In a strategic move to bolster Nigeria’s economic growth, the International Finance Corporation (IFC) has announced an investment of up to $50 million in the […]
Category: FINANCE
Kenya Airways Resumes Trading After Suspension: A New Chapter for the National Carrier
Kenya Airways PLC, the country’s national carrier and one of Africa’s largest airlines, has seen a significant turn in its fortunes as the Nairobi Securities Exchange (NSE) lifted the suspension on its trading shares. This decision marks a major milestone for the airline, as it comes after a period of turbulence in both its operations and financial performance. The suspension, which had been in place since 2020, was lifted on January 6, 2025, following a positive shift in the airline’s performance and the withdrawal of the National Aviation Management Bill of 2020, a piece of legislation that had proposed the renationalization of the airline.
Perenti secures A$185m of new work and a contract extension
Mining services provider Perenti has solidified its position as a key player in the mining sector by securing new contracts and extending an existing one, […]
AfDB approves USD170-million for Egypt’s largest wind energy project
The board of directors of the African Development Bank (www.AfDB.org) has approved a loan of up to USD170-million to support the development of the game-changing 1.1 GW Suez Wind Project, currently Egypt’s largest wind energy initiative.
Economic Strain and Protests Shrink Kenya’s Smartphone Market
Smartphone exports to Kenya have sharply declined as political protests and economic pressures take a toll on consumer spending. Rising inflation and reduced disposable incomes have forced many Kenyans to prioritize essentials, leading to a drop in demand for both high-end and budget devices. Retailers and manufacturers are scaling back shipments, while the industry grapples with the dual challenges of disrupted supply chains and a weakened economy.
Weir Group Lands £25 Million Contract for Advanced Separation Technology in Morocco
On September 30, 2024, The Weir Group PLC announced a substantial £25 million contract to provide energy-efficient separation solutions for the OCP Group’s Benguerir and Louta greenfield phosphate projects in Morocco. This contract includes the supply of advanced WARMAN® slurry pumps and CAVEX® hydrocyclones, aimed at supporting the construction of the Louta project and tripling production at the Benguerir site. Jon Stanton, CEO of Weir, emphasized that the contract signifies a strong endorsement of their technologies, which are designed to enhance productivity while meeting sustainability goals. With an impressive projected mine life of over 100 years, this collaboration positions Weir as a key partner in Morocco’s phosphate mining future.
Strengthening Africa’s Critical Mineral Sector: Major Investments Fueling Economic Growth
In September 2024, the Industrial Development Corporation of South Africa (IDC), along with the Development Bank of Southern Africa (DBSA) and Tanzania’s CRDB Bank, announced a significant $179 million investment in Tanzania’s Mahenge Graphite Project. This financing aims to capitalize on the growing demand for energy transition metals, positioning Tanzania as a key player in the global market with an output of 347,000 tons per annum. The funding reflects a broader trend of African nations seeking to reduce reliance on foreign financing while gaining greater control over mining projects. As regional financial institutions bolster support for critical mineral initiatives, the upcoming Critical Minerals Africa (CMA) 2024 summit will explore innovative investment opportunities and local financing mechanisms, highlighting Africa’s vast potential in the critical minerals sector.
Lucara Diamond Corp. Unveils Impressive 1,094-Carat Diamond from Botswana
Lucara Diamond Corp. has successfully recovered an extraordinary rough diamond weighing 1,094 carats from its Karowe Mine in Botswana. This remarkable find follows the earlier discovery of a 692-carat diamond, which was polished by HB Antwerp and sold for over US$13 million. The new diamond will also be polished by HB Antwerp, continuing their partnership.
As the sixth diamond exceeding 1,000 carats recovered by Lucara, this discovery highlights the company’s ability to unearth large, high-value stones from the South Lobe of the Karowe Mine. William Lamb, President and CEO, emphasized that this recovery underscores Karowe’s potential and reinforces the company’s position in the high-end diamond market.
Africa Adaptation Acceleration Program Wins Top NDC Adaptation Investment Award for Groundbreaking Climate Efforts
The Africa Adaptation Acceleration Program (AAAP) has been awarded the “Best Investable NDC Adaptation Investment Initiative of the Year” at the 2024 African NDC Investment Awards. Launched by the African Development Bank and the Global Center on Adaptation, AAAP aims to mobilize $25 billion by 2025 to drive climate adaptation projects across Africa, focusing on infrastructure, food security, and youth entrepreneurship. The program has already raised over $9 billion and is transforming lives in 41 countries.
Mission 300: A Global Coalition’s Ambitious Plan to Electrify 300 Million Africans by 2030
Ahead of Climate Week NYC, a global coalition of organizations, including the Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL), and The Rockefeller Foundation, launched “Mission 300” to bring electricity to 300 million Africans by 2030. The initiative, supported by the African Development Bank and World Bank, aims to mobilize private sector financing and technical assistance across 11 African nations, transforming energy access and fostering economic growth across the continent.
Investing in Africa’s Manufacturing Growth – A Pathway to Sustainable Prosperity
Africa’s manufacturing sector is emerging as a key engine of growth, offering unparalleled investment opportunities as the continent urbanizes and industrializes. With a rapidly expanding population and middle class, Africa is becoming a robust market for high-quality goods. The continent’s abundant natural resources and strategic location between major global markets further enhance its appeal. Supported by progressive policies and technological advancements, Africa is poised for a manufacturing renaissance that can drive economic diversification, create jobs, and elevate living standards. Now is the time for investors to seize this opportunity and contribute to Africa’s sustainable prosperity.
