Servair Abidjan, a company that provides catering and cleaning services for aircraft and the Abidjan International Airport, has proposed a net dividend per share of CFA206.20 for FY2023. This represents a net yield of 15.5% based on the stock's closing price in December 2023, making it the highest dividend payout...
Military expenditures on the continent have surged, with North Africa outpacing Sub-Saharan Africa, driven by the ongoing arms race between Algeria and Morocco. Stockholm International Peace Research Institute (SIPRI) issued a report on April 22 revealing that the cumulative military spending by African countries reached $51.6 billion in 2023, up...
The price of gold has been steadily rising, surpassing $2,400 per ounce in April 2024. However, not all gold producers are reaping the benefits equally, as seen in the performance of Mali's Yanfolila gold mine. Hummingbird Resources, the British owner, reported a 38% year-on-year production decrease to 16,999 ounces in...
Nigeria's mining sector contributes less than 1% to the country’s GDP, a paradox considering the country's mineral resources are valued at $700 billion. Speculation around mining permits is one reason for this, which the government aims to address. Minister of Mines, Dele Alake, announced the revocation of 924 dormant mining...
Egypt's financial difficulties have eased in recent months, following the acquisition of $57 billion in funding from international financial institutions and regional allies. Egypt's external debt stock reached $168.03 billion as of December 2023, up from $164.52 billion at the end of September 2023, according to data released by the...
The call termination rate refers to the amount a telecom operator charges another operator to end a call or SMS on its network. In Ethiopia, it has been set at 0.31 birr per minute for fixed and mobile calls since 2022. The Ethiopian Communications Authority (ECA) has established new termination...
Société africaine des plantations d'hévéas de Côte d'Ivoire (SAPH-CI), the Ivorian branch of the partnership between the Billon family and French company Michelin, saw a significant rise in debt in 2023. Their net debt climbed to CFA45 billion ($73.5 million), a 34% increase from the previous year's CFA34 billion. SAPH-CI,...
The Board of Directors of the African Development Fund, the concessional lending arm of the African Development Bank Group, has approved a partial credit guarantee to support Rwanda’s mobilisation of financing to implement green and social initiatives. The Partial credit guarantee for mobilisation of sustainable financing for Rwanda project will...
Perseus Mining operates the Yaouré and Sissingué gold mines in Côte d'Ivoire. While the initial lifespan of Sissingué was set to end in 2022, the company has identified satellite deposits that could extend the mine's operation until 2026. In Côte d'Ivoire, the National Environmental Agency has approved the Environmental and...
Gemfields, a leading producer of rubies in Mozambique and emeralds in Zambia, introduced a calculation method in 2021 to assess its contribution to public revenues in both countries. This method considers mining royalties and dividends. On April 24th, Gemfields announced it paid Zambia and Mozambique respectively $28.3 million and $53.2...
The International Monetary Fund (IMF) has estimated that Côte d'Ivoire's financing needs to combat the impacts of climate change amount to $22 billion over eight years starting from 2022. This information stems from a report released by the institution on April 22. According to the IMF, these requirements are divided...
Mobile financial services have emerged as a vital tool for enhancing financial inclusion in Africa, especially among populations with limited access to traditional banking. In DRC, the mobile money market is operated by major telecom operators like Vodacom, Orange, Africell, and Airtel. Subscriptions to mobile financial services in DR Congo...
African leaders gathered last April 22 and 23 in Audja, Nigeria, to address the escalating challenges posed by terrorism across the continent, spotlighting the Sahel and Somalia as epicenters of violence. The event themed “Strengthening Regional Cooperation and Institution Building to Address the Evolving Threat of Terrorism in Africa” served...
The adoption of electronic communication services is booming in Africa, driven by high demand and constant shifts in digital service consumption habits among the population. As of December 31, 2023, Benin had 8.5 million unique subscribers to mobile telephony services, with 16.3 million SIM cards in circulation, as reported by...
Collectively, the three AES countries will have a combined GDP of $62.3 billion. Burkina Faso will lead the way, overtaking its neighbor Mali, according to the IMF. Ouagadougou will nevertheless lag far behind the region's leading economy, Côte d'Ivoire, which will post a GDP of $86.9 billion this year. The...
Benin received a credit rating boost from Standard and Poor's (S&P) after its successful issuance of $750 million in international bonds in February, signaling growing confidence from global investors. S&P upgraded Benin's credit rating from 'B+' to 'BB-' with a 'stable' outlook, according to an April 22 statement from the...
Chinese imports from the African continent surged by 8% during the first quarter of 2024, totaling $29.42 billion, according to data released on April 20 by the Chinese General Administration of Customs. This increase is mainly attributed to the rise in imports of minerals, particularly metals used in the production...
Central Africa boasts one of the world's most significant mineral resource potentials, attracting many multinational corporations due to its rich deposits. The CEMAC's average annual economic growth rate is projected to reach 3.6% in 2024, the highest in a decade. According to the BEAC, which made the forecast, this growth...
The net profit of BCEAO has surged due to a substantial increase in revenues from commercial banks refinancing. Yet, this success masks a liquidity decline within the UEMOA banking sector, although currently managed. The central bank of WAEMU countries –BCEAO- grapples with complex decisions in managing commercial banks' refinancing demands....
Ex-Prime Minister of Burkina Faso from 2007 to 2011, Tertius Zongo has been on the board of Endeavour Mining for over a decade. He exits the firm amidst a dispute with another firm owned by Simon Tiemtoré. The board of Endeavour Mining will vote for the adhesion of John Muro...
African Hidden Champions (AHC) will host an exclusive Soirée on April 24, 2024, in Johannesburg to convene and celebrate entrepreneurial spirit with top African founders taking on the global stage. The event will also feature a private concert with award-winning South African artist, Ami Faku. African Hidden Champions, a co-partnership...
The West African Economic and Monetary Union's central bank- BCEAO reported a robust triple-digit increase in revenue from its external assets, reflecting its effective resource management. However, despite this surge, the gains fell short of the potential returns had the funds been invested in the accounts of the French Treasury....
In Africa, satellite telecom service providers like Starlink are attracting growing interest from consumers, telecom companies, and governments. In Benin, the regulator aims to regulate this booming market segment. The Regulatory Authority for Electronic Communications and Postal Services of Benin (ARCEP) has established conditions governing the provision of electronic communication...
Morocco had 55.8 million mobile subscribers and 2.8 million fixed-line subscribers by December 2023, official data shows. This base is shared among telecom operators Maroc Telecom, Inwi, and Orange. The National Telecommunications Regulatory Authority of Morocco (ANRT) has cut the time limit for number portability from two days to one,...
The African Development Bank and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) on Thursday officially launched a three-year support project to combat money laundering and terrorism financing in their member countries. The project, titled “Capacity Development for Anti-Money Laundering and Countering the Financing of Terrorism in...
The BOAD's Djoliba 2021-2025 strategic plan places a significant emphasis on the digital economy, with investments totaling CFA3.3 trillion (about €5 billion). The total amount of financing granted by BOAD to the digital sector has risen from CFA15 billion in 2022 to CFA40 billion in 2023, and is set to...
Since late 2023, Turaco Gold, an Australian junior mining company, has strategically divested its interests in multiple gold assets in Côte d'Ivoire to concentrate on the Afema project. The company's primary objective is to pinpoint a substantial multi-million-ounce gold deposit to facilitate the development of a new mine. On April...