Zambia is gearing up to launch negotiations on a fresh IMF economic program, but officials say the deal will only be finalized once voters head to the polls in August. Finance Minister Situmbeko Musokotwane said that talks will start “almost immediately,” marking the most direct timeline yet from Lusaka. Zambia will open talks with the…
Zimbabwe’s cabinet recently gave its approval to draft legislation that aims to amend the constitution, potentially returning the country’s political situation to a familiar, concerning trajectory. Zimbabwe’s cabinet has approved draft legislation proposing to amend the constitution. The amendment seeks to extend the presidential term from five years to seven and to shift the presidential…
Angola’s state-owned diamond miner, Endiama, is aiming to scale production to 17 million carats by 2027, building on a record-breaking performance that strengthened the country’s standing in the global diamond industry. Angola’s state-owned diamond miner Endiama plans to increase production to 17 million carats by 2027 after hitting a record high in 2024. The milestone…
Kenya’s political and economic landscape is increasingly shaped not only by voters but also by powerful, often invisible billionaire networks operating behind the scenes, according to a 2026 Oxfam report. A new Oxfam report warns that Kenya is drifting towards a rule of the rich, driven by secretive billionaire networks. Politically connected tycoons are shaping…
Egypt has unveiled plans for a $1 billion mixed-use development on the Red Sea coast, showing its push to expand tourism capacity and attract more foreign investment into the sector. Egypt has announced a $1 billion mixed-use development project, the Monte Galala Towers and Marina, which will enhance tourism and foreign investment on the Red…
India’s largest state-owned refiners have sharply increased purchases of crude oil from West Africa and the Middle East in a notable shift away from Russian supplies as New Delhi seeks to strengthen its negotiating position with Washington on a potential trade deal, industry sources say. Indian Oil Corporation has bought six million barrels of crude…
The South African rand began the trading week firmer on Monday, gaining against the US dollar as key commodity prices recovered and the greenback eased. South Africa’s rand gained 0.5% against the US dollar on Monday, supported by higher gold and platinum prices. Gold climbed above $5,000 an ounce, boosting demand for commodity-linked currencies. A…
As African countries stare down the barrel of potentially tougher global financial conditions in 2026, access to foreign exchange (FX), especially considering the debacle of the gold market, presents a very interesting challenge. African nations are preparing for more stringent global financial conditions expected in 2026, emphasizing the critical need for foreign exchange (FX) accessibility.…
Oil has long been one of Africa’s most powerful economic assets. In Africa, Libya holds the largest proven oil reserves, estimated at 48.4 billion barrels, ranking ninth globally, according to the latest Global Firepower report. Business Insider Africa presents the top 10 African countries with the largest proven oil reserves in 2026. The list is…
