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issue 642 | 17 May 2026

Africa

Africa Forward Summit backs New African Financial Architecture for Development and pan-African guarantee mechanism to unlock investment and jobs across Africa

The African Development Bank (AfDB) Group secured major political momentum for the New African Financial Architecture for Development (NAFAD) at the Africa Forward Summit, as African leaders, international partners and development institutions rallied behind a transformative pan-African guarantee mechanism designed to unlock investment, lower the cost of capital and accelerate job creation across the continent. Held in Nairobi under the joint leadership of President William Ruto and President Emmanuel Macron, the summit brought together heads of state and government, multilateral institutions, global investors and private-sector leaders around a shared agenda: repositioning Africa at the centre of global growth through a new model of partnership based on co-investment, sovereign equality and African-led financial solutions. In his interventions, the President of the AfDB Group, Dr Sidi Ould Tah, presented NAFAD as a bold African-led response to one of the continent’s most pressing structural constraints: the inability to transform abundant liquidity into investable capital at scale. He stressed that Africa’s challenge is not a lack of capital, but rather a lack of mechanisms capable of transforming risk and crowding in long-term investment. “Africa is not capital poor. Africa is risk-transformation poor,” President Ould Tah stated. He noted that although Africa faces an annual development financing gap exceeding USD400-billion, the continent holds nearly USD4-trillion in domestic savings. Yet Africa attracts only 1% of global institutional capital and just 4% of global foreign direct investment.

Source: AfDB

Africa

Africa loses nearly USD90-billion annually to illicit financial flows as calls to tighten mining and tax laws deepen

Africa loses an estimated USD89-billion annually to illicit financial flows (IFFs), with experts warning that weak tax systems, profit shifting and opaque financial practices continue to drain resources needed for development across the continent. The warning came during an interactive session between experts from the West African Tax Administration Forum and Tax Justice Network Africa and lawmakers at the Economic Community of West African States Parliament session in Abuja. The discussions focused on tax harmonisation, domestic resource mobilisation, and strategies to reduce IFFs across West Africa. According to the experts, Africa also faces an annual domestic resource mobilisation gap of about USD194-billion, limiting governments’ ability to fund infrastructure, healthcare and other public services. They said commercially driven activities account for at least 65% of IFFs from the continent. The practices identified include tax evasion, aggressive tax avoidance, trade misinvoicing and profit shifting by multinational corporations. “These harmful tax practices haemorrhage the available resources that can be used for development of the continent,” the experts said, citing findings from a 2020 report.

Source: Business Insider Africa

Africa

Civil society, diaspora, and philanthropy commit to drive Africa’s new financial architecture

The African Development Bank (AfDB) Group has recognised civil society organisations, African diaspora networks, and philanthropic institutions as pivotal stakeholders in implementing its New African Financial Architecture for Development (NAFAD). At a high-level policy dialogue held on 4 May 2026 at the Bank’s headquarters in Abidjan, leaders from across these sectors agreed to jointly design the civic operational framework for the initiative. This collaborative commitment will be presented on 28 May in Brazzaville during a side event titled Civil Society, Diaspora, and Philanthropy as Accelerators of NAFAD. This event will take place during the AfDB Group’s 2026 Annual Meetings in the Congolese capital from 25 to 29 May. NAFAD is Africa’s strategic response to the continent’s annual development financing gap estimated at USD400-billion. The initiative seeks to position African citizens and local communities not merely as beneficiaries of development programmes, but as active drivers of economic transformation. “Whether it is a diaspora engineer mobilising capital for their home country or a private foundation directing endowments toward smallholder agriculture, NAFAD places human impact at the heart of every financial decision,” said Didier Acouetey, NAFAD Coordinator and Special Adviser to the President of the Bank Group.

Source: AfDB

Africa

Germany moves deeper into Africa’s rail corridors as critical minerals competition intensifies

The African Development Bank (AfDB) has signed a letter of intent with DB Engineering & Consulting to support a feasibility study for an African Rail Competence Centre, a proposed institution aimed at strengthening technical capacity, planning and standards for rail infrastructure development across the continent. The agreement forms part of a broader engagement between AfDB and German institutions – including transport and economic ministries as well as KfW IPEX Bank – to accelerate rail modernisation, corridor development and skills training tied to Africa’s expanding transport networks. According to Mike Salawou, Director of the Bank’s Infrastructure and Urban Development Department, the partnership aims to “build local capacity, enhance technical skills, and support sustainable and efficient rail systems across the continent,” while laying the foundation for stronger infrastructure development. While framed as a capacity-building initiative, the timing reflects a broader shift: Africa’s transport corridors are becoming increasingly central to global critical minerals supply chains. At the centre of that shift is the Lobito Corridor, a rail and port system linking copper and cobalt-producing regions in the Democratic Republic of the Congo and Zambia to Angola’s Atlantic coast.

