Browsing: Senegal

International Finance Corporation targets specific projects in Côte d’Ivoire, Egypt, Kenya, Morocco, Senegal, and South Africa. IFC’s $30 million (Sh4.8…

Africa will be the second fastest-growing regional economy in 2024. Over 10 African countries will experience substantial GDP growth. In October 2024, the International Monetary Fund emphasized Africa’s pivotal role in global economic development and resilience.

Africa could face economic headwinds this year. However, some of the continent’s brightest spots are lighting up the economic prospects. According to the International Monetary Fund, six of the top 10 performing nations globally are projected to come from Africa in 2024.

Mozambique’s Green Energy Transition Strategy (ETS) to drastically reduce its dependence on fossil fuels. As a nation with one of…

Agribusiness including the entire agriculture and livestock sector represents approximately 17 per cent of Senegal’s GDP. The agriculture sector is…

On the second day of the MSGBC Oil, Gas & Power 2023 conference, a thought-provoking panel discussion engaged regional and international energy leaders, delving into the pivotal role of natural gas in a changing energy arena. The panellists delved into evolving market dynamics stemming from the global energy transition, sustainability endeavours, and technological innovations within the sector.

The Bill and Melinda Gates Foundation has unveiled a $40 million funding plan to support multiple African companies for new messenger RNA vaccine development. This initiative addresses the challenge faced by millions of African people who were among the last to receive COVID-19 vaccinations.

The Gates Foundation asserts this initiative will leverage over 20 years of collaborating with vaccine makers in poor countries. Further, it will harness recent scientific breakthroughs to develop cost-effective, high-quality health tools with a global reach.

Population growth and economic development have necessitated speeding up and scaling up infrastructure development in Africa. Over 28 African nations have seen population growth of more than double in the last 30 years. The population of 26 other African countries will quadruple over the next 30 years. Consequently, funding for the continent’s infrastructure has become essential.

The United States has been working to increase its economic and political engagement with Africa in recent years. Yellen arrived…

According to the Central Bank of West African States (BCEAO), growth should accelerate in the WAEMU economic region in the medium term. The increased production in the tertiary and secondary sectors remains crucial. These sectors should benefit from controlling the current health crisis in the Union and the continued implementation of the NDPs.

Growth in the Union is expected to drop from 6 per cent in 2021 to 5.9 per cent in 2022 before settling at 7.2 per cent in 2023. The contribution to growth from the tertiary sector should stand at 3.5 per cent in 2023, up by 0.3 points compared to 2022. The contribution of the secondary sector should grow by 0.9 points between the two years to settle at 2.6 per cent in 2023.

According to an article by Maritime Executive published August 17, 2022, since May Senegal and Germany have been working together to fast-track the completion of the BP-led Greater Tortue Ahmeyim (GTA) LNG project. The offshore field straddles the border between Senegal and Mauritania and is set to produce 2.5 million tons of LNG in the first phase. Plans call for output to double to 5 million tons in the second phase.

Earlier, Kosmos Energy, which is developing the GTA field with BP, said phase one is 80 percent complete. Senegal is now reporting that it will be ready to export its first LNG cargo to Europe in 2024 when production at Tortue Gas project is scheduled to start.

“Senegal will be able to sell its quota to Europe, especially Germany already, in the second half of 2024,” Mamadou Fall Kane, deputy permanent secretary of COZ-Petrogas, the government committee that monitors and develops oil and gas projects, told Bloomberg.