Economy - Copperbelt Katanga Mining

Uganda Harnesses Oil and Gas Resources for Economic Transformation

January 31, 2024January 31, 2024 Constance

Uganda is strategically positioning itself for economic growth by tapping into its rich oil and gas resources while simultaneously embracing a sustainable energy transition plan, as revealed by the Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu. The ambitious 25-year plan anticipates a substantial economic boost, with $8.6 billion injected into Uganda’s GDP by 2025, fueled by revenues from oil and gas production. The “last in, last out” approach discussed at the 28th UN Climate Change Conference enables developing nations like Uganda to leverage their resources. This approach aligns… Read More Here

Economy International

Secretary of State Blinken Discusses Lobito Corridor in Luanda

January 30, 2024January 30, 2024 Constance

Secretary of State, Anthony Blinken, visited Angola on January 24 and 25th of 2024 to further discuss and develop the numerous bilateral agreements made during the 2023 US-Africa Leaders summit in Washington, DC. At a news conference in Luanda with his Angolan counterpart, Foreign Minister Tete Antonio, Blinken mentioned the Lobito Corridor: “I had a chance today to see some of the dramatic progress that’s already been made in building out this corridor. It is moving faster and further I think that we might have imagined.” According to the official press… Read More Here

International Economy Transport and Logistics

U.S. Secretary of State Travels to Africa on Four-Nation Tour

January 22, 2024January 22, 2024 Constance

U.S. Secretary of State Antony Blinken has undertaken a four-nation tour of Africa to boost infrastructure investment and trade with the continent.During the tour, Blinken will visit Cape Verde, Côte d’Ivoire, Nigeria, and Angola. The six-day tour, which began on 21 January in Cape Verde, will focus on regional security, conflict prevention, democracy promotion, and trade, with particular emphasis being placed on the U.S.’s strategic partnership with Angola. Blinken is expected to expand on the Biden Administration’s partnership with Angola in the areas of economic investment, food security, health and… Read More Here

Mining in DRC Cobalt Copper Economy

DRC and China Discuss $7 Billion Financing for Mineral-Infrastructure Deal

January 22, 2024January 22, 2024 Constance

President Felix Tshisekedi announced during his second inaugural address in Kinshasa that China and the Democratic Republic of Congo are in discussions for $7 billion in financing as part of a renegotiated minerals-for-infrastructure deal. Tshisekedi has been advocating for the restructuring of a 2008 $6.2 billion contract, arguing that the original deal, centered around the Sicomines copper and cobalt mine, has provided minimal benefit to Congo. While the mine has been operational for years, Congo’s government reports that less than a third of the promised $3 billion in development funds… Read More Here

Mining in Zambia Economy Governance

Zambia’s President to Prioritize Local Ownership in Mining Licenses with New Law

January 18, 2024January 22, 2024 Constance

In a recent announcement, President Hakainde Hichilema outlined key initiatives to strengthen Zambia’s governance and economic empowerment. The President declared the forthcoming introduction of a law aimed at preventing the sale of mining licenses to foreigners, emphasizing the government’s commitment to empowering Zambians with ownership of mining operations. Addressing the challenges in the public procurement process, President Hichilema disclosed plans for a new law in 2024 to address delays and corruption surrounding tenders. Additionally, he highlighted the impending review of the Electronic Government Procurement System (EGPS) to ensure broader citizen… Read More Here

Mining in DRC Economy Oil & Gas Petroleum

Kinshasa Authorities Assure No Risk of Fuel Shortage in DRC

January 12, 2024January 12, 2024 Constance

The city of Kinshasa, capital of the Democratic Republic of Congo (DRC), will not experience a stock shortage of petroleum products despite the flooding of the Congo River. These assurances were given by the Ministry of the National Economy in response to rumors circulating on social networks suggesting a possible exhaustion of fuel stocks in Kinshasa. “From information obtained from SEP Congo officials, the rumor about the fuel stock shortage linked to the flooding of the Congo River is completely false. Consumers are advised to ignore this. », writes the… Read More Here

International Economy

Africa Leads World’s Fastest-Growing Economies

January 6, 2024January 6, 2024 Constance

Africa is poised to be the second fastest-growing regional economy by 2024, with over 10 African countries experiencing substantial GDP growth. Last October, the International Monetary Fund emphasized Africa’s pivotal role in global economic development and resilience. Leading forecast growth are Niger, Senegal, Libya, Rwanda and Ivory Coast, whose economic expansion is largely anticipated from strategic and diversified energy sector investments. Niger – 11.1% In 2024, Niger is anticipated to be Africa’s fastest-growing economy with 11.1% GDP growth, contingent upon pivotal developments: early sanctions lifting, large-scale oil production, international financing resumption, and… Read More Here

International Economy

BRICS Officially Welcomes 5 New Members

January 5, 2024January 5, 2024 Constance

Intergovernmental organization, the BRICS group, has officially expanded its membership, welcoming Egypt, Iran, Saudi Arabia, the United Arab Emirates, and Ethiopia as new members. The strategic move is part of BRICS’ commitment to fostering a more diverse and inclusive global order that benefits the Global South and follows the issuance of membership invitations to six countries during the 15th BRICS Summit – held in Johannesburg in August 2023. Effective from January 1, 2024, the inclusion of these five nations underscores BRICS’ dedication to strengthening multilateralism for equitable global development and… Read More Here

Mining in Zambia Economy

Zambia’s Economy To Grow By 4 Percent

January 5, 2024January 5, 2024 Constance

The Policy Monitoring and Research Centre -PMRC- has projected Zambia’s economic growth to increase to above 4 percent in 2024 following the continued policy reforms. PMRC Executive Director, SYDNEY MWAMBA says Zambia’s economic outlook for 2024 remains positive with growth projected to increase due to higher global copper prices as well as the market confidence associated with ongoing fiscal consolidation measures. In a statement issued to ZANIS in Lusaka, Mr. MWAMBA noted that the country, in 2023, made significant advancements with regards to enhancing human development through increased investment in… Read More Here

Mining in DRC Economy Governance

DRC’s Trade Triumph: November 2023 Records $3.1 Billion Surplus, 6.87% Growth in Import-Export Volume

January 1, 2024January 1, 2024 arnbethnic

At the end of November 2023, the volume of trade between the DRC and the rest of the world increased by 6.87% compared to the corresponding period of 2022. The trade balance showed a surplus of 3,153.96 million USD compared to that of 3,146.26 million recorded at the end of November 2022. Relative to GDP, this surplus represents 4.60% against 4.78% in 2022. This development is essentially due to the more pronounced increase in imports compared to that of exports, from one year to the next. Indeed, exports increased by… Read More Here