BUSINESS - The African Mirror

Jun

09

2026

African banks are outperforming global peers as the continent’s financial systems deepen

BUSINESS

AFRICAN banks are generating higher returns than their peers in North America, Europe, Asia, and the Middle East as financial systems across the continent become more deeply embedded in economic activity. The trend is strengthening Africa's position within global finance and creating a larger pool of capital for lending, payments, business expansion, and financial inclusion. "African banking has moved decisively from a story of potential to one of performance," said Mayowa Kuyoro, partner and head of McKinsey's financial services practice in Africa. According to McKinsey's latest African banking review, African banks generated a return on equity of 19% in 2024,…

Jun

05

2026

By AMINA EBRAHIM and PATRICIA JUSTINO

Tax data can be mined to shape better policies. South Africa, Uganda and Zambia show how

BUSINESS

BILATERAL aid to Africa fell by nearly a quarter in 2025, the largest annual decline in the history of official development assistance. Meanwhile, sovereign debt interest payments now consume on average 27% of government revenues across the continent, up from 19% in 2019. The pressure to fund development from within has never been greater. But meeting it requires African governments to understand their own economies with precision: which tax policies work, which incentives serve their purpose, how fiscal decisions distribute their consequences. Administrative tax data, the anonymised filings, returns and transaction records generated through the tax system that African revenue…

Jun

05

2026

By BONFACE ORUCHO, BIRD STORY AGENCY

African capital markets are evolving

BUSINESS

AFRICAN capital markets are entering a new phase of institutional maturity as exchanges, regulators, and development institutions shift their attention from building markets to improving how those markets mobilize capital and support economic growth. Recent developments from Ethiopia, Nigeria, Morocco, South Africa, and the African Development Bank suggest that the continent's bourses are becoming deeper and more sophisticated. According to sector analysts, the current phase is being fueled by reforms aimed at improving market efficiency, expanding investor participation, and unlocking domestic pools of capital. Speaking at the LMA & ICMA Africa Summit 2026, AFC's Modupe Famakinwa argued that the continent…

Jun

02

2026

By THE AFRICAN MIRROR EDITORIAL STAFF

Seoul summit elevates Africa-Korea trade alliance as AfCFTA seeks to unlock continent’s $230 billion intra-trade potential

BUSINESS

THE SEOUL PIVOT: FROM AID TO ARCHITECTURE KEY FIGURES AT A GLANCE IndicatorFigureContextIntra-African trade (2025)$210bnAfreximbank 2026 OutlookIntra-African trade forecast (2026)$230bn+10% year-on-yearShare of continental total (2026)~16%Up from <10% two decades agoAfCFTA market population1.4 billionLargest free trade area by membershipAfrican GDP (combined)$3+ trillionCombined AU member state GDPKorea-Africa trade share (pre-summit)1.9%Of South Korea's total tradeAfrican countries at Seoul meeting50 of 54June 2, 2026 ministerial On the eve of the most significant Korea-Africa ministerial gathering ever convened, the AfCFTA Secretariat on Sunday wrapped preparatory discussions at the Senior Officials Meeting in Seoul that signal a qualitative shift in how Africa is engaging its non-traditional…

May

28

2026

By BONFACE ORUCHO, BIRD STORY AGENCY

M-KOPA’s Ghana push is evidence of Africa’s smartphones as financial gateways

BUSINESS

ACROSS Africa’s low-income markets, the smartphone is increasingly acting as the first point of contact with formal financial systems, replacing traditional banking entry points. M-KOPA’s expansion in Ghana illustrates how device financing is evolving into a bundled ecosystem that integrates credit, insurance, and digital services into a single daily payment structure. M-KOPA’s latest Ghana Impact Report, published on May 20, 2026, shows the company has unlocked more than GHS 1.2 billion (more than US$103 million) in credit for over 550,000 customers since 2021. The report frames this not as device sales but as financial inclusion delivered through a smartphone-led platform…

May

26

2026

By BONFACE ORUCHO, BIRD STORY AGENCY

Botswana races to diversify beyond diamonds

BUSINESS

BOTSWANA’S diamonds have long been featured on global stages. From multi-million-dollar jewelry showcased at global events such as the Met Gala to medals embedded with locally sourced stones at sporting showcases such as the Debswana World Athletics Relays in Gaborone, they sit at the intersection of luxury spectacle and state revenue. That intersection is now under strain as global diamond demand weakens amid rising synthetic supply, shifting consumer preferences, and softer luxury cycles in key markets. “Diversification and investment in different sectors is the way forward. Africa has to learn from Saudi Arabia and not depend on only mineral resources,”…

May

26

2026

By ANDRINO AKUDA, BIRD STORY AGENCY

Scale or Fail: In Kigali, Africa Chooses Collective Economic Power

BUSINESS

IN May 2026, over three days, more than 2,800 decision-makers from over 90 countries debated an issue that has become central to the continent’s future: how to transform Africa into an economic powerhouse capable of competing on a global scale. Here, there was no more talk of international aid or dependence on foreign markets. The watchword was clear: “Scale or Fail” grow or disappear. Against a global backdrop marked by geopolitical tensions, trade wars, and the reconfiguration of supply chains, the African leaders present in Kigali championed a shared conviction: African economic integration is no longer a political option, but…

May

26

2026

By LISETTE IJSSEL DE SCHEPPER

Iran war is exposing South Africa’s dependency on diesel: what went wrong

BUSINESS

IT is forgivable to think that an oil shock mainly hurts at the petrol pump. After all, that is where households feel it first. But when my colleagues and I at the Bureau for Economic Research started digging through South Africa’s fuel data, a different story emerged – one that says as much about the country’s infrastructure failures as it does about global geopolitics. As we began modelling the likely impact on the South African economy, it quickly became clear that diesel would inflict even more pain on the economy than petrol. (Our insights are based on ongoing analysis that…

May

20

2026

By DANNY BRADLOW and DAVID HUNTER

The World Bank wants to change the way it manages complaints: the fixes that could make it better

BUSINESS

THE World Bank made history in 1994 by creating the Inspection Panel, the first independent accountability mechanism at any international organisation. Its function is to investigate complaints from communities that allege they were harmed because the bank failed to comply with its own policies and procedures. By establishing the three-member Inspection Panel, the World Bank showed support for a democratic vision of international governance based on the rule of law and the rights of individuals to take part in development decisions that affect their lives. To date, the panel has received 186 complaints. Fifty-two have been from Africa. They involved…

May

19

2026

By ANDRINO AKUDA, BIRD STORY AGENCY

Ghana, Rwanda and Zambia test interoperable cross-border payment system

BUSINESS

GHANA, Rwanda, and Zambia are testing a unified digital trade corridor that allows cross-border payments to move instantly across African financial systems. The shift reflects a broader continental push to reduce reliance on external banking intermediaries and build interoperable, Africa-owned financial infrastructure under the African Continental Free Trade Area. “Economic sovereignty in the twenty-first century is inseparable from digital sovereignty,” said Ghana’s Vice President Professor Jane Naana Opoku-Agyemang during the 3i Africa Summit in Accra on May 6, where the pilot project was officially unveiled. The remarks capture a growing policy shift across African financial systems, where governments are increasingly…