World
Under New Leadership, Mali Opens Doors to Russia
By Kester Kenn Klomegah
With strict pressure from the African Union (AU) and the Economic Community of West African States (ECOWAS), the August coup leaders have installed an interim government that will run state affairs until next elections.
Plucked from obscurity, the former Defense Minister Bah Ndaw (here) became the transitional President, while Colonel Assimi Goita serves as Vice President.
The transitional committee made up of representatives of political parties, civil and religious groups agreed on both positions.
According to their biographical reports, both had part of their professional military training in the Soviet Union and Russia respectively – read & watch this video – indicating that the new Malian leadership could be more Russia-friendly.
The transitional civilian government, swearing-in ceremony and inauguration into office took place on Sept 25, completely closed the political chapter on the political administration of Ibrahim Boubacar Keita.
The military takeover, Mali’s fourth since gaining independence from France in 1960, came after months of protests, stoked by Keita’s failure to roll back a bloody jihadist insurgency and fix the country’s many economic woes.
Over the years, reform policies have had little impact on the living standards, the majority highly impoverished in the country. As a developing country, it ranks at the bottom of the United Nations Development Index (2018 report). The country, however, is home to approximately 20 million people. The primary task, right now, is to draw up “a comprehensive road map” for economic recovery.
Earlier before the September 25 ceremony, Assimi Goita had issued a public statement at a media-covered conference to the Malian population, saying “We make a commitment before you to spare no effort in the implementation of all these resolutions in the exclusive interest of the Malian people.
“We request and hope for the understanding, support and accompaniment of the international community in this diligent and correct implementation of the Charter and the transition roadmap. The results you have achieved allow me to hope for the advent of a new, democratic, secular and prosperous Mali.”
While West African leaders would likely remove the economic sanctions imposed in the wake of last month’s coup, following the installation of a civilian interim president, a number of foreign countries including Russia have already recognized these new developments taken toward stability.
Russia, apparently, is exploring all possibilities to regain a part of its Soviet-era influence as Mali begins to restructure and systematize its state administration.
In an official statement to mark Mali’s 60th anniversary of its independence from France, Russian Ministry of Foreign Affairs (MFA) hoped that Mali would fix in place civilian form of government and, focus on holding free and democratic elections following a short transitional period with the assistance of the Economic Community of the West African States and the African Union.
It is noteworthy to recall here that Russia and Mali are linked by friendship and cooperation. In 1960, Mali attained independence following a prolonged struggle and opted for a socialist orientation. There were major projects implemented with Soviet assistance. These include a cement factory, the Kalana gold-mining company, a stadium in Bamako, the Gabriel Toure Hospital, an airfield in Gao and a number of national education facilities. Large-scale prospecting operations were conducted, and 9,000 hectares converted into rice paddies.
Thousands of Soviet educators, doctors and other specialists worked in Mali. Over 10,000 Mali citizens received higher education in Russia.
“We hope that the time-tested Russia-Mali ties will continue to develop steadily in the interests of both states. We would like to congratulate the friendly people of Mali on their national holiday and to wish them every success in achieving nationwide reconciliation, reviving their country as soon as possible, and we wish them peace, prosperity and well-being,” the statement particularly stressed.
As Russia pushes to strengthen its overall profile in the G5 Sahel region, Mali could become a gateway into the region. Russia has made military-technical cooperation as part of its diplomacy and keen on fighting growing terrorism in Africa.
Experts suspected that the regime change in Mali could see Russia-friendly new leaders taking over the country from the French-friendly Ibrahim Boubacar Keita and his government, thereby dealing a severe blow to French influence and interests not just in Mali but throughout the Sahel zone that includes Burkina Faso, Chad, Mali, Mauritania and Niger.
Research Professor Irina Filatova at the Higher School of Economics in Moscow explained recently in an emailed “Russia’s influence in the Sahel has been growing just as French influence and assistance has been dwindling, particularly in the military sphere. It is for the African countries to choose their friends and people who are now in power will be friendlier with Russia.”
That said, the transitional government could continue to leverage with Russia. Reports indicate that Russia has established cordial relations with the transitional government.
On August 21, Russian Ambassador to Mali and Niger Igor Gromyko met with representatives from the National Committee for the Salvation of the People (CNSP). The CNSP is an umbrella organization of military personnel involved in the coup, which wishes to oversee an 18-month transition before returning power to civilian authorities. Russia signed a military cooperation agreement with Mali in June 2019.
