Founders Factory Africa Raises $114 Million to Scale Its Impact in African Tech Ecosystem
Founders Factory Africa (FFA), a South African early-stage accelerator and investor, has secured $114 million in funding from partners including…
Category: Africa
RMB Corvest and Umoya Capital Partners Acquire Stake in Sants Private Higher Education Institution
RMB Corvest and Umoya Capital Partners have jointly acquired a significant minority stake in Sants Private Higher Education Institution. Sants,…
AFC Invests in East Africa’s Oil and Gas Downstream Player for More Efficient Petroleum Transportation
Africa Finance Corporation (AFC), a prominent infrastructure solutions provider in Africa, has announced its investment of $95.25 million in Mahathi…
Ghana Faces Rising Interest Rates on Government Securities Amid Debt Restructuring Efforts
Ghana has experienced a rise in interest rates on government securities, with the interest on the 91-day treasury bill reaching…
Kenya Reports Slowest Growth in VAT Collections in 10 Years
Kenya has experienced the slowest growth in collections from value-added tax (VAT) in a decade, attributed to elevated inflation that…
Kenya Commercial Banks Raise Base Lending Rates for Seventh Consecutive Month
Kenyan commercial banks have increased their base lending rates for the seventh consecutive month, reaching 13.31 percent by the end…
Kenya: High Court Suspends Exclusive Macadamia Nut Export Rights Pending Case Determination
The High Court has issued a suspension on the Kenyan government’s decision to grant exclusive export rights for raw macadamia…
BOST Records Profits for Second Consecutive Year, Marks Turnaround
The Bulk Oil Storage and Transportation Limited Company (BOST) has reported a profit after tax of GH¢342 million for the…
Auditor-General Raises Concerns Over Non-Performing Investments in NSSF
The Auditor-General has flagged non-performing investments totaling Sh630.3 million in the National Social Security Fund (NSSF), a State-controlled entity in…
Africa’s Marine and Coastal Tourism Sector Poised for $100 Billion Opportunity
Africa holds a significant economic opportunity within its grasp, owning approximately one-third of the world’s major international water basins. A…
Bank Consolidation Gathers Pace in Tanzania, 15 Banks Vanish in 5 Years
The banking landscape in Tanzania has witnessed significant consolidation over the past five years, resulting in the disappearance of 15…
Resilient Trade Relations Between Ghana and the USA Reach All-Time High
Trade relations between Ghana and the United States of America (USA) have demonstrated remarkable resilience, with bilateral trade in goods…
Government Reinstates Fuel Subsidies to Stabilize Pump Prices Amidst Oil Market Concerns
In an unexpected policy reversal, the government of Kenya has reintroduced fuel subsidies in response to surging pump prices triggered…
Safaricom Boosts M-Pesa Daily Transaction Limits in Bid to Compete with Banks
Safaricom, a prominent telecommunications company in Kenya, has gained the Central Bank of Kenya’s (CBK) endorsement to significantly raise the…
Oil Marketers Seek Deal to Pass Foreign Exchange Losses to Customers, Fueling Price Concerns
Oil marketers in Kenya are engaged in discussions with the government to shield themselves from foreign exchange losses caused by…
Central Bank of Kenya Sets New Interest Rate Corridor to Guide Interbank Lending
The Central Bank of Kenya (CBK) has introduced a new interest rate corridor to guide interbank lending and control interest…
Kenya Finalizing Selection of Lead Arrangers for New Eurobond
The Kenyan Treasury is in the final stages of selecting lead arrangers for the country’s upcoming Eurobond issuance. This move…
Ghana’s Inflation Reaches Four-Month High Amid Rising Food Costs
Ghana’s inflation rate surged to 43.1% in July, marking the highest level in four months. The increase was primarily driven…
Triodos Funds Support Bridge Taxi Finance to Empower South African Entrepreneurs
Triodos Microfinance Fund and Triodos Fair Share Fund have extended a USD 10 million loan to Bridge Taxi Finance in…
Commercial Cold Holdings Expands with Acquisition of Sequence Logistics
Commercial Cold Holdings (CCH), a prominent cold chain logistics platform under the control of African Infrastructure Investment Managers (AIIM), a…
Sanlam Private Equity Acquires Majority Stake in Danny’s Auto Body Parts
Sanlam Private Equity (SPE), the private equity branch of Sanlam Investments, has successfully acquired a majority share in Danny’s Auto…
Fuel Prices in Tanzania Surge by 17% Amidst Dollar Shortage
Motorists in Tanzania will face a significant increase in fuel prices as the existing shortage of the United States dollar…
Dollar Deposits in Kenyan Banks Reach New All-Time High as Shilling Depreciates
The value of dollar deposits in Kenyan commercial banks has reached a record high of Sh1.185 trillion by the end…
Ghana $13 billion Eurobond Restructuring to be Concluded by Year End – Government
Ghana’s government aims to reach an agreement with its commercial creditors to restructure Eurobonds totaling $13 billion by the end…
Infra Impact’s Mid-Market Infrastructure Fund Exceeds Fundraising Target in South Africa
Infra Impact Investment Managers Successfully Closes Mid-Market Infrastructure Fund Infra Impact’s Mid-Market Infrastructure Fund 1 has achieved a remarkable milestone…
British International Investment Joins SDG Outcomes Fund with $10 Million Commitment
British International Investment (BII), the UK’s development finance institution and impact investor, has pledged $10 million to the SDG Outcomes…
Norfund Invests in Plastic Recycling Initiatives in Nigeria and Ghana
Norfund, a Norwegian investment fund, is making its first direct investments in plastic recycling in Africa by providing financial support…
African Development Bank Approves US$20 Million Investment in Pembani Remgro Infrastructure Fund II in Côte d’Ivoire
The African Development Bank’s Board of Directors has sanctioned a US$20 million investment in the Pembani Remgro Infrastructure Fund II…
Globeleq Expands Renewable Portfolio in Africa with Acquisition of Mocuba Solar Plant in Mozambique
Globeleq, the leading independent power company in Africa, has reached an agreement to acquire Scatec A.S.A.’s 52.5% stake and KLP…
Kenya’s Foreign Exchange Reserves Expected to Remain Under Pressure, Says IMF
The International Monetary Fund (IMF) predicts that Kenya’s official foreign exchange reserves will continue to face challenges despite recent inflows,…