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issue 613 | 28 Sep 2025

Africa

17 countries commit to concrete plans to scale up electricity access as Mission 300 expands

Seventeen African governments have committed to reforms and actionable plans to expand electricity access as part of Mission 300 – an ambitious partnership led by the World Bank Group and African Development Bank (AfDB) Group that aims to connect 300 million Africans to electricity by 2030. At the Bloomberg Philanthropies Global Forum, National Energy Compacts – practical blueprints that guide public spending, trigger reforms, and attract private capital – were endorsed by Benin, Botswana, Burundi, Cameroon, Comoros, the Republic of the Congo, Ethiopia, The Gambia, Ghana, Guinea, Kenya, Lesotho, Mozambique, Namibia, São Tomé and Principe, Sierra Leone, and Togo. “Electricity is the bedrock of jobs, opportunity, and economic growth," said World Bank Group President Ajay Banga. "[That is] why Mission 300 is more than a target – it is forging enduring reforms that slash costs, strengthen utilities, and draw in private investment.” Since the launch of Mission 300, 30 million people have already been connected, with more than 100 million in the pipeline. "Reliable, affordable power is the fastest multiplier for small and [medium-sized] enterprises, agro-processing, digital work, and industrial value-addition,” said AfDB Group President Dr Sidi Ould Tah.

Source: World Bank Group

Africa

Afreximbank, International Trade Centre renew partnership for intra-African trade

African Export-Import Bank (Afreximbank) and the International Trade Centre (ITC) have renewed and expanded their memorandum of understanding (MoU), underscoring their commitment to strengthening intra-African trade, small and medium-sized enterprise (SME) competitiveness, and South-South cooperation. The MoU was signed on the sidelines of the Intra-African Trade Fair 2025 (IATF2025) by Prof Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank and Ms Pamela Coke-Hamilton, Executive Director of ITC. Under the renewed MoU, Afreximbank and ITC will promote SME competitiveness, capacity building related to the African Continental Free Trade Area (AfCFTA), sustainable livelihoods through the creative industries, strengthening of Africa’s trade partnerships with the Caribbean and Arab regions, and increased access to finance for businesses, including small businesses. Commenting on the signing, Prof Oramah said that the renewed MoU would help to expand Africa’s creative industries, deepen South-South cooperation with the Caribbean, and strengthen AfCFTA’s private sector impact.

Source: Afreximbank

East Africa

AfDB trains public finance experts from East Africa for improved service delivery

The African Development Bank (AfDB) Group’s Fiduciary and Inspection Department, in collaboration with the Public Expenditure and Financial Accountability (PEFA) Secretariat of the World Bank Group, conducted a flagship training on the PEFA framework for public financial management experts in eastern Africa. The event, which was held from 16-18 September 2025, was attended by over 60 participants from the AfDB Group, its regional member countries in eastern Africa, and representatives from the World Bank. It sought to empower participants with skills in applying the PEFA framework, a globally recognised tool that provides a robust assessment of the effectiveness of public financial management systems. Public financial management, refers to how governments plan, collect, allocate, spend, and account for public funds to deliver services and achieve sustainable, transparent, and equitable growth. The training offered practical guidance on incorporating climate and gender considerations into budget planning, policy development, and expenditure monitoring, to improve the impact and inclusiveness of government spending.

Source: AfDB

Angola

Angola seeks minority stake in De Beers

The Angolan Government has indicated its intention to bid for a minority stake in De Beers, in order to “ensure that no single party dominates and that the company can grow as a truly international commercial entity”. A statement seen by Mmegi indicates that Angola's state-owned diamond miner, Endiama, has submitted a “fully financed offer to acquire a strategic minority stake in De Beers”. Angola believes De Beers’ future depends on remaining a private-sector-led, global company,” said Diamantino Pedro Azevedo, Minister of Mineral Resources, Petroleum and Gas. “Our bid is designed to foster a partnership in which Botswana, Namibia, South Africa and Angola all participate meaningfully – ensuring that no single party dominates and that the company can grow as a truly international commercial entity.”

