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issue 634 | 22 Mar 2026

World

Reforming global trade rules key to supporting developing economies

The rules governing global trade are under increasing strain, raising questions about whether the international trading system can continue to support development in an era of geopolitical rivalry and policy uncertainty. In the March edition of the Global Trade Update, the United Nations Trade and Development (UNCTAD) warns that rising policy volatility and fragmentation in the global trading system risk undermining the stable conditions many developing countries rely on to expand exports, attract investment and diversify their economies. The findings come as members of the World Trade Organization prepare for discussions on reform ahead of the organisation’s 14th Ministerial Conference, where governments are expected to examine how the multilateral trading system can better respond to today’s evolving economic realities. While the report focuses on structural challenges in the global trading system, UNCTAD notes that it continues to monitor the trade implications of ongoing geopolitical developments and disruptions affecting shipping and energy markets, including those linked to tensions in the Strait of Hormuz. The report finds that the guardrails that once provided long-term stability for global trade are weakening, with certainty increasingly giving way to persistent policy volatility.

Source: UNCTAD

Africa

Improving investment quality: Lessons for sub-Saharan Africa

It is widely recognised that public investment spending plays a major role in driving economic growth. The latest Interregional Seminar on Public Investment Management included the participation of 21 African countries and more than 70 officials. The seminar concluded that the challenge is not to increase the volume of investment projects, but rather to ensure better quality. Public Investment Management Assessment (PIMA) and Climate-PIMA assessments indicate that institutional frameworks are generally sound, but their implementation remains incomplete. PIMA scores are significantly higher for institutional frameworks than on their effectiveness. Many public investments still enter the pipeline without completed feasibility studies or assurance of their socioeconomic impact. Cost overruns in execution remain frequent. The conclusion is clear: the central challenge is no longer the mobilisation of resources, but their efficient use. In many countries, the public investment program (PIP) is structured as an extensive list of projects that lacks sufficient assurance of the viability of the public investment and alignment with their objectives. This leads to an over-programming that weakens the credibility of the PIP. The message is clear: a credible PIP should select a reduced number of projects that are better prepared and more realistic to ensure their completion and impact.

Source: IMF Public Financial Management Blog

Southern Africa

SADC Council of Ministers calls for accelerated regional integration

The Council of Ministers of the Southern African Development Community (SADC) concluded their two-day meeting on 13 March 2026 in Pretoria, South Africa with a call for accelerated implementation of regional policies and programmes to advance regional integration and development. The meeting which was held under the theme, Advancing Industrialisation, Agricultural Transformation, and Energy Transition for a Resilient SADC, was opened and chaired by Ronald Lamola, Minister of International Relations and Cooperation of South Africa, in his capacity as the Chairperson of the SADC Council of Ministers. Minister Lamola called for enhanced regional cooperation to make a tangible difference in the lives of the SADC citizens through improved livelihoods, jobs, food security, energy access and resilience, stressing that SADC citizens are looking forward to seeing regional integration producing meaningful economic opportunities and improving their prospects for a better future. “If integration remains rhetorical, confidence in our common agenda will diminish. But if we act decisively and implement agreed commitments effectively, our region has the potential to emerge as a dynamic force for industrial growth, innovation and sustainable development,” Minister Lamola highlighted. He called on the member states to strengthen resource mobilisation efforts, ratify legal instruments that support regional cooperation, and leverage the opportunities that arise from strategic partnerships.

Source: SADC

Southern Africa

Six Southern African countries slash roaming charges by up to 98% in push for cheaper cross-border data

Six Southern African countries are cutting mobile roaming charges by as much as 98.6% as part of a regional effort to make cross-border communication cheaper and support digital trade. Botswana Communications Regulatory Authority (BOCRA) said the initiative brings together Botswana, Malawi, Lesotho, Mozambique, Zambia and Zimbabwe under the One Network Area framework, which aims to harmonise roaming tariffs and make telecommunications services more affordable across borders. Under the arrangement, telecommunications operators have lowered roaming tariffs for voice calls, SMS and mobile data when customers travel between participating countries. BOCRA said the reductions range between 10% and 98.6%, depending on the service. Regulators say the reforms place particular emphasis on reducing the cost of mobile data, reflecting its growing importance for digital services, online commerce and financial inclusion across Africa. Major telecommunications operators involved in the initiative include Orange Botswana, Mascom Wireless and Botswana Telecommunications Corporation, alongside regional players such as MTN Group, Vodacom Group, Airtel Africa and Econet Wireless.

