The AU Peace and Security Council (PSC) has, in a statement issued last June 1, announced the suspension of Mali from its bodies. The institution condemned the two coups that took place in the country over the past nine months. Supporting the decisions of the Economic Community of West African States (ECOWAS), the AU-PSC said Mali will no longer take part in AU activities until "normal...

After an estimated record decline of -8.8% last year, the Tunisian economy seems to be getting back on track. The Organization for Economic Cooperation and Development (OECD) revealed in a May 31 report that the country’s economic growth is expected at 3% this year and 3.25% in 2022. The new impetus will be favored, the document says, by the easing of Covid-19 related measures both in Tunisia...

After a break of over a year, Burundi announced last June 1 it has officially reopened its land border with DR Congo. This resumption of trade between the two sides is being carried out in compliance with the Covid-19 prevention measures, health minister Thaddée Ndikumana (pictured) reassured.   “Any case that comes in is screened, so there is no risk,” he said. Entering the territory...

Investment fund manager Ata Capital is now a shareholder with a 33.3% stake in Acrux Sorting Technology (AST), a subsidiary of commodity mining specialist Acrux Resources. Through its R473 million ($34.4 million) Ata Fund I vehicle, the South African investor has acquired additional shares in AST. The transaction between the two parties was announced on Tuesday, June 1. “We are excited to...

The Commission empowered by the Competition Act in South Africa has stopped the proposed acquisition of Burger King South Africa by Emerging Capital Partners (ECP) Africa. The Competition Commission did not approve of this acquisition typically because it would see Black Economic Empowerment (BEE) drop to 0% consequently, against October 2014’s Broad-Based Black Economic Empowerment Act. ECP...

The unemployment rate in South Africa has reached a new record at 32.6% over the first three months this year. During the previous quarter, the rate was 32.5%. Figures were revealed yesterday June 1 by the national stats agency. “The number of employed persons decreased by 28,000 to 15 million in Q1 2021, while the number of unemployed persons increased by 8,000 to 7.2 million compared to...

Nigerian fintech company OPay, which specializes in the provision of mobile payment services, has entered into discussions with investors to raise nearly $400 million, media sources reported. Once confirmed, the deal would make OPay an African unicorn valued at over $1.5 billion. The company, which has recently expanded its activities in North Africa and more specifically in Egypt,...

The African Development Bank Group (AFDB) has approved $84.22 million in financing to supply power to about 80,000 rural households in the southern part of Rwanda. The financing comes in two tiers; a loan of $36.77 million from the Bank’s African Development Fund, and a $47.45 million African Development Fund grant. The project is in line with the Rwanda Universal Energy Access...

Kenya is expecting a total of $1.16 billion in two financing operations from the World Bank and the International Monetary Fund in June. The information was reported this week by the Governor of the Central Bank of Kenya (CBK), Patrick Njoroge, during a press conference. According to the official, about $750 million is expected from the World Bank within the next two weeks. Aimed at...

The investigation launched last March 31 by the Egyptian government into the Ever Given case found the ship’s captain fully guilty of the blockage of the Suez Canal between March 23 and 29.  Speaking during a press conference on May 30, El-Sayed Sheisha, Head of Suez Canal Authority’s investigation team, said the accident occurred after the crew onboard made wrong maneuvers due to...