Source: Mmegi

Cameroon

Cameroon inaugurates Bipindi-Grand Zambi iron ore mine

Cameroon’s Prime Minister Joseph Dion Ngute has inaugurated the Bipindi-Grand Zambi iron ore mine and laid the foundation for the Kribi-Lobé mineral terminal in the country’s South Region. These projects are part of the government’s strategy to develop the mining sector in line with Cameroon’s National Development Strategy and Vision 2035. The Bipindi-Grand Zambi mine, developed by G-Stone Resources, is projected to produce up to 3 million tons of iron concentrate annually, with plans to scale to 6 million tons by 2027. The mine, with estimated reserves of 150 million tons of magnetite ore, is expected to create around 3 500 direct and indirect jobs. In Kribi, the Sinosteel Cameroon-led project holds 632 million tons of iron ore reserves and is set to produce 8 million tons annually over an estimated 45-year lifespan. The new mineral terminal will enable shipments of up to 14 million tons of iron concentrate per year, strengthening Cameroon’s presence in global iron ore markets. Both initiatives are anticipated to stimulate industrial value chains, support local economies and generate significant state revenue, reinforcing Cameroon’s ambition to become a regional leader in mining and metallurgy.

Source: Energy Capital & Power

Côte d'Ivoire

Côte d'Ivoire greenlights underground expansion at Yaouré gold mine

Côte d'Ivoire has approved the CMA underground expansion at the Yaouré gold project through a Presidential Decree, enabling Australian operator Perseus Mining to begin developing the mine declines. First ore production is scheduled for January 2026, with commercial output expected by March 2027. The USD170-million expansion will extend Yaouré’s mine life to at least 2035. “Receiving the Presidential Decree authorising the development of Côte d’Ivoire’s first underground mine is a major milestone for Perseus, allowing us to immediately proceed with the cutting of portals and ultimately gaining access to further important ore sources for processing through the Yaouré processing facility,” stated Jeff Quartermaine, CEO and Managing Director, Perseus Mining. 

Source: Energy Capital & Power

Kenya

Decoding sectional property, long-term lease, management company rights and sectional titles in Kenya

The third article in our series, Decoding sectional property, long-term lease, management company rights and sectional titles in Kenya, takes a look at sectional title ownership. The Sectional Properties Act, 2020 streamlines unit ownership in Kenya, replacing outdated systems with clear titles, standardised management, and improved governance for multi-unit developments. Sectional title ownership refers to a legal arrangement in which an individual owns a specific unit within a building or development, such as an apartment, townhouse, shop, or office. This ownership is defined by a registered sectional plan that precisely delineates the boundaries of each unit. In addition to holding title to their individual unit, each owner also possesses an undivided share in the common property, which typically includes the land, structural elements, corridors, lifts, driveways, gardens, and other shared amenities. The proportionate share of each owner in the common property is determined by a unit factor assigned on the sectional plan, which also governs voting rights and the allocation of costs for the maintenance of shared areas. Each unit is issued a separate certificate of title or certificate of lease depending on the tenure of the mother title, allowing the owner to sell, mortgage, or transfer the property independently.

Source: ENS [To read the other articles in the series, please click here]

Lesotho

AfDB Group Board approves new strategy to drive economic diversification and private sector-led inclusive growth in Lesotho

The Board of Directors of the African Development Bank (AfDB) Group has approved a new USD209-million Country Strategy Paper for Lesotho, setting out a roadmap to accelerate the country’s transition toward economic diversification, resilience, and inclusive growth over the next five years. The approval comes at a crucial moment for the landlocked country, which continues to face major development challenges, including the impact of a recent 15% United States tariff on apparel exports, the loss of Official Development Assistance following the cancellation of the USD300-million Millennium Challenge Corporation compact, and its reliance on regional economic performance. Nearly half of Lesotho’s population lives in poverty, and youth unemployment remains close to 39%. The new strategy aims to address these vulnerabilities by unlocking private sector growth, creating sustainable employment, and building stronger institutions. “Lesotho stands at a critical juncture,” said Moono Mupotola, the AfDB Group’s Deputy Director General for Southern Africa and Country Manager for Lesotho. “This comprehensive strategy leverages the country's abundant water resources, strategic location, and demographic dividend to unlock new pathways for inclusive growth and economic diversification.”

Source: AfDB

Lesotho

IMF Executive Board concludes 2025 Article IV consultation with Lesotho

The Executive Board of the International Monetary Fund (IMF) completed the Article IV consultation for Lesotho. GDP growth picked up slightly in financial year (FY) 2024 to 2.2%, inflation has eased, and fiscal and external balances remain strong. Construction of the Lesotho Highlands Water Project II has helped offset a decline in agricultural output, falling competitiveness in the apparel sector, and lower diamond prices. Easing price pressures and lower imported inflation from South Africa have brought headline inflation down from a peak of 8.2% in January 2024, to 4.4% in May 2025. On fiscal policy, Lesotho had a larger-than-expected fiscal surplus of 9% of GDP in FY24, supported by continued spending restraint, along with record Southern African Customs Union (SACU) transfers and higher water royalties from South Africa. Gross public debt eased to 56.8% of GDP as of March 2025, with 80% owed to external creditors. The current account balance registered a surplus of 2.2% of GDP, the first surplus since FY07, with lower imports and higher SACU transfers and water sales more than offsetting lower exports.

