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issue 600 | 29 Jun 2025

World

Rethinking confidentiality in the age of AI

Traditional confidentiality clauses and non-disclosure agreements (NDAs) were designed for human-to-human exchanges of sensitive information. But as artificial intelligence (AI) begins to play a central role in business operations, these types of agreements need a fresh approach. A key consideration is whether using AI to store, process, or analyse confidential data counts as a “disclosure”? NDAs generally state that the disclosing party may not disclose the confidential information to any other person, where “person” is often defined as a natural or juristic person. Such NDA does not cover the disclosure of confidential information to AI systems. There is a real risk that data used for training or refining an AI model could be accessed or reused beyond the original intent. Another concern is the definition of “confidential information.” Traditional definitions may not cover AI-generated outputs, such as summaries or patterns based on the original data. Many questions arise. Are these outputs still protected if they appear anonymised or abstract? What if they can be reverse-engineered to reveal sensitive details? What about the destruction or return of data on termination? Will this be possible if the data has been integrated into an AI system? Unlike humans, AI does not forget data, and it may be impossible to segregate the data from the AI system on termination.

Source: ENS

Africa

Addressing fraud, corruption and money laundering risks in the AfCFTA

The African Continental Free Trade Area (AfCFTA) presents a transformative opportunity for enhanced commercial integration among African  states. However, its implementation also prompts scrutiny regarding financial crimes such as fraud, corruption, and money laundering. These concerns arise both from increased opportunity and volume of cross-border transactions and from the heightened complexity in regulatory oversight when trade barriers are reduced. The AfCFTA Agreement does not address financial crime risks. To safeguard the integrity of the AfCFTA framework, it is crucial that member states, financial institutions, and all private sector participants adopt robust preventative and enforcement mechanisms to mitigate these risks. A principal method for addressing these concerns is through the harmonisation of anti-corruption and anti-money laundering standards across jurisdictions. Many African countries have domestic legislation targeting corruption and money laundering, which are often based on international instruments such as the Financial Action Task Force (FATF) Recommendations and the United Nations Convention Against Corruption, and there are African Union instruments such as the African Union Convention on Preventing and Combating Corruption. By integrating these established standards into the AfCFTA framework, signatory states can ensure that foundational principles of transparency, due diligence, and accountability are embodied throughout inter-jurisdictional transactions and contractual relationships.

Source: ENS

Benin

IMF Executive Board completes sixth reviews of EFF/ECF, and third review of the RSF

The Executive Board of the International Monetary Fund (IMF) has completed the sixth reviews under the 42-month blended Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) arrangements, and the third review under the Resilience and Sustainability Facility (RSF) arrangement. The EFF/ECF was approved by the IMF Executive Board in July 2022 and complemented by the RSF in December 2023. The completion of the reviews allows for the immediate disbursement of about USD36-million (SDR26.2-million) under the EFF/ECF – bringing total disbursements under the programme to about USD623-million (SDR457.6-million) – and of about USD54-million (SDR39.616-million) under the RSF arrangement. Economic activity in Benin accelerated over the past five years, and markedly in 2024. Growth reached 7.5% year-over-year – its highest level yet – and it is expected to remain strong in the medium term. 

Source: IMF

Botswana

Botswana slips in global competitiveness ranking

Botswana has seen a decline in its global competitiveness, mainly due to being outpaced in reforms by other countries, the latest World Competitiveness Ranking released by the International Institute for Management Development (IMD) shows. The country has dropped to 59th position out of the 69 economies surveyed in 2025, falling from the 55th place out of the 67 countries in 2024. The IMD report revealed that Botswana’s overall competitiveness score declined to 46.12 in 2025, compared to 50.31 recorded in the previous year, reflecting a drop in performance across key economic indicators. The assessment evaluated national competitiveness based on four core pillars being economic performance, government efficiency, business efficiency, and infrastructure. These indicators collectively determine a country’s ability to create and maintain an environment that sustains enterprise performance and long-term value creation. Although three individual factors showed some score improvements, Botswana’s rankings fell across all competitiveness dimensions. Botswana National Productivity Centre officials said the trend suggests that while Botswana made some progress, other countries advanced at a faster pace, thereby undermining Botswana’s relative standing in the global competitiveness landscape.

