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issue 636 | 05 Apr 2026

Africa

Africa must build its own AI, says Rwanda’s ICT minister

Rwanda’s Information Communication Technology and Innovation Minister, Paula Ingabire, warns that Africa risks embedding inequality into its future if it continues relying on AI systems developed abroad. Speaking at the 4th East African Community (EAC) Science, Technology and Innovation Conference, Ingabire cautioned that the continent is not yet in control of the technologies shaping its economies, health systems, and governance. “The greatest risk is remaining consumers of AI systems built elsewhere. Systems trained on foreign data may misdiagnose patients, misread markets, and misclassify crops,” she said. Experts note that while East Africa’s digital progress is undeniable – with mobile network coverage above 90% and rising internet usage – AI must be approached not just as an innovation opportunity, but as a question of sovereignty. The technology is already being applied in climate advisory tools and expanding access to credit. For example, Ingabire notes that Rwanda is already using AI in healthcare logistics and disease surveillance, but she stresses that infrastructure alone is not enough. Without control over data and systems, African countries risk embedding foreign assumptions into critical sectors, often with costly consequences.

Source: KT Press

Africa

Ethiopia, Kenya drive USD20-billion FDI surge into Africa despite Middle East crisis

Africa attracted more than USD20-billion in capital commitments in March 2026, signalling renewed investor appetite for frontier markets despite rising geopolitical tensions in the Middle East, according to a report by African Economy. The surge in foreign direct investment (FDI) was anchored by large-scale commitments in Ethiopia and Kenya, alongside additional deal activity in South Africa, Nigeria, and Morocco – pointing to a broad-based recovery in cross-border capital flows. The scale of the commitments underscores growing confidence in the continent’s long-term economic trajectory. However, analysts caution that the extent to which these pledges translate into actual capital deployment will determine whether the momentum supports sustained economic expansion. Data from the United Nations Conference on Trade and Development (UNCTAD) shows that FDI inflows into Africa rose by 75% year-on-year to USD97-billion, significantly outpacing global averages and largely driven by capital from Gulf Cooperation Council countries. However, escalating tensions involving the United States, Israel, and Iran – triggered by last month’s conflict – risk clouding the outlook for Gulf-backed investments, a key funding source for the continent. Even before the conflict, UNCTAD had projected a sharp decline in FDI inflows to Africa, estimating a potential 38% drop in 2025 to between USD56-billion and USD59-billion, diverging from an expected 14% rebound globally.

Source: Business Day

Africa

Fuel prices surge in Africa as Iran war hits supply

African governments have imposed sharp fuel price increases as the Iran war sends global oil prices surging and threatens to spark inflation across ‌the continent. African countries import most of their petroleum products, leaving many highly vulnerable to supply disruptions. South Africa, one of the continent's largest economies, recently reduced its fuel levy for one month to help curb further price rises in April, after trade unions and business groups pressured the government to intervene. In Ghana, the National Petroleum Authority raised mandatory minimum price floors for the 1–15 April pricing window, ⁠pushing petrol prices up around 15% to GHS13.30 (USD1.21) per litre and diesel up roughly 19% to GHS17.10. President John Mahama said that the government was considering steps to cushion consumers, including reducing fuel margins and reviewing a recently imposed levy on petroleum products. He also raised the prospect of a formal supply agreement with Nigeria's Dangote refinery to secure alternative sources of refined petroleum. In Malawi, the Energy Regulatory Authority recently imposed even steeper increases, raising petrol prices by 34% to MWK6 672 (USD3.89) per litre and diesel by 35% to MWK6 687.

Source: The EastAfrican

Botswana / Liberia / Sierra Leone

OPEC Fund approves USD890-million financing round – Botswana, Liberia, Sierra Leone among beneficiaries

The Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development approved USD890-million in new financing at its Governing Board meeting recently, with three African nations among the recipients. Botswana, Liberia and Sierra Leone secured a combined USD250-million to support programmes spanning economic governance, road infrastructure and agricultural processing. The financing comes at a critical time for African economies navigating fiscal pressure, infrastructure gaps and shifting global capital flows, positioning development lenders as increasingly strategic partners. Botswana received the largest single African allocation: a USD170-million loan for its Governance and Economic Resilience Support Program targeting fiscal sustainability and micro, small and medium-sized enterprise financing. The loan arrives as Botswana’s economy faces a projected contraction driven by weakness in the diamond sector, which accounts for roughly 70% of export revenue and prompted an S&P sovereign downgrade last year. Sierra Leone secured USD50-million for a Rice Special Agro-Industrial Processing Zone. The investment comes as the country’s mining sector, which generated USD1.12-billion in exports in 2024, remains constrained by chronic power shortages. Liberia received USD30-million for the Salayea-Konia Road Project, the final segment of the Gbarnga-Mendikorma northern corridor running through the Bong Range iron ore belt.

