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issue 661 | 27 Sep 2026

World

BRICS: A blueprint for the Global South, Africa and Namibia

The BRICS New Delhi Declaration, unanimously adopted on 12 September under India’s BRICS Chairship, marks a historic turning point in global governance, economic resilience and Global South solidarity. Titled Building for Resilience, Innovation, Cooperation and Sustainability, this summit underscores India’s unwavering commitment to championing the voices of developing nations. Addressing the gathering at Bharat Mandapam, Prime Minister Narendra Modi sent a clear message to the international community: the solutions and systems built within BRICS must not remain exclusive; they must be accessible and adapted to empower the entire Global South. For Africa and Namibia, the outcomes of this summit offer a powerful blueprint for economic transformation, digital innovation and sovereignty over our collective resources. Indian Minister of External Affairs Subrahmanyam Jaishankar, following the conclusion of the summit, said the 2026 New Delhi gathering demonstrated the strong convening power of Modi’s India. Jaishankar emphasised that while geopolitical discussions successfully yielded unified stances on security and counter-terrorism, the true heartbeat of the summit lay in its “uniting themes”: reform, economic resilience, development and technology. For the African continent, this focus marks a shift from reactive diplomacy to proactive developmental empowerment.

Source: The Namibian

East / Southern Africa

COMESA central banks trained to assess non-bank financial sector risks

The Common Market for Eastern and Southern Africa (COMESA) Monetary Institute (CMI) conducted a virtual training programme on Assessment of Risks from the Non-Bank Financial Sector on Financial Stability from 7 to 11 September 2026, aimed at strengthening financial stability and resilience across the COMESA region. The training brought together 76 participants from the central banks of Burundi, Democratic Republic of the Congo, Egypt, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Uganda and Zimbabwe, and the Seychelles Financial Services Authority. Non-bank financial institutions (NBFIs) have become increasingly important contributors to financial intermediation and economic development worldwide. These institutions include development banks, insurance companies, pension funds, mutual funds, brokerage firms, mortgage companies, leasing companies, microfinance institutions, savings and credit cooperative societies, fintech firms, and e-money issuers. They play a critical role in mobilising savings, financing investments, supporting small and medium-sized enterprises, facilitating retirement planning, and expanding financial inclusion. According to recent data from the Financial Stability Board, NBFIs accounted for more than 50% of global financial assets as of 2025. While the rapid growth of the NBFI sector presents significant opportunities for financial deepening and innovation, it also introduces vulnerabilities that can pose risks to financial stability. These include liquidity mismatches, concentrated sovereign exposures, leverage-related risks, and operational challenges associated with increasingly digital financial ecosystems.

Source: COMESA

Democratic Republic of the Congo / Zambia

USTDA signs agreement to support reliable power for Lobito Corridor

The United States Trade and Development Agency (USTDA) has signed an agreement with electric utility company Anzana Electric Group to fund a feasibility study to expand hydropower generation and upgrade electricity distribution networks across the Lualaba province of the Democratic Republic of the Congo (DRC) and the North-Western province of Zambia. Signed on the sidelines of the United Nations General Assembly high-level week, the agreement comes as the USTDA is strengthening power infrastructure along the Lobito Corridor, a strategic logistics route in Central and Southern Africa vital to diversifying America’s critical minerals supply chains. The project is aimed at improving the reliability of power supply for copper and cobalt mining operations, as well as for more than three million residents of the region. “Reliable power allows mines to operate, businesses to profit and families to thrive. “This work strengthens the mineral supply chains America’s security and economy depend on, while building the power systems our partners in the DRC and Zambia need to grow,” says USTDA Deputy Director Thomas Hardy. The Lobito Corridor enables more direct transport of copper, cobalt and other critical minerals to overseas markets through the Port of Lobito, in Angola.

Source: Engineer News

Ethiopia / Djibouti

Africa’s richest man and Ethiopia to lay USD660-million fuel lifeline, giving the landlocked country a new fuel route

Aliko Dangote, Africa’s richest man and Ethiopian Investment Holdings are investing USD660-million to build a petroleum-products pipeline connecting landlocked Ethiopia to Djibouti’s coast, creating new infrastructure for moving and storing refined fuel. The 120-km pipeline will link Dewele in Ethiopia with Damerjog in Djibouti and is expected to become operational within 18 months, according to Billene Seyoum, a spokesperson for Ethiopian Prime Minister Abiy Ahmed. The project will include two major storage facilities, with capacity for about 800 000 cubic metres at Dewele and 375 000 cubic metres at Damerjog. The project is designed to reduce transport costs and delays along the Ethiopia-Djibouti corridor, one of Ethiopia’s main routes to the sea, while improving the reliability of petroleum-product supplies. The partnership adds another major energy investment to Dangote Group’s growing presence in Ethiopia. The Nigerian billionaire’s group is separately developing a more than USD4-billion fertiliser project and power plant in the country, as well as a polypropylene packaging facility. Dangote is also expanding his energy ambitions elsewhere in East Africa. In Kenya, his group is preparing to develop a 700 000-barrel-per-day refinery in Lamu, giving the industrial conglomerate a foothold in another major regional fuel market. The latest pipeline project also fits into Dangote’s broader push to build infrastructure around the distribution of refined petroleum products across Africa.

