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issue 619 | 09 Nov 2025

Africa

Africa Regulatory Round-up | 2025

The fifth edition of our Africa Regulatory Round-up, which provides an overview of significant regulatory developments across 11 sub-Saharan African jurisdictions for 2025, captures a year of accelerated reform across the region, with country expert insights underscoring a decisive shift from policy design to implementation. A clear cross-border narrative emerges: regulators are tightening governance and transparency, modernising financial systems, and aligning domestic frameworks with international standards, while using targeted reforms to catalyse digital transformation, sustainability and investment. Spanning multiple sectors, these reforms signal a more predictable, transparent and investor-friendly regulatory environment across the jurisdictions under review, positioning Africa as an increasingly attractive destination for responsible investment and growth.

Source: ENS

Africa

NEPAD-IPPF marks 20 years of impact at 40th Oversight Committee Meeting

The New Partnership for Africa’s Development-Infrastructure Project Preparation Facility (NEPAD-IPPF), a multi-donor special fund hosted by the African Development Bank (AfDB), has successfully held its 40th Oversight Committee Meeting to take stock of progress and chart a renewed course for Africa’s regional infrastructure transformation. The meeting, held online on 27 October 2025, brought together donor representatives, partner institutions, Regional Economic Communities and implementing agencies. It coincided with the 20th anniversary of NEPAD-IPPF, marking two decades of partnership, knowledge, and impact in advancing Africa's regional connectivity agenda. The committee reviewed and approved the NEPAD-IPPF 2024 Annual Report, the 2025 Mid-Year Report and Technical Assistance Fund Activities. It endorsed the proposed 2026 Work Programme and Technical Assistance Fund, with an envelope of USD16-million focused on accelerating the preparation of regional infrastructure projects under the Programme for Infrastructure Development in Africa-Priority Action Plan 2 (PIDA-PAP 2) and deepening collaboration with stakeholders. Since its inception, NEPAD-IPPF has supported 113 regional projects across energy, transport, information and communications technology, and water, committing over USD124-million in project preparation and helping to mobilise more than USD13- billion in downstream investment.

Source: AfDB

Cabo Verde

IMF staff complete 2025 Article IV consultation and reach staff-level agreement with Cabo Verde on the seventh review under the ECF arrangement, and third and fourth reviews under the RSF arrangement

An International Monetary Fund (IMF) team led by Mr Martin Schindler visited Cabo Verde from 22 October – 4 November 2025, to hold discussions under the 2025 Article IV consultation, the seventh review under the Extended Credit Facility (ECF) arrangement, and the third and fourth reviews under the Resilience and Sustainability Facility (RSF) arrangement. Access under the existing ECF is 220% of quota (SDR52.14-million, approximately USD70.98-million) and access under the RSF is 100% of quota (SDR23.69-million, approximately USD32.25-million). At the conclusion of the mission, Mr Schindler issued the following statement, in part: “I am pleased to announce that the IMF team and the Cabo Verdean authorities have held productive discussions under the 2025 Article IV consultation and reached staff-level agreements on the seventh review under the [ECF] arrangement, and third and fourth reviews under the [RSF] arrangement. Upon approval by the IMF's Executive Board, completion of the seventh ECF review will allow disbursement of SDR2.37-million (approximately USD3.23-million), while the completion of the third and fourth RSF reviews will allow disbursement of up to SDR7.896-million (approximately USD10.75-million), depending on reform progress under the RSF.”

