June 11: World Bank Trims Global Growth Lower to 2.5% on Iran War, Rwanda Inflation Rises to 12.9% in May The World Bank Group has warned that tensions in the Middle East are weighing heavily on the global economy, with growth projected to slow to 2.5% in 2026 from 2.9% in 2025. In its latest Global Economic Prospects report, the Bank cited higher energy prices and disruptions linked to the Strait of Hormuz as key risks, with inflation expected to rise and growth facing further downside pressure if the conflict intensifies. Meanwhile, Rwanda’s urban inflation eased slightly in May, with the consumer price index rising 12.9% year-on-year, compared with 13.0% in April. Despite the marginal slowdown, price pressures remain elevated across the economy, with national inflation at 12.3% and rural inflation at 11.8%, highlighting the continued impact of higher living costs. On equities, the NGX slipped 0.03%, the JSE gained 0.61%, and the BRVM rose 0.34%. In soft commodities, cocoa declined 1.46%, while palm oil advanced 0.91%. We'll leave it there for this week and return next week with more updates on the trends, data, and decisions shaping Africa's markets and economies. In the meantime, catch up on all the latest stories on Frontier Africa Reports on LinkedIn and Facebook, follow us on X @FrontierAFR and Instagram @frontierafrlive, and visit frontierafricareports.com for more insights and analysis. @SAReserveBank @KganyagoLesetja @statisticsRW @henrymusasizi1 @mofpedU @WorldBankGroup @ngxgrp @gstockexchange @dsxem @JSE_Group @NSE_PLC @EgxEgyptian @ESXEthiopia @BRVM_UEMOA @ZSE_ZW

June 11: World Bank Trims Global Growth Lower to 2.5% on Iran War, Rwanda Inflation Rises to 12.9% in May. Join us today as we discuss these developments. youtube.com/@frontierafricar…

June 11: UGANDA NATIONAL BUDGET SPEECH 2026/27 news.frontierafricareports.c…

June 11: Join the AEW 2026 exhibition floor and position your company at the center of Africa’s energy transformation.   Exhibiting at AEW provides a unique opportunity to showcase your solutions, build strategic partnerships, generate new business leads and engage directly with the stakeholders shaping Africa’s energy future.   Companies attending AEW include:   • Banks and Financial Institutions • Renewable Energy and Technology Providers • International Oil Companies (IOCs) and Independent Oil & Gas Companies • Energy Ministries, National Oil Companies (NOCs) and Regulators • Transportation and Logistics Companies • EPC Contractors and Service Providers • Legal, Advisory and Consulting Firms • Infrastructure and Industrial Development Companies • And more   With more than 9,000 attendees, 1,500 participating companies, 300 ministers and VIPs, and 400 speakers expected, AEW 2026 offers unparalleled access to the continent’s most influential energy stakeholders.   Secure your exhibition space today and showcase your brand, solutions and expertise to the companies and leaders driving investment and project development across Africa’s energy sector.   To enquire, visit: aecweek.com/sponsor-exhibit/…   #AEW2026 #InvestInAfricanEnergies #AfricanEnergy #AfricanEnergyWeek #ExhibitionSpace #EnergyTransformation @Real_AEW @energy_african @nj_ayuk @senlokpobiri @nnpclimited @NUPRCofficial @NMDPRA_Official @sonangoloficial @AppoSecretariat @EnergyCapPower

June 10: Spar Reports Woeful 53.9% Fall in HY Earnings, Kenya Resists Pressure to Tighten Rate on Iran Conflict South African retailer SPAR Group reported a sharp decline in half-year earnings, as operational disruptions and increased promotional spending weighed on performance. Headline earnings per share fell to 199.9 cents from 434 cents a year earlier, while operating profit dropped 45% to 740.5 million rand. The company cited distribution centre disruptions, higher debtor-related costs, and aggressive promotional campaigns as key factors behind the weaker results. The Central Bank of Kenya has left its benchmark lending rate unchanged at 8.75%, maintaining its current policy stance as it monitors global and domestic economic developments. The Bank said the decision supports inflation management and exchange rate stability, while policymakers continue to assess the impact of global oil price movements on the economy. On equities, the SEM declined 0.61%, while the ZSE fell 0.77%. The NSE, however, edged up 0.03%. In metals, gold dropped 2.63%, while iron ore gained 0.32%. We’ll continue tracking the trends, deals, and policy decisions shaping the continent. Follow Frontier Africa Reports on LinkedIn and Facebook, X @FrontierAFR, Instagram @frontierafrlive, and visit frontierafricareports.com. @CBKKenya @FitchRatings @GRN_Namibia @ngxgrp @gstockexchange @dsxem @JSE_Group @NSE_PLC @EgxEgyptian @ESXEthiopia @BRVM_UEMOA @ZSE_ZW