In November 2019, demonstrators in Bamako urged Moscow to repel Islamist attacks in Mali as it did in Syria. At the Independence Square demonstrations in Bamako that followed the coup, protesters were spotted waving Russian flags and holding posters praising Russia for its solidarity with Mali.
Samuel Ramani, DPhil candidate at the Department of Politics and International Relations at St. Antony’s College, University of Oxford, wrote in the Journal of the Foreign Policy Research Institute that “Since Russia possesses a diverse array of partnerships in Mali and Sahel countries are frustrated with the counterterrorism policies of Western powers. Moscow could leverage the Mali coup to secure economic deals and bolster its geopolitical standing in West Africa.”
According to the expert, Kremlin-aligned research institutes and media outlets have consistently framed France’s counterterrorism operations in Niger and Mali as a façade for the extraction of the Sahel’s uranium resources. Russian nuclear energy giant Rosatom, which directly competes with its French counterpart Avenda for contracts in the Sahel, could benefit from favourable relations with Mali’s new political authorities. Nordgold, a Russian gold company that has investments in Guinea and Burkina Faso, could also expand its extraction initiatives in Mali’s gold reserves.
As one of the largest on the continent, Mali is a landlocked country located in West Africa. For centuries, its northern city of Timbuktu was a key regional trading post and centre of Islamic culture. Mali is renowned worldwide for having produced some of the stars of African music, most notably Salif Keita. But, this cultural prominence has long since faded.
After independence from France in 1960, Mali suffered droughts, rebellions, and 23 years of military dictatorship until democratic elections in 1992. Mali has struggled with mass protests over corruption, electoral probity, and a jihadist insurgency that has made much of the north and east ungovernable. President Ibrahim Keita, who took office in September 2013, proved unable to unify the country. With time and commitment to sustainable development and good governance, there is still hope for Mali.
Kester Kenn Klomegah writes frequently about Russia, Africa and BRICS.
By Adedapo Adesanya
Africa’s startup ecosystem showed tentative signs of recovery in April 2026, with deal activity picking up after a subdued March, though funding volumes remained weak by recent standards, Business Post gathered from the latest data by Africa: The Big Deal.
In the review month, a total of 32 startups across the continent announced funding rounds of at least $100,000, raising a combined $110 million through a mix of equity, debt and grant deals, excluding exits. The figure represents a notable rebound from the 22 deals recorded in March, suggesting renewed investor engagement after a slow start to the second quarter.
However, the recovery in deal count did not translate into stronger capital inflows. April’s $110 million total marks the lowest monthly funding volume since March 2025, when startups raised $52 million, and falls significantly short of the previous 12-month average of $275 million per month.
The data highlights a growing divergence between investor activity and cheque sizes, with more deals being completed but at smaller ticket values.
The data showed that, despite this, looking at the numbers on a month-to-month basis does not tell the whole story of venture funding cycles as a broader 12-month rolling view presents a more stable picture of Africa’s startup ecosystem.
Based on this, over the 12 months to April 2026 (May 2025–April 2026), startups across the continent raised a total of $3.1 billion, excluding exits – largely in line with the range observed since August 2025. The figure has hovered around $3.1 billion, with only marginal deviations of about $90 million, indicating relative stability despite recent monthly dips.
A closer breakdown shows that equity financing accounted for $1.7 billion of the total, while debt funding contributed $1.4 billion, alongside approximately $30 million in grants. This composition underscores the growing role of debt in sustaining overall funding levels.
The data suggests that while headline monthly figures may point to short-term weakness, the broader funding environment remains resilient, supported in large part by continued activity in debt financing, even as equity investments show signs of moderation.
The report said if April’s total amount was lower than March’s overall, it was higher on equity: $74 million came as equity and $36 million as debt, while March had been overwhelmingly debt-led ($55 million equity, $96 million debt).
In the review month, the deals announced include Egyptian fintech Lucky raising a $23 million Series B, while Gozem ($15.2 million debt) and Victory Farms ($15 milliomn debt) did most of the heavy lifting on the debt side. Ethiopia-based electric mobility start-up Dodai announced $13m ($8m Series A + $5m debt).
