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African Startups Raise Record $254mln in October 2024
06/11/2024

African Startups Raise Record $254mln in October 2024

Even though venture capital investments have slowed in Africa, sectors like fintech and renewable energy continue to draw significant funding. However, the ecosystem remains largely male-dominated. In October 2024, African startups raised a total of $254 million, marking the best October since 2019....

Ethiopia to Issue $7.4bn in Bonds to Ease Public Enterprise Debts
06/11/2024

Ethiopia to Issue $7.4bn in Bonds to Ease Public Enterprise Debts

The funds will primarily go toward settling loans provided by Ethiopia’s largest bank to several state-owned companies, including Ethiopia Electric Power, Ethiopian Sugar Corp, and Ethiopia Railway Corp. Ethiopia plans to issue domestic bonds worth 900 billion birr ($7.4 billion) to pay off debts ...

Côte d'Ivoire Imported More Wine Than Any Other African Country in 2023
06/11/2024

Côte d'Ivoire Imported More Wine Than Any Other African Country in 2023

In Côte d'Ivoire, the middle class's taste for wine shows no signs of slowing down. In this West African nation, one of the continent's fastest-growing economies, demand for the beverage keeps rising steadily. Wine has become increasingly popular in Côte d'Ivoire, especially among the rising middl...

Africa Could Boost GDP by $287bn Adopting Namibia's Gender Equality Model
05/11/2024

Africa Could Boost GDP by $287bn Adopting Namibia's Gender Equality Model

The report emphasizes that gender equality is not just about fairness; it is also a crucial economic issue. If the gap between men and women were completely closed, the continent's GDP could increase by $513 billion by the end of this decade. Africa has the potential to increase its gross...

South Africa, Morocco, Egypt, and Kenya Dominate African Insurance Market in 2023
05/11/2024

South Africa, Morocco, Egypt, and Kenya Dominate African Insurance Market in 2023

Even with its large population, the continent is still a small player in the insurance sector. It accounts for less than 1% of global premiums and has an average premium of just $46 per person. South Africa, Morocco, Egypt, and Kenya collectively accounted for 84.8% of the total insurance premiums.....

Airfares Could Soon Drop in West Africa as ECOWAS Takes Action
05/11/2024

Airfares Could Soon Drop in West Africa as ECOWAS Takes Action

High airport taxes and fees make West Africa one of the priciest regions for air travel. Adding to existing hurdles in the sector, this challenge has now become a key focus for ECOWAS. The Economic Community of West African States (ECOWAS) announced Tuesday it will begin a series of meetings...

Japan's Sumitomo Plans to Sell Madagascar's Largest Nickel Mine
04/11/2024

Japan's Sumitomo Plans to Sell Madagascar's Largest Nickel Mine

With the ability to produce 4,000 tonnes of cobalt and 40,000 tonnes of nickel each year, the Ambatovy mine significantly contributes to Madagascar's mining income. Unfortunately, the project has faced difficulties recently that led to a loss in value of around $600 million. Sumitomo is gradually re...

Ethiopia's Digital Economy Could Add $10.8bn to GDP by 2028 (GSMA)
04/11/2024

Ethiopia's Digital Economy Could Add $10.8bn to GDP by 2028 (GSMA)

As Africa increasingly embraces digitalization, Ethiopia shows promising prospects for its digital economy, which analysts expect to grow significantly, positively impacting its GDP. Ethiopia's digital economy has the potential to contribute 1.3 trillion ETB (about $10.8 billion) to the nation's GDP...

BICICI’s Net Profit Surges 58% in H1 2024
04/11/2024

BICICI’s Net Profit Surges 58% in H1 2024

Despite challenges related to the economic climate, the International Bank for Trade and Industry of Côte d'Ivoire (BICICI) expects to maintain positive momentum for the rest of 2024. The International Bank for Trade and Industry of Côte d'Ivoire (BICICI) reported significant growth for the first ...

Guinea: Simandou Set to Commence Production in 2025
04/11/2024

Guinea: Simandou Set to Commence Production in 2025

In 2021, Colonel Mamadi Doumbouya led a coup that brought him to power in Guinea. One of his main goals is the Simandou project, which has been stalled for decades but is set to begin production next year. The Simandou project could deliver its first iron by the end of...

Russia Expands Economic Influence in Sahel After Security Partnerships
04/11/2024

Russia Expands Economic Influence in Sahel After Security Partnerships

As relations between the ruling juntas in the Sahel States Alliance (AES) and Western powers continue to worsen, Russia is ramping up economic initiatives to strengthen its influence in the region. After it has reached security partnerships with the Alliance of Sahel States (AES) – comprising Mali...

