The Central Bank of Ghana has been buying gold to boost its foreign exchange reserves for several years. This initiative has significantly raised the country's gold holdings, making Ghana Africa's top gold producer.  By the end of December 2024, the Bank of Ghana (BoG) reported that its gold reserves had grown to 30.5 tonnes, up from 19.5 tonnes the previous year. This increase was shared...

Kibali, Africa's largest gold mine, is jointly operated by Barrick, AngloGold Ashanti, and the Congolese state-owned company Sokimo. After producing 762,000 ounces in 2023, the mine recorded an 8% drop in production during the first nine months of 2024. Barrick Gold expects “solid results” from the Kibali gold mine this year, without clarifying if this means increased production or improved...

The International Energy Agency (IEA) predicts electric vehicle (EV) sales will hit 40 million units by 2030. This surge could benefit Africa, which possesses about 30% of the minerals needed to produce these vehicles. Global sales of electric and hybrid vehicles are expected to surpass 20 million units in 2025, up at least 17% compared to 2024. Reuters reported the forecast issued on January 28...

Approved five years after the startup law was passed, the implementation decree lays out a clear regulatory framework for these innovative businesses. It introduces a set of incentives designed to fuel their growth and fast-track their expansion. Senegal’s Council of Ministers, led by President Bassirou Diomaye Faye, approved on January 29 a decree implementing the startup law enacted on...

The Central African Economic and Monetary Community (CEMAC) is now turning to the private sector to develop regional projects. The regional body has adopted a new public procurement strategy and a directive on public-private partnerships (PPP). This decision was announced during a workshop on PPPs held on January 28–29, in Douala, Cameroon. “Without these regulations, implementing PPPs in...

Despite significant progress, Africa still has a financial inclusion gap, especially for women. AXIAN Telecom’s commitment to empowering women entrepreneurs in Madagascar and improving financial literacy for women-led businesses will help close this gap. The African Development Bank (AfDB) has approved a $160 million senior corporate loan to AXIAN Telecom, aimed at expanding digital...

In the coming years, intra-African trade, especially through the AfCFTA, could boost factoring by making inter-business transactions easier. Currently, the factoring market is still largely controlled by South Africa. Verdant Capital has made a $2 million mezzanine investment in UsPlus, a South African company that helps small and medium-sized businesses (SMEs) with working capital...

The humanitarian situation in the DRC is worsening as fighting intensifies in the eastern part of the country. Already critical after decades of conflict, security has deteriorated further with the new offensive by M23 rebels. The European Commission announced Tuesday a €60 million humanitarian aid package for displaced people in and around Goma. Fighting between the Armed Forces of...

On Monday, January 20, Chinese artificial intelligence company DeepSeek launched its new AI-powered chatbot, R1. Within days, R1 climbed to the top of the most downloaded free apps on the U.S. App Store, overtaking OpenAI’s ChatGPT. This breakthrough has reignited discussions about the ongoing tech rivalry between the U.S. and China while also raising questions about its impact on Africa, where...

The African Guarantee Fund (AGF) announced yesterday a new $5 billion local currency guarantee mechanism aimed at boosting financing for energy access projects across Africa. The announcement was made during the "Mission 300" African Energy Summit in Tanzania, which brought together African heads of state, donors, and key energy sector players. Led by the African Development Bank (AfDB) and...