Source: Business Insider Africa

West Africa

ADF to provide USD5.52-million grant to West African Tax Administration Forum to boost domestic revenue mobilisation

The African Development Bank (AfDB) Group has signed a USD5.52-million grant agreement with the West African Tax Administration Forum (WATAF). The funds will launch the Strengthening Tax Administration Capacity Project in West Africa (STACP‑WA), a major regional initiative designed to strengthen the capacity of six West African countries to mobilise, manage, and safeguard domestic revenues more effectively. The grant is to be financed from the Transition Support Facility of the African Development Fund (ADF), the Bank Group’s concessional window. Bank Group Director General for Nigeria, Abdul B. Kamara and Jules Tapsoba, Executive Secretary of WATAF signed the agreement, which reinforces a shared commitment to building stronger, more transparent, and more resilient tax systems capable of driving sustainable development across the region. STACP‑WA represents a significant investment in fiscal sustainability and deeper regional integration across West Africa. It will modernise tax and customs administration, strengthen oversight of natural resource revenues, and equip member states with the tools and skills needed to reduce leakages and curb illicit financial flows.

Source: AfDB

Benin / Liberia / Sierra Leone

World Bank Group provides USD137-million to help accelerate digital integration and job creation in Benin, Liberia and Sierra Leone

The World Bank Group Board of Directors has approved a transformative regional initiative that will directly boost job creation in Benin, Liberia, and Sierra Leone. This second operation under the Western Africa Regional Digital Integration Program (WARDIP2), totalling USD137-million, aims to strengthen the foundations for a dynamic digital economy through three core pillars: (i) expanding and upgrading the digital infrastructure needed for competitiveness; (ii) fostering a more business‑friendly environment; and (iii) enabling businesses to scale and operate across regional markets. WARDIP2 will increase broadband access, financing, and usage in participating countries and will enable an environment for cross-border digital services in Western Africa. Approximately 5.2 million people will be connected to new or enhanced broadband internet across the three countries, and 5.4 million new users will access digitally enabled services. “This new initiative positions West Africa to accelerate economic transformation by creating jobs, strengthening resilience, and enabling a more integrated regional digital market,” says Michel Rogy, World Bank Digital and AI Regional Practice Director.

Source: World Bank

Botswana / Mauritius

BITC to host Botswana-Mauritius Business Forum

The Botswana Investment and Trade Centre (BITC), in collaboration with the Economic Development Board of Mauritius (EDBM), is set to host a Botswana–Mauritius Business Forum. According to the investment promotion body, the forum forms part of ongoing efforts by the Government of Mauritius to position the island nation as a secure destination for African markets and a regional hub for innovation and technology-driven development. It will also provide a platform for Botswana and Mauritius to deepen economic cooperation and explore new opportunities for trade, investment, and strategic partnerships. Leading the Mauritian delegation will be Director of Creative and Knowledge Industries at EDBM, Nanda Narrainen, who will be accompanied by members of the Mauritian business community representing various sectors of the economy. Through this engagement, BITC will facilitate dialogue between Botswana and Mauritian stakeholders to identify areas of mutual opportunity and encourage business linkages between companies from both countries. The forum will also seek to unlock potential joint ventures and partnerships that can contribute to economic growth and regional integration. Key sectors of focus during the forum will include information and communications technology services, fintech, education, banking, insurance, retail, healthcare, and innovation.

