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African economic policy
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ReconAfrica Begins Horizontal Drilling at KW1X Well in Namibia
Reconnaissance Energy Africa Ltd. (ReconAfrica) announced the resumption of horizontal drilling at the Kavango West 1X (KW1X) well in Namibia on October 19, 2026. The company is conducting this work alongside partners BW Energy, which holds a 20% working interest, and the National Petroleum Corporation of Namibia, which holds a 10% carried working interest. The operation proceeded following the receipt of necessary regulatory approvals, specifically the Environmental Clearance Certificate and a horizontal drilling permit amendment. Production casing was removed to a vertical depth of 2,289 metres to facilitate the setting of an open-hole whipstock for sidetrack drilling.
Liberia Reaffirms Commitment to Africa's Single Air Transport Market
Liberia, represented by the Liberia Civil Aviation Authority (LCAA) led by Director General Julius D. Dennis Jr., participated in a regional workshop in Saly, Senegal, to reaffirm commitment to the Single African Air Transport Market (SAATM) and the Yamoussoukro Decision. Aviation leaders and regulators gathered at the event to discuss removing restrictions on air services, harmonizing aviation policies, and improving regional safety and security oversight. This engagement aimed to address barriers that have historically limited direct flights and increased travel costs across the continent.
Kenya Money Market Fund Yields Fall to 9.3%
As of October 15, 2026, the average annual return for 26 Kenyan money market funds dropped to 9.3% from 9.9% a year earlier, according to a Business Daily tally. The decline followed a cooling in yields for short-term Treasury bills and bank deposits, with the one-year Treasury bill clearing at 9.04% on October 15 and average bank deposit rates falling to 6.91% in August 2026. While the Central Bank of Kenya maintained its benchmark rate at 8.75%, the reduction in market yields limited the capacity for funds to offer higher returns. Despite this, total unit trust assets grew by 11% in the second quarter of 2026 to KSh948.7 billion, though money market funds fell to less than half of that total as investors moved toward riskier asset classes.
Ivory Coast Projected to Become 11th-Largest Economy in Africa by 2026
The International Monetary Fund's October 2026 projections placed Ivory Coast as Africa's 11th-largest economy with a GDP of US$110.4 billion, a drop from its 10th-place ranking in 2025. The Democratic Republic of Congo moved into the 10th position with a projected GDP of US$122.3 billion, a roughly 32% increase driven largely by a strengthening Congolese franc and its status as a major global producer of cobalt and copper. Despite this shift in rankings, Ivory Coast maintained a significantly higher living standard, with an output per person of US$3,264 compared to US$1,111 in the Democratic Republic of Congo.
Kenya Overtakes Ethiopia as East Africa's Largest Economy, IMF Estimates Show
According to the IMF's October 2026 World Economic Outlook, Kenya surpassed Ethiopia as East Africa's largest economy in nominal US dollar terms. This shift occurred because Ethiopia's transition to a market-determined exchange-rate system in July 2024 led to a significant depreciation of the birr, despite Ethiopia maintaining a higher real GDP growth rate of 9.2% compared to Kenya's 4.5% in 2026. While Kenya's nominal GDP benefited from a stronger currency performance, the gap in economic scale per capita remains significant, with Ethiopia's nominal GDP per capita estimated at approximately US$1,130 versus Kenya's US$2,790.
African Pooled Procurement Mechanism transitions to continental program
On 15 October 2026, the African Pooled Procurement Mechanism (APPM) transitioned from a pilot phase to a fully-fledged continental program following a consultative workshop in Addis Ababa, Ethiopia. Spearheaded by the Africa Centres for Disease Control and Prevention (Africa CDC), the initiative has secured signatures from eight African Union Member States, with 15 others expressing intent to join. Established by a February 2024 African Union Assembly decision, the APPM aims to aggregate demand for health products to improve affordability, supply security, and market predictability. Currently, 89 manufacturers from 15 African countries are registered with the mechanism, which serves to support the African Union's goal of producing 60% of the continent's health products locally by 2040.
Leaders Call for Accelerated Action on Women's Cancers in Africa
Leaders from the Organization of African First Ladies for Development (OAFLAD), the African Union, and the World Health Organization issued a call in Addis Ababa to prioritize breast and cervical cancer action within Africa’s development and health agendas. This initiative followed data revealing that 350,000 women across the continent died from these cancers in 2024, largely due to late diagnoses and inadequate access to care. The coalition aimed to move women’s cancer issues from the margins of policy to the center of national and continental decision-making to address significant gaps in screening and treatment.
