Main One, West Africa’s premier connectivity and data center solution provider, has been entrusted by the State of Burkina Faso, backed by the World Bank, to provide bulk connectivity services to a consortium of operators through the PAV-Burkina Cooperative, for the next three (3) years. Following an international bid to select a preferred operator, MainOne was chosen by the Burkinabe...

The Board of Directors of Kenyan Equity Group Holdings says it has canceled the distribution of KSh9.5 billion (about $88.9 million) in dividends to shareholders for the financial year 2019. The reason for this decision, the Board says, is the need to preserve liquidity in this pandemic context. Following this announcement, the Equity Group’s shares dropped by 3.04% on May 26 on the...

Liberia will receive $640 million from the United States Agency for International Development to finance its development project for over five years (2019-24). The agreement deal was signed on May 22 with the United States. The project aims to promote development through private sector-led economic growth by focusing on a series of reforms and the training of a healthy, productive, and...

Ethiopia’s communication authority (ECA) announced it is launching two new telecom operator licenses in efforts to broaden coverage across the country. As a reminder, the government announced in June 2019 plans to privatize the telecom sector to make it more competitive and attract foreign investments in the sector. In addition to the new licenses, the state plans to open the capital of the...

The UK-based AgDevCo, which targets agribusinesses in sub-Saharan Africa, announced it has invested an undisclosed long-term loan in Pee Pee Tanzania Limited, a company that manufactures and distributes grain storage bags. Through its first 2020 investment in Africa, AgDevCo wants to build a new grain storage bag manufacturing plant, thus increasing Pee Pee’s production and helping reduce...

Over the first quarter this year, Nigeria’s economy advanced by 1.8%, down from 2.55% the previous quarter, the slowest growth rate in a year and a half. Figures were provided by the national bureau of statistics on May 25. The office links this weak evolution to the global sluggish environment due to the coronavirus pandemic and the tensions between Russia and Saudi Arabia, which caused oil...

Steve Mnuchin (pictured), the US Secretary of the Treasury, opposes the conclusions of an AfDB investigation that found Akinwumi Adesina innocent of bad governance. “We have deep reservations about the integrity of the committee’s process. Instead we urge you to initiate an in-depth investigation of the allegations using the services of an independent outside investigator of high...

Ecobank Group and Google are teaming up to help African SMEs keep pace in a fast-growing digital world. The partners announced they will develop a range of digital solutions that aim to make banking operations easier for customers. The packages will be available to Ecobank’s SME customers in May 2020. “We are delighted to collaborate with Google to offer timely and relevant solutions,...

The Ivorian government is investing CFA150.9 billion to boost the agricultural and farming sector amid the coronavirus pandemic. The decision was announced following a Presidential Council on the implementation of the economic social and humanitarian support plan initiated by the government to respond to the pandemic. On the vegetal production segment, the investment targets cotton (CFA5.5...

Last year, the Ivorian arm of Moroccan Attijariwafa Bank -Société ivoirienne de Banque- paid a total of CFA1.25 billion in salaries to its 10 highest-paid workers. This makes an average annual salary of CFA120 million for each of them, or 7.6% of the nearly CFA16.2 million of average annual salary for the other 830 employees. This figure does not include fees and other bonuses granted to the...