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 resilience. Announced on October 31, the funding comes through a 38-month Extended Credit...

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 and economic growth milestone. The network is developed by Next-Gen InfraCo, a consortium of...

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 billion) in 2023, a significant rise of 29.68% from CFA940 billion in 2019. Guy-Michel Kouakou,...

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 it is in advanced discussions to acquire a stake in these copper mines. Robert Wilt, VP of Manara...

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 million binding loan agreement with the U.S.-based Development Finance Corporation...

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 statement released on Monday, October 28, Rio Tinto announced this decision following the incident....

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 has been working on the Khemisset potash project in Morocco for several years, aiming to produce...

The operation, fully subscribed by the American bank JP Morgan, aims to meet the financing needs of the 2024 budget following the suspension of disbursements under an IMF assistance program. Senegal has raised $300 million on the international market by reopening an earlier Eurobond issued in June to help finance its 2024 budget, according to a statement from the Ministry of Finance and...

The World Bank's private arm supported 130 projects in 45 countries with a record $14.2 billion to assist local entrepreneurs who often face challenges accessing financing. The International Finance Corporation (IFC) announced on October 30 a record $14.2 billion in investments across Africa during the 2023/2024 fiscal year, which ran from July 1 to June 30. This figure marks a 23%...

Pan-African bank group Ecobank reported an 8% rise in net profit for Q3 2024, reaching $340.5 million. This growth was largely driven by an 18% drop in the cost of risk, a key factor for the bank as it navigates Africa’s volatile currency environment. Ecobank’s net banking income, adjusted to counter currency fluctuations, totaled nearly $1.5 billion, remaining stable compared...