African markets and business updates

When Afreximbank terminated its credit rating relationship with Fitch, many observers treated it as an institutional dispute. But what if it is far more than a downgrade? What if it marks a moment of reckoning for how African development institutions are perceived, evaluated, and constrained within a global financial architecture that was never designed with them in mind? First, it is worth looking at how we got to this pass.…

The A8 motorway: anatomy of a $1.5 billion French fiasco

The planned initial public offering (IPO) of the Kenya Pipeline Company (KPC) is one of the most ambitious privatisations Kenya has attempted in decades. The government is seeking to raise 106.3bn shillings ($825m) through the sale of 11.8bn shares at 9 shillings ($0.07) each, a transaction that will reduce state ownership in the parastatal to 35% and hand private investors a 65% stake. The offer opened on 19 January and closed at 5 pm on 19 February…

Africa's economic hierarchy appears steady in 2026, yet the margins reveal a more dynamic reality. According to the latest estimates, the continent's five largest economies are separated by slimmer gaps than in recent years. South Africa leads with a GDP of $401.6bn, followed closely by Egypt at $399.5bn. Nigeria holds third place with $334.3bn, while Algeria stands at $285.0bn and Morocco rounds out the top five with $196.1bn. The headline remains familiar. South Africa and Egypt are effectively neck and neck.…

Africa has worn many labels over the past two decades. In 2000, The Economist famously called it "The Hopeless Continent." A decade later came the reversal: "Africa Rising." By 2013, optimism had settled into the more cautious "Aspiring Africa." Investors paid generously for that promise - especially in technology, fintech, and telecoms - often funding growth narratives long before execution caught up. Today, Africa is in a different phase. The promise did not fully deliver, not because ambition was lacking…

Strong economies depend on strong water systems. Water is the essential ingredient for healthy people, productive farms, and thriving cities. Over the past decade, countries across Sub-Saharan Africa have made notable progress in expanding access to basic water services for more than 250 million people. Yet the gap remains large. In 2024, nearly one-third of the region's population lacked access to basic water services. In rural areas, the challenge is even greater…

Africa is vast, structurally diverse and shaped by sharply different regional rhythms. Patterns of capital formation, consumer behaviour, regulatory development and exit pathways vary dramatically across the continent. Treating Africa as a single market does not simply flatten its complexity. It leads to mispricing. Nowhere is this more evident than in the contrast between North Africa and Sub-Saharan Africa, and in the overlooked opportunity emerging between them. North Africa has historically been outward-facing.…

It is almost nightfall, and the sound of laughter rises above the rustle of leaves at a cozy spot in Wuse II, a district in the heart of Abuja. Tables are spread out beneath a variety of trees, as fairy lights twinkle against a darkening sky, while an Afrobeats song pulses in the background. It is a familiar scene across Nigeria's capital these days, one that signals the rise of what many now call Abuja's "garden economy." Once a city known mainly for its sterile office buildings and roundabouts…

The question of whether AI can play a role in benefiting African populations outside the continent's major capitals and tech hubs is one that is increasingly vexing poliymakers across Africa. In Morocco - a country that is no stranger to the adoption of technologies but which also faces significant employment challenges - the question is particularly acute. In January, Amal El Fallah Seghrouchini, Morocco's minister for digital transformation and administrative reform, oversaw the launch of "Jazari Root" in Rabat…

KOKO Networks, one of Africa's largest clean cooking companies, entered administration on 1 February, after the Kenyan government refused to provide the regulatory approval it needed to sell carbon credits on international compliance markets. KOKO Networks was financed by several well-known investors, including Microsoft, investment manager Mirova and Rand Merchant Bank, and was backed by a World Bank investment guarantee.…