<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-820x462.jpg" alt="" class="wp-image-562913" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-1536x865.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



For the first time since its inception 12 years ago, the All Africa Business Leaders Awards has announced its first African of the Decade Award. This prestigious new award pays homage to an African who, over the past decade, has made enormous strides in developing Africa and its people and made an impactful contribution to improve the fortunes of economies on the continent.&nbsp; &nbsp;&nbsp;



Introduced by the ABN Group, in partnership with CNBC Africa, the AABLA™ is a signature event and the continent’s leading business recognition platform, which has been telling Africa&#8217;s stories of perseverance, success, innovation, and accountability for the past 12 years by identifying and honouring the best in African business.



The African of the Decade Award recognises an individual who has spearheaded innovative solutions, projects and initiatives that address pressing social, economic, or environmental challenges. This is a person who has consistently shown leadership, vision, and dedication in driving positive change and sustainable development in Africa; someone who has created a lasting and measurable impact on the lives of individuals, communities, or the continent as a whole.



The recipient of the inaugural African of the Decade Award is Dr. Akinwumi&nbsp;Adesina, whose exceptional leadership and commitment to Africa&#8217;s progress have made an undeniable and lasting impact.



Dr. Akinwumi&nbsp;Adesina&nbsp;started his impactful tenure as Nigeria&#8217;s Minister of Agriculture. Furthermore, as the visionary leader of the African Development Bank, he has elevated the continent&#8217;s potential on the global stage. Through the bank&#8217;s High Fives initiative and his ambitious collaboration with the World Bank to provide electricity to 300 million Africans, his leadership has been at the forefront of improving lives across Africa over the past decade.



According to Dr Rakesh Wahi, Chairman of the ABN Group and Founder of the AABLA™, Dr. Adesina had been selected for the Award because of his single-minded commitment to the development of the African continent and its people. “He has not only invested and catalysed development but has inspired and empowered others to become change makers and to contribute to the advancement of Africa. He has sustained a track record of success and achievement over the past decade, with tangible results and outcomes that have made a remarkable difference on the continent. It is with pride that we present this award to Dr. Adesina,” Dr Wahi elucidated.&nbsp;



Other criteria for the award, met by Dr. Adesina, were that he:



<ul class="wp-block-list">
<li>Collaborated with diverse stakeholders, including governments, NGOs, businesses, and communities, to achieve shared goals and create lasting change.&nbsp;</li>



<li>Shown resilience, determination, and perseverance in the face of challenges and obstacles, and continued to drive forward despite setbacks.</li>



<li>Demonstrated a deep understanding of the complexities and nuances of the African context, and leveraged this knowledge to create effective and sustainable solutions.</li>



<li>Embodies the values of inclusivity, diversity, and equity, and works towards creating a more just, equitable, and prosperous Africa for all.</li>
</ul>

20241206_135110(0)

Inaugural African of the Decade Award announced by All Africa Business Leaders Awards

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TFGHJKL-820x774.png" alt="" class="wp-image-412577" width="739" height="698" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TFGHJKL-820x774.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TFGHJKL-300x283.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TFGHJKL-95x90.png 95w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TFGHJKL-768x725.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/TFGHJKL.png 844w" sizes="auto, (max-width: 739px) 100vw, 739px" /><figcaption>&nbsp;Kabelo Makwane, Managing Executive: Cloud, Hosting &amp; Security, Business Solutions; Vodacom Business&nbsp;</figcaption></figure>



The first risk concerned job losses, with more than 110 million fewer jobs available globally and 14 million more people inactive in the job market or who aren’t seeking work in OECD countries, this painted a grim picture for long-term unemployment. The second major concern pointed out the existing social and economic divide which had been further deepened by the pandemic. Some of these imminent problems are the diminishing working hours for the lower income earners, the remote model be it for working or learning not being accessible to all, and the growing youth employment gap. The outlook also reported that approximately 3 million more youth across the OECD countries fall under its NEET (Not in Employment, Education or training) bracket, compared to 2019.&nbsp;



Attendees to the 2nd&nbsp;annual&nbsp;Future of Work Virtual Conference&nbsp;can look forward to sessions that will all reflect on what&#8217;s happening on ground and the speed of transformation, as prominent speakers engage on new work trends for the post-pandemic business. This half day conference is&nbsp;being brought to audiences, free of charge, on Wednesday 13 October 2021 from 12h30pm to 15h30pm CAT, by CNBC AFRICA in partnership with Vodacom Business, SEACOM Business and FORBES AFRICA.&nbsp;



&nbsp;“We have been hearing about the benefits of 5G for years now, but it wasn&#8217;t until remote work, video conferencing and digital collaboration became core parts of our lives this year that the need for reliable connectivity and more bandwidth became a real, concrete benefit that we could all wrap our heads around. As Vodacom, we firmly believe in a connected digital society that connects people, communities and things to the internet like never before. The conference will unpack what the impact of a 5G enabled society can do for the economy and society at large, as we all endeavor to recover from the devastating impact pf COVID-19”, says Pavesh Govender, Managing Executive of IoT at Vodacom Business.&nbsp;



“Last year, CNBC AFRICA hosted the first of its kind Future of Work Virtual Conference, in partnership with FORBES AFRICA and esteemed sponsors. The conference attracted more than 2 000 global viewers who engaged with industry experts on digital opportunities for the continent. We look forward to bring our audience, another thought-provoking half day conference this year, as we look into the future world of hybrid work, addressing critical challenges and brain-picking solutions from leaders in the industry, thanks to our valued partners; Vodacom Business and SEACOM Business.” says Roberta Naicker, Managing Director for the ABN Group. &nbsp;



The 2021 Future of Work Virtual Conference&nbsp;speaker panel topics include:&nbsp;



<ul class="wp-block-list"><li>Work from Home and the Hybrid Office&nbsp;</li><li>5G as Multi-lane Communications Superhighway for the 24/7 Enterprise&nbsp;</li><li>Digital Transformation and the Role of Hybrid Cloud in Meeting the Demands of Business&nbsp;</li><li>Confidential Computing &amp; Cybersecurity&nbsp; </li></ul>



Speaker lineup: &nbsp;



<ul class="wp-block-list"><li>Kabelo Makwane, Managing Executive: Cloud, Hosting &amp; Security, Business Solutions; Vodacom Business&nbsp;</li><li>Steve Briggs,&nbsp;Chief Sales and Marketing Officer; SEACOM Business&nbsp;</li><li>Pavesh Govender, Managing Executive: Internet of Things (IoT) Africa; Vodacom Business&nbsp;</li><li>Emma Luyt, Managing Director;&nbsp;Tétris&nbsp;</li><li>Ignus de Villiers, Group Head of Cyber Security; Liquid Intelligent Technologies&nbsp;</li><li>Sizwe Cakwebe, Primary Contact and Cyber Risk Manager; SHA&nbsp;</li><li>Rudi van Blerk, Principal and Recruitment Director; Boston Consulting Group&nbsp;</li><li>Eva Andrén, Vice-President and Head of Managed Services; Ericsson Middle East &amp; Africa&nbsp;</li><li>John Brodie, Head: Future of Work and Leadership Services; Deloitte Africa&nbsp;</li><li>Colin Erasmus, Modern Workplace and Security Business Group Lead; Microsoft South Africa</li><li>Lars Jeppesen, CEO &amp; Co-Founder, Tech One Global&nbsp;</li></ul>



Panel moderators: &nbsp;



<ul class="wp-block-list"><li>Godfrey Mutizwa, Editor-in-Chief, CNBC Africa &nbsp;&nbsp;</li><li>Dan Adkins, Group CEO, Transnational Academic Group&nbsp;</li><li>Toby Shapshak, Editor, Stuff Magazine&nbsp;</li></ul>



Space is limited, so register now for this free-of-charge virtual conference at&nbsp;<a href="https://hopin.com/events/future-of-work-summit-africa">https://hopin.com/events/future-of-work-summit-africa</a>



For more information and event updates follow us @cnbcafrica by using the hashtags #FOW2021 #ABNEvents.&nbsp;

image-536×800

JOIN THE FUTURE OF WORK VIRTUAL CONFERENCE – exploring shifting trends in a new post-pandemic hybrid world of work.

Hot on the heels of the launch of Access Bank South Africa, Group CEO of Access Bank Plc Herbert Wigwe was named African Banker of the Year for the second consecutive year at the prestigious African Banker Awards, held on 23 June 2021.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1110" height="624" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-1110x624.jpg" alt="" class="wp-image-363760" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-1110x624.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-696x392.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-1068x601.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19-747x420.jpg 747w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6142249659001_6142246540001-vs-19.jpg 1280w" sizes="auto, (max-width: 1110px) 100vw, 1110px" /></figure>



The African Banker Awards recognises and celebrates excellence and best practices in African banking. The event for took place during the annual meetings of the African Development Bank.



As a result of its rapid growth the last decade, Access Bank has become one of the largest retail banks in Africa with over 40 million customers.&nbsp;Wigwe is noted for his continued and inspiring efforts in Access Bank’s growth across Africa, making it a financial powerhouse on the continent.



Accepting the award, Wigwe said Access Bank is focused on promoting corporate discipline, adding that the Bank wants to be in key markets on the continent, building a payment gateway and providing trade finance support.



