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issue 660 | 20 Sep 2026

World

BRICS abandons common currency push, opting for integrated payment systems to bypass US dollar friction

Hopes for a common BRICS currency have been put on hold for now, with the bloc instead pushing ahead with plans to settle more trade and investment in members’ local currencies. BRICS has moved away from the idea of creating a single currency to challenge the United States (US) dollar, instead focusing on connecting members’ payment systems and expanding the use of local currencies in cross-border trade. The bloc is working to make members’ payment and messaging systems interoperable, allowing more trade to be settled directly in their own currencies without routing transactions through the dollar. India, which hosted the 18th BRICS summit in New Delhi from 12 to 13 September, said there is currently no proposal for a common currency for the expanded group. Sudhakar Dalela, India’s Secretary for Economic Relations, said discussions would continue on bilateral trade settlements using local currencies, arguing that the approach could help reduce transaction costs and make cross-border payments easier.

Source: Business Insider Africa

Africa

Africa Tax in Brief

ENS’ Africa Tax in Brief, highlights the latest tax news and developments in Angola, Botswana, Burkina Faso, Cameroon, Democratic Republic of the Congo, Equatorial Guinea, Eswatini, Gabon, Ghana, Kenya, Liberia, Mauritania, Mauritius, Namibia, Niger, Nigeria, Republic of the Congo, Sierra Leone, Uganda and Zimbabwe.

Source: ENS – click here to read the full Africa Tax in Brief

Africa

PAPSS targets accelerated adoption and transaction growth as network expands across Africa

The Pan-African Payment and Settlement System (PAPSS) is preparing to accelerate adoption and transaction growth across Africa as it enters the next phase of its strategy, following significant expansion of its network and strong growth in payment volumes and values. Speaking at a media briefing in Lagos, Mr Mike Ogbalu III, Chief Executive Officer of PAPSS, said the platform now operates in more than 30 African countries across all five regions of the continent. It connects 24 national and regional central banks, more than 200 commercial banks and payments service providers, and 16 switches. Through strategic partnerships, PAPSS also provides a termination footprint covering more than 300 financial institutions. During 2026 alone, around 10 additional countries have joined the PAPSS ecosystem, with further expansion expected before the end of the year. Mr Ogbalu said: “The first phase of PAPSS has been about building, connecting and establishing trust. We have built the infrastructure, expanded our network across Africa and demonstrated that PAPSS can deliver tangible benefits. As we move into our next phase from 2027, our focus will increasingly shift towards activating that network, deepening adoption and taking transaction growth to scale.”

Source: Afreximbank

Africa

South Korea, Africa pledge deeper AI partnership to accelerate continent’s digital transformation

The Republic of Korea plans to deepen its long-standing partnership with Africa by expanding cooperation in artificial intelligence (AI) and digital technologies, Korean Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol said in Seoul on 9 September 2026. Speaking at a press conference alongside African Development Bank (AfDB) Group President, Dr Sidi Ould Tah, Mr Koo highlighted the growing partnership between Korea and Africa over the past 20 years, including through the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund, managed by the pan-African institution. “The Republic of Korea wishes to strengthen its cooperation with the African continent in key sectors such as [AI] and digital technology,” Mr Koo said, citing potential applications in healthcare, education, agriculture, transport and skills development. The press conference took place on the sidelines of the 8th KOAFEC Ministerial Conference, held from 8 to 11 September under the theme Harnessing AI and Digital Infrastructure for Africa’s Transformation. This year’s conference also marked the 20th anniversary of the KOAFEC partnership. The AfDB estimates that, if developed and deployed inclusively, AI could add up to USD1-trillion to Africa’s GDP by 2035, equivalent to nearly one-third of the continent’s current economic output.

Source: AfDB

Djibouti

Djibouti launches AgriConnect Compact to strengthen food security, boost private investment and create jobs

The Government of the Republic of Djibouti, together with the World Bank Group, private sector representatives, financial institutions, producer organisations, and development partners, have launched the Djibouti AgriConnect Compact, a national roadmap designed to unlock the potential of agriculture and agribusiness as drivers of job creation, private investment, and food security. Djibouti is the first country in the Middle East, North Africa, Afghanistan and Pakistan region to join the initiative. The Compact identifies three priority value chains with strong potential for growth and job creation in Djibouti: livestock, horticulture, and dates. It provides a shared framework for the reforms, investments, and partnerships needed to support the sustainable development of these value chains. Despite its harsh climate, Djibouti has significant potential to build a more productive and resilient food sector. Nearly 90% of Djibouti’s food needs are currently met through imports. The Compact aims to help expand domestic production, strengthen priority value chains, and create new economic opportunities for rural communities.

