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issue 644 | 31 May 2026

Africa

Africa needs a growth reset

As global conditions worsen and policy room shrinks, the region needs a new growth model – one that crowds in private investment, lifts productivity, and creates better jobs for a fast-growing young labour force. At current growth rates, per capita income in sub-Saharan Africa would take roughly half a century to double. A chapter in the International Monetary Fund’s (IMF) latest Regional Economic Outlook for Sub-Saharan Africa shows that implementing well-designed structural reforms – especially in governance, business regulation, and market openness – could lift output by around 20% within a decade. The point is not reform for reform’s sake. It is to shift the growth model from one led mainly by the state to one driven more by private investment, productivity, and jobs. Sub-Saharan Africa lags other developing regions most in three areas: governance, business regulation, and market openness. These gaps are largest in fragile and conflict-affected states and oil exporters. But they are not immutable. Rwanda and Benin, for instance, have cut red tape and used digital tools to make it easier to do business. Reforming state-owned enterprises, especially in energy and transport, is another key priority. When tariffs stay below cost-recovery levels, cash flow weakens, maintenance is delayed, and investment stalls. The result is a familiar tax on growth: unreliable and expensive services for firms and households. The better reform efforts use four ingredients: map stakeholders, align prices with costs, define social goals clearly, and explain how any savings will be used.

Source: IMF

Africa

Africa races to stop deadly Ebola outbreak as funding nears USD500-million and deaths climb

Africa has secured nearly USD500-million in emergency pledges as health officials warn that a fast-spreading Ebola outbreak linked to a rare virus strain is beginning to outpace containment efforts across Central Africa. Governments and international partners announced approximately USD498.8-million in commitments during a high-level ministerial meeting to strengthen response operations in affected and high-risk countries, according to Jean Kaseya, Director-General of the Africa Centres for Disease Control and Prevention. The funding push comes as the death toll linked to the Bundibugyo Ebola Virus rises to 220, prompting growing concern from global health authorities. “At the moment, the epidemic is outpacing us,” said Tedros Adhanom Ghebreyesus, [Director-General of the World Health Organization], warning that the outbreak is spreading in an increasingly complex environment. Unlike previous Ebola outbreaks, the Bundibugyo strain currently driving infections across parts of Central Africa has no approved vaccine or targeted treatment – a reality that has intensified fears among health officials and humanitarian agencies.

Source: Business Insider Africa

Africa

African leaders urged to speed up viable growth through bold leadership

African leaders have been urged to embrace transformative leadership, innovation and strategic partnerships to accelerate sustainable economic growth and strengthen the resilience of institutions across the continent. The call was made by Equity Group Managing Director and CEO, James Mwangi, during the Zanzibar Chairpersons and CEOs Forum, which brought together senior government officials, financiers, corporate executives and development partners to discuss regional collaboration, investment opportunities and economic growth. Speaking during the session officiated by Zanzibar President Hussein Ali Mwinyi, Dr Mwangi said Africa was well positioned to benefit from ongoing shifts in the global economic order due to its youthful population, renewable energy resources, strategic minerals and expanding trade opportunities. He said African countries needed to position themselves strategically to shape future global economies. “The current global economic framework is undergoing a major reset, and regions that position themselves strategically today will shape the economies of the future,” said Dr Mwangi.

Source: The Citizen

East Africa

EAC, IGAD step up regional digital systems integration to boost trade

The East African Community (EAC) and the Intergovernmental Authority on Development (IGAD) are intensifying efforts to accelerate digital integration across eastern Africa as regional leaders seek to expand trade and improve economic competitiveness through technology-driven systems. The renewed cooperation comes as the EAC targets increasing intra-regional trade to 40% by 2030, with digital platforms expected to play a critical role in trade facilitation, logistics, financial services and cross-border payment systems. The issue featured prominently during a joint EAC-IGAD media training workshop on the Eastern Africa Regional Digital Integration Project held in Nairobi, Kenya. Speaking during the workshop, IGAD Director of Economic Cooperation and Regional Integration Division, Mohyeldeen Eltohami Taha Hamed, said stronger digital collaboration was essential for transforming eastern Africa into a more connected and competitive regional market. “We recognise that without informed citizens, regional integration cannot fully succeed,” said Dr Taha. He noted that discussions on digital transformation have often remained confined to governments and technical institutions, limiting public understanding of the economic and social opportunities created by digitalisation. According to the International Monetary Fund, the EAC economy is projected to grow by 5.6% in 2026, above Africa’s average forecast growth of 4.3%.