Source: Mmegi

Burkina Faso

IMF Executive Board completes the third review under the ECF arrangement for Burkina Faso

The Executive Board of the International Monetary Fund (IMF) completed the third review under the 48-month Extended Credit Facility (ECF) arrangement that was approved on 21 September 2023. The completion of the review enables the immediate disbursement of SDR24.08-million (about USD32.8-million), bringing total IMF financial support under the arrangement to SDR96.32-million (about USD131.3-million). Real GDP growth is estimated to have reached 5.0% in 2024. Strong growth in agriculture and services outweighed contractions in mining and manufacturing. Real GDP growth is projected to average 4.2% in 2025, as growth in the agricultural output is expected to soften in line with average rainfall conditions. Inflation is projected to ease to 3.0% in 2025 amid moderating food prices. Balance of payments strengthened, reflecting a positive shift in terms of trade.

Source: IMF

Cabo Verde

Unlocking inclusive growth through increased resilience and equal opportunities

Cabo Verde’s economy continues on a strong recovery path, according to the latest Cabo Verde Economic Update 2025, released on 23 June by the World Bank. Real GDP in Cabo Verde grew by 7.3% in 2024, supported by robust tourism activity and a modest recovery in agriculture. However, while the country has made notable strides – particularly in macroeconomic management, debt reduction, and poverty alleviation – key vulnerabilities remain. These include reliance on tourism, exposure to external shocks, and fiscal pressures from state-owned enterprises (SOEs). The report, titled Unlocking Women’s Economic Potential, analyses the country’s economic growth projections, highlights progress on poverty alleviation, and outlines the structural reforms needed to ensure sustained and inclusive growth. The report also includes a special topic, focused on leveraging women’s economic potential. “Cabo Verde’s recovery is a testament to the resilience of its people and institutions. But to transform this rebound into lasting and inclusive prosperity, bold reforms are needed – particularly to improve SOE governance, support women’s economic participation, and diversify the economy,” said Indira Campos, World Bank Resident Representative for Cabo Verde.

Source: World Bank

Comoros

Blue economy offers a transformative path to sustainable growth

The first edition of the Comoros Economic Update: An Ocean of Opportunities from the World Bank highlights that, without addressing structural barriers to investment and external competitiveness, growth will remain fragile. This will hamper job creation and income growth needed to reduce poverty and strengthen resilience to future shocks. The report also warns of significant downside risks. The blue economy offers a transformative opportunity for Comoros to achieve sustainable and inclusive growth, according to the focus section of this report. With targeted reforms and strategic investments, it has the potential to elevate Comoros to upper-middle-income status by 2050, requiring sustained annual GDP growth of 6.1%. Fisheries have demonstrated strong performance, averaging 11.4% of GDP between 2018 and 2024. Modernising the sector could increase its contribution to 16% by 2035. Marine tourism also holds significant promise, with the potential to quadruple visitor arrivals by 2030 and contribute over 6% of GDP by mid-century. Integrated development of eco-tourism, sustainable fisheries, and marine conservation can further promote inclusive growth while protecting natural ecosystems. 

Source: World Bank

Comoros

IMF Executive Board completes the fourth review under the ECF arrangement with Comoros

The Executive Board of the International Monetary Fund (IMF) has completed the fourth review under Comoros’ Extended Credit Facility (ECF) arrangement. The executive board’s decision allows for an immediate disbursement of SDR3.56-million (about USD4.87-million), bringing the total disbursements so far under the arrangement to about USD23.7-million. The four-year ECF arrangement was approved on 1 June 2023 with an access of SDR32.04-million (about USD43-million). In completing the review, the executive board also approved the authorities’ requests for (i) waivers of nonobservance of the quantitative performance criteria (QPCs) on tax revenue and the domestic primary balance at end of 2024 and the continuous QPC on the non-accumulation of external arrears; and (ii) modifications to the end of December 2025 QPCs on tax revenue and domestic primary balance to reflect corrective actions for missing these QPCs at end-2024. While there is considerable progress towards the achievement of programme objectives, significant and continued effort is required to maintain the reform momentum.