Source: World Bank

Djibouti

World Bank Group report identifies significant private investment potential for Djibouti

The World Bank Group has released a Country Private Sector Diagnostic (CPSD) for Djibouti, identifying reforms that could unlock at least USD600-million in private investment and create around 12 000 jobs over five years in off-grid solar energy, data centres, and tourism. The report outlines targeted policy actions that would enable such investment. Positioned at the intersection of some of the world's busiest shipping lanes and serving as the primary maritime gateway for Ethiopia, Djibouti has seen GDP growth average 5.3% annually from 2016 to 2024 and has attracted substantial foreign direct investment in port infrastructure. Yet high electricity tariffs, limited access to finance, skills gaps, and restrictions on competition in key sectors have constrained private sector expansion. With unemployment remaining high, the CPSD identifies opportunities to create jobs in strategic sectors. Private investors have deployed approximately 10 MW of off-grid solar capacity in Djibouti since 2022, with additional projects in preparation. Commercial electricity tariffs at 25 United States cents per kilowatt-hour – against an Africa regional average of 14 cents – are the largest single cost factor for businesses operating in the country.

Source: World Bank

Eswatini

Eswatini hosts regional push for practical AI policies

Eswatini hosted a three-day regional meeting aimed at turning research on artificial intelligence (AI) into practical policies and regulatory frameworks for Eastern and Southern Africa. The Regional Validation Meeting for the Draft Study Report on Artificial Intelligence and Emerging Technologies opened at the Ezulwini Palazzo International Convention Centre on Wednesday, 16 September 2026. It brought together representatives from the Common Market for Eastern and Southern Africa member states, regional economic communities, the African Union, information and communications technology agencies, the World Bank and other regional and international organisations. The meeting, held under the World Bank-funded Inclusive Digitalisation in Eastern and Southern Africa Programme, is expected to scrutinise the draft study before the region moves into the second phase of developing a Regional AI Strategy, Model Policy Guidelines and a Model Regulatory Framework for AI and emerging technologies. Representing Minister for Information, Communications and Technology Savannah Maziya, Minister for Tinkhundla Administration Sikhumbuzo Dlamini said the meeting presented an important opportunity for member states to test the study against realities on the ground.

Source: Eswatini Times

Ghana / Burkina Faso / Mali

Ghana cuts fuel exports to Burkina Faso and Mali as domestic demand rises

Ghana’s state-owned fuel distributor BOSTenergies has cut diesel and gasoline exports to neighbouring Burkina Faso and Mali since August as it prioritises growing domestic demand, according to the Managing Director, Afetsi Awoonor. The move comes as global oil and gas supplies remain under pressure, with conflicts in Ukraine and the Middle East contributing to tighter supplies and higher fuel prices in some countries, particularly across Africa. Burkina Faso, Mali and Niger rely heavily on fuel imports from West African countries, including Ghana and Côte d’Ivoire. As landlocked countries, much of the petrol and diesel they consume must enter through ports in coastal states before being transported overland into the Sahel. For Burkina Faso, BOSTenergies supplied just 40 000 metric tons of fuel out of the 80 000 tons requested for July and August. Mali received 10 000 tons, despite reporting an additional need for 40 000 tons for August and September, according to Reuters. BOSTenergies has about 30% of Ghana’s fuel import and distribution market, while domestic diesel consumption continues to rise as economic activity expands. Ghana’s fuel prices surged earlier this year amid concerns over global supplies but have since eased, helped by a stronger cedi and government intervention.

Source: Business Insider Africa

Kenya

East Africa’s largest economy joins African countries banning raw mineral exports and plans three gold refineries

Kenya plans to ban exports of unprocessed minerals and build at least three refineries to process gold locally, joining a growing number of African countries seeking to capture more value from their natural resources. “[We are] going to make it illegal for anybody to export gold from Kenya if [it is] not processed and through approved government channels,” President William Ruto said. Ruto said the policy would extend beyond gold to all minerals mined in Kenya. He pointed to Ghana and Zimbabwe as examples of African countries taking greater control of mineral exports. Kenya plans to establish three gold refineries in the mining region of Kakamega and the capital, Nairobi, according to Bloomberg. The Central Bank of Kenya will also receive priority under a planned domestic gold-purchasing programme. The move comes as African governments increasingly seek to process raw materials locally rather than export them in unprocessed form. Ghana established a gold board last year as the sole authorised buyer from small-scale miners. The move helped increase the country’s international reserves by USD3.9-billion by the end of 2025. Zimbabwe has also made a central bank subsidiary the sole buyer of gold and recently restricted some mineral exports to encourage local refining.