Source: Business Insider Africa

Ghana

Ghana seeks to turn economic recovery into inclusive growth and transformation

Ghana’s economy continued its recovery in 2025, supported by stronger macroeconomic management, declining inflation and improving fiscal stability. The next challenge is ensuring that economic gains translate into more jobs, reduced poverty and faster structural transformation, according to the African Development Bank’s (AfDB) 2026 Country Focus Report for Ghana. The report was launched on 30 July. Ghana’s economy expanded by an estimated 5.8% in 2025, up from 5.6% in 2024, and above projected growth rates for Africa and West Africa. Growth was driven by services, agriculture and stronger domestic consumption, while mining benefited from increased gold production and favourable global prices. Macroeconomic conditions improved significantly during the year. Inflation declined to 14.6% from 22.9% in 2024, the fiscal deficit narrowed to 2.4% of GDP from 6.3%, and public debt fell to 45.3% of GDP from 61.8%. Ghana's external position also strengthened, supported by higher exports, remittance inflows and improved foreign exchange reserves. The outlook remains positive. Growth is projected at 5.0% in 2026 and 5.4% in 2027, supported by stronger business confidence, declining inflation and continued policy reforms.

Source: AfDB

Mauritania

Mauritania, CWP sign Global Convention for 30 GW AMAN green hydrogen project

Mauritania’s Ministry of Energy and Petroleum has signed a Global Convention with CWP Global for the development of the AMAN green hydrogen project, establishing the contractual, fiscal, economic and development framework for the next phase of the project. The agreement is the first Global Convention of its kind signed by Mauritania and marks a new stage for AMAN, a 30 GW renewable energy project combining 18 GW of wind and 12 GW of solar capacity. “This agreement reflects the trust international investors place in Mauritania’s energy sector and establishes a comprehensive framework for project development,” said Mauritanian Energy and Petroleum Minister Mohamed Ould Khaled. The project has now reached the Front-End Engineering Design stage, with CWP Global targeting a final investment decision before 2030. AMAN was launched in 2020, followed by a memorandum of understanding in 2021 and a framework agreement in 2022. AMAN targets an annual production of 1.2 million tons of green hydrogen and 6.6 million tons of green ammonia, supporting fertiliser production, clean fuels and food security. The project could also supply renewable power for green steel production and local iron ore processing. CWP has previously estimated that the full-scale project could generate up to 110 TWh of electricity annually.

Source: Prospect

Mauritius / The Gambia

MoU: Mauritius and The Gambia audit offices strengthen cooperation

The National Audit Office of Mauritius and the National Audit Office of The Gambia signed recently in Port Louis a memorandum of understanding (MoU) to strengthen cooperation, knowledge sharing and collaboration in public-sector auditing between the two institutions. The MoU provides a framework for the exchange of expertise and experience in areas including performance auditing, information technology and consolidated financial statement audits. The institutions will also collaborate on public-sector accountability, transparency and the effective management of public resources. The agreement was signed by the Director of Audit of the National Audit Office of Mauritius, Dr Dharamraj Paligadu, and the Auditor General of the Republic of The Gambia, Mr Cherno Amadou Sowe. In a statement, Dr Paligadu described the agreement as an important step towards stronger institutional ties and capacity building, noting that The Gambia will support Mauritius in developing a monitoring and evaluation system. Mr Sowe indicated that both institutions will benefit from sharing experiences and identifying practices that could be improved through the new partnership. Mr Sowe led a four-member Gambian delegation on an official visit to Mauritius from 21 to 25 September 2026.

Source: Government of Mauritius

Mozambique

IMF staff mission to Mozambique

An International Monetary Fund (IMF) team, led by Pablo Lopez-Murphy, IMF Mission Chief for Mozambique, visited Maputo from 9 – 18 September to take stock of recent developments and hold discussions on reforms that could underpin a Fund-supported programme. The team met with Prime Minister Maria Benvinda Levi, Finance Minister Carla Loveira, and Governor Felisberto Navalha of the Bank of Mozambique. The team also met with other senior government and central bank officials, members of the Parliamentary Budget Commission, the private sector, civil society organisations, and development partners. At the conclusion of the mission, Mr Lopez-Murphy issued the following statement, in part: “Mozambique continues to face significant macroeconomic challenges amid large fiscal and external imbalances, tight financing conditions, adverse climate shocks, and energy-related disruptions. At the same time, the country’s medium-term potential, including from the development of its natural gas resources, remains significant.” “The mission noted that economic activity remains subdued but is showing signs of recovery. Inflation has remained contained, and the fiscal consolidation started in 2025 continues, anchored by expenditure restraint amid tight financing conditions.”

