In recent weeks, a number of significant developments have emerged in the business world of sub-Saharan Africa. In Kenya, the shilling has weakened as protests against a planned tax increase have taken place. President William Ruto’s decision to shelve the plan has raised concerns about the country’s ability to meet International Monetary Fund targets, potentially resulting in higher borrowing costs.
Meanwhile, in Nigeria, an executive from Dangote refinery has accused oil majors of blocking access to locally produced crude by selling it at inflated prices or claiming it was unavailable. This has forced the refinery to rely on expensive imports to meet its daily capacity needs. On a positive note, Namibia has announced plans to begin construction on its second desalination plant in January 2025, in response to increased water demand due to uranium exploration and green hydrogen plans.
In addition to these developments, China North Industries Corp has agreed to acquire struggling cobalt miner Chemaf SA’s assets in the Democratic Republic of Congo. Chinese investors, mainly state-backed firms, have been increasing their presence in Congo as they seek to secure copper and cobalt supplies for their electric vehicle industry. Finally, South Africa’s Cilo Cybin made history by becoming the first medical cannabis company to list on the Johannesburg Stock Exchange’s Alternative Exchange. The company plans to use funds from the listing to tap into the growing global market for medical cannabis, which is projected to reach $40.5 billion by 2032.