Source: Business Insider Africa

Mauritius

National Crime Agency: Strengthening Mauritius’ response to financial, cyber and organised crime

Nine Bills will be introduced in the National Assembly for the establishment of the National Crime Agency (NCA) as the lead investigative agency in Mauritius for financial crime, cybercrime and other serious, complex and organised crime. The aim is to establish an Agency that meets international standards of expertise, capacity and operational effectiveness. They are the Constitution (Amendment) Bill; National Crime Agency Bill; National Crime (Interim) Agency Bill; Secretariat of the Independent Advisory Panel Bill; Secretariat of the Independent Advisory (Interim) Panel Bill; Financial Crime Bill; the Asset Recovery and Unexplained Wealth Bill; National Crime Agency (Miscellaneous Provisions) Bill; and the Criminal Justice (Offenders Assisting Investigations and Prosecutions) Bill. The establishment of the NCA will entail the repeal of the Financial Crimes Commission Act. Consequently, the Bills are being introduced to provide the necessary legislative framework for the establishment and effective functioning of the NCA. As such, the NCA will be responsible for gathering, processing and evaluating intelligence relating to financial crime, cybercrime and other complex, serious and organised crime, and exchanging such intelligence with investigative bodies; and recovering and managing assets of financial crime, cybercrime and other complex, serious and organised crime.

Source: Government of Mauritius

Mauritius / Rwanda

Mauritius and Rwanda to enhance cooperation on financial intelligence

Mauritius and Rwanda are set to strengthen cooperation in the exchange of financial intelligence relating to suspected money laundering and associated financial crimes through a proposed memorandum of understanding (MoU) between the Financial Intelligence Unit (FIU) of the Republic of Mauritius and the Financial Intelligence Centre (FIC) of the Republic of Rwanda. The MoU aims to facilitate the exchange of financial intelligence concerning suspected money laundering, associated predicate offences, terrorism financing and proliferation financing. It will provide a framework for the two authorities to develop and enhance cooperation and assist each other in the effective discharge of their respective responsibilities. Under the proposed arrangement, the FIU and the FIC will be able to provide information spontaneously or upon request where such information may be relevant to investigations into financial transactions linked to money laundering, associated predicate offences, terrorist financing, proliferation financing of weapons of mass destruction or related criminal activities. The MoU will also seek to improve the effectiveness of both authorities through the exchange of technical expertise and knowledge as well as training opportunities for their respective staff.

Source: Government of Mauritius

Namibia

71 mining licences face the axe

Mines Minister Modestus Amutse says 71 inactive mining licences face cancellation, while incomplete paperwork and understaffing fuel ongoing processing backlogs. The minister of Industries, Mines and Energy disclosed this in the National Assembly recently, saying 91 mining licences are currently active and producing. He was responding to Independent Patriots for Change Parliamentarian, Ferdinand Hengombe, who raised issues on application delays and inactive mining licences. Amutse said the ministry is engaging holders of inactive mining rights who are failing to comply with their approved mining or exploration programmes to find amicable solutions. However, inactive licence holders could face difficulties when seeking renewals. “The ministry would reject applications for renewal where a licence holder had failed to produce, unless the holder could convince the ministry that the failure was caused by circumstances beyond their control, but it [is] not a guarantee,” he warned. Amutse said he understands participation from local companies may face challenges of having to find investors, explaining the ministry’s leniency, but warned renewals may be rejected if there are no convincing reasons for it. The ministry’s position comes against the background of concerns over mining rights being held without actual mining or exploration activities taking place. Under Namibia’s Minerals (Prospecting and Mining) Act, mining licence holders are expected to conduct mining operations and notify the minister when operations are permanently or temporarily stopped or reduced.

Source: The Namibian

Niger / United States

US makes USD414-million uranium bet in Niger two years after troops were forced out

The United States (US) has approved up to USD414.2-million in financing for a major uranium project in Niger, marking a significant American commercial return to the West African country two years after its troops were forced to leave. The US International Development Finance Corporation approved the debt facility for Canadian miner Global Atomic’s Dasa uranium project, the company announced recently. The development also represents a shift in Washington’s relationship with Niger, according to Reuters, which reported that US officials had pushed to rebuild ties with Niamey and viewed the uranium project as an opportunity to secure access to a strategic resource that could otherwise fall under the influence of rival powers. The financing comes at a time when competition for critical minerals is reshaping relations between African resource-producing countries and global powers. Uranium was added to the US critical minerals list in 2025, increasing Washington’s strategic interest in securing supplies of the radioactive metal used to fuel nuclear power plants.

