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Weekly Roundup | 06.25.2024

Our curated selection of weekly Africa business and investment headlines.


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📰 Phatisa Exits West African Palm Oil Business

Phatisa, through its Fund 1 – the African Agriculture Fund, and Finnfund first invested in Planting Naturals’ predecessor entity (known as Goldtree) in 2011, in a brownfield investment aimed at rebuilding a palm oil mill in Daru, Sierra Leone...… Read More

📰 Ghana's Sovereign Wealth Fund Rakes in $29 million

Ghana's $1 billion AUM Sovereign Wealth Fund, the Ghana Heritage Fund, raked in $29 million in 2023. The fund was founded in 2011 to reserve a portion of Ghana’s oil revenues for future generations and is managed by the Bank of Ghana… Read More

📰 Tinibu, Ramaphosa Seek Stronger Nigeria-South Africa Trade Relations

Trade between South Africa and Nigeria has reached $670 million (Q1 2024). According to the Nigerian Bureau of Statistics, most exports from Nigeria to other African nations went to South Africa, followed by Ivory Coast, Senegal, Benin and Togo… Read More

nigeria and south africa presidents meet to discuss trade and investment between the two

📰 Oil Exploration Boom in Namibia

Reuters does a good job summarizing the recent movements to develop Nambia’s significant oil fields. The country has become an oil exploration hot spot even though it has not yet produced any oil or gas… Read More

📰 Africa Data Centres Secures $109 Million Financing to Fund South Africa Build Out

The funding facility is from Rand Merchant Bank and will support the data center investor’s growth plans in South Africa. In 2021, Africa Data Centres announced a $500 million funding round which has assisted it in building data centers in South Africa, Kenya, Nigeria and other countries… Read More

📰 Visualizing Cobalt Production by Country in 2023

The DRC accounts for 74% of the world’s cobalt output. Of the 11,000,000 metric tons of worldwide reserves, it is estimated that 6,000,000 metric tons are located in the DRC. The EV sector accounts for 40% of cobalt demand… Read More

global cobalt production 2024 chart

📰 Angola Jumps From Third From Bottom in Fraser Institute’s Investment Attractiveness Index

In 2022, Angola ranked in the 59th position out of 62 countries, but jumped to 47th in 2023. The jump is mostly due to positive regulatory reforms enacted by the government to create a more business-friendly environment… Read More

📰 SPAR Group Reaches Salient Terms with Prospective Buyer for Polish Business

“We have made significant progress in respect of the priorities for the Group. This includes staying on track with our timeline to dispose of the Group’s interests in SPAR Poland and we expect to have finalised this process by September this year. We have been focused on achieving the best possible outcome for all stakeholders,” comments SPAR Group CEO, Angelo Swartz.… Read More

📰 Tourism Continues to Grow with Visitors to Western Cape Attractions Topping 3.2 Million

53 participating attractions across the six regions of the Western Cape recorded a total of 3 206 546 visitors between January and April 2024, a 17% growth in the number of visitors, when compared to January to April 2023..… Read More

📰 South Korea, African Countries Sign Agreements on Minerals, Exports

Nearly 50 deals and agreements have been signed during South Korea's first summit with leaders from 48 African countries to cooperate in areas such as mining, energy and manufacturing, South Korea's industry ministry said on Wednesday. Africa only accounts for 1% of South Korea’s trade and investment..… Read More

2024 korea-africa business summit photo

📰 Acorn Holdings Secures A USD 180 mn Project Funding From US-DFC

Kenyan Acorn Holdings has secured a $180 million project fund from USA’s DFC to fund the largest student housing deal in Africa. This will see the developer construct 35 hostels worth 48,000 beds in the country, taking its total portfolio to 69,000 beds… Read More




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