Mozambique is grappling with rising risks from looming domestic-currency debt repayments and delayed natural gas windfalls, according to <a href="https://www.spglobal.com/ratings/en/" rel="noopener noreferrer" target="_blank">S&amp;P Global Ratings</a>. The country’s domestic public debt has more than doubled since 2020, as the government turned to local debt to cover persistent budget deficits after losing access to international markets in 2016.In 2024, <a href="https://dabafinance.com/en/news/mozambique-cuts-key-rate-for-fourth-straight-time-after-imf-advice" rel="noopener noreferrer" target="_blank">Mozambique</a> must repay 38 billion meticais ($601 million) in government bonds, with an additional 34 billion meticais due by 2026, half of which matures in November of that year. S&amp;P’s Leon Bezuidenhout warned that these "chunky maturities" pose significant challenges for the government.

Daba Finance/Mozambique Faces Debt Challenges as Natural Gas Revenues Delayed

Bloomberg

Mozambique Faces Debt Challenges as Natural Gas Revenues Delayed

<a href="https://paymob.com/" rel="noopener noreferrer" target="_blank">Paymob</a>, a fintech company in the Middle East and North Africa (MENA), has raised an additional $22 million in its Series B extension, bringing the total for the round to $72 million. Founded in 2015, Paymob has <a href="https://dabafinance.com/en/news/egypts-paymob-teams-up-with-tamara-to-bolster-smes-in-gcc" rel="noopener noreferrer" target="_blank">grown</a> to serve over 350,000 merchants in Egypt, Pakistan, <a href="https://dabafinance.com/en/news/egyptian-fintech-paymob-secures-payments-license-in-oman" rel="noopener noreferrer" target="_blank">Oman</a>, Saudi Arabia, and the UAE. Its payment solutions include mobile wallets, cards, buy-now-pay-later (BNPL) services, and QR payments, positioning it as a key player in driving digital transactions in the region.The funding, led by <a href="https://www.ebrdvcip.com/" rel="noopener noreferrer" target="_blank">EBRD Venture Capital</a>, will enhance Paymob's technological infrastructure, expand its presence across the MENA region, and advance its mission to promote financial inclusion and digital payments.

Daba Finance/Paymob Secures $22M in Series B Extension

Techpoint Africa

Paymob Secures $22M in Series B Extension to Drive Regional Expansion

Crude oil futures closed at their lowest levels since December 2021 on Tuesday as market sell-offs intensified following OPEC’s second downward revision of its demand forecast in two months.Concerns over softening demand from China and OPEC's revised outlook weighed heavily on the market. West Texas Intermediate (WTI) for October delivery settled at $65.75 per barrel, down 4.3%, marking an 8.2% decline year to date. Brent crude for November delivery fell 3.69% to $69.19 per barrel, pulling back 10.2% for the year. OPEC now expects demand to grow by 2 million barrels per day (bpd) in 2024, down 80,000 bpd from its previous forecast. The group also lowered its 2025 forecast, citing weakened Chinese demand, which has declined 3% in 2024 due to rising electric vehicle sales.

Daba Finance/Crude Oil Futures Hit Lowest Levels Since 2021 Amid Demand Concerns

CNBC Africa

Crude Oil Futures Hit Lowest Levels Since 2021 Amid Demand Concerns

The Central Bank of West African States (BCEAO) opted to maintain its key interest rate at 3.50% during its 3rd Monetary Policy Committee meeting this week in Senegal, amid persistent inflation and regional economic challenges.<a href="https://dabafinance.com/en/news/inflation-in-francophone-west-africa-eases-on-lower-food-costs" rel="noopener noreferrer" target="_blank">Inflation in WAEMU</a> reached 4.1% in the second quarter of 2024, up from 2.9% in the previous quarter, driven by unfavorable agricultural conditions, supply disruptions, rising energy prices, and increased costs of imported food products. The Central Bank projects an average inflation rate of 3.7% for 2024, with expectations for a return to the target range of 1%-3% in 2025, aided by improved agricultural output and falling global food prices.

Daba Finance/West African Central Bank Maintains Key Rate on Inflation Concerns

Sika Finance

West African Central Bank Maintains Key Rate on Inflation Concerns

The Beninese textile industry continues its upward trajectory with the recent announcement of a new clothing export to Europe for the American brand, US Polo Assn.<a href="https://dabafinance.substack.com/p/pulse54-small-country-big-dreams" rel="noopener noreferrer" target="_blank">The French-speaking</a> West African nation confirmed the delivery of the first batch of over one million pieces of clothing, including hoodies, polo shirts, and t-shirts, to Italy-based <a href="https://www.incomitaly.com/en/" rel="noopener noreferrer" target="_blank">Incom SPA</a>, the brand’s licensed distributor.This marks a significant milestone for Benin's "Made in Benin" initiative, with previous successful <a href="https://dabafinance.com/en/news/benin-exports-first-locally-produced-clothes-to-europe" rel="noopener noreferrer" target="_blank">exports</a> to brands like The Children’s Place and <a href="https://dabafinance.com/en/news/benin-exports-first-locally-produced-clothes-to-europe" rel="noopener noreferrer" target="_blank">Kiabi</a>.&nbsp;As Africa's leading cotton producer, Benin’s focus on <a href="https://dabafinance.substack.com/p/pulse54-small-country-big-dreams" rel="noopener noreferrer" target="_blank">transforming its raw materials into value-added products</a> continues to enhance the country's position in the global textile market.

Daba Finance/Beninese Textiles Expand with First US Polo Assn Clothing Export

Benin Textile Industry Expands with First US Polo Assn Clothing Export

Vivo Energy bucked the hydrocarbon sector's weak performance to close the 2023 financial year with strong results, posting a 13% increase in net profit to 4.01 billion FCFA ($6.7 million), up from 3.75 billion FCFA the previous year. Building on this success, the BRVM-listed company (<a href="https://dabafinance.com/en/capitalmarkets/SHEC" rel="noopener noreferrer" target="_blank">SHEC</a>) increased its dividend payout for the third consecutive year, rewarding shareholders with a net dividend of 57 FCFA per share, representing a total dividend of 4.01 billion FCFA.This dividend offers a yield of 6.16%, based on the share price of 925 FCFA as of September 27. The company's positive performance has also driven its stock price upward, with Vivo Energy CI shares rising by <a href="https://dabafinance.com/en/capitalmarkets/SHEC" rel="noopener noreferrer" target="_blank">17.09%</a> since the start of the 2024 financial year after a 5.33% gain in 2023, signaling continued investor confidence.

Daba Finance/Vivo Energy Raises 2023 Dividend Payout After 13% Profit Growth

Vivo Energy Raises 2023 Dividend Payout After 13% Profit Growth

The BRVM this week admitted two new bond issues from the Public Treasury of Burkina Faso—TPBF.O19 and TPBF.020—further cementing the country’s standing in the regional bond market of the West African Economic and Monetary Union (<a href="Burkina Faso’s successful bond listings on the BRVM, along with its continued market presence, highlight the strength of the country’s financial standing within the UEMOA region. With total bond market capitalizations exceeding 9,000 billion FCFA, the BRVM remains a crucial platform for sovereign and private debt. However, to sustain this growth, the market must introduce innovative instruments like sustainable bonds and encourage participation from local authorities, SMEs, and real estate funds to broaden private sector access." rel="noopener noreferrer" target="_blank">WAEMU</a> or UEMOA in French). Burkina Faso’s consistent presence in the market is demonstrated by its ability to raise over 2 trillion FCFA ($3.4 billion) annually since 2020. Recent <a href="https://dabafinance.com/en/learn/blogs/treasury-bonds-your-ultimate-guide-to-govt-securities" rel="noopener noreferrer" target="_blank">treasury bond</a> operations raised 129.68 billion FCFA, exceeding the target of 120 billion FCFA, signaling strong investor confidence in the country’s economy. The BRVM now hosts 152 listed bond lines and 46 listed companies, including three from Burkina Faso, with a market capitalization reaching 9.6 trillion FCFA as of August 2024. Its growth solidifies its position as the <a href="https://dabafinance.com/en/learn/blogs/the-largest-stock-exchanges-in-africa-by-market-capitalization" rel="noopener noreferrer" target="_blank">5th largest African stock exchange</a>, behind Johannesburg, Casablanca, Egypt, and Nigeria.

Daba Finance/BRVM Lists Two New Bond Issues for Burkina Faso’s Public Treasury

BRVM Lists Two New Bond Issues for Burkina Faso’s Public Treasury

<a href="https://totalenergies.com/fr/gabon" rel="noopener noreferrer" target="_blank">TotalEnergies EP Gabon</a> reported a net profit of $53 million for the first half of 2024, marking a 36% increase compared to $39 million in the same period of 2023. That's thanks to an 8% increase in crude oil sales volume and a 9% improvement in international oil prices.The company’s turnover grew by 3% to $124 million, driven by enhanced operational efficiency and successful well interventions that counteracted the natural decline of oil fields. Lower operating costs and an increase in interest on cash deposits (+$9 million) also contributed to the positive performance, despite a $10 million decrease in investments. However, these gains were partly offset by higher production taxes, depreciation, and tax expenses, which amounted to $33 million.

