West Africa News Desk — October 1, 2026 AM

Zach Martin

KMKT IR Hub Radio. West Africa News Desk. It's Thursday, October 1, 2026, and we start in Nigeria, which is marking its 66th independence anniversary.

Emily Martin

Morning. And WADR reports that citizens are expressing mixed reactions. Some are celebrating sovereignty, and others are, um, weighing that against the economic pressure they feel at home right now.

Zach Martin

Mixed. Sixty six years in, and the mood is both things at once.

Emily Martin

Both at once, yes. Okay, over to Ghana. KMKT IR Hub Radio. West Africa News Desk. The Ghana Gold Board, GoldBod, says it generated US$1.871 billion in foreign exchange from artisanal and small scale gold trading in September 2026.

Zach Martin

Wait, against what target?

Emily Martin

US$1.4 billion. So it cleared the monthly target by US$471 million. Of the total, US$701.3 million went to authorized commercial banks, against a target of US$700 million, to support liquidity in the market.

Zach Martin

So that's, that's basically right on the line for the banks.

Emily Martin

Right on the line. The Bank of Ghana is where the big gap shows up. It received US$1.170 billion, against an allocation target of US$700 million.

Zach Martin

Hmm. Almost double. Okay, so what's the plan for October? Because I'm picturing a runner who just set a personal best, and now the coach has to set the next goal.

Emily Martin

That's a fair picture. The October projection is US$1.5 billion. US$1 billion is planned for commercial banks, and up to US$500 million for the Bank of Ghana, under the Ghana Accelerated National Reserves Accumulation Programme, GANRAP. And GoldBod said the October sales will be conducted under its newly developed Spot FX Sales/Intermediation Framework.

Zach Martin

So the, the framework is new, the target is lower than September's actual, and the split shifts toward the banks.

Emily Martin

That's what the figures say. We'll leave it at the numbers as reported.

Zach Martin

Fair enough. Now, something you can actually hold in your hand. KMKT IR Hub Radio. West Africa News Desk. Business Tech Africa reports that Ghana will introduce a redesigned series of cedi banknotes called the Heritage Series starting November 3, 2026.

Emily Martin

All eight existing denominations, from GH¢1 to GH¢200, get redesigned. The notes will showcase the nation's heritage, heroes, and cultural symbols, and they modernize the security features.

Zach Martin

Does my old cedi stop working? Because that's the first thing I'd, I'd worry about.

Emily Martin

No. The value and function of the cedi remain unchanged. Same money, new face.

Emily Martin

KMKT IR Hub Radio. West Africa News Desk. On to the startup scene. The ECOWAS Startup Awards reached the finals stage in Abuja on September 30.

Zach Martin

How many people applied? I'm guessing a lot.

Emily Martin

Around 8,679 applications. Twenty finalists pitched for $65,000 in seed prizes, and organizers have a broader target of $5 million in follow on investment conversations, across fintech, agritech and healthtech.

Zach Martin

Twenty out of almost nine thousand. That's, that's a tight door. But I like that the prize is small and the conversations are big. That's how it usually goes. The seed gets you in the room.

Emily Martin

Mm. Staying with business. KMKT IR Hub Radio. West Africa News Desk. Rising Tide is providing a loan facility of up to about $1 million to Ororo Waste Management, a Lagos used cooking oil collector. It'll be drawn in tranches, and the terms weren't published.

Zach Martin

Used cooking oil. So, the stuff left in the fryer.

Emily Martin

Exactly that. The money pays for drums, trucks, hub storage, and working capital so collectors can be paid the same day. Ororo operates hubs in Lagos, Abuja and Port Harcourt, and wants more than 40 hubs within five years.

Zach Martin

And the collectors?

Emily Martin

From about 5,000 paid collectors to more than 200,000 by 2031, with women making up at least half of new appointments. The goal is 150,000 tonnes a year of certified oil for biodiesel and sustainable aviation fuel.

Zach Martin

Same day pay. That's the part I like. Small habits, compounding. Pay people today, they show up tomorrow.

Emily Martin

KMKT IR Hub Radio. West Africa News Desk. A few regional briefs. Senegal is hosting the 14th Pan African Conference on combating illicit financial flows and taxation.

Zach Martin

And Ghana and France are strengthening military cooperation, to address emerging security threats, including illegal mining and maritime security.

Emily Martin

And WADR reports the inaugural West Africa Regional Water Forum has wrapped up in Abidjan. It was convened by ECOWAS, UEMOA and the Permanent Interstate Committee for Drought Control in the Sahel, CILSS, under the theme Valuing Water to Transform West Africa.

Zach Martin

What came out of it?

Emily Martin

Participants adopted the Abidjan Declaration and a shared regional roadmap. They recognize water as a strategic resource for food security, energy, public health, economic growth and regional integration.

Zach Martin

KMKT IR Hub Radio. West Africa News Desk. One last story, and it's not in West Africa. It's in Lamu, Kenya, where Nigerian industrialist Aliko Dangote and Kenyan President William Ruto broke ground on a planned 700,000 barrel per day refinery.

Emily Martin

The price tag is $16 billion. Honeywell Technologies is providing engineering, licensing and equipment support. So, to be clear, this is an East African energy project, led by a Nigerian industrialist.

Zach Martin

There's a catch though, right? A court challenge.

Emily Martin

From local farmer groups, yes. Dangote remains upbeat. And President Ruto says the project is expected to provide 60,000 new direct and indirect jobs.

Zach Martin

That's the bulletin. For the West Africa News Desk, I'm Zach Martin.

Emily Martin

And I'm Emily Martin. Have a good Thursday.