Commodities Newsnow June 10: Zimbabwe is hauling gold into its vaults at a frenzied pace, reporting nearly 4,000 kilograms of deliveries last May as artisanal mining lead the national bullion output. In West Africa, Nigeria has set June 12 as the deadline for the submission of bids for its 2025 oil licensing round, while Liberia and Ghana have inked an agreement to cooperate on petroleum regulatory matters. In North Africa, Egypt has reportedly cleared all its oil and gas arrears to investors, taking its balance to zero. Finally, some good for Sudan as the African Development Bank Group and the World Food Programme launch a $87 million project to boost agriculture in the troubled Sahel economy. You want to know what's happening to oil prices today and the latest on the Iran conflict? Watch the news.... @AfDB_Group @WFP

June 10: Spar Reports Woeful 53.9% Fall in HY Earnings, Kenya Resists Pressure to Tighten Rate on Iran Conflict Join us live today at 4pm as we bring you the latest stories from the world of business, finance, and economics. youtube.com/@frontierafricar…

Commodities Newsnow June 9: The global oil market took a breather on Tuesday as crude prices went lower as Israel, Lebanon and Iran ceased hostilities, raising optimism that the Washington-Tehran peace plan could go through and the Strait of Hormuz reopened this month. Meanwhile, Vaalco Energy reports that it has restarted exploration activities offshore Cote d'Ivoire in West Africa, as Technip Energies wins EUR1 billion coral norte LNG contract in Mozambique. Away from hydrocarbons... Egypt has signed a $420 million deal with Alcazar Energy to deliver 580 megawatts of electricity from the Gabal El Zeit wind project. Finally in Southern Africa, Bannerman is targeting first uranium production from Namibia's Etango project by the year 2028, while Copperbelt Intelligence says the company has picked up the Kasenga's PR9 concession in DR Congo's copperbelt expansion. Subscribe to our FREE YouTube and watch all our content across diverse sectors. Follow us on all social media platforms as well. @TechnipEnergies @alcazarenergy @BannermanEnergy

June 9: Ghana's Sentuo Refinery Gets 1mn Barrels of Jubilee Oil, PPC FY26 EBITDA Jumps 31% Connect with us for today’s show on YouTube. youtube.com/@frontierafricar…

Commodities Newsnow June 8: Is the Middle East crisis or conflict going to end anytime soon? When and how would the Strait of Hormuz be fully reopened? How soon would the global oil, gas and fuel industry get back to (normalcy)? Over the weekend, the Head of the IMF, Kristalina Georgieva warned that the world must prepare for an "era of relentless, recurring shocks", as the ongoing geopolitical tensions in the Middle East have triggered energy instability. That's well taken, Madam Managing Director. On Sunday, OPEC and its allies (OPEC ) announced plans to raise output by 188,000 barrels per day next month. That's about the fourth output hike since the Iran conflict started in late February. Crude oil prices were trading higher by some 4% early Monday as Iran and Israel shot missiles at each other over the weekend, as Iran says it will permanently stop Israeli's vessels from moving through Hormuz. Away from oil, reports say that Uganda's coffee exports revenue fell 10% in April due to weaker global prices of the bean. Meanwhile, Ghana has reported its total gold output for 2025 - an increase of 25% to 5.94 million ounces. That's quite a haul, but Accra is not done yet. Watch out for the 2026 output figures. By the way, congratulations to Heirs Energies for being named the Best Oil & Gas Deal of the Year at the EMEA Awards in London. The honour comes from the $750 million financing facility that the Nigeria-based energy firm concluded last year. Read more. Know more and Learn more at lnkd.in/dmEPEnr Subscribe to our FREE #YouTue and watch all our carefully curated pan-African content across diverse sectors. Follow us on all social media platforms as well. LIKE. SHARE. COMMENT. @IMFNews @KGeorgieva @OPECSecretariat @HeirsEnergies

