2026 Summary Edition

Africa's financial story,
told between the lines.

The Cowrie Letter is an independent pan-African media dedicated to decoding the financial forces shaping Africa. At the crossroads of history, finance and power, each edition offers a deeper reading — to understand what is really at stake. Here, we look at the Africa of yesterday and today — but above all, the Africa of tomorrow.

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Monthly Briefings

Africa's Financial Intelligence

Select an edition below to browse the stories shaping the continent.

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Featured Story
Morocco Political Economy

Morocco's Green Hydrogen Gambit: A €10B Bet on Europe's Energy Transition

Rabat has finalized landmark bilateral energy agreements with Germany and Spain, unlocking €10B in financing for green hydrogen and green ammonia production. The deals leverage Morocco's exceptional solar and wind resources and cement the country's strategic pivot from phosphate exporter to clean energy powerhouse — positioning it as Europe's nearest clean energy supplier.

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Key Figures

€10B Total financing unlocked
2GW First electrolysis capacity
2026 Construction start (Q3)
#1 Africa's green H₂ producer
Markets

Nigeria

The Naira's Fragile Rebound: Structural Reform or Monetary Illusion?

After a historic depreciation cycle, the Nigerian naira has stabilized around ₦1,580/USD following CBN's hawkish rate decisions. But without oil revenue diversification, the rally may be short-lived.

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Tech & Innovation

Kenya

Nairobi's AI Surge: East Africa Bets Big on Sovereign Data Infrastructure

The Kenyan government has green-lit a $340M sovereign data centre initiative backed by the AfDB, positioning Nairobi as a continental AI hub by 2028.

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Commodities

Côte d'Ivoire

Cocoa at $10,000/tonne: Abidjan Navigates Its Golden Dilemma

With cocoa prices at record highs, Côte d'Ivoire faces a strategic tension: export raw beans for quick gains, or accelerate domestic processing for long-term value capture?

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Startups

Ethiopia

Addis Fintech Wave: Three Ethiopian Startups Redefining Horn of Africa Finance

Ethiopia's banking liberalisation is bearing fruit. A new wave of fintech startups in lending, insurance and remittances is attracting international VC in a 130M-customer market.

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Markets

South Africa

JSE Under Pressure: How South Africa's Coalition Government Is Rattling Investors

Political uncertainty within South Africa's GNU has triggered renewed rand volatility and JSE outflows. We assess whether the market's nerves are justified — or an opportunity in disguise.

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Commodities

Ghana

Ghana's Gold for Oil: A Sovereignty Play Reshaping West African Resource Policy

Ghana's decision to purchase oil using gold rather than dollars is quietly becoming a blueprint for resource-rich African nations seeking to reduce dollar dependency.

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Political Economy

Egypt

Egypt's $57B IMF Gamble: Austerity, Devaluation, and the Price of Stability

Cairo's $57B financing package has stabilised the Egyptian pound but imposed deep structural reforms now testing social cohesion across the country.

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Tech & Innovation

Rwanda

Kigali's Fintech Ambition: Building Africa's Next Financial Capital

Rwanda's KIFC has attracted 120+ global financial institutions through zero capital gains tax and a pan-African arbitration framework rivalling Mauritius and Casablanca.

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Political Economy

Senegal

Senegal's Oil Dawn: First Revenues, High Expectations and the Resource Curse Risk

With Sangomar producing and Tortue LNG approaching full capacity, Senegal braces for its first significant hydrocarbon revenues — a transformative but double-edged moment.

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Featured Story
Zambia Political Economy

Zambia's Tightrope Walk: When Debt Recovery Meets Election Season

After three painful years of budget cuts, Zambia successfully completed its $1.3 billion IMF recovery programme. But with elections arriving in August 2026, the government is slowing down reforms to ease voter pressure — and copper price swings are making everything harder.

