Ghana recorded a historic $5 billion trade surplus in 2024, bolstered by a sharp increase in gold exports, according to the Bank of Ghana. The surplus marked a significant jump from the $2.7 billion recorded in 2023, underscoring the country’s financial progress. Gold exports soared by more than 50% to $11.6 billion, solidifying the country’s reputation as a major gold producer. This strong trade performance is expected to provide much-needed stability to Ghana’s economy, which
Algeria has signed a two-year agreement with U.S. energy giant Chevron to evaluate offshore oil reserves in the Mediterranean, according to the country’s energy ministry. The agreement, established between Algeria’s national hydrocarbon agency, Alnaft, and Chevron North Africa, focuses on conducting detailed studies to assess offshore oil resources, identifying opportunities for exploration and development. This initiative is part of Algeria’s strategy to advance its hydrocarbon sector, attract high-quality investments, and enhance technical expertise in offshore
French infrastructure fund Meridiam has joined forces with the European Bank for Reconstruction and Development (EBRD), Hassan Allam Utilities (HAU), and Saudi-based ACWA Power to develop a €1 billion wind energy project in Egypt, poised to become Africa’s largest. Spanning two sites in the Gulf of Suez desert, the wind farm is expected to generate 1,100 MW of power upon completion in 2027. This aligns with Egypt’s renewable energy target to increase renewables to 42%
TotalEnergies has confirmed that its $20 billion Mozambique LNG project will miss the 2029 production target due to unresolved force majeure and ongoing security concerns in the region. Initially, the company planned to lift force majeure and restart construction by late 2024, which would have facilitated production by 2029. However, delays in financing and security stabilization have extended the timeline. A $4.7 billion loan from the US Export-Import Bank (Exim) remains unapproved since construction halted
De Beers has announced Botswana-born Olympic gold medalist Letsile Tebogo as its new global ambassador, further strengthening the company’s ties to the nation where it has played a pivotal role in economic development. Tebogo made history at the 2024 Olympics by clinching gold in the 200-meter race and was later named World Athletics Male Athlete of the Year. This partnership between De Beers and Tebogo underscores Botswana’s remarkable transformation into a leading diamond-producing country, a
Canadian miner Mountain Province Diamonds achieved record-breaking production at its Gahcho Kué mine in 2024, despite facing significant challenges in the global diamond market. “2024 was a year of production records and cost control, overlaid with a challenging diamond price environment,” CEO Mark Wall stated on Thursday. The company struggled with a down-cycle in the diamond market, with its average annual realized price dropping to $98 per carat—a sharp decline from $121 per carat in
South Africa-focused miner Petra Diamonds has agreed to sell its 75% stake in Tanzania’s Williamson Diamonds Limited (WDL) to Pink Diamonds Investments for up to $16 million (£13 million). The remaining 25% of WDL is owned by the Government of Tanzania. WDL operates the Williamson open-pit diamond mine, with Petra acquiring its majority stake in 2009. The buyer, Pink Diamonds Investments, is affiliated with Taifa, a fully Tanzanian-owned company and the long-term technical services contractor
Woodside Energy, Australia’s leading independent oil and gas producer, announced it expects flat production in 2025, projecting output between 186 million and 196 million barrels of oil equivalent (mmboe). This aligns with its record production of 193.9 mmboe in 2024, though analysts had anticipated figures at the higher end of the range. Despite meeting fourth-quarter revenue expectations, softer-than-expected realised prices weighed on investor sentiment, leading to a 2.4% drop in shares to A$25.12, their weakest
Global nuclear power generation is projected to hit record levels by 2025, driven by rising electricity demand, new projects, and technological advancements, according to the International Energy Agency (IEA) report The Path to a New Era for Nuclear Energy. The report outlines the sector’s significant opportunities while highlighting its challenges. Nuclear power currently provides nearly 10% of global electricity, making it the second-largest source of low-emission electricity after hydropower. As global electricity demand is expected
The OPEC Fund for International Development (OPEC Fund) has approved a $30 million loan to co-finance Egypt’s 1.1 GW wind energy project, the largest onshore wind initiative in Africa. This loan positions the OPEC Fund alongside key financial partners, including the European Bank for Reconstruction and Development, African Development Bank, British International Investment, Deutsche Investitions-und Entwicklungsgesellschaft, the Arab Energy Fund, Arab Bank, and Standard Chartered Bank, in supporting the $1.1 billion project. Abdulhamid Alkhalifa, President
