Stories that Matter | June 2026

Africa

G7’s USD 64 Billion Critical Minerals Push Opens New Opportunities for Africa as Rare Earth Processing Plant Takes Shape in West Africa

Despite the absence of major African economies such as Nigeria and South Africa from the G7 summit, the bloc’s USD 64 billion critical minerals push could still open fresh opportunities for the continent, as Kenya moves closer to a local processing agreement, while a rare earth processing plant takes shape in West Africa outside direct G7 financing.

G7 leaders meeting in Evian, France, agreed to coordinate investment, processing, stockpiling, recycling and supply-chain data for critical minerals, including rare earths, lithium and nickel.

In their declaration, the leaders committed “to coordinating efforts within the G7 and with partner countries to establish and develop the necessary processing and industrial capacities for diversification of our critical minerals value chains.

For African governments, the pact comes as pressure grows to retain more value from mineral resources rather than export them for processing elsewhere.

The continent holds large deposits of cobalt, copper, lithium, graphite, manganese, rare earths and other strategic minerals, but refining and manufacturing remain largely outside Africa.

The agreement could support mineral-rich economies such as the Democratic Republic of Congo, Zambia, Kenya, Nigeria, Zimbabwe and Namibia, if it attracts investment in processing, power, transport and industrial capacity, like China’s model of building mineral value chains.

Source: Business Insider Africa

Africa

Russia, China Tip Africa as Next Global Trade Powerhouse as BRICS Surpasses USD 1 Trillion

The global economic centre of gravity is shifting, and Africa is increasingly being positioned as one of its biggest beneficiaries.

Speaking at the plenary session of the 29th St. Petersburg International Economic Forum, Russian President Vladimir Putin said BRICS nations now account for nearly half of global economic growth and are rapidly expanding their influence in trade, technology, and investment.

Putin said the bloc, which includes Brazil, Russia, India, China, South Africa, and newer members, currently represents about 40% of global GDP measured by purchasing power parity. Over the past five years, BRICS countries generated 49% of annual global GDP growth, underscoring what he described as a growing shift toward emerging economies.

“The focus of global trade, and with it the financial system, will also shift. In fact, it is already shifting,” Putin told delegates, which included Tanzanian President Samia Suluhu Hassan, Uzbek President Shavkat Mirziyoyev, and Chinese Vice President Han Zheng.

According to Putin, BRICS countries have more than doubled their share of global merchandise trade since the bloc’s creation and now account for almost a quarter of world exports. Trade among BRICS members has also surpassed USD 1 trillion.

One of the clearest signs of the bloc’s growing influence, he said, is its expanding role in high-tech industries. BRICS nations now account for more than one-third of global high-tech exports, reflecting a broader redistribution of technological capabilities beyond traditional Western economies.

Source: Business Insider Africa

 Côte d’Ivoire

ENI and Partners Seal USD 4 Billion Deal for Massive Baleine Expansion

During a ceremony held in Abidjan in the presence of the Minister of Mines, Petroleum and Energy of Côte d’Ivoire, Mamadou Sangafowa-Coulibaly, Eni and its partners Petroci and Vitol approved the final investment decision for the Baleine Phase 3 project, marking a significant milestone in the development of the largest hydrocarbon discovery ever made in the country.

The full-field Phase 3 development will increase oil production from 60,000 to 150,000 barrels per day and gas output from 80 to 200 million cubic feet per day.

The project includes the development of a new floating production, storage and offloading unit, designed to ensure high standards of operational efficiency and safety and lower environmental impact. It builds on the phased and fast-track development model already implemented in Baleine’s first two phases, enabling early production while optimising costs and leveraging existing infrastructure.

All gas produced will be allocated to the domestic market, contributing to Côte d’Ivoire’s energy needs, expanding electricity generation and supporting the country’s industrial development.

Source: Africa Report, Eni

Egypt

China Stakes USD 2 Billion to Build the Middle East’s First Carbon-Neutral Textile Hub in Egypt

China is preparing to deepen its industrial footprint in Africa and the Middle East by developing what could become the region’s first fully integrated carbon-neutral textile industrial city in Egypt, a project expected to attract up to USD 2 billion in investment and create tens of thousands of jobs.

The proposed development, led by China Enterprise Cloud Chain, is expected to transform Egypt into a major textile manufacturing and export hub that links Africa, Europe, and the Middle East, according to details presented at a meeting with Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid.

Spanning 4.5 million square metres, the industrial city will be implemented in two phases over roughly four years. Egyptian officials estimate the project could generate between 50,000 and 80,000 direct jobs, alongside another 60,000 indirect employment opportunities across logistics, services, and supply chains.

The project comes as Egypt intensifies efforts to position itself as a regional manufacturing powerhouse amid shifting global supply chains and growing demand for lower-carbon industrial production.

