We bring you the latest and most significant stories to keep you informed about the continent’s current events.
From political updates to economic highlights, we ensure you stay updated on Africa’s dynamic landscape. Here are today’s top headlines.
Angola, Zambia, and DR Congo Secure €1 Million Electrical Deal
The Angolan government formalized an agreement today for an electrical interconnection with the Democratic Republic of Congo and Zambia.
This project involves constructing a 1,200-kilometer transmission line, entirely funded by private investments totaling one million euros.
Ghana’s Economy Achieves 4.7% Growth in Q1
Ghana’s economy recorded 4.7% growth in the first quarter of 2024, said Finance Minister Dr. Mohammed Amin Adam.
Despite global economic challenges, the economy shows signs of stability and recovery. Inflation is trending down, supporting the robust growth in the first quarter.
Nigeria finalizes $1.5 billion in oil transactions
Nigeria has completed divestment deals worth $1.5 billion in the oil sector, announced Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The deals involve Nigeria Agip Oil Company, Oando Plc, and Equinor with Project Odinmim.
Updates were also given on the $2.4 billion Shell Petroleum Development Company and Renaissance deal and the $1.2 billion ExxonMobil and Seplat deal.
Mali Confronts World Bank Funding Delays
Mali’s National Transitional Council (CNT) discussed the critical impact of delayed funds from the World Bank.
During a session, concerns were raised about the non-release of agreed funds, crucial for the country’s economic stability, especially with the Malian central bank’s current policy of tightening liquidity.
Morocco and the EU collaborate on greener mining.
The European Bank for Reconstruction and Development (EBRD) has partnered with Moroccan mining services company Procaneq to promote environmental responsibility and gender equality.
EBRD is providing a €13.6 million loan to Procaneq for new, energy-efficient equipment. This equipment will significantly reduce diesel consumption and CO2 emissions in the mining industry.
The Ethiopian Parliament approves a record $16.8 billion budget.
The Ethiopian Parliament approved a record budget of 971.2 billion birr (about $16.8 billion) for the fiscal year starting July 8, 2024.
In addition, this budget represents a 21.1% increase over the previous year.
Of the total budget, $7.8 billion is allocated for regular expenditures, $4.9 billion for capital projects, and $4.1 billion for regional state subsidies.
The IMF urges Angola to address bank issues.
The International Monetary Fund (IMF) advised the National Bank of Angola to prepare for the liquidation of problematic banks.
This follows Angola’s strengthened economic resilience and projected growth. Despite potential risks, the IMF’s analysis indicates Angola’s ability to meet its financial obligations.
Ethiopian Coffee Gains Traction in China
Ethiopian coffee has seen a 27% annual increase in sales volume in China, according to Adugna Debela, director general of the Ethiopian Coffee and Tea Authority (ECTA).
Ethiopia previously exported 8,000 to 10,000 metric tons of coffee to China annually. Recent years have shown significant growth due to increased direct imports from Chinese buyers.
Angola’s Central Bank to Rank Financial Institutions
The National Bank of Angola (BNA) has begun evaluating financial institutions based on complaint management.
This assessment, running until the end of July, will culminate in a public ranking of the 23 banking financial institutions in January 2025.
Malawi initiates a $53 million agricultural program.
Malawi, facing climate shocks and hunger, launched a $53 million agricultural development program with the International Fund for Agricultural Development (IFAD).
The program aims to commercialize agriculture and enhance the resilience of small-scale farming systems to improve food and nutrition security.
Triton Sells a Major Stake in Mozambique Graphite Projects
Triton Minerals sold 70% of its graphite assets in Mozambique to a subsidiary of China’s Shandong Yulong Gold for approximately 1 billion meticals ($17 million).
The transaction includes interests in the Ancuabe project, Nicanda Hill, Nicanda West, and Cobra Plains leases.
In addition, the funds will help Triton diversify its portfolio with value-added acquisitions.
Burkina Faso Faces Rising Instability
Burkina Faso’s transitional leader, Captain Ibrahim Traoré, faces declining popularity as he seeks to extend his power for another five years.
The situation worsens as his army struggles against jihadi forces, adding to the nation’s instability.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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