Source: Mmegi

Burundi / Unites States

US-backed KoBold and Lifezone deals signal Burundi’s entry into critical minerals race

Burundi has signed exploration agreements with United States (US) mining companies KoBold Metals and Lifezone Metals, accelerating the development of its critical mineral development. The deals come after a five-year halt in mining activity as Burundi updated its Mining Code, reflecting the country’s renewed push to attract investment, deploy advanced exploration technologies and position Burundi as a future supplier of nickel and strategic by-products. With rising global demand, the agreements also reflect growing US efforts to diversify its mineral supplies, paving the way for strengthened collaboration and investment. Under the terms of the deal signed with Lifezone Metals, the company has secured a 14-month exclusivity period to assess the development potential of the Musongati Nickel Project. The company intends to leverage its operational expertise from the nearby Kabanga Nickel Project in Tanzania, along with existing rail and energy infrastructure, to accelerate the development and commercialisation of the Musongati deposits – situated within the broader East African Nickel Belt. Estimated to contain 140 million tons of nickel, the project could position Burundi as a long-term supplier of the metal, driven by rising demand in steel manufacturing.

Source: Energy Capital & Power

Cameroon

Cameroon waives duties on solar, water, and biomass equipment to spur investment

Cameroon is expanding tax incentives to support investment in renewable energy and water access, as part of efforts to lower entry costs for industrial projects. In a circular signed on 12 February 2026, Finance Minister Louis Paul Motazé outlined a detailed list of equipment eligible for tax exemptions. The list, defined using Harmonized System codes, covers materials used in producing drinking water and renewable energy, including solar, wind, and biomass. The measure applies to a wide range of technical inputs and equipment, including photovoltaic panels, deep-cycle batteries, solar cables, pumps, inverters, hydro turbines, monitoring and control instruments, biogas purification systems, and drilling units. These imports will benefit from a full exemption from customs duties and taxes for a period of 12 months. The government aims to reduce the upfront cost of investing in alternative energy and water production systems. The circular requires importers to pass on the tax savings to final consumers, to ensure the incentive translates into lower prices rather than higher margins for intermediaries. It also includes enforcement provisions. Companies that fail to comply with the rules face penalties under the Economic and Monetary Community of Central Africa Customs Code, which governs Cameroon and five other Central African countries.

Source: Business in Cameroon

Democratic Republic of the Congo

President Tshisekedi creates financial and economic criminal court

Congolese President Félix Tshisekedi signed a decree-law recently to create a brand-new specialised court to deal with economic and financial crimes such as corruption and money laundering. The decree-law establishes a specialised criminal court to deal with a variety of offences, including corruption, currency counterfeiting, fraud and embezzlement of public funds. The court's creation aims to strengthen the Democratic Republic of the Congo's judicial system in the fight against financial and economic crimes, which are numerous in the country. Previously, cases of irregularities or suspected crimes that financial authorities forwarded to the judicial system often met dead ends, as magistrates lacked the expertise to deal with such cases. The tribunal will consist of a primary jurisdiction court and an appeals chamber. At least 40 judges will likely be needed to work across the two chambers. The question of qualified candidates remains, as the selected magistrates will need to have expertise in this specific field, as well as prove their strong sense of integrity. By law, the new structure will have to be operational within three months of the decree-law's entering into force.

Source: Africanews

Guinea

Africa’s largest bauxite producer is considering export controls that could shake the global market

Africa’s largest bauxite producer, Guinea, is currently discussing strategies with miners to regulate the amount of the mineral it supplies to the global market and shield the nation from a price decline. The new initiative was disclosed by a few sources close to the development, aftermarket reactions affected the price of the sedimentary rock. If actualised, Guinea would join Zimbabwe in limiting exports of one of its most lucrative minerals, primarily intended for China, according to Mines and Geology Minister Bouna Sylla. However, as presently constituted, no conclusive decision has been made yet. “The policy aims to regulate bauxite production to prevent a price drop and, consequently, a decrease in company revenues and tax for the government,” Sylla said in an interview. The minister also noted that Guinea held discussions on the subject with the umbrella body of miners on 12 March. Sylla further disclosed that Guinea is pressuring investors not to surpass production levels specified in their mining plans and government agreements. “The decision will take effect in the coming weeks and aims to align 2026 production and exports with what is outlined in the feasibility studies,” he said.

