The BCEAO said it will keep taking the necessary steps to maintain monetary and financial stability in WAEMU while also supporting economic growth. Although there were no rate hikes this year, the cost of resources for banks has increased significantly. The Central Bank of West African States (BCEAO) has decided to keep its key interest rates unchanged following the Monetary Policy Committee...

U.S. monetary policy in 2022 boosted the dollar, making it more costly for developing countries to repay debts in foreign currencies. As a result, debt for IDA-eligible countries increased by 18%, reaching $1.1 trillion in 2023. In 2023, developing countries paid $1.4 trillion in external debt servicing, increasing economic pressure and limiting investments in critical social sectors....

In September 2024, Senegal's total exports surged by 85.2%, driven primarily by increased sales of gold, petroleum products, and titanium, according to the National Agency for Statistics. Senegal’s trade gap narrowed to CFA121.6 billion (about $195.3 million) in September 2024, compared to CFA411.8 billion (about $663 million) in the same period last year—a significant 70%...

China has banned the export of several critical minerals to the US. Announced and implemented on December 3, the move covers minerals like gallium and germanium. It is a response to U.S. restrictions on technology sales to China. This is good news for the Democratic Republic of Congo (DRC), which could position itself as a rival of China as a germanium supplier. The DRC aims to supply 30% of the...

On December 3, MTN South Africa announced the introduction of biodegradable SIM cards, reinforcing its commitment to sustainability and reducing environmental impact. Made from 100% FSC-certified materials, these eco-friendly cards decompose within 3–6 months in soil, landfills, or the sea, unlike traditional plastic SIM cards. The cards are now available at MTN stores and partner outlets,...

The fintech aims to become the "Stripe of Francophone Africa" by creating smoother connections between mobile money operators, banks, and other payment providers. Stripe, a U.S.-based payment giant, is valued at $70 billion. HUB2, a fintech company based in Côte d’Ivoire, has raised $8.5 million in a Series A funding round led by the UK-based TLcom Capital. Other investors included...

In FY 2024, the United States contributed nearly $6.6 billion in humanitarian aid to sub-Saharan Africa. During his visit to Angola on December 3, President Joe Biden (pictured) announced over $1 billion in humanitarian aid to address food insecurity and urgent needs in 31 African countries. Around $823 million will be channeled through the agency to the United States Agency for...

In recent years, Côte d’Ivoire has attracted numerous investments in the extractive sector. At the first edition of SIREXE, the country secured several partnerships to boost the growth of this sector. Côte d’Ivoire secured nearly CFA4 trillion (around $6.4 billion) in investment contracts during the first edition of the International Exhibition of Extractive and Energy Resources...

Bridging this funding gap is crucial for the country, which will need to create up to 130 million jobs over the next 20 years. Contributing 90% of job opportunities, MSMEs are the key to achieving this goal. Nigeria needs $160 billion to meet the funding demands of its micro, small, and medium-sized enterprises (MSMEs), according to an analysis by the African Development Bank (AfDB). This...

The Net-Zero Mining Summit in the DRC successfully took place on November 29th at the Pullman Hotel in Lubumbashi, uniting leaders and experts from top mining enterprises, energy companies, and industry associations. Jointly organized by CNMC Hong Kong Holdings Limited (CNMC), China Sixth Metallurgical Construction Co., Ltd. (SDCC), STE GREEN WORLD ENERGIE SARL (Green World) and Huawei Digital...