The financial support comes days after Titan Trust Bank finalized the acquisition of 89.39% stake in Union Bank of Nigeria.  The multilateral financial institution Afreximbank announced, Monday (June 6), a US$300 million Intra-African Investment Financing Facility to  Nigerian bank Titan Trust Bank (TTB). The funds will support TTB’s acquisition of majority stake in Union Bank of...

The World Bank lowered its 2022 global growth forecast from 4.1%, in January, to 2.9%, mainly because of inflationary pressures. Even though Sub-Saharan Africa is also affected by inflation, its growth prospect has been revised upward by 0.1 percent. In the new edition of its Global Economic Prospect, the World Bank maintained Sub-Saharan Africa’s growth forecast.   According to the...

On April 2022, Bolloré Transport & Logistics Ghana received a total of 555 vehicles on behalf of CFAO Ghana PLC, part of the CFAO Group, at the Tema port. After leaving India, the vehicles were shipped in 2 batches before arriving at destination. In all, this operation will have lasted one month requiring an end-to-end mobilization of Bolloré Transport & Logistics’ teams in Ghana. Working...

To become the major telecom operator in DRC, Airtel wants to attract new clients by investing heavily in broadband internet, amid growing demand.  Telecom operator Airtel Africa PLC announced, Monday (June 6), the acquisition of an additional 58 megahertz of spectrum in the 900 MHz, 1800 MHz, 2100 MHz, and 2600 MHz bands in the Democratic Republic of Congo. According to the operator, the...

The investment vehicle will focus primarily on fintech, healthtech, and edtech startups. In its initial stage, it will make direct and indirect equity commitments in startups in Nigeria and Ghana.  VC fund Constant Ventures announced, Monday (May 30), a US$100 venture capital fund for investment in West African tech startups.  The new investment vehicle will initially focus on startups...

Last February, Mali's interim parliament approved the military junta’s 5-year transition plan. The decision was strongly criticized by the ECOWAS, which stepped up sanctions.  In Mali, the military junta will pass the helm to a civilian government in the next two years. The decision was officialized in a decree signed, Monday (June 6) by interim President Assimi Goïta...

The reform program is aimed at improving the country’s resilience and ensuring sustainable transparency, performance, and accountability in public finance management.  Côte d’Ivoire plans to invest US$93.3 million in its 2022-2024 public finance management reform program. The information was disclosed in the release published after the June 1, 2022, ministerial council. The program...

According to a report, in 2021, 50% of the private investments attracted by Tunisian firms were growth capital, and 30% were venture funds. For the first time, the country attracted distressed investments, which represented 20% of overall private investments.  In 2021, for the first time, Tunisia attracted distressed investments. That year, investors committed DT68 million (US$22.5 million)...

Like many African countries, Ghana is currently engaged in a SIM card registration process. The campaign, which began in October 2021, was due to end in March 2022. For several reasons, the deadline has been pushed back to end-July 2022. According to Minister Owusu-Ekuful, it will not be extended again.  Ghana will not extend the SIM card registration deadline. This is one of the...

Hon Suleiman Masoud Makame, the minister responsible for oil and gas in the Revolutionary Government of Zanzibar (RGoZ) - revealed Thursday June 2nd, that his ministry has informed RAKGas (the sole active oil and gas investor in Zanzibar) that come December, the company will be required to relinquish 50% of its current acreage in the Pemba-Zanzibar block if conditions spelled out in the agreement...