Source: IMF

Nigeria

In Paris, as Ogun State, DP World sign MoU on deep seaport, President Tinubu assures investors of regulatory clarity

President Bola Ahmed Tinubu has assured domestic and foreign investors that the Federal Government would continue to provide regulatory clarity, policy stability and a predictable business environment to support long-term investment in Nigeria. The president spoke in Paris, France, at the signing of memoranda of understanding between the Ogun State Government and DP World, one of the world’s leading ports and logistics operators, to develop the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport. Governor Dapo Abiodun led the Ogun State Government delegation to the signing ceremony. The delegation included the Secretary to the State Government, Tokunbo Talabi, and the Commissioners of Finance, Works, Industry, Trade and Investment, and Transport, and a representative of the host community. Also at the event were the Minister of Marine and Blue Economy, Adegboyega Oyetola, Nigeria’s Ambassador to France, Emmanuel Ayodele Oke, Managing Director and Chief Executive Officer of the Nigerian Ports Authority, Dr Abubakar Dantsoho, Group Chief Executive Officer, DP World, Yuvraj Narayan, Managing Director, SkyKapital, Karim Noujaim, and the Senior Vice President, Business Development, Sub-Saharan Africa Regional Office, DP World, Mohammed Rashid Ismail.

Source: The State House, Abuja

Nigeria / United States

Nigeria, US sign mineral investment pact

Nigeria broke new ground in a drive to woo the United States (US) to invest in the mining sector at a historic agreement-signing ceremony at Nigeria’s Mission House recently in New York, United States. Nigeria’s Solid Minerals Development Minister Dele Alake and US Deputy Secretary of State Christopher Landau signed and exchanged the agreement, described as a framework for American investment in Nigeria’s USD700-billion mineral resources. The agreement is expected to use the Nigeria-US Government relationship as a foundation for business-to-business transactions to boost Nigeria’s value-addition-driven value chain. Welcoming Landau and the United States delegation to the ceremony, Alake spoke glowingly of the agreement as a development that will shape the future. His words: “Some agreements manage the present, and some agreements shape the future. The framework we sign today belongs to the second kind… In signing this Framework, Nigeria and the [US] affirm a shared conviction: that the supply chains for these critical minerals must be secure, resilient and built on responsible investment. But let me be clear about Nigeria’s ambition. We are not here to remain a source of raw material for the values that others create. Our goal is to turn potential into lasting value at home through stronger local processing, new skills, quality jobs, and new opportunities for Nigerian businesses.”

Source: Federal Ministry of Information and National Orientation

Republic of the Congo

Zanaga extracts 30 000 tons of ore as Congo iron project advances

Zanaga Iron Ore Company – through its wholly-owned operating company MPD Congo – is advancing bulk sampling at its Zanaga Project in the Republic of the Congo, extracting 30 000 tons of hematite ore for metallurgical testing. The programme is progressing on schedule and targets a 100-ton composite sample. The material will support pilot-scale validation of Zanaga’s revised direct reduced iron processing flowsheet and testing with steelmakers, laboratories and potential offtakers. The work will also establish the processing configuration required for Stage 1’s planned 12-million-ton-per-annum (mtpa) operation. Testing will define crushing, grinding and screening requirements while updating the project’s mass, energy and water balances. The resulting data will underpin process equipment selection and capital and operating cost estimates during front-end engineering and design (FEED). The hematite samples represent the planned process feed for the first 5-10 years of Stage 1 production. Zanaga’s wider resource totals 6.9 billion tons, with a 2.1-billion-ton reserve and longer-term plans to reach 30 mtpa. Excavation is being conducted under existing environmental and mining permits following state, community and traditional-custodian consultations. The programme is intended to provide the technical basis for completing FEED and advancing Zanaga towards a final investment decision and mine construction. Zanaga funded the sampling work through an equity raise completed in May 2026, with proceeds supporting contractor mobilisation and site activities.