Daba Finance/TotalEnergies Gabon Subsidiary Profit Up 36% to $53M in H1 2024

TotalEnergies Gabon Subsidiary Profit Up 36% to $53M in H1 2024

Nigeria's petroleum regulator has granted UTM Offshore the first permit to operate a floating natural gas liquefaction (FNLG) plant off the coast of Nigeria. The plant will be located in Akwa Ibom State, operating on the Yoho gas field, which is managed by <a href="https://corporate.exxonmobil.com/" rel="noopener noreferrer" target="_blank">ExxonMobil</a> and holds 2.2 trillion cubic feet of gas.The floating liquefaction facility is expected to begin production in the first quarter of 2029 and will produce 2.8 million tonnes of liquefied natural gas (LNG) annually for export and 500,000 tonnes of domestic gas to meet Nigeria’s internal demand.

Daba Finance/UTM Offshore Granted First Permit for Floating Gas Plant in Nigeria

UTM Offshore Granted First Permit for Floating Gas Plant in Nigeria

BRVM-listed Société Générale CI (<a href="https://dabafinance.com/en/capitalmarkets/SGBC" rel="noopener noreferrer" target="_blank">SGBC</a>) reported a net profit of 48.23 billion FCFA ($81 million) for the first six months of 2024, reflecting an 8.5% increase compared to the same period in 2023. This performance comes despite a 5.4% rise in general expenses to 53.45 billion FCFA and a 1.5% increase in the net cost of risk to 17.15 billion FCFA.Net banking income grew by 7.4%, reaching 130.71 billion FCFA, supported by strong intermediation activity. The operating ratio improved by 80 basis points to 40.9%, demonstrating the bank’s operational efficiency. Year

Daba Finance/Société Générale CI Reports 8.5% Profit Jump in First Half 2024

Company Filings

Ivorian Unit of Société Générale Sees 8.5% Profit Jump in First Half

The Ivorian subsidiary of Unilever Group posted a net profit of 640.34 million FCFA ($1.07 million) in 2023, marking a 109.27% increase from the previous year. This is a stark contrast to the 6.38 billion FCFA loss Unilever CI (<a href="https://dabafinance.com/en/capitalmarkets/UNLC" rel="noopener noreferrer" target="_blank">UNLC</a>) recorded in 2022 and the profitability comes despite a 4.13% decline in turnover to 34.68 billion FCFA, down from 36.18 billion FCFA the year before.The company's improved financial performance is attributed to a 731.74% surge in added value, which rose to 10.28 billion FCFA from 1.24 billion FCFA in 2022. Gross operating surplus jumped 153.38% to 3.34 billion FCFA, while the operating result increased 136.99% to 1.57 billion FCFA.

Daba Finance/Unilever CI Posts 109% Profit Growth in 2023 Despite Revenue Decline

Unilever CI Posts 109% Profit Growth in 2023 Despite Revenue Decline

<a href="https://www.oandoplc.com/" rel="noopener noreferrer" target="_blank">Oando</a>, a Nigerian oil and gas company, has achieved a market capitalization of N1 trillion, placing it among an elite group of public companies on the Nigerian Exchange (NGX).This milestone follows a 207.6% increase in its share price in August, driven by positive market sentiment after the company <a href="https://www.oandoplc.com/press_release/oando-plc-completes-783-million-acquisition-of-enis-subsidiary-nigerian-agip-oil-company-naoc/" rel="noopener noreferrer" target="_blank">announced</a> its $783 million acquisition of <a href="https://www.eni.com/en-IT/actions/global-activities/nigeria.html" rel="noopener noreferrer" target="_blank">Nigeria Agip Oil Company</a> (NAOC), a subsidiary of Eni.The acquisition, finalized on August 22, sparked significant investor interest, with trading volumes reaching 547 million shares. Oando now joins the “Stocks Worth Over One Trillion” (SWOOTS) club, which includes other major players like <a href="https://www.zenithbank.com/" rel="noopener noreferrer" target="_blank">Zenith Bank</a>, <a href="https://www.seplatenergy.com/" rel="noopener noreferrer" target="_blank">Seplat</a>, <a href="https://www.buacement.com/" rel="noopener noreferrer" target="_blank">BUA Cement</a>, and <a href="https://cement.dangote.com/" rel="noopener noreferrer" target="_blank">Dangote Cement</a>.

Daba Finance/Oando Joins Nigeria’s Trillion-Naira Market Cap Club After Share Surge

African Markets

Oando Joins Nigeria’s Trillion-Naira Market Cap Club After Share Surge

<a href="https://www.mahwimillers.rw/" rel="noopener noreferrer" target="_blank">Mahwi Grain Millers</a>, a Rwandan grain processing company, listed its first corporate bond worth Rwf5 billion (around $3.7 million) on the <a href="https://www.rse.rw/" rel="noopener noreferrer" target="_blank">Rwanda Stock Exchange</a> (RSE) on September 2. The bond issuance, approved by the Capital Markets Authority, was announced on August 9 and closed on August 23. The bond will now be traded on the secondary market, allowing initial buyers to sell portions of their investment to other parties.The bond issuance is divided into two tranches. The first tranche, worth Rwf3 billion, has a five-year tenor and offers a fixed interest rate of 15% per annum, payable semi-annually. The second tranche, worth Rwf2 billion, will be issued later with a tenor to be determined.

Daba Finance/Mahwi Grain Millers Lists $3.7M Bond on Rwanda Stock Exchange

Mahwi Grain Millers Lists $3.7M Bond on Rwanda Stock Exchange

Malawi has announced plans to launch a Smart Village Initiative in collaboration with Huawei to enhance internet access in rural communities. President Lazarus McCarthy Chakwera revealed the initiative during the <a href="https://dabafinance.com/en/news/china-seeks-to-expand-trade-investment-and-military-ties-with-africa" rel="noopener noreferrer" target="_blank">Forum on China-Africa Cooperation Summit</a> in Beijing.The project aims to provide digital training centers in rural areas, equipping young people with skills in artificial intelligence, cybersecurity, and smart agriculture.With an internet penetration rate of just 27.7% and 5.86 million users as of early 2024, Malawi seeks to bridge the digital divide, particularly in underserved regions.

Daba Finance/Malawi Partners with Huawei to Boost Rural Connectivity

Malawi Partners with Huawei to Boost Rural Connectivity

Bavarian Nordic A/S, a Danish company and one of the few manufacturers of an approved mpox vaccine, faces increasing pressure to lower its prices as talks to secure millions of doses for Africa progress. With initial shipments of 200,000 doses arriving in the Democratic Republic of the Congo, negotiations led by agencies like <a href="https://www.unicef.org/" rel="noopener noreferrer" target="_blank">Unicef</a> aim to finalize agreements for up to 12 million doses by 2025 to combat the <a href="https://dabafinance.com/en/news/africa-cdc-expects-mpox-vaccines-in-august-as-cases-hit-19000" rel="noopener noreferrer" target="_blank">mpox</a> outbreak.The vaccine, marketed as <a href="https://jynneos.com/" rel="noopener noreferrer" target="_blank">Jynneos</a>, Imvamune, and <a href="https://www.ema.europa.eu/en/medicines/human/EPAR/imvanex" rel="noopener noreferrer" target="_blank">Imvanex</a>, is priced at $100 to $141 per dose—significantly higher than most <a href="https://dabafinance.com/en/news/mpox-vaccines-to-start-arriving-in-congo-from-september-1" rel="noopener noreferrer" target="_blank">vaccines</a> used in Africa, which typically cost $1 to $3 per dose. With countries in Africa facing multiple health crises, including cholera and malaria, the high cost remains a significant barrier to widespread adoption.

Daba Finance/Bavarian Nordic Faces Pressure Over Mpox Vaccine Pricing in Africa

Bavarian Nordic Faces Pressure Over Mpox Vaccine Pricing in Africa

Engie SA, the French utility that led a <a href="https://dabafinance.com/en/news/actis-fully-exits-bte-renewables-to-engie-and-meridiam" rel="noopener noreferrer" target="_blank">$1 billion acquisition of renewable energy assets</a> from <a href="https://www.act.is/" rel="noopener noreferrer" target="_blank">Actis LLP</a> in Africa last year, expects further consolidation across the continent’s renewable energy sector. While the company focuses on integrating its new assets, it plans to develop a pipeline of seven gigawatts of projects in Africa, according to Mohamed Hoosen, managing director for Asia, the Middle East, and Africa.<a href="https://www.engie.com/en" rel="noopener noreferrer" target="_blank">Engie</a> plans to divest its stakes in two solar projects in Senegal, totaling about 60 megawatts, as it refocuses on its core markets of South Africa, Egypt, and Morocco. These markets offer favorable policies for emission reduction and strong legal protections.