Source: IMF

Namibia

NamPower commissions Africa’s first fully digital substation

Power utility, NamPower, recently commissioned and energised its new 132/66/33 kV Sekelduin Substation, located south of Swakopmund. The Sekelduin Substation marks a significant technological milestone, distinguishing itself as the first fully digital substation on the continent. The state-of-the-art facility represents a major investment in energy infrastructure, with the total project cost reaching NAD394-million. According to the utility, this newly commissioned infrastructure added to the NamPower transmission system network unlocks coastal load growth, strengthens reliability, and future-proofs the Erongo region grid with a digital substation employing a process bus application in accordance with IEC 61850 standards. “The substation uses mixed technology switchgear (MTS), compact hybrid [air-insulated switchgear (AIS)/gas-insulated switchgear (GIS)], plus Metal Enclosed GIS at 33 kV, with ACTOM as the principal equipment supplier and integrator,” the utility said. The Sekelduin Substation is fed from the existing Kuiseb Substation, which is approximately 35 km south-east of Sekelduin with a two parallel 132 kV overhead power line architecture, improving the N-1 robustness and reducing single contingency exposure on coastal nodes.

Source: Namibia Economist

Nigeria

Nigeria to build 1 GW solar panel facility for local production

In an effort to accelerate Nigeria’s energy transition and industrialisation strategy, the Rural Electrification Agency (REA), the Infrastructure Corporation of Nigeria (InfraCorp), and Solarge BV of the Netherlands have announced the formation of Solarge Nigeria Limited. This is a special purpose vehicle (SPV) that will establish and operate a 1 GW solar photovoltaic (PV) panel manufacturing facility in Nigeria. In a joint media statement, the parties said this co-ownership and strategic offtake agreement/collaboration aligns with the government’s National Public Sector Solarisation Initiative (NPSSI) and the broader objectives of the Renewed Hope Infrastructure Development Fund (RHIDF). The NPSSI and the RHIDF aim to scale clean energy access across public institutions while building robust local content in Nigeria’s renewable energy sector. The SPV, Solarge Nigeria Limited, will be co-owned by InfraCorp, REA and Solarge BV (Netherlands). This public-private partnership is expected to leverage InfraCorp’s investment mobilisation capacity, REA’s policy leadership in rural electrification and public sector solarisation, and Solarge BV’s advanced technology and manufacturing expertise to localise high-quality solar PV production in Nigeria.

Source: ESI Africa

Rwanda

Central Bank issues new Directive setting out framework for foreign currency transactions

The National Bank of Rwanda (the Central Bank), on 17 September 2025, issued the new Directive No. 4230/2025-00042 [613] governing persons authorized to transact in foreign currencies and the requirements for obtaining authorization to that effect (the Directive). The Directive is aimed at streamlining the enforcement of the regulation No. 42 /2022 of 13/04/2022 governing foreign exchange operations as amended (the FX Regulation) which had prompted a mixed bag of reaction from various stakeholders. This Directive reiterates the general rule that all monetary obligations or transactions entered or made in Rwanda must be transacted in Rwandan franc (FRW) as a sole legal tender in Rwanda. Unlike its predecessor (i.e. Directive No. 0520/2023-00041 [613.1.4] of 22/02/2023), the Directive expands the list of the persons permitted to transaction in foreign currency without having to obtain prior authorisation from the Central Bank (referred to under the Directive as “deemed authorised dealers”).

Source: ENS

Rwanda

Secondary tax implications of transfer pricing adjustments: An extra layer of complexity

In December 2024, during a panel session focused on tax policy and its role in enabling development financing and domestic revenue mobilisation in Africa, held as part of the Annual Meetings of the Africa Tax Administration Forum (ATAF), Ronald Niwenshuti, the Commissioner General of Rwanda Revenue Authority (RRA), acknowledged the support RRA has received from ATAF in the area of international taxation, including transfer pricing. He noted that, thanks to enhanced skills in these areas, revenue collected from international tax audits, including transfer pricing, now accounts for more than 30% of the total tax collections generated through audits. This suggests that the Rwandan tax administration is becoming increasingly sophisticated in matters of international taxation, particularly in the area of transfer pricing. There is also growing scrutiny of cross-border transactions, especially those involving entities within the same multinational enterprise group, that is, controlled transactions. This trend is evident in the RRA’s approach to transfer pricing audits, where the focus is not only on determining whether the pricing of controlled transactions is consistent with the arm’s length principle , but also on verifying whether the alleged controlled transaction actually took place and whether the conduct of the parties supports the claimed transaction or indicates that a different transaction may have occurred.

