Ghana has secured agreements with nine additional mining companies to purchase 20% of their gold production, strengthening a government-backed program aimed at increasing the country’s gold reserves and stabilizing the national currency. This move builds on a 2022 initiative, in which major producers including Gold Fields, Newmont, AngloGold Ashanti, and Asanko Mining agreed to sell a portion of their annual output to the Bank of Ghana, with payments settled in Ghanaian cedis. As a result
Morocco’s Ministry of Energy has issued an expression of interest for the development of a liquefied natural gas (LNG) terminal at the Port of Nador, marking the first phase of a tender process aimed at strengthening the country’s energy infrastructure. The proposed terminal will include a floating storage and regasification unit (FSRU) and will be connected to a planned pipeline stretching south to Dakhla, eventually linking to the Nigeria-Morocco Gas Pipeline, which will span 13
The Angolan government is fast-tracking the construction of new oil refineries in Cabinda, Lobito, and Soyo as part of a broader effort to reduce the country’s reliance on imported petroleum products. Speaking at the forum “50 Years of Oil Production and Its Impact on National Development” in Luanda, Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, stated that imported fuels currently account for 80% of domestic consumption. He explained that the government’s strategy includes
Afreximbank has launched a $3 billion Revolving Intra-African Oil Trade Financing Programme to address Africa’s heavy reliance on imported refined petroleum, which costs around $30 billion annually due to limited local refining capacity. The initiative aims to support African and Caribbean oil buyers in sourcing refined products while promoting regional refining development. This revolving facility is expected to finance between $10 billion and $14 billion in intra-African petroleum imports over time. It aligns with the
Arab Consulting Office (ACO) has partnered with global tech leaders Sungrow and Tongwei to sign a framework agreement with IRSC for the development of 75 MW of solar projects across Egypt. This collaboration establishes a long-term partnership, leveraging Tongwei’s high-efficiency PV modules and Sungrow’s advanced inverters and energy storage systems. The solar projects are set to boost Egypt’s renewable energy capacity, aligning with the country’s Vision 2030 targets. This initiative also serves as a model
The Angolan government has reaffirmed its commitment to increasing the country’s electrification rate by fostering public-private partnerships, with strategic backing from the World Bank (WB). Finance Minister Vera Daves highlighted this objective during the ANSA constituency technical meeting — comprising Angola, Nigeria, and South Africa — held with World Bank partners on the sidelines of the Spring Meetings of the WB and International Monetary Fund (IMF) in Washington, D.C. Minister Daves stated that the government
The United States has expressed interest in investing in Africa’s most ambitious gas pipeline project, which aims to connect Nigeria to Morocco. Nigeria’s Finance Minister, Wale Edun, revealed the U.S. interest, highlighting the potential for American involvement in the project. . According to The Cable, Minister Edun disclosed this development in a statement summarizing outcomes from the ministry’s bilateral engagements during the 2025 Spring Meetings of the International Monetary Fund (IMF) and the World Bank
Several African economies are feeling the strain from a sharp decline in global diamond prices. According to multiple reliable sources, diamond prices have dropped by more than 25% since 2022, impacting major African producers such as Botswana, Namibia, and Angola. The main factor behind the prolonged fall in demand and prices is the growing popularity of synthetic diamonds, which are increasingly preferred for jewelry production. The Democratic Republic of Congo (DRC) has been less affected,
The Ministry of Energy has officially opened the bidding process for oil marketing companies (OMCs) seeking access to the Tazama pipeline. This follows the successful completion of a review of the guidelines governing the Tazama Pipeline Open Access Framework. According to Principal Public Relations Officer Bob Sianjalika, both local and foreign OMCs are now invited to submit their bids for the use of the pipeline to transport diesel from Dar es Salaam to Zambia. The
Aim-listed Vast Resources has announced the release of a historic diamond parcel that had been held in safekeeping at the Reserve Bank of Zimbabwe by order of the country’s Supreme Court since early 2010. The diamonds are now under the company’s custody and have been sent to its nominated tender house in Dubai for cleaning and re-sorting, ahead of the sales process, which is expected to commence within a month. Upon completion of the sale,
