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  • BGFI's Listing More Than Tripled Central Africa's Stock Market

    BGFI's Listing More Than Tripled Central Africa's Stock Market
    2026/11/12
    Six Central African countries share one central bank, one currency pegged to the euro and one stock exchange, the BVMAC, which has seven listed companies. Gabon's BGFI Holding listed in May and the market's equity value rose from about 478 billion CFA francs at the end of 2025 to 1.78 trillion by Nov. 11, 2026. This episode explains how the bloc works, what the oil shock did to its reserves, and what to watch as new IMF programmes wait on a regional review. What we coverCEMAC's six members (Cameroon, the Central African Republic, Chad, the Republic of Congo, Equatorial Guinea and Gabon) had 67.8 million people and a combined GDP of $132.7 billion in 2025; hydrocarbons are about 70% of exports (World Bank).The Central African CFA franc is fixed at 655.957 per euro. When oil prices fell by about half from mid-2014 to end-2016, BEAC reserves fell from 5.7 months of imports to 1.9, and from $18.2 billion in 2013 to $4.2 billion in 2016 (IMF).On Sept. 28, 2026, the BEAC held its main rate at 4.50% after a June cut from 4.75%, put reserves at 4.53 months of imports, and forecast 3.0% growth for 2026 with inflation at 2.2% (BEAC via Gabonreview).The BVMAC had six listed companies at end-2025. BGFI Holding listed on May 7, 2026, and raised about 125.9 billion CFA francs over two phases; on Nov. 11 the market's shares were worth 1.78 trillion CFA francs, and 33 bonds were listed with 1.37 trillion outstanding (BVMAC).Only Chad has an active IMF loan programme among the six. A review of the bloc's regional commitments, suspended since December 2025, could be approved in December; Gabon targets a staff-level agreement by end-2026 (Business in Cameroon; Reuters). Chapters(0:00) Cold open(0:19) The bloc(0:43) One currency(1:02) The oil shock(1:30) The bank today(1:52) The exchange(2:43) The debt market(2:54) The imf(3:09) What to watch(3:49) The bottom line Data and policy tracker: six.blackexecutivebrief.comWatch the video edition on YouTube: The Black Executive Journal. Reach founders, investors and executives: advertise with The Black Executive Journal: www.blackexecutivebrief.com/advertise SourcesBVMAC: Official bulletin, Nov. 11, 2026BVMAC: BGFI Holding listing press releaseWorld Bank: CEMAC Economic Barometer, Aug. 2026IMF: CEMAC departmental paper, 2018Gabonreview: BEAC holds rates, Sept. 28Gabon Media Time: BEAC keeps rate at 4.50%Le Fisk: BEAC cuts rate to 4.50% in JuneBusiness in Cameroon: BVMAC at end-2025Financial Afrik: BGFI's second phaseSika Finance: BGFI closes at 126 bn CFABusiness in Cameroon: CEMAC eyes December IMF breakthroughGabonreview: CEMAC-IMF talks on regional assurancesUkumbi Afrika (Reuters): Gabon targets IMF dealNorvan Reports: Congo's IMF talksThe Six: AU regional data and policy tracker The Six is a Black Executive Journal series explaining the forces shaping the African Union's five regions and its Sixth Region, the global diaspora.
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    4 分
  • Egypt's Pound Hits a Record 56 per Dollar Before Its IMF Program Ends

