Volkswagen’s African unit achieved a record 131,485 Polo exports in 2024, primarily to European and Asia-Pacific markets.

The Central Bank of Kenya cut its key interest rate for the fourth consecutive meeting on Wednesday, aiming to stimulate economic growth. The Monetary Policy Committee lowered the Central Bank Rate by 50 basis points to 10.75%. The Kenyan economy has faced challenges, including the impact of the COVID-19 pandemic and a recent drought. While the economy showed signs of recovery, growth has slowed. The rate cut is expected to encourage lending, boost investment, and stimulate economic activity. However, the bank acknowledged potential risks, such as higher-than-expected inflation and a worsening global economic environment. This action reflects the central bank’s commitment to supporting economic growth while maintaining price stability.

Nigeria’s President Bola Tinubu has increased the 2025 budget to $36.4 billion, citing additional revenue from tax, customs, and other government agencies.

Record-breaking gold prices combined with high demand pushed total value of demand to all-time high of $382B, latest report shows

African leaders are planning to push for a recalculation of GDP at upcoming international summits, arguing that current measures fail to adequately reflect the value of their vast natural resources.

Nigeria is negotiating with local communities to restart oil production in a vulnerable region after Shell sold its onshore business, raising environmental and economic concerns.

Morocco’s unemployment rate rose to 13.3% in 2024, primarily due to job losses in the agricultural sector caused by a severe drought.

Morocco and Yemen have signed seven agreements to strengthen bilateral cooperation in areas such as education, infrastructure, and meteorology.

Ghana’s President, John Dramani Mahama, has nominated Johnson Asiamah as the next Governor of the Bank of Ghana, pending approval from the Council of State. Asiamah, a seasoned banking professional, brings over 23 years of experience to the role. He previously served as the second deputy governor from 2016 to 2017. In a statement, the president’s office praised Asiamah’s expertise in monetary policy and exchange rate management, highlighting his contributions to maintaining financial stability and promoting economic growth. The announcement comes as the current governor, Ernest Addison, is set to retire at the end of March. Addison will take a leave of absence starting February 3. President Mahama, sworn in earlier this month, is focused on revitalizing Ghana’s economy. He has committed to addressing the country’s economic challenges, which include instability in key sectors like cocoa and gold. Despite these difficulties, Mahama’s government has yet to release its formal economic policy. This delay was one of the reasons cited by the central bank for its decision to keep its key lending rate unchanged in January. The Bank of Ghana has set an inflation target of 8%, with a margin of 2 percentage points. However, inflation has remained stubbornly high, reaching over 23% in December. The central bank’s latest forecast suggests that it will take longer than anticipated for inflation to return to its desired range of 6%-10%.

According to the AfDB, the low level of investment is partly due to Africa’s volatile currency markets

New chairman Massoud Suleman plans to enhance Libya’s oil output and transparency at National Oil Corporation.

Despite recent Houthi claims that they would scale back attacks, Maersk announced last week it would continue diverting ships away from the Gulf of Aden and Red Sea

The move comes as the company braces for potential U.S. import tariffs, its finance chief told media on Thursday

Military juntas in West Africa, including Mali, Burkina Faso, and Niger, are increasing pressure on foreign mining companies, seeking greater control over natural resources and revenue.

Mission 300, an initiative to provide electricity to 300 million Africans by 2030, has secured over $8 billion in new funding commitments from global lenders.

President Daniel Chapo and TotalEnergies’ CEO Patrick Pouyanne discuss crucial energy projects in Mozambique, including the $20 billion LNG development and a $5 billion hydropower project facing significant obstacles.

Diageo, the spirits giant, has agreed to sell its 80.4% stake in Guinness Ghana to Castel Group for $81 million.

African leaders at the Tanzania summit aim to address energy deficits and secure investments to provide electricity for 300 million people by 2030.

Fighting in Sudan’s civil war has set ablaze the country’s largest oil refinery, according to satellite imagery.

Morocco’s water and electricity utility, ONEE, plans to build a 990-megawatt gas-fired power plant in the north of the country at a cost of $420 million.

Ivory Coast expects its worst cocoa mid-crop in 15 years due to severe drought and heat, threatening the global chocolate industry with higher prices.

Trump, who frequently pressured OPEC during his first term, suggested on Thursday that Saudi Arabia and OPEC should lower oil prices

Botswana’s new president, Duma Boko, seeks to finalize a deal with De Beers and diversify the country’s economy, which relies heavily on diamonds.

Nigeria has increased mobile tariffs by 50 percent, citing operational costs, as inflation hits a 30-year high.