Source: The Citizen

West Africa

BOAD launches EUR800-million financing deals, testing new cross-currency model for West Africa

The West African Development Bank (BOAD) and Proparco, a subsidiary of the French Development Agency, have launched a EUR200-million financing operation targeting private-sector growth across the West African Economic and Monetary Union (WAEMU) and select European Union-linked financial channels. The deal introduces a first-of-its-kind cross-currency structure linking euro and CFA franc liquidity, positioning it as a test case for new financial engineering in development finance. Structured by advisory group Galite, the operation is designed to expand access to local-currency funding while simultaneously reinforcing foreign exchange reserves in the WAEMU zone, including eight West African economies that represent a combined GDP of USD180-billion and a population of more than 130 million people. The mechanism allows investors to operate across euro and CFA franc markets in a single framework, reducing currency mismatch risk for lenders while improving financing conditions for regional companies. The structure aims at deepening capital markets in a region where private credit penetration remains limited compared with emerging market peers. In a parallel deal, BOAD also signed an agreement with the International Finance Corporation, part of the World Bank Group, for up to EUR600-million in cross-currency financing. The arrangement establishes reciprocal lending between euros and CFA francs to support long-term investment in energy, agribusiness, transport, urban development, and small and medium-sized enterprises.

Source: Prospect

West Africa

IMF Executive Board concludes 2026 discussions on common policies of WAEMU

The Executive Board of the International Monetary Fund (IMF) concluded the annual discussions on common policies of member countries of the West African Economic and Monetary Union (WAEMU). The authorities have consented to the publication of the Staff Report prepared for this consultation. Economic growth in WAEMU reached 6.6% in 2025 – among the fastest growing regions of the world – while inflation fell below its target range from mid-2025, driven primarily by transitory food price deflation. Progress in reducing external imbalances continued as the current account deficit narrowed from 5.7% of GDP in 2024 to 1.7% in 2025, reflecting elevated gold and cocoa prices and rising hydrocarbon export volumes. Reserves rose sharply above adequate levels, reaching 7.8 months of prospective imports in February 2026. The external position is assessed to be broadly in line with the level implied by fundamentals and desirable policies. As inflation fell and external buffers recovered, the Central Bank of West African States lowered policy rates by a cumulative 50 basis points since June 2025.

Source: IMF

Botswana

Botswana, EU launch green value chain development programme

The Government of Botswana has launched a BWP125-million Green Value Chain Development Programme under the Botswana-European Union (EU) Financing Agreement, marking a significant step towards strengthening sustainable economic development and enhancing local value addition in key sectors. The programme will run for four years from February 2026 to February 2030. Launched by the International Trade Centre, the programme will focus primarily on ecotourism and horticulture value chains. These sectors were selected due to their strong comparative advantage, growing market opportunities, and their potential to create jobs while increasing local participation in economic activities. The initiative adopts an integrated and systems-based approach aimed at building long-term sustainability across both sectors.

Source: Mmegi

Burkina Faso

Burkina Faso tightens grip on USD7-billion gold industry as foreign firms lose ground

Burkina Faso is rapidly tightening its grip on one of Africa’s most valuable industries as the military-led government pushes to reduce foreign dominance over the country’s gold sector. The West African nation, one of the continent’s leading gold producers, has spent the past three years restructuring mining ownership in what authorities describe as a drive for “economic sovereignty.” By the end of 2025, six of Burkina Faso’s 15 active industrial gold mines were majority-owned by Burkinabe companies, according to specialised mining outlet Mines Actu Burkina. Three of those mines are now directly controlled by the state through the Burkina Faso Mining Participation Company. According to APANews, the shift marks a major break from decades of foreign-led control over Burkina Faso’s industrial mining sector, where multinational companies historically dominated production and profits. President Ibrahim Traoré has increasingly framed control of natural resources as central to the country’s political and economic agenda. During the launch of a national gold refinery project in 2023, he declared that Burkina Faso intended “to extract gold ourselves.”