“We want to be seen as the best bank supporting the African Continental Free Trade Area agreement (AfCFTA). In terms of diaspora remittances, we are present in key areas in the continent,” he said.



Says Bennie van Rooy, CEO of Access Bank SA: “The African Banker Awards recognise the reforms, rapid modernisation, consolidation, integration and expansion of Africa’s banking and financial system.



“To have won this award for two years in a row, in the face of stiff competition, is no mean feat. On behalf of Access Bank SA, I salute Herbert on his achievement and look forward to further success for him and Access Bank Plc as a whole.”



About Access Bank



Access Bank Plc. is a leading full-service commercial Bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and 31 million customers. The Bank employs 28,000 people in its operations in Nigeria and has subsidiaries in Sub-Saharan Africa and the United Kingdom (with a branch in Dubai, UAE) and representative offices in China, Lebanon and India.



Listed on the Nigerian Stock Exchange since 1998, Access Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise and proven risk management and capital management capabilities. The Bank serves its various markets through four business segments: Retail, Business, Commercial and Corporate. The Bank has over 900,000 shareholders (including several Nigerian and International Institutional Investors) and has enjoyed what is arguably Africa&#8217;s most successful banking growth trajectory in the last twelve years. Following its merger with Diamond Bank in March 2019, Access Bank became one of Africa’s largest retail banks by retail customer base.&nbsp;

Herbert Wigwe, Group CEO Access Bank Plc

Access Bank’s Wigwe take top banking spot once again

Being the largest blockchain event for Africa, Africa Blockchain Week 2021 will bring together decision makers, business leaders, investors, community builders, educators and government officials to discuss how blockchain technology benefits Africa’s economic and financial development.



Africa Blockchain Week (ABCW) 2021 takes place virtually from June 28th to July 1st. The core event is the ABCW Virtual Summit which will broadcast high-level content during the days of June 28th, 29th and 30th. The hottest NFT trend is envisioned through a special Africa Artist Showcase of NFTs, including Amrita Sethi, an award-winning multimedia and tech artist.



The event is co-hosted by <a href="https://www.nexchange.com">NexChange Group</a>,a blockchain ecosystem and venture builder, and an African conglomerate <a href="http://maritagroup.com">MARITA Group</a>, with partnership and continuous support from the <a href="https://au.int">African Union</a> and its <a href="https://www.auecosocc.org">Economic, Social and Cultural Council</a>, the intergovernmental organizations that unite countries on the African continent on multiple levels. Ambassador Jalal Chalba, CIDO Director of African UNION Commission, Dr William Carew, Head of Secretariat of African Union ECOSOCC and Botho Seboko, Head of Human Resources, Science and Technology Cluster of African Union ECOSOCC are honorable participants and speakers for Africa Blockchain Week.



Africa Blockchain Week 2021 is covered by <a href="https://www.cnbcafrica.com">CNBC Africa</a>, and also enjoys partnerships with blockchain focused venture capital investor <a href="https://cvvc.com/about">CVVC</a>, and the leading think tanks in digital economy and fintech industries: <a href="https://www.goldfingr.net">Goldfingr Global Investment Club</a> and <a href="http://www.globalpolicyhouse.com">Global Policy House</a>, an investment, digital economy and blockchain solutions hub.



Moreover, 25+ media partners, 25+ supporting organisations and their communities coming from Africa, Asia, Europe, Middle East have endorsed Africa Blockchain Week.



The conference agenda combines both financial and non-financial applications of blockchain that nourish the ecosystem and help build strong ties with global blockchain hubs. From the adoption of Bitcoin and digital currencies market boom, to feasibility studies of central bank digital currencies conducted by African central banks, to blockchain based logistics and supply chains in agriculture and food provenance, to distributed digital identity systems and financial inclusion: a wide range of topics will be covered during the 3-day summit.



Speakers featured on the agenda:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="480" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers-480x800.png" alt="native" class="wp-image-406377" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers-480x800.png 480w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers-180x300.png 180w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers-48x80.png 48w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers-768x1281.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers-921x1536.png 921w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/CNBC-Africa-SM2-25-featured-speakers.png 1203w" sizes="auto, (max-width: 480px) 100vw, 480px" /></figure>



<ul class="wp-block-list"><li>Charles Hoskinson, Founder, Cardano, Co-founder, IOHK</li><li>Mamadou Toure, Founder, CEO, Ubuntu Group, Founder, Africa 2.0 Foundation</li><li>Mance Harmon, CEO, Hedera Hashgraph</li><li>Michelle Chivunga N, CEO, Global Policy House, Advisor, African Union</li><li>Nick Spanos, Bitcoin pioneer, Founder, ZAP</li><li>Michael Sudarkasa, CEO, Africa Business Group</li><li>Brian Behlendorf, Executive Director, Hyperledger, The Linux Foundation</li><li>Hamdene Ezzeddine, State Commissioner at the Tunisian High Administrative Court</li><li>Albert Isola, Minister for Digital and Financial Services, Government of Gibraltar</li><li>Ismail El Hamraoui, President, The Moroccan Youth Government</li><li>Ian Putter, Head of DLT/Blockchain, Standard Bank</li><li>John Kamara, Founder Adalabsafrica, Chairman African Blockchain Centre</li><li>Mohammad Sear, Digital Government &amp; Public Sector Consulting Leader, EY Africa, India, Middle East</li><li>Elaine Bannerman, Founder, Pan-African Tech Foundation</li></ul>



Topics include:



<ul class="wp-block-list"><li>Financial Regulation: From Regulatory Goals to Legal Techniques</li><li>Cross Border Payment Infrastructures and Central Bank Digital Currencies in Africa</li><li>Distributed Digital Identity Using Blockchain Technology</li><li>DLT &amp; Trade Facilitation in Africa</li><li>NFTs: from Hype to Mainstream</li><li>Digital Media Platforms: Content and Strategies for New Generation</li><li>Blockchain Enabled Solutions for Mining &amp; Energy Industry</li><li>Blockchain Application in Agriculture: Agri-specific blockchain &amp; Food Provenance</li><li>Supply Chain Management Solutions x Blockchain</li><li>FinTech &amp; Tokenisation Strategies in Africa and Beyond</li></ul>



Africa Blockchain Week 2021 promotes blockchain technology as an enabler of greater transparency and accountability throughout many industries. The event mission is to educate the audience about benefits of blockchain technology in sectors of business, government, infrastructure providers, financial institutions, etc.



The summit will debate the latest industry trends and future innovations, and provide unparalleled access to visionaries, influencers, and disruptors in the business and tech world, bringing awareness to challenges that can be addressed with blockchain technology solutions.



NexChange Group is a venture builder and media platform specializing in Blockchain, FinTech, HealthTech, AI, and Smart Cities.



Marita Group Holding is a global company focused on:



&#8211; turnkey solutions in real estate development, theme parks, smart cities



&#8211; Renewable energy and waste recovery, hydrogen production, electric mobility



&#8211; sustainable agriculture and sustainable development



&#8211; local mining development of natural resources



&#8211; health, medical products, equipment and supplies



For more information on the registration, speakers, agenda and partnerships, please visit <a href="http://www.africablockchainweek.com">www.africablockchainweek.com</a> or contact: <a href="mailto:info@nexchange.com">info@nexchange.com</a>

CNBC Africa – SM1 – Important partners

Africa Blockchain Week 2021 Showcases Continent’s Digital Transformation Powered by Blockchain Technology

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/John-Manuell-800x800.jpg" alt="" class="wp-image-405147" width="840" height="840" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/John-Manuell-800x800.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/John-Manuell-300x300.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/John-Manuell-150x150.jpg 150w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/John-Manuell-768x768.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/John-Manuell-1536x1536.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/John-Manuell-scaled.jpg 2048w" sizes="auto, (max-width: 840px) 100vw, 840px" /><figcaption>John Manuell, local division manager for process industries, ABB South Africa</figcaption></figure>



Three major trends &#8211; electrification, digitalisation, and automation – offer South Africa’s mining industry the opportunity to increase safety and productivity, and shape ‘the mine of the future’.



South African mining houses must tap into three transformative trends – electrification, digitalisation and automation &#8211; as they look to drive greater safety, productivity and sustainability in their operations, while extending the life of their mines.



Globally, the mining industry is already seeing a clear shift from diesel to electrification at mining operations. Greater digitalisation is resulting in increased productivity and more sustainable use of resources while lowering input cost, while automation is increasing productivity and changing the way mines work. Together, these three trends are shaping what we call ‘the mine of the future’.



These three trends are critical success factors for the mining industry to continue its modernisation and meet increasingly stringent environmental and sustainability goals while staying globally competitive. They offer real possibilities, which weren’t available previously, to overcome today’s challenges and ensure a bright future for the mining industry.



Electrification gaining traction



As mines step up their efforts to cut costs and increase efficiency, the supply of energy emerges as one of their biggest challenges. On top of the expense of delivering diesel fuel to remote sites, come also costs for the service, repair and replacement of diesel-powered vehicles and machinery.



The move towards electrification of mining operations is well under way in Europe and South America. An obvious starting point for several miners is to invest in fully electric or hybrid-electric vehicles to lower diesel usage and cut costs and pollution. The Swedish company&nbsp;Boliden&nbsp;is to install an additional 3km of trolley line at its Aitik mine after a successful 700m pilot project&nbsp;plus 1.8km at Kevitsa&nbsp;– and says it will reduce its diesel consumption by 5.5 million litres when its investment is complete.



