Author: Maingi Gichuku

• The governments of Senegal and The Gambia are tapping on revenue from energy and tourism to grow their economies.
• Senegal is strategically using energy projects to catalyze the growth and redevelopment of tourism destinations.
• By leveraging tourism earnings, The Gambia seeks to fuel infrastructure development and catalyze its overall economic growth.

Blending energy and tourism sectors in Senegal

A prime example of this synergy is the Sandiara Special Economic Zone (SEZ), which incorporates a gas-to-power and solar facility, positioning itself to power tourism hotspots along the country’s scenic southern coast.

One such destination is Mbodiene, a picturesque fishing village located …

• The African Development Bank offers an initial $150M to Zambia for budgetary support.
• Fresh from striking a debt restructuring agreement with creditors, Zambia will also get an additional $168M per year from AfDB’s non-concessional window.
• AfDB President Dr. Akinwumi Adesina says the lender will aid Zambia in her economic recovery efforts.

Fresh from a successful $6.3 billion debt restructuring deal with bilateral creditors, the African Development Bank (AfDB) is rolling out $150 million support line for Zambia to accelerate the country’s recovery efforts.

In June this year, the International Monetary Fund (IMF) lauded the debt treatment agreement struck by Zambia and its official creditors under the G20 Common Framework.

During a meeting with AfDB, Zambia President Hakainde Hichilema acknowledged the significant progress made on official creditor debt. Hichilema, however, highlighted the need to address debt owed to local and external commercial creditors, including Eurobond holders. He expressed the desire to …

• Vantage Capital pumps $25M in Aquasantec International for water, sanitation, and hygiene projects across East Africa.
• Vantage Capital acquired a controlling shareholding in the Group, while also seeing the disposal of shareholdings by the founding Shah family, the Ramco Group, and Terra Mauricia.
• The partnership between Vantage Capital and Aquasantec exemplifies the transformative impact that strategic investments can have in the vital sectors of water, sanitation, and hygiene

Vantage Capital, a renowned mezzanine debt fund manager in Africa, has made a significant investment in Aquasantec International. Aquasantec is a manufacturer and distributor of water tanks, pipes, and related products, dedicated to addressing the critical needs of water, sanitation, and hygiene across Eastern Africa.

This strategic investment, totalling $25 million was executed in June 2023, and it encompassed both mezzanine debt and ordinary equity. It will result in Vantage Capital acquiring a controlling shareholding in the Group as part of a …

• South Africa says Russian President Vladimir Putin will skip planned BRICS summit in Johannesburg in August.
• Since he was charged with war crimes by the ICC in March for kidnapping children from Ukraine, Putin has avoided travelling.
• On July 15, Putin talked with Ramaphosa on BRICS and the status of the Black Sea grain deal.

South Africa says Russian President Vladimir Putin will skip planned BRICS summit in Johannesburg next month because of his ICC arrest warrant. South Africa, which was facing a major diplomatic challenge on whether to arrest Putin, says it has requested the Russian President to stay away from the summit.

Putin was charged with war crimes by the ICC in March for the kidnapping of children from Ukraine. Since then, Putin has been avoiding travelling to all nations that are party to the court’s treaty.

Following a “mutual agreement,” the office of South African President Cyril …

• Africa only accounts for one per cent of the global digital economy. The US, China, and Asia hold dominant positions at 68 per cent, 22 per cent, and 27 per cent respectively.
• Ralph Mupita, President and CEO of MTN cites untapped opportunities in Nigeria’s digital economy, tipping that its potential will double by 2050 to $145 billion.
• Businesses must adapt to Africa’s evolving digital economy and embrace key trends to seize the vast opportunities in the continent.

There is a substantial gap between the digital economy of developed and developing countries in Africa. At the moment, Africa makes up one per cent of the global digital economy, while the US, China, and Asia occupy the top three spots with 68 per cent, 22 per cent, and 27 per cent of the total. This demonstrates how crucial it is for Africa to close the digital divide and capitalize on its growth …

Oxford Economics, a renowned economic analysis firm, released a report on Thursday, shedding light on Mozambique’s inflation trajectory. After a decline and reaching levels last seen in March 2022, experts project inflation to rise to 8.8 per cent in the final quarter of 2023. The imminent return of TotalEnergies to Cabo Delgado will play a significant role in this scenario. …

Rwanda’s economy displayed strong growth, with a 9.2 per cent expansion in the first quarter of 2023, following an 8.2 per cent growth in 2022. However, recent floods resulted in loss of life and infrastructure destruction, leading to a projected moderation of momentum to 5.8 per cent in 2023, slightly lower than the pre-disaster forecast of 6.2 per cent.…

African Trade and Investment Development Insurance (ATIDI), formerly known as the African Trade and Insurance Agency (ATI), has demonstrated resilience in the face of global challenges, maintaining profitability and achieving positive earnings.

Although the difficult economic environment led to a 6 per cent decline in underwriting profitability, from $34.9 million in the previous year to $32.8 million in 2022, the company experienced strong growth in net written premium, investment income, total assets, and equity capital, which reached $553 million by the end of 2022.…