Source: Business Insider Africa

Ethiopia

Ethiopia bets on Dangote fertiliser plant to boost food security

Nigerian industrialist Aliko Dangote visited Ethiopia recently as part of efforts to deepen the group’s investment in the country, including the development of a large-scale urea fertiliser plant in Gode. The Ethiopian Government and the Dangote Group had initially agreed on a USD2.5-billion deal for the project, which is expected to produce 3 million metric tonnes of urea annually. The government says the plant is central to its goal of making Ethiopia self-sufficient in fertiliser production while also positioning the country as a major regional exporter. Ethiopian Prime Minister Abiy Ahmed described food security as a “strategic intervention” as Ethiopia and the Dangote Group move ahead with plans for a major fertiliser plant in the country’s Somali region. Abiy said the project reflects a shared vision between Ethiopia and the Dangote Group. “Our interest is to have him in many areas because he’s delivering. As a government, we want to support him and realise our common vision. It is a win-win for both of us,” the prime minister said. He added that both sides stand to benefit from the partnership and expressed confidence in the long-term value of Dangote’s investment in Ethiopia. Dangote Group later said its total investment commitment in Ethiopia has now risen to more than USD4-billion, citing an expanded infrastructure plan linked to the fertiliser project. According to the company, the wider investment will include a 110-km pipeline, a 120-MW power plant, a polypropylene packaging facility, and a two-million-tonne NPK blending plant. Dangote said Ethiopia has become one of the group’s most significant investment destinations on the continent.

Source: Africanews

Ethiopia

Ethiopia launches National E-Mobility Strategy 2025–2030

The Ministry of Transport and Logistics of Ethiopia, in partnership with the United Nations Economic Commission for Africa (ECA), the Institute for Transportation and Development Policy, and the World Resources Institute has officially launched the Ethiopia E-Mobility Strategy and Implementation Plan 2025–2030, a comprehensive national roadmap to accelerate the country’s transition to clean, efficient, and sustainable mobility. The launch workshop, held at ECA’s Headquarters in Addis Ababa, brought together ministers, government institutions, development partners, city administrations, financial institutions, academia, private sector actors, and civil society organisations to introduce the strategy’s priorities and mobilise support for its implementation. The Ethiopia E-Mobility Strategy 2025–2030 outlines priority actions across six intervention areas: policy and regulatory reform, fleet transition, electric vehicle market development, charging infrastructure deployment, public transport electrification, and local capacity building. It reflects Ethiopia’s commitment to reducing dependence on imported fossil fuels, which cost the country approximately USD4-billion in 2023, while leveraging its renewable energy advantage, with over 90% of national electricity generated from clean sources.

Source: ECA

Ghana

Ghana rolls out free visa service for Africans

The Ghanaian Government recently launched the country’s first electronic visa (e-visa) service portal, which is free for all African passport holders. “All holders of African passports travelling to Ghana for business or tourism will apply for visas exclusively via the new online e-visa platform and pay no visa fee,” Ghanaian President John Dramani Mahama said during the launch ceremony. He described the initiative as part of Ghana’s historic pan-African identity and commitment to continental unity as the government initiates broader efforts that align the country’s travel policies with continental efforts to deepen African integration. Mahama said the initiative would also facilitate the effortless movement of goods, services, and humans across the continent under the African Continental Free Trade Area. The president said the initiative also seeks to position Ghana as a digitally modern and globally connected destination for tourism, investment, and business. “Our long-term vision is even broader. We envisage a future, which is not too far, of a time where all people of African descent can travel to Ghana without paying any visa fee as they reconnect with their ancestry,” he added.