Source: Business Insider Africa

 Ghana

Ghana Records Non-Traditional Export Growth of Over USD 5 Billion for the First Time   

Exporters have been urged to maintain high standards of compliance, innovation, and discipline as Ghana’s non-traditional export sector records historic growth, surpassing the USD 5 billion mark for the first time.

A statement issued by the GSA and copied to the Ghana News Agency said exporters were commended for their contribution to the sector’s remarkable performance in 2025. NTE earnings reached USD 5.006 billion, representing a 30.7% increase over the USD 3.83 billion recorded in 2024.

The achievement ranks among the strongest performances in recent years and underscores the growing role of exports in driving economic growth and generating foreign exchange.

Delivering remarks on behalf of the Chief Executive of the GSA, Mrs Monica Josiah, Head of Shipper Services and Trade Facilitation, outlined interventions being implemented to support the Government’s 24-Hour Economy agenda and strengthen export trade.

Presenting the 2025 NTE Report, Dr Martin Akogtri, Director of Research at the Ghana Export Promotion Authority, said processed and semi-processed products accounted for more than 83 percent of total export earnings, with cocoa derivatives—including cocoa butter, cocoa paste, and cocoa powder—dominating the export basket.

Agricultural products such as cashew nuts, shea nuts, bananas, and yams also recorded significant gains. Europe remained Ghana’s largest export destination, while exports to Africa, North America, and Asia continued to grow steadily.

Source: GNA

 Morocco

Aerospace and Automotive Sectors put Morocco at the top of Africa’s Industrialisation Index

Morocco ranks first in industrial development, according to the African Development Bank’s 2025 Index.

Advances in Morocco’s aerospace, automotive and phosphate sectors have pushed the kingdom to the top of Africa’s industrialisation rankings, overtaking long-time leader South Africa.

The African Development Bank’s 2025 Index rated industrial development across the continent’s 54 countries between 2010 and 2024.

The Index attributes Morocco’s success to “sustained industrial upgrading, export diversification, and strong industrial policy.”

The kingdom is also Africa’s leading car manufacturer – with a Renault plant in Tangier and Stellanis plant in Kenitra – and the automotive sector is now one of its main exports.

Source: Africa News

Uganda

Uganda’s Exports Soar to Record USD 10.2 Billion as Coffee and Gold Drive Growth

Uganda’s export sector has recorded significant growth, with earnings rising from USD 6.5 billion between July 2024 and May 2025 to USD 10.2 billion during the same period of the 2025/26 financial year, according to figures highlighted during President Yoweri Museveni’s State of the Nation Address.

The President said the performance reflects ongoing government efforts to industrialise the economy, promote value addition and expand access to international markets.

The latest figures indicate a sharp rise in export earnings, underscoring Uganda’s growing presence in global trade, driven largely by strong performance in coffee and gold exports.

The Uganda Free Zones and Export Promotions Authority said the country is experiencing unprecedented growth in export volumes and revenues, driven by increased production and improved global demand.

Officials noted that coffee remains one of Uganda’s leading foreign exchange earners, benefiting from strong international prices and sustained demand in key markets.

Gold exports have also continued to perform strongly, contributing significantly to the country’s export receipts and helping to boost overall trade performance.

As export earnings rise, stakeholders are calling for stronger trade agreements, improved branding and targeted support for local processors to help Ugandan products compete globally.

With coffee and gold continuing to anchor performance, Uganda’s export sector is expected to maintain growth momentum if structural challenges in value addition are addressed.

Source: Nilepost

Zimbabwe

Zimbabwe’s Largest Gold Producer is Aiming for a Dramatic Surge from USD 4.61 Billion

Zimbabwe’s state gold miner, Mutapa Gold Resources, has set the ambitious target of doubling its gold production by 2029.

By current estimates, this denotes that the Southern African country would be producing more than 400,000 ounces of gold annually, given its current output of 220,000 ​ounces.

The state gold miner made its intentions public after production figures provided to reporters recently indicated that the country had received funds for an expansion project.

Gold remains the primary source of foreign exchange earnings for Zimbabwe, with export sales reaching USD 1.19 billion in the first quarter of 2026, a significant increase from the USD 579 million recorded during the corresponding period in the previous year.

In 2025, gold exports generated USD 4.61 billion, accounting for approximately 47.5% of the nation’s USD 9.7 billion in total export revenue.

The organisation reported securing USD 75 million from Zimbabwean financial institutions for the Shamva Hill open-pit project, representing half of the total required capital.

This initiative is projected to increase the mine’s annual production from approximately 24,000 ounces to over 80,000 ounces.

Furthermore, Mutapa is currently engaged in discussions with international investors to secure the remaining financing necessary for the project’s completion.

