PRINT | SUBSCRIBE | UNSUBSCRIBE | TEXT ONLY

issue 640 | 03 May 2026

Africa

Africa faces 86 million tonne fuel shortfall by 2040: Finance body

The Africa Finance Corporation (AFC) said the continent is heading towards an 86 million tonne fuel shortfall by 2040. In a report published recently, the AFC said the Iran war has exposed the continent’s vulnerability to global shipping chokepoints. It noted that Africaimports over 70% of its refined fuel and some USD230-billion worth of essential goods annually, including food, plastics, steel, and fertiliser. Its dependence on fuel imports is projected to rise steadily from 74 million tonnes in 2023 to 86 million tonnes by 2040. That, the AFC said, is equivalent to almost three of the giant refineries run by the Dangote Group in Nigeria, which are by far Africa’s biggest. Speaking at the report’s launch in Nairobi, the AFC’s Chief Economist Rita Babihuga-Nsanze said the crisis in the Middle East had made the consequences of this dependence impossible to ignore. She noted that the effective shutdown of the Strait of Hormuz, which accounts for a fifth of global fuel transport, has left import-dependent countries in East Africa facing critical fuel shortages. But the AFC said the passage was not the only chokepoint posing a threat to the continent’s supply lines.

Source: Africanews

Africa

Africa faces mounting risks just as growth gains take hold

Sub-Saharan Africa’s economies entered 2026 with significant momentum. The region had notched its fastest growth rate in 10 years – 4.5% in 2025 – buoyed by reduced macroeconomic imbalances, rising investment levels, and a generally supportive external environment. Countries such as Benin, Côte d’Ivoire, Ethiopia, and Rwanda led the charge, with growth exceeding 6%. The median inflation rate fell to about 3.5% and public debt levels had started to decline. These gains were hard-won, the fruit of politically difficult but meaningful reforms such as exchange-rate realignments, better spending allocation, and tighter monetary policies. Progress on the fiscal front has been particularly impressive. The region’s general government primary balance has been steadily improving and is now near balance. By contrast, primary deficits in both advanced economies and other emerging markets remained noticeably wider in 2025 than before the pandemic. Sub-Saharan Africa achieved this consolidation while simultaneously sustaining reasonably decent growth and bringing down inflation, thanks to bold reforms and notwithstanding headwinds from elevated global uncertainty and much reduced concessional financing.

Source: IMF Blog

Central Africa

CEMAC drafts unified Mining Code to tighten governance and attract investment

Central Africa’s economic bloc plans to tighten oversight of its mining sector and make it more attractive to investors through a unified legal framework. From 20 to 25 April 2026, officials and stakeholders met in Douala to finalise a draft Community Mining Code for the six member states of the Economic and Monetary Community of Central Africa (CEMAC). The initiative is part of a broader effort to align national regulations and create a more stable and predictable environment for mining investment. The discussions, led by the CEMAC Commission, brought together national experts, lawmakers, mining officials, private sector representatives, civil society groups, and regional financial institutions, including the Bank of Central African States, la Commission de Surveillance du Marché Financier de l'Afrique Centrale, and Bourse des Valeurs Mobilières d’Afrique Centrale. The goal is to balance country-specific constraints while reducing regulatory gaps that complicate investment decisions. The proposed Code seeks to harmonise national mining laws, strengthen transparency in the allocation and management of mining rights, and improve accountability among both public and private actors. It also aims to limit regulatory arbitrage within the bloc, where large-scale mining projects often require cross-border infrastructure, significant capital, and long-term contractual stability.

