Coris Bank continues to be a major financial partner for West Africa's gold mining sector, having previously supported the construction of the Kiaka and Kouroussa gold mines in Guinea. The bank has now renewed its support for Hummingbird Resources, which owns the Yanfolila gold mine in Mali. Hummingbird Resources announced today it has received an additional $25 million from Coris Bank....

Bayobab, a digital services and infrastructure subsidiary of MTN Group, has announced a new partnership with Eutelsat to boost its telecom network capabilities. The agreement, revealed on August 15, 2024, involves using Eutelsat’s low Earth orbit (LEO) satellite constellation to enhance Bayobab’s network performance. This multi-year deal aims to improve the quality and coverage of Bayobab's...

Africa took a leading role in shaping the terms of reference for future negotiations, strongly advocating for a more inclusive and transparent framework. With leadership from Nigeria, Kenya, and Ghana, Africa is now influencing the global tax agenda, challenging the OECD's approach. On August 16, 2024, a significant milestone was reached in the ongoing efforts to reform international tax...

Perseus Mining, an Australian company with three gold mines in Côte d'Ivoire and Ghana, has recently expanded its operations by acquiring a stake in the owner of the Bankan gold project in Guinea.  On August 14, Perseus announced it had purchased a 13.82% interest in Predictive Discovery. The latter owns the Bankan gold project in Guinea. The project can deliver 80 tonnes of gold over 11...

The African Export-Import Bank (Afreximbank) announced plans to double its financing for intra-African trade to $40 billion by 2026, up from $20 billion in 2021. The announcement, made on August 9, 2024, by Haytham ElMaayergi, Executive Vice President of Afreximbank's Global Trade Bank, came during the African Caucus meeting of the World Bank Group and the International Monetary Fund...

The Senegalese government is pushing for more affordable telecom services to ensure broader access to telecommunications for its citizens. In line with this effort, a reduction in telecom tariffs was announced in June, and the government continues to press operators to align their services with the purchasing power of the population. During the opening ceremony of the consultation days on...

America’s largest organization of journalists and media-related professionals of colour has named the African Development Bank Group a “Salute to Excellence Award” winner for Bank communications observing International Women’s Day and its “Gender in Focus” series. The Bank clinched the National Association of Black Journalists’ online public relations and marketing award category...

Algeria’s economic recovery is strengthening and its gross domestic product (GDP), which increased by 3.6 percent in 2022 and 4.2 percent in 2023, is set to be 4.0 percent in 2024 and 3.7 percent in 2025, according to the African Development Bank Group’s Country Report 2024, which will be officially presented in Algiers in mid-September. According to the report, Algeria’s economic growth...

Côte d'Ivoire aims to produce 55 tonnes of gold this year. Two of the companies that should significantly contribute to this goal, with over 16 tonnes coming from four gold mines, faced power cuts in the past quarter. Allied Gold’s Q2 2024 output in Côte d’Ivoire was below its expectations. The firm recently reported that it failed to produce an additional 8,625 ounces of gold during...

Société Générale is facing significant hurdles in selling its Ivorian subsidiary, Société Générale Côte d'Ivoire (SGCI), as part of its divesting strategy in Africa. The French banking group’s exit from the region involves navigating complex political and economic factors, compounded by SGCI's substantial market presence in the West African Economic and Monetary Union (WAEMU). Unlike...