Daba Finance/Engie Eyes Consolidation in Africa’s Renewable Energy Market

Engie Eyes Consolidation in Africa’s Renewable Energy Market

Anglo American Platinum (Amplats) shares fell sharply after parent company Anglo American Plc sold 13.94 million discounted shares, signaling the start of a phased exit from its controlling stake in the South African firm. <a href="https://www.angloamerican.com/" rel="noopener noreferrer" target="_blank">Anglo</a> raised 7.2 billion rand ($403 million) by selling the shares at 515 rand apiece, about 20% below <a href="https://www.angloamericanplatinum.com/" rel="noopener noreferrer" target="_blank">Amplats</a>’ 30-day average price. The shares dropped 9.2% in Johannesburg trading, marking their biggest decline since April. The sale represents about 5.3% of Amplats' total issued shares, and analysts from Bloomberg Intelligence noted it might indicate the extent of potential value leakage during Anglo’s restructuring.

Daba Finance/Anglo Raises $400M in First South African Amplats Stake Sale

Anglo Raises $400M in First South African Amplats Stake Sale

Nigeria’s government raised $900 million through its first-ever domestic dollar bond sale, aiming to diversify funding sources amid high yields in international capital markets. The five-year bond, issued with a 9.75% coupon, was oversubscribed by 180%, reflecting strong demand, according to the Africa Finance Corporation (<a href="https://www.africafc.org/" rel="noopener noreferrer" target="_blank">AFC</a>), which coordinated the issue.This bond sale provides much-needed hard currency for Nigeria, which has struggled with severe dollar shortages, prompting two naira devaluations in less than a year. The proceeds will be invested in critical sectors of the economy, though further details were not provided.

Daba Finance/Nigeria Raises $900M in First Domestic Dollar Bond Sale

Nigeria Raises $900M in First Domestic Dollar Bond Sale

Ghana’s annual inflation rate dropped to a 29-month low in August, raising the likelihood of an interest rate cut when policymakers announce their decision on September 30. Consumer prices rose 20.4%, down from 20.9% in July, according to Government Statistician Samuel Kobina Annim. The <a href="https://dabafinance.com/en/news/ghana-consumer-inflation-slows-to-two-year-low-of-22-8-in-june" rel="noopener noreferrer" target="_blank">fall</a> was driven by <a href="https://dabafinance.com/en/news/ghana-consumer-inflation-slows-to-two-year-low-of-22-8-in-june" rel="noopener noreferrer" target="_blank">deflation</a> in key categories like milk, oils, fats, and fruits and nuts. Food price growth eased to 19.1%, down from 21.5% in July, while non-food inflation increased slightly to 21.5%. Prices fell 0.7% month-on-month.

Daba Finance/Ghana’s Inflation Falls to 29-Month Low, Boosting Rate Cut Prospects

Ghana’s Inflation Falls to 29-Month Low, Boosting Rate Cut Prospects

The European Union (<a href="https://european-union.europa.eu/index_en" rel="noopener noreferrer" target="_blank">EU</a>) will provide two grants totaling €32 million ($35 million) to help South Africa develop its green hydrogen sector. The funding aims to leverage South Africa’s renewable energy resources, such as wind and solar, to produce green hydrogen, a potential clean fuel alternative for ships and heavy industry.The grants will attract further investments into South Africa's hydrogen economy. The first €25 million grant is expected to generate 10 billion rand ($558 million) in public and private investment while the second €7 million grant will support hydrogen studies and pilot projects by state-owned <a href="https://www.transnet.net/Pages/Home.aspx" rel="noopener noreferrer" target="_blank">Transnet SOC</a>.

Daba Finance/EU Grants $35M to Boost South Africa’s Green Hydrogen Industry

EU Grants $35M to Boost South Africa’s Green Hydrogen Industry

Burundi’s central bank may lower interest rates by the end of 2024, marking the first cut since shifting to using borrowing costs to control inflation, according to Governor Edouard Normand Bigendako. In March, the central bank set its policy rate at 12% as part of reforms tied to a $271 million, 38-month International Monetary Fund (<a href="https://www.imf.org/en/Home" rel="noopener noreferrer" target="_blank">IMF</a>) program launched in July 2023.Annual inflation is projected to decrease to 15% by December, down from 18.7%, which could lead to a rate cut, Bigendako said. He emphasized that reducing price pressures, particularly by ensuring a steady fuel supply, remains a key priority for the central bank.

Daba Finance/Burundi Signals Potential Interest Rate Cut as Inflation Eases

Burundi Signals Potential Interest Rate Cut as Inflation Eases

Namibia’s state-owned electricity provider, <a href="https://www.nampower.com.na/" rel="noopener noreferrer" target="_blank">NamPower</a>, has contracted with Chinese companies to build the country’s largest solar photovoltaic (PV) plant. China Jiangxi International Economic and Technical Corp. and Zhejiang CHINT New Energy Development Co. will construct the 100-megawatt Rosh Pinah plant, valued at 1.6 billion Namibian dollars ($89 million).The project will be funded primarily by a loan from the German development bank <a href="https://www.kfw-entwicklungsbank.de/International-financing/KfW-Entwicklungsbank/" rel="noopener noreferrer" target="_blank">KfW</a>, covering nearly 80% of the cost. The remaining funds will come from NamPower’s balance sheet. Construction is expected to take 18 months, with operations commencing in the second quarter of 2026.

Daba Finance/Namibia Signs Deal with Chinese Firms to Build Largest Solar Plant

Namibia Signs Deal with Chinese Firms to Build Largest Solar Plant

US Bitcoin exchange-traded funds (<a href="https://dabafinance.com/en/investing-glossary/exchange-traded-fund-etf" rel="noopener noreferrer" target="_blank">ETFs</a>) have experienced their longest streak of daily net outflows since launching at the start of the year.Over the eight days through September 6, investors pulled nearly $1.2 billion from a group of 12 <a href="https://dabafinance.com/en/news/bitcoin-crashes-to-60k-amid-decline-trading-volumes-globally" rel="noopener noreferrer" target="_blank">Bitcoin ETFs</a>, according to data from Bloomberg. The withdrawals come amid broader concerns about global economic growth, which have impacted both stocks and commodities.While Bitcoin’s year-to-date rally remains around 30%, the recent selloff has cooled its momentum, and the cryptocurrency is likely to trade within a $53,000 to $57,000 range ahead of key US inflation data.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/US Bitcoin ETFs See Record Outflows Amid Broader Market Uncertainty

US Bitcoin ETFs See Record Outflows Amid Broader Market Uncertainty

Egypt’s inflation rate rose to 26.2% in August, up from 25.7% in July, marking an end to five months of deceleration, according to the state statistics agency CAPMAS. The increase follows fuel subsidy cuts, disrupting expectations of an interest rate cut for the first time since 2020.The North African nation's <a href="https://dabafinance.com/en/news/inflation-in-egypt-slows-again-as-foreign-currency-crunch-eases" rel="noopener noreferrer" target="_blank">inflation</a> climbed 2.1% monthly in August, the highest rate since <a href="https://dabafinance.com/en/news/egypt-inflation-slows-more-than-expected-in-january" rel="noopener noreferrer" target="_blank">February</a>, compared to a 0.4% rise in July. Food and beverage prices, a key inflation component, increased 29% annually, slightly down from 29.7% in July.Egypt’s inflation had been slowing despite a nearly 40% currency devaluation in March, which helped secure a <a href="https://dabafinance.com/en/news/egypt-secures-imf-deal-after-biggest-ever-rate-hike-pound-devaluation" rel="noopener noreferrer" target="_blank">$57 billion bailout</a> led by the IMF and UAE. However, recent fuel and electricity price hikes have temporarily reversed the trend.

Daba Finance/Egypt’s Inflation Unexpectedly Quickens After Fuel Subsidy Cuts

Egypt’s Inflation Unexpectedly Quickens After Fuel Subsidy Cuts

The UK has significantly expanded its business presence in French-speaking West and Central Africa, targeting new markets for its exports. UK Export Finance (<a href="https://www.gov.uk/government/organisations/uk-export-finance" rel="noopener noreferrer" target="_blank">UKEF</a>), the state body that supports British exports, had backed transactions in francophone Africa worth £1 billion ($1.3 billion) by the end of the 2023-24 financial year.That's a sharp rise from £3 million in 2017-18, according to Steven Gray, UKEF’s regional lead for West Africa. Francophone countries now account for 13% of UKEF’s portfolio in Africa, despite historical language barriers.Africa has become UKEF’s largest market for new business, with recent projects including a £106 million drainage upgrade in Benin and a £68 million road construction project in Togo. Rising interest rates have increased reliance on loan guarantees for such investments.