Source: ENS

Tanzania

IMF staff concludes staff visit to Tanzania

A staff team from the International Monetary Fund (IMF), led by Mr Nicolas Blancher, visited Tanzania from 17-24 September 2025, to discuss economic and financial developments, the economic outlook, and programme performance. At the conclusion of the mission, Mr Blancher issued the following statement, in part: “Tanzania’s economic activity has been robust, with the economy growing at 5.4% in the first quarter of 2025, while inflation remained low at 3.4% ([year-on-year] in August). Strong mining activity, healthy growth in agriculture, and manufacturing are driving the expansion. Despite a positive outlook, risks are tilted to the downside, and include a global economy and trade slowdown, geoeconomic fragmentation, and reduced foreign development assistance. On the domestic front, the upcoming national elections may increase risks of fiscal pressures and reform slowdown, while insufficient and erratic rainfalls could affect growth and inflation. Fiscal consolidation was paused in [financial year (FY)] 2024/25 to accommodate higher spending on education and health, clear domestic arrears, and cushion the health impact of reduced foreign aid. In FY25/26, steadfast implementation of the approved budget will be essential to build fiscal space to address pressing social spending needs, while preserving debt sustainability. To this effect, the recent launch of the Medium-Term Revenue Strategy will help enhance revenue mobilisation and create fiscal space for highly needed investment in human capital.”

Source: IMF

Uganda

Private sector growth shows renewed dynamism

The private sector is showing renewed dynamism, with bank lending climbing steadily on the back of economic stability and stronger investor confidence. The stock of private sector credit reached UGX23.9-trillion by July 2025, up from UGX21.9-trillion a year earlier, an annual growth rate of 9.1%. Data from the Ministry of Finance shows that in July, the first month of the current financial year, banks approved UGX1.844-trillion in loans. However, this was lower than the UGX3.03-trillion applied for, translating into an approval rate of 60.9%. Personal and household loans retained the largest share at 28.2%, followed by building, construction, and real estate (21.7%), trade (15.1%), business and social services (12.4%), and agriculture (8.8%). This trajectory underscores the role of credit as the engine of private-sector-led growth. A sound financial system channels savings into productive investment, fuels entrepreneurship, and helps diversify the economy. Finance Minister Matia Kasaija says government is stepping up efforts to make credit more accessible, especially for small and medium-sized enterprises, by easing collateral requirements and providing subsidised capital through programmes such as the Agricultural Credit Facility, Small Business Recovery Fund, Uganda Development Bank, Export Guarantee Scheme, and Women Enterprise Fund.

Source: Monitor

Uganda

Uganda publishes landmark Competition Regulations

The Competition Regulations, 2025 (the Regulations) have officially been published bringing to life a long-awaited framework for the implementation of the Competition Act (the Act). The publication of the Regulations follows a period of public consultation that began in December 2024 culminating in the listing of the final Regulations in the Uganda Gazette on 8 August 2025. Stakeholders from across different sectors contributed to refining the draft version. Members of our team attended these consultations and are pleased to have contributed to the final recommendations. Issued under the authority of the Minister of Trade, Industry and Cooperatives, the Regulations document a set of procedures and rules for the regulation of anti-competitive practices, the abuse of dominance, merger control and the establishment of an administrative mechanism for enforcement. The Regulations confirm that the Ministry of Trade, Industry and Cooperatives (the Ministry) will administer the implementation of the Act, through a technical committee composed of a chairperson and six members appointed by the minister. Members of the technical committee will be drawn from government, the private sector and academia with specific eligibility criteria to ensure independence.

Source: ENS

Zimbabwe

AfDB Group funds new Tax Collection and Revenue Management System

The Government of Zimbabwe has completed the deployment of a new online Tax and Revenue Management System (TaRMS), in a bold reform effort supported by the African Development Bank (AfDB) Group. The new system was formally launched on 18 August 2025 in Harare by the country’s Deputy Finance Minister, David Kudakwashe Mnangagwa, the culmination of a process that kicked off in 2023 and has been implemented in phases since then. TaRMS was developed under a USD10.4-million Tax and Accountability Enhancement Project supported by the AfDB to support the government’s efforts to enhance domestic resource mobilisation. The bank provided a grant of USD7-million for the design and development of the online system, while the Zimbabwe Government funded the procurement of the hardware. The project also included training for internal and external stakeholders and users, as well as change management activities. According to the Zimbabwe Revenue Authority, revenue collected from new taxpayers increased by 238% in 2024 – the first full year following commencement of rollout of the new system – compared to 2023.

Source: AfDB