Guinea
Africa Credit Rating Agency created to overcome perceived bias against continent launches October 7
The new agency is being established to complement rather than replace global ratings firms Moody’s, S&P, Fitch, all of which have been accused of bias against African sovereigns and firms.
EBID approves $417mn in West Africa projects, plans to double balance sheet
The ECOWAS Bank for Investment and Development (EBID) plans to double its balance sheet to about $4.4bn to support larger infrastructure financing.
AfDB becomes first external shareholder in West Africa's Bank for Investment and Development
The African Development Bank Group has become the first IDI to join the shareholder base of ECOWAS' EBID, committing a $30mn equity investment and a $70mn credit line.
World Bank cuts Sub-Saharan Africa growth forecast as energy shock bites
The World Bank warns that higher energy costs and weaker external demand stemming from the Middle East conflict are outweighing the benefits of structural reforms, stronger commodities prices
Guinea’s military-led transition faces scrutiny as voters shun parliamentary polls amid calls for boycott
Despite the political uncertainty following the 2021 coup, the economy of Guinea, home to the world’s largest bauxite reserves, has remained relatively resilient