BUSINESS - The African Mirror

May

19

2026

Africa’s infrastructure deficit is not a capital problem. It’s an execution problem

BUSINESS

TOO often across the developing world, we have seen roads built without industrial corridors, ports expanded without manufacturing zones, and energy infrastructure developed without alignment to industrial demand. The result is infrastructure that is underutilised, economically inefficient, and unable to generate the growth required to sustain long-term returns. Infrastructure delivers its greatest economic impact when it supports production, trade, manufacturing, mining, agriculture, and exports. That is why President Cyril Ramaphosa is calling on all of us to shift from infrastructure-led development to development guided by industrial priorities. The key question is not simply: what infrastructure can we build? The real…

May

13

2026

By PHENYO MOKGOTHU

Tourism growth places focus on jobs, trade and policy, expert says

BUSINESS

AFRICA'S Travel Indaba 2026 is being held in KwaZulu-Natal from 11 to 14 May, drawing participation from more than 22 African countries. Attention is squarely on tourism’s role in driving jobs, trade, and economic growth across South Africa and the continent. Prof. Elmarie Slabbert, research director of Tourism Research in Economics, Environs and Society (TREES) at the North-West University (NWU), says Statistics South Africa data show tourism remains a key source of jobs and output, requiring policymakers to strengthen the sector as a driver of economic activity. Accounting for one in every 18 jobs South Africa’s tourism sector employed close…

May

13

2026

By BONFACE ORUCHO, BIRD STORY AGENCY

Kenya securitises smallholder farm loans in bid to unlock institutional finance

BUSINESS

KENYA is testing whether smallholder farm lending can be transformed into a capital-markets asset class, using local-currency securitization and data-driven risk models to attract institutional investors into agriculture. The move signals a broader shift across Africa, where governments, fintech firms, and development financiers are building new financial infrastructure for farming, from warehouse receipt systems to digital commodity registries, to make agricultural cash flows easier to finance at scale. Analysts say the significance of these emerging structures lies in their attempt to standardize and price agricultural risk in ways institutional investors can understand. For decades, African agriculture has struggled to attract…

May

11

2026

By BUSINESS CORRESPONDENT

South Africa’s financial regulator sounds the alarm on AI: ‘The risks are significant and we want them understood’

BUSINESS

SOUTH Africa's top financial sector regulator has issued one of its starkest public warnings yet about the risks posed by artificial intelligence to banking, insurance, and capital markets - cautioning that the speed of AI adoption across the continent's financial institutions is running well ahead of the regulatory and risk-management frameworks designed to contain it. Fundi Tshazibana, Deputy Governor of the South African Reserve Bank and Chief Executive Officer of the Prudential Authority, delivered the warning on Thursday during an address at the University of Johannesburg - positioning AI governance as one of the most urgent priorities on her institution's…

May

09

2026

By IKECHUKWU (IKE) NWAKA and GEORGE NWOKIKE IKE

Working from home in Nigeria: study finds women don’t have much choice

BUSINESS

NIGERIAN women of working age are mostly (90%) self-employed. By comparison, self-employment accounts for less than 16% of employment in high-income countries such as the United States, Germany, and the United Kingdom. It is far lower in middle-income countries like South Africa and Turkey, too. Official statistics show that self-employment in Nigeria is concentrated in the northern regions. And there’s a gender difference: women make up the majority of those working for themselves (Figure 1). What these numbers do not explain is why women are far more likely than men to operate businesses from their homes, or whether those businesses…

May

08

2026

By BONFACE ORUCHO, BIRD STORY AGENCY

Zimbabwe steps into lithium processing as Africa’s raw mineral export bans take hold

BUSINESS

ZIMBABWE is emerging as a live test case for whether export bans can convert mineral wealth into a domestic industry after the country began shipping its first locally processed lithium products. The milestone is sharpening a broader continental question: whether similar policies can actually pull processing investment into African markets or simply disrupt export flows without building industrial capacity. “This inaugural shipment represents the first lithium salt ever produced in Zimbabwe and across Africa,” Prospect Lithium Zimbabwe said in a statement, describing the export as a landmark in the country’s beneficiation strategy. Sector analysts describe the moment as a “breakthrough”…

May

07

2026

By BONFACE ORUCHO, BIRD STORY AGENCY

Africa turns gold refineries into reserve diversification engines

BUSINESS

UGANDA’S foreign exchange reserves have risen by nearly 70%, according to the Bank of Uganda, as the country combines capital inflows with a new strategy of purchasing domestically refined gold to diversify its reserve assets. The shift reflects a broader trend across Africa, where central banks are increasingly linking gold refining and local value chains to reserve accumulation, thereby reducing reliance on traditional foreign-currency holdings. According to Brian Ngule, an economist and lecturer at Makerere University, countries are “what we are seeing across Africa is a policy shift where gold is no longer treated purely as a trade commodity but…

May

07

2026

By SAM JONES

Mozambique’s economy is failing: the tough policy choices that need to be made urgently

BUSINESS

MOZAMBIQUE is not in total crisis – but it is faltering. There has been no currency crash, no hyperinflation, no bank run. But over the past decade, the main indicators of the country’s economic health have severely eroded. An IMF assessment in early 2026 was remarkably blunt: public debt is unsustainably high, the external balance of payments is weak, and policymakers have limited options. Since then, tensions in the Middle East have further disrupted supply chains and dramatically raised global fuel prices. This is a major shock for small import-dependent economies, like Mozambique. My analysis draws on over two decades…

May

01

2026

By ISHMAEL TINGBANI

Ghana’s fuel payment strategy works for now: how to fix longer term problems

BUSINESS

GHANA introduced a new payment arrangement for petroleum imports in 2023, using gold instead of scarce US dollars. The policy was designed to ease pressure on the cedi by reducing the need for upfront dollar purchases to settle fuel import bills. In an import-dependent economy, rising demand for US dollars usually weakens the domestic currency. Importers must exchange local currency for dollars. As the local currency loses value, the local cost of imports rises, driving inflation. Ghana’s petroleum-for-gold strategy delivered short-term benefits. It reduced immediate demand for foreign exchange, supported relative stability in the cedi, and contributed to moderating fuel…

Apr

24

2026

By BONFACE ORUCHO, BIRD STORY AGENCY

Africa is shifting access to cash across ATMs and retail networks

BUSINESS

AFRICAN banks are changing how ATMs have traditionally worked, shifting cash access into retail networks. The shift is not an exit from cash, but a restructuring of the systems that support it into a more distributed network. According to Samwel Abunga, a financial markets manager at Kenya Commercial Bank, banks are responding to both cost pressures and changing customer behaviour. “Banks are not moving away from cash; they are redesigning how it is accessed and circulated. ATMs are becoming part of a wider network that includes agents, retailers, and digital channels,” he said in a call. For decades, the ATM…