June 8: SA Gets First Fitch Upgrade in 21 Years, ECMA Licenses NGX-Listed United Capital South Africa has secured its first credit rating upgrade from Fitch Ratings in nearly 21 years, with the agency raising the country’s long term foreign and local currency ratings to BB from BB-, while maintaining a stable outlook. Fitch cited improved fiscal management, stronger revenue collection, and ongoing reforms in the energy and logistics sectors as key factors behind the upgrade. Also, The Ethiopian Capital Market Authority has granted a capital market service provider licence to United Capital Financial Services PLC, a subsidiary of Nigeria’s United Capital Group. The approval makes it the first foreign investment bank to establish a subsidiary in Ethiopia, allowing it to operate as an investment bank as the country continues to develop its capital markets ecosystem. Starting the week in equities, Egypt’s EGX declined 0.54%, Morocco’s MASI slipped 0.45%, and the NSE eased 0.25%. In the energy market, Brent crude gained 1.13%, while RBOB gasoline rose 0.77%. Those are some of the key developments we're watching at the start of the week. Follow Frontier Africa Reports on LinkedIn and Facebook, X @FrontierAFR, Instagram @frontierafrlive, and visit frontierafricareports.com for more. @CMAEthiopia @UnitedCap @KGeorgieva @IMFNews @Bloomberg @OPECSecretariat @GovernmentZA @FitchRatings @worldfarmersorg @NBE1898 @ReserveBankZIM @CyrilRamaphosa @ngxgrp @gstockexchange @dsxem @JSE_Group @NSE_PLC @EgxEgyptian @ESXEthiopia @BRVM_UEMOA @ZSE_ZW

June 8: SA Gets First Fitch Upgrade in 21 Years, ECMA Licenses NGX-Listed United Capital A new week brings fresh opportunities, market shifts, and big business stories. Join us live at 4pm as we kick off the week. youtube.com/@frontierafricar…

HEIRS ENERGIES' US$750 MILLION FINANCING NAMED BEST OIL & GAS DEAL OF THE YEAR London, United Kingdom | 5 June 2026 Heirs Energies Limited, Africa's leading indigenous-owned integrated energy company, has been recognised on the global stage after its landmark US$750 million dual- tranche Senior Secured Reserve-Based Lending (RBL) facility was named Best 0il & Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026 The award was presented on 3 June 2026 in London and recognises one of the largest financings secured by an indigenous African energy company. The transaction reflects the vision of Heirs Energies' Chairman, Tony 0. Elumelu, CFR, that African institutions and African-led businesses can successfully mobilise capital to unlock the continent's resources, advance energy security, and create long-term economic value. Executed with the African Export-lmport Bank (Afreximbank), the US$750 million financing was structured to accelerate field development, optimise production, and support Heirs Energies' long-term growth ambitions, while maintaining disciplined capital management. Commenting on the recognition, Osa Igiehon, Chief Executive Officer of Heirs Energies, said: "This recognition reflects the confidence that African and international financial institutions continue to place in Heirs Energies, our strategy, and our long-term vision The transaction demonstrates that indigenous African energy companies can successfully structure and execute world-class financing solutions that support investment, growth, and value creation. We are proud to receive this award and grateful to our financing partners, advisers, and stakeholders whose support made it possible." Mr. Haytham ElMaayergi, Executive Vice President, Global Trade Bank at Afreximbank, said: "We are truly honoured that the US$750 million dual-tranche Senior Secured Reserve-Based Lending facility for Heirs Energies has been recognised as Best Oil & Gas Deal of the Year by the EMEA Finance Project Finance Awards This recognition underscores the importance of well-structured, Africa-focused financing in supporting indigenous energy companies with strong governance, high- quality assets and clear long-term growth plans. Afreximbank was proud to support this landmark transaction, which demonstrates how African financial institutions can help mobilise capital for strategic businesses that advance energy security, production capacity and sustainable value creation across the continent. @Heirs_Holdings @HeirsEnergies @UBAGroup @TonyOElumelu @TonyElumeluFDN @nj_ayuk @energy_african @Real_AEW @BBoason @AppoSecretariat @NUPRCofficial @EnergyCapPower @afreximbank