ECOWAS and AES Representatives Hold Talks in Dakar
On 17 October 2026, representatives from the Economic Community of West African States (ECOWAS) and the Confederation of Sahel States (AES) held their first formal negotiating session in Dakar, Senegal. Led by Senegalese Minister Cheikh Niang and Burkina Faso Foreign Minister Karamoko Jean-Marie Traoré, the delegations signed an eight-point communiqué to establish joint thematic working groups aimed at creating a framework cooperation agreement. This dialogue followed the January 2025 withdrawal of Mali, Burkina Faso, and Niger from ECOWAS, an exit that created uncertainty regarding regional trade, travel, and counter-terrorism coordination. The parties committed to principles of sovereignty and good neighborliness, though they have not yet finalized the specific themes for the working groups or scheduled a subsequent ministerial meeting.
IMF Forecasts 7% Economic Growth for Benin in 2026
The International Monetary Fund (IMF) forecasted 7% economic growth for Benin in 2026, positioning the country fifth among the fastest-growing economies in sub-Saharan Africa. This growth projection follows a reported 8.1% expansion in 2025 and significantly exceeds the 4.5% average forecasted for the broader region. Local reports attributed the economic performance to the modernization of the Port of Cotonou, progress in the agricultural sector, and industrial development in areas like the Glô-Djigbé zone.
Kenya GDP Grows 5.1% in Second Quarter 2026
The Kenya National Bureau of Statistics reported on October 16, 2026, that Kenya's GDP grew by 5.1% in the second quarter of 2026, an increase from 4.9% in the same period of 2025 but a decrease from the 5.3% growth recorded in the first quarter of 2026. This economic performance occurred despite significant headwinds, including global energy market uncertainty that saw average crude oil prices rise to US$104.45 per barrel from US$67.44 a year earlier, alongside an early end to the long rains. Key sectors contributing to the growth included accommodation and food services at 7.4%, electricity and water supply at 7.7%, and agriculture at 3.5%.
APC leader outlines demands regarding Ghana's BRICS bid
On October 17, 2026, All People’s Congress leader Hassan Ayariga demanded that President John Dramani Mahama submit Ghana’s BRICS partnership application to Parliament for review. This followed a cabinet-approved move on October 6 to seek partner-country status, a decision already criticized by the parliamentary Minority on October 8. Foreign Minister Samuel Okudzeto Ablakwa defended the government's approach on October 17, clarifying that the administration currently seeks partner status rather than full membership.
Equatorial Guinea expands malaria elimination program
Equatorial Guinea launched an expansion of its Bioko island malaria elimination program to the mainland, seeking to replicate the strategy of indoor insecticide spraying, mosquito nets, and larval control that previously reduced infections on the island. The effort, which relied on two decades of census data and door-to-door engagement, faced significant logistical challenges due to the scale of the mainland and porous borders. The program was supported by oil companies operating in the country and implemented by the U.S. nonprofit MCD Global Health. This initiative occurred as malaria deaths remained high globally, with African countries accounting for 95% of cases and the continent struggling to meet 2030 elimination targets.
Economic crisis continues in Tunisia amid rising costs and unemployment
On September 27, unemployed university graduates launched a 'Dignity March' from Menzel Bouzaiane toward Tunis to demand job opportunities and the implementation of public-sector recruitment legislation. The group grew to over 120 participants before police halted their progress in Borj Cedria on October 6, preventing them from reaching the presidential palace. This protest occurred alongside a larger demonstration on October 17 in Tunis, where the Tunisian General Labour Union and other groups protested against President Kais Saied, citing deteriorating living conditions and restricted freedoms. These events highlight deep-seated frustration regarding Tunisia’s economic state, where unemployment among university graduates reached 26.6 percent in the second quarter of 2026.
Senegal and Its Neighbours in West Africa
As of mid-2026, Senegal emerged as the largest economy among its five land neighbors, maintaining its role as the primary sea access route for landlocked Mali and hosting the regional BCEAO central bank. The country shared the Greater Tortue Ahmeyim offshore gas field with Mauritania, which exported 18.5 liquefied natural gas cargoes in the first half of 2026. While Senegal remained in ECOWAS, neighbors Mali, Burkina Faso, and Niger exited the bloc in January 2025, although all continued to utilize the CFA franc monetary system. Regional political stability faced challenges as Guinea-Bissau’s transitional government canceled a planned December 2026 election, while The Gambia scheduled its own presidential vote for 5 December 2026.
Uganda and Its Neighbours in East Africa
As of October 2026, landlocked Uganda navigates critical economic and logistics dependencies involving its five neighbors, particularly Kenya and Tanzania. While two-thirds of transit cargo at Kenya's Mombasa port originated from Uganda in 2025, Ugandan export receipts from Kenya dropped to US$19.8 million in June 2026 from a peak of US$72 million in May 2025. Simultaneously, Uganda progressed on a 1,447 km oil pipeline to Tanga, Tanzania, which reached 91% completion by August 2026. President Yoweri Museveni, serving his seventh term, oversees these regional dynamics alongside General Muhoozi Kainerugaba, who commands the armed forces and engages in regional diplomacy.