Source: Business in Cameroon

Cameroon

Cameroon tightens timber rules to protect revenue and forests

Cameroon has renewed efforts to force the use of legally sourced timber in public contracts, as officials seek to curb tax losses, tackle illegal logging and tighten control over a public sector market consuming about 13 000 cubic metres of wood each year. The latest move came at a recent workshop in Yaoundé where heads of procurement units from ministries and public administrations were briefed on enforcement of a 2020 joint ministerial order governing timber used in state contracts. The meeting, organised by the Ministry of Forestry and Wildlife (MINFOF), was chaired by Technical Adviser No. 1 Landry Ngono Tsimi on behalf of Forestry Minister Jules Doret Ndongo. It focused on Joint Order No. 0162/MINFOF/MINTP/MINMAP of 15 December 2020, signed by the ministries of forestry, public works and public contracts, which sets the rules for the use of legal wood in public procurement. The financial stakes are considerable. Director of Promotion and Transformation of Forestry Products at MINFOF, Dr Tadoum Martin, laid out the scale of the problem in stark terms. “The public sector consumes approximately 13 000 cubic metres of wood per year. The supply used is of dubious origin, which means there is not only a loss of tax revenues for the state, but also an impact on the forest in terms of deforestation and degradation,” Dr Tadoum said.

Source: Business in Cameroon

Democratic Republic of the Congo

First Eurobond draws massive demand

The Democratic Republic of the Congo (DRC) has made a remarkable entry into international financial markets. The country raised USD1.25-billion in its first Eurobond issuance, with investor demand nearly four times greater than the amount sought. This operation, carried out on terms considered competitive, reflects market confidence in the country's economic potential. A still-low debt level, at around 20% of GDP, the importance of strategic mineral resources such as cobalt and copper, and a favourable environment surrounding critical minerals all contributed to this enthusiasm. The funds raised are intended to finance several infrastructure projects, including a new terminal at Kinshasa airport, roads, a ring road, and a hydroelectric power plant. The objective is to accelerate the country's modernisation and support growth. This success sends a strong signal for the DRC, even though questions remain regarding the transparency in the use of the funds and the long-term sustainability of this new debt.

Source: Africanews

Democratic Republic of the Congo / United Arab Emirates

DRC hits major gold supply deal with UAE to expand supply network through Dubai

The Government of the Democratic Republic of the Congo (DRC) has signed a gold supply agreement with the United Arab Emirates (UAE)-based Paradigm Holdings, marking a fresh step in efforts to expand the Central African nation’s access to global bullion markets through Dubai. The deal underscores the UAE’s growing role as a key intermediary in global gold flows, linking resource-rich African producers with international buyers. Dubai, in particular, has strengthened its position as a major trading and refining hub, attracting commodity firms seeking efficient export routes and financial infrastructure. Paradigm Holdings said the agreement would support the development of a long-term supply chain while securing access to one of Africa’s most mineral-rich economies. The DRC is a leading producer of gold, copper, and cobalt, which are critical to global manufacturing and the energy transition. The partnership is the company’s third government-backed agreement with an African country in two years, reflecting a broader strategy to scale operations across the continent and integrate them with Middle Eastern trading networks.

Source: Business Insider Africa

Democratic Republic of the Congo / United States / United Arab Emirates

DRC creates paramilitary mining security unit backed by US and UAE funding

The Democratic Republic of the Congo (DRC) has announced the creation of a paramilitary guard backed by the United States (US) and Emirati investments to secure its vast mining operations. The General Inspectorate of Mines (IGM) said the guard was a “paramilitary special unit intended to secure the entire mineral exploitation chain” in the DRC. The new unit will be deployed gradually, with an initial 2 500 to 3 000 personnel expected to be operational by December following six months of training in military collaboration, the IGM said in a statement. The paramilitary force is projected to have more than 20 000 personnel across all of Congo's 22 mining provinces by the end of 2028, with the aim of boosting investor confidence and strengthening state oversight of mineral production. The USD100-million programme is funded through partnerships with the US and United Arab Emirates (UAE), the statement said. The DRC produces around 70% of global cobalt output – key for making electric batteries and in defence technology – and holds some of the world's richest deposits of copper, coltan and lithium. The vast country has long struggled with illicit mineral trafficking and chronic insecurity, particularly in its eastern provinces.