Daba Finance/UK Boosts Trade Ties in Francophone Africa to Over $1.3B

UK Turns to Francophone Africa for Trade with $1.3B in Guarantees

AngloGold Ashanti has agreed to acquire <a href="https://www.centamin.com/" rel="noopener noreferrer" target="_blank">Centamin Plc</a> in a deal valued at £1.9 billion ($2.5 billion), as gold prices surge, prompting miners to expand. The acquisition gives <a href="https://www.anglogoldashanti.com/" rel="noopener noreferrer" target="_blank">AngloGold</a> control of Egypt's Sukari mine, one of the world’s top gold deposits, despite historical operational and political issues following Egypt's 2011 uprising.The cash and share offer includes a 37% premium to Centamin’s closing price on September 9. AngloGold’s shares dropped by as much as 9.8% in Johannesburg, marking its largest intraday decline in three years, while Centamin surged 24% in London.The move solidifies AngloGold's shift away from South Africa after selling its last <a href="https://dabafinance.com/en/news/endeavour-mining-lilium-settle-dispute-over-african-gold-mines" rel="noopener noreferrer" target="_blank">mine</a> there in 2020. Upon completion, AngloGold shareholders will hold 83.6% of the merged company, with Centamin investors owning 16.4%.

Daba Finance/AngloGold Gets Egypt's Sukari Mine in $2.5B Centamin Acquisition

AngloGold Gets Egypt's Sukari Mine in $2.5B Centamin Acquisition 

Alios Finance, now SAFCA, (<a href="https://dabafinance.com/en/capitalmarkets/SAFC" rel="noopener noreferrer" target="_blank">SAFC</a>) saw its stock value drop by 13.99% to 830 FCFA last week, halting two consecutive weeks of gains. Investor speculation led to the downturn, placing the stock among the week's worst performers with a CCI indicator in the overbought zone.Tractafric Motors CI (<a href="https://dabafinance.com/en/capitalmarkets/PRSC" rel="noopener noreferrer" target="_blank">PRSC</a>) also faced a sharp decline, with its share price falling 13.08% to 2,260 FCFA. The decrease followed a significant drop in net income reported in March 2024, marking the stock's steepest weekly drop since November 2023.Other notable decliners included <a href="https://dabafinance.com/en/capitalmarkets/SIVC" rel="noopener noreferrer" target="_blank">Air Liquide</a> (-8.46% to 595 FCFA), <a href="https://dabafinance.com/en/capitalmarkets/STAC" rel="noopener noreferrer" target="_blank">Setao</a> (-5.11% to 650 FCFA), and <a href="https://dabafinance.com/en/capitalmarkets/ORGT" rel="noopener noreferrer" target="_blank">Oragroup</a> (-2.93% to 1,825 FCFA), which were all part of the week’s worst-performing stocks.

Daba Finance/Alios Finance, Tractafric Motors Lead Weekly Declines on BRVM

Alios Finance, Tractafric Motors Lead Weekly Declines on BRVM

Following the detachment of allocation rights in issuing free shares, Bank of Africa (BOA) stocks have gained significant traction in the market. BOA Benin (<a href="https://dabafinance.com/en/capitalmarkets/BOAB" rel="noopener noreferrer" target="_blank">BOAB</a>) led the surge with a remarkable increase of 23.55%, pushing its value to 4,800 FCFA.BOA Senegal (<a href="https://dabafinance.com/en/capitalmarkets/BOAS" rel="noopener noreferrer" target="_blank">BOAS</a>) also saw strong investor interest, climbing 18.69% to 4,000 FCFA, ending two weeks of decline. Meanwhile, BOA Niger advanced 18.10%, reaching 3,850 FCFA.Since the allocation rights detachment, the BOA group's stocks have posted notable performances. BOA Mali (<a href="https://dabafinance.com/en/capitalmarkets/BOAM" rel="noopener noreferrer" target="_blank">BOAM</a>) led the gains with a 30% rise, followed by BOA Senegal with a 28% capital gain. BOA Benin, BOA Niger (<a href="https://dabafinance.com/en/capitalmarkets/BOAN" rel="noopener noreferrer" target="_blank">BOAN</a>), and BOA Burkina Faso (<a href="https://dabafinance.com/en/capitalmarkets/BOABF" rel="noopener noreferrer" target="_blank">BOABF</a>) registered respective increases of 24%, 18%, and 15%.

Daba Finance/BRVM-Listed BOA Stocks Surge After Allocation Rights Detachment

BRVM-Listed BOA Stocks Surge After Allocation Rights Detachment

The BRVM stock market continued its upward trend for the third consecutive week, driven by the strong performances of Sonatel (<a href="https://dabafinance.com/en/capitalmarkets/SNTS" rel="noopener noreferrer" target="_blank">SNTS</a>), Ecobank CI (<a href="https://dabafinance.com/en/capitalmarkets/ECOC" rel="noopener noreferrer" target="_blank">ECOC</a>), and Orange CI (<a href="https://dabafinance.com/en/capitalmarkets/ORAC" rel="noopener noreferrer" target="_blank">ORAC</a>), adding 45 billion FCFA, 41.01 billion FCFA, and 30.13 billion FCFA in market capitalization, respectively.This positive momentum saw key indices rise, with the benchmark BRVM Composite up 2.21% to 259.27 points, BRVM 30 increasing 2.18% to 130.01 points, and BRVM Prestige up slightly by 0.52% to 114.63 points.Unilever CI (<a href="https://dabafinance.com/en/capitalmarkets/UNLC" rel="noopener noreferrer" target="_blank">UNLC</a>) reported a 2023 profit of 640.34 million FCFA, a sharp reversal from its 2022 loss of 6.38 billion FCFA. Tractafric Motors CI (<a href="https://dabafinance.com/en/capitalmarkets/PRSC" rel="noopener noreferrer" target="_blank">PRSC</a>), saw a significant drop in its first-quarter 2024 profit, down 90.40% to 81.03 million FCFA. Société Générale CI (<a href="https://dabafinance.com/en/capitalmarkets/SGBC" rel="noopener noreferrer" target="_blank">SGBC</a>) posted an 8.5% profit increase, reaching 48.23 billion FCFA for the first half of 2024.

Daba Finance/BRVM Stock Market Sees Continued Growth in First-Week September

BRVM Stock Market Sees Continued Growth in First-Week September

AgDevCo, a specialist investor in African agriculture, has secured $32 million in funding from the UK's Foreign, Commonwealth, and Development Office (<a href="https://www.gov.uk/government/organisations/foreign-commonwealth-development-office" rel="noopener noreferrer" target="_blank">FCDO</a>) to set up AgDevCo Ventures, a new initiative that will back early-stage agribusinesses in Africa. The <a href="https://www.agdevco.com/" rel="noopener noreferrer" target="_blank">venture</a> will provide much-needed capital to small and medium enterprises (SMEs) with investment sizes ranging from $1 million to $3 million, focusing on the "missing middle" segment often overlooked by private investors.AgDevCo Ventures will initially <a href="https://dabafinance.com/en/news/ivorian-firm-cashew-coast-raises-9-6m-from-agdevco-for-expansion" rel="noopener noreferrer" target="_blank">concentrate</a> on East Africa, including Kenya, Uganda, Tanzania, and Rwanda, with plans to expand across the continent and prioritize African and female-owned businesses to promote inclusivity. It is also raising an additional $25 million from development finance institutions and family offices to kickstart operations by early 2025.

Daba Finance/AgDevCo Raises $32M to Support Early-Stage Agro Ventures

AgDevCo Raises $32M to Support Early-Stage Agro Ventures in Africa

Elon Musk’s Starlink has officially launched in Zimbabwe, three months after securing an operating license. Partnering with IMC Communications, Starlink will offer satellite internet services in the country, marking its <a href="https://dabafinance.com/en/learn/blogs/from-lagos-to-lilongwe-starlinks-rocky-road-to-connecting-africa" rel="noopener noreferrer" target="_blank">latest expansion</a> in Africa.<a href="https://dabafinance.com/en/news/starlink-slashes-price-in-move-to-lure-nigerian-users" rel="noopener noreferrer" target="_blank">Customers</a> in Zimbabwe can purchase Starlink hardware for $350 with a $50 monthly subscription, or opt for Starlink Mini at $200 with a $30 monthly fee. Unlike in other African countries where local currencies are accepted, Zimbabwean customers will be charged in U.S. dollars, which may pose challenges in a country where <a href="https://dabafinance.com/en/news/zimbabwe-central-bank-intervenes-in-forex-market-to-support-currency" rel="noopener noreferrer" target="_blank">foreign currency is often scarce</a>.Starlink's entry into Zimbabwe comes as only 34.8% of the population had internet access as of 2021. The satellite internet provider aims to address connectivity gaps, especially in rural areas where internet penetration has been limited. Since its African debut in Nigeria in January 2023, Starlink has rapidly expanded across the continent, now serving <a href="https://dabafinance.com/en/learn/blogs/from-lagos-to-lilongwe-starlinks-rocky-road-to-connecting-africa" rel="noopener noreferrer" target="_blank">14 African countries</a>.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Starlink Launches in Zimbabwe After Securing Operating License

MyBroadband

Starlink Launches in Zimbabwe After Securing Operating License

While global venture capital (VC) funding for startups has been slowing, investment in climate mitigation and adaptation startups continues to rise. <a href="https://dabafinance.com/en/news/rising-investor-interest-sees-africas-climate-tech-defy-funding-trend" rel="noopener noreferrer" target="_blank">Funding</a> for climate startups grew from $340 million in 2019 to $1.1 billion in 2023, with the sector drawing over $3.5 billion in the last five years.In the first half of the year, <a href="https://dabafinance.com/en/news/rising-investor-interest-sees-africas-climate-tech-defy-funding-trend" rel="noopener noreferrer" target="_blank">climate tech</a> firms received 45% of the $325 million raised by African startups, per TechCabal data.