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Key Figures

$1.3B IMF programme completed
Aug 2026 General elections date
~87% Public debt / GDP
-12% Mining output risk (2026)
Commodities

Algeria

Algeria's Gas Back at the Heart of Europe's Energy Equation

While Europe scrambles to reduce its reliance on Russian gas, Algeria steps up. Pipeline exports hit an 8-year high in early 2026, and an $8.5B investment plan aims to deliver even more.

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Markets

Mozambique

Mozambique's LNG Promise Meets a Debt Wall

With TotalEnergies' LNG project still in force majeure and public debt at 115% of GDP, Mozambique's resource wealth remains trapped behind a fiscal crisis.

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Markets

Republic of Congo

Congo's Debt Spiral Strains the Entire CEMAC Zone

At ~98% debt-to-GDP and two bilateral defaults in Q1 2026, Congo's fiscal crisis is pushing CEMAC's shared foreign reserves below the mandatory import cover threshold.

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Tech & Innovation

Benin

Benin Anchors West Africa's Digital Market Integration Play

The World Bank's $350M Digital West Africa programme taps Benin as its regional anchor — targeting cross-border payment rails and harmonised e-commerce rules across seven ECOWAS states.

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Commodities

Mauritania

Mauritania's Blue Economy: A Maritime Strategy Reaches for Diversification

A $240M tripartite investment in coastal protection, fisheries infrastructure and aquaculture aims to transform Mauritania's maritime resources into a structured diversification engine.

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Commodities

Cameroon

Cameroon Emerges as the Congo Basin's Green Carbon Hub

Backed by a $1.5B multilateral initiative and 12M tonnes of voluntary carbon credit commitments, Cameroon is building the framework to systematically monetise the Congo Basin's climate services.

Read full analysis →
Markets

Namibia

Namibia's Green Hydrogen Race Shifts into a Higher Gear

The Hyphen Hydrogen project secures $5.1B in binding institutional commitments — construction starts Q3 2026, with first green ammonia exports to Europe targeted for 2030.

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Startups

Kenya

Kenya's Tech Startups Pivot from Equity to Debt as VC Funding Contracts

With VC funding down 75% from 2021 peaks, Kenyan startups like M-KOPA and Twiga Foods are tapping venture debt and NSE corporate bonds — accelerating business model maturation.

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Startups

Angola

Angola's Urban Mobility Attracts Private Capital as ANDA Closes $12M Round

ANDA's $12M Series A — Angola's largest-ever private tech round — signals investors are finally looking beyond Nairobi, Lagos and Accra for differentiated African market opportunities.

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Featured Story
Cameroon Political Economy

Cameroon Takes Back Its Bank

Cameroon has finalised the buyout of Société Générale's majority stake in its local subsidiary, now renamed General Bank of Cameroon — with the state becoming the dominant shareholder. The move is part of a broader trend of European banks reducing African exposure, while African states seek to reclaim control of strategic financial assets. The real question is not who owns the bank, but what this ownership makes possible to finance.

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Key Figures

General New bank name: General Bank of Cameroon
SG ↓ Société Générale exits majority stake
State State becomes dominant shareholder
↑ European banks reducing Africa exposure
Markets

Kenya

Africa Challenges the Rating Agencies

At the Africa Forward summit in Nairobi, African leaders pushed back on sovereign risk pricing and renewed calls for a continental rating agency less dependent on Western methodologies.

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Markets

Gabon

Gabon Remains Under Pressure

Fitch keeps Gabon in highly speculative territory, a reminder that the political transition has not yet resolved the country's fiscal fragilities.

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Political Economy

Nigeria

Dangote Challenges the Importers

Dangote Petroleum Refinery launches legal action against fuel import licences, in a battle that could redefine Nigeria's petroleum market.

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Political Economy

Uganda

Uganda Prepares for Its Oil Boom

Kampala is entering the final stretch before its first significant oil revenues, with hopes of a step-change in its economic scale.

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Commodities

Guinea

Simandou Stalls Again

A strike at the Simandou mega-project is a reminder that Africa's largest mining ventures remain vulnerable to social tensions.

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Commodities

Botswana

The Diamond Cycle Turns

Botswana seeks to defend its position in the global diamond industry as demand slows and De Beers faces a strategic crossroads.