Source: Business Insider Africa

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Reports

Strengthening the Africa-Europe Corridor: A Strategic Imperative in a Multipolar World | BCG

Europe and Africa are closely intertwined, both culturally and economically, driven in part by geographic proximity. The EU holds the largest share of foreign direct investment (FDI) stock in Africa and accounts for roughly one-third of the continent’s exports. Nearly nine million African migrants live in Europe, while almost 30% of foreign students in Europe are African.

Bilateral collaboration is underpinned by a high degree of complementarity in socio-economic dynamics. Africa combines a young, rapidly urbanising workforce with abundant natural resources, but faces persistent gaps in skills, capital, and infrastructure that limit its ability to industrialise at scale and integrate regionally. Europe, by contrast, brings industrial capabilities, capital, and technological know-how, but faces pressures from an ageing population and maturing markets.

Nevertheless, the growth of the Africa-EU economic collaboration has lagged global dynamics in the past two decades. Both bilateral trade in goods and European FDI stock in Africa have grown more slowly than global dynamics.

Click here to download and read the full report.

AfCFTA Implementation: Learnings from Value Chains and Regional Blocs| World Economic Forum, Global Alliance Trade Facilitation

Across Africa, the potential of the African Continental Free Trade Area (AFCFTA) to deepen integration, strengthen value chains and expand intra-African trade is clear. The opportunity now is to turn commitments into practical, predictable and commercially viable trade outcomes.

AfCFTA Implementation: Learnings from Value Chains and Regional Blocs examines how regional experience can inform continental implementation. Drawing on a private-sector case study of mango purée trade, it shows that effective implementation depends on what happens at borders, along corridors and within domestic regulatory systems. It also highlights the critical role of private-sector engagement in identifying operational bottlenecks and ensuring that implementation translates into practical and predictable trade outcomes.

Five priorities emerge: integrated customs processes, mutual recognition of standards, clearer treatment of domestic taxes and fees, stronger reporting and resolution of non-tariff barriers, and attention to geography, infrastructure and security. Together, these can reduce trade costs, support regional sourcing and help translate AfCFTA commitments into growth, jobs and opportunity.

Click here to download and read the full report.

Humanitarian and Resilience Investing Roadmap for Africa| African Development Bank Group, World Economic Forum

The Humanitarian and Resilience Investing (HRI) Roadmap for Africa marks a critical milestone in our shared efforts to unlock investment in Africa’s frontier markets. At a time when global crises continue to exacerbate vulnerabilities, the need for cross-sector collaboration and innovative investment strategies that drive sustainable development has never been more pressing. Amid continued turbulence and contraction in aid and development finance, there is a timely and compelling opportunity to transform Africa’s financial architecture and accelerate the paradigm shift from aid dependency to investment-led development.

The African Development Bank (AfDB) is committed to addressing the persistent investment deficit in Africa’s most fragile and crisis-affected regions. The roadmap’s focus on mobilising capital to invest in market-oriented solutions aligns with the strategic vision for accelerating AfDB’s Ten-Year Strategy (2024-2033) through four cardinal points: (i) Unlock Africa’s capital power, (ii) Rebuild Africa’s financial sovereignty, (iii) Turn demographics into a dividend, and (iv) Build resilient infrastructure and add real value. The World Economic Forum has long championed the role of multi-stakeholder collaboration in fostering economic resilience.

This effort represents a unique collaboration between the World Economic Forum and the African Development Bank Group, and we call on governments, investors, donors and development partners to join us in implementing this ambitious yet critical roadmap. By working together, we can crowd in private capital, unlock Africa’s immense potential, strengthen resilience in frontier and fragile markets, drive sustainable growth and create inclusive, long-term economic opportunities across the continent.

Click here to download and read the full report.

Implementation of the AfCFTA Protocol on Investment: A Stocktake of Promotion and Facilitation Provisions and Potential Effects on Textiles and Garments Value Chains| AfCFTA Secretariat, ODI Global

The AfCFTA Protocol on Investment, adopted in 2023, marks a shift from traditional investment protection models toward a continental framework focused on investment promotion, facilitation and sustainable development. This report provides a structured stocktake of how the Protocol’s promotion and facilitation provisions, particularly under Articles 6–10, are being implemented across selected African countries.

Using the textiles and garments sector as a case study, the report maps exactly what effective implementation means in practice for regional value chains. While progress is evident, including the designation of National Focal Points (NFPs) and digital facilitation reforms, implementation remains partial and uneven. Intra-African investment flows continue to underperform, and institutional coordination gaps continue to limit regional integration.

The report argues that realising the Protocol’s potential now requires moving beyond formal commitments toward operational reform: fully empowering National Focal Points, strengthening Africa‑focused investment strategies, improving facilitation and aftercare systems and aligning implementation with sector‑specific industrial strategies.

Click here to download and read the full report.