Daba Finance/VC Funding for Climate Startups Grows Despite Overall Decline

TechCabal

VC Funding for Climate Startups Grows Despite Overall Decline

<a href="https://onchitchat.com/" rel="noopener noreferrer" target="_blank">ChitChat</a>, a Zambian social commerce platform, has partnered with <a href="https://www.mastercard.com/global/en.html" rel="noopener noreferrer" target="_blank">Mastercard</a> to launch virtual debit cards for cross-border payments. This follows ChitChat’s March 2024 debut by <a href="https://union54.com/" rel="noopener noreferrer" target="_blank">Union54</a>, after the latter paused its services due to a $1.2 billion fraud attempt.The virtual card allows users to bypass bank visits, paperwork, and fees with instant in-app transactions. Funds can be stored in multiple currencies, providing a buffer against local currency fluctuations.ChitChat users can now pay for subscriptions, shop online, and transfer money across Africa through the app. Countries serviced include Zambia, Ghana, Tanzania, and Angola. The platform plans to expand remittances to China, India, and South Africa by year-end.

Daba Finance/ChitChat, Mastercard Launch Debit Card for Cross-Border Payments

ChitChat, Mastercard Launch Debit Card for Cross-Border Payments

Telkom's sale of its masts and towers business Swiftnet to Towerco Bidco, a company owned by Actis and Royal Bafokeng Holdings, has been approved by the Competition Tribunal of South Africa. <a href="https://dabafinance.com/en/news/actis-to-acquire-towerco-from-south-africas-telkom-in-355m-deal" rel="noopener noreferrer" target="_blank">The sale</a>, valued at over $350 million, follows the Competition Commission's recommendation that the deal would not harm competition but highlighted the need to address certain public interest concerns, which have been accepted by the buyer.<a href="https://www.swiftnet.co.za/index.html" rel="noopener noreferrer" target="_blank">Swiftnet</a>, which owns nearly 4,000 masts and leases spectrum to various customers, is a key player in providing wireless in-building solutions across South Africa. The sale marks Telkom's shift to focus on its core business, joining rivals <a href="https://www.mtn.com/" rel="noopener noreferrer" target="_blank">MTN South Africa</a> and <a href="https://www.cellc.co.za/cellc/home" rel="noopener noreferrer" target="_blank">Cell C</a> in selling off tower infrastructure, leaving Vodacom as the only major mobile operator that still owns its towers.

Daba Finance/Telkom's $355M Sale of Tower Business Approved by Competition Tribunal

Telkom's $355M Sale of Tower Business Approved by Competition Tribunal

<a href="https://www.cercli.com/" rel="noopener noreferrer" target="_blank">Cercli</a>, a MENA-based platform for managing and paying global workforces, has raised $4 million in a seed round led by <a href="https://www.afore.vc/" rel="noopener noreferrer" target="_blank">Afore Capital</a>, marking the venture firm's debut in the region. The startup enables businesses to manage payroll, contractors, HR, and compliance through a single interface, reducing the errors and inefficiencies common in legacy systems.Other participants in the round include <a href="https://www.cotu.vc/" rel="noopener noreferrer" target="_blank">COTU Ventures</a>, <a href="https://www.ycombinator.com/" rel="noopener noreferrer" target="_blank">Y Combinator</a>, and <a href="https://www.rebelfund.vc/" rel="noopener noreferrer" target="_blank">Rebel Fund</a>, along with prominent entrepreneurs from <a href="https://ramp.network/" rel="noopener noreferrer" target="_blank">Ramp</a>, <a href="https://about.rappi.com/" rel="noopener noreferrer" target="_blank">Rappi</a>, <a href="https://www.rippling.com/" rel="noopener noreferrer" target="_blank">Rippling</a>, and <a href="https://www.oysterhr.com/" rel="noopener noreferrer" target="_blank">Oyster</a>.

Daba Finance/Cercli Secures $4M Seed Round to Tap $2B MENA Payroll Market

TechCrunch

Cercli Closes $4M Seed Round to Tap $2B MENA Payroll Market

Ghanaian fintech company Fido has raised $30 million in Series B funding to fuel its expansion across East and Southern Africa. The funding round, led by global impact investor <a href="https://www.blueorchard.com/" rel="noopener noreferrer" target="_blank">BlueOrchard</a> and Dutch development bank <a href="https://www.fmo.nl/" rel="noopener noreferrer" target="_blank">FMO</a>, includes $20 million in equity. <a href="https://gh.fido.money/" rel="noopener noreferrer" target="_blank">Fido</a> provides individuals and small businesses across Africa with financial services via its digital platform. It began as a mobile loan provider and has since diversified into savings, bill payments, and smartphone financing. The fintech’s use of mobile technology and alternative data sources allows it to provide instant micro-loans without collateral, filling a gap left by traditional financial institutions. Its loans range from $20 to $500 for individuals, with larger amounts available for businesses, at interest rates between 7% and 12%. Fido claims its credit scoring system has kept its default rate below 4%.

Daba Finance/FMO, BlueOrchard Back Ghanaian Digital Lender Fido in $30M Round

FMO, BlueOrchard Back Ghanaian Digital Bank Fido in $30M Round

Kenya's borrowing costs remain near decade-high levels as uncertainty over the country's funding options and fiscal strategy continues.Following <a href="https://dabafinance.com/en/news/anti-govt-protests-rage-on-in-kenya-despite-finance-bill-reversal" rel="noopener noreferrer" target="_blank">deadly protests</a> over tax hikes tied to International Monetary Fund (IMF) recommendations, the Kenyan government <a href="https://dabafinance.com/en/news/kenya-president-withdraws-controversial-finance-bill-after-protests" rel="noopener noreferrer" target="_blank">backtracked</a>, and the latest IMF aid tranche remains on hold. To compensate, officials have increased sales of shilling-denominated bonds, keeping local debt yields elevated.Despite a recent interest-rate cut that eased yields, borrowing costs are still near their highest since December 2015. Kenya’s 91-day Treasury notes yield 700 basis points more than Uganda's, which holds the same S&amp;P Global credit score. One-year bills are yielding close to 17%, reflecting market concerns over Kenya's fiscal prospects, debt trajectory, and governability.

Daba Finance/Kenya’s Borrowing Costs Remain High Amid Fiscal Uncertainty

Kenya’s Borrowing Costs Remain High Amid Fiscal Uncertainty

Tunisia-based cleantech <a href="https://wattnow.io/" rel="noopener noreferrer" target="_blank">Wattnow</a>, which helps companies control their energy usage through the combination of its plug-and-play hardware and software solutions, has closed an undisclosed multi-million dollar funding round, led by <a href="https://lateralfrontiers.com/" rel="noopener noreferrer" target="_blank">Lateral Frontiers</a> and <a href="https://216capital.vc/" rel="noopener noreferrer" target="_blank">216 Capital</a>. The round also features <a href="https://www.outlierzventures.com/" rel="noopener noreferrer" target="_blank">Outlierz Ventures</a>, <a href="https://www.satgana.com/" rel="noopener noreferrer" target="_blank">Satgana</a>, <a href="https://octerracapital.com/" rel="noopener noreferrer" target="_blank">Octerra Capital</a>, and a group of strategic angel investors, including <a href="https://www.instadeep.com/" rel="noopener noreferrer" target="_blank">InstaDeep</a> founder Karim Beguir and Guillaume Amblard.In 2022, Wattnow raised a $1.3 million&nbsp;pre-Series A&nbsp;round, led by <a href="https://katapult.vc/climate-and-impact-legacy-portfolio/" rel="noopener noreferrer" target="_blank">Katapult Climate</a> and 216 Capital, joined by other investors. The fresh funding will help fuel its global expansion plans and refine its technological offerings.

Daba Finance/Tunisia’s Wattnow Closes Funding Round to Scale Energy Solutions

Wamda

Tunisia’s Wattnow Closes Funding Round to Scale Energy Solutions

Blue Forest, a UAE-based company founded by a former BP executive, has won a license to restore and protect mangrove forests in Mozambique in an initiative deemed the largest of its kind in Africa.Starting in November, the company plans to plant 200 million mangrove trees across an area twice the size of Singapore, helping to finance the project by pre-selling carbon emissions offsets.Vahid Fotuhi, who founded <a href="https://www.blueforest.org/" rel="noopener noreferrer" target="_blank">Blue Forest</a> in January 2022, stated that pre-selling carbon credits allow the company to tap into early-stage carbon financing to fund the $60 million project.