Source: Business Insider Africa

Kenya

KRA rolls out EAC Customs Bond

In a notice dated 16 March the revenue authority said it will roll out the East African Community (EAC) Customs Bond following a directive issued during the 47th Sectoral Council on Trade, Industry, Finance, and Investment (SCTIFI). The official launch of the EAC Customs Bond will take effect on 23 March 2026, as directed by the outgoing Chairperson of the EAC Summit Heads of State and President of Kenya, William Ruto, on 7 March 2026. “Following the decision of the [EAC’s] 47th [SCTIFI], EAC/SCTIFI/47/Directive/11 and the official launch of the [EAC] Customs Bond by the outgoing Chairperson of the EAC Summit Heads of State and President of Kenya, William Ruto on 7 March 2026, Kenya Revenue Authority [KRA] hereby informs all customs agents that the EAC Bond will be rolled out effective 23 March 2026,” the notice read. The new customs bond will allow traders and clearing agents transporting goods across the region to secure one guarantee recognised by all EAC partner states.

Source: The Kenya Times

Mali

Africa’s third-largest gold producer launches 'special task force' to curb illegal mining by local and foreign operators

Mali, Africa’s third-largest gold producer, has announced the creation of a specialised law enforcement unit to crack down on illegal mining involving both local and foreign operators, as the government moves to tighten oversight of one of the country’s most important economic sectors. The measure was announced following a Cabinet meeting held on 12 March 2026, where the government reaffirmed its commitment to strengthening oversight of the mining sector. The unit, known as the Brigade Spéciale des Mines, will have judicial powers to carry out inspections, enforce mining regulations and take action against illegal mining activities. Authorities say challenges such as illegal gold panning, mineral trafficking and the use of hazardous chemicals continue to persist despite reforms introduced since 2020. Gold remains Mali’s most important export and a key source of government revenue, accounting for the majority of the country’s export earnings. Most of Mali’s gold is exported to international refining and trading centres, including Switzerland, South Africa and the United Arab Emirates. However, unregulated mining activities continue to pose challenges for authorities, including environmental damage and loss of fiscal revenue.

Source: Business Insider Africa

Mauritius

Mauritius adheres to the IMF’s Special Data Dissemination Standard Plus

Mauritius has adhered to the International Monetary Fund’s (IMF) Special Data Dissemination Standard (SDDS) Plus, the highest tier of the IMF’s Data Standards Initiatives. It is the first country in Africa and the 32nd country globally to achieve this milestone in data transparency. By adhering to the SDDS Plus, Mauritius meets the most rigorous standards for the dissemination of essential macroeconomic and financial data on the state of the economy and its financial linkages, as established in the IMF’s Data Standards Initiatives. This achievement underscores the country’s strong commitment to data transparency vis-à-vis the public, markets, and the international community. Enhanced data transparency supports market efficiency, improves the quality of economic policymaking, and strengthens accountability by enabling richer, more informed debate and analysis of economic policy issues. With the upgrade from SDDS to SDDS Plus, Mauritius is now committed to disseminating new data categories on a more regular basis. These categories include Other Financial Corporations Survey, Financial Soundness Indicators, the Coordinated Portfolio Investment Survey, and the Coordinated Direct Investment Survey, among others. In addition, Mauritius will publish more granular information on several data categories that it currently provides under the SDDS.

Source: IMF

Namibia

Namibia leads Africa’s USD124-billion critical minerals race as global demand surges

Namibia is rapidly emerging as one of Africa’s most active mineral exploration hubs, drawing a surge of investor interest as global demand for critical resources accelerates. The country has received more than 800 new exploration licence applications, according to Mining Commissioner Isabella Chirchir, highlighting intensifying competition to secure access to minerals essential for clean energy technologies. Namibia is now moving to overhaul its licensing system, introducing digital platforms to clear administrative backlogs and accelerate approvals. More than 600 environmental applications remain pending, alongside the influx of new bids, underscoring both the scale of investor interest and the regulatory pressure facing authorities. Namibia already holds 588 active prospecting licences and is seeking to expand beyond its traditional strengths in uranium and diamonds into a broader critical minerals ecosystem. The developments reflect a wider continental push to unlock untapped reserves and reposition Africa within global supply chains.

