BUSINESS
ZIMBABWE – The country plans to create an offshore financial centre in the Victoria Falls resort
The future offshore financial centre should offer investors tax incentives and guarantees for the repatriation of funds. Land will also be offered to banks to encourage them to set up their offices in the country.
Zimbabwe plans to set up an offshore financial centre in the seaside resort of Victoria Falls, like those of Dubai and the Isle of Man to attract foreign investment, Bloomberg reported on Monday, February 20, quoting the Zimbabwean Minister of Finance, Mthuli Ncube (photo).
“The trigger is the success of the Victoria Falls Stock Exchange Limited (VFEX),” said Mr. Ncube, referring to the Victoria Falls Stock Exchange where transactions are denominated in U.S. dollars.
We want to compete with any offshore financial centre in the world. The project will provide investors with an environment comparable to that of the Isle of Man, Mauritius and Dubai,” he added.
The Minister also indicated that the Victoria Falls Financial Centre will provide investors with tax incentives and guarantees for the repatriation of funds, while indicating that land will be made available to international banks to encourage them to set up offices in the country.
The Zimbabwean government has already appointed Marc Holtzman, an experienced American banker with 35 years of experience in emerging markets, to head the board of directors of the future centre.
Mr. Holtzman, who also chairs the board of directors of CBZ Holdings, the country’s largest banking group, will have a hard time. Especially since Zimbabwe has been excluded from international financial markets since the suspension of its repayment of its debt to multilateral financial institutions, including the World Bank and the International Monetary Fund (IMF), in the wake of the failure of agrarian reform launched in the early 2000s by former president Robert Mugabe.
Recurrent US dollar shortages and US sanctions against relatives of current Zimbabwean leaders, including President Emmerson Mnangagwa’s son, have also driven potential investors away.
Officially launched in October 2020, the Victoria Falls Stock Exchange will be housed in the new financial centre. This stock market currently has eight listed companies that have been attracted by USD exchanges, capital gains tax exemptions and the ability to repatriate funds.
Source : Agence Ecofin
The presidency of Togo has announced that the project to exploit the manganese mine of Nayega, located in the Savanes region in the north of the country, is entering its operational phase. According to a statement issued on June 10, 2025, production is scheduled to start at the end of June 2025, with an initial volume of 4,000 tons per month, which should gradually double to reach 8,000 tons per month.
Keras Resources is the technical partner retained by the Togolese government to carry out this project. A statement from Keras, relayed by the presidency, details that the company signed a cooperation agreement in 2023 with the Togolese state, owner of the mine through the Togolese Manganese Company (STM). Under the terms of this agreement, Keras will receive a remuneration of 1.5% of the mine’s gross revenue for three years for its advisory services, as well as 6% for brokering services.
The reserves of the Nayega mine are estimated at 8.5 million tonnes, which would allow exploitation over a period of 11 years. The authorities of Lomé welcome the expected contribution of the mine to the national budget, a benefit that should be strengthened by the rigorous management of the generated revenues, as indicated by our colleagues from Agence Afrique.
With a growing global demand for manganese, particularly in steel alloys and renewable energy technologies, Togo is seeking to assert itself as an essential supplier of this strategic ore. This positioning could play a catalytic role for the national economy, always according to information from the Africa Agency.
Source: senego / Photo credit: Republicoftogo.com
The Gabonese government decided on Friday to ban the import of broilers in order to promote national poultry production and ensure food security, according to the final communiqué of the council of ministers chaired by the head of state, Brice Clotaire Oligui Nguema.
The ban will be effective from 1 January 2027, thus leaving a period of 18 months (1 year and 6 months) for actors in the sector to structure themselves, invest and prepare to meet national demand.
“This measure aims to restore domestic poultry production, boost agricultural investment, reduce food dependency and strengthen the trade balance,” the government hopes. Gabon also hopes to foster “the emergence of a network of rural jobs, the rise in quality of products consumed locally and the creation of an economic ecosystem around this sector”.
The government has also planned a detailed operational plan to be presented within 45 days by the ministers responsible for economy and trade.
Libreville dreams of reducing its dependence on poultry imports and strengthening the country’s food security. In addition, the promotion of local poultry farming should have a positive impact on rural areas, generating jobs and contributing to the development of a vibrant poultry ecosystem.
Imported frozen chicken is the most consumed food in Gabon because of its low price and packaging ready to be thrown into a pot.
“The star of the freezer” is how Gabonese people refer to frozen chicken because it is often the only food, if not the default food, found in the freezers of Gabonese families.
Frozen chicken and meat are generally imported from Latin America and Europe. Their massive presence on the market has destroyed local production.
The Council of Ministers also announced a ban on exporting crude manganese from 1 January 2029. The objective is to promote local industrial development, create jobs and maximize the value of this resource, of which Gabon is the world’s second largest producer.
Sources: gabonactu.com
Mauritania is in the spotlight. On Thursday, May 29, 2025, Sidi Ould Tah was elected president of the African Development Bank (AfDB), at the annual meeting of the institution held in Abidjan. He succeeds Akinwumi Adesina of Nigeria, in office since 2015.
His election came after a hard-fought duel against Samuel Munzele Maimbo of Zambia, who finished in second place. The election, which was marked by major geopolitical and economic issues, took place against a background of high expectations regarding governance and development financing on the continent.
The Senegalese Amadou Hott, long perceived as one of the favorites, finishes in third place, followed by the South African Bajabulile Swazi Tshabalala. Despite significant diplomatic support, notably for Hott, the momentum in favour of Sidi Ould Tah has prevailed in the last few rounds.
Former minister and general manager of the Arab Bank for Economic Development in Africa (BADEA), Sidi Ould Tah is recognized for his experience and strategic vision. He will officially take office on 1 September 2025.
Photo credit: Forbes Africa