    Egypt's Pound Hits a Record 56 per Dollar Before Its IMF Program Ends
    2026/11/11
    On Oct. 26, Egypt's pound passed 56 to the US dollar for the first time, three days before the central bank's first rate increase since March 2024. Since 2016 Egypt has floated or devalued its currency five times, drawn an IMF loan raised to $8 billion and signed Gulf coastal deals worth $35 billion and $29.7 billion. This episode explains how the reset worked, what the Iran war did to it, and what to watch before the IMF program ends on Dec. 15. What we coverThe pound hit a record low beyond 56 per dollar at the central bank on Oct. 26, 2026, against about 8.8 before the November 2016 float (LSEG; Arab Reform Initiative).On March 6, 2024, the central bank floated the pound and raised rates 6 points to 27.25%; the pound fell from about 30.9 to near 50 and the IMF raised its loan from $3 billion to $8 billion. Abu Dhabi's ADQ had agreed a $35 billion Ras El Hekma deal weeks earlier (BNN Bloomberg; ADQ).Remittances reached a record $47.3 billion in FY2025/26, up from $36.5 billion, and net international reserves hit a record $57.5 billion at the end of October 2026 (Central Bank of Egypt).After the Iran war began on Feb. 28, 2026, foreign holdings of Egyptian T-bills and bonds fell about $11 billion in March, to $27.1 billion. On Oct. 29 the central bank raised its deposit rate to 20% and its lending rate to 21% (Ministry of Finance; CBE).Urban inflation eased to 12.7% in October 2026, down from 38% in September 2023. The IMF's final review, worth about $2.3 billion, is targeted for board approval by mid-December (CAPMAS; The National). Chapters(0:00) Cold open(0:25) Five resets(0:47) The squeeze(0:59) The reset(1:41) The cushion(2:07) The war shock(2:36) The response(3:16) What to watch(3:53) The bottom line Data and policy tracker: six.blackexecutivebrief.comWatch the video edition on YouTube: The Black Executive Journal. Have news to share? Distribute your press release on the BEJ Newswire: www.blackexecutivebrief.com/bej-newswire-press-release SourcesReuters: Egypt's pound hits record low of 56 per dollarMiddle East Observer: Pound hits record low as debt selling deepensZawia3: CBE raises rates in first hike since March 2024Zawia3: What the Iran war revealed about Egypt's economyArab Reform Initiative: Egypt's currency historyAl-Ahram Weekly: Past devaluationsBNN Bloomberg: Egypt lifts IMF loan to $8 billionADQ: $35 billion investment in EgyptEgyptian Streets: Egypt, Qatar ink $29.7 billion dealXinhua: Remittances hit record $47.3 blnRio Times: Reserves hit record $57.5 billionArab News: Urban inflation eases to 12.7%Daily News Egypt: Urban inflation 38% in September 2023IMF: Seventh EFF review for EgyptThe National: IMF's December target for Egypt's last reviewAmwal Al Ghad: Pound at 54.11/54.20, Nov. 9The Six: AU regional data and policy tracker The Six is a Black Executive Journal series explaining the forces shaping the African Union's five regions and its Sixth Region, the global diaspora.
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    4 分
  • Eskom's 539 Days Without Load-Shedding, and Kariba's Water Cut

