Botswana May Devalue Pula Again Amid 49% Diamond Revenue Drop and Weakening Forex Reserves Citigroup Inc. has issued a warning that Botswana may be forced to devalue its currency once more as falling diamond revenues—the cornerstone of the nation’s economy—put increasing pressure on fiscal and monetary stability. Earlier this month, the Bank of Botswana revised its exchange rate policy, allowing the pula to depreciate by up to 2.76% against a weighted basket of currencies in
Zambia to Build $1.1 Billion Oil Refinery in Ndola to Cut Fuel Imports and Boost Exports Zambia has signed a landmark $1.1 billion agreement to construct a crude oil refinery and integrated energy complex in Ndola, located in the country’s Copperbelt Province, the government announced Monday. The project, aimed at reducing Zambia’s heavy reliance on imported fuel, will be developed through a partnership between the state-owned Industrial Development Corporation (IDC) and China’s Fujian Xiang Xin
EACOP Pipeline Reaches 64.5% Completion, Generates $19.5 Million for Tanzania The East African Crude Oil Pipeline (EACOP), also known as the Uganda–Tanzania Crude Oil Pipeline (UTCOP), has reached a major implementation milestone, with 64.5% of construction now complete. The $5 billion cross-border infrastructure project has already generated over TSh50 billion (approximately $19.5 million) in revenue for Tanzania through taxes, levies, and construction-related charges. Spanning 1,443 kilometers, EACOP is set to become the world’s longest heated
WFDB Urges Global Diamond Industry to Defend Natural Diamonds as Lab-Grown Sales Surge The World Federation of Diamond Bourses (WFDB) President Yoram Dvash has voiced serious concern over the rapid rise of synthetic diamonds, warning that their growing market share poses a significant threat to the value, perception, and future of natural diamonds. Dvash described the rise of lab-grown diamonds as a “meteoric” shift. What began as a marginal trend has turned into an overwhelming
U.S. Supports Lobito Corridor Rail Project Linking DRC, Angola, and Zambia to Accelerate Mineral Exports The United States has reaffirmed its commitment to advancing the Lobito Corridor—a transformative rail project that will connect the Democratic Republic of Congo (DRC), Angola, and Zambia—in a move aimed at boosting regional trade and unlocking economic opportunities. Speaking in a recent interview, U.S. Ambassador to the DRC, Lucy Tamlyn, described the Lobito Corridor as a powerful lever for economic
Uganda Partners with UAE Firm to Build Oil Refinery and Boost Skilled Workforce in Energy Sector Uganda is strengthening its national oil strategy by launching a domestic crude oil refinery to complement its export-oriented projects. A new agreement with a UAE-based company will lead to the construction of this key facility, with ownership shared between the foreign investor and the Uganda National Oil Company (UNOC). Construction is expected to commence soon, and the refinery is
Angola’s TAAG Secures $297M EXIM-Backed Deal for Boeing 787 Jets to Boost Luanda’s New Aviation Hub Angola’s state-owned airline, TAAG Angola Airlines, is set to acquire Boeing 787-10 wide-body aircraft and General Electric Aerospace engines through a $297 million financing package backed by the U.S. Export-Import Bank (EXIM). The agreement, announced Wednesday, will support the delivery of new aircraft and spare engines while strengthening U.S. manufacturing jobs and Angola’s aviation infrastructure. According to Bloomberg, the
Ghana to Hedge Gold Exports and Regulate Cryptocurrency to Protect Forex Reserves and Ensure Monetary Stability Ghana is preparing to hedge its gold exports in a strategic move to protect the foreign exchange earnings that have significantly strengthened the country’s central bank reserves, according to Bank of Ghana Governor Johnson Asiama. Speaking at an event in Accra, Asiama highlighted that rising gold production and strong global prices have helped push Ghana’s gross international reserves to
Egypt’s Diesel Imports Hit Record Levels in July, Tightening Global Supply and Fueling European Shortage Egypt is ramping up diesel imports to record levels in July as it scrambles to secure backup fuel for power generation amid soaring summer electricity demand. The country’s aggressive diesel buying spree is now impacting global fuel markets—especially in Europe, where supplies are tightening rapidly. According to data from energy analytics firm Vortexa Ltd., cited by Bloomberg, Egypt imported over
DRC and Tanzania Strengthen Oil and Gas Cooperation with Joint Technical Committee and Updated MoU The Democratic Republic of the Congo (DRC) and Tanzania have agreed to establish a joint technical committee to enhance collaboration in the oil and gas sector. The announcement followed a bilateral meeting held on July 8 between Aime Sakombi Molendo, the DRC’s Minister of Hydrocarbons, and Dr. Doto Biteko, Tanzania’s Deputy Prime Minister and Minister of Energy. The newly formed