Daba Finance/UAE Firm Licensed for Largest Mozambique Mangrove Restoration Project

UAE Firm Licensed for Largest Mozambique Mangrove Restoration Project

South Sudan and China National Petroleum Corp. (CNPC) are considering constructing a new crude oil pipeline to reduce dependency on the existing infrastructure, which has limited export capabilities.President Salva Kiir and <a href="https://www.cnpc.com.cn/en/" rel="noopener noreferrer" target="_blank">CNPC</a> Chairman Dai Houliang discussed a proposed pipeline route through Djibouti and Ethiopia to enhance export potential from oil Blocks 3 and 7, according to a statement from the South Sudanese presidency.The talks also covered oil sector reforms, the establishment of a refinery, and the creation of distribution networks. CNPC, which holds a 41% stake in <a href="https://www.linkedin.com/company/dar-petroleum-operating-company-ltd-/" rel="noopener noreferrer" target="_blank">Dar Petroleum Operating Co</a>—the largest oil operator in South Sudan—pledged to ensure smooth operations and continue exploring new oil reserves.

Daba Finance/South Sudan, China Mull Alternative Oil Pipeline to Boost Exports

South Sudan, China Mull Alternative Oil Pipeline to Boost Exports

The European Union, along with other partners, has pledged €36.9 million ($41 million) to support Namibia’s transition to cleaner fuels, including green hydrogen. The funding will primarily back green-hydrogen projects in Namibia, which aims to become a hub for this emerging technology. A €25 million commitment from the <a href="https://european-union.europa.eu/index_en" rel="noopener noreferrer" target="_blank">EU</a> leads the effort, to leverage public- and private-sector investments estimated to reach €1 billion across the hydrogen value chain, encompassing production, transportation, and storage.Green hydrogen is proving to be the latest energy commodity scramble among a few African countries, including <a href="https://dabafinance.com/en/learn/updates/investors-update-june-28-2023" rel="noopener noreferrer" target="_blank">South Africa</a> and <a href="https://dabafinance.com/en/learn/updates/investors-update-august-17-2023" rel="noopener noreferrer" target="_blank">Morocco</a>. With its vast resources, Africa has the potential to become one of the main global renewable energy hubs. But it remains to be seen whether its nations can deliver a cost-competitive product in an emerging global hydrogen sector.&nbsp;

Daba Finance/EU Pledges $41M to Support Namibia's Green Hydrogen Projects

EU Commits $41M to Support Namibia's Green Hydrogen Projects

Chinese President Xi Jinping pledged nearly $51 billion in financial assistance to Africa over the next three years, targeting debt relief, infrastructure projects, and the creation of at least one million jobs.Speaking at the <a href="the http://www.focac.org/eng/" rel="noopener noreferrer" target="_blank">Forum on China-Africa Cooperation</a> in Beijing, Xi outlined China’s commitment to deepening cooperation with the continent in sectors such as industry, agriculture, and trade. He also emphasized Africa's role in global modernization, noting that China and Africa together represent one-third of the world’s population.China, the largest bilateral lender globally, will triple its infrastructure projects in Africa, despite Xi’s shift toward "small and beautiful" projects centered on advanced and green technologies. Of the $50.7 billion commitment, $30 billion will be distributed through credit lines, while $10 billion will be invested directly by Chinese companies. Smaller portions will go toward military aid and other initiatives.

Daba Finance/China Pledges $50B, 1M Jobs in Push to Expand Africa Ties

Reuters

China Pledges $50B, 1M Jobs in Push to Expand Africa Ties

China is intensifying its engagement with Africa, offering improved trade terms, increased investment, and military training as part of its broader strategy to compete with the US on the global economic stage. President Xi Jinping outlined this vision in a speech to leaders from 50 African nations at the <a href="http://www.focac.org/eng/" rel="noopener noreferrer" target="_blank">Forum on China-Africa Cooperation</a> in Beijing.During the opening ceremony, Xi announced several key initiatives, including the unilateral exemption of import tariffs on products from 33 African countries classified as least developed economies. In addition, China will expand market access for African exports to its economy, the world’s second-largest. The outreach to Africa comes amid heightened competition with the US, as both countries seek to expand their influence on the resource-rich continent, which is pivotal to global trade and geopolitical positioning.

Daba Finance/China Seeks to Expand Trade, Investment, and Military Ties with Africa

China Seeks to Expand Trade, Investment, and Military Ties with Africa

Botswana will hold its general elections on October 30, President Mokgweetsi Masisi announced on Tuesday. The president, who is seeking a second five-year term, declared October 30 and 31 as public holidays to encourage high voter turnout in the <a href="https://dabafinance.com/en/news/botswana-may-fall-short-of-4-2-percent-growth-target-over-constraints" rel="noopener noreferrer" target="_blank">Southern African nation</a>. The current parliament will be dissolved on September 5, with presidential candidates required to submit their names by September 28, and parliamentary and local council candidates by October 4.Masisi, who became leader in 2018 following a carefully orchestrated succession process, will face UDC's Duma Boko, 54, and Dumelang Saleshando, 52, of the Botswana Congress Party in the upcoming election.

Daba Finance/Botswana's President Masisi to Seek Second Term in October Election

Botswana's President Masisi to Seek Second Term in October Election

South Africa’s economic growth picked up in the second quarter of 2024, driven by higher consumer spending and improved power availability. However, the country’s GDP expanded by 0.4% in quarter-on-quarter seasonally-adjusted terms, slightly below the 0.5% growth forecast by economists. This was an <a href="https://dabafinance.com/en/news/south-african-economy-unexpectedly-contracts-in-first-quarter" rel="noopener noreferrer" target="_blank">improvement over the first quarter’s flat output</a> but was dampened by declines in the agriculture, mining, and transport sectors. Statistician-General Risenga Maluleke noted that it was too early to attribute the improved performance to the coalition government formed after the May elections, as President Cyril Ramaphosa was <a href="https://dabafinance.com/en/news/cyril-ramaphosa-sworn-in-for-another-term-as-south-africas-president" rel="noopener noreferrer" target="_blank">only sworn in for a second term</a> in mid-June. Seven of the 10 sectors tracked by Statistics South Africa registered growth, supported by an uninterrupted power supply, a first in years. However, persistent bottlenecks in ports and the freight rail network, along with weak global demand, continue to weigh on the economy.

Daba Finance/South Africa GDP Returns to Growth But at Slower Than Expected Pace

South Africa GDP Returns to Growth But at Slower Than Expected Pace

The Development Bank of Southern Africa (DBSA) has approved up to $200 million in financing for the Lobito corridor rail project, a US-backed initiative aimed at transporting critical minerals from Central Africa's copper belt to Angola's Atlantic port. The project, supported by the US <a href="https://www.dfc.gov/" rel="noopener noreferrer" target="_blank">International Development Finance Corp</a> with $553 million in funding, is integral to facilitating the export of essential minerals like copper and cobalt, crucial for renewable energy technologies.Mpho Mokwele, <a href="https://www.dbsa.org/" rel="noopener noreferrer" target="_blank">DBSA</a> executive for transacting, stated that the railway is a key component of efforts to support the global energy transition by creating a more efficient and cost-effective route for exporting these minerals.

Daba Finance/US-Backed Angola Rail Plan Gets $200M From Regional Development Bank

US-Backed Angola Rail Plan Gets $200M From Regional Development Bank

Nigeria's new Dangote oil refinery has started filling tanks with gasoline, marking a significant milestone for the country. The refinery, located near Lagos, is reportedly set to begin distributing gasoline by the weekend.When fully operational, the <a href="https://dabafinance.com/en/news/nigerias-dangote-refinery-starts-production-after-years-of-delays" rel="noopener noreferrer" target="_blank">refinery</a> will have the capacity to process 650,000 barrels of oil per day, with over half of that output being gasoline. The ramp-up comes at a critical time as Nigeria's state oil company, the main importer of fuel, struggles with supply disruptions due to debt and rising prices.At full capacity, the <a href="https://dabafinance.com/en/news/nigeria-based-dangote-refinery-to-list-on-NGX" rel="noopener noreferrer" target="_blank">facility</a> is expected to produce 330,000 barrels per day of gasoline. Full production levels are not expected immediately, with output projected to start at around 90,000 barrels per day in the fourth quarter, increasing to 250,000 barrels by mid-2025.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Nigeria's Dangote Refinery Begins Gasoline Production After Delays

Nigeria's Dangote Refinery Begins Gasoline Production After Delays

The Nigerian banking sector is gradually recovering from a significant downturn that saw its NGX stock index drop by 24% to 774 points in April 2024, following a <a href="https://dabafinance.com/en/news/nigerian-banks-declare-huge-dividend-payouts-amid-recapitalization" rel="noopener noreferrer" target="_blank">recapitalization policy</a> that dampened investor sentiment.The NGX Banking sector index, tracked by the NGSEBNK10, experienced a sharp decline in April as investors adopted a cautious approach, waiting to see how banks would respond to the new policy. However, recent positive price movements in large-cap banking stocks suggest a recovery is underway.Over the past 14 weeks, the sector has shown signs of a bullish turnaround, slowly correcting the steep losses. The sector's index is now attempting to regain the points lost in April, with the potential to reach its March high of 1,029 points.

