West Africa: gold rush reshapes the mining market [Business Africa]

Soaring gold prices are reshaping the investment landscape across West Africa. In the first quarter of 2026, global demand reached 1,231 tonnes, representing a record $193 billion market — up 74% year-on-year.

Against this backdrop, mining companies are looking beyond the quality of gold deposits. Regulatory stability, taxation and infrastructure are increasingly important factors in investment decisions.

Côte d’Ivoire is benefiting from this momentum. The Koné gold project is expected to produce more than 300,000 ounces annually and create around 3,000 jobs. Mauritania and Guinea are also seeking to attract fresh mining investment.

Meanwhile, Mali, Burkina Faso and Ghana are tightening state control over their gold industries in an effort to secure a greater share of mining revenues.

As governments balance investment attractiveness with greater sovereignty over natural resources, the key challenge remains turning gold wealth into jobs, infrastructure and sustainable economic development.

Côte d’Ivoire: Higher fuel prices put pressure on households and businesses

Fuel prices have risen in Côte d’Ivoire since August 1, 2026. The price of a litre of petrol increased from 875 to 905 CFA francs, while diesel rose from 700 to 725 CFA francs.

In Abidjan, businesses that depend heavily on transport are already feeling the impact. Ride-hailing drivers, delivery workers and restaurant owners are facing higher operating costs that can be difficult to pass on to customers.

Some restaurant owners say higher delivery charges are already leading to a decline in orders.

According to economist Désiré Kouamé, the government had previously absorbed part of the increase in international oil prices to keep prices at the pump stable. But rising global prices have made that policy increasingly costly for public finances.

Beyond transport, higher fuel prices could also affect logistics, agro-industry and energy, potentially pushing up costs for consumers.

Kenya: SMEs continue to face financing challenges

In Kenya, around seven in ten small and medium-sized enterprises struggle to secure financing, a major obstacle for businesses that play a key role in economic activity and job creation.

SevenTwenty Holdings, a local manufacturer of metal accessories, illustrates how access to capital can help small businesses grow. Launched with around 30,000 Kenyan shillings, supplemented by loans from family and friends and later a grant from the Tony Elumelu Foundation, the company has expanded from one product to more than 40 and grown from two employees to over 60.

Banks, however, still often view SMEs as high-risk borrowers. Guarantee schemes are seeking to address this challenge by helping financial institutions extend more credit to smaller businesses.

The Kenya Association of Manufacturers is also pushing for more favourable financing conditions, including interest rates below 10%.

Improving access to affordable credit could enable more Kenyan SMEs to expand, invest and create jobs.