AI app launched to support maternal health care in Zimbabwe
In 2024, Zambia-based startup DawaHealth launched DawaMom, an AI-powered WhatsApp chatbot designed to provide validated maternal health information to women in Zimbabwe. Triggered by a shortage of health workers—which saw Zimbabwe record only 22 medical professionals per 10,000 people in 2022—the service aimed to ease pressure on public health facilities by offering automated guidance and connections to licensed professionals. The platform utilizes a verified database of medical sources and offers voice support in Shona, Ndebele, and Tonga to address linguistic barriers and improve information reliability. To date, the service has supported over 20,000 users, with the company targeting 50,000 users by the end of 2026.
Johnvents expands cocoa processing and agricultural operations in Nigeria
Johnvents, a subsidiary of Capitalsage Holdings, expanded its integrated agribusiness operations in Nigeria, focusing on cocoa and cashew processing, vegetable oil production, and animal feed manufacturing. Founder John Alamu initiated this expansion by acquiring a distressed, moribund cocoa factory in Akure from a local cooperative conglomerate. The company secured financing from the International Finance Corporation to refurbish the facility and acquire new machinery. The project aims to improve cocoa quality through farmer training and sustainable practices while reducing Africa's reliance on raw commodity exports.
Tanzania Replaces Acting Songwe Roads Manager
On 15 October 2026, Tanzanian Works Minister Masanja Kadogosa removed acting Songwe regional Tanroads manager Fredrick Mande following a night inspection of a 1,675-metre road project at the Tunduma border post. Mande was ordered to return to the agency's headquarters in Dodoma, though a permanent successor was not immediately named. The project, valued at 6.8 billion Tanzanian shillings (approximately US$2.6 million), has reached a payment stage of 4.4 billion shillings, or roughly 60 percent of the total contract cost.
Angola international reserves fall to US$15.23 billion in September
Angola’s gross international reserves fell by US$87 million in September 2026, closing the month at US$15.23 billion according to the Banco Nacional de Angola (BNA). This figure represents a 4.2% decline from the US$15.90 billion held at the end of 2025 and remains slightly above the year's June low of US$14.87 billion. Data updated by the BNA as of October 15 shows a further decrease of US$62 million, continuing the downward movement observed through the first half of October.
Northern Ghana Water Project Secures US$363 Million in Funding
On 16 October, Ghanaian Finance Minister Cassiel Ato Forson announced a US$363 million financing package for the Northern Ghana Water and Sanitation Project following discussions with the European Investment Bank (EIB) in Bangkok. The funding consists of a US$253 million EIB facility, a US$76 million European Commission grant, and a US$34 million grant from the Dutch initiative Invest International. The project seeks to address long-standing water shortages in Tamale, where daily supply meets less than half of the 90,000–95,000 cubic metre demand, and intends to support sanitation infrastructure in towns including Wa, Bolgatanga, and Yendi.
Zimbabwe, Gabon and Liberia Compete to Host 2027 African Union Meeting
Zimbabwe, Gabon, and Liberia competed to host the African Union’s 2027 Mid-Year Coordination Meeting, a gathering that facilitates collaboration between the AU and regional economic communities. On October 15, 2026, Gabonese Vice-President Alexandre Barro Chambrier met with Zimbabwean President Emmerson Mnangagwa in Harare to discuss the bidding process. Zimbabwean Foreign Minister Amon Murwira argued that the AU's regional rotation principle favored Southern Africa for the 2027 cycle, noting that the 2026 meeting was scheduled for Egypt.
United Nigeria Airlines plans N20 billion commercial paper issuance
United Nigeria Airlines announced a N20 billion commercial paper issuance, representing the first tranche of a N100 billion program designed to bolster working capital and fund fleet expansion. The issuance, arranged by Meristem Capital Limited alongside several other financial institutions, consists of two series with 270 and 364-day tenors. The airline reported significant financial growth, with revenue rising to N90.8 billion in 2025 from N10.3 billion in 2021, and secured investment-grade ratings from Agusto & Co. and DataPro. This capital raise follows the airline's recent operational milestones, including the integration into global travel distribution networks like Amadeus and Sabre and the acquisition of approval to serve as a flag carrier to six international destinations.
Fintech firm Onafriq to close Nigeria agent banking business
South Africa-based fintech firm Onafriq announced it would wind down its Nigerian agent banking subsidiary, Baxi, which it acquired in 2021. The company cited macroeconomic pressures, specifically naira depreciation and high inflation, as factors that undermined the sustainability of the offline agent model and increased operating costs. Additionally, the firm noted that the rapid growth of instant account-to-account payments and increased competition led to margin compression within the segment. Despite the closure of the Baxi network, Onafriq stated it would remain in the Nigerian market to provide payment solution services and card issuing.