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Tech & Innovation

Kenya

Nairobi Frames AI

Kenya's AI Bill debate shows the Silicon Savannah wants to regulate without stifling innovation — a balance that could set a continental precedent.

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Tech & Innovation

Togo

Lomé Tests Digital Regulation

Regional talks on digital financial services in Lomé show Togo positioning itself as a coordination hub between banks, fintechs, and regulators in Francophone Africa.

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Startups

Togo

Lomé Draws Entrepreneurs

With Biashara Afrika 2026, Lomé established itself as a meeting point for SMEs, startups, and investors in pan-African trade.

Read full analysis →
Featured Story
Kenya Markets

Absa Doubles Down on Kenya

Absa Group has launched a $238 million offer to raise its stake in Absa Bank Kenya from 68.5% to 85%, confirming Nairobi as one of the continent's most strategic banking markets. The move signals that for major African banking groups, growth is no longer found at home — it is in markets that combine profitability, digital depth, and financial sophistication. Local giants Equity Group and KCB will not let consolidation happen unchallenged.

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Key Figures

$238M Buyout offer value
68.5% Current Absa stake
85% Target stake
896M Shares targeted
Markets

Ghana

Ghana Wants to Change the Rules

Accra is calling for reform of international debt restructuring mechanisms and has set a target of regaining investment grade status within three years.

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Markets

Kenya

The Banking Rush into Kenya

Absa, Nedbank, Access Bank and other African groups are accelerating their expansion in Kenya despite the strength of local banks.

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Political Economy

Malawi

Malawi Seeks a New Breath

The IMF signals readiness to move on a new credit programme, but demands deep economic reforms from Lilongwe first.

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Political Economy

Ethiopia

Ethiopia Reaches Its Creditors

Addis Ababa reaches a preliminary agreement with its bondholders, a major milestone in the restructuring of its sovereign debt.

Read full analysis →
Commodities

Guinea

Guinea Refines Its Gold

Conakry moves to ban raw gold exports and turn the country into a regional refining hub.

Read full analysis →
Commodities

Côte d'Ivoire / Ghana

Cocoa Seeks Its Price

Abidjan and Accra are aligning their producer price policies to reclaim power in the global cocoa chain.

Read full analysis →
Tech & Innovation

Mauritius

Mauritius Bets on Fintech

Port-Louis launches its National Fintech Strategy 2026-2030 to strengthen its role as Africa's digital finance hub.

Read full analysis →
Tech & Innovation

Rwanda

Rwanda's Gold Under Scrutiny

US sanctions against a Rwandan refinery reopen the debate on mineral traceability as a technological and geopolitical challenge.

Read full analysis →
Startups

Togo

Spiro Accelerates the Electric Shift

Founded and headquartered in Lomé, Spiro raises $215 million to scale its e-moto and battery-swap network — turning Togo into the launchpad of Africa's electric mobility revolution.

Read full analysis →
Featured Story
South Africa / Nigeria / Angola Political Economy

AGOA's Tariff Whiplash: Duty-Free Access Returns — Except for Angola, Nigeria and South Africa

On 24 July, the blanket 10% US tariff imposed after the Supreme Court's February ruling expired at the end of its 150-day statutory limit, restoring duty-free AGOA access for nearly all eligible countries. Washington nevertheless imposed new 12.5% tariffs on Angola, Nigeria and South Africa under Section 301, over the enforcement of bans on forced-labour imports. For Lesotho, Madagascar and Mauritius, the relief comes after buyers have already moved elsewhere.

Read full analysis →

Key Figures

0% Country-wide tariff on most AGOA countries (from 24 July)
12.5% New tariff on Angola, Nigeria and South Africa
30% → 12.5% South Africa's tariff rate
$36.8B Africa's trade deficit with China, Jan–Apr (+48%)
Political Economy

Egypt

Egypt Clears Its Seventh IMF Review as the Clock Runs Down on the $8B Programme

The IMF Board's 30 July approval releases about $1.77 billion and lifts total disbursements to roughly $7.3 billion. The Fund says Egypt weathered the Middle East war from a stronger position, but warns that debt, a large state footprint and renewed regional tensions remain the main risks.

