AGP Executive Report

Youth Jobs & Budget Push: South Africa’s President Cyril Ramaphosa flagged youth unemployment as a crisis, pointing to a R1 trillion three-year state investment plan for roads, energy, schools and hospitals as joblessness rose to 32.7% in Q1 2026. Banking Governance: Absa shareholders delivered a sharp rebuke on executive pay implementation, with 43.37% voting against the remuneration resolution at its AGM. Trade & Supply-Chain Finance: IFC and Standard Chartered launched a $300m risk-sharing facility to expand supply chain finance across eight African countries, targeting $1.9bn in transactions and benefiting 500+ suppliers. Ghana Investment Drive: President John Dramani Mahama used the London Stock Exchange bell to court global investors, promising reforms to improve the ease of doing business and a predictable investment climate. Ecobank Returns: Ecobank Group shareholders approved a $40m dividend for FY2025, marking a return to payouts since 2022. Digital Finance & Payments: Tether and Fasset rolled out a gold-backed Visa card offering up to 6% cashback in tokenized gold (XAUT). Critical Minerals Partnerships: Analysts discussed a potential Africa–China–Canada trilateral push on critical minerals and industrial upgrading, while Botswana invited Korean firms to invest beyond extraction. AfDB Capital Mobilisation: AfDB President Sidi Ould Tah urged Africa to deploy its $4tn savings productively, calling for stronger African financial systems to fund transformation.

Insurance & Investment Push: Africa Specialty Risks (ASR) has agreed a strategic investment with Vitruvian Partners to expand speciality (re)insurance capacity across developing markets, including outside Africa and the Middle East. Life Insurance & Protection Gap: South Africa’s BrightRock marks 15 years of growth, touting R388bn cover in force and rising claims, while Momentum Life highlights a growing critical illness burden and a protection gap for serious illness. Household Pressure in SA: Discovery Insure reports South Africans bought 23% less fuel in May as price pressure bites, while Old Mutual flags “silent spending habits” quietly draining savings. Ghana Investment Drive: At the Ghana–UK Investment Summit, Ghana renewed calls for foreign investment and showcased projects like Accra’s Marine Drive as a tourism and real-estate magnet. Capital Markets & Banking Deals: Access Bank Tanzania signed a $500m IFC deal to deepen local-currency financing, and Standard Bank advised CANAL+ on its JSE inward listing to boost liquidity and investor access. EV Funding: Spiro raised $215m equity to scale battery-swapping infrastructure across multiple African markets. Policy & Risk: South Africa moves to allow HPAI vaccination via a new framework, and Tanzania plans an International Financial Centre to attract capital and improve financing access.

Macro Pressure on SA: President Ramaphosa told MPs to “tighten the belt” as the Iran–US conflict feeds an oil and fertiliser shock, raising fuel and cost-of-living pressure while the Reserve Bank keeps rates at 7%. Rates & Inflation Watch: Kganyago defended the rate hike as a safeguard against inflation expectations becoming entrenched. Sovereign Credit Signals: Bank of America expects possible further SA rating upgrades but says investment grade is still far off, urging National Treasury to adopt binding fiscal rules. Fiscal/City Finance Stress: South Africa’s Joburg faces R9.5bn bad-debt write-offs and audit regression, with weak controls driving major electricity and water losses. Crypto Under Exchange Controls: A South African court ruled cryptocurrency is both “money” and “capital” under exchange control laws, following SARB forfeiture of Bitcoin and cash moved abroad without permission. Payments Push (Nigeria): CBN unveiled Payments System Vision 2028, targeting 95% financial inclusion and near-instant digital transactions by 2028. Trade & Energy Risk: S&P warned SA’s weak growth leaves it exposed to Middle East oil shocks, while analysts flagged fertiliser supply risks for food security. Clean Mobility Investment: Spiro secured $215m to scale electric mobility and battery-swapping infrastructure across Africa. Regional Governance (Fisheries): SADC reappointed Ndara to lead the fisheries surveillance board as it strengthens anti-illegal fishing monitoring. Fintech for Fuel (Kenya): tabb launched Kenya’s first large-scale fuel credit line to ease working-capital strain for fleet operators.