June 5: SA Retailer TFG Reports 33.5% Fall in FY Earnings, Mozambique PMI Stays in Contraction Territory in May South African fashion retailer TFG reported a sharp decline in annual earnings as consumer spending remained under pressure across its markets in Africa, the UK, and Australia. Headline earnings per share fell 33.5% to 675.4 cents for the year ended March 31, while operating profit dropped 36% to 3.9 billion rand. Despite revenue increasing 7.2% to 62.4 billion rand, the company reduced its final dividend to 140 cents per share. Mozambique’s private sector remained in contraction territory in May, as fuel shortages and weaker consumer demand continued to weigh on business activity. The Standard Bank PMI edged up slightly to 49.9 from 49.8 in April but remained below the 50-point expansion mark. On the equities market today, the JSE slipped 0.24%, while the ZSE declined 1.93%. The NSE bucked the trend, advancing 0.46%. In energy markets, natural gas fell 1.62%, while RBOB gasoline edged higher by 0.21%. That brings us to the end of another week across Africa’s markets and economies. If you missed any of the major stories, interviews, or market updates, catch up on our YouTube channel over the weekend. youtube.com/@frontierafricar… @TFGZA @SAReserveBank @KganyagoLesetja @GovernmentZA @CyrilRamaphosa @BRVM_UEMOA @Citi @BdeacOfficielle @ngxgrp @gstockexchange @dsxem @JSE_Group @NSE_PLC @EgxEgyptian @ESXEthiopia @BRVM_UEMOA @ZSE_ZW

June 5: SA Retailer TFG Reports 33.5% Fall in FY Earnings, Mozambique PMI Stays in Contraction Territory in May As the week winds down, the Money Moves keep coming. Join us live today at 4pm as we wrap up the week's biggest stories. youtube.com/@frontierafricar…

June 4: Ecobank's Nature Bond Polls $1.36bn in Book-Build, Ramaphosa Hosting Ruto in Key State Visit Ecobank Group has raised US$450 million through a Nature Bond listed on the London Stock Exchange, becoming the first commercial bank globally to issue a nature bond aligned with ICMA standards. The offer was increased after investor orders reached US$1.36 billion, nearly four times the original target. Proceeds will support sustainable agriculture, water infrastructure, and deforestation-free supply chains across 24 African markets. In South Africa, President Cyril Ramaphosa is hosting Kenyan President William Ruto on a state visit aimed at strengthening bilateral ties. Discussions are focused on expanding trade and investment links, while advancing regional integration between two of Africa’s largest economies. On equities, the BRVM added 0.96% while the NSE gained 0.62% and JSE edged up 0.03%. On energy, Brent crude fell 3.10%, while US WTI inched down 3.42% and Natural gas climbed 2.80%. Stay across the stories driving business, trade, and investment on the continent through Frontier Africa Reports on LinkedIn and Facebook, X @FrontierAFR, Instagram @frontierafrlive, and frontierafricareports.com. @CyrilRamaphosa @WilliamsRuto @Egy_Competition @KCCorp @kenvue @bakerhughesco @NextChem_MT @Brookfield @Oaktree @Castrol @AfshinMolavi @IMFNews @GroupEcobank @LSEplc @Moodys @ngxgrp @gstockexchange @dsxem @JSE_Group @NSE_PLC @EgxEgyptian @ESXEthiopia @BRVM_UEMOA @ZSE_ZW

At the heart of #AEW lies a powerful engine of innovation, collaboration, and real-world solutions: the Technical Hubs. These dynamic spaces bring together engineers, project developers, geoscientists, technologists, and energy professionals to explore the nuts and bolts of Africa’s energy future. From upstream to downstream, renewables to natural gas, the Technical Hubs serve as interactive arenas where cutting-edge technologies, data-driven insights, and pioneering projects take center stage. What to Expect: •⁠ ⁠Live Demonstrations of emerging technologies reshaping energy infrastructure across Africa •⁠ ⁠Expert-led Sessions offering deep dives into key technical challenges and solutions •⁠ ⁠Case Studies spotlighting African-led innovation, successful pilot projects, and scalable models •⁠ ⁠Collaborative Networking with top-tier professionals, researchers, and solution providers The Drill Room: A central hub for exploration and production insights across Africa's prospective basins. A platform for regulators, NOCs, and operators to showcase assets, drilling campaigns and exploration data to an active audience of investors. Innovation Hub: A platform to showcase renewable energy technologies, low-carbon, data-led and sustainable energy solutions for Africa. Download our draft Agenda here: aecweek.com/agenda #AEW2026 #TechnicalStage #Agenda #AEWAgenda #EnergyConference #InvestmentConference #AfricanEnergies @Real_AEW @energy_african @nj_ayuk @GradieMbono, @BBoason @nnpclimited @OPECSecretariat @NUPRCofficial @NMDPRA_Official @sonangoloficial @AppoSecretariat @EnergyCapPower