April also saw two exits as Nigeria’s Bread Africa was acquired by SMC DAO as consolidation continues in the country’s digital asset sector, and Egypt’s waste recycling start-up Cyclex was acquired by Saudi-Egyptian investment firm Edafa Venture.
Year-to-Date (January to April), startups on the continent have raised a total of $708 million across 124 deals of at least $100,000, excluding exits. The funding mix was almost evenly split, with $364 million in equity (51.4 per cent) and $340 million in debt (48.0 per cent), alongside a small contribution from grants (0.6 per cent). This is an early sign that funding startups is taking a different shape compared to what the ecosystem witnessed in 2025.
For instance, in the first four months of last year, startups raised a higher $813 million across a significantly larger 180 deals. More notably, last year’s funding was heavily skewed toward equity, which accounted for $652 million (80.1 per cent) compared to just $138 million in debt (16.9 per cent).
The year-on-year comparison points to two clear trends: a contraction in deal activity as evidenced by a 31 per cent drop, and a 13 per cent decline in total funding. At the same time, the composition of capital has shifted meaningfully, with debt now playing a much larger role in sustaining funding volumes.
By Adedapo Adesanya
Nigeria’s Ministry of Foreign Affairs has summoned South Africa’s Acting High Commissioner to complain about xenophobic attacks against its citizens, weeks after a similar complaint was lodged by Ghana.
The ministry called the meeting to convey “profound concern regarding recent events that have the potential to impact the established cordial relations between Nigeria and South Africa,” it said in a statement posted on X on Monday.
It noted that the country is aware of the growing discontent among Nigerians concerning the treatment of their nationals in South Africa, but implored calm while it plans to repatriate those willing to return home voluntarily, amid growing fears that recent attacks on foreigners there could escalate.
Foreign Minister, Mrs Bianca Odumegwu-Ojukwu, said 130 applicants had already registered for the exercise, adding that the number was expected to rise.
She expressed President Bola Tinubu’s concern about the attacks in the southern African nation, and condemned the violence against foreign nationals and demonstrations characterised by “xenophobic rhetoric, hate speeches and incendiary anti-migrant statements”.
“Nigerian lives and businesses in South Africa must not continue to be put at risk, and we remain committed to working to explore with South Africa ways to put an end to this,” she said.
She cited the killing of two Nigerians in separate incidents involving local security personnel, insisting that her government was demanding justice.
She said the Nigerian president’s priority was for the safety of citizens and “consequently, arrangements are currently underway to collate details of Nigerians in South Africa for voluntary repatriation flights for those seeking assistance to return home”.
According to reports, four Ethiopian nationals have also been killed in recent weeks, while there have been attacks on citizens of other African countries.
South African President Cyril Ramaphosa has condemned the attacks but also cautioned foreigners to respect local laws.
He used his Freedom Day address last week – marking the country’s first democratic elections in 1994 – to remind South Africans of the support other African nations had given in the struggle against the racist system of apartheid.
However, anti-immigrant groups in South Africa have accused foreigners of being in the country illegally, taking jobs from locals and having links to crime, especially drug trafficking.
They have also reportedly been stopping people outside hospitals and schools, demanding to see their identity papers.
Last month, Ghana summoned South Africa’s top envoy after a video was widely shared showing a Ghanaian man being challenged to prove he had the correct immigration papers.
Anti-immigrant sentiment rose earlier this year after reports that the head of the Nigerian community in the port city of KuGompo (formerly East London) had been installed in a traditional role often translated as “king”. Some South Africans in the local area saw this as an attempt to grab political power and kicked against it.
South Africa is home to about 2.4 million migrants, just less than 4 per cent of the population, according to official figures. However, many more are thought to be in the country without official authorisation. Most come from neighbouring countries such as Lesotho, Zimbabwe and Mozambique, which have a history of providing migrant labour to their wealthy neighbour.
By Kestér Kenn Klomegâh
Within the heightening of geopolitical tension, the United States is actively building diversified entrepreneurial partnerships with African countries, reviewing and restyling working relations with relevant institutions and adopting new policy frameworks largely based on African-led initiatives. The economic policy architecture concentrates more on bilateral partnerships, but with some variation of investments in infrastructure and exploiting natural resources, while taking into account the needs of individual African countries.
