Rated great
Hey there 👋🏽
Mauritius is renowned as a tourist destination, but its prominence as a financial hub is set to receive a boost with the establishment of the Africa Credit Rating Agency (AfCRA). African countries have long paid the price of elevated borrowing costs due to a perception bias that unfairly paints them as unreliable debtors. Africa Practice has been actively working to promote more nuanced risk assessments in a bid to cut the cost of capital on the continent. AfCRA, as an AU-backed but privately-owned entity, will help to broaden perspectives of continental creditworthiness. Its initial focus will be on rating local currency debt – an area which typically receives scant attention from global credit ratings agencies. However, the AU’s African Peer Review Mechanism sees this as a route to stimulate domestic capital markets and reduce foreign currency risk on the continent. AfCRA is also breaking the mould when it comes to decision-making. Ratings assessments typically take place behind closed doors, often in global financial hubs such as New York, London or Singapore, but AfCRA has committed to transparent governance structures which enable greater scrutiny of its methodology. Supporters of the new ratings agency now need to ensure it secures the necessary funding and builds sufficient capacity to ensure tangible impact when it opens its doors in Port Louis next year.
Yours, awaiting upgrades,
AP editorial team
📈 620 million
Between 2025-2050, Sub-Saharan Africa is expected to add 620 million people to its labour force, the fastest expansion across all developing regions. The latest edition of Africa’s Pulse from the World Bank recommends reducing the cost of doing business as a key priority, enabling existing enterprises to scale and attracting new high-growth firms to enter the market.
⚡ Bridging continents, building futures
South-South cooperation can be a powerful force driving both Africa’s transformation and Latin America and the Caribbean’s shared progress. Lead Advisor Krsna Powell explains how true success depends not on distant agreements, but rather the empowerment of local communities and the activation of the link to the vibrant African diaspora.
🇸🇳 Refined taste
Senegal plans to build a second oil refinery under a USD 5 billion project designed to curb fuel imports. The existing Societé Africaine de Raffinage (SAR) opened its doors in the early 1960s, but the new SAR 2.0 facility promises to add 4 million tons of annual refining capacity by 2029, up from 1.5 million tons today. Crude from the Sangomar oil and gas field, operated by Australian company Woodside Energy and state-owned Petrosen, has been earmarked for the proposed refinery. This would help Senegal achieve self-sufficiency in petroleum products and support its emergence as a regional exporter. Construction could begin as early as 2026, according to Mamadou Abib Diop, CEO of the national refining company, Société Africaine de Raffinage. While the project aligns with broader regional efforts to strengthen energy independence, such as Nigeria’s Dangote Refinery, Diop added that the site location and government equity stake are yet to be determined.
🇨🇩 Cobalt crackdown
The Democratic Republic of Congo will permanently ban cobalt exporters that violate its new quota system, President Félix Tshisekedi has announced, as the country moves to stabilise global prices of the key battery metal. The quota system replaces Kinshasa’s export ban, imposed in February after cobalt prices fell to a nine-year low. Under the new rules, export limits will be based on companies’ historical production, capping shipments at 18,125 tonnes for the remainder of 2025 and 96,600 tonnes annually in 2026 and 2027, far below the 220,000 tonnes mined in 2024. The Authority for the Regulation and Control of Strategic Mineral Substances’ Markets (ARECOMS) will oversee quota volumes which will be reviewed on a quarterly basis, while also monitoring compliance and enforcing strict penalties for violators, including permanent exclusion from the market. The export freeze has already driven a 92% rebound in cobalt prices since March and President Tshisekedi aims to sustain this recovery through tighter controls.
🇲🇿 Gas giant
Italian energy major Eni has given final approval for the construction of a USD 7.2 billion floating LNG facility in Mozambique. The Coral Norte project – expected to begin production in 2028 – is a twin to Eni’s first LNG platform in-country, Corul Sul, in the Rovuma Basin, off the coast of Palma District, Cabo Delgado. Alongside Eni, partners in the implementing consortium include big Asian buyers – Korea Gas Corporation and China National Petroleum Corporation – as well as Abu Dhabi National Oil Company (ADNOC) subsidiary XRG, and Mozambique’s ENH. Once operational, Coral Norte will be able to produce 3.6 million tons of LNG annually, doubling Mozambique’s LNG output, and promising to generate USD 23 billion of estimated revenue over the next 25 years. While insurgent activity in the country’s northern province has delayed progress on TotalEnergies and ExxonMobil’s larger LNG projects, the offshore nature of Eni’s floating platforms largely shields them from interference.
🇸🇩 Court up
The International Criminal Court has delivered its first conviction in the Darfur situation, finding Ali Muhammad Ali Abd-Al-Rahman (known as Ali Kushayb), a senior Janjaweed commander. He was found guilty of 27 counts of war crimes and crimes against humanity. Ali Kushayb’s conviction marks the ICC’s first for gender-based persecution and stems from atrocities committed against non-Arab communities in West Darfur between 2003–2004. The judgment follows his 2020 surrender and a trial based on extensive evidence, including testimony from 81 witnesses. The ruling arrives amid renewed conflict and alleged genocidal violence by the Rapid Sudan Forces (RSF) in Darfur. As sentencing and reparations proceedings begin, this case sets vital precedent for accountability in Sudan, both past and present, showcasing renewed international resolve to pursue justice where states have failed.
🗓️ TechCabal Moonshot 2025
TechCabal’s flagship conference Moonshot is back for its 2025 edition, taking place from 15-16 October in Lagos, Nigeria. Themed “Building Momentum,”, this year’s conference serves to reflect on the pivotal moment Africa’s tech ecosystem is experiencing, with a focus on scaling growth in a sustainable and structured way.
🔑 Cross Border Jobs Startup Competition
The Cross Border Jobs Startup Competition seeks to identify and support bold startups shaping the future of labour mobility for Africans, helping African talent move, connect, and thrive across borders. The top three startups will win grants worth USD 10,000 each, along with a host of other benefits. Deadline is 31 October.
📚 African Union and Agenda 2063
Subtitled The Past, Present and Future, this new book undertakes a critical assessment of the AU’s 20-year record since its founding in Durban, South Africa, in 2002. Examining the structural and political constraints hindering the Union’s effectiveness in achieving lasting peace, prosperity, and unity, contributing authors to this volume explore the evolution, dynamics and future prospects of Africa’s continental vision.
🎹 Di'kota Tsa Swervo – MfanaTouchLine featuring Swervo
A synth-drenched flex that captures the restless spirit of kasi ambition, Di’kota Tsa Swervo feels like MfanaTouchLine’s breakout moment, equal parts street sermon and internet anthem.
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