Source: Xinhua

Ghana

Ghana rules out blanket nationalisation of multinational mining assets

The Government of Ghana has ruled out a blanket nationalisation of the mining assets of multinational mining companies operating in the West African country. After a meeting with the Ghana Chamber of Mines, Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah confirmed that the country does not have a policy or plan to take over the mining assets of multinational companies in a blanket manner. Buah said the government would continue to deal with each case on its own merit as dictated by the legal and regulatory framework while pursuing the primary objective of protecting the national interest. Buah assured the stakeholders in the mining industry that Ghana remains open to investors based on “win-win” cooperation to ensure that both the investors and the local economy reap the intended benefits. This policy, Buah explained, is primarily aimed at ensuring a sustainable mining sector, which assures sustainable returns for investors; promoting technology transfer and expertise development; improving local content and capacity-building; and creating opportunities for local mining communities.

Source: Xinhua

Mauritius

Competition Commission of Mauritius clarifies how associations and members can access its amnesty programme

Following ENS’s recent newsflash on the launch of the Trade Association and Cooperatives Amnesty Programme (TACAP), the Competition Commission has now published the TACAP Regulations, FAQs and application form. These materials provide further detail on eligibility, the structure of applications and the conditions that must be met for amnesty to be granted. TACAP is open to trade associations, cooperatives, and professional bodies, provided that the entity was already constituted as of 25 May 2026. Applications must be made by or on behalf of the association, cooperative or professional body through authorised representatives. Individual members are not able to submit standalone applications. An association may apply even where only certain members were involved in the conduct. In that scenario, the application must clearly identify the members concerned, and only those members that consent and comply with the requirements will be covered by the application. Any group of members that engaged in cartel / bid rigging conduct without the knowledge or involvement of the association is not eligible to apply under TACAP.

Source: ENS

Mauritius

Mauritius as a relocation destination

While much of the world watches geopolitical tensions ripple outward from the Middle East, Mauritius is adapting to the changes. In April 2026, the government announced a suite of measures designed to turn global uncertainty into opportunity, by introducing the Golden Visa Scheme. The idea is simple: make it faster and easier for high-net-worth individuals to call Mauritius home. Whether you are a strategic investor, entrepreneurs exploring market entry, digital nomads and remote workers employed abroad, retirees and frequent travellers seeking extended stays, this scheme is built with you in mind. The Economic Development Board of Mauritius, the body running the scheme, is targeting a turnaround of roughly five business days. Apply, get approved and receive a two-year residence authorisation, which will be renewable when it expires. There are conditions, of course. The Golden Visa does not open the door to the local job market. Your primary income or business must remain offshore, though working remotely for a foreign employer is perfectly fine. The scheme would also allow applicants to relocate with their spouse and dependents, subject to meeting minimum financial thresholds, including proof of sufficient monthly funds and suitable accommodation during their stay.

Source: ENS

Mozambique

Two new rail links in Greater Maputo – project design tender launched

The Mozambican Government is planning two new railway lines in Greater Maputo, totalling more than 22 km, according to a project design tender seen by Lusa recently. The project design tender involves hiring consultancy services to draft the executive project alongside an Environmental and Social Impact Assessment for the construction of the new rail links in Maputo and Matola, the country’s two largest cities. Launched by the Transport and Logistics Ministry and the Maputo Metropolitan Transport Agency, the tender calls for expressions of interest to be submitted by 29 June, to strengthen the railway network, promote rail transport and encourage a modal shift towards a more efficient, safe, and sustainable solution. The tender notice explained that, to achieve these goals, the construction of two new railway lines in the Maputo Metropolitan Area is planned, specifically between the Luís Cabral neighbourhood and the National Independence Stadium in Machava, spanning 8.3 km, and between Albasine and the Zimpeto National Stadium, covering 14 km. Lusa previously reported that the Mozambican Government also intends to build an Autonomous Rapid Transit system in Maputo through a public-private partnership, featuring a 30-km line between the capital and Boane.