Source: IMF

Ghana

Ghana's Parliament approves USD2.8-billion debt restructuring deal

Lawmakers in Ghana have approved a USD2.8-billion debt restructuring deal in an effort to ease the country's worst economic crisis in decades. The West African nation signed a memorandum of understanding with 25 creditor nations, including China and France, in January after defaulting on most of its external debt at the end of 2022. The restructuring is aimed at reducing Ghana’s debt-to-GDP ratio to 55% by 2026. The government is also planning to lower its debt service-to-revenue ratio to below 18% from 2028. This move is expected to ease financial pressure and support economic growth. Private creditors are still some USD2.7-billion and the country's Minister of Finance, Cassiel Ato Forson, says the government is now in talks to complete the restructuring. A major producer of both cocoa and gold, Ghana defaulted on most of its USD30-billion in international debt under pressure from the COVID-19 pandemic, the war in Ukraine and rising interest rates.

Source: Africanews

Mozambique / Türkiye

Government invites Turks to transform raw materials locally

The Government of Mozambique recently called on Turkish businesspeople to invest in industrialisation, pointing to the country’s goal of acquiring the capacity to process its raw materials locally and reduce imports. “Mozambique has a strategic base: more than 36 million hectares of arable land, extensive forest resources, 200 trillion cubic feet of natural gas, strategic minerals such as coal, heavy sands, gold and rubies, as well as a 2 700-km coastline bathed by the Indian Ocean. But our commitment is not to continue as a mere exporter of raw materials. We want to transform our raw materials locally,” said the Secretary of State for Industry, Custódia Paunde. She was speaking at the opening of the Mozambique-Turkey Business Forum in Maputo, where she presented the potential and strategic areas for private investment which, she said, are essential for the country’s development. “We want to convert natural resources into jobs and income, reduce imports, improve our trade balance and position Mozambique as a regional and international supplier of semi-processed and finished products,” said the Secretary of State for Industry. Specifically, Mozambique’s government has asked Türkiye to expand investments in the following sectors: chemicals and chemical products, ferrous and non-ferrous metal products, industrial machinery and equipment, textiles, clothing and apparel, agro-industry, aquaculture and livestock, and infrastructure and logistics. 

Source: Club of Mozambique

Namibia

Financial Intelligence Centre freezes NAD96.6-million linked to suspected financial crimes

The Financial Intelligence Centre (FIC) has frozen NAD96.6-million suspected to be proceeds of unlawful activities during the 2024/25 financial year, according to its latest annual report. The FIC says its efforts over the past year not only disrupted potential financial crimes but also contributed NAD79.95-million towards funds preserved under the authority of the High Court of Namibia. During the period under review, the FIC supported 148 criminal investigations and issued 852 administrative actions, the highest recorded to date. The centre also reports a sharp increase in compliance checks, with on-site assessments rising by 729% and off-site assessments up by 297% among designated non-financial businesses and professions. The FIC’s annual report highlighted the organisation’s transition to full operational independence in the 2024/25 period, following amendments to the Financial Intelligence Act. Governance now rests with a newly appointed board, which developed and launched the centre’s first independent three-year corporate strategy. However, the year also presented significant challenges. Namibia was added to the Financial Action Task Force’s grey list in February 2024 due to shortcomings in its anti-money laundering and countering the financing of terrorism systems. The FIC said it is now leading efforts to address these gaps.

 

Source: The Namibian

Namibia

Namibia’s Occupational Safety and Health legal framework overhauled – What employers need to know

Namibia is on the cusp of a significant transformation in its approach to Occupational Safety and Health (OSH) regulations. The Draft Occupational Safety and Health Bill, 2024 (OSH Draft Bill) proposes sweeping changes to the current regime established under Chapter 4 of the Labour Act No. 11 of 2007. This article highlights the key changes, what will remain unchanged, and the practical implications for employers, HR professionals, and compliance officers. The OSH Draft Bill represents a comprehensive overhaul of Namibia’s occupational safety and health regime. Employers should take proactive steps to understand the new requirements and begin preparations for compliance. The changes are designed to modernise OSH governance, strengthen worker protections, and promote a culture of prevention and wellness in the workplace.

