Weekly Roundup | 09.03.2024
Your curated selection of weekly Africa business and investment headlines.
Welcome to Africa Vantage, the Africa business and investment section of the Emerging Real Estate Digest—your insider's guide to investing and doing business on the African continent. Stay informed about the Lobito Corridor with our "Thoughts on the Corridor" section, and keep up with general business trends across Africa through "Africa Vantage."
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Headlines
🎦 Will Ghana Pull Off Major Oil Refinery Like Nigeria’s Dangote?
US Consulting Firm BCG Admits it Paid Bribes to Win Business in Angola
China's Lending to Africa Rises for First Time in Seven Years, Study Shows
French TotalEnergies Reportedly Exits Africa With Sale of Two Oil Fields to Nigerian Company
🔊 US Looking to Expand Lobito Corridor to Tanzania
📸 South Africa Restaurant Brand Eyeing Zambia Expansion
Zambia Plans State Firm to Own 30% of Critical Minerals Mines
Gaming Giants are Looking to Africa for Growth
How Africa’s ‘Ticket’ to Prosperity Fueled a Debt Bomb
📖 State of Africa's Infrastructure Report 2024 [AFC]
Africa
🎦 Will Ghana Pull Off Major Oil Refinery Like Nigeria’s Dangote?
Phase one of the 300,000 barrel-per-day project, with an estimated cost of $12 billion, will be financed and constructed by a consortium including Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering Co., and China Construction Third Engineering Bureau Co. … Read More
📰 US Consulting Firm BCG Admits it Paid Bribes to Win Business in Angola
In total, BCG won 11 contracts with the Angolan Ministry of Economy and one with the National Bank of Angola over the years in question, bringing in $22.5mn in revenue. The firm will return the $14.4mn in profits that the contracts generated. The DoJ said it would not be prosecuting BCG because the firm reported the matter itself, fired the individuals involved and co-operated with the inquiry… Read More
📰 China's Lending to Africa Rises for First Time in Seven Years, Study Shows
Chinese lenders approved loans worth $4.61 billion to Africa last year, marking the first annual increase since 2016..… Read More
📰 French TotalEnergies Reportedly Exits Africa With Sale of Two Oil Fields to Nigerian Company
The Olo and Olo West blocks were sold to local firm Aradel Holdings for $19.5 million..… Read More
🔊 US Looking to Expand Lobito Corridor to Tanzania
“Special Coordinator Matza will review her August 21-28 travel to the DRC and Tanzania, including opportunities to expand the Lobito Corridor focus on the DRC and integrate Tanzania with the Lobito Corridor investments”… Read More
📰 Zambia Plans State Firm to Own 30% of Critical Minerals Mines
Zambia’s goal of producing 3 million tons of copper a year by 2031 requires existing assets to double their output to about 1.4 million tons… Read More
📸 South Africa Restaurant Brand Eyeing Zambia Expansion
📰 How Africa’s ‘Ticket’ to Prosperity Fueled a Debt Bomb
Billions of dollars meant to pay for badly needed improvements to infrastructure, education and healthcare are now going toward interest payments. Sub-Saharan Africa’s average debt ratio has almost doubled in the past decade — from 30% of gross domestic product at the end of 2013 to nearly 60% in 2022.… Read More
📰 Gaming Giants are Looking to Africa for Growth
The African gaming sector’s annual revenue is expected to cross $1 billion for the first time this year, up from $862.1 million in 2022. The Middle East and Africa games market is projected to record the highest growth among all regions this year, at 8.9%.… Read More