Pension & SWF Mobilisation (Nigeria/AfDB): AfDB’s chief economist Kevin Urama says Nigeria can unlock development finance by scaling investment from pension funds and sovereign wealth assets, urging frameworks that let domestic institutions back productive sectors and crowd in foreign partners. Municipal Accountability (South Africa/AGSA): South Africa’s Auditor-General warns municipalities shouldn’t rely on certificates of debt as a substitute for real oversight, citing systemic failures in troubled councils like Kannaland and Knysna. Cocoa Finance Shift (Ghana): Ghana plans a Ghana Cocoa Board commercial paper programme to replace syndicated loans, using tranches and escrowed cocoa-sale proceeds to broaden the investor base to pensions and non-residents. Fiscal Delivery (South Africa): Treasury DG Duncan Pieterse says South Africa posted a third straight primary surplus and expects debt stabilisation with the primary surplus forecast to rise, supporting lower borrowing costs. Connectivity Push (Telkom/South Africa): Telkom adds 160,000+ homes to fibre, lifting connected homes to 817,540 and reinforcing broadband expansion. EV Infrastructure Funding (Spiro): Spiro raises $215m to scale battery-swapping and EV energy infrastructure across fast-growing African cities. Business Sentiment (South Africa): RMB/BER’s confidence index slips to 39 as Middle East tensions lift fuel costs and shift rate expectations toward possible hikes. Trade & SME Support (Equity/ITC): ITC and Equity sign an MoU to expand finance and trade expertise for coffee, leather and creative SMEs across East Africa, starting with Kenya. Child Protection (South Africa): Parliament flags low reporting and conviction rates in child sexual abuse cases, urging stronger community action.

Capital Markets Upgrade: Nigeria becomes Africa’s first market to adopt a T+1 settlement cycle, cutting settlement to one business day and aiming to boost efficiency and global competitiveness. Banking & Trade Finance: Ecobank unveils a $3bn programme to finance intra-African trade over three years, aligned to AfCFTA, with a focus on reducing lending risks for SMEs via partnerships with AGRA. Banking Performance: McKinsey says African banking revenues crossed $100bn in 2025 for the first time, with profitability outpacing global peers, though growth is concentrated in a handful of markets. Power & Cost Pressure: AfDB reports generator reliance is widespread—70.7% of Nigerian firms own or share generators—highlighting “parallel levies” from unreliable electricity. Clean Energy & Industry: EU launches its first South Africa investment roadshow to mobilise part of a €12bn package for critical minerals and clean energy, pushing beneficiation and industrialisation. Mobility Investment: Spiro raises $215m equity to scale electric mobility and battery-swapping infrastructure across Africa. Policy & Regulation: South Africa’s Cofi Bill moves toward a major relicensing shift, moving licensing to activity-based rules under FSCA. Aviation Taxes: Traders in East Africa oppose proposed 16% VAT on aircraft spare parts, warning of higher freight costs and knock-on effects for food security. Ebola Response: Africa CDC chief warns that fear-driven travel bans undermine transparency and disrupt health operations.

Private Credit Shift: A new Africa-focused report says private credit is overtaking equity as the main funding model, with investors prioritising cash-flow stability as venture funding contracts. Ghana Politics & Governance: IMANI’s PULSE analysis of 10,000 online mentions finds Ghanaians are increasingly judging leaders on governance and economic credibility, not personality loyalty. Ghana–South Africa Xenophobia: Ghana advises citizens to avoid non-essential travel to South Africa after xenophobic attacks, citing injuries, business closures and consular support steps. Korea–Africa Minerals Push: At the Korea–Africa Foreign Ministers’ Meeting in Seoul, Korea seeks deeper cooperation on critical minerals and supply chains, with a second summit planned for 2029. EU €12bn Investment Roadshow: The EU begins a South Africa roadshow to convert a €12bn pledge into projects under its Clean Trade and Investment Partnership, targeting clean industry and energy value chains. Ebola Financing & Risk: Africa CDC warns the Bundibugyo Ebola outbreak is concerning due to lack of licensed vaccines/medicines and intense cross-border movement, while CEPI backs early-stage vaccine testing. South Africa Fuel Relief Ends: Petrol rises by R1.43/litre while diesel and paraffin fall; temporary fuel levy relief won’t extend beyond June. South Africa Vehicle Sales: New vehicle sales hit 51,071 in May (+12.8% y/y), with exports still under pressure. UBA Africa Day: UBA marks Africa Day with group-wide celebrations across 20 markets, positioning itself as a “continental bridge” for banking and opportunity. Ghana Investment Drive: Mahama urges UK investors at a Ghana-UK summit, pitching stability and growth and a national airline plan.

