AGP Executive Report

Business Expansion: Madagascar billionaire Ylias Akbaraly is seeking a $450 million deal to modernise Nigeria’s public broadcasting network through Thomson Broadcast, which he controls. The contract still needs government approval and financing. Energy Investment: AXIAN, led by Malagasy billionaire Hassanein Hiridjee, has secured up to $62 million in financing for a solar plant in Ivory Coast expected to power about 240,000 people from 2028. Digital Economy: GSMA says digital policy reforms could add MGA 4 trillion to Madagascar’s GDP by 2031 and bring 1.13 million more people online. Trade and Food: India is targeting rice exports of up to 25 million tonnes a year and identified Madagascar as a market that imported rice this year. Governance: Madagascar has paused corruption cases involving a former president and officials, while a separate high-profile aircraft case involving businessman Mamy Ravatomanga is heading to trial. Both developments put the country’s business climate and accountability under scrutiny. Natural Resources: Rising success has put Madagascar’s prized wild pepper at risk as shrinking forests threaten a valuable harvest and the livelihoods tied to it.

Corporate Investment: Madagascar-linked AXIAN secured up to $62 million for an Ivory Coast solar project expected to supply power to about 240,000 people. Separately, billionaire Ylias Akbaraly is seeking a roughly $449 million Nigerian broadcasting contract for his French company, Thomson Broadcast. Digital Economy: GSMA estimates digital reforms could connect 1.12 million more people in Madagascar and add MGA 4.1 trillion to GDP by 2031. Trade & Agriculture: India is targeting annual rice exports of up to 25 million tonnes and identified Madagascar as a recent buyer, underscoring the island’s reliance on imported rice. Governance & Business: A trial over five Boeing jets allegedly routed to Iran through Malagasy registrations puts businessman Mamy Ravatomanga at the centre of a major corruption case; he denies wrongdoing. Separately, Madagascar has paused corruption cases involving former officials while the High Constitutional Court considers jurisdiction. Natural Resources: Madagascar’s prized wild pepper faces pressure from rising demand and shrinking forests, putting a valuable forest product and local livelihoods at risk.

Corruption Trial: Madagascar businessman Mamy Ravatomanga is a central defendant in a case over five Boeing 777s temporarily registered in Madagascar before reaching Iran. Investigators allege he received €5 million; he denies wrongdoing. Accountability: Anti-corruption proceedings involving former president Andry Rajoelina and other officials are on hold pending a court ruling on jurisdiction. Allegations include the misappropriation of 36 kilograms of gold and irregular school-furniture contracts. Digital Economy: GSMA says policy reforms could connect 1.12 million more people and add MGA 4.1 trillion to Madagascar’s GDP by 2031. Agriculture: Madagascar’s prized wild pepper is at risk as forests shrink, raising concerns for a valuable product and the communities that harvest it. Energy Investment: AXIAN, led by Malagasy tycoon Hassanein Hiridjee, secured up to $62.3 million in financing for a 50-megawatt solar plant in Ivory Coast, expected to begin operating in 2028.

Accountability: Madagascar has suspended cases involving former President Andry Rajoelina and other officials while the High Constitutional Court considers whether the anti-corruption unit has jurisdiction. Allegations include the diversion of 36 kilograms of gold and irregular school-furniture contracts. Gold Trade: A New York Times investigation says Madagascar’s gold-stockpile purchases were traced to a supplier where a reporter saw children working, raising questions about sourcing and oversight. Digital Economy: GSMA says digital policy reforms could connect 1.12 million more people to mobile internet and add MGA 4.1 trillion to GDP by 2031. Exports and Investment: Madagascar’s sought-after wild pepper sells for €150–€200 a kilogram in France, but destructive harvesting and shrinking forests threaten supply. Meanwhile, Malagasy group AXIAN secured up to $62 million in financing for a solar project in Ivory Coast.

Governance: Madagascar’s anti-corruption unit has paused cases involving former president Andry Rajoelina and other ex-officials while the High Constitutional Court decides whether the courts have jurisdiction. The complaints include alleged gold and public-funds misappropriation; the allegations have not been resolved. Business & Energy: AXIAN has secured up to $62.3 million in financing for a 50-megawatt solar plant in Ivory Coast, extending the Malagasy group’s regional energy investments. Construction is under way, with operations expected in 2028. Digital Economy: GSMA says digital policy reforms could connect 1.13 million more people in Madagascar and add MGA 4 trillion to GDP by 2031. Agriculture & Exports: Chinese hybrid rice is reportedly boosting harvests and livelihoods, while demand for Madagascar’s prized wild pepper brings export income but adds pressure on forests; the spice sells for €150–€200 per kilogram in France. Climate Risk: The UN warns a potentially record-strength El Niño could intensify weather extremes. Southern Madagascar is already facing dry conditions, raising concerns for food supplies and livelihoods.