In the context of broadening economic dimensions, the Corporate Council on Africa (CCA) and the Government of the Republic of Mauritius have agreed to hold the 18th US-Africa Business Summit on July 26-29, 2026.
According to reports, Dhananjay Ramful, Minister of Foreign Affairs, Regional Integration and International Trade of the Republic of Mauritius and Ms Florizelle (Florie) Liser, President and CEO of CCA, signed the agreement on the sidelines of the United Nations General Assembly in New York.
The US-Africa Business Summit is one of the most important business platforms that annually brings together African Heads of State and Government, Ministers, high-level US and African Government Officials, CEOs, and senior executives of the US and African companies to explore investment, trade and commercial opportunities.
The selection of Mauritius as the host country for the 18th US-Africa Business Summit bears testimony to the deep commitment of the country to play a key role in strengthening a mutually beneficial trade and investment relationship between Africa and the United States. Both envision facilitating bilateral trade and building long-term and high-value economic partnerships.
Positioned at the crossroads of Africa and Asia in the Indian Ocean, Mauritius is recognised for its political stability, reform-driven economy, strong governance, innovation-friendly policies and high-quality local infrastructure. It offers a strong regulatory framework, a sophisticated financial services sector, and a proven track record as a gateway for investment into Africa. As a dynamic financial and trade hub, Mauritius is an ideal setting for the 2026 US-Africa Business Summit.
With momentum building across both public and private sectors, this Summit provides an excellent opportunity for participants to engage on critical issues impacting the US-Africa trade and investment relationship and strike landmark deals in key sectors such as energy, infrastructure, agri-business, health, ICT and financial services that will have a high impact on the lives of African and American citizens, enterprises, workers and consumers.
In a thoroughly analytical study, the CCA has broadened its operational focus to the entire Africa, strategically dealing with institutions that matter for implementing its economic policy initiatives. In order to ensure a significant degree of success, CCA is seriously addressing the complex diversities on the continent, explaining to leaders within the political structures the essence of large-scale cooperation.
Florie Liser, President & CEO of CCA, said: “We are delighted to bring the 2026 U.S.-Africa Business Summit to Mauritius, a country known for its strategic location, strong governance, and dynamic business environment. This Summit will provide a critical platform to strengthen U.S.-Africa economic relations, explore investment opportunities, and foster partnerships that will increase two-way trade.”
Liser underlined the fact that high possibility exists for stronger engagement through initiatives that support trade and investment (including renewal of the African Growth and Opportunity Act (AGOA), and continued policy and financing support by key US government agencies including the Export-Import Bank of the U.S. (Eximbank), Development Finance Corporation (DFC), US Trade and Development Agency, Departments of State and Commerce, US Trade Representative and others.
The Dhananjay Ramful, Minister of Foreign Affairs, Regional Integration and International Trade of the Republic of Mauritius, stated: “Mauritius is honoured to host the 2026 US -Africa Business Summit and play a key role in strengthening a mutually beneficial trade and investment relationship between Africa and the United States. Our nation has long been a bridge between Africa and the world, and we are committed to creating an enabling environment that encourages trade, innovation, and inclusive growth. Hosting this prestigious gathering further underscores Mauritius’ role as a hub for investment and partnership in Africa.”
The United States brings a distinct and compelling value proposition to partnerships in Africa, grounded in transparency, high standards, and a long-term commitment to mutually beneficial US-Africa economic and commercial partnerships. In addition, the US companies are known for delivering quality products and services, fostering innovation, and building partnerships that prioritise local value creation, skills transfer, and economic impact. These are not short-term engagements—they are investments designed to support businesses and growth on both sides of the Atlantic.
That means continuing to mobilise capital, support competitive US participation in African markets, and ensure that partnerships are responsive to the priorities of African countries. The role of the Corporate Council on Africa is to help bridge that gap—connecting businesses to opportunities, advocating for policies that enable investment, and ensuring that the US–Africa commercial relationship remains strong, competitive, and mutually beneficial.
The Corporate Council on Africa (CCA) is the leading US business association focused solely on connecting business interests in Africa. It encourages US-Africa private sector partnerships and advocates for a business climate conducive to long-term investment. Founded in 1993, CCA has been at the forefront of fostering strategic partnerships, promoting investments, and facilitating trade between the United States and the diverse nations of Africa.
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