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Political Economy

Zimbabwe

Zimbabwe's Mid-Term Budget: Stability Holds, Debt Remains the Missing Piece

Presenting the mid-term review on 30 July, Finance Minister Mthuli Ncube kept the 5% growth forecast, reported a ZiG14.2 billion first-half surplus and ruled out a supplementary budget. Membership of the BRICS New Development Bank adds a financing option, but arrears of about $7.4 billion still block a full IMF programme.

Read full analysis →
Markets

Ghana

Ghana Closes Its IMF Programme and Moves to a Non-Financing Arrangement

On 27 July the IMF Board completed the sixth and final review of Ghana's $3 billion Extended Credit Facility, releasing about $371 million, and reviewed a 36-month non-financing Policy Coordination Instrument. The Fund says the Bank of Ghana has anchored disinflation and rebuilt external buffers.

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Markets

Tanzania

Tanzania Tightens Policy and Courts Global Bond Markets

In July, the Bank of Tanzania raised its policy rate by 50 basis points to 6.25%, the finance minister said a Eurobond of up to $500 million was an option, and an inaugural shilling-denominated bond was launched in London with the IFC. East Africa's second-largest economy is testing markets after more than a decade away.

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Markets

Tunisia

Tunisia: Tourism Carries the Reserves Through a Eurobond Repayment

First-half tourism receipts rose 8.3% to 3.35 billion dinars, and the central bank held its key rate at 7% on 29 July. The country repaid a €700 million Eurobond from its own reserves, and a record energy bill widened the current-account deficit to 2.3% of GDP.

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Commodities

Mali

Mali's Gold Plan: Output Stays Below 60 Tonnes Through 2029

A mines ministry plan seen by Reuters on 24 July projects industrial gold output of 43.2 tonnes in 2026, peaking at 57 tonnes in 2028 before easing to 50 tonnes in 2029. The forecast follows the dispute over the 2023 mining code and the shutdown of Barrick's Loulo-Gounkoto complex.

Read full analysis →
Commodities

Botswana / Namibia / Angola

De Beers on the Block: Anglo Nears a $1 Billion Exit as Botswana Weighs Its Rights

Bloomberg reported on 29 July that Anglo American is discussing a roughly $1 billion sale of its 85% stake in De Beers to a consortium led by Gareth Penny that includes Namibia, Angola and diamond traders. Botswana, which owns 15% and holds pre-emption rights, is seeking a bigger role.

Read full analysis →
Tech & Innovation

South Africa

Google Brings Its First Cloud Summit to Africa and Bets on South Africa as a Cloud Hub

On 1 July in Johannesburg, Google Cloud held its first Cloud Summit on African soil, announced five new initiatives and estimated that its Johannesburg cloud region could add R1.7 trillion to South Africa's economic output by 2030.

Read full analysis →
Startups

Kenya / Pan-Africa

Debt Replaces Equity: African Startup Funding Falls 80% in July

African startups raised $102.2 million across 47 disclosed deals in July, down 80.2% from June and 81.6% from a year earlier. The largest ticket was a $30 million debt facility for Kenya's M-KOPA, as investors shifted toward debt.

Read full analysis →
Featured Story
Zambia Political Economy

Zambia's Verdict: Hichilema Wins a Second Term on a Copper-Led Recovery

President Hakainde Hichilema was re-elected with about 60% of the vote, avoiding a run-off, after campaigning on a record of debt restructuring, falling inflation and a stronger kwacha. His second term now hinges on lifting copper output to 3 million tonnes by 2031 and on securing a new IMF programme before the end of 2026. The opposition and EU observers, however, point to an uneven playing field.