Regional Investment: Malagasy-run AXIAN secured up to $62.3 million from Dutch development bank FMO for a 50-megawatt solar plant in northern Côte d’Ivoire. Construction is underway, with operations expected in 2028. Export Risks: Madagascar’s prized wild Voatsiperifery pepper sells for €150–€200 a kilogram in France, but destructive harvesting and shrinking forests threaten supply. Certification efforts aim to support more sustainable trade. Climate and Food: The UN warns El Niño could reach unprecedented strength, while southern Madagascar is already showing drought stress—a risk for livelihoods and agriculture. Digital Growth: GSMA says reforms could connect 1.13 million more people to mobile internet and add MGA 4.1 trillion to GDP by 2031. Madagascar also climbed seven places to 113th in the 2026 Global Innovation Index. Agriculture: Chinese hybrid rice is reportedly boosting harvests and livelihoods in Madagascar, offering a potential lift to rural incomes and food production.

Export Trade: Madagascar’s prized Voatsiperifery pepper sells for €150–€200 per kilogram in France, but harvesting practices are damaging forest habitat, which has shrunk 27% since 1990. Efforts to certify sustainable harvests face enforcement challenges. Digital Economy: GSMA estimates targeted reforms could connect 1.13 million more people to mobile internet and add MGA 4.1 trillion to GDP by 2031. Agriculture: Chinese hybrid rice is taking root in Madagascar, with reports of higher harvests and improved livelihoods. Innovation: Madagascar climbed seven places to 113th in the 2026 Global Innovation Index, though the ranking highlights the need to turn progress into broader economic gains.

Digital Economy: GSMA says policy changes could connect 1.13 million more people to mobile internet and add MGA 4.1 trillion to Madagascar’s GDP by 2031. Priorities include cheaper smartphones, rural coverage, tax reform and stronger demand for digital services. Innovation: Madagascar climbed seven places to 113th in the 2026 Global Innovation Index, though the ranking highlights the need for sustained investment in skills, research and business development. Agriculture: Chinese hybrid rice now covers 90,000 hectares in Madagascar, yielding about 7.5 tonnes per hectare—two to three times traditional varieties—offering farmers a boost as planting season approaches. Mining: A New York Times investigation says the London Bullion Market Association helped alter and backdate paperwork certifying Malagasy gold as responsibly sourced. Separately, US development finance of up to $4.84 million is supporting early work on Madagascar’s Ampasindava rare-earth project, though processing capacity remains a key challenge. Digital Skills: Madagascar and Orange have partnered to expand digital skills training and vocational education.

Innovation: Madagascar climbed seven places to 113th in the 2026 Global Innovation Index, showing gains are possible despite limited resources. Digital Economy: GSMA says reforms to make smartphones more affordable, extend rural networks, cut mobile-sector taxes and boost digital services could connect 1.13 million more people and add MGA 4.1 trillion to GDP by 2031. Yet only 14.3% of people used mobile internet in 2025, and a third of rural residents lack 4G coverage. Agriculture: Chinese hybrid rice has spread across 90,000 hectares, yielding about 7.5 tonnes per hectare — two to three times traditional varieties — and supporting farmers’ harvests and livelihoods. Food Security: Some 3.7 million people face acute food insecurity. Weak harvests are driving up food prices and rice imports, putting pressure on the trade balance and foreign-exchange reserves. Mining: A U.S. development finance agreement offers up to $4.84 million for studies and pilot work at Madagascar’s Ampasindava rare-earth deposit. Analysts warn that mining alone will not reduce reliance on China unless processing capacity is also developed.

Digital Economy: GSMA says reforms to make smartphones more affordable, extend rural networks and ease mobile-sector taxes could bring 1.13 million more people online and add MGA 4.1 trillion to Madagascar’s GDP by 2031. Despite wider coverage, mobile internet use remains low, with affordability and digital skills major barriers. Agriculture: Hybrid rice grown on 90,000 hectares is averaging 7.5 tonnes per hectare—two to three times traditional varieties—offering a route to stronger harvests. But drought has left 3.7 million people facing acute food insecurity, and higher rice imports are straining the trade balance and foreign-exchange reserves. Critical Minerals: The U.S. International Development Finance Corporation has committed up to $4.84 million for studies and pilot work at the Ampasindava rare-earth deposit. The project highlights a key hurdle: mining ore alone will not reduce reliance on China unless refining and processing capacity also develops.

Digital Economy: GSMA says reforms to make smartphones affordable, extend rural networks, change mobile taxes and boost digital services could connect 1.13 million more people and add MGA 4.1 trillion to GDP by 2031. Mobile internet use remains low: just 14.3% of people subscribed in 2025. Agriculture and Food Prices: Hybrid rice has spread across 90,000 hectares, yielding about 7.5 tonnes per hectare—two to three times traditional varieties. But 3.7 million people face food insecurity as poor rains hit harvests; increased rice imports are pressuring the trade balance and foreign-exchange reserves. Digital Skills: Madagascar and Orange have partnered to expand vocational and digital training, while Yas Madagascar has opened a digital learning hub in Antsirabe. Mining Investment: Australia’s Harena secured up to US$4.84 million from the U.S. DFC for studies and pilot-plant development at the Ampasindava rare-earth project, a step toward developing a non-Chinese supply source.