    Eskom's 539 Days Without Load-Shedding, and Kariba's Water Cut
    2026/11/10
    As of Nov. 6, South Africa had gone 539 consecutive days without load-shedding, as Eskom's plant availability rose to 68.16% and its diesel bill fell 79%. Private power is arriving at a record pace, but tariffs are up nearly 9% and, further north, Kariba's water for power in 2027 has been cut by more than a third. This episode follows Southern Africa's power recovery and what could test it. What we coverSouth Africa reached 539 consecutive days without load-shedding on Nov. 6, 2026, a streak that began May 16, 2025 (Eskom). In 2023, the worst year, there were close to 7,000 hours of load-shedding by late November (Engineering News).Eskom's energy availability factor was 68.16% from April 1 to Nov. 5, 2026, up from 63.21% a year earlier; average unplanned outages fell from 16,167 MW to 9,092 MW over three years, and diesel spend fell 79% to R1.26 billion (Eskom).About 102,551 Eskom customers were still under 'load reduction' as of Nov. 6, down from about 1.69 million; Eskom targets ending it by March 2027. Tariffs rose 8.76% for direct customers from April and municipalities were set to raise prices by an average 9.01% from July (EWN).1,920 MW of independent power entered operation in the first half of 2026, a half-year record; 2026 could reach about 4,123 MW against the previous full-year record of 1,472 MW in 2016 (UCT Power Futures Lab). The wholesale electricity market missed its April 2026 launch target.Lake Kariba held 36.68% of usable storage on Oct. 14, up from 12.75% a year earlier, but the Zambezi River Authority cut the 2027 allocation for power to 23 billion cubic metres from 36 billion, citing El Niño and a below-normal rainfall forecast. Chapters(0:00) Cold open(0:22) The worst year(0:41) The recovery(1:29) The limits(2:00) The private market(3:00) The north(4:00) What to watch(4:35) The bottom line Data and policy tracker: six.blackexecutivebrief.comWatch the video edition on YouTube: The Black Executive Journal. Have expertise or a story to tell? Become a source for The Black Executive Journal: sources.blackexecutivebrief.com SourcesEskom: EAF reaches 68.16%, diesel spend falls by R4.81 billion (Nov. 6, 2026)Eskom: More than 500 days without loadshedding (Oct. 2, 2026)Engineering News: Graphics confirm 2023 as loadshedding's annus horribilisThe Citizen (Moneyweb): Load shedding in 2023 worse than the last eight years combinedEWN: Eskom electricity tariffs to rise by nearly 9% in AprilGreen Building Africa: South Africa on course for record IPP year (UCT Power Futures Lab)Engineering News: Launch of SAWEM delayedbne IntelliNews: Drought compels Zambia to shutter its largest hydropower plantGreen Building Africa: Zambezi River Authority cuts Kariba water allocation for 2027NewZimbabwe: Kariba power water allocation slashed to 23 billion cubic metres for 2027The Herald via Zimbabwe Situation: Zim nears one year without load-sheddingThe Zimbabwean: Harare eyes captive power as Kariba's water is cutThe Six: AU regional data and policy tracker The Six is a Black Executive Journal series explaining the forces shaping the African Union's five regions and its Sixth Region, the global diaspora.
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    5 分
  • Mombasa vs Dar es Salaam vs Lobito: The Race for Inland Africa's Cargo

    Mombasa vs Dar es Salaam vs Lobito: The Race for Inland Africa's Cargo
    2026/11/09

    Mombasa moved a record 45.45 million tonnes in 2025, including 15.88 million tonnes of transit cargo for inland countries. Dar es Salaam's transit cargo rose 17% to 14.61 million tonnes, and on the Atlantic, backers have committed $1.3 billion to a rail line from Zambia's Copperbelt to Lobito. This episode follows the three corridors competing for East and Central Africa's trade.

    What we cover

    • Mombasa handled a record 45.45 million tonnes in 2025, up 10.9%, with transit cargo up 19.5% to 15.88 million tonnes (Kenya Ports Authority). Uganda accounts for more than 65% of that transit, about 10.91 million tonnes.
    • Kenya broke ground on the 475 km Naivasha–Malaba standard gauge extension in March 2026 and began construction in July; Uganda's 273 km Malaba–Kampala line, priced at €2.7 billion, is due in 2028 (The Star).
    • Dar es Salaam handled 33.71 million tonnes in FY2025/26, up 21.5%; transit rose 17% to 14.61 million tonnes, with DR Congo at 7.77 million tonnes, Zambia 3.41 million and Rwanda 2.18 million (Daily News, Tanzania).
    • Kenya's State Department for EAC estimates the country loses 5–8% of high-value transit cargo a year, mainly to Dar es Salaam (The Star, June 2026).
    • Lobito Atlantic Railway closed $753 million of loans in December 2025 (U.S. DFC $553m, DBSA $200m) to lift capacity to 4.6 million tonnes a year; the new Zambia line, costed at up to $5 billion, has $1.3 billion committed and targets completion in 2030.

    Chapters
    (0:00) Cold open
    (0:22) The map
    (0:43) Mombasa
    (1:43) Dar es salaam
    (2:46) Lobito
    (4:01) What to watch
    (4:33) The bottom line

    Data and policy tracker: six.blackexecutivebrief.com
    Watch the video edition on YouTube: The Black Executive Journal.