Education & Inclusion: South Africa’s latest General Household Survey shows nearly half of adults (47.1%) still lack matric, with only small shares in colleges/universities—highlighting how schooling gaps translate into wider economic exclusion. External Debt Watch: A World Bank/IMF snapshot shows Africa’s external debt concentrated at the top: just 10 countries owe $543.6bn, led by South Africa ($200.3bn) and Egypt ($163.9bn), with Nigeria next at $51.9bn. Banking & Credit: Nigeria’s private-sector lending “vanishing act” is flagged as an emergency, with a reported ₦14tn drop in credit even as bank liquidity improves. Ebola Funding Gap: Donors have pledged $498.8m for the DR Congo/Uganda Ebola response, still short of needs, underscoring Africa’s financing shortfall for health emergencies. Corporate Finance: Theta Gold Mines secures a fully oversubscribed $90m bond to fund South Africa’s gold project toward first production in 2027. Trade & Industry: Ghana pushes AfCFTA trade with a focus on women leading commerce, while experts stress integrated financial systems as key to mobilising development finance. Energy Transition: Renewables keep accelerating across Africa, with solar and wind plus storage increasingly outpacing older power builds.

Ebola Response Shock: WHO says the DRC–Uganda Ebola outbreak has hit 43 deaths and 263 confirmed infections, with health systems strained and no authorized vaccine or specific treatment yet. Frontier Markets Funding: AfDB and WEF argue aid can’t fix Africa’s fragile frontier markets and push a shift to private, investment-led development. Clean Cooking Push: AfDB and Italy-backed facility launches a clean cooking programme in Brazzaville with €25m to reach about one million households and cut millions of tonnes of CO2. Zimbabwe Tokenisation: TN Livestock Trust plans to tokenise cattle for Zimbabweans via the Victoria Falls Stock Exchange, aiming to make livestock investment more liquid. AfDB Savings Mobilisation: AfDB President Sidi Ould Tah says Africa has ~$4tn in savings but a ~$400bn annual gap, urging risk-mitigation to unlock institutional capital. South Africa Rates & Credit: SARB’s 25bp hike slows private credit growth to 9.2% y/y in April, adding pressure on households and firms. Nampak Slump: Nampak records a US$10.9m impairment tied to its Zimbabwe unit as disposal expectations worsen, while overall earnings soften. Ghana–Sahel Trade Corridor: Ghana’s Finance Minister backs Takoradi Port as the Sahel gateway, with a rail plan to ease road damage. Sassa Payments: South Africa’s June 2026 grants roll out this week with dates for older persons, disability, and child support grants. Fraud Alert: SARS warns of fake email/SMS scams targeting taxpayers ahead of the 2026 season.

Ghana Economic Push: Fidelity Bank founder Edward Effah proposes a President-chaired National Economic Transformation Council plus a Transformation Delivery Unit to fast-track reforms and industrialisation, drawing lessons from Singapore and Rwanda. Industrial Shift: Morocco overtakes South Africa as Africa’s leading industrial economy in the AfDB’s 2025 African Industrialisation Index, citing export diversification and sustained industrial policy. Trade Finance Watch: The AfDB’s 2025 Trade Finance Report says unmet demand fell ~10% (2020–2024) thanks to DFIs and multilateral support, but warns geopolitical shocks could widen gaps again. Ebola Response: WHO chief Tedros Ghebreyesus visits Bunia as cases rise in DRC/Uganda; Africa CDC says a vaccine for the Bundibugyo strain should be ready by end-2026. South Africa Cost Pressure: Middle East war and SA’s rate hike are squeezing households; TransUnion reports consumers cutting fuel purchases and leaning more on credit. Spaza Shop Support: South Africa approves R179.6m for 2,369 spaza shops, but compliance/licensing hurdles still block many applicants. Zambia Debt Move: Zambia launches a $1.36bn 2053 bond buyback tender, aiming to cut future servicing costs. Fintech & Payments: Paystack launches an AI-powered dashboard to help African businesses understand payments and revenue faster. Kenya Credit Access: FSD Kenya warns prudential rules are locking smallholders out of formal credit despite low default rates.