Source: Africanews

Guinea

Guinea’s SONAP takes exploration into its own hands with self-funded onshore campaign

Guinea-Conakry’s national oil company Société Nationale des Pétroles de Guinée (SONAP) has launched a self-funded onshore exploration campaign to build an investment case for its acreage ahead of engaging international partners on offshore blocks, Deputy Managing Director Fama Bangaly Soumaoro said recently in Paris. “You want people to invest, you have to demonstrate that [you are] ready to act,” he said. “We [do not] want to plead with people to come to us.” The programme includes geophysical and geochemical surveys across onshore basins, with stratigraphic drilling targeting depths of more than 3 000 metres in partnership with data firm TGS. SONAP has also purchased field equipment and is training its own technicians to interpret results. The data will be used to reduce subsurface uncertainty and build the investment case for Guinea’s 27 open blocks, which sit within an 80 000 km² basin area backed by 15 000 km² of 3D seismic and 42 000 km² of 2D seismic data. Soumaoro framed the move as a deliberate strategy shift. “For offshore, investments are really high and partners are not willing to take the risk,” he said, positioning the onshore campaign as a way to generate results while the offshore licensing process matures.

Source: Prospect

Liberia

IMF Executive Board concludes the third review under the ECF, and approves an SDR193.8-million RSF arrangement for Liberia

The Executive Board of the International Monetary Fund (IMF) has approved a 21-month arrangement under the Resilience and Sustainability Facility (RSF) for Liberia in the amount of SDR193.8-million (about USD266-million, equivalent to 75% of quota). The Board also concluded the third review of the 40-month arrangement under the Extended Credit Facility (ECF), allowing an immediate disbursement of SDR19.3-million (about USD26.49-million). Total disbursements under the ECF arrangement have now reached SDR77.2-million (about USD105.96-million). Liberia’s ECF arrangement, amounting to SDR155-million (60% of quota), was approved by the IMF Executive Board on 25 September 2024, to support the authorities’ programme to restore macroeconomic stability, ensure debt sustainability, safeguard financial stability, and strengthen governance. Economic growth accelerated in 2025 to 5.1%, largely driven by an expansion in mining production. The political environment has remained supportive of reforms under the government’s national development plan – ARREST Agenda for Inclusive Development.

Source: IMF

Mauritania

Mauritania advances green hydrogen ambitions with AfDB-supported auction framework

The African Development Bank (AfDB) is supporting Mauritania in accelerating its transition to sustainable energy through the Africa Energy Transition Catalyst and the Africa Energy Sector Technical Assistance Program, initiatives housed under the Sustainable Energy Fund for Africa. From 14–15 April 2026, a high-level validation workshop was convened in Nouakchott to review and finalise auction procedures for green hydrogen and its derivatives. The workshop forms part of the AfDB’s “Support to Mauritania Green Hydrogen Sector Development Programme,” the Bank’s first technical assistance initiative focused on green hydrogen on the continent. The programme is designed to equip Mauritania’s Ministry of Energy and Petroleum with the tools required to structure and scale the sector. “Mauritania is positioning itself as a future leader in green hydrogen development in Africa,” said Wale Shonibare, AfDB Director for Energy Financial Solutions, Policy and Regulation. “Through this support, the [AfDB] is helping to lay the regulatory and institutional foundations needed to attract private capital, drive industrial transformation, and contribute to global decarbonisation efforts,” he added.

Source: AfDB

Namibia

Namibia’s oil reform drive tests investor confidence ahead of first oil

Namibia’s decision to fast-track the Petroleum (Exploration and Production) Amendment Bill of 2025 is cementing its emergence as a frontier oil and gas destination defined by political stability and regulatory predictability. Stable politics, a consistent legal framework and improving fiscal terms are positioning the country as a low above-ground risk jurisdiction in a volatile global energy market. Namibia’s political environment has been lauded by industry bodies as stable, with a seamless leadership transition in March 2025 and continued Parliamentary dominance ensuring policy continuity. This stability has become a cornerstone of investor confidence as the country approaches first oil production – targeted between 2029 and 2030. On an industry front, the latest Amendment Bill represents a structural shift in governance. By reallocating upstream authority from the Ministry of Mines and Energy to a newly established Upstream Petroleum Unit within the Presidency, the government aims to eliminate bureaucratic delays that have previously slowed licence transfers and project approvals.

