The Week That Was is a weekly recap of all major events that took place in Africa last week.

Central Africa

  • Angola received the remaining ten locomotives from General Electric last week. This delivery completes the order of 100 locomotives purchased for $430 million.
  • China Molybdenum purchased an estimated 95 percent share in a company that owns a copper-cobalt project in the Democratic Republic of the Congo
  • In the Republic of the Congo, a group of banks, that include Gabon-based BGFI Bank and Togo’s Ecobank, agreed a $545 million package to boost the local economy.
  • The government of the Republic of the Congo suspended Australian-based miner Sundance Resources Limited’s permit to develop the Mbalam-Nabeba iron ore mine.  Four permits were re-issued to Chinese backed Sangha Mining Development.

East Africa

  • The Ethiopian Ministry of Mines and Petroleum revoked licenses for 63 companies sighting below capacity production and non-payment of fees.
  • Stalled negotiations for the Host Government Agreement (HGA) between The Tanzania Petroleum Development Corporation (TPDC), government, and International Oil Companies (IOC) on the liquefied natural gas program should resume in January 2021.

North Africa

  • Sudan was removed from the USA’s terrorism list.
  • Egypt was allowed to draw down $1.67 billion under the existing standby agreement.

Southern Africa

  • The Bank of Namibia estimates that all sectors will contract by 6 percent.  It expects a moderate recovery in 2021.
  • The second wave of COVID-19 infections in South Africa seems to be the result of a new strain of the virus spreading quicker than before.  The government announced new restrictions that will affect festivities over the festive season.

Western Africa

  • Results at Newcore Gold’s Enchi Gold Project in Ghana is showing promising results.  Initial findings show results between 2.35 and 4.71 grams per ton.
  • The World Bank Approved a $60 million grant to improve resilience in Ghana’s agricultural sector. The funding falls under the International Development Association (IDA).
  • Nigeria’s National Bureau of Statistics (NBS) announced that inflation increased to 14.89 percent year-on-year in November. November’s inflation is the highest for the year after 14.23 percent in October.
  • A request from the government of Nigeria for a $1.5 billion loan from The World Bank was approved by the banks’ board of directors.  The loan will be prepared jointly by the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
  • Nigeria’s National Council on Communication and Digital Economy submitted a request for two additional satellites to the only communications satellite, NIGCOMSAT-1

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