This week in Africa: ECOWAS hits 50 amid calls for reform, fintech finds its fault lines and Mo Ibrahim says what we are all thinking — Africa must bet on itself. Plus: a $450B trade dream, a haunting blue art show in London and a trivia question that might surprise you. Let’s go.

Africa Trivia  

Graphic of the Week 

Africa’s Biggest Play…Integration

I think a lot about the opportunity of integration on the continent. Integration through the African Continental Free Trade Area (AfCFTA) is seen as critical to unlocking Africa’s financial potential. AfCFTA could position Africa as a unified economic bloc in global markets - much bigger than the EU, US-Mexico-Canada Agreement (USMCA) and MERCOSUR [Argentina, Bolivia, Brazil, Paraguay, Uruguay Venezuela (suspended)] combined.

• We have talked about it before in these pages but if implemented, the AfCFTA could add $450B to Africa’s GDP by 2035.

• It could lift 30 million people out of poverty.

• Currently, intra-African trade is only 15% of the continent’s total trade, vs. 58% in Asia and 67% in Europe.

• The African market has a population of 1.5 billion and a combined GDP of $3.4T.

Why It Matters

• A successful AfCFTA rollout would cut tariffs, reduce trade costs by up to 16% and boost industrial exports by 30%.

• The AU has identified 5 key tools to drive success: digital trade rules, payment systems, cross-border logistics, harmonized rules of origin and a pan-African trade observatory.

With stronger integration, Africa could reduce its $90B/year in capital flight and better mobilize domestic and diaspora capital.

What We Are Reading

• Africa: Development banks warn that forcing them to take losses in Zambia and Ghana's debt restructurings could raise financing costs continent-wide and set a harmful precedent (Bloomberg). The Gates Foundation plans to direct most of its planned $200B in donations to Africa over the next 20 years before closing in 2045 (Bloomberg); Fitch downgraded Afreximbank to one notch above junk, citing weak risk management and rising loan risks from Ghana, Zambia and Malawi (CNBC Africa); Moody’s says building strong local debt markets can help African nations reduce reliance on shrinking foreign funding sources (CNBC Africa). 

• Chad: In retaliation to a U.S. travel ban, Chad halts visa issuance to American citizens (Reuters).

• Côte d’Ivoire launched West Africa’s first agricultural commodities exchange, aiming to formalize trade across eight countries and stabilize volatile crop prices like cashews and maize (Semafor).

• DRC: Abu Dhabi bought a 56% stake in a major DR Congo tin mine for $367M, signaling Gulf interest in critical minerals from conflict zones (FT); Former DRC president Joseph Kabila resurfaced in rebel-held Goma, fueling tensions with Kinshasa and complicating regional peace efforts (Semafor).

• Ethiopia: Cabinet approved a $15B budget which is a 31% increase from last year (Reuters); Ethiopian Airlines is set to order 20+ regional jets to expand its domestic fleet (CNBC Africa).

• Ghana and the UAE have signed a $1B agreement to develop the Ghana-UAE Innovations and Technology Hub in Ningo-Prampram, aiming to position Ghana as a leading digital and AI hub in West Africa (Semafor). 

• Libya: UN says mass graves found in a section of Tripoli capital run by armed militia (AP News).

• Morocco: The UK is the latest to join the U.S. and France in backing Morocco’s plan for Western Sahara to remain under Moroccan control (Bloomberg).

• South Africa: Farm exports rose 10% in Q1 2025 to $3.36B, driven by stronger U.S. shipments ahead of 30% tariffs that may take effect in July (Bloomberg).

• Uganda: Coffee exports surged 77.6% in April due to a bumper harvest in central and southwestern regions, boosting earnings to nearly $2B over 12 months (CNBC Africa).

• Zimbabwe's plea for $2.6B in bridge financing to clear debt arrears has received no concrete commitments from the 10 approached nations (Bloomberg).

Business & Finance in Africa 

Africa’s Own Answers

This week, I had the honor of attending the Ibrahim Governance Weekend in Marrakech — an invite-only annual event hosted by the Mo Ibrahim Foundation with a partner country. It was my first time and honestly, I could’ve used VIP flashcards. Only after the fact did I realize I’d been in line with former Liberian President and Nobel Peace Prize winner Ellen Johnson Sirleaf or up close and personal with the 91-year-old independence era Prime Minister of Cape Verde Pedro Pires — just a few among many legendary change agents in attendance. It was also great to reconnect with well-known faces from our early days in Ethiopia, including WHO Director-General Dr. Tedros Adhanom Ghebreyesus and Dr. Arkebe Oqubay. What a crew. What an event. Grateful for spaces where the hard questions are candidly discussed.

One of many revealing discussions was between Moussa Faki Mahamat, former Chairperson of the Africa Union Commission and Mo Ibrahim: 70% of the Africa Union funding comes from sources outside Africa. The two agreed that until Africa invests in itself, it will be hard for the continent to achieve the changes we all desire. 