Source: Prospect

Senegal

Dakar LNG terminal regasification contracts advance Senegal’s gas expansion strategy

Senegalese energy infrastructure company Elton Logistics and Services has awarded contracts to global liquefied natural gas (LNG) technology company GasEntec for the provision of a jetty-based LNG regasification unit and associated onshore LNG equipment. The development marks a step in strengthening the country’s downstream gas value chain. The infrastructure will be deployed at the Dakar LNG Terminal – West Africa’s flagship LNG import facility – to supply regasified LNG to the 300 MW Cap des Biches combined-cycle power plant, alongside other power stations, industrial users and regional off-takers. The development of the Dakar LNG terminal underscores Senegal’s strategy to scale gas utilisation by integrating domestic production – such as the Greater Tortue Ahmeyim project – with regional and global LNG supplies, ensuring a diversified and resilient energy mix. “This terminal represents a momentous step in strengthening Senegal’s energy security and supporting the nation’s accelerating industrial growth,” Babacar Tall, CEO of ELTON Logistics and Services said in a statement. The project comes at a time when Senegal is accelerating efforts to expand energy access and transition its power sector toward lower-carbon fuels. The government targets universal electricity access by 2030, up from approximately 84% today, while also aiming to increase clean cooking access from 3.25% in 2025 to 11.3% by 2030 – objectives in which natural gas is expected to play a role.

Source: Prospect

Tanzania

Government reserves select mining service types for local firms

The government has moved to deepen local participation in the mining sector by reserving 20 categories of goods and services exclusively for companies fully owned by Tanzanians. The move forms part of a broader strategy to expand value addition and ensure that a greater share of mining benefits remains within the domestic economy. Presenting his portfolio’s 2026/27 budget in Parliament recently, the Minister for Minerals, Anthony Mavunde, said the measure is intended to ensure that sector growth translates into Tanzanian-owned contracts, sustainable employment, skills development and increased public revenue. He said strengthening local content requirements is central to the government’s ambition to build a resilient supply chain linked to the country’s mineral wealth. He explained that the Mining Commission will continue publishing an updated list of goods and services that must be supplied strictly by companies owned 100% by Tanzanians. He emphasised that non-Tanzanian firms are not permitted to operate within these reserved areas, in line with existing local content regulations. The categories identified include services and supplies that are fundamental to daily mining operations. These include transport and haulage, logistics management, warehousing, clearing and forwarding, catering and camp management, and cleaning and laundry services.

Source: The Citizen

Tanzania

Insurance companies’ profits more than double as sector assets increase

Tanzania’s insurance industry has delivered a strong financial performance, with 15 private insurers reporting combined profits of TZS91-billion in 2025. This figure is more than double the TZS43-billion recorded in 2024. The results indicate renewed strength across the sector and signal improved operational discipline among market participants. An analysis of published financial statements shows that total assets for the sampled firms exceeded TZS1.35-trillion for the year ended 31 December 2025. This represents a marked rise from TZS1.04-trillion recorded in the preceding year. Most companies returned to profitability across both life and general insurance segments. The development underscores the industry’s recovery from earlier pressures and its growing contribution to the wider financial system. The growth has been attributed to sustained economic activity, stronger enforcement of mandatory insurance covers, and the rapid expansion of bancassurance services. Bancassurance allows insurers to leverage banks’ customer networks, thereby widening their reach and reducing distribution costs. Analysts also point to rising public awareness, particularly in motor, property and life insurance, as an important factor shaping the market’s trajectory.

Source: The Citizen

Tanzania

Tanzania bets on gas as global fuel volatility reshapes energy markets

Tanzania is accelerating its shift towards natural gas as a central pillar of its energy and economic strategy, aiming to shield the economy from volatile global fuel prices while reducing costs for businesses and households. In an interview with The Citizen, the Permanent Secretary for Electricity and Renewable Energy, Mr Felchesmi Mramba, said the government is expanding the use of domestic natural gas beyond power generation into transport and industry as part of a broader structural energy transition. “The government is promoting the adoption of gas-powered vehicles through incentives, including support for conversion technologies and development of refuelling infrastructure,” he said. The strategy comes amid persistent fluctuations in global oil markets, which continue to expose import-dependent economies to price shocks and foreign exchange pressures. In Dar es Salaam, petrol currently retails at about TZS3 820 per litre and diesel at TZS3 806 following the latest monthly price cap adjustment. Against this backdrop, Tanzania is positioning its domestic gas reserves as a stabilising buffer for its energy system. Energy Minister Deogratius Ndejembi, in his 2026/27 budget speech, said the country had produced more than 41 billion cubic feet of natural gas by March 2026. He said ongoing infrastructure expansion is aimed at ensuring reliable and affordable energy for national development.