Other miners going this route include Copper Mountain Mining in Canada. ABB will install its haul truck trolley assist infrastructure to help Copper Mountain achieve a reduction in carbon intensity by more than 50 percent in medium-term with a final target of zero by 2035. The installation, which includes engineering, supply and construction management for a DC substation and an overhead catenary system (OCS), combines ABB’s electrification and automation expertise in the mining industry.



 Data: the most valuable resource of all



Data is key for the mine of the future to oversee critical processes and increase the useful life of mines by improving cost efficiency, ore recovery and asset management. Mining companies collect huge amounts of data from their equipment and operations, but this information is hardly used at all to generate insights.



It is crucial for mining companies to have a solid digital strategy in place to ensure well-informed decision-making that will help them maximise energy usage, productivity, reliability and safety, while minimising outages, emissions and costs.



Polish coal miner Bogdanka is developing an Industrial Internet of Things (IIoT) solution that will connect various systems, devices and services. This will allow the mine’s engineering team to predict failures, solve machine and equipment failures and reduce equipment downtime, thus reducing high maintenance costs of mining assets. Cost optimisation is particularly important for the company&#8217;s plans to increase production.



The automation imperative



Automation has immense potential to reduce operating costs, improve operations and take people out of harm’s way. Many South African mines are experimenting with technologies like automated drilling and blasting, but they’re only scratching the surface of what’s available.



McKinsey estimates that innovations in artificial intelligence (AI), machine learning and IIoT have the potential to save the mining sector an estimated $373 billion by 2025 by automating machinery operation, facilitating predictive maintenance, improving traceability, harnessing the power of real-time data and analytics, and providing visibility across the mine-to-market value chain.



The mine of the future isn’t one where robots do all the work. Rather, it’s a connected operation where all assets are linked and smart, decision makers can see exactly what’s happening across their operations on a dashboard, and asset management is proactive.



The biggest challenge facing local mines is to get buy-in for the transformation. Because mining is a major employer in communities across the country, there’s a perception that automation and digitalisation will result in job losses. The reality is, profitable mines don’t reduce headcount. If a mine is profitable, the shareholders are going to want to expand and that creates numerous opportunities downstream.

Technology ready to create SA’s mines of the future

The UN Food Systems Summit 2021 comes at a watershed moment when the world’s food and agriculture systems are facing a convergence of challenges. With 10 years left to achieve Zero Hunger as agreed in the Sustainable Development Goals (SDGs), the world is a long way from defeating hunger, notwithstanding additional challenges now posed by the coronavirus pandemic. In Africa alone, 257 million people (20 percent of the population,) are experiencing hunger.



The role of decentralized renewable energy powered technologies, such as solar water pumps, solar-powered mills, and solar-powered refrigerators in improving irrigation, cold storage, agro-processing, and agricultural yields will be imperative to eradicate hunger, especially as climate change is projected to increase droughts and extreme weather. The food security challenge will only become more difficult as the world will need to produce about 70 percent more food by 2050 to feed an estimated 9 billion people.



According to the 2020 Global Hunger Index 2020, nearly 690 million people (8.9 percent of the world population) went hungry in 2019 up by 10 million from 2018, and by nearly 60 million in five years. If recent trends continue, the number of people affected by hunger would surpass 840 million by 2030, according to U.N.’s Food and Agricultural Organization (FAO).



Cutting emissions and increasing farming productivity in Africa



Today’s food systems significantly contribute to the climate disruption that threatens our planet. They contribute up to 29 percent of all greenhouse gas emissions. Without action, that percentage could rise substantially as other sectors reduce their emissions.



Access to renewable energy is an indispensable element for sustainable agricultural and rural development and can reduce local pollution and global CO2 emissions. Additionally, 1/3 of food produced globally is either lost or wasted. According to the FAO, of the 230 million tons of food produced each year in Africa, 14% is lost.



These post-harvest food losses are due to lack of refrigeration and are estimated to be worth US$ 4 billion per year – or enough to feed at least 48 million people. Inefficient processing and drying, poor storage and insufficient infrastructure are therefore instrumental factors in food losses in Africa.



Addressing food loss and waste through reliable off-grid, solar-powered cold storage systems is critical to helping the continent meet her agricultural productivity goals while minimizing the adverse effects of fossil fuel-based agricultural value chains.



Irrigation is also playing a critical role in the future transformation of food systems in Africa, with research suggesting that solar power could support the irrigation of 6–14 million new hectares, 84% of which is small-scale irrigation, leading to an increase in yields by as much as two to three fold depending on crop and climate. According to a recent report from Dalberg, “solar water pumps have



the potential to reach up to 1.6 million households in sub-Saharan Africa by 2025 and as many as 2.8 million households by 2030.”



Integrating renewable energy in food systems



The Food Systems Summit can serve as a rallying point for both the agriculture and energy community to commit to ambitious actions that integrate DREs in our food systems in service of the SDGs and our shared objectives on climate. Multi-stakeholder collaboration is needed now more than ever at all levels of the food value chain, and there are many experiences and practical approaches to working together – even in a crisis where time is of the essence.



In Nigeria, Empower New Energy and Resource Energy have teamed up to deploy a 700 KWp solar photovoltaic plant to Nigeria’s largest egg producer, Premium Poultry Farms, with a production capacity of 600,000 eggs per day. The power plant will generate one gigawatt-hour of clean energy annually, saving up to 25 000 tons of CO2 in its lifetime and contribute to Abuja’s fight against local air pollution.



The Summit can offer one avenue for action and dialogue, but there are already ongoing bold new actions happening at the national level.



In Uganda, to catalyze the conversations that are already being had about integrating renewable energy solutions in agricultural production, processing, and marketing, Power for All is organizing a multi-stakeholder “Collaboration Accelerator”. It’s bringing together actors in the renewable energy and agri-food systems nexus to discuss barriers to adoption and development of DRE solutions, opportunities for collaboration and draft actionable policy and finance recommendations to government and other key decision-makers.



With concerted action, we can not only avoid some of the worst impacts but do so in a way that supports a transition to more sustainable food systems that are in better balance with nature and that support healthy diets – and thus better health prospects &#8211; for all. More must be done to facilitate and build a stronger linkages between the two, and to highlight the growing role for decentralized renewable energy, especially mini-grids, in scaling agricultural productivity and ensuring food security across the Global South.



Brian Kawuma is Power for All Powering Agriculture Lead based in Uganda. Through Powering Agriculture, Power for All aims to make decentralized renewables a key part in scaling agriculture and food productivity in emerging markets.

Why renewable energy is essential for food systems transformation in Africa

The International Monetary Fund is responding to the policy challenges of a fast-changing global economy still reeling from the COVID-19 crisis: it is modernizing the way it provides its regular policy advice to member countries—a process known as&nbsp;<a href="https://www.imf.org/en/About/Factsheets/IMF-Surveillance?utm_medium=email&amp;utm_source=govdelivery">surveillance</a>.



The regular health check of members’ economies, known as the Article IV consultations, will continue to cover fiscal, monetary, exchange rate and financial issues, which are at the heart of the Fund’s work.



In the future, we will systematically integrate issues that have substantial macroeconomic impact such as inequality, climate change, and digital technology, so as to better deliver on our surveillance mandate.



In the future, we will systematically integrate issues that have substantial macroeconomic impact such as climate change and digital technology, so as to better deliver on our surveillance mandate.



The tailored and targeted policy advice to countries will also help policymakers better prepare for a transforming economic landscape.



A fast-changing world with challenges, new and old



The COVID-19 pandemic is a watershed moment in the still-young 21&nbsp;st&nbsp;century. The pandemic exposed new risks and spillovers, and significant uncertainties about the recovery.



The prospect of transformational change existed even before the pandemic. The world is becoming more interconnected, trends in digitalization and inequality are accelerating, and addressing climate change is now a key priority.



On top of this, policymakers must now also navigate the COVID-19 crisis. First and foremost, by saving lives and livelihoods, then ensuring a sustainable recovery and avoiding economic scarring.



To do this, they must confront questions for which there are often no easy answers including: how should policies be calibrated to maintain adequate support while ensuring stability and sustained growth? How should policymakers respond when facing scant room for maneuver because macroeconomic tools have already been extensively used in the Global Financial Crisis? How can asynchronous and divergent economic recoveries be managed so that those still grappling with the pandemic avoid falling further behind?



Modernizing the Fund’s surveillance framework



To confront these changes, the Fund’s policy advice is evolving, both on substance and in the way the Fund engages with its members.



This new direction is highlighted in the&nbsp;<a href="https://www.imf.org/en/About/Factsheets/IMF-Surveillance?utm_medium=email&amp;utm_source=govdelivery#:~:text=The%20ongoing%20Comprehensive%20Surveillance%20Review,global%20landscape%20of%202021%2D30.&amp;text=A%20key%20objective%20of%20the,line%20with%20these%20surveillance%20priorities.">2021 Comprehensive Surveillance Review</a>, recently approved by the Fund’s Executive Board. The Review—the first since 2014—reflects extensive discussions with member country authorities, external experts, and other stakeholders. It outlines four priorities that will direct the Fund’s surveillance in the future:



<ul class="wp-block-list"><li><a href="https://www.imf.org/en/Publications/Policy-Papers/Issues/2021/05/18/2021-Comprehensive-Surveillance-Review-Background-Paper-on-The-Surveillance-Priority-460276?utm_medium=email&amp;utm_source=govdelivery">Confronting risks and uncertainties</a>.&nbsp;Policy advice will need to better assess a range of possible outcomes. This will help prepare for worse-than expected scenarios, while also ensuring that policies take advantage of positive surprises and opportunities.</li></ul>



This will require an improved understanding of risk-reward trade-offs, supported by contingency planning and policies geared towards risk management. Such advice can include quantitative considerations–for example, how much insurance to buy against natural disasters–and qualitative aspects, for example, how to take advantage of a growth windfall.