Source: Business Insider Africa

Namibia / Zambia

Namibia helps export Zambian avocados via Walvis Bay

Twenty-four tonnes of avocados from Zambia are being exported through Walvis Bay to Europe, in a move that could position Namibia as a regional logistics hub and shift an export process traditionally handled through Cape Town. The pilot shipment, carried out by the company Transworld Cargo, involves 24 tonnes of avocados moved in a single controlled atmosphere container, and is expected to pave the way for significantly larger volumes in the next export season. Transworld Cargo Manager Fritz Kaufmann says the initiative is the result of more than a year of planning and engagement with Zambian farmers and logistics partners. “This process started more than a year ago. [It is] not a new concept to move cargo, but moving it through our corridors to Walvis Bay and linking it efficiently to global markets is what makes this different,” Kaufmann says. Kaufmann says Walvis Bay offers a faster and more reliable alternative to traditional export routes through South Africa. “From Walvis Bay we can move northbound directly to Europe. [It is] a much easier route than going all the way down to Cape Town, where there are serious challenges,” he says.

Source: The Namibian

Niger

IMF Executive Board completes the eighth review of the ECF arrangement and the fourth review of the arrangement under the RSF with Niger

The Executive Board of the International Monetary Fund (IMF) has completed the eighth review of Niger’s economic and financial programme supported by the Extended Credit Facility (ECF), and the fourth review under the Resilience and Sustainability Facility (RSF) arrangement. Niger’s ECF arrangement was approved on 8 December 2021 and is complemented by the RSF arrangement approved in July 2023. The ECF arrangement was extended by 12 months until December 2026 to support the implementation of additional reforms and address protracted balance of payments needs. An augmentation of access under the ECF arrangement equivalent to 60% of quota was approved by the Executive Board. This augmentation will provide the authorities with additional resources to address increased balance of payments and budget financing needs stemming from exogenous shocks. The completion of the reviews allows for the immediate disbursement of SDR43.8228-million (about USD61-million) under the ECF arrangement – bringing total disbursements under the arrangement to SDR228.0628-million (about USD306-million) – and SDR21.714-million (about USD30-million) under the RSF arrangement, bringing total disbursements under the RSF arrangement to SDR98.702-million (about USD131-million).

Source: IMF

Republic of the Congo

IMF Executive Board concludes 2026 Post-Financing Assessment with the Republic of the Congo

The Executive Board of the International Monetary Fund (IMF) concluded the 2026 Post-Financing Assessment with the Republic of the Congo. The Republic of the Congo’s economy grew in 2024 by 2.1% and in 2025 by an estimated 2.4%. Weak public investments, energy supply disruptions, and lackluster hydrocarbon activity acted as impediment to stronger economic growth. The current account deficit increased in 2025 to 5.8% of GDP reflecting lower oil prices and high imports partly related to investments in the natural gas sector. After initial price pressures, inflation decelerated, averaging 2.6% over 2025. Fiscal discipline has weakened in 2025 against the backdrop of a high sovereign-bank nexus and liquidity tensions in regional treasury markets. Congo’s 2025 non-hydrocarbon primary deficit has widened to 8.7% of non-hydrocarbon GDP. An unexpected surge in spending on goods and services crowded out capital expenditures and transfers, while revenues were compressed by lower oil prices despite stronger non-hydrocarbon revenue mobilisation amid improved tax administration. The approved 2026 budget aims to restore fiscal discipline and enhance spending quality through stronger non-hydrocarbon revenue mobilisation and a reallocation of resources towards investment and social transfers.

Source: IMF

South Sudan

Strengthening solar standards to expand energy access in South Sudan

The Common Market for Eastern and Southern Africa (COMESA), through the Regional Infrastructure Financing Facility, is supporting South Sudan in strengthening its solar energy regulatory framework to promote reliable and sustainable energy access. From 9–12 March 2026, COMESA facilitated Validation and Awareness Workshops in Juba aimed at supporting the adoption and implementation of quality standards for solar products in the country. The initiative forms part of ongoing technical assistance delivered in collaboration with CLASP and supported by the World Bank, focusing on strengthening off-grid solar markets in fragile and conflict-affected states. During the workshops, stakeholders validated the framework and procedures for enforcing solar product standards, while the Minister of Energy and Dams officially launched the framework, marking an important step toward improving the quality and reliability of solar products entering the South Sudanese market.

