Trade: Africa’s foreign currency assets increase by 2.6%

According to Afreximbank's 2024 African Trade Report, Africa's foreign exchange assets are expected to grow by 2.6% to $411.9 billion in 2023. The increase, following a contraction in 2022, is attributed to strong demand for commodities, sustained investment and increased remittances. The appeal of gold as a safe haven is growing, with countries such as Madagascar and Nigeria bolstering their reserves with the asset.Source: Africa News Agency