Source: IMF

Cabo Verde / Portugal

Cabo Verde, Portugal seal landmark debt-for-climate solar deal

The Government of Cabo Verde is set to sign a landmark contract to modernise the solar power park that supplies the capital, Praia – marking the first project financed through a debt-for-climate conversion agreement with Portugal. The project – Repowering of the Palmarejo Photovoltaic Plant – is set to expand the facility’s generation capacity from 4.4 MW to 10 MW, enough to power between 20 000 and 25 000 residents of the island nation. According to the Cabo Verde Ministry of Energy, the project involves “the systematic and complete replacement of existing solar panels with more modern and efficient models.” The upgrade will increase output and efficiency at the Palmarejo site, one of Cabo Verde’s flagship renewable energy installations. The Luna News Agency of Portugal reported that this initiative is the first to be financed by Cabo Verde’s Climate and Environment Fund, which was approved by Parliament in July 2024. Initially capitalised with EUR12.5-million, the fund’s resources were subsequently boosted through the conversion of Cabo Verde’s bilateral debt to Portugal.

Source: ESI Africa

Democratic Republic of the Congo

IMF reaches staff-level agreement with the DRC on the second review under the ECF and the first review under the RSF

A staff team from the International Monetary Fund (IMF), led by Calixte Ahokpossi, IMF Mission Chief for the Democratic Republic of the Congo (DRC), visited Kinshasa and the Haut-Katanga province from 22 October – 5 November, to hold discussions on the second review of the DRC’s economic and financial programme supported by the IMF’s Extended Credit Facility (ECF), and the first review of the climate-focused programme supported by the IMF’s Resilience and Sustainability Facility (RSF). At the end of the visit, Mr Ahokpossi issued the following statement, in part: “The DRC authorities and the IMF staff team have reached a staff-level agreement on the second review of the DRC’s three-year programme supported by the IMF under the ECF, and the first review of the DRC’s three-year programme supported by the IMF under the RSF. The agreement is subject to approval by IMF management and the Executive Board, with Board consideration tentatively scheduled for December 2025. Economic activity remained resilient, with real GDP growth projected to exceed 5% in both 2025 and 2026, driven by continued dynamism in the extractive sector.”

Source: IMF

Equatorial Guinea

The AfDB Group and Equatorial Guinea sign EUR58-million financing agreement for youth inclusion and employment

The African Development Bank (AfDB) Group and Equatorial Guinea signed a EUR58.61-million financing agreement on 30 October 2025 in the city of Bata for implementation of the first phase of the Project to Strengthen Human Capital in Support of Economic and Social Inclusion (PARCH 1). Léandre Bassolé, Director of the AfDB for Central Africa, and Pedro Abeso Obiang Eyang, Deputy Minister for Finance and Budget and Alternate Governor of the bank for Equatorial Guinea, signed the agreement, which marks the bank's first investment in the country's human development sectors for 10 years. The PARCH project aims to improve the quality and availability of training to increase access to employment for young women and men in Equatorial Guinea, helping the private sector to lead economic growth in the country.

Source: AfDB

Guinea-Bissau

Guinea-Bissau’s minister of Natural Resources joins MSGBC 2025 amid energy, mineral expansion

Malam Sambu, Minister of Natural Resources of Guinea‑Bissau, has been confirmed as a speaker at the MSGBC Oil, Gas & Power 2025 Conference and Exhibition – taking place from 8‑10 December 2025 in Dakar, Senegal. Minister Sambu’s participation comes as the country expands energy, power and mining projects and is expected to unlock new opportunities for regional collaboration. Given its strategic proximity, Guinea-Bissau holds significant potential for hydrocarbon development. The country lies within the MSGBC Basin, where the Bissau segment alone is estimated to contain over 1.1 billion barrels of potential oil reserves. Currently, Dubai-based oil company Apus Energy is conducting offshore exploration activities in Guinea-Bissau. In September 2024, Apus drilled the Atum‑1X well – the country’s first offshore test in nearly two decades – with an estimated 314 million barrels of recoverable oil potential. Apus Energy entered Guinea‑Bissau’s upstream sector by acquiring a 100% stake in the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses from Spanish oil and gas company Petronor. Together, the licenses span 4 962 km² and feature two principal prospects – Atum and Anchova – with a combined estimated 467 million barrels of unrisked prospective resources. Ongoing drilling is expected to improve geological understanding of the country’s offshore basins, supporting future development opportunities.