Source: COMESA

Togo

Togo holds talks with private sector on financing, debt and energy issues

Togo’s Minister Delegate for Investment Promotion and Economic Sovereignty, Arthur Lilas Trimua, began talks with the country’s main private sector organisations on Saturday, 14 March 2026. He met with delegations from the National Council of Employers of Togo, the Association of Large Enterprises, and the Association of Togolese Industries. These were his first official meetings with the business community since taking office, part of broader efforts to strengthen the private sector’s role in economic growth. Discussions focused on key constraints on economic activity. Business representatives pointed to limited access to financing, domestic debt, and high energy costs as weighing on productivity. Large companies contribute nearly 20% of tax revenue and employ more than 13 000 people directly. They said the business environment needs improvement, calling for more appropriate tax policies, better infrastructure, and streamlined administrative procedures. Industry representatives also stressed the need to strengthen domestic production capacity and develop local value chains. Trimua reaffirmed the government’s commitment to maintaining regular dialogue with economic stakeholders, with the aim of boosting Togo’s appeal to investors and supporting growth.

Source: Togo First

Uganda

73% of the mining sector's contribution to GDP is from gold

Uganda’s vast mineral potential remains largely untapped, with experts warning that a shortage of skilled human resources is holding back the sector’s contribution to the economy. According to industry stakeholders, despite the country having at least 53 known mineral types, their combined contribution to the national economy drops to just 0.6% of GDP when gold is excluded, highlighting the underdevelopment of most mineral resources. Data from Uganda Bureau of Statistics shows that the mining sector contributed 2.2% to Uganda’s GDP in the 2022/23 financial year, equivalent to about USD1.1-billion. Of this, data indicated that at least 73% came from gold. Speaking on the sidelines of a minerals conference, Humphrey Assimwe, the Uganda Chamber of Energy and Minerals CEO, said the sector’s heavy dependence on gold masks the weak development of other minerals. “Out of the 53 minerals Uganda has, if you remove gold and a few high-value minerals, the contribution to GDP drops to around 0.6%. Many of these minerals remain undeveloped largely because of a lack of skilled human resources,” Assimwe said. He noted that Uganda lacks sufficient metallurgists, mining economists and specialised engineers, forcing companies establishing mineral processing facilities to import expensive foreign expertise.

Source: Monitor

Zambia

Zambia’s two-ocean pipeline strategy signals a new era for landlocked energy security

Zambia’s Cabinet approved in February two new cross-border pipelines to be developed as public-private partnerships: the Tanzania-Zambia Multi-Products Pipeline (TZMPP) and the Namibia-Zambia Refined Petroleum and Natural Gas Pipeline (NZPGP). The move advances Zambia’s shift to a multi-corridor supply model and reduces dependence on a single import route. The TZMPP will run parallel to the existing 1 710-km Tanzania Zambia Mafuta (TAZAMA) pipeline from Dar es Salaam to Ndola. TAZAMA, jointly owned by Zambia and Tanzania since 1968, currently transports roughly 800 000 metric tons of diesel annually. The new pipeline will carry multiple finished products including petrol, jet fuel, and kerosene, with a 7 million metric ton annual capacity. Zambia’s fuel consumption is projected to reach 3.7 million metric tons per year by 2030. TAZAMA’s Open Access Policy, launched in April 2025, has already cut pump prices by roughly 33% by allowing multiple oil marketing companies to compete for pipeline capacity. Feasibility studies conducted in 2023 estimated the project’s cost at nearly USD2-billion. The NZPGP will connect the Atlantic-facing port at Walvis Bay to Lusaka, carrying both refined petroleum products and natural gas. The gas component targets gas-to-power applications in Zambia, with a projected capacity of 350 million cubic feet per day.

Source: Energy Capital & Power