Sierra Leone: IMF Approves $248mln to Boost Economic Stability
04/11/2024

Sierra Leone: IMF Approves $248mln to Boost Economic Stability

The IMF's support is designed to make Sierra Leone's economy more resilient, lift living standards, and fight poverty through structural reforms and focused social programs. Sierra Leone will receive $248.5 million in financial support from the International Monetary Fund (IMF) to boost its economic...

Ghana Launches First 5G Network to Drive Digital Economy and Inclusive Growth
04/11/2024

Ghana Launches First 5G Network to Drive Digital Economy and Inclusive Growth

The launch of 5G marks a strategic milestone in Ghana’s economic and social development. It bridges connectivity gaps, improves service delivery, and unlocks new opportunities across industries. Ghana launched its first 5G network on Friday, November 1, marking a significant digital transformation...

Ivorian Telecom Revenue Climbs 30% Over Four Years
31/10/2024

Ivorian Telecom Revenue Climbs 30% Over Four Years

The Ivorian government continues to implement its digital development strategy through 2025. With strategic investments, the country aims to strengthen its digital infrastructure and position its economy for a prosperous future. The Ivorian telecom sector reported revenue of CFA1.219 trillion ($2.01...

Saudi Arabia Confirms Intention to Invest in African Copper
31/10/2024

Saudi Arabia Confirms Intention to Invest in African Copper

Saudi Arabia has established a company to invest in global mining operations. After acquiring a 10% stake in Brazil's Vale Group in 2023, Manara Minerals, a Saudi firm, now wants to invest in the copper mines owned by Canada's First Quantum in Zambia. On October 30, Saudi Arabia confirmed that...

U.S. Provides $150 Million Loan for Africa's Largest Graphite Mine
31/10/2024

U.S. Provides $150 Million Loan for Africa's Largest Graphite Mine

In September 2023, the United States announced a $150 million loan to Australia’s Syrah Resources, which operates Africa's largest graphite mine in Mozambique. The loan was contingent on meeting certain conditions, which have now been fulfilled. Syrah Resources confirmed yesterday, Oct.30, a $150 ...

Guinea: Rio Tinto Halts Operations at Simandou After Fatal Accident
31/10/2024

Guinea: Rio Tinto Halts Operations at Simandou After Fatal Accident

The Simandou iron ore deposit in Guinea is set to start production by the end of 2025, pending the completion of the railroad and port construction. However, operations at the Morébaya port site have been suspended since October 26 following the death of an employee during construction. In a statem...

Morocco: Emmerson's Khemisset Potash Project Hits a Standstill
31/10/2024

Morocco: Emmerson's Khemisset Potash Project Hits a Standstill

For several years, Emmerson has focused on the Khemisset potash project in Morocco, with plans to produce more than 700,000 tonnes of potash each year over a lifespan of 19 years. However, since 2023, the company has struggled to obtain the necessary environmental permit to build the mine. Emmerson....

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Ecofin Agency at the World Trade Organization public forum in Geneva !
Ecofin Agency at the World Trade Organization public forum in Geneva !

🌍Our journalist Moutiou Adjibi asks a key question to Ralph Ossa, WTO Chief Economist, at the World Trade Organization public forum in Geneva ! 🎤 On intra-African trade : How does the WTO explain the low level of trade between African countries (less than 20%) and what actions are planned to help better integrate the continent into global trade ? 🤔 🌐Discover the answer in video. #AgenceEcofin #WTOPublicForum @followers

How much do countries spend on military ?
How much do countries spend on military ?

Which countries do you think spend the most in military ? Let's find that more in this video. https://www.ecofinagency.com/public-management/2704-43562-nigeria-s-military-spending-grew-56-yoy-in-2021-sipri #EcofinAgency

Africa now has its first PRITZKER Prize received by Diébédo Francis Kéré
Africa now has its first PRITZKER Prize received by Diébédo Francis Kéré

Africa now has its first PRITZKER Prize received by Diébédo Francis Kéré. The 56 years old architect from Burkina-Faso received what is considered to be the Nobel in architecture in the world. #EcofinAgency

Billionaire Jack Ma teaches Africans about entrepreneurship.
Billionaire Jack Ma teaches Africans about entrepreneurship.

ENT uk
ENT uk

Emmanuel Macron wants to invest 1 billion € in SMEs and African startups
Emmanuel Macron wants to invest 1 billion € in SMEs and African startups

CIZO Togo uk
CIZO Togo uk

SPOHIE Togo UK
SPOHIE Togo UK

In Togo, almost half of the 2019 budget will be used to fight poverty
In Togo, almost half of the 2019 budget will be used to fight poverty

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