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Focus On Gauteng’s 2023 Medium-Term Budget Policy Statement

Eye on Dubai EP3: Opportunities and trends for African tourism in Dubai

UBA: Buy interest seen at head & tail of bond curve

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Focus On: Guyana hosts 2023 Afri-Carribean Trade & Investment Forum

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-820x547.jpg" alt="" class="wp-image-412146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/H4E2SPMC6VKP5OWT7ATIA47WXA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">View of the Dangote Oil Refinery under construction in Ibeju Lekki district, on the outskirts of Lagos, Nigeria July 5, 2018. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



The President of Dangote Group, Aliko Dangote, has revealed plans to list the $20 billion Dangote Petroleum Refinery on the Nigerian Exchange (NGX), as the refinery prepares to start operations in December with a production volume of 350,000 barrels per day. <a href="https://www.cnbcafrica.com/media/6341906454112/analysing-dangotes-plan-to-list-20bn-refinery-on-ngx/">In an interview on CNBC Africa</a>, Oyeyemi Oke, Partner at AO2 Law, discussed the potential impact of this listing on the Nigerian Stock Exchange and the oil and gas industry.



Oyeyemi expressed optimism about the listing, citing the recent increase in activities on the Nigerian Stock Exchange. He stated, &#8220;In the last one year, we&#8217;ve seen some significant listings by financial services companies and the Nigerian Infrastructure Debt Fund. The proposed listing of Dangote Refinery Limited on the Nigerian Stock Exchange is good for opening up investment opportunities and improving market capitalization.&#8221;



Regarding the operation of the refinery, Oyeyemi highlighted the resolution of domestic crude oil supply issues, stating, &#8220;The domestic supply issues have been resolved, at least to a certain extent, to enable the refinery kick-off. There&#8217;s an estimate that about 6 million barrels of crude will be refined before the end of 2023.&#8221; He expressed hope that the refinery would start operations soon, as it is the largest single-train refinery in the country.



The discussion then shifted to the Nigerian National Petroleum Company Limited (NNPCL) and its aim to end petrol imports by the end of 2024. Oyeyemi acknowledged the ambitious target set by the NNPCL and attributed it to the company&#8217;s profitability-focused management team. He emphasized the importance of resolving domestic crude oil supply issues and ensuring a long-term commitment to the volume of crude oil required by the refineries.



Oyeyemi also urged the government to create an enabling environment for local refiners, emphasizing the need for availability of refined products in the domestic market. He stated, &#8220;Government should also create an environment for operators&#8230; in order to be able to ensure that there&#8217;s availability of product in the domestic market.&#8221;



The interview concluded with a discussion on the postponed OPEC Plus meeting, which is now scheduled for the 30th of the month. The delay is reportedly due to disagreements among producers regarding production levels and possible reductions, with African countries such as Angola, Nigeria, and the Congo being implicated. Oyeyemi commented that the challenges and issues discussed in the meeting were a continuation of the previous OPEC meeting in June. He mentioned Nigeria&#8217;s intention to increase its production level and highlighted the need to balance national interests with the collective interests of OPEC Plus members.



As the Nigerian oil and gas industry experiences these developments, investors and stakeholders are eagerly awaiting the listing of the Dangote Petroleum Refinery on the Nigerian Exchange. It is hoped that this listing will attract investment and contribute to the growth and stability of the Nigerian Stock Exchange.

Africas Richest Man Builds Nigerias $15 Billion Oil Refinery

Dangote Group plans to list $20bn refinery on NGX, with operations set to begin in December

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="826" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Installation-shot-A-World-In-Common-at-Tate-Modern-2023-Tate-Lucy-Green.jpg" alt="" class="wp-image-430929" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Installation-shot-A-World-In-Common-at-Tate-Modern-2023-Tate-Lucy-Green.jpg 826w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Installation-shot-A-World-In-Common-at-Tate-Modern-2023-Tate-Lucy-Green-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Installation-shot-A-World-In-Common-at-Tate-Modern-2023-Tate-Lucy-Green-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Installation-shot-A-World-In-Common-at-Tate-Modern-2023-Tate-Lucy-Green-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Installation-shot-A-World-In-Common-at-Tate-Modern-2023-Tate-Lucy-Green-768x512.jpg 768w" sizes="auto, (max-width: 826px) 100vw, 826px" /><figcaption class="wp-element-caption">Installation shot, A World In Common at Tate Modern 2023, Tate (Lucy Green)</figcaption></figure>