Source: Club of Mozambique

Namibia

Mining sector’s tax contributions rise by 39%

The mining sector contributed NAD7.8-billion in 2025 to the government through taxes paid by the Chamber of Mines of Namibia members, Chamber President George Botshiwe revealed. Botshiwe noted that despite declines in diamond revenue, the members’ tax payments increased by 39%, rising from NAD5.6-billion in 2024 to NAD7.8-billion. He said the growth was largely driven by corporate income tax from gold mining operations, B2Gold and Navachab Gold Mine, reflecting both strong production and favourable gold prices. In addition, royalties amounted to NAD2.458-billion, representing a 9% increase, while export levies rose sharply to NAD685-million, reflecting a 90% increase compared to the previous year. The sector also continued to make a significant contribution to household income and government revenue last year, posting a total wage bill of NAD7.96-billion, while employees contributed approximately NAD1.5-billion in Pay-As-You-Earn tax. This is despite total direct employment declining slightly to 20 798 employees including contract workers. This was largely attributed to retrenchments and voluntary separations at the Sinomine Tsumeb Smelter and Debmarine Namibia. However, contractor employment increased significantly, driven by development activities at major projects such as the Twin Hills Gold Project (Osino), Etango Uranium Project, and Tumas Uranium Project.

Source: Namibia Economist

Nigeria

West Africa’s largest city just declared that it raked in trillions

Nigeria’s commercial hub and most populous city, Lagos, recently disclosed its revenue for the last fiscal year. The city, according to its Commissioner for Finance, Abayomi Oluyomi, generated a total revenue of NGN2.6-trillion (USD1.9-billion) in 2025. The commissioner highlighted the figures at a press briefing held in the state’s capital, Ikeja, recently as part of activities commemorating the seventh anniversary of the administration of the state’s current Governor, Babajide Sanwo-Olu. He noted that “the state’s internally generated revenue rose sharply to NGN1.87-trillion in 2025, compared to NGN1.58-trillion in 2024, representing an 18.5% growth.” As seen in the Punch, the commissioner also revealed that tax revenues increased from NGN678.13-billion in 2023 to NGN1.04-trillion in 2024, reflecting a 54.2% increase and marking the first time the Lagos State Internal Revenue Service surpassed the NGN1-trillion benchmark. Furthermore, Oluyomi stated that tax revenue rose to NGN1.44-trillion in 2025, representing a 38% increase over the preceding year. The Lagos commissioner attributed the enhanced fiscal performance to comprehensive reforms in tax administration and the expansion of digital payment infrastructure, which were implemented to streamline revenue collection processes for both individual citizens and corporate entities.

Source: Business Insider Africa

Republic of the Congo

Republic of the Congo opens USD575-million tender offer in push to reprice high-yield debt

The Republic of the Congo is moving to refinance part of its external debt as it seeks to lower borrowing costs and improve market access. The move is set to sharpen focus on the country’s ability to convert hydrocarbon reserves into faster export revenues. Brazzaville launched a cash tender offer for its outstanding 9.875% amortising notes due 2032 while preparing a new United States dollar bond sale aimed at securing cheaper financing. The government offered to repurchase the remaining USD575.7-million outstanding notes at USD1 040 per USD1 000 principal amount, following a USD354.3-million buyback completed in February, as it moves to refinance one of sub-Saharan Africa’s highest-yielding sovereign debt instruments. Congo’s goal is to reduce how much it pays to issue new debt at a lower interest rate. The original bond issuance totalled USD670-million, before a USD260-million reopening in December 2025 increased the size of the facility. Following February’s repurchase and cancellation, outstanding principal now stands at USD575.7-million. Now, Congo is offering to buy back more of these bonds. The offer is conditional on a successful new bond issuance, meaning the country is swapping expensive legacy debt for potentially cheaper funding. If more than USD343.2-million is tendered, the government can retire the remaining bonds entirely before 2032, wiping out the old expensive debt completely.

Source: Prospect

Tanzania

EFTA bond oversubscription pushes corporate debt market to over TZS2-trillion

Tanzania’s corporate bond market has crossed the TZS2-trillion mark, marking a structural milestone in the country’s capital markets as private-sector debt issuance accelerates alongside sustained investor demand for shilling-denominated instruments. Bank of Tanzania data shows outstanding corporate bonds rose sharply from TZS757.1-billion in 2024 to TZS1.9-trillion in 2025, reflecting one of the fastest expansions in the fixed-income segment in recent years. The additional issuance activity in early 2026, including new listings and strong oversubscriptions, has now pushed the market beyond the TZS2-trillion threshold. The milestone was underscored during the 20 May 2026 listing of Equity for Tanzania Limited’s (EFTA) corporate bond on the Dar es Salaam Stock Exchange, a transaction that further reinforced investor appetite for private-sector credit instruments. EFTA raised TZS33.04-billion, more than double its TZS15-billion target, representing a subscription rate of 220.24%. The offer, which ran from 10 February to 16 March 2026, attracted strong participation from both retail and institutional investors, with overwhelming domestic dominance. Capital Markets and Securities Authority Director-General, Nicodemus Mkama, said EFTA’s issuance has contributed to the continued expansion of Tanzania’s corporate bond market beyond 2025 levels. “EFTA’s success, achieving 220.24% of its goal by raising TZS33-billion instead of the expected TZS15-billion, is a significant milestone for the first and second quarters of 2026,” Mkama said.

