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- 🌍Africa’s largest economies
🌍Africa’s largest economies
Plus fresh $442M for data center expansion, Rwanda defeats Marburg virus, and we’re still hiring.
Anthony Miclet
November 15, 2024
Good morning,
Africa CDC approved the continent’s first locally made mpox diagnostic test by Morocco's Moldiag to boost testing amid rising cases, marking progress toward self-sufficiency in African public health systems.
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Markets Wrap
Markets
Emerging-Market Assets Drop as Dollar Gains on Trump Policy Optimism
Bitcoin Rally Pauses as Market Weighs Trump’s Pro-Crypto Policies
Central Africa Stock Exchange Sees 800% Jump in Q3 Transactions
South Africa Raises $3.5B in First Dollar Bond Sale Since 2022
Orange, BICICI Share Prices Hit Record Highs as BRVM Stays Bullish
Earnings & Dividends
This Week’s Top Stories
Teraco Expansion: Africa’s largest data center operator Teraco Data Environments secured a $442M loan from Absa Group and others to build an AI-ready facility in South Africa, increasing capacity to 228 megawatts. The new facility, incorporating advanced cooling, follows Teraco’s 2023 refinancing round, expanding Africa’s digital infrastructure to meet rising AI demands.
Reserves Boost: Kenya’s foreign reserves hit $9.32B, bolstered by an IMF disbursement, while Zimbabwe's reserves reached $509M amid tight liquidity and currency stabilization policies. Zimbabwe's gold-backed ZiG gained strength following a rate hike to 35%, and Kenya’s shilling remains steady at 129 per dollar.
Marburg Contained: Rwanda declared an end to its Marburg virus outbreak, closing treatment centers after a month without fatalities. Swift containment measures, isolation, and experimental treatments led to 51 recoveries out of 66 cases, with the World Health Organization set to confirm the outbreak’s conclusion soon.
Headline Roundup
A summary of the major business, tech, and finance headlines of the past week.
Economy and Macro
Ghana’s Oil Production Rises 10.7% in H1 After Five-Year Decline
Egyptian Inflation Inches Higher as Fuel Price Hike Pressures Economy
Nigeria Plans to Raise $2.2B via Debt Issuances for Budget Funding
Ethiopia to Issue $7.4B in Bonds to Restructure State Debt
South Africa's Unemployment Rate Sees First Drop in a Year to 32%
M&A and Corporate
MSC’s Africa Logistics Arm to Invest $43M in Namibia by 2030
Chevron Expands Africa Exploration as Oil Majors Exit Nigeria, Angola
Vitol, Trafigura, BP Lead Fuel Purchases from Dangote Refinery
Prosus to Expand Global Portfolio After Netting $2B on Swiggy Deal
Vodafone's Growth in Africa Helps Offset German Sales Decline
Startups and Tech
Fundraising and Accelerators
Acumen Eyes $1.5B for Climate-Resilient Farming in Developing Regions
T-Vencubator Launches Tafweela to Digitize Vehicle Payments in Egypt
Bootstrap Europe Expands Growth Debt Fund to Support African Startups
Visa Invests in Four African Startups from Fintech Accelerator Program
Egypt’s ITIDA, Flat6Labs Launch InvestIT to Support Tech Startups
Must-Reads on Daba
Boost your investing IQ with educational blogs and thematic articles on Africa.
Learn
Insights
The Future of Streaming Lies in Africa’s Overlooked Markets
Africa’s Evolving VC Landscape: Six Things To Know
Perspectives
How Can Africans Build Wealth? Entrepreneurship & Stock Markets
Capturing the ‘Missing Millions’: Perspectives With Wi-flix CEO
Opportunities Corner
Discover funding, awards, and accelerator opportunities to boost your startup's growth. Deadline in brackets.
Mastercard Agribusiness Challenge (Nov 22)
Growth4Her Accelerator (December 31)
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Chart of the week
Get more context into themes shaping Africa’s investing landscape.
Nigeria’s economy, which ranked as Africa’s largest in 2022, slipped to fourth place this year, and Egypt, which held the top position in 2023, is second behind South Africa after a series of currency devaluations, per International Monetary Fund data. For more context on the ranking of Africa's giant economies this year, tap the button below to read the full article.
That’s it for this week.
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