Daba Finance/Nigerian Banking Stocks Show Recovery Signs Post-Recapitalization Dip

Nigerian Banking Stocks Show Recovery Signs Post-Recapitalization Dip

China's best-selling automaker BYD is set to launch its first showroom in Zambia this month in partnership with Pilatus Electric Mobility Zambia (<a href="https://pilatusafrica.com/" rel="noopener noreferrer" target="_blank">PEM</a>), marking the electric vehicle manufacturer's latest move into Africa. <a href="about:blank" rel="noopener noreferrer" target="_blank">BYD</a> has been training a local team to support customers post-purchase and continues its global expansion. In 2023, the company sold over 3 million vehicles, a 61.9% increase from the previous year.The company's partnerships with African companies like BasiGo and <a href="https://dabafinance.com/en/news/rwandas-ampersand-partners-byd-to-tap-africas-5bn-motorcycle-market" rel="noopener noreferrer" target="_blank">Ampersand</a> highlight its interest in the electric mobility market on the continent.

Daba Finance/Chinese EV Maker BYD Expands into Zambia Via Local Partnership

Chinese EV Maker BYD Expands into Zambia Via Local Partnership

Kenyan social commerce platform Chpter has raised $1.2 million in a pre-seed funding round led by Ken Njoroge of <a href="https://pani.africa/" rel="noopener noreferrer" target="_blank">PANI</a>, cofounder and former CEO of <a href="https://www.cellulant.io/" rel="noopener noreferrer" target="_blank">Cellulant</a> to accelerate product development and boost sales and marketing efforts.The round also saw participation from <a href="https://www.plesioncapital.com/" rel="noopener noreferrer" target="_blank">Plesion Capital</a>, <a href="https://www.techstars.com/" rel="noopener noreferrer" target="_blank">Techstars</a>, <a href="https://www.norrsken.org/" rel="noopener noreferrer" target="_blank">Norrsken</a>, <a href="https://www.renewcapital.com/" rel="noopener noreferrer" target="_blank">Renew Capital</a>, <a href="https://vc4a.com/viktoria-ventures/" rel="noopener noreferrer" target="_blank">ViKtoria Ventures</a>, and notable angel investors including Benjamin Fernandes of <a href="https://www.nala.com/" rel="noopener noreferrer" target="_blank">NALA</a> and Paul Kimani and Jackson Kibigo of <a href="https://www.myworkpay.com/" rel="noopener noreferrer" target="_blank">Workpay</a>.Founded in 2021, Chpter helps merchants increase sales on social platforms like WhatsApp and Instagram by automating conversations, marketing, and payments. Operational in Kenya and South Africa, Chpter plans to expand to Nigeria, Ghana, Egypt, and Morocco in the coming months.

Daba Finance/Chpter Raises $1.2M to Expand Social Commerce Platform in Africa

Chpter Raises $1.2M to Expand Social Commerce Platform in Africa

Tanzanian fintech NALA has obtained an International Money Transfer Operator (IMTO) license from the <a href="https://www.bou.or.ug/bouwebsite/BOU-HOME/" rel="noopener noreferrer" target="_blank">Bank of Uganda</a>, which enables it to offer cross-border payment services in the East African country. <a href="https://www.nala.com/" rel="noopener noreferrer" target="_blank">NALA</a> can now connect directly with mobile money services in Uganda, enabling payments into local mobile wallets for individuals and businesses, in the diaspora and at home.NALA's COO, Nicolai Eddy, highlighted that this license aligns with the company's goal of promoting financial inclusion and economic growth in Uganda. The company recently <a href="https://dabafinance.com/en/news/fintech-nala-raises-40m-to-tackle-high-remittance-fees-in-africa" rel="noopener noreferrer" target="_blank">raised $40 million</a> in Series A funding to enhance its services.

Daba Finance/NALA Secures Uganda License to Provide Cross-Border Transfer Service

NALA Secures Uganda License to Provide Cross-Border Transfer Service

Nigeria’s <a href="https://www.kredete.com/" rel="noopener noreferrer" target="_blank">Kredete</a>, a fintech platform aiding African immigrants in building credit scores and sending remittances, has secured $2.25 million in seed funding. Founded in 2023, Kredete enables users to remit funds to over 20 African nations, with each transaction boosting their credit score in their new country. The round was led by <a href="https://blockchainff.com/" rel="noopener noreferrer" target="_blank">Blockchain Founders Fund</a>, with participation from <a href="https://www.techstars.com/" rel="noopener noreferrer" target="_blank">Techstars</a>, <a href="https://tezos.foundation/" rel="noopener noreferrer" target="_blank">Tezos Foundation</a>, <a href="https://polymorphic.capital/" rel="noopener noreferrer" target="_blank">Polymorphic Capital</a>, <a href="https://www.launchafrica.vc/" rel="noopener noreferrer" target="_blank">Launch Africa</a>, <a href="https://neerventurepartners.com/" rel="noopener noreferrer" target="_blank">Neer Venture Partners</a>, and <a href="https://dna.fund/" rel="noopener noreferrer" target="_blank">DNA Fund</a>, alongside angel investors from payment giants like <a href="https://wise.com/" rel="noopener noreferrer" target="_blank">Wise</a> and <a href="https://www.westernunion.com/web/global-service/track-transfer" rel="noopener noreferrer" target="_blank">Western Union</a>.Kredete plans to extend its services across all African countries and introduce new financial products, including credit cards, auto loans, and mortgages, specifically tailored for African immigrants.

Daba Finance/Kredete Gets $2.25M to Scale Financial Platform for African Immigrants

Disrupt Africa

Kredete Gets $2.25M to Scale Financial Platform for African Immigrants

Inflation in the francophone West African region remained steady at 4.4% in July 2024, maintaining the level observed in the previous month, according to the regional central bank BCEAO.The slowing inflation is mainly driven by a slight deceleration in food prices, with the overall contribution of food products to total inflation decreasing from 3.2 percentage points in June to 3.1 percentage points in July. This decrease was offset by a slight increase in the contribution from the housing sector, which added 0.1 percentage points to inflation.Several <a href="https://dabafinance.com/en/learn/blogs/waemu-inside-the-west-african-regional-bloc" rel="noopener noreferrer" target="_blank">WAEMU</a> (or UEMOA in French) countries, particularly Senegal and Benin, have made notable progress in controlling inflation through effective price-capping policies on essential food items. In July 2024, <a href="https://dabafinance.com/en/news/senegal-records-lowest-inflation-in-five-years-on-easing-food-prices" rel="noopener noreferrer" target="_blank">Senegal</a> and Benin recorded inflation rates of -0.7% and 1% respectively, significantly below the Community standard of 3%.

Daba Finance/Inflation in Francophone West Africa Eases at 4.4% on Lower Food Costs

Inflation in Francophone West Africa Eases at 4.4% on Lower Food Costs

Uniwax (<a href="https://dabafinance.com/en/capitalmarkets/UNXC" rel="noopener noreferrer" target="_blank">UNXC</a>) experienced a volatile week, ultimately closing as the biggest decliner with a drop of 4.65% to 410 FCFA (around $0.69). The decline is largely attributed to speculative trading by investors, which has caused the stock's price to fluctuate throughout the week.Following Uniwax, Societe Ivoirienne De Banque Cote D'ivoire&nbsp;(<a href="https://dabafinance.com/en/capitalmarkets/SIBC" rel="noopener noreferrer" target="_blank">SIBC</a>) also faced significant losses, falling 3.10% to 6,100 FCFA, similarly driven by speculative investor behavior. Other notable underperformers include <a href="https://dabafinance.com/en/capitalmarkets/NTLC" rel="noopener noreferrer" target="_blank">Nestlé CI</a> (-2.10% to 7,000 FCFA), <a href="https://dabafinance.com/en/capitalmarkets/CIEC" rel="noopener noreferrer" target="_blank">CIE Cote d'Ivoire</a> (-1.93% to 2,030 FCFA), and <a href="https://dabafinance.com/en/capitalmarkets/ORAC" rel="noopener noreferrer" target="_blank">Orange CI</a> (-1.85% to 14,600 FCFA), rounding out the week’s top five declines.