<ul class="wp-block-list"><li><a href="https://www.imf.org/en/Publications/Policy-Papers/Issues/2021/05/18/2021-Comprehensive-Surveillance-Review-Background-Paper-on-The-Surveillance-Priority-460297?utm_medium=email&amp;utm_source=govdelivery">Preempting and mitigating spillovers</a>. The pandemic has underscored the scale of global interconnectedness. Events in one country can have sizable effects across the globe. Divergent recoveries can intensify effects of policy normalization. New sources of such spillovers, including from health policies, climate change, and digitalization will shape the future. It will be critical to identify and assess economic and policy spillovers, and to provide policy advice on how to mitigate and pre-empt them. International economic cooperation can also benefit from better dialogue between spillover producers and spillover receivers.</li><li><a href="https://www.imf.org/en/Publications/Policy-Papers/Issues/2021/05/18/2021-Comprehensive-Surveillance-Review-Background-Paper-on-The-Surveillance-Priority-460300?utm_medium=email&amp;utm_source=govdelivery">Fostering economic sustainability</a>.&nbsp;A broader understanding of economic sustainability is needed. Economic stability over time is necessary–but not sufficient–to achieve economic sustainability. Trends in demographics, inequality, socio-political developments, and&nbsp;<a href="https://www.imf.org/en/Publications/Policy-Papers/Issues/2021/05/18/2021-Comprehensive-Surveillance-Review-Background-Paper-on-Integrating-Climate-Change-into-460303?utm_medium=email&amp;utm_source=govdelivery">climate change</a>&nbsp;impact economic stability, and will be discussed more systematically. Not all trends are equally pressing for all countries–country specific circumstances determine if they are macro-critical.</li><li>A unified approach to policy advice.&nbsp;Balancing competing priorities with limited room for maneuver is the key challenge. During the pandemic, member countries simultaneously deployed various policy tools (see chart). This required their careful calibration and an understanding of complementarities and conflicting objectives.</li></ul>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="768" height="737" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/chart-1-may-24_original.png" alt="" class="wp-image-404827" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/chart-1-may-24_original.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/chart-1-may-24_original-300x288.png 300w" sizes="auto, (max-width: 768px) 100vw, 768px" /></figure>



The relevant issues differ across countries and over time: coordination of fiscal and structural policies, for example, is important for countries facing low productivity. A&nbsp;<a href="https://www.imf.org/en/Publications/Policy-Papers/Issues/2021/05/18/2021-Comprehensive-Surveillance-Review-Background-Paper-on-Systemic-Risk-and-460306?utm_medium=email&amp;utm_source=govdelivery">deeper integration of macro-financial analysis&nbsp;</a>is particularly important where financial risks are building.



For countries dealing with capital flows and seeking to better counter external shocks, the&nbsp;<a href="https://www.imf.org/en/Publications/Policy-Papers/Issues/2020/10/08/Toward-an-Integrated-Policy-Framework-49813?utm_medium=email&amp;utm_source=govdelivery">Integrated Policy Framework</a>&nbsp;(IPF), which outlines the policy options and tradeoffs available to policymakers, provides an analytical approach to selecting an appropriate policy mix.



Unified policy advice helps decision makers discuss these trade-offs and point to synergies.



<a href="https://www.imf.org/en/Publications/Policy-Papers/Issues/2021/05/18/2021-Comprehensive-Surveillance-Review-Modalities-for-Modernizing-Surveillance-460273?utm_medium=email&amp;utm_source=govdelivery">What it means in practice</a>



Policy dialogue with Fund members will continue to follow requirements endorsed by the IMF’s Executive Board. The Article IV consultations will continue to provide a comprehensive assessment, and will cover fiscal, monetary, external, financial and structural policies.



The reports will be more focused, and better integrate macrofinancial aspects, risk assessment and contingency planning, spillovers, and capacity development. New technologies and enhanced data availability will help to modernize business practices and enhance the relevance of surveillance.



Policy advice will become more granular and country-specific. This is especially so for new and pressing questions, where peer-learning will be needed, such as ways to limit economic scarring or to provide targeted support to firms. Another improvement is ensuring that IMF advice is informed by early identification of cross-cutting policy issues and of lessons from countries’ experiences.



The Comprehensive Surveillance Review is an important milestone, and much work lies ahead to put it into action. Change will be gradual. While the priorities are relevant under a broad range of future outcomes, events are uncertain, and unforeseen shocks will occur. The IMF is a learning institution–being ready to adapt, experiment, and revise is the cornerstone for delivering agile and effective advice to our members.



To learn more visit the&nbsp;<a href="https://www.imf.org/en/Topics/Comprehensive-Surveillance-Review?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">CSR website</a>.



<a href="https://blogs.imf.org/bloggers/fabian-bornhorst-2/?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">Fabian Bornhorst</a>&nbsp;is Deputy Chief in the Macro Policy Division in the IMF&#8217;s Strategy, Policy and Review Department.



<a href="https://blogs.imf.org/bloggers/ceyla-pazarbasioglu/?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">Ceyla Pazarbasioglu</a>&nbsp;is Director of the IMF&#8217;s Strategy, Policy, and Review Department.

Fit for Purpose – Adapting IMF Advice to a New Economic Landscape

Global health authorities are looking with alarm at the Covid catastrophe in India, fearing that a similar alignment of circumstances — a stalled vaccine rollout, emerging variants, and a largely poor population — could be replicated in Africa.



John Nkengasong, director of the Africa Centres for Disease Control and Prevention, recently warned that the Indian catastrophe should put Africa’s health ministers “on high alert” to prepare oxygen supplies, hospital beds and medical staff. India’s health system, especially its ratio of doctors to patients, is far more robust than what exists in much of Africa. Yet India is in crisis, with patients unable to access hospitals and oxygen supplies running out.



According to the official tally, Africa has recorded about 125,000 Covid deaths, fewer than 4 per cent of the global total. However, the true figure is likely to be much higher: South Africa, for example, has 55,000 official deaths, but its excess mortality figures hint at a true total two or three times that.



Fearing a potential crisis ahead, Matshidiso Moeti, the World Health Organisation’s Africa Director, has called for vaccine equity and for Africa to “knuckle down and make the best of what we have,” yet, across Africa, nervousness over the use of vaccines is rife, where stocks of jabs have been routinely dumped, to the frustration of senior health officials across the continent.



While Africa represents 16% of the world’s population, it&nbsp;<a href="https://www.who.int/director-general/speeches/detail/director-general-s-opening-remarks-for-panel-is-africa-ready-to-finance-its-own-vaccine" target="_blank" rel="noreferrer noopener">possesses less than 0.1% in the world’s vaccine production</a>&nbsp;capacity.&nbsp; According to the World Health Organization, fewer than 10 vaccine manufacturers are based in Africa.&nbsp; Moreover, the majority of those located on the continent focus on packaging and labelling rather than manufacturing. As a result, Africa is ill-equipped to produce, source and supply doses in the midst of this pandemic.&nbsp; As described by Rwanda President Paul Kagame:&nbsp;<a href="https://fortune.com/2021/05/08/africa-covid-19-vaccine-plants-on-shores/" target="_blank" rel="noreferrer noopener">“So long as Africa remains dependent on other regions for vaccines, we will always be at the back of the queue whenever there is scarcity.”</a>



Most of the vaccines shipped so far to Africa have been AstraZeneca shots via the global vaccine-sharing scheme Covax and manufactured by the Serum Institute of India. With India suspending exports to meet its own needs, supply has come to an abrupt halt.



While Ghana, Rwanda and Senegal have sped through their Covax supplies, many countries have only managed to administer only a fraction of what is needed. Malawi has said it&nbsp;<a href="https://www.reuters.com/world/africa/african-countries-urged-use-vaccines-quickly-after-expiry-confusion-2021-04-22/" target="_blank" rel="noreferrer noopener">plans to destroy more than 16,000 doses of AstraZeneca&#8217;s vaccine</a>&nbsp;manufactured by the Serum Institute of India because the shots were not administered before the April 13 expiry date on the packaging. Meanwhile, South Sudan has set aside 59,000 doses supplied by the African Union and is not using them because of the same expiry issue.



Rather than sitting on the side-lines, public health bodies like the WHO should be on the ground educating, supporting, and encouraging people to take up the vaccine. Any delays now could have serious ramifications for public health in the future and the economic wellbeing of the continent.&nbsp; A recent study by the World Bank indicates that&nbsp;<a href="https://www.who.int/director-general/speeches/detail/director-general-s-opening-remarks-for-panel-is-africa-ready-to-finance-its-own-vaccine" target="_blank" rel="noreferrer noopener">for every month that vaccines are delayed in reaching the African continent, 13.8 billion US dollars are lost in GDP</a>.&nbsp;&nbsp;



The higher the number of Covid cases a country has, the more likely it is that new variants will emerge. That is because every single infection gives the virus a chance to evolve, and a major concern is that mutations could arise that render vaccines ineffective.