“It has to be a mark of something out there in the world,” the South Africa artist William Kentridge once remarked of the first line on a virgin canvas. Like a robust and long overdue visual interjection in the middle of a colonialized global creative economy, the African art market is now making an irresistible and indelible mark of its own. According to research firm ArtTactic, work by African artists exceeds a combined annual auction worth of $72 million (more than double its 2016 value).



“This surge in interest is a result of the convergence of different factors that have led to a thriving and dynamic African art scene, one that resonates with a global audience and challenges conventional notions,” says Elana Brundyn, Founding CEO of the Norval Foundation, and Founding Director of the Zeitz Museum of Contemporary Art Africa in Cape Town. “It’s a consistent and steadily growing interest and support for African and diasporic artists. It is not merely an art movement; it&#8217;s a cultural transformation that celebrates diversity, innovation, and identity, and a powerful force reshaping the way the world experiences all contemporary art.”



Brundyn says the exceptional body of work produced by these artists, “fearlessly delving into various aspects of identity, societal issues, and the dynamic essence of contemporary culture,” is now supported by a resilient infrastructure of African institutions and exhibition spaces, giving creators a reliable domestic platform from which to attract and expand international interest. “These institutions empower Africans to shape the narrative of Africa’s identity,” she says. “Artists are proud to exhibit their work on local soil.”



Global curiosity has also evolved into what Brundyn calls a “flourishing landscape” of art fairs dedicated to African art: 1-54 (London, New York and Marrakech), the Also Known As Africa exhibition (Paris), and the Investec Cape Town Art Fair feed a thriving network of secondary art markets, such as Sotheby’s Modern &amp; Contemporary African Art Auction.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/gettyimages-1514558940-612x612-1.jpg" alt="" class="wp-image-430901" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/gettyimages-1514558940-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/gettyimages-1514558940-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/gettyimages-1514558940-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">A vistor at an exhibition focusing on contemprorary African visual artists, including photography, video and audio works at Tate Modern London. (Photo by Judith Burrows/Getty Images)</figcaption></figure>



This demand is stimulated at ground level by viral excitement generated by social media, to the point where the traditional hierarchy of commodification is starting to dissolve. Awareness now drives audience appetite, rather than just accessibility. Africa-born artists are consistently featured or their works permanently exhibited in some of the world’s most influential galleries: one third of the 62 international exhibitors at this year’s 1-54 Contemporary African Art Fair at Somerset House in London were from the African continent. The White Cube gallery houses a collection by South African figurative painter Cinga Samson; the work of Nigerian photo-tapestry powerhouse Njideka Akunyili Crosby can be enjoyed in many of the most important galleries on both sides of the Atlantic, including the Metropolitan Museum of Art in New York and the Tate Modern in London.



Osei Bonsu, a curator at the Tate Modern and author of African Art Now: Fifty Pioneers Defining African Art for the Twenty-First Century,says his museum has embraced the demand for greater equitability and inclusivity. “Tate Modern is uniquely positioned in a growing landscape of institutions seeking to highlight art from Africa and its global diaspora,” he says. “The Africa Acquisitions Committee was founded in 2011 specifically to broaden the representation of such artists. The recent success of exhibitions such as El Anatsui’s Turbine Hall commission, and A World in Common: Contemporary African Photography, suggests that public interest is growing, as museums are seeking to address a broader and more inclusive vision of art history and contemporary culture.”



