PRINT | SUBSCRIBE | UNSUBSCRIBE | TEXT ONLY

issue 598 | 15 Jun 2025

As artificial intelligence (AI) continues to advance, the line between reality and simulation is becoming increasingly blurred. The rise of AI-driven impersonation technology is one of the most troubling developments, as it is designed not just to assist or automate, but to mimic human beings convincingly. This ranges from chatbots imitating people to deepfake videos and cloned voices, with AI now capable of crafting convincing imitations that can deceive even the most discerning among us. As nations grapple with the implications and victims begin to speak out, a pressing question emerges: how do we regulate something that can so imitate reality? AI impersonation refers to the use of AI to mimic the identities of humans, typically without their consent. It includes: chatbots impersonating real people or entities; deepfake videos portraying someone saying or doing things they never actually did; and voice cloning to simulate a person’s voice in an audio call.

Source: ENS

In its capacity as the 2025 Presidency of the BRICS alliance and incoming Presidency of the United Nations Climate Change Conference (COP 30) in November, Brazil announced the BRICS’ approval of the bloc’s first recommendation on climate finance. The declaration, to be presented to leaders at the BRICS’ summit in July, outlines the need to reform multilateral development banks (MDBs) to mobilise private capital for climate action in the Global South. “This is the first document to guide collective BRICS action in climate finance,” said Brazil’s Secretary of International Affairs at the Ministry of Finance Tatiana Rosito. “It involves reforms to multilateral banks, increased concessional financing, mobilisation of private capital, and other regulatory issues to ensure financial flows reach developing countries,” she noted. The BRICS’ “viewpoint is crucial as a group of major developing countries from the Global South, and it will help us achieve results by the end of the year,” stated Director of the Climate Department at Brazil’s Ministry of Foreign Affairs Liliam Chagas. Initially comprised of Brazil, Russia, India, China, and South Africa, the alliance currently also includes Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates.

Source: International Institute for Sustainable Development

The European Commission has updated its list of high risk jurisdictions presenting strategic deficiencies in their national anti money laundering and countering the financing of terrorism (AML/CFT) regimes. European Union (EU) entities covered by the AML framework are required to apply enhanced vigilance in transactions involving these countries. This is important to protect the EU financial system. A number of third country jurisdictions were added to the list – Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela, while other jurisdictions were delisted (Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates). The updated list takes into account the work of the Financial Action Task Force (FATF) and in particular its list of “Jurisdictions under Increased Monitoring”. As a founding member of FATF, the European Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FAFT. Alignment with FATF is important for upholding the EU’s commitment to promoting and implementing global standards.

Source: European Commission

Heightened trade tensions and policy uncertainty are expected to drive global growth down this year to its slowest pace since 2008 outside of outright global recessions, according to the World Bank’s latest Global Economic Prospects report. The turmoil has resulted in growth forecasts being cut in nearly 70% of all economies – across all regions and income groups. Global growth is projected to slow to 2.3% in 2025, nearly half a percentage point lower than the rate that had been expected at the start of the year. A global recession is not expected. Nevertheless, if forecasts for the next two years materialise, average global growth in the first seven years of the 2020s will be the slowest of any decade since the 1960s. Global growth could rebound faster than expected if major economies are able to mitigate trade tensions – which would reduce overall policy uncertainty and financial volatility. The analysis finds that if today’s trade disputes were resolved with agreements that halve tariffs relative to their levels in late May, global growth would be 0.2 percentage point stronger on average over the course of 2025 and 2026.

Source: World Bank

African countries are increasingly taking the lead in shaping their development agendas through innovative country-led platforms that align national priorities with international partnerships and private sector engagement, according to government officials and development experts. At a high-level panel discussion on Thursday, 29 May during the African Development Bank (AfDB) Group’s 2025 Annual Meetings, co-hosted by South Africa’s G20 Presidency and the AfDB, panellists identified country ownership, private sector mobilisation, and institutional coordination as key drivers of transformative development finance. Neil Cole, panel moderator and JET Financing Manager at South Africa’s Presidency, said country platforms represent “a practical, sovereign solution” that unites governments, development partners, and the private sector in a coordinated effort that aligns finance, policy, and delivery capacity around national priorities.

