The UN predicts a modest growth rate for Africa in 2024, rising to 3.5% from 3.3% in 2023. The organization attributes this subdued growth to the global economic slowdown, tightening monetary and fiscal conditions, and the high risks associated with the debt sustainability of several countries. The 'World Economic Situation and Prospects 2024' report highlights the adverse impacts of climate...

The multilateral financial institution anticipates improved growth prospects in the region, primarily driven by decreasing inflationary pressures and easing financial conditions. After a notable slowdown in 2023 (2.9% growth), Sub-Saharan Africa's economic growth is expected to reach 3.8% in 2024 and 4.1% in 2025, according to the World Bank’s latest Global Economic Prospects released on...

The outstanding non-repaid bank credits of the Central African Economic and Monetary Community (Cemac) reached CFA1,917.9 billion on December 31, 2022. These overdue bank credits have multiplied by 4 compared to their level ten years earlier (CFA495 billion at the end of December 2012), as revealed by the Bank of Central African States (Beac) in its 2022 Financial Stability Review, published on...

Kenya, South Africa, Egypt, and Nigeria collectively absorbed nearly 75% of the total funding raised by African startups in 2023, with fintech companies accounting for the lion’s share. African startups experienced a 36% decline in fundraising in 2023, according to data released on January 3 by the digital economy consulting firm TechCabal Insights. The total funds raised amounted to $3.2...

The Malian government seeks to strengthen the national telecom infrastructure as part of its digital transformation ambitions. The aim is to gradually include the 65% of the population who, according to DataReportal data, still lack access to the Internet. The Malian government has initiated a project to extend the national fiber optic network. The contract was awarded to the Chinese company...

Ivorian President Alassane Ouattara committed to continuing progress efforts in 2024, recalling the significant achievements his administration reached in the previous year, 2023. In his New Year address to the nation, he highlighted the substantial economic and social growth that constituted the 2023 review despite the challenging regional and international context and announced a favorable...

Africa Global Logistics, the benchmark logistics operator in Africa, is pleased to announce that on 20 December 2023, it signed the management contract for the Port of São Tomé, opening up new economic prospects for the country. The signature took place in the presence of Adelino Fernandes Rosa Cardoso, Minister of Infrastructures, Natural Resources and the Environment of São Tomé & Principe...

The volume of remittances in Sub-Saharan Africa is expected to increase by 1.9% in 2023, reaching $54 billion. The World Bank anticipates an improvement in the flow of remittances to Sub-Saharan Africa in 2024, reaching 2.5%. According to the World Bank's most recent report on migration and development published on December 18, 2023, migrant remittances to Sub-Saharan African countries are...

The loanis the very first agreement between the Canadian financial institution and the West African Development Bank. It will in crease financing for agri-food businesses and the energy sector in West Africa. Findev Canada, Canada's development financial institution, announced last December 19 the disbursement of €20 million ($21.8 million) to support development projects in West Africa....

Despite a 14% decrease in the value of palm oil since the beginning of 2023, positive signs are emerging with a recovery in prices, increased demand from India, and slightly reduced stocks. These positive factors predict better year-end results for Palm CI, but 2023 may mark its first stock value decline in three years. The ongoing rise in palm oil prices on the global market presents a...