geostationary or in low Earth orbit, telecommunication satellites can provide better coverage across the planet, offering African telecom operators an alternative to fill network coverage gaps and reach more people. According to the Global System for Mobile Communications Association (GSMA) report "The Mobile Economy 2024," published in March 2024, communication satellites could assist...

The Central Bank of West African States (BCEAO) has announced its plan to buy public securities from Niger worth CFA77 billion. Scheduled for May 7, this move comes as Niger re-enters the public securities market on April 26, after recent sanctions by the Economic Community of West African States (ECOWAS) were lifted. Niger raised CFA457 billion with various issuances during this return. The...

In a recent meeting held on April 26, 2024, the board of directors of the banking group BGFI Group proposed distributing a dividend of CFA11,000 per share for FY2023. This remuneration is slightly lower than the CFA15,850 per share distributed in 2022 but remains generous considering the macroeconomic context in which the group operated across its various markets. The company opted to strengthen...

Telecom company Airtel Africa is in talks for a $200 million loan from the International Finance Corporation (IFC), the World Bank's arm focused on financing private sector ventures in emerging markets. The African subsidiary of Bharti Airtel plans to utilize the funds to cover its capital expenditure (CAPEX) requirements and refinance existing debt in the Democratic Republic of Congo (DRC),...

In 2023, Côte d'Ivoire's most significant commercial gain was achieved collectively with Mali and Burkina Faso, despite being the 3rd and 6th individual clients. Official data shows that they purchased CFA1,444.6 billion worth of Ivorian products, solidifying their pivotal role in the country's trade relations. Unlike major clients like the Netherlands and Switzerland, which mainly purchase raw...