Helene Lindbergh

Cameroon economy in early 2026 was shaped by budgetary and monetary signals, including a fiscal roadmap prioritizing IMF engagement, debt sustainability, PPPs, and investment. Growth is projected around 3.5–3.7%, inflation easing near targets. High financing needs persist, with external borrowing and ESG-linked loans planned. Trade gains from China and expanding money supply support outlook cautiously.

Morocco's Finance Law execution at end-June 2026 shows a reduced budget deficit of 20.2 billion dirhams, down from 24.9 billion a year earlier. Ordinary resources reached 357.8 billion dirhams against 377.9 billion in spending. Total resources stood at 418.2 billion, while expenditures hit 413.2 billion, reflecting moderate progress in budget forecasts during the first half.

Bounced checks continue harming SMEs despite stricter rules in Morocco, as unpaid payments trap billions of dirhams in receivables. Small businesses face payment delays exceeding 120 days and most bad checks involve amounts between 1,000 and 50,000 dirhams. Regulatory efforts have reduced incidents slightly, but distrust of checks is growing, threatening the survival of SMEs.

Morocco's textile industry is shifting from volume to value through energy efficiency, AI, R&D, and new markets. Energy audits show 21.6% savings potential, boosting competitiveness. AI improves maintenance and production, while research expands into advanced, sustainable materials. Partnerships and exports, Germany aim to convert innovation into growth, positioning Morocco as a high-value, technology-driven textile hub.

LabelVie increased first-half 2026 revenue by 16.8% to 10.193 billion dirhams, driven by store openings and higher customer traffic. The retailer opened 72 new stores during the first six months and invested 666 million dirhams in expansion while maintaining stable debt levels under its Vision 2028 strategy.

Morocco is rapidly closing the air travel gap with South Africa, driven by 8.8% capacity growth and expanding European low-cost carriers. Ryanair now leads international capacity, while airports beyond Casablanca support tourism growth. Passenger numbers and tourism revenues are rising, but Morocco remains increasingly dependent on European airlines whose seasonal capacity can quickly shift.

Bosch Capital is demanding nearly 185 billion CFA francs ($330 million) from Gabon over disputed defense contracts inherited from Paramount Group. The fund acquired the debt in 2025 and has given Gabon until September 3, 2026, to pay, threatening public action. The dispute adds pressure amid fiscal constraints, rising debt, and concerns over Gabon's sovereign creditworthiness.

The Comoros banking sector strengthened in 2025, with assets rising 14%, deposits 13.5%, and loans 8%. NPLs fell sharply to 9%, while profits increased 50%, though profitability remained concentrated. Reforms advanced Basel III compliance, institutional independence, leasing, SOGAK guarantees, and digital payments. Financial inclusion also expanded through modernized payment infrastructure and banking-agent networks.

CGF Bourse is launching three impact bond issuances totaling 90 billion FCFA between September and October 2026. The funds will support SME financing, youth and women's entrepreneurship, social housing and urban development. The initiative will increase sustainable and green bonds listed on BRVM from four to seven, strengthening CGF Bourse's role in West Africa's impact-finance market.

Enel commissioned Impofu, a 336 MW wind farm in South Africa's Eastern Cape, among the country's largest private wind projects. It will generate 1.2 TWh annually, powering 490,000 homes and avoiding 1.1 million tons of CO₂. The project strengthens Enel's leading position in South African renewables, where it now manages roughly 10% of total capacity.