Source: Business Insider Africa

Nigeria

Billionaire Dangote launches oil refinery ‘people’s IPO’, Africa’s biggest

Nigerian billionaire Aliko Dangote recently launched Africa’s largest share sale yet with the initial public offering of his oil refinery, targeting the general public to raise as much as USD2.1-billion for its expansion. Dangote, Africa’s richest man, has marketed the offer of a roughly 3% stake as a “people’s [initial public offering (IPO)],” saying it is about giving ordinary Nigerians the opportunity to participate in the success of the plant. The refinery has benefitted from increased demand for its products as a result of supply disruptions linked to the Iran war that helped it to sell jet fuel to western European countries. Dangote said the aim of the share sale was to “democratise wealth creation”. However, retail investors will be paying a higher price than institutional investors who bought into a July private placement that raised USD2.5-billion ⁠for a 6% stake. That private placement valued the company at USD40-billion, whereas the IPO moves the valuation closer to USD49-billion, according to the company prospectus. The refinery’s CEO David Bird told Reuters the private placement’s discount was due to certain conditions, including a lockup period, institutional investors agreed to.

Source: Reuters

Senegal

Senegal inks deal with Italian energy giant Eni to study five offshore blocks

Senegal has signed a memorandum of understanding with Italian energy giant Eni to evaluate five offshore blocks, the country’s energy minister has announced. Recently, Dakar said it would offer 109 oil and gas blocks to foreign and local investors as it looks to boost its energy sector and increase revenues. Eni will pay for technical studies of the five blocks. Senegal’s national oil company PETROSEN will play a key role in developing the country’s sedimentary basin. President Bassirou Diomaye Faye has said he plans to use Senegal’s petroleum resources to create local leaders in the oil and gas sectors. He is also reviewing existing licences to ensure companies holding the blocks meet their commitments. The discovery of oil and gas off the coast of Senegal in 2014 raised hopes that the industry could generate billions of dollars in revenue for the developing country and transform its economy.

Source: Africanews

Seychelles

Seychelles could create thousands of new and better-paying jobs and increase GDP by 13%

Seychelles can unlock faster growth, create more and better-paying jobs, and strengthen economic opportunities for future generations by raising productivity, according to a new report released recently by the World Bank. The 2026 Seychelles Country Growth and Jobs Report: Modernize, Utilize, Digitalize: How to Raise Productivity to Deliver Growth, Good Jobs, and Social Mobility finds that reforms could increase GDP by 13% by 2040, create 2 900 additional jobs, and generate the equivalent of more than 7 600 better-paying jobs. Real wages could rise by almost 8% and household purchasing power by more than 8%, improving living standards and expanding economic opportunities across the country. “Seychelles has ambitious goals for the future and achieving them will require continued reforms that support productivity, innovation, and private sector growth,” said Pierre Laporte, Minister for Finance, Economic Planning, Trade and Investment, Republic of Seychelles. “This report provides important insights to help guide our efforts to create opportunities for young people, generate jobs, strengthen competitiveness, and improve living standards for all Seychellois.” Despite over three decades of economic growth – giving it Africa’s highest income per capita – Seychelles faces growing pressures. An ageing population, skills shortages, and vulnerabilities linked to its small size and geographic isolation are making it harder to sustain the country’s strong economic performance.

Source: World Bank

Tanzania / South Korea

Tanzania, South Korea seek stronger economic ties with USD2.5-billion commitment

Tanzania and South Korea have agreed to accelerate the implementation of a USD2.5-billion commitment by Seoul to support strategic projects aimed at driving economic growth and development across several sectors, including transport infrastructure, technology, culture, manufacturing and health. Minister for Finance Ambassador Khamis Mussa Omar said the agreement was reached in Seoul on the sidelines of the Korea-Africa Economic Cooperation (KOAFEC) Ministerial Meeting, where he led the Tanzanian delegation in talks with Export-Import Bank of Korea, the implementing agency for the country’s Economic Development Cooperation Fund (EDCF). Ambassador Omar said Tanzania valued South Korea’s development cooperation but stressed the need to improve implementation of jointly agreed projects under the EDCF. He said delays by either side could undermine the commitments made, calling for closer coordination and concerted efforts to address delays in project implementation, feasibility studies and detailed engineering designs. “Some projects have taken several years before implementation could begin,” he said. The talks followed the KOAFEC Ministerial Meeting, where ministers, among other issues, discussed cooperation in artificial intelligence to support Africa’s development. Ambassador Omar said the two sides had agreed to closely monitor projects pledged during President Samia Suluhu Hassan’s 2024 visit to South Korea.