Source: The Citizen

Togo

IMF reaches staff-level agreement with Togo on the combined third and fourth reviews under the ECF arrangement

An International Monetary Fund (IMF) staff team, led by Tidiane Kinda, held discussions with Togolese authorities in Washington in late April and in Lomé from 11–19 May 2026, on policies to conclude the combined third and fourth reviews under Togo’s Extended Credit Facility (ECF) arrangement. The discussions focused on recent economic developments, programme performance, and policy priorities going forward. At the conclusion of the discussions, Mr Kinda issued the following statement, in part: “The IMF team reached a staff-level agreement with the authorities on the combined third and fourth reviews of Togo’s economic reform programme supported by the ECF arrangement. The agreement is subject to approval by the IMF Executive Board and the observance of all relevant Fund policies. Upon completion of the reviews, Togo would have access to SDR80.74-million (about USD110.8-million), bringing total disbursements under the arrangement to SDR220.2-million (about USD302.2-million).” “Togo’s economy has continued to demonstrate resilience despite a challenging global and domestic environment. In 2025, real GDP grew by approximately 6%, supported by strong activity in the services sector, while inflation moderated.”

Source: IMF

Uganda

The Protection of Sovereignty Act, 2026: Business is back to business as usual

The controversial Protection of Sovereignty Act, 2026 (the Act), has now been assented to by the President and will become law upon publication in the Uganda Gazette. The law attracted considerable public concern, particularly among banks, insurance companies, international non-governmental organisations and other commercial entities, and Ugandans in the diaspora owing to its exceptionally broad definitions of “agent of a foreigner” and “foreigner”, and its sweeping restrictions on the receipt and disbursement of monies from abroad. During its passage through Parliament, the Bill underwent substantial amendment following the unprecedented massive public outcry. The Act as passed differs substantially from its original, and the key message for commercial clients is a reassuring one: the Act is now largely not a cause for concern for regulated commercial actors. The definition of “agent of a foreigner” has been significantly narrowed, broad exemptions have been introduced for regulated entities and lawful capital flows and the general tenor of the legislation has shifted from one of broad commercial regulation to one focused on foreign financing of political activities. That said, residual areas of uncertainty remain, particularly for banks and money remittance agencies under section 25 of the Act and in respect of the absence of implementing regulations.

Source: ENS

Zambia / Democratic Republic of the Congo

Zambia looks beyond copper with new gold joint venture

Zambia’s ZCCM Investments Holdings (ZCCM-IH) and the Democratic Republic of the Congo’s Mining Mineral Resources (MMR) have established a new gold joint venture company, Kyalo Goldfields Limited, as Zambia diversifies its mining sector beyond copper. Zambia has implemented a strategy to strengthen export revenues by increasing focus on precious metals and critical minerals. The establishment of Kyalo Goldfields Limited comes as the country generates 15% of its GDP and 70% of export revenue from copper. The milestone mirrors a regional push to unlock gold market potential and capitalise on strong gold demand and prices driven by increased central bank purchases. Kyalo Goldfields Limited will conduct exploration, project financing and development and resource extraction in the Kilonge Mining Area, with ZCCM-IH holding a 51% stake while MMR will own the remaining 49%. “[Kilonge] is a meaningful step in broadening ZCCM-IH’s diversified minerals portfolio and represents tangible progress in delivering on our ⁠mandate to formalise and develop Zambia’s gold sector,” stated Kakenenwa Muyangwa, CEO, ZCCM-IH.

Source: Prospect