Source: Energy Capital & Power

Cameroon

Cameroon signs new investment agreements, bringing monthly total above F.CFA121-billion

Cameroon’s Investment Promotion Agency (IPA) has signed three new investment agreements worth over F.CFA14-billion in Yaoundé, targeting agro-industry, manufacturing and tourism. The deals, announced on 23 March, involve Dice Empire Farm Ltd, Alchemix Sarl and Glaguiran Sarl, with a combined projected investment of F.CFA14 027 789 054 and an estimated 511 direct jobs. According to the IPA, the agreements aim to strengthen private sector participation, reduce unemployment and support sectoral diversification by mobilising capital in priority industries. The latest agreements follow a previous round signed on 19 February, involving five deals with Cameroonian firms in wood processing, hospitality, manufacturing, tourism and cement. That round represented more than F.CFA107-billion in planned investments and is expected to create nearly 2 000 direct jobs. The projects announced during that round include the Sphinx Resort Palace in Sangmélima, an F.CFA100-billion development expected to create 1 000 jobs, alongside a cement plant by Atlantic Group with a projected annual capacity of one million tonnes and a 24-month timeline. Combined, the two rounds represent over F.CFA121-billion in planned investments in less than a month, with projected employment exceeding 2 500 direct jobs.

Source: Business in Cameroon

Cameroon

IMF Executive Board concludes 2026 Article IV consultation with Cameroon

On 25 March, the Executive Board of the International Monetary Fund (IMF) completed the Article IV consultation for Cameroon. The authorities have consented to the publication of the staff report prepared for this consultation. Cameroon’s economy has shown notable resilience to external economic shocks in recent years. The economy is estimated to have grown by 3.1% in 2025, a slower pace than previously forecast as election-related disruptions affected trade, services, and investment. Inflation declined to 3.4%, on average, through December 2025, driven by moderating food and transport prices. Preliminary estimates suggest the fiscal position weakened in 2025, with a non-oil primary deficit of 2.6% of GDP, exceeding the budget target of 1.4% of GDP. The deterioration was driven by the underperformance on non-oil revenues and slippages in current expenditures. Cameroon’s current account deficit is expected to have widened to 3.9% of GDP in 2025 (from 3.3% in 2024), partly reflecting lower oil export receipts. The outlook is cautiously favourable, with risks stemming from Cameroon’s dependence on price-volatile commodity exports, fiscal policy challenges, and policy uncertainties in the Economic and Monetary Community of Central Africa region. Growth is projected to recover to 3.3% in 2026, reflecting higher public investment, with inflation expected to decline to 2.9%. The current account deficit is forecast to widen to 5.3% of GDP in 2026 on the back of lower cocoa prices.

Source: IMF

Djibouti

World Bank Group financing of over USD25-million to support economic diversification in Djibouti

The World Bank Group has approved a USD25.75-million grant from the International Development Association to support the Djibouti Economic Diversification Program, the country's first Program-for-Results (PforR) financing. The programme aims to broaden economic opportunities, strengthen the private sector, and create jobs for Djiboutians. The operation represents the first phase of a longer-term World Bank Group engagement with Djibouti, with a total financing envelope of USD75.75-million over the period 2026–2034. By linking disbursements to clearly defined reform milestones, the PforR instrument places a strong emphasis on delivery and measurable outcomes. It is also the first operation in the region to be co-led by the World Bank and the International Finance Corporation (IFC), combining public-sector reform support with parallel IFC advisory services and investments – creating an integrated platform to attract private capital and scale up job creation over time. “This operation reflects the depth and ambition of the World Bank Group's partnership with Djibouti,” said Fatou Fall, World Bank Group Joint Resident Representative for Djibouti. “As the country's first results-based financing operation and the first in the region co-led by the World Bank and IFC, it positions Djibouti to attract private investment and translate reforms into tangible opportunities for its people.”