He points out that these are positive first steps; the global art market is worth close to $68 billion, dwarfing an African component with a long journey ahead before it reaches numbers that more equitably voice the ideas and creativity of a fifth of the world’s population. “We still need to see more sustained representation of African art through dedicated publications and monographic exhibitions,” he says. “But I’m hopeful museums like Tate will continue to play a leading role in connecting African art with local and international audiences.”



Dr Tenley Bick, Assistant Professor of Global Modern and Contemporary Art at Florida State University, says that global audience interest in these artworks is fuelled by a deep desire for recognition and discussion of the socio-political issues that inspire their creation.



“Those attuned to African arts and the global art world may have noticed two events in recent weeks: Art X, the fair of contemporary African art in Lagos, and Africa &amp; Byzantium at the Metropolitan Museum of Art in New York, an exhibition that also includes works by contemporary African artists,” Bick says. “Major museums, commercial galleries, and biennials in the US and Europe – where the ‘global’ art market is often dictated – are reckoning with systemic racism, resulting in changes in programming, acquisitions, and rosters, often with increased attention to the arts of Africa and its diasporas.”



She notes that these incremental but significant gains are the result of the cultural work invested over several decades. “They are long-fought and hard-won – by artist-activists like the Black Emergency Cultural Coalition in the US of the 1970s and the British Black Arts movement in the 1980s. And by important curators from the continent such as Salah Hassan (editor of the Nka Journal of Contemporary African Art), Smithsonian Institute senior fellow Olu Oguibe, and the late art critics and curators Okwui Enwezor and Bisi Silva.”



Brundyn believes that a buoyant global network, and an overlap of interest, demand and education, are creating a burgeoning market with the tenacity to outlast its relative novelty.



“The growing diversification of collections is increasingly evident as more individuals and institutions incorporate African artworks alongside other genres,” she says. “Academic and research institutions are dedicating more resources to studying and documenting art from Africa. This has led to a deeper understanding of the cultural, historical, and artistic significance of these artworks, and a renaissance that has facilitated greater cultural exchange between Africa and the rest of the world.”

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The African Art Renaissance: Surge In Interest And Impact On Global Market

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Fish and food processing company Oceana Group has reported a significant surge in revenue, with a 28.9% increase in headline earnings for the fiscal year ending September 30, 2023. The company, which operates in 31 geographies around the world, has seen growth in various sectors, including its flagship brand Lucky Star.



Neville Brink, the CEO of Oceana Group, highlighted the challenges faced by the company in an interview with CNBC Africa. He acknowledged the constrained consumer market in South Africa, which has been affected by inflation, high interest rates, and unemployment rates. However, Lucky Star has achieved a remarkable volume growth of over 9% by managing selling prices and working closely with trade partners to minimize costs.



In addition to the South African market, Oceana has also experienced growth in the United States. The company&#8217;s fishing operations in the US supply fish oil, an ingredient in the pet food and aquaculture industries. With the surge in pet ownership during the COVID-19 pandemic, the pet food market has seen astronomical growth, providing a positive environment for Oceana&#8217;s US business.



Oceana&#8217;s wild-caught seafood sector, which supplies hake, horse mackerel, and kinkler to West Africa and Western Europe, has faced challenges due to constrained catching rates. However, strong demand for healthy seafood has compensated for these challenges, resulting in a mixed bag of results but an overall successful year for the company.



Looking ahead, Oceana Group plans to focus on maintaining affordability for consumers through its Lucky Star brand. The company has invested heavily in stock, ensuring healthy volumes of Lucky Star cans already available. With the decline of the chicken industry, Oceana aims to maintain competitive prices and capitalize on the continued demand for Lucky Star products.



In the salmon farming sector, there is a continuous demand for fish oil, and Oceana is well-positioned as a producer. The company plans to leverage its healthy fish oil stocks to meet next year&#8217;s sales demand. Additionally, Oceana expects improved catching rates in the wild-caught sector due to changing environmental conditions, enhancing the supply of healthy seafood to European and South African markets.



To support future growth, Oceana Group intends to invest significantly in capital expenditure. The company plans to spend approximately 1.2 billion Rand over the next three years, primarily focusing on its West Coast factories for fish meal and fish oil production, as well as the cannery. Oceana has recently opened a new corn meat factory, the first of its kind on the West Coast of South Africa in many years, demonstrating the company&#8217;s confidence in its investment prospects.

