Digital technology companies operating in Kenya, Nigeria, Ghana, Cote d’Ivoire, Ethiopia, Uganda, Tanzania, Zambia, the Democratic Republic of Congo, Mozambique, Botswana and South Africa are set to gain from a $25 million equity investment by the International Finance Corporation.

The implementation of the African Continental Free Trade Agreement (AfCFTA) on its own is unlikely to be a driver of rating adjustments for regional sovereigns. It could be credit positive in the longer term if successful trade liberalisation leads to an improved business environment more broadly and stronger economic growth in Africa, says Fitch Ratings.

Adopted on May 20, 2020 by the council of ministers of the French government, the bill on the reform of the FCFA has just been validated by parliamentarians.

African leaders have approved that trading should start on 1 January next year as scheduled on the African Continental Free Trade Area (AfCFTA) agreement and requested African financial institutions to provide technical and financial support for its implementation.