Source: Prospect

East Africa

East Africa business body pushes for 40% intra-regional trade by 2030

The East African Business Council (EABC) has urged East African Community (EAC) member states to align fiscal policies and national budgets to make regional trade more efficient and competitive as the bloc targets raising intra-regional trade to 40% by 2030. The appeal comes amid new data showing that while the East African economy continues to expand strongly, trade among member states remains far below the region’s potential under its Common Market framework. According to the International Monetary Fund, the EAC economy is projected to grow by 5.6% in 2026, above the African average of 4.3%. At the same time, the EAC Quarterly Statistics Bulletin for October–December 2025 shows total trade within the bloc rose by 25.4%, increasing from USD124.9-billion in 2024 to USD156.6-billion in 2025. In the final quarter of 2025, total trade stood at USD42.4-billion, with exports at USD20.8-billion and imports at USD21.6-billion. Despite this growth, intra-EAC trade reached only USD19.3-billion in 2025, accounting for just 12.3% of total trade, highlighting untapped regional potential. Speaking during regional finance meetings in Arusha, EABC Executive Director, Mr Ahmed Farah, said the figures reflect underutilisation of the regional market and call for urgent policy alignment.

Source: The Citizen

West Africa

ECOWAS lawmakers talk tough with new push for economic, security overhaul as Sahel alliance fractures regional unity

Lawmakers from the Economic Community of West African States (ECOWAS) have called for sweeping reforms to the regional bloc, warning that persistent insecurity, democratic backsliding and economic hardship are threatening the future of integration across West Africa. The debate took place during the ECOWAS Parliament’s First Ordinary Session in Abuja on Tuesday, 12 May 2026, where members of Parliament reviewed a proposed “Compact of the Future of Regional Integration”, a strategic framework aimed at reshaping the bloc’s political and economic direction ahead of a planned summit of regional leaders. The proposal, presented by ECOWAS Commissioner for Political Affairs, Peace and Security Abdel-Fatau Musah, seeks to reposition the organisation under its Vision 2050 agenda by moving from what he described as an “ECOWAS of States” to an “ECOWAS of the Peoples”. Musah said the bloc was facing “a convergence of crises”, including terrorism, unconstitutional changes of government, weak implementation of regional agreements, youth unemployment, gender inequality and declining public trust in regional institutions. “The Pact is both a reform agenda and a survival strategy for regional integration,” Musah told lawmakers, adding that its success would depend on “political will, institutional discipline, sustainable financing, citizens’ ownership, parliamentary oversight and effective implementation across member states.”

Source: Business Insider Africa

Angola

Angola activates 30 000 bpd Cabinda refinery in historic startup

Angola’s Cabinda refinery has officially transitioned from testing to full commercial operations, marking the country’s first new refinery since independence nearly 50 years ago and a milestone in its downstream expansion strategy. The facility positions Angola to reduce its reliance on imported refined fuels, which have historically cost the country more than USD1.5-billion annually. Located in Cabinda Province, the refinery is operated through a public-private partnership between Gemcorp Capital, which holds a 90% stake, and the country’s state-owned Sonangol. The project was developed at a cost exceeding USD470-million. The refinery currently processes 30 000 barrels per day (bpd), meeting around 10% of Angola’s fuel demand. Its initial output includes diesel for domestic consumption, alongside exports of heavy fuel oil and naphtha to international markets. A planned second phase will double capacity to 60 000 bpd, incorporating a hydrocracking unit to produce higher-value fuels such as diesel and jet fuel. Engineering work is underway, with operations targeted for the first half of 2027. The Cabinda project forms part of Angola’s broader ambition to exceed 400 000 bpd in refining capacity by 2027, significantly reducing its dependence on imported petroleum products and retaining more value domestically.