Digital Economy: GSMA says targeted reforms could bring 1.13 million more people online and add MGA 4.1 trillion to Madagascar’s GDP by 2031. Priorities include cheaper smartphones, rural network expansion, lower mobile-sector taxes and stronger digital skills; 66% of people already within mobile broadband coverage still do not use mobile internet. Agriculture: Chinese hybrid rice has spread across 90,000 hectares, yielding about 7.5 tonnes per hectare—two to three times traditional varieties—offering a boost as Madagascar faces food shortages. Food Security: An estimated 3.7 million people face acute hunger. Poor harvests have driven up prices and forced more rice imports, putting pressure on the trade balance and foreign-exchange reserves. Digital Skills: Madagascar’s vocational training ministry and Orange are working to align digital courses with employer needs and create clearer career paths. Mining: A US-backed rare-earth project at Ampasindava has funding of up to $4.84 million for studies and pilot work, but the project highlights a key challenge: mining ore alone does not secure the refining capacity needed to produce usable materials.

Digital Economy: GSMA says targeted reforms could bring 1.13 million more people online and add MGA 4.1 trillion to Madagascar’s GDP by 2031. Smartphone costs, limited digital skills and gaps in rural 4G remain major barriers. Agriculture: Chinese hybrid rice now covers 90,000 hectares in Madagascar, with average yields of about 7.5 tonnes per hectare—two to three times those of traditional varieties. Skills and Jobs: Madagascar’s technical education ministry and Orange Madagascar will update vocational training to better match employers’ demand for digital skills. Food Security: About 3.7 million people face acute food insecurity. Poor harvests have pushed up food prices and increased rice imports, adding pressure to the trade balance and foreign-exchange reserves. Critical Minerals: Madagascar formalised Harena’s permit to develop the Ampasindava rare-earth deposit, but the project highlights a challenge for investors: mining ore alone does not secure the refining and processing capacity needed to supply manufacturers.

Critical Minerals: Harena’s Ampasindava rare-earth project has a U.S. funding agreement worth up to $4.84 million for studies and pilot-plant work. But mining ore alone will not break China’s grip: Madagascar also needs processing capacity to turn it into usable materials. Digital Economy: GSMA says policy reforms could bring 1.13 million more people online and add MGA 4.1 trillion to GDP by 2031. Priorities include cheaper smartphones, rural coverage, lower mobile-sector taxes and digital literacy; 66% of people within broadband coverage still don’t use mobile internet. Agriculture: Chinese hybrid rice covers 90,000 hectares in Madagascar, yielding about 7.5 tonnes per hectare—two to three times traditional varieties. Yet drought has left 3.7 million people facing acute food insecurity, with imports straining trade and foreign-exchange reserves. Skills and Jobs: Madagascar’s technical education ministry and Orange are partnering to update vocational training and build digital career pathways.

Digital Economy: GSMA says targeted reforms could bring 1.13 million more people online and add MGA 4.1 trillion to Madagascar’s GDP by 2031. Priorities include cheaper smartphones, rural network expansion, mobile-sector tax reform and stronger digital skills. Food and Trade: About 3.7 million people face acute food insecurity, including 426,000 in critical conditions. Poor harvests are pushing up food prices and rice imports, putting pressure on the trade balance and foreign-exchange reserves. Agriculture: Chinese-supported hybrid rice has been planted across 90,000 hectares, yielding an average 7.5 tonnes per hectare—two to three times traditional varieties—as Madagascar seeks to boost domestic food production. Workforce Development: Madagascar’s technical education ministry and Orange Madagascar will update vocational training and career pathways to match demand for digital skills.

Food and Prices: Madagascar is among 22 countries facing the highest hunger risk, with 3.7 million people acutely food insecure. Drought has cut rice, cassava and maize harvests, pushing up prices and forcing more rice imports—straining the trade balance and foreign-exchange reserves. Digital Economy: GSMA estimates targeted reforms could connect 1.13 million more people to mobile internet and add MGA 4.1 trillion to GDP by 2031. Priorities include cheaper smartphones, rural networks, tax reform and digital services; Orange Madagascar has also partnered with the vocational education ministry to align digital training with employer needs. Agriculture: Chinese-supported hybrid rice has spread across 90,000 hectares, yielding about 7.5 tonnes per hectare—two to three times traditional varieties—offering a boost to domestic food production. Clean Energy: UK-backed funding for projects across eight African countries, including Madagascar, will support power for services such as healthcare, telecoms and small businesses.