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Oceana Group Reports Strong Revenue Growth and Plans for Future Expansion

In a recent interview with CNBC Africa, Wayne McCurrie, Portfolio Manager at FNB, <a href="https://www.cnbcafrica.com/media/6341842682112/cyber-monday-biggest-online-shopping-day/">discussed the role of South African online retailers on Cyber Monday</a>. McCurrie highlighted the limited opportunities for local players and the potential impact of international giants like Amazon.



Cyber Monday, known for its online deals and discounts, is not as popular in South Africa compared to other countries. McCurrie noted that while the concept is well-known, local online retailers have limited opportunities to participate in the event. Currently, Naspers&#8217; takealot.com is the biggest online retailer in South Africa, but it is just a small part of the company&#8217;s overall operations.



Brick-and-mortar retailers in South Africa have an online presence, but online activities still make up a relatively small percentage of their overall turnover. McCurrie pointed out that while some retailers, such as Checkers 60-60, have seen a 40% increase in online activity, it is still less than 10% of their total turnover. As a result, a day like Cyber Monday is unlikely to significantly impact their financial results.



Looking at the international perspective, McCurrie highlighted companies like Amazon as major players in the Cyber Monday phenomenon. While Cyber Monday is more popular in Asia, Amazon&#8217;s entry into the South African market poses a potential threat to local online retailers like takealot.com. McCurrie believes that Amazon could potentially overshadow takealot.com, and it is crucial for the local retailer to have plans in place to counteract this competition.



The profitability aspect of online retail was also discussed during the interview. McCurrie acknowledged that online retailers often offer discounted delivery and operate on small margins. However, he emphasized the importance of eventually charging the appropriate price for delivery to ensure profitability. Despite the challenges, McCurrie noted that online shopping has become increasingly convenient, thanks to smartphones and affordable data, allowing a wide audience to participate in online retail.



When discussing the potential benefits for payment service providers during Cyber Monday, McCurrie stated that while there could be some marginal benefit, the industry is intensely competitive. Every bank and cell phone company in South Africa has an online payments portal, but profitability has yet to be achieved as appropriate pricing has not been implemented.



Finally, McCurrie touched on the role of food retailers during Cyber Monday. He noted that while food retailers like Checkers 60-60 did benefit from the event, Cyber Monday is still way smaller in South Africa compared to Black Friday. Black Friday, which has expanded to Black Friday week and month in South Africa, remains the more significant shopping event, with food retailers leading the way in offering competitive prices.



South African online retailers face limited opportunities on Cyber Monday, with local players like takealot.com having a small presence compared to international giants like Amazon. While online activities are growing, they still make up a relatively small percentage of overall turnover for brick-and-mortar retailers. The entry of Amazon into the South African market could further impact the local online retail landscape.

A woman uses a trolley as she shops at a Pick n Pay store

South African Online Retailers Face Limited Opportunities on Cyber Monday, says Portfolio Manager at FNB

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-820x547.jpg" alt="" class="wp-image-424605" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man counts Nigerian naira notes in a market place as people struggle with the economic hardship and cashflow problems ahead of Nigeria&#8217;s Presidential elections, in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo</figcaption></figure>



In a <a href="https://www.cnbcafrica.com/media/6341841699112/expanding-africas-digital-payments-systems-/">recent interview</a> with CNBC Africa, Dr. Robert Ochola, CEO of AfricaNenda, discussed the challenges and opportunities for expanding Africa&#8217;s digital payments systems to promote financial inclusion. While progress has been made in reducing the number of financially excluded individuals, Dr. Ochola emphasized the need to accelerate efforts to onboard the remaining 350 million people.



Digital public infrastructure, comprising data, payments, and digital ID systems, is a critical component of Africa&#8217;s financial inclusion agenda, according to Dr. Ochola. By using open-source technology, African countries can build cost-effective payment systems, as demonstrated by Brazil&#8217;s success with its PICS system. However, the infrastructure required for these systems is still expensive, and alternative models, such as partnerships and data embassies, may be necessary.