Source: AfDB

The Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, delivered remarks at the Ghana High-Level Roadshow for the Intra-African Trade Fair 2025 (IATF2025), held at the Kempinski Hotel in Accra. The event was organised by the African Export–Import Bank in collaboration with the Government of Ghana and key private sector partners. In his address, Secretary-General Mene underscored the strategic importance of IATF2025 as a platform for translating the promise of the AfCFTA into tangible outcomes. He noted that the fair will serve as a direct marketplace for African businesses, investors, governments, and innovators to connect, forge partnerships, and conclude trade and investment deals that advance the continent’s industrialisation agenda. He emphasised the need to strengthen regional value chains, scale up intra-African trade, and support the growth of key sectors such as agribusiness, automotive, and manufacturing. Secretary-General Mene also encouraged Ghanaian stakeholders to actively participate in IATF2025, which will take place in Algiers, Algeria, this September. The AfCFTA Secretariat will host a dedicated pavilion at IATF2025 to showcase the progress made under the Agreement and to offer guidance to businesses seeking to navigate opportunities within the continental market.

Source: AfCFTA Secretariat

Pan-African assessment agency the African Peer Review Mechanism has announced the newly established Africa Credit Ratings Agency (AfCRA) will begin operations in September 2025. The AfCRA will serve as a locally anchored evaluation system and focus on local currency debt ratings to bolster domestic capital markets and reduce dependence on foreign-currency borrowing. With aims to guarantee impartiality and credibility, the AfCRA will be supported by private-sector organisations and investors throughout the continent. The AfCRA is finalising the appointment of a CEO, which will be announced by Q3 2025. The establishment of the AfCRA comes in response to publicly criticised consecutive downgrades of African economies by major global firms including Fitch, Moody’s and S&P, which lead to heightened borrowing costs and potential sovereign defaults.

Source: Energy Capital & Power

Creating a unified regulatory environment for the African Energy Market presents significant challenges, particularly given the continent’s diversity. With 53 sovereign countries, each possessing distinct policy frameworks, developmental priorities, and regulatory landscapes, achieving full regulatory harmonisation on a continent-wide basis is unlikely to be feasible. The differences in economic development, political systems, and energy needs make a single, unified regulatory regime extremely difficult to implement in practice. However, there are substantial benefits to be gained from strengthening relationships and enhancing physical grid infrastructure between and across the various regional power pools. By focusing on regional integration- such as the Southern African Power Pool, West African Power Pool, the East African Power Pool and others, countries can work collaboratively to expand cross-border electricity markets and trade, improve energy security, and optimise resource allocation.

Source: ENS 

The Central Africa Economic and Monetary Community (CEMAC), the African Petroleum Producers’ Organization (APPO) and the Central Africa Business and Energy Forum (CABEF) have signed a memorandum of understanding (MoU) to develop the Central African Pipeline System (CAPS), aimed at ending pervasive energy shortages in the region. The MoU sets the stage for a wide-ranging feasibility study involving up to 11 countries, including Angola, Burundi, Cameroon, Chad, the Republic of the Congo, the Democratic Republic of the Congo, Equatorial Guinea, Gabon, Rwanda, São Tomé and Príncipe and Angola. CAPS envisions an integrated network comprising thousands of kilometers of oil, gas, and LPG pipelines, alongside supporting infrastructure such as pumping stations, storage terminals, refineries and gas-fired power plants. Dr Omar Farouk Ibrahim, Secretary-General, APPO, said, “This is a transformative project that will not only enhance energy access and reduce the region’s dependence on fuel imports, but also lay the foundation for industrial development across Central Africa.”

