South African mobile operator Vodacom announced a total of $400 billion in financial transactions via its services for the 12 months ending in June 2024. This figure includes transactions across its network in South Africa and its subsidiaries in Egypt, Mozambique, Tanzania, Lesotho, and the Democratic Republic of the Congo (DRC), which had 46.6 million users by the end of the period. In...

Until now, the main tin miners in the Democratic Republic of the Congo (DRC) were Alphamin Resources and artisanal miners. However, the country is about to welcome a new player, Rome Resources. Rome Resources steadily moves in the DRC’s tin industry. On August 20, the company announced the initial results from its drilling program launched earlier this month at the Bisie North project in North...

African Gold has announced an initial resource estimate for its Didievi gold project in Côte d'Ivoire. The firm estimates that the project could host at least 452,000 ounces of gold, which could increase with drilling.  On August 20, African Gold reported it had raised A$2 million (approximately $1.34 million) to develop the Didievi project. Among others, the firm plans to launch a...

Senegal is preparing a major overhaul of its port industry, as part of the government's broader vision for transforming the country's transportation sector. During an interministerial meeting focused on port and maritime infrastructure, the Senegalese government called for the creation of a national plan to modernize its ports in the coming months. This plan will outline improvements to existing...

Perseus Mining recently acquired stakes in a mining company operating in Guinea. Now, the firm let go of its stake in Montage Gold, the firm owning Côte d’Ivoire’s projected biggest mine.  Perseus Mining sold its entire 9.6% stake in Canadian company Montage Gold, which owns the Koné gold project in Côte d'Ivoire. The firm announced on August 21 that it sold 33 million common shares...

South Africa's annual inflation rate dropped to 4.6% in July 2024, down from 5.1% the previous month, marking its lowest point since July 2021. These figures from the national statistics agency (Stats SA) bring inflation close to the midpoint of the central bank’s target range. The decline in overall inflation was driven by lower prices in several key areas, including food and non-alcoholic...

This outlook comes as many of the bloc's members, including Senegal, Côte d'Ivoire and Niger, have announced the start-up of natural gas fields and the commissioning of a pipeline. The West African Economic and Monetary Union (WAEMU) is expected to achieve economic growth of 5.4% in the second quarter of 2024, up from 5.1% in the previous quarter. This forecast comes from the Central Bank of...

Moody’s Investors Service has upgraded Rawbank’s long-term deposit rating from Caa1 to B3, as announced on August 16. This upgrade reflects the bank's improved profitability and strong capital position. The DRC-based Rawbank has strengthened its role as a key financial player in a country where the business climate is gradually improving. The rating boost is largely due to a significant...

Nigeria has been grappling with rising inflation for months, making it a major concern for the government. In response, several initiatives have been launched to try to curb these inflationary pressures. In July 2024, Nigeria experienced a slight drop in its inflation rate, which now stands at 33.4%, down from 34.19% in June, according to recent data from the National Bureau of Statistics (NBS)....

The export of Niger’s oil through Benin is expected to resume in the coming days after a suspension that began in June. The suspension was primarily due to diplomatic tensions between the two countries, mainly surrounding the reopening of their shared border, which has been closed for over a year. Local media from Benin reported on August 18 that oil shipments from the Seme-Kpodji terminal in...