Author: Editorial Staff

CHINA’S Belt and Road Initiative (BRI) came at the ‘right time’ for boosting Africa’s development, a top African Union (AU) official told Nikkei Asia, as he played down concerns that it was a debt trap for poor countries. Last week, Beijing said it would ramp up the decade-old infrastructure drive to build ports, roads and railways by pushing into the digital realm, as the multibillion-dollar program becomes China’s key foreign policy tool for influence in developing nations. Chinese President Xi Jinping’s renewed focus on industrialisation, agriculture and talent development was also just what the continent needs, said Albert Muchanga, head…

THE Gambia’s Ministry of Petroleum and Energy has entered into a significant agreement with H2 Gambia Limited, a subsidiary of HydroGenesis, to explore hydrogen potential within the MSGBC (Mauritania, Senegal, The Gambia, Guinea-Bissau, and Guinea-Conakry) region. The historic deal was inked on the opening day of the African Energy Week 2023 (AEW) in Cape Town. The memorandum of understanding was formally signed by Ben Sayers, the Director of HydrogenGenesis, and Sheick Omar Bittaye, the Director of Petroleum of the Ministry of Petroleum and Energy of The Gambia. Hon. Abdoulie Jobe, the Minister of Petroleum and Energy for The Gambia, was…

NIGERIA is toughening up licencing rules for foreign mining companies to push them to boost processing and refining of metals like lithium and zinc within the country, its minister of mines said on Tuesday. The policy announced by Dele Alake at a Nigeria Mining Week event in the capital Abuja will require mining companies to show business plans for ‘value addition’ before they are granted licences. Alake said that the move is essential to help create jobs. ‘I am glad to mention that such an initiative is already on stream as some companies have already commenced operations in Nigeria,’ he…

GHANA’S sovereign dollar bonds saw a significant drop on Tuesday as government presentations outlining debt rework scenarios failed to meet investor expectations. The proposed scenarios, which aimed for a substantial haircut of between 30-40 percent on the principal, led to a swift market reaction. According to data from Tradeweb, certain bonds experienced their lowest levels in three months, with the 2061 issue plunging as much as 2.9 cents in the dollar to 38.9 cents. Although some bonds managed to recover modestly, they remained down between 1.5 cents and 2.2 cents in the dollar. Ghana, a West African nation known for…

LIBERIA’S  closely watched presidential election, which took place on October 10, appears poised for a runoff as nearly complete provisional results unveiled on Monday reveal a neck-and-neck race between the incumbent President George Weah and opposition leader Joseph Boakai. The provisional results, which are based on tallies from 92.8 percent of polling places, demonstrate a remarkably close competition. Joseph Boakai has secured a slight lead with 43.70 percent of the vote, while President George Weah is close behind with 43.65 percent. To secure an outright victory in the first round, a candidate must garner more than 50 percent of the…

BURKINA Faso’s military rulers have officially renamed one of main streets in the capital Ouagadougou, replacing the country’s former colonial ruler with its pan-Africanist father of independence, Thomas Sankara. The move follows similar trends in Cote d’Ivoire and Senegal. As part of the commemoration of 36th anniversary of Sankara’s assassination on October 15, Boulevard Général Charles De Gaulle in the capital Ouagadougou was officially renamed Boulevard Thomas Sankara. Daouda Traoré, retired colonel major and vice-president of the international Thomas Sankara Memorial Committee, was delighted that the boulevard would now carry the name of ‘the world’s most famous Burkinabé citizen.’ This is…

CHINA’S role in Africa has undergone a significant transformation in recent years. For decades, Beijing was known for flooding the African continent with loans and grants, funding extensive infrastructure projects, such as Kenyan trains, Juba’s airport, and the Zimbabwean parliament. This largesse defined China’s influence in Africa, often referred to as the ‘new scramble for Africa.’ However, as China grapples with a domestic economic slowdown caused by mounting debt and the impact of the Covid-19 pandemic, its approach to Africa is shifting. Data from S&P Global Commodity Insights highlights this transition, revealing a move from loans to energy investments. In…

ESTONIA’S Prime Minister, Kaja Kallas, is among several high-ranking officials from Western capitals who have fallen victim to a sophisticated scam involving deepfake technology and email phishing, cleverly impersonating African Union (AU) Chairperson Moussa Faki. The elaborate hoax unfolded in September, following a deceptive email from a fake address, which purported to originate from a high-level AU official. In response, Prime Minister Kallas engaged in a video conference, believing she was communicating with Chairperson Faki. Unbeknownst to her and in the presence of other state officials, this virtual meeting delved into pressing international matters, including discussions surrounding the recent Niger…

IN a groundbreaking development for the African continent, CNBC Africa, the 24-hour pan-African business news channel, has introduced its very own AI newsreader. This innovative move underlines CNBC Africa’s dedication to technological advancement and elevating its news delivery to new heights. The AI newsreader, a fusion of artificial intelligence and human likeness, has been meticulously designed with inspiration drawn from Chanel Retief, a valued member of the Africa Business News (ABN) team, the parent group of CNBC Africa. By incorporating the features and persona of a real-life ABN family member, CNBC Africa aims to infuse authenticity and familiarity into the…

THE Tanzania Telecommunications Authority (TCRA) has taken a stringent stance on Virtual Private Networks (VPNs) by prohibiting their use without permits, as part of its efforts to control illegal content circulating on local networks. So, what’s at stake for those who violate this new regulation? Infringing upon the ban carries a significant penalty, including a minimum prison term of 12 months or a substantial fine of TSh5 million ($2,000). The basis for this crackdown lies in Regulation 16 (2) of the Electronic and Postal Communications (Online Content) Regulations of 2020, which expressly forbids Tanzanians from accessing illegal content through VPNs.…