Source: Energy Capital & Power

The Common Market for Eastern and Southern Africa (COMESA) Competition Commission (CCC) and the East African Community (EAC) Competition Authority (EACCA) have signed a Memorandum of Understanding (MoU) aimed at enhancing cooperation in the enforcement of competition and consumer protection laws across their respective member states. The MoU sets out modalities through which the two regional agencies will cooperate and coordinate their activities with regard to cross-border competition and consumer protection enforcement, among other matters. The MoU further facilitates information sharing particularly during joint investigations, which shall be prioritised so as to safeguard the competition process and protect consumers in the region. The MoU also provides for cooperation and coordination in carrying out market inquiries and studies, technical assistance and capacity building as well as address the potential duplication in enforcement, thereby creating certainty and predictability in the market. Under the MoU, the two agencies have set up focal points tasked with coordinating and monitoring implementation of the prioritised activities through annual work plans. The two institutions have also committed to review various complementary regulations and guidelines to ensure they are fit for purpose.

Source: EAC

With the successful launch of the new data portal – the National Summary Data Page (NSDP) – the Democratic Republic of the Congo (DRC) has implemented a key recommendation of the International Monetary Fund’s (IMF) Enhanced General Data Dissemination System (e-GDDS) to publish essential macroeconomic and financial data. The e-GDDS is the first tier of the IMF Data Standards Initiative that promotes transparency as a global public good and encourages countries to voluntarily publish timely data that is essential for monitoring and analysing economic performance. The launch of the NSDP is a testament to the DRC’s commitment to data transparency. It serves as a one-stop portal for disseminating various macroeconomic data compiled by multiple statistical agencies. The published data includes statistics on national accounts, prices, government operations, debt, the monetary and financial sector, and the external sector. The launch of the NSDP was supported by an IMF technical assistance mission, financed by the Government of Japan through the Japan Administered Account for Selected Fund Activities, and conducted in collaboration with the African Development Bank from 2-6 June 2025.

Source: IMF

Kenya is working towards fast-tracking implementation of the African Continental Free Trade Area (AfCFTA) to unlock opportunities for businesses in the country across the continent. Speaking during the Kenya Intra-African Trade Fair 2025 (IATF2025) Business Roadshow event, Kenya’s Cabinet Secretary, Ministry of Investments, Trade and Industry, Lee Kinyanjui said the government is positioning and consolidating Kenya as a trade, industrial and innovation hub to strategically tap into trade and investment opportunities presented by the AfCFTA. “The solutions to Africa’s problems lie with Africans. It is essential for countries within the continent to strengthen intra-African trade. The IATF2025 offers a vital platform to advance the AfCFTA agenda. With a well-educated population, abundant resources, and banks ready to finance investment, Africa has what it takes to elevate itself to the next level,” the cabinet secretary said. The Kenya IATF2025 Business Roadshow attracted over 200 members of Kenya’s business community, including buyers, creatives, automotive sector players, policymakers and investors together with executives and officials of African Export-Import Bank (Afreximbank) and African Union Commission. It focused on exploring ways of promoting intra-African trade. 

Source: Afreximbank

Niger’s economy recorded robust growth in 2024, driven by large-scale oil exports. However, short-term sources of growth remain limited and exposed to downside risks, according to the World Bank’s latest economic update for Niger. The report analyses the country’s economic, and poverty trends and provides a three-year outlook. A special chapter is dedicated to analysing Niger’s agri-food system, offering recommendations for its effective transformation. According to the report, Niger's economy grew by 8.4% in 2024, up from 2% in 2023. This acceleration was primarily fueled by the start of large-scale oil exports and strong agricultural production, supported by favourable weather conditions. Despite high inflation, including rising food prices, sustained growth contributed to a reduction of extreme poverty. Government revenues fell in 2024 due to a decrease in tax revenues – particularly trade-related taxes – leading to a reduction in investment spending. The resulting deficit, combined with a rapid accumulation of debt, led the International Monetary Fund and World Bank to jointly downgrade Niger’s debt sustainability risk rating from moderate to high.