Source: World Bank

Ethiopia / Russia

Ethiopia, Russia advance industrial cooperation, explore joint manufacturing plans

Ethiopia and Russia have agreed to expand industrial cooperation and explore joint production initiatives following high-level meetings held recently in Addis Ababa during an official visit by Russia’s Deputy Minister of Industry and Trade, Aleksey Gruzdev. Gruzdev held talks with Ethiopia’s Minister of Industry, Melaku Alebel, where both sides discussed cooperation in sectors including agricultural and energy machinery, pharmaceuticals, and unmanned technologies. According to the official statement issued by the Russian Embassy in Ethiopia, the discussions focused on strengthening industrial capacity and advancing joint production projects. In the social media post, officials said the two sides also examined opportunities within Ethiopia’s first state-owned special economic zone. It also stated that both nations agreed to assess conditions for localising Russian manufacturing facilities, with discussions addressing industrial integration and technology transfer. The Russian delegation met Ethiopia’s Minister of Agriculture, Addisu Arega, to discuss cooperation in agriculture. According to the post, the talks focused on increasing productivity through mechanisation and the use of advanced farming technologies.

Source: The Reporter Ethiopia

Guinea

Guinea reduces 2026 bauxite exports ahead of 200-million ton forecast

Guinea has moved to cut bauxite export volumes by early April 2026 to support prices and protect smaller producers from collapsing margins. The move comes as weak Chinese demand and higher freight rates tied to the Middle East conflict squeeze the world’s top bauxite supplier. Guinea exported 183-million tons in 2025, up 25% year-on-year, and shipments had been expected to reach 200-million tons in 2026. But prices have fallen 20% to 35% from 2025 highs, while about 70% of exports still head to China. This tactical market intervention points to a broader shift in African mining policy, as critical mineral producers increasingly deploy assertive state measures to capture more value from their commodity wealth. Africa’s mining winners will be those aligned with national industrial policy, not just low-cost extraction. Guinea supplies more than 40% of global bauxite and holds the world’s largest reserves, making it the single most important upstream source for the aluminium chain. That dominance has fuelled a massive export boom, with China absorbing 74% of Guinea’s outbound bauxite shipments. Yet scale has not insulated the sector from market volatility.

Source: Energy Capital & Power

Namibia

Central bank, NAMFISA strengthen oversight partnership

The Bank of Namibia and the Namibia Financial Institutions Supervisory Authority (NAMFISA) have signed an updated agreement aimed at strengthening cooperation in the regulation and supervision of Namibia’s financial sector. The agreement, announced recently, establishes a framework for information sharing, joint supervision and regulatory oversight of banking institutions, financial institutions and intermediaries. It also provides for the formalisation of a joint technical working group that will support the responsible development of financial technology (fintech) in Namibia. According to a joint statement, the agreement reflects the commitment of both institutions to safeguard financial stability, promote consumer confidence and ensure the orderly development of the financial system. The agreement provides for the exchange of supervisory information on regulatory concerns, joint investigations and inspections, as well as collaboration on financial stability monitoring through quarterly data and analysis. It further includes consultation mechanisms to address emerging risks, confidentiality safeguards to protect sensitive information, and coordination on innovation and fintech-related matters. Central bank Governor Ebson Uanguta says the partnership enhances the institutions’ ability to maintain a sound and resilient financial system.

Source: The Namibian

Namibia

IMF staff completes 2026 Article IV mission to Namibia

An International Monetary Fund (IMF) team led by Ms Xiangming Li visited Windhoek from 16–20 March 2026 to hold discussions on the 2026 Article IV consultation with Namibia. At the conclusion of the mission, Ms Li made the following statement, in part: “Namibia’s real GDP growth slowed to 1.7% in 2025, reflecting weak diamond demand and continued livestock rebuilding following the 2024 drought. It is expected to remain subdued in 2026, partly reflecting the impact of the ongoing conflicts in the Middle East through higher fuel costs and weaker global demand. While inflation moderated in 2025 and has continued its decline so far this year, reaching 2.4% year-on-year in February 2026, the rising fuel prices are projected to raise inflation for the year. The external position improved modestly in 2025, with the current account deficit narrowing from 15.2% of GDP in 2024 to 13.2% of GDP, supported by stronger uranium and gold exports that more than offset lower Southern African Customs Union revenues and the continued downturn in the diamond sector.”