Source: Energy Capital & Power 

Kenya

Kenya turns to AI to capture USD8.6-billion lost to informal sector taxes

Kenya is preparing to deploy artificial intelligence (AI) systems to plug massive tax leaks in its informal economy, an ambitious digital leap that could unlock more than USD8.6-billion (KES1.3-trillion) annually in unremitted taxes. President William Ruto's Chief Economic Advisor, Dr David Ndii, revealed that the government plans to use algorithms to track and collect taxes within the next two years, capitalising on Kenya's robust digital finance ecosystem. Speaking at the launch of NCBA's Economic Forum in Nairobi, Ndii stated that the government's approach marks a fundamental shift in tax collection, from manual enforcement to AI-powered automation. “In a year or two, most of our taxes will be collected by algorithms and not by people. We are not planning to collect taxes the old way. We are going to collect taxes by algorithms,” Ndii declared. He argued that Kenya's widespread adoption of mobile money platforms, such as M-Pesa and Airtel Money, positions the country ahead of many others in Africa when it comes to digital tax transformation. These platforms will be crucial in detecting tax evasion patterns and identifying income flows from the country's vast informal sector.

Source: Business Insider Africa

Kenya

Kenya turns to geothermal power to produce green fertiliser

Kenya has begun construction of a geothermal-powered fertiliser plant in Olkaria, Nakuru County, in a major step towards reducing its reliance on imports and cushioning farmers from volatile global prices. The project, led by Chinese firm Kaishan Group Company Ltd, will produce between 200 000 and 300 000 tonnes of green fertiliser annually. It positions Kenya among the first African nations to integrate renewable energy into industrial-scale fertiliser production. For years, Kenya has depended on imported fertiliser, leaving its farmers exposed to global price fluctuations. The high costs have repeatedly forced government intervention through subsidy programmes – efforts that have often been undermined by allegations of low-quality supplies and mismanagement. “This project shows that Kenya is not just a leading producer and consumer of clean energy. We are going further to add value and generate prosperity from it,” President William Ruto said during the groundbreaking ceremony. The plant will be developed and operated by Kaishan Terra Green Ammonia, a subsidiary of Kaishan Group, using 165 MW of geothermal power supplied by KenGen. The Chinese firm will run the facility for 30 years before transferring ownership to the Kenyan Government.

Source: The EastAfrican

Kenya / Angola

Kenya and Angola strengthen digital ties to accelerate Africa’s infrastructure transformation

Kenya has reaffirmed its commitment to advancing Africa’s digital and infrastructure growth following a week of high-level engagements at the Luanda Summit on Financing Africa’s Infrastructure Development. Representing Kenya, John Kipchumba Tanui, Principal Secretary of the State Department for ICT and Digital Economy, participated in a series of strategic discussions, bilateral meetings, and cultural exchanges aimed at deepening regional cooperation and investment in digital transformation. During the Investors–Ministerial Roundtable on Financing Africa’s Digital Transformation, Kenya shared its experience in expanding broadband connectivity, digital public services, and innovative financing models for digital infrastructure. The dialogue focused on accelerating broadband rollout, implementing policy and public-private partnership reforms to attract investment, and mobilising capital for key projects such as data centres, fibre networks, and Internet Exchange Points (IXPs). Participants underscored that robust digital infrastructure remains a cornerstone for Africa’s economic growth, job creation, and intra-African trade.

