Despite its modest size, Africa’s private wealth is growing fast. It creates an over US$2 billion opportunity for local and international asset managers.   The Global Wealth Report 2022 recently published by Credit Suisse confirms that the African continent is a growth area for wealth management or the private banking market. The median level of wealth remains quite modest. Indeed,...

The Board of Directors of the African Development Bank Group has approved a €28.88 loan for improvements to the road and transport network linking six Senegalese municipalities.  The loan was approved on 20 September 2022. The financing will be sourced from savings from the Senegal Cities Modernisation Programme. The funds will support the construction of 28 kilometers of urban...

Upon taking office in September 2021, President Mamadi Doumbouya set several priorities, including getting Guineans to be more involved in the exploitation of the country’s mineral resources. For that purpose, a draft law has been prepared and submitted to the transitional parliament. Late Thursday, September 22, 2022, the Guinean transitional council passed two bills, including one concerning...

The growth was mainly driven by an 11.9% increase in household financial assets (+306 billion US dollars) while the increase in non-financial assets (real estate properties mainly) grew by only 3.7%  (+121 billion US dollars). In Africa, total private wealth was US$5,808 billion as of the end of 2021, according to the Global Wealth Report published by banking group Crédit Suisse last...

With the decline in its oil revenues, Nigeria is increasingly turning to the telecommunication sector to generate more revenues. In the second quarter of 2022, the ICT sector contributed 18.44% to its real GDP.  In Nigeria, the federal government projects a NGN500 billion (US$1.1 billion) revenue from the 5G spectrum in 2023. The figure was disclosed by Umar Danbatta, executive vice...

The TERRA terminal which handles roll on roll off vessels at the port of Abidjan dealt with over 2,687 vehicles between 22 and 29 August 2022, chalking up a record performance. The vehicles – mainly saloon and city cars or construction machines – were transported on the MATORELL and PLEIADES SPIRIT vehicle carriers from Thailand, China, Japan, South Africa and India. This performance is all...

MauBank Holdings Ltd – MBH (the “Seller”) has decided to proceed, through an international tender, with the implementation of a divestment program which entails the disposal of its shares from its subsidiaries comprising MauBank Ltd, MauBank Investment Ltd and MauFactoring Ltd. For this purpose, a consortium composed of Priscus Finance, Gibraltar Advisory and VERDE is acting as the...

The Global Fund estimates that US$59 billion is needed to eradicate endemic diseases like AIDS, tuberculosis, and malaria. For its seventh replenishment, it expects US18 billion, but it has already received some US$14 billion in pledges.  The Global Fund to Fight AIDS, Tuberculosis and Malaria announces US$14.25 billion received in pledges to fight the three endemic diseases over the next...

The Board of Directors of the African Development Bank Group has approved a $20 million concessional investment to support the second phase of the Covid-19 Off-Grid Recovery Platform (CRP). The CRP is a blended finance initiative to unlock private capital for energy access companies to mitigate the negative impacts of the pandemic while advancing access to clean electricity and ensuring a...

In Nigeria, public debt is stable and below the government-set threshold of 40% of GDP. However, the disruption of oil production is pushing the authorities to borrow more funds to offset the rising budget deficit. Nigeria’s public debt rose to US$103.3 billion in Q2-2022, according to a report released by the debt management office DMO, yesterday.  Although it is up from the US$100...