Addressing the gender gap in access to financial products is another crucial aspect of expanding Africa&#8217;s digital payments systems. Dr. Ochola highlighted that 60% of the 400 million financially excluded Africans are women. To bridge this gap, solutions need to be designed with a gender lens, considering factors like onboarding, product design, and accessibility. Collecting and disaggregating data on transactions and usage by women is also essential for data-driven policy decisions.



Creating an enabling environment for the uptake and rollout of digital public infrastructure strategies requires several key actions, according to Dr. Ochola. First, there is a need for harmonization of policies at a pan-African level, which can then be implemented at regional and national levels. Second, partnerships and cost-effective infrastructure models are essential to reduce the expenses associated with building and maintaining necessary infrastructure. Finally, there is a need for upskilling developers and system integrators to harness Africa&#8217;s expertise in programming and technology development.



Ensuring the safety and security of digital payments is paramount to build confidence among users. Dr. Ochola mentioned that African Enda, in collaboration with partners, is piloting various solutions, including fraud management systems. The goal is to provide cost-effective tools to fintechs and create a local ecosystem that can serve customers affordably. By addressing concerns around cybersecurity and integrity, more individuals who are currently excluded due to cost constraints can be brought into the digital payments space.



Expanding Africa&#8217;s digital payments systems to promote financial inclusion requires focusing on onboarding the financially excluded, leveraging digital public infrastructure, addressing the gender gap, creating an enabling environment, and ensuring the safety and security of digital payments. By taking these steps, Africa can scale up the adoption of financial payment systems and drive economic growth and development across the region.

FILE PHOTO: Illustration shows U.S. dollars and Euro banknotes

Expanding Africa’s digital payments systems

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1221966026-820x547.jpg" alt="" class="wp-image-396212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1221966026-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1221966026-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1221966026-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1221966026-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1221966026-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Cell Tower | (Photo by Robin Utrecht/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



Pan African Towers, a leading provider of telecom infrastructure in Africa, h<a href="https://www.cnbcafrica.com/media/6341839886112/pan-african-towers-partners-dpi-verod-capital-for-growth/">as announced a strategic investment from Development Partners International (DPI) and Verod Capital.</a>



 The investment will serve as a launch pad for the next phase of Pan African Towers&#8217; strategy and will help accelerate the Nigerian telecommunications market.



In an interview with CNBC Africa, Azeez Amida, the CEO of Pan African Towers, discussed the significance of this partnership and how it fits into the company&#8217;s overall strategy. Amida emphasized that the investment was long overdue and would enable Pan African Towers to take advantage of the current activity in the telecom sector.



When asked about the attractiveness of the Nigerian market for digital infrastructure, Amida pointed out that Nigeria has a friendly regulatory environment, thanks to the efforts of the Nigerian Communications Commission (NCC). He believes that the boxes are already ticked in terms of the regulatory and business environment, and that Nigeria is a country with a large population and a strong demand for telecom services.



Amida sees the opportunity in the telecom infrastructure space in Nigeria, where there is a significant gap between the number of towers currently in operation and the desired number. According to the NCC, there are currently over 41,000 towers in Nigeria supporting 3G and 4G technology, but the Ministry of Commerce aims to increase that number to 80,000. Pan African Towers plans to close that gap and play for the excess capacity in the industry.



The company&#8217;s strategy is to aggressively roll out new towers, triple its tower count in the coming years, and concentrate its portfolio in areas where it is strongest. Pan African Towers is also open to acquisitions and partnerships, and will assess the demands of mobile network operators (MNOs) in order to deliver value to its customers and other players in the telecom sector.



While Nigeria is currently the company&#8217;s only market, Pan African Towers is keeping an open mind about expanding into other African markets. However, for now, the focus is on growing its presence in Nigeria. Amida expressed optimism about the outlook for the market, citing the industry&#8217;s contribution to the country&#8217;s GDP and the upcoming technological advancements, such as 5G.