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    Sources

    • Ecofin Agency: Mombasa port throughput jumps 11% to 45.45 million tonnes in 2025
    • The Star (Kenya): SGR link will cement Mombasa port's role in regional trade
    • The Star (Kenya): Ruto breaks ground for Naivasha–Malaba SGR
    • The Star (Kenya): Naivasha–Kisumu–Malaba SGR extension begins
    • Daily Monitor: Uganda eyes Dar es Salaam as second route to sea
    • Daily News (Tanzania): Dar es Salaam transit cargo rises 17%
    • The Citizen: Tanzania launches container services on SGR
    • Railway Gazette: International financing backs Lobito Atlantic Railway
    • Engineering News: US agency, consortium sign $553m loan for Angola railway
    • Mining.com (Bloomberg): Funders commit $1.3 billion to Zambia critical minerals rail
    • AllAfrica (AfDB): $255m loan and $10m grant for the Lobito Economic Corridor
    • VerAngola: LAR records the best month in its history
    • The Six: AU regional data and policy tracker

    The Six is a Black Executive Journal series explaining the forces shaping the African Union's five regions and its Sixth Region, the global diaspora.
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    5 分
  • AfCFTA After Five Years: 50 Ratifications, 26 Tariff Schedules, $214bn of Trade

    AfCFTA After Five Years: 50 Ratifications, 26 Tariff Schedules, $214bn of Trade
    2026/11/08

    Trading under the African Continental Free Trade Area began on Jan. 1, 2021. Fifty countries have ratified and the rules of origin are now fully agreed, but only 26 have gazetted their tariff schedules. This episode looks at what has changed for traders, and what has not.

    What we cover

    • 54 of 55 AU members have signed the AfCFTA and 50 have ratified, Somalia most recently on Sept. 4, 2026; Benin, Libya, South Sudan and Sudan have not ratified (tralac, Sept. 2026).
    • By end-June 2026, 50 tariff schedules had been submitted, 48 verified and 26 gazetted. Rules of origin were 100% agreed after autos, clothing and textiles were adopted in February 2026.
    • More than 12,000 AfCFTA certificates of origin had been issued and notified to the Secretariat by March 2026 (AfCFTA Secretariat). Namibia had issued nine, its trade minister said in May 2026.
    • Intra-African trade was about $213.8 billion in 2025, up 5.5%, against about $1.5 trillion of total African merchandise trade (Afreximbank, African Trade Report 2026).
    • PAPSS now covers 28 countries, with 18 central banks and more than 190 commercial banks and fintechs; CEMAC banks are due to connect by the end of 2026 (Ecofin, July 2026).

    Chapters
    (0:00) Cold open
    (0:24) The deal
    (0:55) The tariffs
    (1:41) The first shipments
    (2:19) The trade
    (2:54) The plumbing
    (3:30) What to watch
    (4:01) The bottom line

    Data and policy tracker: six.blackexecutivebrief.com
    Watch the video edition on YouTube: The Black Executive Journal.

    Shop The Black Executive Journal: shop.blackexecutivebrief.com

    Sources

    • tralac: AfCFTA Frequently Asked Questions (updated September 2026)
    • AfCFTA Secretariat: Council of Ministers concludes 18th meeting in Abuja (July 6, 2026)
    • AfCFTA Secretariat: The AfCFTA Guided Trade Initiative
    • Graphic Online: AfCFTA Guided Trade launched, 96 products set for trading
    • MyJoyOnline: 39 countries to trade under AfCFTA's Guided Trade Initiative
    • Ghana News Agency: Afreximbank African Trade Report 2026
    • Nairametrics: Intra-African trade rises 5.5% to $213.8 billion
    • ThisDay: Nigeria's intra-African trade grew to $9.02bn in 2025
    • Ecofin Agency: CEMAC banks to join PAPSS by end-2026
    • The Villager: Namibia issued only nine AfCFTA certificates of origin
    • The Six: AU regional data and policy tracker

    The Six is a Black Executive Journal series explaining the forces shaping the African Union's five regions and its Sixth Region, the global diaspora.
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    4 分
  • Africa's $124 Billion in Remittances: Who Receives It and What It Costs to Send

    Africa's $124 Billion in Remittances: Who Receives It and What It Costs to Send
    2026/11/07

    Migrants and the diaspora sent an estimated $124.2 billion home to Africa in 2025, almost twice the continent's foreign direct investment. This episode looks at where the money goes, why Sub-Saharan Africa is the most expensive region to send to, and the new U.S. tax on cash-funded transfers.