Read full analysis →

Key Figures

~60% Hichilema's vote share (declared 18 Aug.)
6.5% Inflation, July 2026 (peak: 24.6% in 2021)
+18% Kwacha vs US dollar, year to date
3Mt Copper output target by 2031 (~0.89 Mt in 2025)
Commodities

DR Congo

Congo Bans Copper and Cobalt Concentrate Exports in a Push for Local Processing

An order dated 29 June, revealed by Reuters on 6 August, bans exports of copper and cobalt concentrates with immediate effect, with one-year waivers possible, and introduces a by-product tax regime. Most Congolese copper already leaves as refined metal, which may limit the immediate impact.

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Commodities

Egypt / South Africa / Morocco

The Hormuz Bill: African Oil Importers Paid $21.9 Billion Extra in Six Months

A CREA study published on 26 August estimates that 32 African fuel importers paid $21.9 billion more between March and August, with Egypt ($5.2 billion), South Africa ($3.5 billion) and Morocco ($2.2 billion) hit hardest. Nigeria and Angola gained from higher prices.

Read full analysis →
Political Economy

Ethiopia

Ethiopia's Eurobond Deal Clears Its Last Hurdle as Official Creditors Give the Green Light

On 21 August, Ethiopia said its Official Creditor Committee, co-chaired by China and France, now considers the June agreement with bondholders compliant with comparability of treatment, letting Addis Ababa implement the exchange of its defaulted $1 billion Eurobond.

Read full analysis →
Political Economy

Kenya / Lesotho / South Africa

US Senate Backs a Two-Year AGOA Extension, but Washington Wants Reciprocity

On 8 August the US Senate approved extending AGOA's duty-free preferences through the end of 2028, in a government funding bill. The House has yet to act, and the administration wants reciprocity, including preferential access to critical minerals.

Read full analysis →
Markets

Kenya

Kenya Spreads Its Bets: A $5.4 Billion Borrowing Plan Across Yen, Yuan and Sukuk

Kenya's Treasury posted its 2026/27 borrowing plan on 14 August: $5.4 billion of external financing, including an $815 million Eurobond, a debut panda bond, a sukuk and a $1 billion debt-for-food swap, with at least $500 million of expensive debt to be retired.

Read full analysis →
Markets

Guinea

Guinea Secures a Staff-Level Deal for a $425 Million IMF Programme

On 10-11 August, IMF staff and Guinea agreed on a 41-month Extended Credit Facility of SDR 310.59 million (145% of quota), about $425 million, subject to Board approval expected in September.

Read full analysis →
Markets

South Africa

South Africa's Inflation Cools to 4.3% as Food Prices Hit a 16-Year Low

Stats SA reported on 19 August that annual inflation eased to 4.3% in July from 5.0% in June, the first decline in five months and below the 4.5% analysts expected. Food inflation fell to 0.9%, its lowest since 2010, but analysts warn that oil prices are rising again.

Read full analysis →
Tech & Innovation

DR Congo

Congo Gets Africa's First Commercial Satellite-to-Phone Service

On 14 August in Kinshasa, Airtel Africa and Starlink launched what they call Africa's first commercial direct-to-cell service, carrying SMS and light data such as WhatsApp to ordinary Android phones in areas without mobile coverage.

Read full analysis →
Startups

Nigeria / Pan-Africa

Moove's $250 Million Round Pushes African Startup Funding Back Above $400 Million

African startups raised $435.2 million in August, more than four times July's total, with Nigeria taking 83.7% of the funds. Moove's $250 million Series C, led by Mubadala, accounted for most of it; the top ten deals made up 98% of funding.

Read full analysis →
Featured Story
Senegal Markets

Senegal's Debt Treatment Plan: Reprofiling or Restructuring?

On 1 September, Dakar unveiled its Debt Treatment Plan alongside an IMF staff-level agreement on a roughly $2.2 billion, 36-month programme. The plan targets nearly $5 billion of Eurobonds, excludes CFA-franc debt and is presented as a 'reprofiling', not a restructuring. S&P cut the foreign-currency rating to CC three days later, and some bonds trade at around half their face value.