What this whole demonstrates is that public health bodies like the World Health Organisation have yet again fallen asleep at the wheel, just like they did in their response to the Ebola outbreak in West Africa from 2014-16, which was the largest and most complex Ebola outbreak since the virus was first discovered in 1976.



Even an independent panel set up by the WHO recently reported that the pandemic was preventable, and that the combined response of the WHO and global governments was a &#8220;toxic cocktail&#8221;.



<a href="https://theindependentpanel.org/wp-content/uploads/2021/05/COVID-19-Make-it-the-Last-Pandemic_final.pdf" target="_blank" rel="noreferrer noopener">Covid-19: Make it the Last Pandemic</a>, was compiled by the Independent Panel for Pandemic Preparedness and Response. The panel argued that the WHO&#8217;s Emergency Committee should have declared the outbreak in China an international emergency a week earlier than it did. Seemingly pushing the blame, the panel said the month following the WHO&#8217;s declaration was &#8220;lost&#8221; as countries failed to take appropriate measures to halt the spread of the virus.



In recent decades, the WHO has expanded its remit far beyond communicable diseases and health emergencies. It now recommends legislative and regulatory interventions designed to combat non-communicable ‘lifestyle’ diseases.



Some of this work is easily justifiable, such as improving childbirth outcomes in poor societies. Much of it, however, is rooted in the desire to legislate health.



Despite owing its existence to the charitable largesse of benefactor member countries, what this demonstrates is that by no longer sticking to communicable diseases and health emergencies, the WHO has become overly political. A global organisation that can help the less fortunate is not in itself a bad idea, but we must question whether this is what we have got right now. More crucially, has the WHO lost sight of its original mandate? The spread of Ebola in West Africa should have been the wakeup call for the WHO, but its refusal to divert its focus from diets, smoking, drinking and the speed of electronic scooters, means that Covid will possibly kill more people than booze and burgers combined.



The WHO must return to the successes of the past, focusing on the near eradication of diseases like measles and polio, as well as investing in healthcare capacity. We will all be better served if the public health work of the WHO is free of politicization. Africa, now more than ever, deserves better.



Dr. Kristina M. L. Acri, née Lybecker, is an associate professor of economics at Colorado College and a senior fellow at the Fraser Institute.

India’s response to the COVID pandemic should send a warning to the African continent

There’s a saying that goes: ‘you went to bed as a services company and woke up as a data company’. This has never been truer than today. Most African companies have transformed from physical to digital businesses in the past 15 months – and they’re going to stay that way.



Quite simply, this is the way the world is going to work in the future. Data and digital is the default business status of the world. Of course, this brings with it a new-found responsibility – and increasingly, a legal obligation – to protect that data.



More and more, we’re seeing acronyms like GDPR, CCPA, LGPD and PIPEDA becoming part of leadership conversations. Closer to home, South Africa’s Protection of Personal Information Act (POPIA) takes effect on 1 July. They’re all part of a growing wave of regulations around the world that govern the way businesses handle consumer personal information.



Let’s be frank: for many companies, these regulations are a royal pain. A year before GDPR came into force in Europe in 2018, a study by AIIM found that more than 50% of businesses knew little or nothing about GDPR. More recently, TrustArc found that more than one in four companies (27%) hadn’t even started making their organisations GDPR-compliant, more than two years after the deadline had passed.



And yes, getting data-compliant may feel onerous. But that’s the cost of doing business in 2021 and beyond. Fact is, consumers will choose you over other competitors based on trust: that is, how you protect their data, and show them that you put them first. In a world that’s digital and filled with data, your customers want to shop anytime, anywhere. They will look at businesses and ask: are you making me feel safe in a digital world?



As business leaders, it’s incumbent on us to ask ourselves what it means to us as businesses to protect the individual’s right to privacy, and how we deal with our customers’ information. How we gather it. How we use it. Most importantly, how we protect it.



But here’s the thing. If you see privacy regulations as nothing but a regulatory burden, you’re missing a massive opportunity to use your data investments to set your company up for long-term digital success. Frankly, it’s an incredibly exciting opportunity for local businesses to overhaul not only their data policies, but their entire approach to data security, and go beyond mere compliance to create a source of trust and advantage with their customers.



For me, getting compliant has three major benefits that will propel your company along a digital transformation journey.



It puts your customer at the centre of your business



Creating a robust set of guidelines, checks and balances doesn’t just help your business to secure data: it also makes the handling of data easier, and helps you get closer to the mythical ‘single view of the customer’. Once that’s in place, you not only understand your customers better, but are able to serve them offers that talk directly to their needs.



It builds consumer trust



Trust in your products, services and brand is a key market differentiator. Your customers must know they can trust you implicitly with their data; that their long-term best interests are important to you, beyond a single transaction or engagement.



It forces you to get your data management strategy right



Strong data governance is the foundation of providing the data visibility and oversight needed for regulatory compliance. It helps assess and prioritise data risks, and manages the current state of your data, and its evolving future state. With the right data strategy and technology in place, it’s possible to achieve compliance – and digitally transform – using your current architecture and data assets as a base.



Getting this right starts with how we show up as leaders. How do we think about data will shape the way we drive the necessary education, culture and training that’s needed to make our people aware of the critical role of data in the success of our businesses. Effectively, we have become the custodians of a new way of doing business. That’s a responsibility we simply dare not shirk.



Is your business ready for POPIA, or any other data privacy regulations? What lessons can you share around organising for this new way of engaging consumers? How have you incorporated trust into your business and go-to-market strategy?



ENDS

Lee Naik 28.08.2020

Data Compliance: A Blessing,  Not a Curse

It would be no surprise if the SARB Monetary Policy Committee (MPC) members unanimously decide to leave the Bank’s repo rate unchanged at 3.5% per annum this week. But, of equal importance will be the tone of the Bank’s statement as market participants look for clues as to the likely future path of the Bank’s policy interest rate.&nbsp;&nbsp;



The real repo rate is currently negative and monetary policy is accommodative. But, growth is lifting, the negative output gap (surplus capacity in the economy) is narrowing, and higher consumer price inflation of close to 4.5% is forecast for 2022. If expectations for the economy over the next twelve months are realised, the Bank is likely to shift towards a less accommodative stance as we head into 2022.&nbsp;&nbsp;



Indeed, the implied policy rate path of the Bank’s Quarterly Projection Model (QPM) shows the repo rate at 4.00% at the end of 2021 (with increases of 25bp each in the second and fourth quarters of this year) and 4.95% at the end 2022.&nbsp;&nbsp;



But, the MPC members are only guided, not bound, by the QPM’s implied policy rate path. And, considering current information, the interest rate hiking cycle seems likely to be “delayed”, perhaps to next year.&nbsp; &nbsp;



Admittedly there are risks, not least of which is increasing US inflation and what this may imply for the medium-term US monetary policy outlook. At present, the US Federal Open Market Committee is comfortable with the view that the nascent bounce in inflation is temporary. Suppose that changes and expectations of the timing of US monetary policy tightening are brought forward. In that case, the likely negative impact on global financial conditions can be expected to permeate through to South African interest rate expectations. However, assuming global supply disruptions, including supply-chain blockages, begin to dissipate as pandemic related economic restrictions ease and global trade increases, it seems reasonable to expect lower US inflation in 2022.&nbsp; &nbsp;



And, locally, even though an export commodity price boom has boosted local income and purchasing power, the economic recovery is yet to be firmly established. One of the missing ingredients from the recipe for a sustained domestic business cycle upswing is firm credit extension. There is modest growth in household credit extension, reflecting instalment sales and mortgage advances. However, credit extended to corporates is decidedly weak. As a result, total seasonally adjusted credit extended to the private sector was just 1.5% higher in March 2021, compared with the average level for the three months prior&nbsp;to March 2020. Total seasonally adjusted loans and advances (excluding investments and bills) increased by a mere 0.2% over the same period.&nbsp;&nbsp;



By cutting interest rates, the monetary policy aims, amongst other objectives, to encourage borrowing and support domestic demand. But, currently, credit extension is far from robust, and the economy is a long way from overheating.&nbsp;



Another key consideration is inflation expectations, which have remained well anchored. The inflation expectations survey of the Bureau for Economic Research (BER), which the SARB MPC considers in its deliberations, has shown inflation expectations for the medium term are anchored just below the mid-point of the Bank’s inflation target range for 2022 and 2023.&nbsp;



In addition, South Africa is a small, open economy, and the Rand plays a significant role in inflation outcomes and expectations. Accordingly, the marked appreciation of the currency over the past year should go some way towards containing inflation.&nbsp;



Ultimately, forecasting the future is fraught with risk, but while these conditions persist, the Bank can afford to bide its time.&nbsp;

Arthur Kamp, chief economist, Sanlam Investments

SARB MPC: No Rush

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/ABCW2021_8-820x429.png" alt="" class="wp-image-403676" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/ABCW2021_8-820x429.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/ABCW2021_8-300x157.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/ABCW2021_8-768x402.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/ABCW2021_8.png 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



The inaugural Africa Blockchain Week will launch from June 28th to July 1st 2021. NexChange Group, a blockchain ecosystem and venture builder and MARITA Group, an African conglomerate will combine forces to co-host this Virtual Summit. The event will feature key industry players and decision-makers contributing to regulation, application, investment and education across many African countries.



