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. A total of 42 companies secured funding despite a global tightening of liquidity. According...

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 held by several state-owned enterprises that have heavily burdened the Commercial Bank of...

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 middle-class and upper-income groups who see it as a symbol of social refinement. Benefiting from...

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 domestic product (GDP) by $287 billion by 2030 if all countries follow Namibia's lead. Namibia...

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 issued in Africa in 2023. This highlights significant disparities in market size and growth...

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 in Lomé, Togo, to address the high cost of air travel in West Africa. During four days, aviation...

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 resuming production at its Ambatovy nickel and cobalt project in Madagascar. The Japanese firm...

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 by 2028. This is according to a report by Ethio Telecom and the GSMA (Global System for...

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 half of 2024. The bank, which now has increased ownership from Ivorian public institutions...

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 2025. The Chinese steelmaker Baoshan Iron & Steel, a subsidiary of BaoWu, said on Oct. 30 that it expects to load the first...