Read full analysis →

Key Figures

$2.2B IMF programme agreed at staff level (36 months)
~$5B Eurobonds in scope of the plan
CC S&P foreign-currency rating (4 Sept.)
132% Public-sector debt, % of GDP (IMF, end-2024)
Markets

Nigeria

Nigeria's Central Bank Cuts Its Rate by 350 Basis Points to 23%

On 22 September, the CBN's Monetary Policy Committee lowered the policy rate from 26.5% to 23% and recalibrated the standing-facility corridor. Governor Cardoso presented it as an operational realignment rather than a change of stance, citing falling inflation and external reserves of about $55 billion.

Read full analysis →
Markets

South Africa

South Africa's Reserve Bank Raises Rates to 7.25% as Fuel Prices Climb

On 23 September, the SARB's Monetary Policy Committee unanimously raised the repo rate by 25 basis points to 7.25%, effective 25 September. Governor Kganyago said global shocks were hurting the economy, which contracted 0.2% in the second quarter.

Read full analysis →
Commodities

Kenya

Dangote Breaks Ground on a $16 Billion Refinery in Lamu and Offers East Africa 30%

On 30 September, Aliko Dangote and President William Ruto broke ground on a 700,000-barrel-a-day refinery in Lamu, due to be completed in about 40 months. Up to 30% of the equity is reserved for East African governments, with Kenya weighing a 10% stake worth about $500 million.

Read full analysis →
Commodities

DR Congo

Kinshasa Creates a DRC-USA Task Force as Its 2027 Budget Hits a Record $24.8 Billion

A cabinet meeting on 11 September, reported by Reuters on 15 September, approved a 'DRC-USA Task Force' to speed up the strategic minerals partnership with Washington, and a record 2027 budget of $24.8 billion, up 12%.

Read full analysis →
Tech & Innovation

Egypt

Egypt Plans Its First Large-Scale AI Data Centre as the US and China Compete for Influence

On 9 September, Egypt announced a planned 200-megawatt, $1 billion AI data centre using Nvidia technology, starting with a 20-megawatt, $200 million phase built by Vodafone Business, Elsewedy Electric and Cassava Technologies.

Read full analysis →
Political Economy

Pan-Africa / South Africa

Afreximbank Puts $500 Million Behind a Pan-African Trading Platform

On 21 September, Afreximbank signed a $500 million global credit facility with the Africa Trade and Distribution Company (ATDC) to finance the purchase, movement and distribution of African goods, as the bank reported a 30% rise in first-half net income to $534.7 million.

Read full analysis →
Political Economy

Zambia

Hichilema Sworn In for a Second Term and Names a Finance Minister as the IMF Awaits

President Hakainde Hichilema was sworn in on 1 September and, on 14 September, reappointed Situmbeko Musokotwane as finance minister. His 'Grow Zambia' agenda aims to turn stabilisation into growth, with a new IMF programme targeted before year-end.

Read full analysis →
Startups

Nigeria / Pan-Africa

Africa's Startups Raised $2.1 Billion in Eight Months, but Funding Stays Concentrated

Reports published on 4 and 8 September show African startups raised $2.10 billion across 275 deals between January and August, slightly above last year's pace. Nigeria, Benin, Egypt, South Africa and Kenya led, while the number of disclosed deals fell sharply.

Read full analysis →
Markets

Liberia

Liberia Clears an IMF Review and Unlocks $50 Million

On 28 September, the IMF Executive Board completed the fourth review of Liberia's Extended Credit Facility and the first review of its climate-focused facility, releasing about $50 million. The Fund projects growth of 5.5% in 2026 on mining, construction and manufacturing.