<figure class="wp-block-pullquote"><blockquote>Africa is the next big move for blockchain. We see not just opportunities in the payment space and financial inclusion, but we see significant institutional involvement.<cite>Juwan Lee, Chairman of NexChange Group</cite></blockquote></figure>







The new reality has proven technology to be a bridge to a better future. Strong ties between African countries, like the cooperation South-South, encouraged by HRH Mohammed VI go beyond just politics. New economic bridges ensure that Africa is able to bypass certain steps on a technological stair, positioning itself ahead of the global curve. Described by the World Bank and called leapfrogging, it relies strongly on enhanced technologies including blockchain.



Rahhal Boulgoute, Chairman of Marita Group: “Blockchain will revolutionize Africa and provide opportunities for financial inclusion. It is important that we expose blockchain technology in Africa.”



The impact is seen on Africa&#8217;s financial map. Over the last years, digital banking and mobile payments have proven to be a real-life case study for millions of users, making people&#8217;s financial lives better, ensuring inclusion, and changing the game for the unbanked. Banks, enterprises, and entrepreneurs are changing the continent’s destiny, shaping the investment landscape.



This event backs the efforts of the African regulators to adopt the required regulations to embrace blockchain and become a main global player in the technologies shaping the future. The ambition of the Co-hosts is to make Africa Blockchain Week the key platform for dialogue and networking between all stakeholders in blockchain to transform it into a reality in Africa.



NexChange Group is a venture builder and media platform specializing in Blockchain, FinTech, HealthTech, AI, and Smart Cities.



Marita Group Holding is a global company focused on:



<ul class="wp-block-list"><li>turnkey solutions in real estate development, theme parks, smart cities</li><li>Renewable energy and waste recovery, hydrogen production, electric mobility</li><li>sustainable agriculture and sustainable development</li><li>local mining development of natural resources</li><li>health, medical products, equipment and supplies</li></ul>



For more information, please visit <a href="http://www.africablockchainweek.com/">www.africablockchainweek.com </a>or contact: info<a href="mailto:info@nexchange.com">@nexchange.com</a>

ABCW2021_8

NexChange Group and Marita Group Co-Host Africa Blockchain Week Virtual Summit to Showcase Continent’s Technological Leapfrog

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="640" height="729" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Dr.-Moeti.jpg" alt="" class="wp-image-403654" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Dr.-Moeti.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Dr.-Moeti-263x300.jpg 263w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption>Dr. Matshidiso Moeti, Regional Director, WHO-AFRO</figcaption></figure>



The COVID-19 pandemic stands as a stark reminder of how quickly infectious diseases can spread without vaccines, and the damage they can cause to health, economic and social systems. Although the contributions to our collective wellbeing are rarely acknowledged beyond global health circles, vaccines save millions of lives every year and are one of the world’s most successful health interventions. Yet there are nearly <a href="https://www.who.int/news-room/events/detail/2021/04/24/default-calendar/world-immunization-week-2021">20 million children</a> in the world today who are not getting the vaccines they need – and many more are at risk of missing out on immunization because of the COVID-19 pandemic.



In the year since COVID-19 was declared a global pandemic, access to critical health programs including immunization have been stalled. Before the pandemic 1 in 5 children in Africa remained unprotected from dangerous diseases like measles, meningitis and yellow fever. Last year, routine immunization services in <a href="https://www.afro.who.int/news/who-and-experts-call-urgent-action-safely-resume-immunization-services-amid-covid-19-pandemic">at least 15 countries</a> in Africa were interrupted, which resulted in outbreaks of measles, cholera, yellow fever and Ebola in Africa. Many countries have resumed routine immunization programmes and organized immunization catch-up campaigns since then, but we expect immunization coverage rates to fall by 2-3% this year.



Immunization has been one of the most powerful tools that has improved child survival on the continent. In the last couple of decades, immunization progress has had a huge impact on diseases like cervical cancer, hepatitis, Ebola and meningitis A. In August 2020, Africa was declared <a href="https://www.who.int/news/item/25-08-2020-global-polio-eradication-initiative-applauds-who-african-region-for-wild-polio-free-certification">wild polio-free</a>, marking the second disease to be eradicated from the Region since the elimination of smallpox 40 years ago. And new vaccines have been rolled out across the region to protect against diseases such as pneumonia, rotavirus, and more. These victories stand as a powerful testament to the value of vaccines – value we cannot afford to lose.



This year’s African Vaccination Week (24-30 April), whose theme is ‘Vaccines Bring Us Closer”, serves as an opportunity to reflect on the gains we have made toward creating a world where the most vulnerable among us are protected; a world where diseases like wild polio virus are no longer a danger; where all African children can grow up without the threat of vaccine-preventable diseases and can live fuller and longer lives.



COVID-19 may have temporarily set us back, but we must still aspire for this world. We have a chance to rebuild what has been shattered, and to do so in a way that assures current and future generations of a life free of vaccine-preventable diseases and avoidable death and disability.



By increasing access to routine immunization, countries can improve health outcomes and advance efforts to achieve Universal Health Coverage (UHC). They also stand to benefit from the ripple effects of immunization, which is estimated to deliver a return of USD44 in <a href="https://www.unicef.org/immunization">economic benefits</a> for every USD1 spent on childhood immunizations globally, making it one of the most effective and cost-effective public health tools at our disposal.



When African Heads of State endorsed the Addis Declaration on Immunization (ADI) in January 2017, they set the foundation for future immunization programs aimed at ensuring that everyone in Africa – regardless of who they are or where they live – receives the full benefits of immunization. Today, this commitment is more important than it has ever been before.



Every country must recommit to these promises and act boldly, and with urgency, if we are to succeed. Leaders must prioritise financial resources toward routine immunization drives; invest in health care systems and professionals that can deliver vaccines to everyone, everywhere; empower local leaders and build trust around vaccines. They must also advance vaccine research and development, manufacturing, and distribution on the continent.



This is a crucial moment for renewed political momentum to enable countries to build their immunization systems equitably, and for citizens to hold their leaders accountable. This will protect millions from preventable disease and is a critical component of rebuilding health systems for stronger and healthier societies, both during and after COVID-19.



We cannot afford to lose any more lives to vaccine-preventable diseases, not when we have the power to save lives through immunization.

Dr.-Moeti…

Vaccines Bring Us Closer to a Fairer World

25 April 2021, Addis Ababa, Ethiopia – World Malaria Day 2021 comes at a time when healthcare systems in Africa bear the anomalous weight of the coronavirus pandemic. African Union (AU) Member States have maintained their focus in the fight against malaria even as the pandemic continues to test the limits of health infrastructure at the country level. I take the opportunity to recognise and appreciate all AU Member States for ensuring that comprehensive approaches like education, prevention, diagnosis, and treatment &#8211; that have been proven to have tangible results in the fight against malaria &#8211; have been sustained during the pandemic.



Today, the African Union Commission (AUC) joins the world to celebrate the seven million lives saved, and over one billion malaria cases averted through life-saving mosquito nets, among other interventions. The Commission,as taken note of this years theme , &#8220;Zero Malaria &#8211; Draw the Line Against Malaria,&#8221; with the fullest commitment that all must work together to end malaria by 2030. As a continent, we celebrate with great honour and pride the AU Member States that have been certified malaria-free. I encourage these Member States to lead continental knowledge-sharing initiatives so that best elimination practices are exchanged andscaled-up.



Africa is making headway in defeating malaria through strong political commitment, increased funding, and innovations devised to improve malaria prevention and control. Most of the achievements have been realized through the Zero Malaria Starts With Me



Campaign implemented by the Commission in partnership with the African Leaders Malaria Alliance (ALMA) and Roll Back Malaria (RBM) Partnership to End Malaria. To date, nineteen(19) AU Member States have rolled out the Campaign, seven (7) of which launched in 2020 during the COVID-19 pandemic. While more Member States are working towards launching the Campaign, the Commission welcomes the collaborative effort to urge Africa leaders to step up and be a part of the zero-malaria movement.



The Zero Malaria Starts With Me Campaign is transforming the continent&#8217;s malaria response and inspiring global action. This Campaign&#8217;s advancement and impact have demonstrated AU Member States&#8217; dedication to reach the targets set in the Africa Health Strategy and the Catalytic Framework to End AIDS, TB, and. Eliminate Malaria in Africa by 2030. The Campaign&#8217;s focus is to empower the youth&#8217;s involvement in the malaria response. The leadership of youth in Africa is crucial as young people account for 75% of the continent&#8217;s population. Youth are the driving force of the continent. I commend H.E Uhuru Kenyatta, President of the Republic of Kenya, for launching the Digital Youth Malaria Army initiative. With the support of ALMA, the work of the Army is shaped by strategic guidance from the ALMA Youth Advisory Council, consisting of representatives from all regions in Africa. Partners also have opportunities through which youth can be empowered for leadership in the fight against malaria, including the RBM Digital Youth Workstream and Draw the Line against Malaria Youth Champions. I encourage Africa&#8217;s youth to join these initiatives to ensure their communities and peers&#8217; voices are heard.



