Africa’s commodity-dependent nations are facing economic headwinds, with the IMF calling for urgent reforms to boost growth and reduce reliance on volatile commodity markets.

Egypt’s economy is projected to grow by 4.0% by June 2025 as it begins to recover from austerity measures linked to an International Monetary Fund (IMF) program, according to a recent Reuters survey of economists. The poll, conducted from October 9 to 23, anticipates GDP growth will accelerate to 4.7% in the fiscal year 2025/26 and rise further to 5.3% by 2026/27. In the current fiscal year 2023/24, GDP growth is expected to fall to 2.4%, down from 3.8% the previous year. Key challenges include a currency crisis and ongoing conflict in neighboring Gaza, which have negatively impacted tourism and Suez Canal revenues. Earlier this year, Egypt secured a major agreement with the UAE’s ADQ sovereign fund for $24 billion in development rights for real estate along its Mediterranean coast. This deal facilitated an $8 billion financial reform package with the IMF in March. James Swanston from Capital Economics noted that while Egypt’s economic outlook is gradually improving, strict fiscal policies will remain essential to address the budget deficit and the debt-to-GDP ratio. He highlighted that the benefits of a weaker pound are beginning to materialize. Although inflation is slowing, it is expected to remain high, with forecasts of 20.4% for 2024/25 and 11.4% for 2025/26. Inflation slightly rose to 26.4% in September, down from a peak of 38.0% in 2023. The IMF also estimates a 4.1% growth rate for Egypt’s economy in 2025. Analysts predict further depreciation of the Egyptian pound, forecasting it to reach about 50.4 per dollar by the end of June 2025 and 52.0 by June 2026. The central bank previously maintained the pound’s value at 30.85 to the dollar until it was allowed to float in March 2024; the current exchange rate is around 48.8 to the dollar. Additionally, analysts expect the central bank’s overnight lending rate to decrease to 22.25% by June 2025 and further to 14.25% by June 2026, providing much-needed support for households and businesses in the coming years.

Mali alleges Barrick violated their mining pact, potentially jeopardizing Barrick’s operations in the country.

South Sudan will soon resume pumping crude oil for export through Sudan after repairs to a key pipeline damaged during the ongoing conflict.

Nigerian government has dropped money laundering charges against a Binance executive, Tigran Gambaryan, due to his deteriorating health.

First Quantum Minerals is actively seeking potential partners for its Zambian mining assets, with Saudi Arabia’s Manara Minerals being a frontrunner for a minority stake acquisition.

Election-related tensions and rising debt levels have contributed to the decline in Mozambique’s eurobond, as investors seek safer investments.

Despite record rainfall, Ivory Coast’s cocoa farmers face difficulties with financing and quality control, affecting the overall production.

Experts from the Global South view the recent expansion of the BRICS bloc as a positive development. “Any expansion means more voices for those who were unheard and left out of the integration process,” stated Aravind Yelery, a professor at India’s Jawaharlal Nehru University. This perspective emerged during a meeting of 40 think tanks organized by the International Department of the Communist Party of China Central Committee and the China Media Group. The gathering addressed the future of global development amid significant change and turmoil, ahead of the upcoming BRICS summit in Russia from October 22-24. Originally comprising Brazil, Russia, India, China, and South Africa, BRICS expanded earlier this year to include Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia. Many believe this expansion will amplify the voices of more countries on the international stage. With the Global South representing about 40% of global GDP and 85% of the world’s population, its influence in global affairs is growing. The expansion of BRICS is seen as a way to create more balance against the Western-dominated international order.

Mali’s economy has been struggling due to various factors, including coups and regional sanctions.

New Lafigue Mine in Ivory Coast aims for 200,000 ounces of annual gold production under Endeavour Mining.

