Digital trade is experiencing impressive growth in Africa. Although several challenges remain, countries and regional institutions are making significant efforts to support the sector's development. In 2023, Africa’s exports of information and communication technology (ICT) services reached $9.2 billion, marking a 5.4% increase from the previous year. This growth highlights the expanding...

Australian company Genmin has raised $AU10 million (around $US6.8 million) to support its Baniaka iron ore project in Gabon. The project is expected to produce 5 million tonnes of iron ore annually for at least ten years. On October 4, 2024, Genmin announced the funding, which will primarily be used for general corporate purposes, including the operation of its representative office in...

Due to insecurity, several gold mines have closed in Burkina Faso, causing production to drop. Most active mines in the country are controlled by foreign companies, mainly Canadian and Australian. Burkina Faso wants to take control of its gold mines. In a national radio broadcast, President Ibrahim Traoré criticized the dominance of foreign multinationals in the local gold sector. "All the gold...

The investment aims to reduce the critical funding gap faced by African climate tech startups. On October 3, 2024, the International Finance Corporation (IFC) announced its first investment in a venture capital fund focused on climate tech companies in sub-Saharan Africa. IFC has committed $5 million to the Equator Africa Fund I, which targets early-stage climate startups in energy,...

The Human Capital Protection Project in Burkina Faso, funded by the World Bank, aims to ensure access to essential health and education services, especially with the ongoing security crisis. Burkina Faso has moved forward with a plan to improve health and education services by ratifying a $102 million agreement with the International Development Association (IDA). The agreement, signed in...

Between 2019 and 2023, Senegal’s budget deficit averaged 10.4% of GDP, nearly double the initially reported 5.5%, while public debt exceeded 83% of GDP in 2023, according to the government. Moody's downgraded Senegal’s credit rating from "Ba3" to "B1" on Friday, October 4, 2024. The new rating indicates a "high credit risk." The downgrade is mainly due to Senegal’s worsening budget and...

The African Development Bank Group has appointed Dr. Emmanuel Pinto Moreira as Director of Special Operations in the President’s Cabinet Office, effective 1 July 2024. Dr. Pinto Moreira, a Beninise economist, brings to the role over three decades of experience in macro-fiscal, growth, poverty, economic governance, trade, and competitiveness-related work. His career spans middle-income and...

In Congo, 48.31% of consumers are unhappy with the mobile Internet services provided by telecom operators MTN and Airtel. This finding comes from the “Satisfaction Survey on Postal and Telecommunications Services” released last week by the Agency for the Regulation of Posts and Electronic Communications (ARPCE). The survey collected responses from around 12,000 consumers. The ARPCE report...

While raising funds remains essential to finance budget deficits and infrastructure spending, the ongoing high interest rates may significantly strain these countries' repayment capacities. Between Jan. and Sep. 2024, the member countries of the Sahel States Alliance (AES)—Burkina Faso, Mali, and Niger—raised about CFA1,866.5 billion (around $3.12 billion) on the regional WAEMU market....

The IMF says Ghana has successfully met its quantitative targets for the end of June 2024. Last week, the International Monetary Fund (IMF) reached a staff-level agreement with Ghanaian authorities on the economic policies and reforms needed for the third review of the 3-year Extended Credit Facility (ECF). In an October 4 statement, the institution revealed that full approval of this agreement...