    What we cover

    • Remittances to Africa reached an estimated $124.2 billion in 2025, up 86% since 2016 (IFAD, Sending Money Home 2026). FDI into Africa was about $70 billion (UNCTAD).
    • Egypt ($41.5bn), Nigeria ($22.8bn), Morocco ($13.7bn), Ethiopia ($7.1bn) and Kenya ($5.0bn) received about 73% of the total. Egypt's central bank reports a record $47.3bn for the year to June 2026.
    • Remittances equal about a fifth of GDP in The Gambia, Liberia, Comoros and Lesotho (IFAD).
    • Sending $200 to Sub-Saharan Africa cost 8.46% on average in Q3 2025, against a 6.36% global average and a UN target under 3% (World Bank). Fully digital services averaged about 4.6%, cash-based ones 7.3% (IFAD).
    • Since Jan. 1, 2026 the U.S. taxes cash-, money order- and cashier's check-funded remittances at 1%; IRS rules are still at the proposed stage.

    Chapters
    (0:00) Cold open
    (0:21) The flow
    (0:56) Where it goes
    (1:31) The cost
    (2:25) What it pays for
    (2:52) The new toll
    (3:16) What to watch
    (3:50) The bottom line

    Data and policy tracker: six.blackexecutivebrief.com
    Watch the video edition on YouTube: The Black Executive Journal.

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    Sources

    • Ecofin Agency: Nearly three-quarters of Africa's $124 billion in remittances went to five countries in 2025
    • Capital (Ethiopia): Remittances to Africa reach $124 billion as digital channels lower transfer costs
    • IPS via allAfrica: Outpacing foreign aid, migrant remittances are a lifeline, says IFAD
    • Jamaica Gleaner: Remittances to developing countries near US$730 billion
    • UNCTAD: World Investment Report 2026, Africa press release
    • The Star (Xinhua): Egyptian expat remittances hit record $47.3 bln in FY 2025-2026
    • Les Afriques: The real cost of sending money to Africa (World Bank RPW Q3 2025)
    • Federal Register: Excise Tax on Remittance Transfers, proposed rules
    • The Six: AU regional data and policy tracker

    The Six is a Black Executive Journal series explaining the forces shaping the African Union's five regions and its Sixth Region, the global diaspora.
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    4 分
  • DR Congo's Battery Metals: Cobalt Quotas, Copper and a Price Halved Since April

    DR Congo's Battery Metals: Cobalt Quotas, Copper and a Price Halved Since April
    2026/11/06

    DR Congo mined about 74% of the world's cobalt in 2025 and is now the second-largest copper producer. This episode looks at how Kinshasa is using export bans and quotas to control how much leaves the country, what that did to prices, and who buys.

    What we cover

    • DR Congo mined an estimated 230,000 tonnes of cobalt in 2025, about 74% of the world's 310,000, and holds half of known reserves (USGS, 2026).
    • It mined an estimated 3.2 million tonnes of copper in 2025, second only to Chile's 5.3 million (USGS, 2026).
    • After a cobalt export ban from February to October 2025, quotas cap exports at up to 96,600 tonnes a year in 2026 and 2027, including a 9,600-tonne strategic reserve. An order dated June 29, 2026 bans copper and cobalt concentrate exports.
    • Cobalt hydroxide rose from $5.90 to $25.25 a pound in 2025 (Benchmark), peaked near $26 in April 2026, and was assessed at $13–14 on Oct. 27 (Fastmarkets).
    • China produced 79% of the world's refined cobalt in 2025. This week Congo ordered a fraud and smuggling inquiry after seizing more than 500 trucks and thousands of tonnes of copper and cobalt.

    Chapters
    (0:00) Cold open
    (0:24) The ground
    (0:59) The lever
    (1:43) The price
    (2:32) The buyers
    (3:09) The leakage
    (3:27) What to watch
    (4:00) The bottom line

    Data and policy tracker: six.blackexecutivebrief.com
    Watch the video edition on YouTube: The Black Executive Journal.

