Breaking News Today - Friday 23 October 2026

African Start-up News Headlines:

Kilima Partners launches advisory firm focused on African tech fundraising and M&A:French entrepreneurs Nils Denis and Henri Huet, both former executives at Raisers Partners, have announced the launch of Kilima Partners on 22 October. The Paris-based firm will advise African technology companies across their life cycle—early funding rounds, growth capital, full or partial sales, secondary share sales and partner searches in Africa and internationally.
NAfreenergy Solar secures €12 million debt facility to expand Senegal C&I solar and storage: UK-based Camco’s Renewable Energy Performance Platform 2 (REPP 2) has provided a €12 million senior debt facility to Afreenergy Solar. The funds will refinance an existing rooftop solar portfolio and finance new solar PV and battery storage for commercial and industrial customers in Senegal. Capacity is expected to grow from 2.7 MWp to 14.9 MWp of solar plus 5.7 MWh of storage.

Headline News Today

Unprocessed Ore Export ban in Ghana

Ghanaian President John Dramani Mahama, has told the Financial Times Africa Summit in London that Ghana will formally halt the export of unprocessed mineral ores by 2030 and process at least 50% of its cocoa beans locally. Speaking at the summit, Mahama said Africa must move from raw commodity exports to domestic processing and manufacturing to create jobs and reduce reliance on foreign aid.

Mahama noted that Ghana had already lost about $154 million a year in official development assistance, including $74 million for healthcare, and framed the shortfall as a reason to build sovereign industrial capacity and attract private capital instead of seeking more grants. He invited investors to partner on value-addition projects and said Ghana’s non-alignment policy allows it to keep friendly ties with major powers while seeking fair commercial returns.

Ugandan Foreign Currency Sale

The Bank of Uganda sold an undisclosed amount of foreign currency yesterday (22 )October), after its shilling reached fresh record lows against the dollar. this was announced in a notice the central bank sent to commercial banks. The move followed last week’s emergency rate increase of 225 basis points to 12%, which briefly strengthened the currency before it resumed its decline.

Commercial banks quoted the shilling at 4 250/4 260 to the dollar on Thursday, weaker than the previous Thursday’s close of 4 045/4 055. Traders attributed the pressure to strong dollar demand from energy and merchandise importers. The Bank of Uganda has projected that headline inflation could average 7.0 to 7.5 percent over the next 12 months.

SA Exports to China see Growth

South Africa’s exports to China rose nearly 25% year-on-year between May and August after Beijing introduced a zero-tariff scheme for qualifying African goods on 1 May, Chinese Ambassador Wu Peng said at an event in Pretoria on Thursday.

Imports from China rose 23% over the same period. Trade, Industry and Competition Minister Parks Tau said South Africa exported about R222 billion of goods to China in 2025 and imported nearly twice that amount, and that the South African Revenue Service issued 25 975 certificates of origin between 1 June and 31 August while customs declarations increased 199% year-on-year. Tau urged businesses to convert the temporary preference, which runs until 30 April 2028, into higher-value exports and local manufacturing.

Breaking Business and Market News Shorts:

Market Shifts Yesterday: The Johannesburg Stock Exchange session on Thursday 22 October the All Share Index closed at 108 525, down 1.03%. The rand traded near 16.51 to the dollar. Gold closed around $4 045 an ounce, down more than 2%. Brent settled at $113.17.
Platinum futures dropped below $1,560 an ounce today, hitting their lowest level since November 2025, as a liquidity-driven selloff swept across precious metals amid a broader stock market rout. Growing concerns over the sustainability of AI investment triggered a sharp decline in US stocks and a rally in Treasuries, prompting investors to liquidate gold and other liquid assets
South Africa’s logistics cost burden is projected to reach a record R1.16 trillion in 2026, equal to 14.6% of GDP, according to the 2026 State of Logistics report from the GAIN Group published this week. The figure is more than double the R534 billion estimated a decade ago.
Guinness Nigeria Plc reported that profit after tax rose 53.1% to N40.69 billion for the nine months ended 30 September, while revenue increased 20.4% to N403.33 billion. Profit before tax rose 55.3% to N61.65 billion as finance costs fell 61.9%.

Credit to Nigeria’s private sector fell by N537.6 billion to N83.93 trillion in September from N84.47 trillion in August, Central Bank of Nigeria data released this week showed. The monthly drop of 0.64% occurred after the bank cut its policy rate by 350 basis points to 23% in September.
The Dangote Petroleum Refinery initial public offering could expand Nigeria’s active investor base three to five times. this was according to Nigerian Exchange Group chief executive Temi Popoola on Thursday. The offer, which aims to raise about $1.6 billion, runs until 27 October after an earlier extension.

Markets by Numbers

Currencies:

Currency markets indicate the US dollar stronger today. The Greenback is trading against the Euro at 1.12097 while trading against the Pound at 1.33896. The Yen is currently trading at 156.97 to the US dollar. The rand (ZAR), is currently trading at the 16.52 against the US dollar this morning.

Commodities:

Gold futures are down around -0.5% this morning, and currently trading at around $4003.78 per ounce.
Copper prices are up around 0.47% today, with prices currently around $6.3929 per pound
Silver futures are down around -1.69% today, and currently trading at around $53.657 per ounce.
Platinum futures are down around -0.74% this morning, and currently trading at $1565.30, While Palladium is down by around -0.8% today, and currently trading around $1047.00 per ounce.
Lithium is down around -2.37% today, and currently at CNY/T 97 000
Brent crude oil prices hit a five-month high today and are up around 0.6%, hitting a 5-month high, and are currently trading around $113.89, with WTI trading at $100.25 currently
Cocoa futures have plunged around -4.4% today, and currently trading at $5582 per ton.
Coffee futures are down around -1.17% today, and currently trading at around $3.1245 per pound

Crypto Currencies:

Bitcoin prices are up around 0.27% today, and trading at around $81 534 per coin currently
Ether prices are up around 0.25% this morning, and currently trading around $2391.74

(All prices quoted at approximately 07H00 Central African Time)

African General News Briefs:

Kenya has launched a $160 million programme to protect 17.3 million hectares of ecologically important wildlife land. American Philanthropic organisations, including the Rob Walton Foundation (Walmart) and Cargill Philanthropies, are expected to provide half of the funding. The Kenyan government will match the donors’ $80 million contribution over ten years. The programme links wildlife protection with tourism, farming, water security and community livelihoods. The ten-year Thamani Asili initiative will cover about 17.3 million hectares, stretching across ecologically important landscapes from the Great Rift Valley to the Maasai Mara.
The US has issued its highest Level 4 'Do not travel' advisory for 11 African countries due to serious security risks. Reasons for the warnings include terrorism, kidnapping, crime, civil unrest, armed conflict, and inadequate healthcare. The countries affected are Burkina Faso, Central African Republic, Chad, Democratic Republic of the Congo, Libya, Mali, Niger, Somalia, South Sudan, Sudan, and Uganda. The advisories are tailored to each destination, with threats and risk levels varying by location within countries.