The report highlights that this record is nearly four times below the continent's needs, which are projected to reach around $190 billion annually by 2030. Climate funding for African countries surpassed $50 billion for the first time in 2022, according to a report released on October 23 by the Climate Policy Initiative, a think tank comprised of 90 experts. Titled "Landscape of...

The American rating agency cited the strength of Benin's economic and financial fundamentals to explain the revision of its outlook, despite the unstable international and regional environment. Standard and Poor's (S&P) maintained Benin's credit rating at "BB-" on October 16, but upgraded its outlook from "stable" to "positive." The information was made public on October 22 by the Beninese...

United Bank for Africa experienced a 20.2% rise in pre-tax profit, reaching 603.48 billion naira (about $422 million) in the first nine months of 2024. This growth was driven by strong interest income and robust balance sheet expansion. United Bank for Africa (UBA), led by Nigerian billionaire Tony Elumelu, reported a 20.2% increase in pre-tax profit for the first nine months of 2024. The...

In Senegal, SMEs make up 98% of the economy, yet they only access 9% of available credit, largely due to the banking sector's reluctance to lend. The African Guarantee Fund West Africa (AGF WA) has signed a CFA3 billion ($5 million) financing guarantee agreement with BGFIBank Senegal to support small and medium-sized enterprises (SMEs) in the country. The deal, finalized on October 21 in Lomé,...

After focusing on North Africa since its launch in 2010, the Egyptian VC firm plans to gradually expand its operations into sub-Saharan Africa, starting with Kenya and some West African countries. Egyptian venture capital firm Sawari Ventures is launching a new $200 million fund. With Sawari Ventures II, the company will invest in sub-Saharan African startups for the first time, according...

In its latest report, the Mo Ibrahim Foundation reviewed governance trends in Africa from 2014 to 2023. A total of 33 countries improved, while 21 saw declines. The foundation emphasized the need for more reliable data to help strengthen public policy. More than 77% of Africa’s population lives in countries where security and democracy have worsened over the past decade, according to the "2024...

African countries need to reform their tax systems, which currently average around 17% of GDP, according to UNECA. Key priorities include broadening the tax base and integrating the informal sector. However, beyond national reforms, a fairer international tax system is essential to address the annual losses of $75 billion. A recent report from the United Nations Economic Commission for...

Sub-Saharan Africa continues to capture investor interest, especially in mining, energy, and tech. The region’s natural resources, growing population, and digital shift fuel M&A activity, with more than 300 deals closed last year. Sub-Saharan Africa’s merger and acquisition (M&A) market remains dynamic after a record year in 2022. Despite political turbulence and economic challenges,...

The key trends shaping Africa's commerce sector in the coming years include the rise of the mobile economy, the rapid growth of embedded finance, the widespread use of super apps, and the implementation of the AfCFTA protocol on e-commerce. The size of Africa's e-commerce market is forecasted to double over the next five years, reaching $113 billion by 2029, according to an October 10...

The article highlights that while Chinese investments are a key part of capital inflows to Africa, they are not as large or transformative as official announcements may portray. Hinrich Foundation, a Singapore-based organization that promotes sustainable global trade, released findings from its study on Chinese direct investments in Africa on October 15. The analysis clearly states that these...