Source: The Citizen

Togo / Benin / Senegal

Togo, Benin and Senegal launch free community roaming services

Togo, Benin and Senegal have advanced regional digital integration by launching free roaming services on Friday, 24 April 2026, in Lomé. The launch marks the implementation of two bilateral agreements – one between Togo and Senegal, the other between Senegal and Benin – signed on the sidelines of the Association of Telecommunications Regulators of West Africa’s (ARTAO) 23rd annual general assembly. Signed in December 2025 in Dakar, the agreements were outlined by Amah Vinyo Capo, Director of Markets and Data-Driven Regulation at Autorité de Régulation des Communications Électroniques et des Postes (ARCEP Togo), during the ceremony. They represent a first for the region: two separate agreements aligned on identical terms, reflecting a gradual push toward harmonisation within ARTAO. “Today, we are taking a new step by removing another barrier to digital mobility and strengthening regional integration. In the digital age, electronic communications have become essential. They connect people and support economies, but one obstacle remained: the high cost of mobile roaming. That obstacle is now removed. Thanks to free roaming between Togo and Senegal and between Senegal and Benin, citizens travelling between these countries will be able to communicate as if they were in their home country,” said Michel Yaovi Galley, Director General of ARCEP Togo. The objective is to reduce roaming charges for consumers travelling across borders. The agreements regulate international and local call rates, as well as mobile data, with caps designed to prevent excessive charges.

Source: Togo First

Uganda

Bank of Uganda’s gold buying programme signals shift in reserve strategy

The Bank of Uganda has started buying gold from local miners and refiners as part of its three-year Domestic Gold Purchase Program, according to Reuters. The pilot programme aims to strengthen the country’s foreign exchange reserves while reducing reliance on traditional reserve assets. As geopolitical conflicts cause fluctuations across dominating currencies, the programme signals a broader shift toward commodity-backed reserves as emerging markets look to reduce exposure to dollar volatility. By purchasing gold directly from domestic miners and refiners, Uganda’s central bank is integrating locally produced bullion into official reserves. This in turn, drives the formalisation of the artisanal sector – which accounts for over 90% of national production – while simultaneously advancing the country’s local beneficiation strategy. The three-year pilot will assess how the country can best leverage its estimated 30 million tons of gold ore resources to enhance economic resilience. Uganda’s move to retain gold as a foreign reserve not only strengthens its foreign reserve base but also enhances its ability to distribute finance and import commodities. The country plans to purchase 100 kg of gold – valued at approximately USD160-million – by June 2026, with a longer-term target of acquiring up to 10 tons annually, as part of the Domestic Gold Purchase Program.

Source: Prospect

Zimbabwe / Botswana

Zimbabwe and Botswana eye passport-free travel as part of regional integration drive

Zimbabwe and Botswana are moving to deepen regional integration with a landmark agreement that will allow citizens of both countries to travel without passports, using only national identity documents. The plan was confirmed during the fifth session of the Zimbabwe-Botswana Bi-National Commission in Harare by Presidents Emmerson Mnangagwa and Duma Boko. The bilateral talks also produced a series of cooperation agreements aimed at easing the movement of people, goods, and services across their shared border, according to SABC. Speaking on the agreement, Mnangagwa emphasised the economic intent behind the move, noting that “this arrangement will facilitate the smooth movement of our people and goods, strengthening trade and deepening our long-standing bilateral relations.” President Boko echoed that sentiment, framing the policy as part of a broader regional vision. “We are committed to removing barriers that hinder the free movement of our citizens. This is a practical step towards regional integration and shared prosperity,” he said. Beyond mobility, the two leaders signed additional accords covering defence collaboration, cross-border security, and investment promotion – signalling a broader push to align economic and security priorities between the neighbouring states.

Source: Business Insider Africa