Source: IMF

Namibia

JOGMEC, Toyota Tsusho partnership to accelerate Namibia’s mining sector diversification

Toyota Tsusho – a subsidiary of automotive company Toyota Group – has been selected by Japan’s state-backed resource agency, Japan Organization for Metals and Energy Security (JOGMEC), as the implementation partner for the Lofdal Heavy Rare Earths Project in Namibia. Under the agreement, Toyota Tsusho will oversee JOGMEC’s 40% interest in the project. The partnership is expected to accelerate project development, with Toyota Tsusho leading the preparation of a feasibility study and advancing the project towards a final investment decision targeted before the end of 2026. The involvement of Toyota Tsusho brings expertise in rare earth processing and supply chain development to the project. The company operates a rare earth separation and refinery facility in India, and its participation could support downstream processing and potential offtake through the broader Toyota automotive ecosystem. “Few rare earth development projects globally benefit from the combination of government strategic support and industrial supply chain leadership that this partnership represents,” stated Darrin Campbell, President of Namibia Critical Metals, operator of the Lofdal Heavy Rare Earths Project. “This strengthens the pathway for Lofdal to become a long-term supplier of critical heavy rare earth elements to global markets,” he added. The project holds a 25-year mining licence, positioning Namibia as a long-term supplier of dysprosium and terbium, amid Africa being expected to account for around 9% of global rare earth supply by 2029.

Source: Energy Capital & Power

Namibia

Local regulators ink new deal to combat anti-competitive practices in ICT sector

The communications and competition watchdogs have intensified their joint oversight of the nation’s digital economy, formalising a new agreement to police anti-competitive behaviour in the rapidly evolving information and communications technology (ICT) sector. The Communications Regulatory Authority of Namibia (CRAN) and the Namibian Competition Commission (NaCC) signed a significant addendum to their longstanding memorandum of understanding recently. The addendum clarifies the complaints lodging process and establishes a framework for joint investigations, information sharing, and coordinated decision-making. Speaking on behalf of Emilia Nghikembua, CRAN’s Chief Executive, Elton Witbooi, Executive ICT, stated that “this addendum reaffirms our shared dedication to fostering a competitive and fair ICT landscape in Namibia. By working closely together, we can better protect consumers and promote innovation. Our collaboration ensures that our respective mandates are executed efficiently, reducing duplication and enhancing our collective capacity to address complex competition issues.” Additionally, in a sector characterised by rapid technological change, seamless coordination between CRAN and NaCC is vital for safeguarding market integrity and supporting sustainable growth.

Source: Namibia Economist

Rwanda

World Bank Group approves innovative financing package to advance job creation in Rwanda

The World Bank Group has approved a new development policy financing operation to support Rwanda’s efforts to accelerate structural transformation and create more resilient and inclusive jobs. The operation, the first in a programmatic series of three, consists of a credit of JPY15.4-billion (equivalent to USD100-million) combined with a policy-based guarantee (PBG) of USD240-million. The PBG will be further supported by a Multilateral Investment Guarantee Agency non-honouring of sovereign financial obligation guarantee, enabling the Government of Rwanda to mobilise up to USD450-million in commercial financing on favourable terms. This innovative financing package will support the implementation of key strategic investments under Rwanda’s Second National Strategy for Transformation, including efforts to advance the country’s ambition to become a regional connectivity and logistics hub and to reinforce its position as a leading tourism destination.

Source: World Bank

Senegal

Senegal secures EUR4.3-million solar boost as PIDG backs Afreenergy expansion

Finance organisation Private Infrastructure Development Group (PIDG) has committed EUR4.3-million to scale renewable energy player Afreenergy Solar in Senegal, supporting commercial and industrial clean energy deployment. Announced at an event in Amsterdam on 25 March, the investment is channelled through PIDG’s InfraCo and will enable Afreenergy Solar to deploy up to 30 MW of solar capacity and 10 MWh of battery storage. As Afreenergy Solar moves to scale its portfolio, targeting cost reduction, energy reliability and regional expansion across West and Central Africa, the recent funding announcement marks a critical step towards Senegal’s broader clean energy-backed industrial strategy. PIDG’s investment positions Afreenergy Solar to scale a distributed energy model serving the agro-industry, logistics and other energy-intensive sectors. The platform aggregates multiple sites to reduce per-installation costs and improve efficiency. The rollout will occur in two phases, combining lease-to-own structures and power purchase agreements. Afreenergy Solar estimates clients could reduce electricity costs by up to 30%, while improving reliability compared to grid and diesel-based supply.

Source: Energy Capital & Power

Seychelles

Smart, resilient investments key to jobs and growth in Seychelles, new World Bank Group report finds

Seychelles has built one of Africa’s strongest economic success stories, and a new report outlines how decisive, resilient, and smart investments and reforms, particularly in tourism, fisheries, energy, infrastructure, and skill building, can sustain these gains, unlock new growth engines, create thousands of new quality jobs, and safeguard livelihoods across the economy. Analysis in the Country Climate and Development Report (CCDR), released recently by the Government of Seychelles and the World Bank Group, finds that without action, economic pressures linked to rising environmental and climate-related risks could reduce Seychelles’ GDP by more than 6% by 2050, with disproportionate impacts on jobs, incomes, and poverty. “We welcome the Seychelles CCDR as a timely and strategic contribution to our national development agenda,” said Pierre Laporte, Minister responsible for Finance, Economic Planning, Trade and Investment, Seychelles. “It reflects our strong commitment to climate leadership and economic resilience. The report’s recommendations are closely aligned with our national priorities – from strengthening energy security and protecting our coastlines, to investing in our people and unlocking the full potential of our blue economy. We look forward to working with the World Bank Group and our partners to turn these insights into meaningful action.”