Source: Prospect

Benin

Benin approves 2026–2035 National Development Plan

The Beninese Government has approved the National Development Plan for 2026–2035 during a Cabinet meeting. According to an official statement issued by the secretary general of the Government of Benin, the plan aims to diversify the Beninese economy to increase the secondary sector's contribution from an average of 16.3% between 2015 and 2024 to 21.1%. The plan also seeks to reduce social inequalities, targeting a decrease in the Gini index from 34.4 in 2021 to an average of 30. The development plan was further approved to ensure Benin possesses strong and efficient institutions, with the rule of law index expected to rise from 0.48 in 2024 to an average of 0.52. Additionally, it aims to root endogenous cultures and moral values, ultimately setting Benin on a path of continuous development. “The plan is structured into 17 priority areas over the next 10 years,” the statement noted.

Source: Xinhua

Botswana

BTC unveils BTC Business to strengthen Botswana’s digital future

Botswana Telecommunications Corporation Limited (BTC) has unveiled BTC Business, a refreshed identity for its business division aimed at strengthening the company’s position as a leading provider of digital solutions in Botswana and the Southern African Development Community region. The launch marks a milestone in BTC’s transformation journey as the company seeks to deepen its role in supporting businesses, government institutions, and organisations through advanced digital services and technology-driven solutions. BTC Business will provide tailored digital solutions to key sectors of the economy, including government and public services, banking and financial services, mining, tourism and hospitality, education and healthcare, manufacturing and agriculture, as well as transport and energy.

Source: Mmegi

Botswana

Lucara sets 2026 Karowe capital plan as Botswana diamond pressures build

Canadian mining company Lucara Diamond is continuing its long-term investment programme at its flagship Karowe asset in Botswana, outlining up to USD110-million in planned capital expenditure for 2026 to advance its underground expansion project at a time when the global diamond market is facing sustained structural pressure from lab-grown supply. The 2026 figure reflects part of Lucara’s broader, multi-year funding profile for the Karowe Underground Project – an expansion designed to extend the life of one of Botswana’s most strategically important diamond mines and transition it from open-pit to underground production. The move reinforces Karowe’s role as Lucara’s core long-life asset, but also highlights a broader industry tension: whether capital-intensive underground natural diamond production can sustain value creation in a market increasingly shaped by lower-priced synthetic alternatives. The lab-grown diamond segment is projected to grow at more than 13% annually through 2034, accelerating price compression across mid- and lower-tier natural diamonds and forcing producers to concentrate on high-margin, differentiated production.

Source: Prospect

Botswana / Rwanda

Botswana, Rwanda seek to revitalise bilateral trade

The recent visit to Botswana by Rwanda President Paul Kagame has highlighted the need to technocrats to roll up their sleeves and work hard to restore declining trade volumes between the two countries. It is said that bilateral trade between Gaborone and Kigali has declined significantly over the past five years, prompting renewed efforts by both nations to strengthen economic cooperation and unlock new trade and investment opportunities. However, despite the downturn in trade volumes, the relationship between Botswana and Rwanda continues to be anchored in strong diplomatic and economic ties spanning multiple sectors. Currently, cooperation between the two covers areas such as defence and security, health, education, tourism, agriculture, trade, and investment. This broad collaboration reflects what both governments describe as a shared vision for economic prosperity and sustainable development. Minister of Trade and Entrepreneurship, Tiroeaone Ntsima, noted that the decline in trade highlights the urgent need for deliberate and coordinated interventions aimed at unlocking and maximising the economic potential between the two nations. As a result, he highlighted that particular attention should be directed towards sectors with significant growth potential, including tourism, information and communications technology, financial services, manufacturing, and agribusiness.

Source: Mmegi

Burkina Faso

Burkina Faso's Parliament adopts additional protocols to strengthen Sahel alliance

The People's Legislative Assembly of Burkina Faso has recently adopted four bills authorising the ratification of additional protocols to the founding treaty of the Alliance of Sahel States, aiming to solidify the confederation's legal and strategic framework. The adoption took place during a plenary session in the capital, Ouagadougou, attended by 59 lawmakers who voted in favour of the texts signed in Bamako, Mali, on 23 December 2025. The protocols cover coordination of diplomatic action, coordination of development actions, defence and security, and the establishment of confederal parliamentary sessions. Burkina Faso’s Minister of Foreign Affairs Karamoko Jean Marie Traoré said that the move provides a “legal anchor” for cooperation already taking place on the ground among Burkina Faso, Mali and Niger. “We want to create the conditions so that actions... can definitively have a legal basis in terms of diplomacy, defence and development,” Traoré said. The protocol on diplomatic coordination requires member states to coordinate positions on international issues, coordinate within global organisations, and provide mutual consular assistance.