Source: World Bank

On 3 June 2025, Law No. 016/2025 of 2 June 2025 governing the Central Securities Depository, qualified financial contracts, financial collateral arrangements, and close-out netting agreements (the New Law) was gazetted, repealing and replacing Law No. 26/2010 of 28 May 2010 on the holding and circulation of securities. The New Law addresses the longstanding gaps and loopholes in the existing laws that previously restricted the enforceability of financial contracts and arrangements within Rwanda, such as derivatives, repos, buy/sell-backs, and title transfer collateral arrangements, concluded under the standardised contractual frameworks developed by the International Swaps and Derivatives Association and the International Capital Market Association. 

Source: ENS 

More than 1 000 delegates from across the continent and beyond gathered in Dar es Salaam from 29-31 May for the 14th Africa Internet Governance Forum (IGF), a platform committed to shaping inclusive and locally driven digital policies in Africa. Held under the theme Empowering Africa’s digital future, the forum took place at the Julius Nyerere International Convention Centre. It was convened by the United Nations Economic Commission for Africa (ECA) and the African Union, in partnership with the Government of Tanzania. From ministers and parliamentarians to youth leaders, private sector innovators and community voices, participants discussed how Africa can strengthen its role in global digital governance and bridge structural divides in internet access and infrastructure. Over three days, the forum featured ministerial roundtables and expert workshops on artificial intelligence (AI), cybersecurity, data governance, universal connectivity, and digital public infrastructure. It also marked the launch of Tanzania’s AI readiness assessment report and commemorated the 20th anniversary of the global IGF process. The gathering concluded with the adoption of the Dar es Salaam Declaration, which reaffirms Africa’s shared commitment to closing digital divides and shaping global digital policy through the Global Digital Compact and the upcoming IGF in Norway.

Source: ECA

An International Monetary Fund (IMF) team led by Ms Mercedes Vera Martin, IMF Mission Chief for Zambia, visited Lusaka from 29 April to 13 May 2025, to conduct discussions for the 2025 Article IV consultation and the fifth review under the Extended Credit Facility (ECF). Discussions continued virtually subsequently. At the end of the discussions, Ms Vera Martin issued the following statement, in part: “The Zambian authorities and the IMF team reached a staff-level agreement on economic policies and reforms for the fifth review under the ECF arrangement. The agreement is subject to approval by IMF management and the executive board in the coming weeks. Once approved by the executive board, Zambia will gain access to SDR139.9-million (about USD194-million) in financing… Growth momentum is expected to continue in 2025, with real GDP growth projected at 5.8%. Economic activity would be supported by a rebound in agricultural output, increased copper production, and a gradual recovery in electricity generation, although electricity shortages and reliance on energy imports are expected to persist.”

Source: IMF

The African Development Bank (AfDB) Group and the Government of Zimbabwe have concluded the 2025 Country Portfolio Performance Review workshop, bringing together key stakeholders to assess the bank’s operations in Zimbabwe and chart a forward-looking agenda. Held from 12-13 May in Harare, the event marked the first review under the bank’s 2024-2026 Country Brief, with a focus on adopting a more inclusive and results-driven approach. For the first time, voices from Zimbabwe’s private sector joined government officials, development partners, and AfDB representatives, adding fresh perspectives and renewed energy. The bank’s Zimbabwe portfolio – now valued at approximately USD137-million – encompasses critical interventions in the public sector, including governance, social development, agriculture, energy, and emergency response. On the private sector side, the bank has mobilised over USD40-million to catalyse growth through lines of credit and trade finance facilities, unlocking growth opportunities for small and medium-sized enterprises. 

Source: AfDB