Read full analysis →

Featured Country of the Month

Rwanda — Africa's Model Reinvented

7.6% GDP Growth (2025 est.)
RWF 1,380 Exchange Rate / USD
$1.3B FDI inflows (2024)
$14B GDP (nominal)
KIFC Kigali Int'l Financial Centre

Featured Country of the Month

Namibia — Africa's Green Hydrogen Pioneer

4.2% GDP Growth (2025 est.)
NAD 18.5 Exchange Rate / USD
$10B Hyphen H₂ project value
$13B GDP (nominal)
300kt Green ammonia export target/yr

Featured Country of the Month

Ghana — After the Debt

4.5% GDP Growth (2025 est.)
GHS 15.5 Exchange Rate / USD
$6.6B Gold exports (2024)
$76B GDP (nominal)
800kt Cocoa production target

Featured Country of the Month

Uganda — Before the Oil

6.2% GDP Growth (2025 est.)
UGX 3,700 Exchange Rate / USD
1,443km EACOP pipeline length
$50B GDP (nominal)
6Bbbl Estimated oil reserves

Featured Country of the Month

Zimbabwe — After the Inflation

5% GDP Growth (2026 forecast)
4.2% Average inflation (Jan–Jul 2026)
$782M Lithium exports, H1 2026 (+230%)
55.6t Gold output (2026 forecast)
NDB Admitted to the BRICS New Development Bank (July 2026)

Featured Country of the Month

DR Congo — The Cobalt Kingdom Tightens Its Grip

5.5% GDP Growth (2026 forecast, IMF)
$1.25B Inaugural Eurobond (2026)
73% Share of world cobalt mine output (2025)
96,600t 2026 cobalt export quota ceiling
Ban Copper & cobalt concentrate exports — order revealed 6 Aug.

Featured Country of the Month

Liberia — A Programme on Track

5.5% GDP Growth (2026 forecast, IMF)
4.5% Average inflation, H1 2026 (~6% expected later)
$50M Released after IMF Board review (28 Sept.)
$265M Total access under the IMF climate facility (RSF)
1 Jul Raw-rubber export ban in force (Executive Order 166)

Our Story

About The Cowrie Letter

"Before the dollar, before the franc — there was the cowrie. For over 3,000 years, the cowrie shell served as the first universal currency across the African continent, from Senegal to Somalia, from Mali to Mozambique. It carried the weight of trade, trust, and civilization."

The Cowrie Letter takes its name from this history. In an era where African economies are too often reduced to aid narratives and risk ratings, we choose a different lens: clairvoyance, depth and ambition.

Our Mission

Why This Letter

Africa is home to six of the world's twenty fastest-growing economies. Its population is set to double by 2050, creating the largest consumer market on earth. Its reserves of critical minerals are essential to the global energy transition. And yet, Africa's economic narrative remains dominated by perspectives forged elsewhere.

The Cowrie Letter exists to help change that. Published monthly, she distils the most consequential financial and economic developments across the continent — political decisions with economic impact, commodity movements, tech and AI innovations, emerging startups — into a concise, rigorous, and proudly African briefing.

It is neither a newspaper, nor a blog. It is a letter — chosen, considered and written to last.

Our Values

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Editorial Independence

No institutional sponsor. No political alignment. Only the facts, and our impartial analysis.

✦

Analytical Rigour

Every story is grounded in data. We go beyond headlines to understand the mechanisms at play.

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Pan-Africanism

Fifty-four countries, one continent. We cover Africa in full — not just its largest economies.

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Positive Representation

We document opportunities, not just crises. Africa's economic story is one of prosperity, hope and possibility.

Guillaume Zeze Baroan LinkedIn

The Creator

Guillaume Zeze Baroan

Founder & Editor, The Cowrie Letter

I hold a Bachelor's degree in Banking & Finance, and I am currently on a pre-master gap year. French of Ivorian descent, I created The Cowrie Letter out of one conviction: Africa's economic story is rich, complex and consequential — and deserves many voices committed to telling it with rigour and ambition. Many have come before me, and many will follow. Through this monthly letter, I aim to contribute — however modestly — to reshaping the narrative around African finance, one edition at a time.

Trained in financial analysis and macroeconomics, I bring both technical grounding and cultural intimacy to my coverage of the continent. I write independently, and intend to keep it that way.

Get In Touch

Let's Talk.

A story tip? A correction? A collaboration? I'd love to hear from you. The Cowrie Letter is built on the belief that African economic intelligence should be a shared project.

You can also reach me on LinkedIn.