Residents of Lagos on Wednesday linked economic hardship and hunger to the tragic deaths of individuals who were collecting fuel from an overturned tanker before it exploded. The explosion in Nigeria claimed over 140 lives, including children, and left many injured. The incident occurred in Majiya, Jigawa State, around midnight when the driver lost control of the gasoline tanker on a highway, leading to a massive fire as people rushed to scoop up the spilling fuel, according to emergency services. “I blame both the people and the government,” said civil servant Emenike Okpaga. “If the government prioritized citizens’ welfare, incidents like this wouldn’t happen.” Software engineer Emmanuel Isaac added, “No one in their right mind would scoop fuel unless driven by hunger. When people see a chance to make money from it, they take it.” In Majiya, residents mourned as they held a mass burial for the victims, most of whom were unrecognizable, according to emergency responders. Fatal tanker accidents are frequent in Nigeria, where traffic regulations are often ignored and efficient cargo transport systems are lacking. The rising fuel prices, which have tripled since the end of government subsidies last year, have led many to salvage fuel from such accidents.

South Africa’s central bank governor argues for a lower inflation target, citing studies that show minimal negative impact on economic growth.

Ethiopia’s government has taken a significant step towards economic modernization by launching the sale of shares in Ethio Telecom.

Finance Minister Mbadi announces UAE loan talks as Kenya seeks better financing options amid IMF delays.

Facing a financial crisis, Brazzaville has suspended state-funded travel for government officials, encouraging them to participate in video conferences instead.

Nigeria’s oil regulator has rejected Shell’s proposed sale of its onshore oilfields to Renaissance Group due to the buyer’s lack of qualification to manage the assets.

Eramet has significantly reduced its production targets for its manganese and nickel mines in Gabon and Indonesia due to market conditions and regulatory changes.

The plan aims to increase energy independence, reduce the budget deficit, and improve governance.

The World Bank has revised its growth forecast for sub-Saharan Africa downward due to the ongoing conflict in Sudan.

The IMF has lifted debt surcharges for eight countries, easing their financial burdens and lowering their overall borrowing costs.

The Brass fertilizer and petrochemical project in Nigeria represents a critical step in harnessing the nation’s gas resources to support domestic agriculture.

The suspension has pushed aluminium prices to new heights, raising concerns about future availability.

For years, the international shipping industry has faced criticism for its slow progress in reducing the significant carbon emissions produced by vessels transporting everyday goods like food, cars, and clothing. Now, the new head of the International Maritime Organization (IMO), Arsenio Dominguez, is subtly urging companies to take action. “There is more that can be done,” he stated during an interview at Germany’s Hamburg Sustainability Conference. “The low-hanging fruit is there.” Dominguez, who became secretary general at the start of the year, highlighted strategies like using satellites for optimal routing based on weather, cleaning ship hulls to reduce water friction, and “slow steaming”—operating vessels below their maximum speed to cut fuel use and emissions. While acknowledging that many companies are making efforts to reduce greenhouse gas emissions, he stressed that achieving the IMO’s target of a 30% emissions reduction by 2030 requires immediate implementation of all available measures. A significant overhaul of shipping fuel is essential for decarbonization, as the industry predominantly uses heavy fuel oil, which emits carbon dioxide and other pollutants. Cleaner alternatives like hydrogen, ammonia, and biofuels are in development but face challenges of cost, scalability, and sustainable production. The shipping sector currently accounts for about 3% of global greenhouse gas emissions, and these figures are projected to rise sharply without significant changes. Unlike other sectors like power and ground transportation, which have made strides in decarbonization through electrification, shipping has lagged behind. Last year, the IMO set a goal to achieve net-zero emissions by around 2050, highlighting the considerable work ahead. The organization is also being urged to implement a carbon tax, similar to initiatives in the European Union, where large ships are already taxed on their carbon dioxide emissions. Dominguez clarified that he doesn’t prefer to call it a tax, given the sensitivity surrounding the issue. He mentioned that several scenarios are being considered, including carbon efficiency ratings for ships and setting fuel standards. The IMO committee will meet in April to discuss these measures, with formal adoption expected in the fall, and any decisions would take effect in 2027, allowing time for adjustments. In the meantime, Dominguez emphasized that shipping companies should maximize emission reductions, including the use of liquid natural gas (LNG) as a fuel. While LNG can improve engine efficiency and lower emissions, concerns remain about methane leaks, which can undermine any benefits gained. Environmentalists argue that relying on LNG allows fossil fuel producers to maintain the status quo, delaying a necessary transition to renewable energy sources.