    Have news to share? Distribute your press release on the BEJ Newswire: www.blackexecutivebrief.com/bej-newswire-press-release

    Sources

    • USGS Mineral Commodity Summaries 2026: Cobalt
    • USGS Mineral Commodity Summaries 2026: Copper
    • Cobalt Institute: Cobalt Market Report 2025
    • Fastmarkets: DRC may reduce cobalt quota if market needs rebalancing, ARECOMS says
    • Fastmarkets: Lithium, cobalt markets cautious on China's demand (LME Week 2026)
    • Benchmark: Q3 2026 Cobalt Price Review
    • Reuters via Kitco: Congo bans copper and cobalt concentrates exports
    • Reuters via ThePrint: Congo opens mining fraud inquiry after copper and cobalt seizures
    • Bloomberg via MINING.COM: Congo copper exports up 10% last year
    • Washington Times: Trump signs peace, mineral deals with leaders of Rwanda and DRC
    • The Six: AU regional data and policy tracker

    The Six is a Black Executive Journal series explaining the forces shaping the African Union's five regions and its Sixth Region, the global diaspora.
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    4 分
  • Morocco's Bet on Africa: Phosphate, Banks, Ports and the Nigeria Gas Pipeline

    Morocco's Bet on Africa: Phosphate, Banks, Ports and the Nigeria Gas Pipeline
    2026/11/05

    Morocco holds about two-thirds of the world's phosphate rock reserves, and its banks now operate in 27 African countries. This episode looks at Morocco's business ties across the continent since it rejoined the African Union in 2017: phosphate, banking, ports, and a planned gas pipeline from Nigeria.

    What we cover

    • Morocco holds 50 billion tonnes of phosphate rock reserves, about 68% of the world's 73 billion, and mined an estimated 36 million tonnes in 2025, second only to China (USGS, 2026).
    • Moroccan banking groups operate in 27 African countries; 1,520 of their 1,659 branches abroad are in Africa. For the three pan-African groups, Africa outside Morocco was 22% of assets and 31% of net profit in 2025 (Bank Al-Maghrib, July 2026).
    • OCP Group's 2025 revenue rose 17.5% to MAD 113.9 billion (about US$11.4 billion); net income fell 13% on higher taxes.
    • Tanger Med handled 11.1 million TEU in 2025, up 8.4%. Works on the Dakhla Atlantique port passed 74% at end-September 2026, with completion planned for end-2028.
    • ECOWAS leaders signed the Nigeria–Morocco gas pipeline agreement on July 19, 2026: up to 30 bcm a year, cost estimates of $25–27 billion, first gas targeted for 2031. No final investment decision yet.

    Chapters
    (0:00) Cold open
    (0:21) The return
    (0:43) The banks
    (1:28) The phosphate
    (2:02) The ports
    (2:49) The pipeline
    (3:10) What to watch
    (3:48) The bottom line

    Data and policy tracker: six.blackexecutivebrief.com
    Watch the video edition on YouTube: The Black Executive Journal.

    Have expertise or a story to tell? Become a source for The Black Executive Journal: sources.blackexecutivebrief.com

    Sources

    • USGS Mineral Commodity Summaries 2026: Phosphate Rock
    • Al Jazeera: Morocco rejoins the African Union after 33 years
    • Bank Al-Maghrib: Annual banking supervision report, 2025
    • Le Matin: Bank Al-Maghrib confirme la bonne santé du secteur bancaire en 2025
    • Boursenews: Attijariwafa bank 2025 results
    • 7news.ma: OCP Group revenue rises to MAD 113.94bn in 2025
    • Tanger Med Port Authority: 2025 port activity report
    • Boursenews: Dakhla Atlantique works pass 74% (Sept. 2026)
    • EWN (AFP): West African leaders approve Nigeria-Morocco gas pipeline
    • Hespress: Morocco sets out route, timeline for Nigeria gas pipeline
    • The Six: AU regional data and policy tracker

    The Six is a Black Executive Journal series explaining the forces shaping the African Union's five regions and its Sixth Region, the global diaspora.
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    4 分