Benin received a credit rating boost from Standard and Poor's (S&P) after its successful issuance of $750 million in international bonds in February, signaling growing confidence from global investors. S&P upgraded Benin's credit rating from "B+" to "BB-" with a "stable" outlook, according to an April 22 statement from the Beninese government. With this rating upgrade, the U.S. agency...

Chinese imports from the African continent surged by 8% during the first quarter of 2024, totaling $29.42 billion, according to data released on April 20 by the Chinese General Administration of Customs. This increase is mainly attributed to the rise in imports of minerals, particularly metals used in the production of electric vehicle batteries and gold. It has also been driven by the...

Central Africa boasts one of the world's most significant mineral resource potentials, attracting many multinational corporations due to its rich deposits.  The CEMAC's average annual economic growth rate is projected to reach 3.6% in 2024, the highest in a decade. According to the BEAC, which made the forecast, this growth is expected to increase slightly to 3.7% between 2025 and 2027,...

Following an evaluation conducted in April 2023, Côte d'Ivoire achieved a score of 80.5 out of 100 in its implementation of the Extractive Industries Transparency Initiative Standard. This score highlights areas where the country can further improve its management of extractive resources. This week, the Ivorian government approved a decree establishing the National Council for Extractive...

The net profit of BCEAO has surged due to a substantial increase in revenues from commercial banks refinancing. Yet, this success masks a liquidity decline within the UEMOA banking sector, although currently managed. The central bank of WAEMU countries –BCEAO- grapples with complex decisions in managing commercial banks' refinancing demands. Compared to 2022, this activity significantly...

UBS expects the world’s lithium production to leap 40% this year. Thanks to new production capacities in Zimbabwe and Mali, Africa could play a major role in the surge. By 2024, Africa is projected to account for 10% of global lithium production, up from 4% in 2023, according to Benchmark Mineral Intelligence. This substantial progress can be largely attributed to China's increasing...

West African Monetary Union (UMOA) countries collectively raised CFA1,590 billion ($2.58 billion) in the public securities auction market during the first quarter of 2024, according to data from UMOA-Titres. This marks a 31% increase compared to the CFA1,213 billion raised in Q1 2023. Investor interest in these securities appears robust, with a subscription rate reaching 172%, a notable...

Ex-Prime Minister of Burkina Faso from 2007 to 2011, Tertius Zongo has been on the board of Endeavour Mining for over a decade. He exits the firm amidst a dispute with another firm owned by Simon Tiemtoré. The board of Endeavour Mining will vote for the adhesion of John Muro as a new member at its next general annual meeting, on May 30, 2024. Endeavour, the biggest gold producer in West Africa,...

African Hidden Champions (AHC) will host an exclusive Soirée on April 24, 2024, in Johannesburg to convene and celebrate entrepreneurial spirit with top African founders taking on the global stage. The event will also feature a private concert with award-winning South African artist, Ami Faku.  African Hidden Champions, a co-partnership of Africa Foresight Group, Germany’s development...

The West African Economic and Monetary Union's central bank- BCEAO reported a robust triple-digit increase in revenue from its external assets, reflecting its effective resource management. However, despite this surge, the gains fell short of the potential returns had the funds been invested in the accounts of the French Treasury. In its latest financial report, BCEAO revealed that its external...