South Africa Monetary Policy: The South African Reserve Bank signalled a tough mix of high inflation and low growth after hiking the repo rate to 7%, with scenarios pointing to Middle East shocks, El Niño-style weather risk, and stronger pass-through to consumers. AI Governance: South Africa’s withdrawn AI policy is being framed as a corporate governance warning, after fictitious references triggered official action and a redraft aimed for 2027. Banking & Payments: Paystack launched an AI-powered merchant dashboard to help African businesses understand payments and revenue faster, while Nigeria’s CBN extended PoS geo-fencing compliance to August 1. Capital Markets & Finance: AfDB’s 2025 Annual Report highlights $11bn financing and record $7.1bn disbursements, as Africa’s growth is projected at 4.2% in 2026. Mining & Industry: FG Capital Advisors says demand for structured mining finance is rising for battery metals, and Petra Diamonds warned of a structural squeeze in the natural diamond market. Regional Trade & Infrastructure: UNDP urged Africa to scale proven development models beyond pilots, and Tanzania–Burundi deepened ties with a $2.15bn rail corridor. Regulation & Risk: Kenya’s aviation industry warned Finance Bill 2026 tax changes could raise costs and weaken the sector. Fraud & Enforcement: A Nigerian court arraigned a blogger over alleged cyberstalking and defamation tied to UBA CEO Tony Elumelu.

Kenya Aviation & Finance Bill 2026: Kenya’s aviation industry warns proposed tax changes could raise operating costs and weaken the sector, including VAT and import levy exemptions on aircraft and parts. South Africa Sustainable Finance: National Treasury published its Sovereign Use of Proceeds Framework and Second Party Opinion, paving the way for thematic sovereign instruments such as green bonds, subject to readiness checks. South Africa Rates & Cost Pressure: The SARB raised the repo rate to 7%, with knock-on effects for households, debt repayments and the property market. Ghana–Cambodia Deportation Rumour: Ghana and Cambodia dismissed a viral notice ordering Africans to leave Cambodia by May 31 as fake. Ghana Trade Mission: A US–Ghana trade mission led by Ambassador Victor Smith targets sectors including fintech, logistics, renewable energy and digital innovation. Ghana Nature Finance Banking: OmniBSIC Bank and Indelible will embed a nature finance solution into corporate banking, routing micro-contributions to verified biodiversity projects. South Africa Education Cash Relief: KwaZulu-Natal received a R2bn cash flow advance for education amid unpaid allocations and budget strain. Zimbabwe Skills Push: Zimbabwe will host Africa Skills Week (Oct 12–16) to tackle skills gaps and youth unemployment. Ebola Alert: WHO warns of heightened Ebola risk in the DRC/Uganda region, urging vigilance across North Africa. Africa Trade Settlement: Stakeholders in Abuja called for stronger Africa-centred trade settlement systems to cut FX, valuation and settlement barriers.

Rates Watch (South Africa): The South African Reserve Bank raised the repo rate by 25 bps to 7% as Middle East-linked oil and inflation risks intensified, ending a cuts cycle and tightening pressure on households and borrowers. Banking & Markets (Kenya): I&M Bank listed the first tranche of an oversubscribed Sh10bn medium-term note on the Nairobi Securities Exchange, opening secondary-market trading and signaling investor confidence. Trade & Finance (Africa): Afreximbank reported a 25% jump in Q1 net income to $268.9m and launched a $10bn facility to cushion African economies from Gulf crisis shocks. Development Finance (AfDB/WEF): AfDB and the World Economic Forum unveiled the Humanitarian and Resilience Investing Roadmap for Africa, aiming to mobilise private capital into fragile economies, alongside calls to unlock $250bn from development finance institutions for Mission 300. Digital Sovereignty (Ghana): Finance Minister Cassiel Ato Forson warned Africa risks “digital extraction” and urged investment in homegrown digital rails, data infrastructure and payment systems. Security & Governance (Nigeria): A US watchdog accused elements of Nigeria’s security forces of colluding with Fulani militias, while the Pentagon said it killed an ISIS commander in Nigeria. Energy & Mobility (Africa): MAX ramped up investment in electric two- and three-wheelers and charging/tech integration, while East African regulators pushed for harmonised energy tariffs to stabilise regional markets.

Monetary Policy Shock: South Africa’s Reserve Bank hiked the repo rate by 25 bps to 7% (prime 10.5%), citing intensifying inflation risks from oil, food and overlapping global shocks; the move is expected to lift bond and debt repayments and squeeze households. Property Affordability: Analysts say the rate decision may cool buyer affordability, even as the market stays underpinned by long-term demand—while costs like municipal tariffs and insurance keep pressure on homeowners. Electricity Tariffs Debate: An Energy Council of South Africa piece argues tariffs must be “rules of engagement” for the power reform transition—ensuring cost recovery and investor confidence while protecting affordability through clear subsidy mechanisms. Ghana Power Push: Finance Minister Cassiel Ato Forson says Ghana targets an extra 3,000MW by 2030 (30% renewables) to stabilise power, cut outage losses and boost industrial competitiveness. Water Financing Gap: ECA urged faster, scaled financing for water and sanitation as Africa closes a widening investment shortfall. Banking Spotlight: GCB Bank won Best Bank in West Africa at the African Banker Awards. Ebola Funding Pressure: UK pledged £21m for the DRC outbreak—just 5% of what it spent in the last major Ebola response. Cross-Border Payments: Ghana’s BoG reframed digital finance regulation around risk, as payment integration efforts gather pace.

