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.
Syria’s president declares national reconstruction underway
Syria’s president Ahmed al-Sharaa declared that the country’s post-war reconstruction has just begun and called for national unity to rebuild.
Africa’s growth slows; AfDB cuts forecast on trade shocks
AfDB cuts Africa’s growth forecast for 2025 and 2026 citing trade tariff uncertainty and slowing global demand.
Guinea reclaims permits to attract new investors
Guinea cancels 129 unused mining permits as it tightens control and frees resources for new investors in the minerals sector.
South Africa eyes US LNG deal as part of trade package
The proposals were presented during President Cyril Ramaphosa’s recent White House visit, where he discussed trade and cooperation with President Donald Trump
Cameroon OKs $347M loan to ease treasury flow
The finance ministry plans syndicated loans and other instruments to address cash flow issues in Cameroon’s treasury.
Ghana’s central bank to review interest rate’s impact on inflation
The Bank of Ghana raised its interest rate in March after a slight drop in inflation in February
Iraq declares US energy deals with Kurdish region ‘null and void’
Control over oil and gas has been a longstanding point of contention between Baghdad and Erbil
Kodal expects Mali permit soon for 27,000 tons lithium export
Kodal plans to export 27,000 tons of lithium stockpiled in Mali once the government grant the pending export permit.
Leaders meet in Algiers for sustainable future
51st annual meeting of Islamic Development Bank focuses on diversifying economies and enriching lives across member countries
Nigeria’s Renaissance stops pipeline after B-Dere oil spill
Renaissance Energy halted oil flow in one line of the Trans Niger Pipeline after a leak spilled oil into the B-Dere community in Ogoniland.
Cocoa crisis drives Ghana to act with new land acquisition
Ghana will secure 200000 hectares for cocoa farms to combat falling production caused by climate issues and illegal mining.
Syria and DP World agree on $800 million Tartous port deal
Trump’s decision to ease US sanctions opens the door for Syria and DP World to move forward with an $800 million Tartous port development deal.
EBRD approves West African nations for future investments
The EBRD has approved Nigeria, Ivory Coast and Benin as investment recipients, expanding its reach into Sub-Saharan Africa.
Nigeria seeks Petrobras return for deep water oil exploration
Petrobras may return to Nigeria’s offshore oil fields as both nations discuss renewed energy ties ahead of major international summits in Brazil.