Italy boosts African trade to slow migration
The Italian Prime Minister and EU chief back investments in Africa to curb migration by supporting industries like energy and healthcare.
Niger takes control of French-run uranium joint venture Somair
Niger nationalizes the Somair uranium mine run by French firm Orano amid worsening ties and a dispute over mining agreements and operations.
Botswana, others fund natural diamond push
African diamond producers pledge one percent of revenue to fund marketing campaigns promoting natural diamonds against synthetic rivals.
Wafa buys majority of Cairo-listed Delta Insurance
Morocco’s Wafa Assurance plans to grow its Egyptian business by buying Delta Insurance shares.
Kiswishi project boosts jobs and industry in Congo
Us, UK, and Congo officials launch Kiswishi City SEZ with new Pepsi plant and fuel depot creating thousands of jobs in Haut-Katanga Province.
Burkina Faso transfers key gold mines to state
The state now owns five key gold mines in Burkina Faso to better manage mineral resources.
African nations borrow billions as China funds infrastructure
China’s Belt and Road Initiative has increased Africa’s debt, sparking concerns over project transparency and long-term economic implications.
Lithium exports face full ban as Zimbabwe pushes local processing
Zimbabwe plans to ban lithium concentrate exports from 2027 to expand local refining capacity and grow its battery-grade output.
Kenya’s central bank cuts key rate to boost economy
In its sixth consecutive rate cut, the Central Bank of Kenya reduced the benchmark rate to 9.75 percent to stimulate private sector activity.
Ethiopia sees growth edge higher, deficit widen in 2025/26 budget
Next year’s budget totals 1.9 trillion birr ($14 billion) and envisages a deficit of 2.2 % of GDP, slightly above the current 2.1 %
Nigeria faces loan hurdles as crude price drop spooks backers
Nigeria’s $5 billion oil-backed loan with Aramco is delayed as oil prices fall and banks worry about crude supply.
Africa Finance Corp to sign $320M deal with Italy for Lobito Corridor
The Lobito Corridor is seen as a strategic alternative to Chinese-controlled transport routes for critical minerals in the region
IMF praises Senegal’s tax reforms, case unchanged
IMF backs Senegal’s plan to raise domestic revenue but maintains its stance on the ongoing debt misreporting case.
Suspected crypto kidnapper arrested in Morocco
A Franco-Moroccan man suspected of leading kidnappings targeting French cryptocurrency entrepreneurs was arrested in Morocco amid increased cross-border cooperation.
Egypt’s net foreign assets slip after March rebound
In April, Egypt’s foreign assets declined to $13.54 billion, down from March’s surge linked to IMF backing and economic reform measures.
UAE’s IRH takes 56% stake in Congo’s Alphamin
UAE firm IRH bought a majority stake in Congo’s Alphamin tin mine to expand its presence in African critical minerals and support green energy needs.
Nigeria ties oil tax relief to cost-cutting
Analysts say the order’s success hinges on inter-agency cooperation
Ghana stays current on Afreximbank loans but faces other risks
Afreximbank confirms Ghana is up to date on loans, raising tensions with creditors requiring debt restructuring.
Mauritania’s Sidi Ould Tah elected AfDB head
Sidi Ould Tah was elected president of the African Development Bank and will start his term on September first.
South African central bank trims rate as inflation stays subdued
With inflation easing further South Africa’s Reserve Bank reduced its key interest rate by 25 basis points.
Eastern Libya threatens oil halt over attacks
Rising tensions in Libya could halt oil production as the eastern government threatens a shutdown over NOC disputes
Tunisian grain yields surge after years of dry conditions
Tunisia expects a 64 percent rise in its grain harvest this season reaching 1.8 million tons after years of drought and a boost in rainfall.
IMF: Egypt making progress but must broaden tax base
An IMF team visited Cairo from May 6 to May 18 for the fifth review of an $8 billion support agreement signed in March 2024
US affirms support for Kurdish deals despite Iraq’s opposition
The US supports Kurdish gas deals with American firms despite Iraq’s legal action and calls for greater cooperation on energy development.