Ghana and Russia deepen trade ties, Cell C reaches 5.7M MVNO users, and Absa takes over South Africa's $218B pension fund

Ghanaian Foreign Minister Samuel Okudzeto Ablakwa and Russian Foreign Minister Sergey Lavrov held bilateral talks in mid-August 2026 to deepen trade and investment.

Bilateral trade between the two countries has grown from $247 million in 2022 to over $800 million, primarily driven by Ghanaian imports of Russian petroleum, fertilisers, and grains.

South African telecoms operator Cell C reported its first full-year financial results since its November 2025 JSE listing, showing strong growth in its wholesale business.

MVNO subscribers using Cell C's network grew 27.3% year-on-year to 5.7 million, cementing Cell C's control over an estimated 80% to 85% of South Africa's virtual operator market.

Nigerian billionaire Aliko Dangote has offered East African countries a combined 30% equity stake, worth roughly $1.5 billion, in a planned $17 billion refinery in Lamu, Kenya.

Kenya plans to take a 10% stake worth $500 million, while Ethiopia and Rwanda have also expressed interest in participating in the project, which is projected to take five years to complete.

Absa won a competitive contract to become the Master Custodian of South Africa's Government Employees’ Pension Fund (GEPF), Africa's largest pension fund with over $218 billion in assets.

The transition, starting in August 2026, ends a 30-year custodial and administration relationship between the GEPF and Standard Bank that dates back to 1996.

Nairobi-based AgDevCo Ventures raised a $49 million blended finance vehicle targeting early-stage East African farming and food-processing SMEs.

The vehicle combines $28 million in equity from AgDevCo, $10 million in subordinated debt from IFAD, and $11.25 million in senior debt from a lender group.

Blockradar, a wallet-as-a-service provider, announced on August 20, 2026, that it has crossed $1 billion in total transaction volume.

The platform's infrastructure supports hundreds of fintechs across more than 20 countries, enabling stablecoin services like cross-border B2B payments and non-custodial savings without internal blockchain teams.

The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has requested a 12-month review of the Nigeria Revenue Service's new virtual asset tax rules.

SiBAN warns that taxing transaction values rather than realized gains could impose a combined burden of N64,250 on a single N1 million trade.

On 29 July 2026, the Federal Capital Territory High Court ordered Stanbic IBTC to pay ₦15 million in damages to two former customers.

The bank continued to send marketing emails and text messages to the claimants after they closed their corporate account and withdrew consent.

The Central Bank of Egypt granted preliminary approval on August 19, allowing yomo to build its operations ahead of a targeted Q4 2026 launch.

Backed by a $300 million investment from CIB Egypt, yomo is structured with its holding company in Abu Dhabi and its licensed operating entity in Cairo.

The Federal Executive Council (FEC) approved the acquisition and deployment of two high-throughput satellites, NIGCOMSAT-2A and NIGCOMSAT-2B.

Nigeria Communications Satellite Limited (NIGCOMSAT) will lead the project's implementation under the supervision of the Federal Ministry of Communications, Innovation and Digital Economy.

The U.S. Consulate General in Lagos hosted a three-day workshop with over 120 creative industry stakeholders to strengthen Nigeria's music economy legal foundations.

American companies like Universal Music Group, Sony, and Meta have expanded Afrobeats globally but seek more predictable intellectual property (IP) regimes to reduce investment risks.

Egypt's Financial Regulatory Authority (FRA) has approved Resolution No. 155 of 2026, establishing a new regulatory framework for short selling on the Egyptian Exchange (EGX).

Under the new rules, investors must provide a 50% cash collateral, which combined with the sale proceeds held by Misr for Central Clearing, Depository and Registry (MCDR), guarantees an initial 150% coverage on borrowed shares.

Brokers must hold at least EGP 5 million in shareholders' equity to offer short selling (EGP 10 million if offering margin trading) and have one month to set up the necessary systems.

PENGASSAN President Festus Osifo criticized the federal government's use of executive orders to alter provisions of the 2021 Petroleum Industry Act (PIA).

The union highlighted the relocation of key fiscal provisions from the PIA to the Nigeria Revenue Act as a major source of policy uncertainty for investors.

The association raised concerns about overlapping regulatory mandates, lengthy approval processes, and the displacement of qualified local workers by expatriates.

The Independent Electoral and Boundaries Commission (IEBC) has temporarily frozen major international tenders for the upcoming 2027 General Election.

The freeze follows a formal request for review lodged by an undisclosed party before Kenya's Public Procurement Administrative Review Board.

The National Insurance Commission (NAICOM) has issued new licenses to seven additional insurance companies verified as compliant with the minimum capital requirement under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025).

The licensed operators are emPLE General Insurance, emPLE Life Assurance, Sovereign Trust Insurance, Tangerine Life Insurance, Alliance & General Insurance, Guinea Insurance, and Regency Alliance Insurance.

As Africa develops its estimated 125.3 billion barrels of crude oil and 620 trillion cubic feet of natural gas to strengthen energy security and expand local economies, local-content frameworks are entering a new phase.

Developments across Mozambique, Namibia, Nigeria, Ghana, Angola and other African markets reflect this shift.

African Energy Week (AEW) 2026, scheduled for October 12 - 16 in Cape Town, South Africa, will feature a panel discussion titled Local Content Roundtable: Aligning Policy, Capacity and Investment for Sustainable Growth.