Source: World Bank

Tanzania

BoT suspends gold sale plan as market prices fall

The Bank of Tanzania (BoT) has suspended its planned sale of gold reserves following a dip in global prices, signalling a cautious shift in strategy as market conditions turn volatile. As of early March 2026, the BoT said it was holding approximately 19.6 tonnes of gold, nearing its 20-tonne target. The Bank has been rapidly accumulating gold since October 2024 to strengthen foreign exchange reserves and diversify assets, with plans to sell a portion to rebalance holdings. The decision comes as international gold prices begin to ease after a strong rally earlier this year. Spot gold was trading at around USD4 555 per ounce on 31 March 2026, according to Trading Economics. Although this represents an improvement from the USD4 426 to USD4 430 per ounce recorded on 24 March 2026, as quoted by bullion market trackers, it remains below the level at which the BoT had initially intended to sell part of its reserves. The marginal decline follows a surge that saw prices briefly climb past the USD5 000 mark, driven by heightened geopolitical tensions and strong safe-haven demand.

Source: The Citizen

Togo

Progress in reforming public expenditure management in Togo

Since May 2023, at the request of the Togolese authorities, the Fiscal Affairs Department of the International Monetary Fund (IMF) has been implementing a technical assistance project on public financial management reform, financed by the European Union. This approach is fully in line with the directives adopted by the West African Economic and Monetary Union. This project is structured around three pillars, namely: (i) support the transition to programme-based budget management and the development of gender-responsive budgeting and climate-sensitive budgeting tools; (ii) improve the efficiency of public investment management; and (iii) strengthen fiscal risk management. It combines the support of a Resident Advisor (Mr Ephrem Ghonda Makiadi) together with short-term experts and missions from IMF headquarters. After almost three years, this project has made significant progress. In the area of budget management, the project has enabled the gradual adoption of the tools necessary to complete the transition to programme budgeting, which took effect on 1 January 2020. This reform allows for the first time in Togo to direct public expenditure towards measurable results, by clearly linking the resources allocated to the objectives of public policies.

Source: IMF Public Financial Management Blog

Togo

Togo adopts five-year plan to combat illicit tobacco trade

Togo has a new action plan to fight the illegal tobacco trade for 2026–2030. The 82-page document was approved recently in Tsévié during a workshop organised by the National Programme on Addiction to Psychoactive Substances (PNAPP), with support from the World Health Organization. The plan is designed to strengthen the national response to a phenomenon with health, economic and security implications. Developed after an assessment, it addresses border controls, product traceability, legal framework reform and inter-agency coordination. The Tsévié workshop brought together experts from health, security, justice, customs and civil society. Participants emphasised the need for a multisectoral approach to improve the effectiveness of existing measures. “Illicit tobacco trade is a major challenge, as it increases product accessibility, particularly among young people, while causing significant tax revenue losses for the state,” said Prof Balaka Abago, PNAPP coordinator, at the workshop. According to authorities, the trade fuels criminal networks and poses a public health risk. It also undermines tobacco control policies.

Source: Togo First

Zambia

Zambia launches high-level consultations to shape new national local content strategy

The Ministry of Commerce, Trade and Industry, in partnership with the United Nations Economic Commission for Africa (ECA), Subregional Office for Southern Africa, has initiated high-level stakeholder consultations to develop Zambia’s new National Local Content Strategy to advance industrialisation, value addition, and inclusive economic growth. The consultations in Ndola brought together government officials, private-sector leaders, development partners, academia, and civil society to shape a forward-looking national local content strategy aligned with Zambia’s development priorities and industrialisation roadmap. Delivering opening remarks, Musokotwane Sichizuwe, Director of Industry at the ministry, underscored the importance of learning from past implementation of local content strategies to design a new and more impactful approach. “As we review the implementation of the previous local content strategy and develop the successor National Local Content Strategy, it is important that we assess how we fared in implementing the expired strategy, identify challenges, and develop a [forward-leaning] framework that is practical and impactful and is supported by achievable targets,” he said.

Source: ECA