And in a powerful call to action (and a good summary of conference topics), Mo Ibrahim himself argues in the FT this week that the sharp decline in foreign aid — now less than 1% of GNI for 42 African countries — should be a wake-up call, not a crisis. With Africa home to 30% of the world’s mineral reserves, a $3.4B entrepreneurial success story like Celtel (among others) and $90B lost annually to illicit financial flows, he urges a shift toward African-led development driven by improved governance, tax reform and investment from the continent’s own resources and wealthy. “Africans must not fear Africa,” he writes. “We need to start investing in ourselves.” Worthy conference. Worthy man. Worthy read. 

Mapping Fintech Momentum

Africa’s Fintech Power Centers: According to StartupList Africa’s 2025 ranking, Africa’s fintech ecosystem may be maturing. A handful of cities now anchor the continent’s digital finance growth, each with distinct strengths and tradeoffs.

Top Cities by Ecosystem Size

• Lagos leads with 503 startups, $6B+ in funding and strong regulatory support.

• Nairobi hosts 210 startups, $4.6B raised and deep mobile money infrastructure.

• Cairo ranks third with 194 startups, but leads in capital intensity with $10B raised across just 49 companies.

Emerging Hubs

• Cape Town and Johannesburg benefit from South Africa’s financial legacy and university pipeline.

• Accra, Abidjan, Casablanca and Kampala are fast-growing but face infrastructure and capital gaps.

My take? Regional integration could unlock real growth. But for fintechs, expanding beyond core markets is often a regulatory headache.

Growth. Gaps. Governance.

The World Bank’s 21st-Century Africa: Governance and Growth highlights the continent’s significant but uneven progress since 2000, marked by gains in health, education and investment. Yet, persistent poverty, institutional weakness and climate threats continue to hold back inclusive growth. The report urges African nations to embrace a development model grounded in human capital, clean energy, digital transformation and accountable governance to unlock the continent’s full potential.

Key Insights:

• Life expectancy rose from 50 (1998) to 61 (2022); primary school enrollment increased from 80% to 99% and secondary from 26% to 45%.

• 90% of the world’s extreme poor may live in Africa by 2030, with 83% of employment in the informal sector. 

• Africa contributes 2% of global emissions but suffers major climate impacts, while holding 40% of cobalt, manganese and platinum reserves.

• Internet coverage reached 84% in sub-Saharan Africa (3G) by 2023, and internet subscriptions rose 24% (2010–2023).

Read More: The World Bank

Tech & Society in Africa

Literacy Progress

This looks like incredible progress to me! And counter to a Tech Safari position, a real opportunity for fintechs and other startups. Yes, it seems the older generation was not given much of an opportunity to read and write, but it looks like significant gains are being made with Africa’s youth, setting the stage for integration through fintechs and other startup solutions.

50 Years Strong

ECOWAS, the Economic Community of West African States, celebrated its 50th anniversary in Lagos, Nigeria, the place where it all started in 1975 (ECOWAS). But as it crosses this momentous occasion, a Foreign Policy article argues that the bloc risks irrelevance without urgent reform.

ECOWAS at a Crossroads

• Three countries have exited (Mali, Niger, Burkina Faso), forming a rival bloc after suspensions for military coups.

• ECOWAS is seen as selective in its values, ignoring term-limit extensions while punishing military takeovers.

• To survive, it must shift from elite-driven enforcement to citizen-centered governance.

Key ECOWAS Statistics:

• ECOWAS serves more than 400 million people.

• 15 West African countries are members, though Mali, Niger and Burkina Faso are currently suspended.

• Major initiatives include the ECOWAS Trade Liberalisation Scheme and the West African Power Pool.

Explorations in Africa

Ghosts of the State

Massoud Hayoun’s haunting solo exhibition, Stateless, opens at Larkin Durey in London from June 6 to 27, 2025, coinciding with London Gallery Weekend. Through richly symbolic, blue-tinted portraits and tableaus, Hayoun explores identity, migration, power and colonial legacies, drawing deeply from his Egyptian, Moroccan and Tunisian heritage. The show builds on work first shown at the 1-54 Contemporary African Art Fair in New York and reflects his broader mission to challenge systems of control, shaped by his past as a journalist and author.

In an interview in Wallpaper Magazine, Hayoun describes the exhibit as deeply personal. “Stateless” started with ideas of citizenship and the nation-state… It’s used in all its possible definitions. His paintings are filled with spectral blue figures — a motif he says represents “things that exist in the past tense.” He adds: “I hope that people who are a lot smarter and more powerful than me see these paintings and think there are people who are actively thinking about how the world could be a little more loving and a little more humane than it is right now.”

Africa Trivia Response 

Answer: B) Ethiopia and South Africa. Read more. 

This week’s brief is brought to you with help from my colleagues Ruth Ayalew and Shaynerose Magabi. This is Laura Davis at Renew Capital signing out from Accra. See you next week.

The Africa Brief is a publication of Renew Capital. If you are enjoying The Brief, please share it and email us at [email protected] with ideas or leads.