Source: TechAfrica News

Mauritius

Mauritius accelerates energy transition with major renewable projects

A range of strategic projects aimed at speeding up Mauritius’ energy transition is being spearheaded by the Ministry of Energy and Public Utilities in collaboration with the Central Electricity Board, the Mauritius Renewable Energy Agency, and the Energy Efficiency Management Office. These initiatives are expected to add around 277.5 MW of renewable energy capacity in the coming years, with a strong focus on solar, wind, and biomass. The Minister of Energy and Public Utilities, Mr Patrick Gervais Assirvaden, made this announcement recently at a press conference held at the ministry’s headquarters in Port Louis. A 17.5 MW floating solar project with a 12 MW battery energy storage system at Tamarind Falls, developed in partnership with the National Thermal Power Corporation Ltd of India under a government-to-government agreement will be implemented. Ten additional ground-mounted solar farms of 10 MW each, all equipped with storage facilities, are also in the pipeline, together with three major 40 MW solar projects.

Source: Government of Mauritius

Namibia

Namibians save NAD2.5-billion with new tax adjustments

In the period between September 2024 and 2025, individual income tax payers paid NAD2.5-billion less to the Namibia Revenue Agency (NamRa). NamRa Commissioner Sam Shivute says this has led to an income tax collection decline of 22%. Last year during the same period NamRa collected NAD11.4-billion compared to the NAD8.9-billion collected this year. “The first half of 2025 has been a particularly dynamic period for NamRa. As at September 2025, net revenue collection stood at NAD39.1-billion,” says Shivute. He adds that corporate income tax from other sectors such as gold, banking and telecommunications increased, reflecting stronger performance and profitability while value-added tax refunds rose by 16%, largely within the exploration sector. He adds that between April and September NamRa collected NAD2.6-billion in revenue in the tax amnesty programme, reversed NAD380.2-million in interest and waived NAD9.8-billion in penalties, benefiting 28 157 taxpayers who used the opportunity to clear their tax arrears.

Source: The Namibian

Republic of the Congo

The AfDB Group and the Republic of the Congo strengthen partnership for economic diversification and regional integration

As part of efforts to strengthen the partnership between the African Development Bank (AfDB) Group and the Republic of the Congo, and to advance preparations for the AfDB Group's Annual Meetings scheduled to take place in the capital Brazzaville in May 2026, a high-level delegation from the bank visited the country from 26 to 28 October 2025. The delegation, led by Senior Vice President Marie-Laure Akin-Olugbade, met with the President of the Republic of the Congo, Denis Sassou Nguesso, in Brazzaville. Discussions underscored the excellent relationship between the bank and Congo, as well as the shared desire to intensify cooperation in support of President Sassou Nguesso’s vision for the country's economic transformation, as outlined in the 2022–2026 National Development Plan. The discussions also highlighted national priorities in terms of economic diversification, infrastructure development, energy, agriculture and regional integration. During the mission, the AfDB Group vice president and her delegation also held talks with several members of the government, including Jean Jacques Bouya, Minister of State and Minister of Land Use Planning and Public Works, and Ludovic Ngatsé, Minister of Planning, Statistics and Regional Integration.

Source: AfDB

Rwanda

Rwanda’s green exchange: A new East African Community window of climate financing

Rwanda’s plan to launch Africa’s first Green Exchange Window later this month marks a turning point not just for Kigali’s financial market, but for the entire East African region. The Green Exchange Window will create a specialised platform for trading green, social, and sustainability-linked financial instruments, effectively opening new channels for financing climate-resilient projects across Africa. The window seeks to make capital markets a driver of sustainable development. It will give Ugandan and regional investors a direct entry point into the global green finance ecosystem, allowing access to instruments such as green bonds, sustainability-linked debt, and climate-smart investment funds. Rwanda Stock Exchange CEO Celestin Rwabukumba said in a statement that the move responds to growing demand for credible, transparent platforms that support environmentally sustainable financing. With over RWF70-billion (UGX210-billion) already raised through earlier sustainability bonds, the Green Exchange Window builds on a strong foundation of investor interest and aligns local markets with global environmental, social and governance standards.