Source: Xinhua

Cabo Verde

IMF reaches staff-level agreement with Cabo Verde on the eighth review under the ECF arrangement, and fourth review under the RSF arrangement

An International Monetary Fund (IMF) team led by Mr Martin Schindler visited Cabo Verde from 27 April to 8 May 2026, to assess progress under the Extended Credit Facility (ECF) and Resilience and Sustainability Facility (RSF)-supported programmes. Access is 220% of quota (SDR52.14-million, approximately USD71.64-million) under the ECF and 100% of quota (SDR23.69-million, approximately USD32.55-million) under the RSF. 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 policy discussions and reached staff-level agreements on the eighth review under the [ECF] arrangement and the fourth review under the [RSF] arrangement. Upon approval by the IMF’s Executive Board, completion of the eighth ECF review will allow disbursement of SDR2.37-million (approximately USD3.26-million), while the completion of the fourth RSF review will allow disbursement of up to SDR5.276-million (approximately USD7.25-million), depending on reform progress under the RSF.” “Cabo Verde’s economy performed strongly in 2025, with real GDP growth of 6.3%, driven by record-high tourist arrivals, resilient private consumption, and higher public investment.”

Source: IMF

Cameroon

Cameroon takes control of Société Générale unit in USD230.8-million banking deal

The Cameroonian Government has completed the acquisition of French banking giant Société Générale’s majority stake in its local subsidiary, marking one of the biggest state-led banking takeovers in Central Africa in recent years. Under the agreement, Cameroon purchased the 58.08% stake previously owned by Société Générale, increasing the government’s total ownership in the lender to 83.68%. The transaction was formally concluded on 12 May 2026, during an official event chaired by Cameroon’s Finance Minister, Louis Paul Motaze, alongside Minister Delegate to the Ministry of Economy Paul Tasong and representatives of the Société Générale Group. Following the takeover, the bank has been renamed General Bank of Cameroon. Cameroon’s Finance Ministry said the new identity reflected plans to build “a modern, competitive and inclusive bank” that would support the country’s economic development goals. Officials also said the transition was designed to protect financial stability, maintain customer confidence and ensure uninterrupted banking services. The acquisition agreement was signed on 15 July 2025, at a cost of F.CFA129-billion, including taxes, equivalent to about USD230.8-million based on current exchange rates. The deal makes the Cameroonian Government the dominant shareholder in the country’s second-largest bank, while insurance group SanlamAllianz retains a 16.32% stake.

Source: Business Insider Africa

Cameroon / Central African Republic / Chad

Cameroon showcases port reforms to strengthen Chad and CAR trade

Cameroon is accelerating efforts to strengthen its position as the main maritime gateway for Chad and the Central African Republic (CAR), with Transport Minister Jean Ernest Masséna Ngallè Bibéhè using the fifth Chad-Cameroon-CAR Tripartite Forum in N’Djamena to showcase new logistics infrastructure, port reforms and transit facilitation measures aimed at boosting sub-regional trade flows. The forum, held from 11 to 13 May, in the Chadian capital, brought together transport ministers, port authorities, customs officials and logistics operators from the three countries to examine ways of improving the competitiveness, security and fluidity of the Transcameroonian corridor linking the ports of Douala and Kribi to N’Djamena and Bangui. On the sidelines of the meeting, Ngallè Bibéhè visited the representation office of the Port Authority of Douala in N’Djamena and le Conseil National des Chargeurs du Cameroun Centres de Vie logistics facility in Kousseri, accompanied by officials from Cameroon and Chad, including Cyrus Ngo'o, Auguste Mbappe Penda and representatives of the Port Authority of Kribi and le Conseil des Chargeurs du Tchad. The visits formed part of Cameroon’s efforts to consolidate trade relations with Chad and CAR, two landlocked countries that depend heavily on Cameroonian ports and transport corridors for imports and exports.

Source: Business in Cameroon

Côte d’Ivoire

Côte d’Ivoire cocoa traceability rates fail to improve as EU anti-deforestation law looms

The amount of Ivorian cocoa that can be traced back to where it was grown remains at just under half, calling into question how the world’s top cocoa grower will manage to comply with the European Union's (EU) looming ‌anti-deforestation law, according to a new analysis released recently by the non-profit Trase. From December the law will require that EU importers of commodities and related goods prove their products were not grown on deforested land by, among other measures, tracing their raw materials back to the plot on which they were grown. According to Trase, only 48% of Côte d’Ivoire’s 2024 cocoa exports can be traced back to the farming cooperatives that grew ⁠the beans, largely because the rest of the supply chain is “indirect” or composed of several intermediaries. The figures have not changed much since the non-profit’s prior analysis published two years ago. “The prevalence of indirect supplies of cocoa and the resulting lack of visibility into its origins makes it very difficult for companies to address issues such as deforestation or child labour,” said United Kingdom-based Trase, which maps the international trade and financing of agricultural commodities using publicly available data.