In conclusion, I emphasize on the critical role of multisectoral partnerships in achieving significant strides towards the shared goal of malaria elimination. We need more partnerships and resources to innovate and improve surveillance programs. As we commemorate World Malaria Day 2021, I call on frontline health workers , partners, and leaders worldwide and in Africa to share experiences and reflections on efforts and opportunities to reach the target of zero malaria.



I reiterate that ending malaria&#8217;s scourge will have a long-term, transformative impact and save millions of lives. The Commission will continue to support the AU Member States to Draw the Line Against Malaria.



#ZeroMalariaStartWithMe.

Statement by H.E. Amira Elfadil Mohamed – Commissioner for Health, Humanitarian Affairs and Social Development, AUC on World Malaria Day

Lagos, 6 April 2021. Oscar N. Onyema, OON has now completed his tenure as the Chief Executive Officer (CEO) of The Nigerian Stock Exchange (NSE or The Exchange). In commemoration of his exemplary leadership, he was honoured with a digital Closing Gong Ceremony on Thursday, 1 April 2021. Following the successful demutualisation of The Exchange, Mr. Onyema has transitioned into the Group Chief Executive Officer (GCEO), Nigerian Exchange Group (NGX Group) Plc.



Speaking at the Closing Gong Ceremony, the Chairman, Nigerian Exchange Group (NGX Group) Plc, Otunba Abimbola Ogunbanjo stated, “It is impossible to overstate Oscar Onyema’s contributions to the growth of The Exchange and the development of the capital market in the past ten years. After his first year of leadership, it became evident that his strategic mindset and mastery of Exchange business was what NSE dearly needed to rise to its next level of growth. As anticipated, The Exchange went on to experience significant growth as the years went by, most notable of which is the recent completion of the demutualisation of The Exchange. It has indeed been a pleasure working with him in our time at the NSE and I look forward to our continued journey to greatness in the NGX era.”



On his part, the GCEO, NGX Group Plc, Mr. Oscar N. Onyema, OON noted thus, “I arrived at The Nigerian Stock Exchange when the stock market was in the doldrums, investors’ confidence low, mono product and the bourse under regulatory administration. With tunnel vision collaboration with stakeholders in the financial system and perseverance, we have been able to surmount almost all of the challenges. I am delighted to have worked with the astute members of the National Council, visionary leaders in the Executive Committee and expert crop of staff at The Exchange to have delivered excellent results. We have come a long way from where we used to be and I am excited about the opportunities demutualisation has opened for us in the coming years. I must reiterate my commitment to ensuring that the NGX Group Plc and its subsidiaries deliver on the mandate to become Africa&#8217;s leading capital market infrastructure provider. I look forward to deepening partnerships with existing stakeholders and exploring new collaborations locally and globally to bring this to bear.”



The demutualisation of The Exchange has led to the emergence of the Nigerian Exchange Group (NGX Group) Plc and three subsidiaries – Nigerian Exchange (NGX) Limited, NGX Regulation (NGX RegCo) Limited and NGX Real Estate (NGX RelCo) Limited. Mr. Temi Popoola, CFA will assume the role of CEO, NGX Limited, while Ms. Tinuade Awe will become the CEO, NGX RegCo Limited.

Oscar_Pix

Oscar Onyema Completes his Tenure as CEO of NSE

29 March 2021&nbsp;— In a historic COVID-19 vaccine procurement Agreement signed on 28 March 2021, all African Union Member States, through the&nbsp;<a>African Vaccine Acquisition Trust (AVAT)&nbsp;</a>set up in November 2020 under the African Union chairmanship of H.E President Cyril Ramaphosa, President of South Africa, will have access to 220 million doses of the Johnson &amp; Johnson single-shot COVID-19 vaccine, with the potential to order an additional 180 million doses.



Most of the supplies will be produced at the giant pharmaceutical manufacturing plant in South Africa operated by Aspen Pharma. The vaccines will be made available to African countries through the African Medical Supplies Platform (AMSP), over a period of 18 months.



Meanwhile, H.E Cyril Ramaphosa will later today tour the facilities of Aspen Pharma in Port Elizabeth with Johnson &amp; Johnson Executives to inspect preparations for the production of vaccines. The production of vaccines at the facility will be a massive boost for jobs in South Africa.



The transaction was made possible through the US$2 billion facility approved by the African Export-Import Bank (Afreximbank), who also acted as Financial and Transaction Advisers, Guarantors, Installment Payment Advisers &nbsp;and Payment Agents.



The successful conclusion of the Agreement was made possible by the support of the United Nations Economic Commission for Africa (ECA) and the United Nations International Children&#8217;s Emergency Fund (UNICEF), who supported the negotiation process with Johnson &amp; Johnson. UNICEF is also acting as procurement and logistics agent. The African Vaccine Acquisition Task Team (AVATT) was supported in terms of advice on various aspects by the World Health Organization (WHO).



Prior to the conclusion of the Agreement with Johnson &amp; Johnson, African Member States were asked to make pre-orders for the vaccines and many countries showed strong preference for this particular vaccine. The countries will be able to purchase the vaccines either using cash, or a facility from Afreximbank. Most countries have already completed their pre-orders.



The direct acquisition of vaccines by the African countries through the AVATT initiative is part of the continental objective to achieve a minimum of 60% immunization of the African population, in order to eliminate COVID-19. This target is in line with targets set in other regions such as Europe and the United States. The international donor community has pledged to provide 27% through the COVAX Initiative (which is coordinated by Gavi, the Vaccine Alliance, the Coalition for Epidemic Preparedness Innovations (CEPI) and the WHO), whilst Africa must find the rest. AVATT and COVAX work very closely together.



<a>H.E Cyril Ramaphosa, President of South Africa, African Union Champion for the COVID-19 vaccine strategy and acquisition, and Chairman of AVATT, welcomed this historic Agreement, which he personally initiated directly with the company, during his tenure as Chair of the African Union.</a>



“This Agreement is a significant milestone in protecting the health of all Africans. It is also a powerful demonstration of African unity and of what we can achieve through partnership between the state sector, the private sector and international institutions that puts people first,” said President Ramaphosa.



Professor Benedict Oramah, President of Afreximbank, said: “Afreximbank is proud to be associated with this historic and collective effort. In the midst of a very tight COVID-19 vaccine market, we are highly honoured to have been given the opportunity by the African Union to facilitate this impactful transaction under the auspices of the Africa Vaccine Acquisition Task Team (AVATT). Acting as Financial and Transaction Advisors,&nbsp;Guarantors, Installment Payment Facility Arrangers and Payment Agents,&nbsp;we look forward to beginning the deployment of the US$2 billion Vaccine Procurement facility approved by the Bank&#8217;s Board of Directors towards assisting the continent to begin to rid itself of the pandemic and rebuild its economy. This financing will support Intra-African Trade and we have already commenced engagement with our financial partners to secure the additional funding that would support procurement if Africa decides to procure the additional 180 million doses.



Dr. John Nkengasong, Director of the Africa Centres for Disease Control and Prevention (Africa CDC), said: “The Africa CDC recommended to the African Union that a minimum of 750 million Africans (60%) must be immunized if we are to contain the spread of COVID-19. This transaction enables Africa to meet almost 50% of that target. The key to this particular vaccine is that it is a single-shot vaccine which makes it easier to roll out quickly and effectively, thus saving lives.



<a>Mr. Strive Masiyiwa, African Union Special Envoy signed for AVAT, while Mr. Jaak Peeters, Johnson &amp; Johnson Special Envoy for COVID-19 vaccine, signed on behalf of Johnson &amp; Johnson.</a>



Mr. Masiyiwa thanked H.E. Moussa Faki Mahamat, Chairperson of the African Union Commission for his tremendous support to the work of AVATT. He also thanked H.E Amira Elfadil Mohammed Elfadil, Commissioner for Social Affairs, Africa Union Commission, for her contributions to AVATT. Finally, Mr. Masiyiwa expressed his appreciation to the staff of Afreximbank, the Africa CDC, ECA and UNICEF for their extraordinary effort over the last three months in putting this Agreement together.

Africa Signs Historic Agreement with Johnson & Johnson for 400 Million Doses of COVID-19 Vaccines

Africa is set to recover from its worst recession in half a century. Real GDP is projected to grow by 3.4% in 2021 after contracting by an estimated 2.1% in 2020, mainly due to COVID-19 related disruptions, according to the African Development Bank’s recently released <a href="https://www.afdb.org/en/knowledge/publications/african-economic-outlook">African Economic Outlook</a> (AEO). The pandemic also caused deep scars in the financing and debt landscape of the continent that may linger on if not quickly addressed.



At the launch of the AEO, Nobel laureate Joseph Stiglitz rightly explained how the COVID-19 pandemic caused both demand- and supply-side shocks in the continent. “It affected the demand for exports of African countries…but it also affected the willingness of people to work in some of the more exposed sectors and its effects were very disparate across different sectors.”



Following Stiglitz’s train of thought, Africa’s projected recovery will be subject to an unusually high level of uncertainty and risks, as is also pointed out in the analyses of the AEO.



Recovery prospects and risks



The most obvious risk to the recovery is the disease itself. The emergence of more contagious strains of the COVID-19 virus could derail the recovery process. Furthermore, if progress in deploying safe and effective treatment is slower than expected, governments would have to reinstate restrictions. On the upside, if COVID-19 therapeutics and vaccines become accessible in the continent earlier than anticipated, the growth projection for 2021 could be exceeded, leading to a more robust recovery.