Source: Monitor

Senegal

Unpacking Senegal’s economic recovery plan: A path to sustainable growth

Senegal’s economy has demonstrated resilience, with the International Monetary Fund reporting a 12.1% year-on-year growth in the first quarter of 2025, positioning it as one of the strongest performers in the West African Economic and Monetary Union (WAEMU) zone. This growth is largely attributed to the expansion of the hydrocarbon sector. Building on this momentum, the Senegalese Government unveiled an ambitious economic recovery plan, aiming to stabilise public finances and pave the way for sustainable development. The first phase of the plan outlines a strategy to address fiscal challenges and mobilise F.CFA5 667-billion. With a commitment to financing 90% of the initiative through domestic resources, the government seeks to reduce the budget deficit from 12% of GDP in 2024 to 3% by 2027 by leveraging five pillars: cutting public spending; generating new fiscal revenue; contract renegotiation and asset mobilisation; diaspora investment; and green and blue fiscal policies.

Source: Energy Capital & Power

Zambia

AfDB Group boosts Zambia’s renewable energy drive with USD14.54-million investment in Garneton North solar project

The Board of Directors of the African Development Bank (AfDB) has approved a USD14.54-million financing package to support the Garneton North 20 MW solar project, in Zambia’s Copperbelt Province, catalysing the country’s renewable energy expansion, and addressing the energy deficit. When operational, the project will provide 82 000 people with clean, reliable electricity and eliminate 58 740 tons of CO2 emissions per annum. The approval, comprising USD7.27-million from the AfDB's own resources, and matching concessional financing from a development finance institution, demonstrates a bold commitment to closing Zambia’s energy gap while advancing the Mission 300 goal of providing 300 million Africans with electricity access by 2030. Zambia is among the first cohort of countries that launched national energy compacts under Mission 300, in January 2025. The USD24.5-million project will design, construct, operate, and maintain the 20 MW solar plant, to be connected to the national grid via a 10 km, 33 kV power line. Under a 25-year take-or-pay power purchase agreement, the Zambia Electricity Supply Corporation Limited will offtake all electricity generated from the plant.

Source: AfDB

Zambia

IMF staff conclude visit on the sixth review of the ECF with Zambia

An International Monetary Fund (IMF) mission team led by Ms Mercedes Vera Martin visited Lusaka from 22 October to 4 November 2025 to discuss recent economic developments and policy priorities under Zambia’s programme supported by the Extended Credit Facility (ECF) arrangement. At the end of the visit, Ms Vera Martin issued the following statement, in part: “The IMF team held constructive and productive discussions with the Zambian authorities on recent economic developments and policy measures needed to advance reforms under the ECF-supported programme. Discussions will continue in the coming days from Washington, D.C. The Zambian economy has demonstrated resilience amid last year’s drought, with real GDP growth at 3.8% in 2024 and 4.5% in the first half of 2025, boosted by a record-high maize harvest and mining production. Real GDP growth is projected at 5.2% in 2025 and 5.8% in 2026, respectively, as limited hydropower generation and periodic load management would continue to weigh on non-mining economic performance.”

Source: IMF

Zimbabwe

Zimbabwe's inflation set to drop amid stable currency and gold boom

Zimbabwe's annual inflation rate could halve from current levels by the end of 2025, driven by a stable local currency supported by high gold prices, according to a report by the Confederation of Zimbabwe Industries (CZI) released recently. Annual inflation in Zimbabwe measured in the Zimbabwe Gold (ZiG) currency fell sharply to 32.7% in October from 82.7% in September, the CZI said. The organisation expects inflation to decline further, potentially reaching between 15% and 20% by December 2025. This projection is attributed to negative month-on-month inflation in recent months and a stable ZiG currency, bolstered by surging gold prices. “The policy target is for an annual ZiG inflation of about 30%. The negative month-on-month inflation for the past two months has helped increase chances of this happening,” the CZI said in its October 2025 Inflation and Currency Developments Update. The CZI, Zimbabwe's main business lobby representing manufacturing and industrial firms, publishes independent macroeconomic data that investors use as an early indicator of domestic price and currency trends.

Source: Reuters