Source: Reuters

Guinea

African Development Fund: Guinea strengthens African ownership of Fund through contribution to ADF-17

Guinea’s USD50-million contribution to the 17th replenishment of the African Development Fund (ADF), known as ADF-17, reinforces the African Development Bank (AfDB) Group’s concessional financing platform as a central mechanism for delivering development impact across the continent’s low-income countries. The replenishment marks a significant expansion in African participation in the Fund. For the first time in the Fund’s history, 24 African countries pledged approximately USD182-million, with 20 countries contributing for the first time. This represents a five-fold increase compared to the previous cycle, ADF-16, and reflects a growing role for African countries in financing a shared platform that mobilises, allocates, and deploys capital at scale. As the largest African contributor to ADF-17, Guinea’s commitment signals confidence in the Fund and contributes to scaling capital mobilisation for development. It also enables investments in infrastructure and productive sectors that drive value chains and regional integration. “In a global context marked by a tightening of concessional financing, it is the responsibility of African countries themselves to support the instrument that finances the continent’s most vulnerable economies.

Source: AfDB

Kenya / France

Africa’s first aviation fuel refinery planned under new USD82.2-million France-backed deal

Africa is set to develop its first dedicated sustainable aviation fuel (SAF) refinery following a new France-backed agreement signed between Kenya Airways and Rubis Energy Kenya, a subsidiary of French energy group Rubis. The two companies signed a memorandum of understanding recently to jointly develop the refinery, which is expected to produce 32 000 metric tons of SAF annually. The project is estimated to require an investment of between EUR60-million and EUR70-million, equivalent to about USD70.5-million to USD82.2-million. The proposed location near Jomo Kenyatta International Airport (JKIA) is considered strategic, given that JKIA serves as Kenya’s primary international aviation hub and one of the country’s largest aviation fuel consumption centres. The agreement was signed in the presence of Presidents William Ruto and Emmanuel Macron during the French leader’s visit aimed at strengthening economic and strategic ties with African partners.

Source: Business Insider Africa

Rwanda

Aircraft financing in Rwanda: A guide to the Cape Town Convention

Aviation financing is central to the modern aerospace industry, enabling airlines and operators to acquire high-value assets while preserving capital flexibility. For businesses operating in, or engaging with, Rwanda’s aviation sector, understanding how security interests over aircraft are created and registered is a practical and commercial necessity. Rwanda has established a solid legal framework for aircraft security interests through its ratification of the Cape Town Convention on International Interests in Mobile Equipment and the Aircraft Protocol, supported by domestic implementation under Part 35 of the Rwanda Civil Aviation Regulations. This article provides a concise overview of the regulatory landscape and the key practical considerations when creating, registering and perfecting security interests over aircraft in Rwanda.

Source: ENS

Senegal

Senelec takes control of WAE plant as Senegal doubles down on state-led energy strategy

Senegal’s state utility Senelec has finalised the acquisition of 100% of the capital of the 366 MW West African Energy (WAE) plant, consolidating control over a gas-to-power asset covering 25% of national demand. With the plant now 97.5% complete and already partially synchronised to the grid, Senelec’s takeover aims to accelerate commissioning. The transaction reflects a policy shift toward state control over strategic energy infrastructure. It also highlights a coordinated upstream-downstream approach alongside the state-led development of the Yakaar-Teranga gas field: the WAE plant requires reliable domestic gas supply to operate at scale, while Yakaar-Teranga depends on credible offtake solutions such as gas-to-power to ensure commercial viability. This positions the acquisition as a broader test of whether Senegal’s state-led integration model can accelerate energy delivery while managing the operational and financial risks traditionally absorbed by private operators. The WAE project is the country’s largest combined-cycle gas plant and a central pillar of its power expansion strategy. With a capacity of 366 MW – 127 MW of which is already injected into the grid – the F.CFA283-billion project will produce 2.39 TWh annually, enough for 500 000 households.