Source: Prospect

Rwanda / China

Rwanda’s most important bank joins China’s payment network as Africa’s de-dollarisation push grows

The Bank of Kigali has established itself as the first financial institution in Rwanda, as well as the first headquartered in East and Central Africa, to connect to China’s principal cross-border payment network as a direct participant. While not the same, this move mirrors the idea of de-dollarisation, a notion that is sweeping across Africa, thanks to the affiliation of some countries on the continent with the BRICS group of nations. Very recently, China proposed to Egypt, one of its largest trading partners in Africa, the idea of trading exclusively in their local currencies, after the Chinese President, Xi Jinping, made a historic visit to Cairo. In a joint statement, the presidents of both nations advocated for an increase in trade and investment settlements denominated in their respective national currencies. Additionally, both countries agreed to increase their local currency swap agreement. China’s new development with Rwanda’s top bank allows the institution to directly connect to the Cross-Border Interbank Payment System (CIPS), the primary financial infrastructure instituted by China to process international renminbi transactions. The formal agreement was executed by Bank of Kigali on 8 September in Xiamen, China, on the occasion of the second CIPS Cross-Border Bank-Enterprise Cooperation Event.

Source: Business Insider Africa

Senegal / Türkiye

Senegal turns to Türkiye for up to USD3.5-billion refinery push as it targets West Africa’s fuel market

Senegal has enlisted a Turkish company for a proposed second oil refinery and an upgrade of its existing plant, in a bid to process more of its newly produced crude at home and sell fuel across West Africa. The Société Africaine de Raffinage (SAR), Senegal’s state refiner, signed a memorandum of understanding with Yamata in New York on 23 September, during the United Nations General Assembly. President Bassirou Diomaye Faye attended the signing. The proposed new refinery would process four million tonnes of crude a year and is estimated to cost USD2-billion to USD3-billion. Modernising SAR’s refinery at Mbao, near Dakar, carries a separate estimated cost of USD300-million to USD500-million. Together, the estimates put the programme at USD2.3-billion to USD3.5-billion. They are projected costs, not an announcement that Yamata has already raised or invested that amount. Senegal joined Africa’s oil-producing countries when Woodside Energy began output from the offshore Sangomar field in June 2024. Sangomar crude first reached SAR’s existing refinery in February 2025, but the country still relies on imported petroleum products to meet part of its fuel needs. SAR says its Mbao plant processes about 180 tonnes of crude an hour and covers roughly half of national hydrocarbon needs.

Source: Business Insider Africa

Sudan

Sudan’s farmers are ready to return – private investment could get them there

The war in Sudan has devastated the economy and agricultural production, but a United Nations (UN)-backed plan aims to mobilise private sector investment to help farmers return to their fields. The roadmap for recovery, and the potential for some USD155-million in external investment, were among the outcomes of a three-day dialogue held recently in Khartoum, organised by the UN Development Programme (UNDP) and Sudan’s Ministry of Finance. More than 300 participants from 20 countries – representing the government, financial institutions, the national and international private sector, farmers’ and trade associations, as well as other stakeholders – registered for the event. “This dialogue is a stepping stone towards moving forward in bringing more private sector engagement, which ultimately socioeconomic recovery depends on,” said Arvind Kumar, Team Leader for Recovery and Resilience at the UNDP Country Office in Sudan. He told UN News that focusing on the private sector is critical because it provides some 98% of jobs. Speaking from the capital, Mr Kumar described an economy that has been broken by war but not completely paralysed. Sudan’s farmers continue to grow crops, goods are still being transported, and markets still function in some areas. But the last two years have seen yields fall by 40-70% in some cases, he said, while the cost of agricultural inputs such as fertilisers and fuel has increased due to the crisis in the Middle East and the Persian Gulf.

Source: UN News

Tanzania

Bold mining agenda fuels Tanzania’s swift rise in the global minerals race

Tanzania's mining sector has undergone profound transformation, evolving from a struggling industry into the primary engine powering the nation's economic growth, courtesy of strategic reforms unlocking record-breaking investment and revenue. Government revenue from mining has grown from TZS526-billion in 2020/2021 to over TZS1.4-trillion in 2025/2026, surpassing the annual target by 16%. The sector's contribution to GDP rose from 9.1% in 2023 to a record 10.1% in 2024 and has since averaged 11.9% to 12%. Presenting his docket’s 2026/27 budget estimates in Parliament in Dodoma, Minerals Minister Anthony Mavunde emphasised the massive opportunities awaiting investors. “Tanzania is no longer just a gold story. We are the future of the global green energy transition. Our regulatory environment is optimised for profitability and absolute security, which is why the Fraser Institute ranked us fourth in Africa for investment attractiveness,” he said. Total foreign direct investment stock in the mining sector climbed to USD9.79-billion in 2024 from USD9.15-billion in 2023. It was against this backdrop that President Samia Suluhu Hassan made Tanzania's mining ambitions clear to the global business community, listing mining and mineral beneficiation among the country's top five investment priorities, when she spoke at the St Petersburg International Economic Forum in June 2026.

Source: The Citizen