Economy - Copperbelt Katanga Mining

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

International Economy

10 African countries with the highest debts to the IMF

December 29, 2023December 29, 2023 Constance

The International Monetary Fund (IMF) is a key player in global finance, offering monetary assistance to governments suffering economic difficulties. However, these loans from the IMF can have deep and varied effects on their economy. These effects are felt in some parts of Africa, particularly in regions where the debt is unsustainable. Typically as a last resort, countries often turn to the IMF in times of economic crisis to stabilize their financial systems. These loans help cushion the economic adversities said countries may be going through. Loans from the global… Read More Here

Economy

IMF Approves $620.65M Budget Support for Six East African Nations

December 29, 2023December 29, 2023 Constance

The International Monetary Fund has agreed to a funding program with six East African countries. So far, the global lender has approved the payment of $620.65 million in budgetary support for them including Rwanda, Tanzania, and the Democratic Republic of Congo (DRC). This is a small part of the commitment that totals $1.92 billion. The countries selected by the IMF currently have some degree of debt issues, and they are Rwanda, Tanzania, DRC, Somalia, Burundi, and Kenya. According to a report by The East African, an East African news publication,… Read More Here

Mining in Zambia Economy

ZDA Reports Record Investment Inflow for 2023, with US$ 6 billion in the Mining Sector

December 29, 2023January 1, 2024 Constance

The Zambia Development Agency (ZDA) announced a momentous achievement with nearly $40 billion in committed investments from 379 projects this year, marking a remarkable surge compared to the previous year’s commitments. BEIMBA MALITI, Chairperson of the ZDA Board, disclosed that this significant figure signified an exceptional growth of over 300% from the prior year’s commitment of $8.61 billion from 359 projects. The breakdown revealed the manufacturing sector as the frontrunner, boasting investments worth $19.72 billion, closely trailed by the energy sector with $8.9 billion and mining at $6 billion. Professor… Read More Here