Source: ENS

Nigeria / Brazil

Nigeria and Brazil sign USD1-billion agreement to boost agriculture

Nigeria and Brazil have signed a USD1-billion agreement to boost agriculture, food security, energy and defence in the West African nation, Nigeria's Vice President Kashim Shettima said. Both countries aim to "deploy over USD1-billion to deliver mechanised farming equipment, training, and service centres across Nigeria," Shettima said in a statement posted on X. Much farming in Nigeria is subsistence and land is owned by families or individuals which makes large-scale acquisition problematic. Nigeria also imports food for its 200 million plus population. "We are moving from subsistence to scale in agriculture, and in energy, we are taking long-overdue steps to attract serious investment into gas production, refining, and renewables," Shettima added. The agreements were signed in Abuja during a visit by Brazil's Vice President Geraldo Alckmin to Africa's most populous nation. Shettima told his Brazilian counterpart that reforms embarked upon by President Bola Ahmed Tinubu have helped reshape Nigeria's economy. Nigeria is targeting a USD1-trillion economy by 2030, with reforms to agriculture, energy, education, and public finance. The country has also asked banks to recapitalise to attract foreign investments.

Source: Reuters

Nigeria / China

Nigeria-China arbitration pact to transform cross-border business

A cooperation agreement between the Nigerian Institute of Chartered Arbitrators (NICArb) and the China International Economic and Trade Arbitration Commission (CIETAC) is poised to revolutionise dispute resolution and foster stronger trade relations between Nigeria and China, it has been observed. The agreement was signed at the China-Africa International Arbitration Cooperation Conference and China-Africa Trade Export, held from 13 to 15 June in Changsha, Hunan Province. Registrar and CEO of NICArb, Mrs Shola Oshodi-John represented Nigeria’s premier arbitration institute as a keynote speaker and panelist while Mr Wang Chengjie, Vice Chairman and Secretary General of CIETAC, signed on behalf of the Chinese arbitration body. According to Mrs Oshodi-John, the partnership marks a significant step in promoting arbitration and mediation as preferred mechanisms for resolving commercial disputes in international trade and investment. The collaboration will focus on exchanging expertise, hosting joint seminars, conferences, and training programmes aimed at enhancing the skills of arbitrators in both countries.

Source: Daily Trust

Rwanda

Rwanda implements various direct and indirect tax reforms

Last month, Rwanda gazetted different laws implementing tax policy reforms announced by the government in February 2025. The reforms are mainly aimed at boosting domestic revenue mobilisation, and include income tax reforms, the introduction and reinstatement of indirect taxes on certain goods and services and the adoption of new taxes. This article discusses the key highlights of the reforms.

Source: ENS

Rwanda

Rwanda moves to ban illegal dollar trade as new currency law takes effect

Rwanda has introduced strict regulations to curb the unauthorised use of foreign currencies in local transactions, particularly the United States (US) dollar. The National Bank of Rwanda (NBR) says it will impose significant penalties on businesses and individuals who quote prices, issue invoices, or conduct trade in US dollar and other foreign currencies without official approval. The crackdown on foreign currency use in Rwanda prohibits displaying prices in foreign currencies on websites, accepting foreign currency payments from local customers, and referencing foreign currency values during domestic sales negotiations. Businesses must use Rwandan francs for local transactions. Exceptions include import and export transactions, as well as authorised foreign exchange transactions with special permission from the NBR. According to the NBR, pricing goods or services in foreign currency without permission will attract a fine of RWF5-million for the first instance and RWF10-million for subsequent instances. The regulation, announced by NBR Governor Soraya M. Hakuziyaremye applies to individuals and entities engaging in foreign currency pricing, transactions, or auctions without prior authorisation.

Source: Business Insider Africa

South Sudan

IMF and South Sudan reach staff-level agreement on a nine-month Staff-Monitored Program

Upon request from the authorities, an International Monetary Fund (IMF) staff team, led by Ms Mame Astou Diouf, held meetings in Juba, South Sudan, from 11 to 20 June 2025 to negotiate a Staff-Monitored Program (SMP) in support of the authorities’ economic and financial reform programme. This SMP request follows the conclusion of South Sudan’s Staff Monitored Program with Board Involvement on 15 November 2024. At the end of the mission, Ms Diouf issued the following statement, in part: “The South Sudanese authorities and the IMF team have reached a staff-level agreement on the economic and structural policies and reforms that will underpin a nine-month SMP, pending approval by the IMF’s Management. The short- and medium-term economic outlook is moderately favourable and improving, contingent on a continuously improving security environment and political stability. The resumption of oil exports through the main pipeline since April 2025 is promising. While real GDP growth is projected to have contracted during FY2024/25 due to the lower oil production, it is expected to recover in FY2025/2026 as oil exports gradually strengthen.” 