Africa’s Clean Energy Surge: A Beacon of Hope in Declining Foreign Investments
Despite a slight decline in overall foreign investment flows to Africa in 2023, the continent’s clean energy sector has seen a remarkable surge, attracting significant global interest. Noteworthy investments include a $34 billion green hydrogen project in Mauritania and over $10 billion for wind and solar projects in Egypt, South Africa, and Zimbabwe. These developments highlight Africa’s growing commitment to sustainability and its potential to lead in renewable energy, driving economic growth and environmental progress.
South African Asset Managers’ Response to Shifting Investment Trends and Political Uncertainty
In the midst of evolving investment landscapes, South African asset managers have notably adjusted their strategies, as highlighted in the 2023 Alexforbes Manager Watch Annual Survey. Over the past five years, a discernible trend has emerged, with a greater focus on global equities alongside recalibrations in domestic allocations. However, this strategic maneuvering unfolds against a backdrop of political uncertainty following national elections, with discussions of a Government of National Unity stirring market volatility. Yet, armed with insight and adaptability, South African asset managers remain poised to navigate these challenges, steering investments towards long-term prosperity amidst shifting sands.
Namibia Launches $2.1 Billion Port Expansion to Support Oil Industry Growth
Namibia’s $2.1 billion port expansion promises significant economic growth and a broader impact on the Southern African Development Community (SADC) region. Enhancing infrastructure at Walvis Bay and developing a new port in Lüderitz will boost trade, supply chain efficiency, and logistics capabilities. Projected to increase cargo throughput and accommodate larger vessels, the expansion will drive trade volumes and attract investments in logistics and warehousing. This initiative is set to benefit landlocked SADC nations, stimulate ancillary industries, and create employment opportunities, fostering economic prosperity and regional integration.
Atlantic Lithium Makes History on Ghana Stock Exchange
On May 13th, 2024, Atlantic Lithium made history by becoming the first lithium-focused company to trade on the Ghana Stock Exchange (GSE) under the ticker “ALLGH.” This milestone marks the beginning of Ghana’s first lithium mine, the Ewoyaa Lithium Project, which is set to produce 365,000 tonnes of spodumene concentrate annually. The listing offers Ghanaians a unique investment opportunity and signifies a major step in the country’s economic and green energy transition efforts.
Investment Summit in South Africa Showcases Zimbabwe’s Economic Potential
Zimbabwe’s Minister for Finance and Investment Promotion, Mthuli Ncube, alongside Tafadzwa Chinamo, the Chief Executive Officer of Zimbabwe Investment Development Agency, spearheaded a groundbreaking two-day […]
Africa’s Tech Continues to Soar: Fintech Solutions and Record VC Funding Point to a Promising Future
In Africa’s dynamic tech landscape, two key developments are reshaping the future: the surge of fintech solutions tailored for freelancers and unprecedented investment in early-stage startups. With freelancers driving the gig economy, fintech platforms are revolutionizing financial management, while TLcom Capital’s $154 million fund underscores growing global confidence in African tech ventures. These trends promise empowerment and growth, heralding Africa’s ascent as a tech powerhouse.
Oil Prices Surge Amid Rising Tensions in Middle East
Tensions escalated in the Middle East on Friday as Israel conducted a limited military strike on Iran, prompting a sharp increase in oil prices and […]
Zimbabwe Implements New Gold-Backed Currency to Address Inflation Woes
Image source: https://www.businessinsider.com/dedollarization-zimbabwe-introduces-gold-backed-currency-zig-dollar-inflation-brics-2024-4 In a bid to combat soaring inflation and stabilize the nation’s economy, Zimbabwe’s central bank has unveiled a fresh initiative – a […]
Mining Indaba 2024 Wraps Up with Focus on Positive Disruption and Sustainability
CAPE TOWN, February 8, 2024, 12:54 SAST – The 2024 Mining Indaba, a premier event in the global mining calendar, drew to a close earlier […]
BRICS Summit Concludes in Johannesburg with Focus on Expansion and Currency Discussions
Johannesburg, South Africa, August 24, 2023 — The 15th BRICS summit, which took place from August 22 to August 24, 2023, in Johannesburg, South Africa, […]
Assessing Investment Risks in Uganda: Navigating Opportunities in a Dynamic Market
Investing in Uganda, a landlocked country in East Africa, presents opportunities for growth and development. However, it is crucial for potential investors to carefully assess […]
Johannesburg’s Property Market Soars: A Thriving Hub of Real Estate Investments
The property market in Johannesburg, South Africa, has experienced significant growth in recent years, driven by a combination of factors that have positioned the city […]
Unlocking Growth: The Rise of Asset Management in Nigeria
Asset management has emerged as a critical component of Nigeria’s financial landscape, playing a pivotal role in optimizing investments and ensuring sustainable growth. In recent […]
Beira Port: The Key Maritime Gateway Fueling Trade and Integration in the SADC Region
In the Southern African Development Community (SADC), the shipping industry plays a vital role in facilitating trade and economic development. At the heart of this […]
The Gold Mafia Unveiled: Inside Zimbabwe’s Illicit Empire
In the heart of Zimbabwe’s gold industry lies a dark underbelly that has long plagued the nation’s economic stability and social fabric. The intricate web […]
Paving the Way for Economic Resilience: The New Global Financing Pact Sealed in Paris
In a historic gathering of global leaders, an unprecedented financial agreement was forged in Paris last week, signifying a monumental step towards bolstering economic resilience […]
Transforming South Africa: The Ambitious and Impactful Infrastructure Project
South Africa, a land of breathtaking landscapes and rich cultural heritage, is on the verge of embarking on a transformative journey through a massive infrastructure […]