There is positive GDP growth across all five markets. While Kenya and Morocco saw their inflation rates easing, Egypt, Nigeria and Ghana recorded hikes. Only the Central Bank of Kenya lowered its MPC rate in October, the rest maintained September rates. Morocco continues to have the highest unemployment rate while Ghana has the lowest.
October was a busier month for VC compared to September, with 21 startups raising over $290M in venture capital, compared to +$83M from 22 startups in September. Nigeria was notable for recording the highest amount of VC raised in October – +$145M. It was a surprise for Egypt to have only 1 startup raising capital in October.
There is still reduced startup activity in the form of mergers, acquisitions, partnerships and rebrands in October (3) compared to August (6).
Donald Trump‘s return to power is likely to bring significant changes to U.S.-Africa relations, shaped by both his past policies and his broader “America First” agenda.
Japan’s $420 million concessional loan agreement with AfDB underscores its continued support for Africa’s development, aligning with its broader strategy of fostering economic growth, stability, and sustainable development across the continent, just like China, the US and the EU.
October recorded a lower number of startups (21) raising capital compared to September (22), with the amount raised being $206.8M more than that raised in September ($83.9M).
Nigeria and South Africa had the highest number of startups raising capital (5 each) but Nigeria recorded the highest amount raised overall ($145.2M).
Egypt had only 1 startup raising capital this month, compared to 5 last month.
Fintech continues to have the highest number of startups (5) receiving VC funding, though this is a drop from last month (7). There continues to be strong investment in clean energy this month (4), same as last month.