Source: The Citizen

Togo

Togo’s Data Protection Authority puts sovereignty and trust at the heart of compliance push

Togo’s Personal Data Protection Authority, known as IPDCP, is working to improve public agencies’ compliance with the country’s personal data laws. The Authority convened representatives from ministries and state institutions in Lomé on Tuesday, 15 September 2026, to remind them of their obligations regarding the collection and processing of personal data. Chiefs of staff, secretaries-general, deputy chiefs of staff and other officials from the various institutions took part in the meeting. Colonel Bédiani Belei, President of the IPDCP, opened the session. Adopted in October 2019, Law No. 2019-014 sets out the legal and institutional framework governing personal data in Togo. The Law is designed to protect privacy and individual rights as digital services expand. “Protecting personal data is not only a matter of digital sovereignty, but also of trust,” said Bialabna Abaloutou, Head of Compliance at the IPDCP. The Authority says public agencies must ensure the protection of information collected from citizens in the course of providing public services. Ministries and institutions are also being asked to appoint data protection contacts. These officials will serve as points of contact with the IPDCP and help members of the public exercise their rights.

Source: Togo First

Uganda

87% of government projects are behind schedule

Nearly nine in every 10 government projects assessed by the Ministry of Finance are behind schedule, highlighting persistent problems in procurement, land acquisition, financing and project preparation. A new review by the ministry’s Budget Monitoring and Accountability Unit found that 87% of 107 public investment projects assessed in June 2026 were behind schedule, virtually unchanged from the previous review in December 2025. At least 14 projects, representing 13% of those assessed, had stagnated altogether, while 81, or 75.7%, registered only slight improvement. The projects reviewed cut across 13 government programmes under the Public Investment Plan. Of the 107 projects, 62 were externally financed while 45 were funded by the Government of Uganda. The findings point to persistent weaknesses in the implementation of public investments, even as government continues to commit significant resources and borrow externally to finance infrastructure and development programmes. The situation was worse among domestically funded projects, with 94% behind schedule compared with 80% of externally financed projects. “Overall, 14 (13%) projects had stagnated while 81 (75.7%) had a slight improvement,” the report says.

Source: Monitor

Zambia

EnerSynk secures 500 MW ZESCO PPA as Zambia’s solar pipeline accelerates

EnerSynk Group has signed a power purchase agreement (PPA) with Zambia’s national utility ZESCO for a planned 500 MW solar development. The deal is the second 500 MW solar PPA ZESCO has signed since June, following an agreement with South Korea’s KS Eco Solutions Holdings, and comes as Zambia works to diversify a power system still heavily dependent on hydroelectric generation. The 25-year offtake agreement gives EnerSynk the basis to advance into feasibility work, environmental approvals and financing. It builds on regulatory and legal clearances the company secured from Zambia’s Energy Regulation Board and the Office of the Attorney General in July, following a review process that spanned nine months. EnerSynk Founder and Executive Chairman Jason Temasfieldt said the company’s immediate focus is moving the project towards implementation with technical, financial and institutional partners. “There is still significant work ahead, but this agreement provides a strong platform from which to advance the project,” he said in a statement. Zambia’s installed solar PV capacity stood at roughly 841 MW by mid-2026, up from 88 MW five years earlier. Hydropower still accounts for approximately 80% of the generation mix, and drought-driven supply constraints in recent years have sharpened the government’s focus on solar at scale. President Hakainde Hichilema has set a target of 1 000 MW of solar by year-end, and ZESCO says it is on track to exceed that figure.

Source: Prospect

Zambia

Zambia considers cutting gold tax as USD1.8-billion trade gap exposes informal market

Zambia is considering cutting the 16% value-added tax (VAT) on gold as the government seeks to bring more of the country’s precious metal trade into the formal economy and capture millions of dollars in potentially lost revenue. The proposal comes amid striking discrepancies in international trade records. Hapenga Kabeta, Permanent Secretary in Zambia’s Ministry of Mines and Minerals Development, said the government was considering reducing VAT to make it easier for artisanal and small-scale miners to trade gold through formal channels, according to local media reports. The discussion followed a meeting with representatives of the World Gold Council, where Grant Crosse, a member of the organisation, called for the 16% VAT to be reduced. Crosse estimated that Zambia could be missing between USD80-million and USD240-million in mineral royalties because much of its gold sector remains outside formal channels. The potential tax change comes as Zambia tries to transform gold into a more important source of government revenue alongside copper, the commodity that has long dominated the country’s mining industry and export earnings.

Source: Business Insider Africa