Source: Prospect

Tanzania

IMF staff reach staff-level agreement with Tanzania on the final reviews of the ECF and RSF

An International Monetary Fund (IMF) team led by Mr Nicolas Blancher visited Tanzania from 28 April to 12 May 2026, and held discussions for the sixth and seventh reviews under the Extended Credit Facility (ECF), and the third and fourth reviews under the Resilience and Sustainability Facility (RSF). Subject to approval by the IMF Executive Board, the completion of the reviews will make available SDR283.85-million (about USD375.5-million), bringing total IMF support to SDR795.58-million (about USD1 052-million) under the ECF arrangement, and SDR426.2-million (about USD563.8-million) under the RSF arrangement. At the conclusion of the mission, Mr Blancher issued the following statement, in part: “I am pleased to announce that the IMF team and the Tanzanian authorities have reached a staff-level agreement on the policies needed to complete the final reviews under Tanzania’s ECF and RSF-supported programmes. The IMF’s Executive Board will discuss these reviews in the coming weeks.” “The programmes’ broad objectives have been achieved. Growth remains strong, inflation has been stable and within the Bank of Tanzania’s target range, international reserves coverage remains adequate, and spending on priority social sectors such as education and health has ticked up. The authorities have strengthened macroeconomic stability, built buffers, and improved resilience to economic shocks and risks from climate change.”

Source: IMF

Tanzania

Tanzania’s gold exports cushion economy as oil shocks continue to hit global markets

Tanzania’s rising gold exports are helping to shield the economy from a global oil price shock triggered by escalating geopolitical tensions in the Middle East and disruptions to shipping through the Strait of Hormuz, according to the latest Bank of Tanzania (BoT) Monthly Economic Review for April 2026. The report shows that gold has become a key stabilising factor for Tanzania’s external sector at a time when many import-dependent economies are grappling with rising fuel, fertiliser and freight costs following the March 2026 disruption of the Strait of Hormuz, one of the world’s most strategic oil transit routes. Gold exports generated USD3.771-billion in the year ending March 2025 and USD5.2-billion in the year ending March 2026. It accounted for an estimated 30 to 40% of Tanzania’s foreign exchange earnings. The BoT notes that this performance has helped offset the country’s rising oil import bill as global crude prices surge. “Historically, periods of geopolitical tension tend to drive both oil and gold prices upward,” the report states, noting that increased investor demand for safe-haven assets has strengthened Tanzania’s export earnings during the crisis.

Source: The Citizen

Togo

Togo moves to operationalise nuclear safety authority

Togo is preparing to establish a National Nuclear Safety and Security Authority as it strengthens regulation of its civilian nuclear sector. At the recent Council of Ministers meeting, Council President Faure Gnassingbé instructed ministers to speed up the creation of the Authority, which will oversee risks linked to radioactive materials. The move comes as Togo expands its legal framework for peaceful nuclear activities. The government recently adopted draft laws authorising the country’s accession to international conventions on nuclear safety, radioactive waste management and compensation for nuclear accidents. The measures are expected to improve Togo’s access to international technical cooperation and financing. Authorities also plan to map radiological risks across the country, with the assessment expected to support new regulations aligned with international standards. Since 2025, Togo has accelerated efforts in the civilian nuclear sector. The country has served on the Board of Governors of the International Atomic Energy Agency and created an Atomic Energy Commission to coordinate programmes related to the peaceful use of nuclear energy in sectors including health, agriculture and energy.

Source: Togo First

Zimbabwe

Zimbabwe to return 67 foreign-owned farms

The Zimbabwean Government announced recently that it will return 67 farms seized from foreign nationals from four European countries whose investments are protected under bilateral agreements. Speaking in Parliament on 6 May, Minister of Agriculture, Mechanisation and Water Resources Development, Anxious Masuka, said the farms previously belonged to nationals from Denmark, Switzerland, Germany, and the Netherlands. He said the move forms part of the government’s broader efforts to rebuild relations with Western countries and international lenders after years of isolation. Masuka added that more than 400 white former commercial farmers will be allowed to buy back all or part of their farms, while 840 farms previously owned by black Zimbabweans will be returned to them. The Commercial Farmers’ Union of Zimbabwe (CFU) has welcomed the decision to return the 67 farms covered by Bilateral Investment Promotion and Protection Agreements (BIPPAs), describing it as a step towards rebuilding international confidence. “We are pleased that the Government of Zimbabwe is making progress towards normalising international relations. This follows initial compensation payments made to 94 BIPPA farmers who will not be returning to their properties, since the land was resettled,” CFU Chairperson, Liam Philp told Farmer’s Weekly.

Source: Farmer's Weekly