Ebola death in Kenya prompts calls for increased African healthcare funding
A recent Ebola death in Kenya prompted renewed calls for increased healthcare funding across Africa, highlighting the continent's struggle to contain communicable disease outbreaks. The case contrasted with the situation in the Democratic Republic of Congo (DRC), where Doctors Without Borders reported that a lack of prepositioned medical supplies delayed the response by ten days, and the United Nations Economic Commission for Africa (UNECA) noted that external health assistance had declined by nearly 30 percent. Health sector advocates and officials, including Aboubakri Diaw of UNECA, attributed the systemic vulnerability to a failure of African governments to meet the 2001 Abuja Declaration commitment to allocate 15 percent of national budgets to health, with current allocations often ranging between 2 and 12 percent. Concerns were also raised regarding the impact of the shuttered United States Agency for International Development (USAID) on the availability of essential medical supplies across the continent.
Challenges in agricultural supply chains and food affordability in African markets
The 2026 Africa Food Systems Forum in Kigali addressed systemic agricultural challenges, highlighting that while 309 million Africans experienced hunger in 2025, 66.6% of the population remained unable to afford a healthy diet. Farmers and traders across markets like Kangemi, Mile 12, and Makola faced significant post-harvest losses and financial instability due to inadequate storage, poor transportation infrastructure, and high costs. Despite initiatives like the African Development Bank’s Emergency Food Production Facility reaching 15 million farmers, progress in reducing hunger rates remained marginal, shifting from 20.3% in 2024 to 20% in 2025.
Shifting advertising trends impact traditional South African media revenue
Traditional South African media companies faced increased financial pressure as advertising budgets shifted toward international technology platforms like Google and Meta. Research from WARC indicated that while global advertising expenditure rose, major U.S.-listed tech companies significantly reduced their advertising-to-sales ratios, even as their revenues surged by 146% between 2019 and 2025. In South Africa, internet advertising grew to R17.7 billion in 2023, yet the Competition Commission’s 2025 inquiry noted that the dominance of international digital platforms undermined domestic revenue models and contributed to the erosion of newsroom capacity.
Pakistan to chair IMF and World Bank boards in 2027
Pakistan was designated to chair the boards of governors for the International Monetary Fund and the World Bank Group in 2027, marking the country's first return to the role since 1953. The announcement occurred during the 2026 WBG-IMF annual meetings in Bangkok, where Ahad Khan Cheema, Pakistan's minister for economic affairs and governor to the World Bank, was formally selected. This appointment coincides with Pakistan's ongoing reliance on financial support, including a USD 7 billion Extended Fund Facility and a USD 1.4 billion Resilience and Sustainability Facility.
Cost of Living Report for Foreigners in Accra 2026
The 2026 cost of living report for Accra, Ghana, indicated that housing costs were rising faster than overall inflation, with the housing, water, and energy sector recording a 10.3% increase compared to 5.2% headline inflation in September 2026. While the National Tripartite Committee increased the daily minimum wage to GH¢21.77, landlords in prime districts like Cantonments and Airport Residential continued to price properties for foreign and diaspora tenants, with monthly rents reaching up to GH¢9,000. Although the 1963 Rent Act and 2026 enforcement measures capped advance rent payments at six months, many landlords continued to demand up to two years of rent upfront, creating significant capital barriers for expatriates, remote workers, and retirees.
ICU-Ghana General Secretary Named Among Africa's 100 Most Influential Persons
Morgan Ayawine, General Secretary of the Industrial and Commercial Workers' Union (ICU-Ghana), was named one of Africa's 100 Most Influential Persons for 2026. Organizers selected Ayawine for his leadership in industrial advocacy, specifically citing his role in preventing the privatization of strategic national assets and supporting the recapitalization of state-owned enterprises. The award was presented to him by The Business Executive in Accra after he was unable to attend the ceremony in Kigali, Rwanda.
Ethiopia Bond Exchange Pending Among Tracked Peers
As of October 14, 2026, Ethiopia remained the only sovereign entity among six tracked cases with a pending bond exchange, nearly three years after defaulting on its US$1 billion Eurobond in December 2023. While the Global Sovereign Debt Roundtable noted that Ethiopia's restructuring is well advanced—with 11 of 14 bilateral agreements finalized and an agreement in principle reached with an Ad Hoc Committee controlling 45% of the notes—the exchange offer had not yet launched. This process requires the finalization of non-financial terms and adherence to the principle of comparability of treatment, which the Official Creditor Committee confirmed in August 2026.
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