Source: IMF

Tanzania / Zambia

Tanzania, Zambia agree to boost ties on capital markets

Tanzania and Zambia have reaffirmed their commitment to strengthening cooperation in the area of capital markets, in a move aimed at boosting regional economic integration and promoting sustainable development. The initiative seeks to harmonise regulatory frameworks, improve investor protection, and build resilient, inclusive financial systems through enhanced collaboration between the two countries’ capital markets tribunals. The move aligns with President Samia Suluhu Hassan’s broader vision of using capital markets as a strategic lever to accelerate economic growth and expand access to development financing. According to a statement issued by Tanzania’s Capital Markets Tribunal (CMT), a delegation led by High Court Judge and CMT Board Chairperson Dr Ntemi Kilekamajenga was in Zambia for a benchmarking visit scheduled from 16 to 20 June 2025.

Source: The Citizen

Uganda

President Museveni rallies Africans to start manufacturing own computers

President Yoweri Museveni has asked African innovators to start manufacturing information and communications technology (ICT) equipment locally. This, he says, is the only way they will keep pace with emerging global digital trends. In a speech delivered by Prime Minister Robinah Nabbanja at the opening of the Middle East and Africa Digital Transformation summit in Kampala recently, President Museveni said the trend of importing new and used computers from Europe should stop to allow Africans to concentrate on local manufacturing. “This summit must not end in nice PowerPoint presentations. I challenge you, the scientists, the private sector, the innovators, to go deep. Let us discuss inclusive financial systems, artificial intelligence, data sovereignty, blockchain, cybersecurity, smart agriculture, e-health, e-government, and affordable connectivity for the masses. And yes, let us also talk about manufacturing ICT equipment right here in Africa instead of importing used computers from Europe,” he said. In Uganda, the president noted, government’s policy direction would remain strongly in support of further deepening and expanding the use of digital technologies, under regional and global frameworks.

Source: Monitor

Zambia

43 licences, six permits: Zambia unlocks USD159-million energy potential

The Energy Regulation Board (ERB) of Zambia has approved applications for 43 licences and six construction permits across the petroleum, electricity and renewable energy sub‑sectors, representing a total investment commitment of ZMW3.9-billion (approximately USD159-million). According to ERB, the 43 approved licences span a wide range of energy‑related activities that are critical to strengthening Zambia’s energy value chain. These include the manufacture, supply, installation and maintenance of renewable energy-generating equipment; the distribution, import, and export of petroleum products and liquefied petroleum gas; as well as the importation, blending, packaging, distribution, and export of lubricants. Additionally, licences have been granted for electricity generation activities. 

Source: ESI Africa

Zimbabwe

Zimbabwe eyes BRICS: New chapter for economic growth, global influence

Zimbabwe’s recent move to formally engage in the process of joining the BRICS bloc marks a pivotal shift in the country’s foreign policy and economic trajectory. As the nation seeks to reposition itself in a rapidly changing global landscape, BRICS offers a promising platform for economic revitalisation, strategic partnerships and people-centred development. BRICS comprises Brazil, Russia, India, China and South Africa and represents over 40% of the world’s population and approximately 25% of global GDP. BRICS has gained prominence for advocating a multipolar world order, promoting South-South cooperation, and challenging the traditional dominance of Western institutions. For Zimbabwe, becoming a part of this influential alliance is more than symbolic; it is a strategic move with far-reaching implications for the economy and the everyday lives of citizens. One of the most immediate and tangible benefits of BRICS membership would be expanded access to global markets. The member countries are among the world’s fastest-growing economies, offering Zimbabwe an opportunity to diversify its trade portfolio beyond traditional Western partners.

Source: The Herald