Daba Finance/Speculator Activity Sees Uniwax Lead Weekly BRVM Stock Declines

Speculator Activity Sees Uniwax Lead Weekly BRVM Stock Declines

After two weeks of decline, the BRVM-listed Bank of Africa Mali (<a href="https://dabafinance.com/en/capitalmarkets/BOAM" rel="noopener noreferrer" target="_blank">BOAM</a>) saw its share price surge by 22.68% to 1,650 FCFA ($3), attracting renewed investor interest as part of its capital increase process. This increase, achieved through the incorporation of reserves and premiums, resulted in the issuance of one new share for every two old ones. Consequently, the share was listed on the stock market excluding allocation rights at 675 FCFA, calculated from the previous closing price of 2,020 FCFA.BOA Burkina Faso (<a href="https://dabafinance.com/en/capitalmarkets/BOABF" rel="noopener noreferrer" target="_blank">BOABF</a>) also saw significant gains, with its share price rising by 17.65% to 4,000 FCFA, making it the second-highest increase of the week. Its capital increase involved incorporating reserves at a ratio of one new share for every old one, leading to a share listing excluding allocation rights at 3,400 FCFA, based on the previous session’s price of 6,800 FCFA.

Daba Finance/BOA Mali Leads Weekly Gains Amid Capital Increase Process

BOA Mali Leads Weekly Gains Amid Capital Increase Process

The BRVM stock market continued its upward momentum, marking its second consecutive week of gains, primarily driven by the strong performances of Bank of Africa Burkina Faso (<a href="https://dabafinance.com/en/capitalmarkets/BOABF" rel="noopener noreferrer" target="_blank">BOABF</a>) and Total CI (<a href="https://dabafinance.com/en/capitalmarkets/TTLC" rel="noopener noreferrer" target="_blank">TTLC</a>), despite a significant capitalization loss of 41.43 billion FCFA by Orange CI (<a href="https://dabafinance.com/en/capitalmarkets/ORAC" rel="noopener noreferrer" target="_blank">ORAC</a>).BOA BF surged by 17.65% to 4,000 FCFA ($7), while Total CI increased by 7.22% to 2,600 FCFA. The BRVM Composite index rose by 0.30% to 253.67 points, supported by a favorable balance of 28 increases against 12 decreases.The BRVM 30 index edged up by 0.05% to 127.24 points, and the BRVM Prestige index increased by 0.83% to 114.04 points, both continuing their positive trajectories for the second week in a row. The trading volume reached 4.65 billion FCFA, the highest since mid-November 2023.

Daba Finance/BRVM Sustains Positive Trend with 2nd Consecutive Week of Gains

BRVM Sustains Positive Trend with 2nd Consecutive Week of Gains

Zimbabwe’s central bank is "strategically intervening" in the foreign exchange market to meet demand for U.S. dollars among lenders, as the nation’s gold-backed currency, the ZiG, continues to weaken. <a href="https://www.rbz.co.zw/" rel="noopener noreferrer" target="_blank">The Reserve Bank of Zimbabwe</a> is using 50% of the foreign exchange proceeds collected from exporters to support the market, according to Governor John Mushayavanhu. The bank’s intervention is aimed at maintaining operational flexibility in response to supply and demand dynamics.In July, the central bank injected $50 million into the market to address increased dollar demand and bolster the ZiG, which was <a href="https://dabafinance.com/en/news/zimbabwe-replaces-dollar-with-new-gold-backed-currency-zig" rel="noopener noreferrer" target="_blank">introduced in April</a> as Zimbabwe’s sixth attempt at a stable local currency in 15 years. Despite these efforts, the ZiG fell to 13.85 per dollar on Friday, marking its lowest level since its launch.<a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/Zimbabwe Central Bank Intervenes in Forex Market to Support Currency

Zimbabwe Central Bank Intervenes in Forex Market to Support Currency

African vaccine manufacturers, including South Africa’s Biovac Institute, are preparing to produce mpox vaccines as a deadly outbreak spreads across the continent. <a href="https://www.biovac.co.za/" rel="noopener noreferrer" target="_blank">Biovac</a> CEO Morena Makhoana stated that the institute is ready to begin production and is awaiting discussions with companies like <a href="https://www.bavarian-nordic.com/" rel="noopener noreferrer" target="_blank">Bavarian Nordic A/S</a>, which currently has an approved <a href="https://dabafinance.com/en/news/fitch-warns-mpox-surge-in-africa-may-strain-economies" rel="noopener noreferrer" target="_blank">mpox</a> vaccine.The Africa Centres for Disease Control and Prevention is working to avoid the delays experienced during the COVID-19 pandemic, where slow vaccine acquisition cost lives. <a href="https://whatsapp.com/channel/0029VabikTGInlqKBRIYlI13" rel="noopener noreferrer" target="_blank">You can follow Daba’s reporting on Africa on WhatsApp. Sign up here</a>

Daba Finance/African Vaccine Makers Prepare for Mpox Production Amid Outbreak

African Vaccine Makers Prepare for Mpox Production Amid Outbreak

Citibank Nigeria has appointed <a href="https://www.linkedin.com/in/nneka-enwereji-3001a623/?originalSubdomain=ng" rel="noopener noreferrer" target="_blank">Nneka Enwereji</a> as its Chief Executive Officer following the retirement of Ireti Samuel-Ogbu, the bank's first female CEO.This makes Enwereji the second woman to lead the <a href="https://www.citigroup.com/global/about-us/global-presence/nigeria" rel="noopener noreferrer" target="_blank">bank</a> in its 40-year history in Nigeria. Her appointment has been approved by the Central Bank of Nigeria.Enwereji previously served as the Head of Global Network Banking for sub-Saharan Africa and Co-Head of the Global Banking unit for the Middle East and Africa. She also held the role of Executive Director in the Lenders Unit of Citibank.

Daba Finance/Citibank Nigeria Appoints Nneka Enwereji as New CEO

Nairametrics

Citibank Nigeria Appoints Nneka Enwereji as New CEO

South Africa-based general insurer <a href="https://www.sanlam.co.za/Pages/default.aspx" rel="noopener noreferrer" target="_blank">Santam</a> is planning to expand into Asia as part of its strategy to diversify its premiums and counter sluggish growth in its home market.The insurer, a subsidiary of a financial services <a href="https://www.sanlam.com/" rel="noopener noreferrer" target="_blank">group</a> of the same name, aims to leverage its expertise in emerging markets to tap into the growth potential in Asia and the Middle East.The move follows the success of <a href="https://www.sanlam.com/" rel="noopener noreferrer" target="_blank">Sanlam</a> in India, where it has partnered with Shriram Capital Group since 2005, generating about 17% of profits from that market.

Daba Finance/Santam Plans Expansion into Asia to Diversify Premiums, Boost Growth

Santam Plans Expansion into Asia to Diversify Premiums, Boost Growth

Egypt has signed contracts to hedge against price fluctuations for many petroleum products. While specific details were not disclosed, Egypt is among the few sovereign states engaging in the oil derivatives markets to shield its economy from volatile price swings.The government, grappling with its worst foreign currency crisis in decades, has expressed ongoing concerns about regional and global instability and its potential economic impact. As part of its strategy, <a href="https://dabafinance.com/en/news/egypts-t-vencubator-launches-new-initiative-to-fund-startups" rel="noopener noreferrer" target="_blank">Egypt</a> typically locks in oil import prices and has a history of using hedging mechanisms, including purchasing call options, to mitigate risks. This latest move follows a similar hedging announcement made by the country last year.

Daba Finance/Egypt Signs Contracts to Hedge Against Petroleum Price Swings

Egypt Signs Contracts to Hedge Against Petroleum Price Swings

Ghana, the world’s second-largest cocoa producer, plans to increase spot sales of cocoa as it anticipates raising less than half of its $1.5 billion target to fund the upcoming crop season, according to Agriculture Minister Bryan Acheampong. Typically, spot sales account for 10% to 30% of Ghana's overall <a href="https://dabafinance.com/en/news/cocoa-prices-slump-27-percent-in-over-increased-rainfall-output" rel="noopener noreferrer" target="_blank">cocoa</a> sales but the country now seeks to rely more on uncollateralized sales after missing out on record cocoa prices due to pre-committed contracts.Cocoa futures surged to over $11,700 per ton in New York in April, but Ghana couldn't capitalize on the spike as it had already locked in lower prices for its output. The shift towards spot sales is seen as a strategy to better align with current market conditions. Ghana is also struggling to secure a new syndicated loan from foreign lenders, which traditionally funds cocoa production.

Daba Finance/Ghana Shifts to Spot Cocoa Sales Amid Next Season Funding Shortfall

Ghana Shifts to Spot Cocoa Sales Amid Next Season Funding Shortfall 

Southern African nations facing severe drought conditions due to an El Niño event may soon see relief, with forecasts predicting normal to above-normal rainfall from October to March. The Southern Africa Regional Climate Outlook Forum, in a presentation held in Harare, Zimbabwe, highlighted the expected transition from El Niño to the La Niña weather pattern, which could bring much-needed rain to countries like Botswana, Mozambique, Zambia, and Zimbabwe.Farmers across the region have endured the worst drought in over a century, causing significant agricultural losses, including a 3-million-ton shortfall in corn production and widespread livestock deaths. In Namibia, the drought has led to the culling of wildlife to ease pressure on grazing lands, while Zambia faces an energy crisis as hydropower generation declines, leading to daily electricity cuts of up to 14 hours.

Daba Finance/Southern Africa May See Rain Relief After Record El Niño Drought

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