Overall, Pan African Towers is excited about the Nigerian market due to its large population, technological advancements, and the role it plays as a bridge in the economy. The company recognizes the importance of providing the right telecom services to enable other sectors, such as banking, to thrive.



The investment from DPI and Verod Capital will undoubtedly propel Pan African Towers forward and help it capitalize on the opportunities in the Nigerian telecom sector. With its aggressive expansion plans, the company is well-positioned to meet the growing demand for digital infrastructure and support the development of the telecommunications industry in Nigeria.

Radio mast seen destroyed by a fire outbreak.Last night, a

Pan African Towers Partners DPI, Verod Capital for Growth

In a recent interview with CNBC Africa, Dr. Ines Hassan, Director at the Global Health Security Consortium, discussed the importance of advancing health financing mechanisms for Africa. The Consortium, based at the Tony Blair Institute for Global Change, is focused on driving deliberate change to improve the continent&#8217;s readiness for pandemics.



According to Dr. Hassan, the Consortium was formed in response to the COVID-19 pandemic and the realization of the inequities in access to medicines that it exposed. The organization seeks to address these issues by promoting local manufacturing, increasing the number of healthcare workers, fostering innovation, and strengthening regional and global health security.



The Consortium&#8217;s primary focus is on what they call the &#8220;Always On Agenda.&#8221; This approach aims to improve health systems today while also preparing for future pandemics. By investing in specific parts of the health system that serve the prevention agenda, such as access to vaccinations and long-acting injectables for non-communicable diseases, countries can strengthen their overall health systems and be better prepared for future emergencies.



Dr. Hassan highlighted the importance of viewing health and the economy as interconnected. The Consortium believes that by investing in prevention measures now, countries can mitigate the economic impacts of future pandemics. They advocate for longer-term fiscal planning that takes into account the benefits of prevention measures, such as improved population health and workforce productivity.



While the Consortium&#8217;s focus is global, Dr. Hassan emphasized the importance of addressing these issues in Africa. The continent has faced significant challenges during the COVID-19 pandemic, and investing in health security is essential for national and global security. Viruses know no borders, and if one country is unprepared, it poses a risk to all.



The Consortium believes that Africa, like other regions, should prioritize prevention measures rather than waiting for a pandemic to strike before responding. This includes pathogen surveillance to identify circulating viruses, boosting clinical research capacity, and building strong health systems that can respond effectively to emergencies.



Advancing health financing mechanisms for Africa is crucial for the continent&#8217;s readiness for future pandemics. The Global Health Security Consortium, through its &#8220;Always On Agenda,&#8221; seeks to improve population health today and strengthen health systems for future emergencies. By investing in prevention measures and viewing health and the economy as interconnected, countries can mitigate the impact of pandemics and ensure national and global security.

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Advancing Health Financing Mechanisms for Africa

Data from the <a href="https://www.ey.com/en_za/attractiveness/21/africa-attractiveness-report-">EY Africa Attractiveness Report</a> reveals that 2022 witnessed a significant rebound in foreign direct investment (FDI) into Africa, with the cleantech sector emerging as the leading driver of FDIs. The report also indicates that African governments need to implement various reforms to attract the next generation of critically needed FDIs. In an interview with CNBC Africa, Damilola Aloba, a partner at Ernst &amp; Young, discussed the key findings of the report and offered insights into how Africa can make the most of the attention it is currently receiving.



Aloba highlights the challenges faced by FDI in Africa, citing global shocks such as the COVID-19 pandemic and the Russia-Ukraine war. These shocks dampened investor confidence and made them cautious about committing capital to African markets. Travel restrictions and disruptions in the global supply chain further worsened the situation, impeding investment processes and causing vulnerabilities in sectors like tourism, hospitality, and manufacturing.