Consumer Credit Stress in South Africa: A new analysis says South Africans are shifting from big-ticket borrowing to “survival” micro-loans, with loan originations up 41% since Q1 2024 while average balances fall—pointing to month-end cash-flow strain. Retail Finance & Skills Pipeline: Shoprite’s 2026 bursary applications close 31 May, offering tuition, accommodation, a grocery allowance and a work-back path into jobs. Capital Markets in Kenya: Two Rivers’ TRIFIC plans a $29.8m (Sh3.86bn) dollar-denominated Green USD Income REIT (I-REIT) for listing on the Nairobi Securities Exchange by end-June. Banking Talent & HR: Standard Bank wins a global EFMD award for growing internal executive talent via its Retail Executive Programme. AfDB Aviation Push: AfDB appoints Nigeria’s Festus Keyamo as champion for a $7bn integrated aviation transformation programme, with a formal LOI signing expected at the Brazzaville meeting. Energy Investment Gap: The IEA finds Africa got only ~3% of global energy investment in 2026, despite the continent’s scale—highlighting how the Strait of Hormuz shock is reshaping capital flows. Digital Infrastructure: Nigeria’s Kasi Cloud launches hyperscale AI-ready data centres, aiming to boost local processing capacity and digital jobs. Cybersecurity Warning: A professor urges African governments to upgrade defenses after Google said AI was used to develop a zero-day flaw bypassing two-factor authentication. Ebola Logistics: The US says it’s setting up an Ebola care facility in Kenya for exposed Americans.

AfDB Outlook: Africa’s growth is projected to slow to 4.2% in 2026 (from 4.4% in 2025), with southern Africa lagging at 2.1% as energy and mining pressures bite, while East Africa leads at 5.9%. Development Finance: AfDB leaders used the Annual Meetings in Brazzaville to push faster domestic resource mobilisation and deeper capital-market integration to close Africa’s financing gap. Ghana FDI Rebound: Ghana attracted about US$2.61bn in FDI in 2025, up sharply from US$652m in 2024, with reinvested earnings driving most inflows. Mobile Money Regulation: Ghana’s BoG suspended a proposed 0.75% wallet-to-bank transfer fee, after consumer-protection group CUTS praised the move for protecting trust and fairness. Payments Infrastructure Race: Central banks and major banks are stepping up testing of the BIS-led Agora project for tokenised reserves and deposits to speed cross-border payments. Nigeria Aviation Deal: Nigeria’s aircraft leasing initiative is set for an AfDB MoU, aiming to improve airlines’ access to modern aircraft. Energy Transition: UNCTAD says renewable transition needs $1tn+ annually by 2030, with developing economies relying heavily on FDI and private capital. Africa Integration: Congo announced visa-free entry for all Africans from 2027, reinforcing AfCFTA-style regional access. Fintech Expansion: PayPal USD (PYUSD) is rolling out to 70 markets including Africa to cut cross-border payment delays and costs.

Central Bank Pressure Point: South Africa’s inflation ticked up to 4% in April, with fuel-driven supply shocks raising the stakes for the SARB just as it tries to avoid second-round price effects. Public Safety & World Cup Readiness: In Atlanta, APD and AFRD chiefs briefed on 2026 FIFA World Cup safety, stressing “if you see something, say something.” Ghana Games Fallout: Ghana’s 2023 African Games forensic audit flags GH¢580m in irregularities and cites former sports minister Mustapha Ussif and others for recovery actions—Ussif denies wrongdoing. Regional Trade & Digital Rails: AfCFTA’s ADAPT pilots launch in Kenya, Morocco and Nigeria to build interoperable identity, payments and trusted data exchange for cross-border trade. Kenya Startup Tax: Kenya proposes a 15% capital gains tax on foreign investor exits via offshore transfers, aiming to close an “indirect transfer” loophole. AfDB Savings Push: AfDB president urges urgent reforms to unlock Africa’s $4tn domestic savings, warning fragmented systems keep money from productive investment. Ebola Disruption: The India-Africa Forum Summit 2026 is postponed due to Ebola risks spreading from the DRC.