Looking into the future, Aloba emphasizes the importance of Africa pivoting to sectors like cleantech to attract more FDIs. The continent is already gaining attention in emerging industries such as the electric vehicle space and minerals. To make the most of this attention, Africa needs to have investor-friendly policies, accelerate reforms, develop technology and infrastructure capacity, invest in skills development, and prudently manage public finances. These measures, along with economic diversification, will accelerate FDI inflows into African countries.



Aloba addresses the issue of countries like Nigeria that still heavily depend on extractive industries. He states that Nigeria&#8217;s current government is focusing on policies and initiatives aimed at attracting investments into the mining industry. The country&#8217;s oil and gas sector, which falls under the extractive industry, has faced challenges in recent years, but it has started to recover. Aloba suggests that Nigeria should also focus on producing materials for electric vehicles and explore the lithium space, which is already attracting significant investments. By playing a critical role in the cleantech sector, Nigeria can ramp up FDI inflows.



The report highlights the strong rebound of FDIs into Africa in 2022, driven by the cleantech sector. To attract the next generation of critically needed FDIs, African governments need to implement investor-friendly policies, develop technology and infrastructure capacity, invest in skills development, and prudently manage public finances. Economic diversification will also play a crucial role in accelerating FDI inflows. Nigeria, in particular, can leverage its focus on extractive industries by expanding into clean technology and attracting investments in the mining industry, electric vehicle materials, and the lithium space. These measures will enhance Africa&#8217;s attractiveness to investors and contribute to the continent&#8217;s economic growth and development.

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1026624864-820x547.jpg" alt="" class="wp-image-411521" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1026624864-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1026624864-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1026624864-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1026624864-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1026624864-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1026624864-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Signage stands on the exterior of the Johannesburg Stock Exchange (JSE) in the Sandton district of Johannesburg, South Africa, on Monday, Sept. 3, 2018. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



The Johannesburg Stock Exchange (JSE) has been experiencing a decline in the number of listed companies, a trend that is being observed globally due to the growth of private equity and venture capital. However, the JSE is not resting on its laurels and is actively seeking partnerships and making changes to its listings requirements to encourage more companies to list and remain on the platform.



One of the measures the JSE has taken is the introduction of new products such as dual class voting shares that have been popular in the US and other countries for tech companies. These shares give founders and executives more voting power, allowing them to retain control even if they own a smaller stake in the company. The JSE has also introduced infrastructure real estate investment trusts (REITs) as a new product.



In addition to introducing new products, the JSE has made changes to its listings requirements to make it easier for companies to list and remain listed without compromising investor protection. The JSE has reviewed its rule book to identify rules that can be simplified and has embarked on a cutting red tape project to reduce unnecessary burdens on listed companies.



Furthermore, the JSE has been actively seeking partnerships and exploring opportunities for new listings globally. It has been in countries such as the UK, Poland, Germany, Luxembourg, and the United States to attract new listings. The JSE has also announced inward listing frameworks for Singapore and Hong Kong.



These efforts have already started to bear fruit with companies like Primary Health Properties (PHP) inward listing from the UK earlier this year with a market capitalisation of 30 billion rand. Additionally, companies like Premier, which split from the break group, and Copper 360 have listed on the JSE.





While the number of delistings on the JSE may not be historically high, the challenges lie in attracting new listings. The JSE is focusing on encouraging small-cap companies to list and is working with asset managers to revive retail investment. The JSE has seen an increase in retail activity on its market since the COVID-19 pandemic.



At the same time, the JSE is actively seeking inward listings from larger companies as many of the large companies in South Africa are already listed on the JSE. The JSE aims to attract inward listings from companies with market capitalisations of tens of billions of rand.



Looking ahead to 2024, the JSE expects to see more companies coming to the market for new listings in the second half of the year, once the uncertainty of the elections has passed. The JSE is also focusing on Asia, particularly Hong Kong and Singapore, for inward listings, although these efforts will take time to build relationships and bear fruit.



The JSE has been proactive in addressing the decline in the number of listed companies by introducing new products, making changes to its listings requirements, and seeking partnerships and new listings globally. These efforts are aimed at encouraging more companies to list and remain on the platform, ultimately boosting the overall market.

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