Another risk factor relates to the financial inflows to the continent. Although commodity prices have recovered somewhat from the low levels seen in mid-2020, they remain subdued compared to their pre-pandemic levels. Remittances are estimated to have dropped by nearly 10% in 2020, while tourism, foreign direct investments, and portfolio investments were halted in many countries. If these sources of inflows do not rebound, public finances in many African economies will remain suppressed, jeopardizing the projected recovery.



Social and geopolitical tensions in the region are also a major source of risk. The number of conflict-related events in the continent, including political violence, rose in 43 countries in 2020. If these tensions are not properly defused, they could result in policy uncertainty, dampening investor confidence, and could ultimately derail growth prospects.



Policies to sustain the recovery



In the end, government policies could make or break the recovery. For example, governments’ containment measures have helped accelerate digitalization in Africa, with more people adopting digital transactions, virtual meetings, e-medicine, e-commerce and other electronic platforms. If digitalization is sustained in the post-pandemic era, it would accelerate productivity and foster rapid and quality growth.



Furthermore, policymakers must not prematurely withdraw the current fiscal and monetary stimulus packages that have supported recovery. Support for the health sector should continue to consolidate gains in the fight against the virus. Effective policies to retool Africa’s labour force for the future of work must also be aggressively pursued. The African Continental Free Trade Area agreement should be used to strengthen regional and multinational trade and cooperation to stimulate shared prosperity. New public investment projects should focus on pandemic- and climate-proof infrastructure to help build economic resilience.



The impact of school closures on human capital development and the inequalities it creates between the rich and the poor, and between girls and boys, must be mitigated through targeted policies. Whenever in-person learning is possible, schools should open with the appropriate safety protocols in place. Otherwise, learning should continue using traditional media – print, radio, TV – and digital technologies such as smartphones and computers. Social safety nets, including cash transfers and in-kind support, should be expanded to include previously neglected groups in slums and informal businesses, taking advantage of the accelerated digital penetration.



Policies to strengthen good governance and structural reforms should be aggressively implemented as part of efforts to mitigate the COVID-19 crisis and avoid a looming debt crisis. African countries must eradicate all forms of “leakages” in public finances and pursue an all-out effort to harness digital technologies to propel the continent into the fourth industrial revolution and into a future that is far more resilient to economic shocks.

Light at the end of the tunnel for Africa’s economic recovery

Fifteen years later, I am reading Derek Walcot&#8217;s poem A far cry from Africa again, not for the whole continent as I used to do in those days but for Equatorial Guinea, and not from Barcelona where I was then living but from Madrid, where I arrived about two months ago to take a break after a period of overloaded work. In the last seven years, I have been Secretary of State in charge of monitoring Equatorial Guinea&#8217;s Development Plan (almost five years) and Minister of Finance, Economy and Planning (a year and a half). In October 2020, I was removed from the functions of Minister and two months later, in December, I decided to give myself what I had lacked for years: me-time.



Equatorial Guinea, my country, is currently sinking into an unprecedented collective sadness. On Sunday March 7, there was a massive explosion in an arsenal at a military base in Bata, the mainland region of the country. Official sources say that so far around a hundred people have died and more than 500 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;have been injured. These are provisional figures but the population is already assuming that the blow will be greater.



My crying is deprived of the resource of remoteness because social networks, which inform as well as misinform, keep me plugged into the magnified horror of family and friends and also into their indignation and frustration at this disaster caused by &#8220;human negligence&#8221;. Images of the horror have been flashed in the global media. But those images do not capture the full horror of the drama or the complexity of the moment for a country like Equatorial Guinea.



For those following the news from the country, Guineans and non-Guineans, whether living in Equatorial Guinea or abroad, it is easy to fall prey to frustration, pessimism and negativism. Equatorial Guinea is not often the subject of global media coverage. When it does appear, the headlines are forceful and it is undeniable that there is an entrenched narrative that biases the international reader against Equatorial Guinea, or more specifically against its government, of which I have been a part. This narrative, as rooted as it is in data and statistics, does not help Equatorial Guinea, it minimises (if not hides) important achievements of the Government, while at the same time it obscures the country&#8217;s potential and distorts its future.



This humanitarian disaster is unleashing waves of solidarity with Equatorial Guinea, but also winds of indignation and anger. Giving in to negativism would therefore be a clearly justifiable reaction, but at the same time it carries a risk that Equatorial Guinea must avoid at this juncture. The futility of understanding possible future options misses the opportunity to honour the victims of this humanitarian disaster with a sincere and constructive national reconciliation capable of forging a new social contract. Common sense &#8211; the least common of senses &#8211; says that this is no time for finger pointing, we need to keep the eye on the ball.&nbsp;



Equatorial Guinea gained independence from Spain in 1968. The first decade saw the destruction of almost all the economic and institutional infrastructure inherited from the colonial period, leading to a decline in the economy&#8217;s productivity. During the 1980s and 1990s, the country witnessed &nbsp;alarming rates of poverty, but in the early 2000s, Equatorial Guinea experienced significant economic growth driven by oil production which was brought to a screeching halt by the oil shock in mid-2014. The sharp fall in oil prices and the decline in hydrocarbon production consequently led to significant macroeconomic imbalances, particularly in terms of the budget, and negative economic growth in the period 2013-2019, peaking at around -9% in 2015-2016. Real GDP declined by 71% between 2014 and 2019.



A country like Equatorial Guinea which is currently facing an economic recession caused by a double shock – the oil shock from the second half of 2014 and the COVID-19 shock &#8212; hardly has the fiscal space or economic or social resilience to cope with the pandemic. This current humanitarian disaster of unfathomable dimensions may have unpredictable consequences. Economic recovery is slow and arduous, and the economic and social scars of the arsenal explosion will further exacerbate an already uncertain and complex situation.



In recent years, ordinary citizens, civil society groups and private businesses have&nbsp; demonstrated an unprecedented capacity&nbsp; to respond to social challenges. Their readiness to subsidize national crisis was seen during the horrific fires in overcrowded areas of Malabo and Bata. These groups, together with the improvised but effective social safety net that NGOs put in place to protect the most vulnerable Guineans during the corona virus pandemic are a key factor in providing relief to the victims of the blast.



Strategic politicisation and a compassionate top-down leadership will be necessary to overcome the current crisis, but they alone will not be enough. Given the existential challenge that Equatorial Guinea faces today, it will be necessary to progressively depoliticise some spheres, to devise an architecture of consensus that will make it possible to harness the energy and knowledge of all (government, business, civil society, citizens). More spaces for reflection, participation and action must be opened up.



The future of Guineans is uncertain and complex.&nbsp; The combination of economic&nbsp;policies and institutional provisions that will emerge from this severe recession are numerous and no one can predict their success. It is an uncertain and not risk-free journey. It is a learning process. Humility is required on the part of all actors. Sanctimoniously reproaching historical mistakes and subsequent cover-ups ad nauseam are attitudes that may appear appealing reactions to the current situation. However, that attitude is not only negligent, but could also be the downfall of Equatorial Guinea.



The international community should support and accompany Equatorial Guinea on a path to recovery and not distance itself from it.&nbsp; Equatorial Guinea,&nbsp; in turn, should accept helping hand. And here are some of the ways in which the international community could assist:



<ul class="wp-block-list" type="i"><li>Sending humanitarian aid and immediate assistance so that Equatorial Guinea can cope with this humanitarian disaster. That, fortunately, is already being done. African solidarity has already been activated. Spain, France and Israel have sent humanitarian aid and personnel to support. China has sent aid and personnel. The United States has sent in equipment and personnel. The expressions of international solidarity and support will grow and will be added to those of companies (American, French, Chinese, etc.) and Guinean civil society, which has generated an impressive network of front-line workers for this emergency. These multi-stakeholder efforts will need to be coordinated to avoid duplication of efforts and inefficient use of resources. UNDP is well placed to support the government in coordinating international solidarity.</li></ul>



<ul class="wp-block-list" type="i"><li>In February 2021, China donated 100,000 doses of shinopharm vaccine to Equatorial Guinea. This campaign will immunize around 4% of the population. Unfortunately, it is not enough, for example, to safely reopen the schools that remain closed. China can do more; it can also, as the country&#8217;s largest bilateral creditor, renegotiate the terms of economic and financial cooperation between the two countries, thus providing a breath of fresh air for Equatorial Guinea&#8217;s economic recovery.  </li></ul>



<ul class="wp-block-list" type="i"><li>Equatorial Guinea is part of the Central African Monetary Union (CEMAC) which uses a common currency, the XAF franc. In December 2016, the leaders of the sub-region agreed with the IMF on a programme to strengthen macroeconomic and financial stability, promote economic diversification, foster good governance practices and transparency, and support the fight against corruption.  Equatorial Guinea&#8217;s programme was significantly delayed and its implementation has been severely disrupted by the outbreak of the pandemic. In its communiqué of solidarity with Equatorial Guinea, the IMF, through its Managing Director, Kristalina Georgieva, has expressed the institution&#8217;s willingness, in consultation with various partners, to continue the constructive dialogue within the framework of this programme.</li></ul>



<ul class="wp-block-list" type="i"><li>Before the outbreak of COVID19 , Equatorial Guinea organised a national economic conference to adopt a  Development Plan aligned with the Africa Agenda 2063 and the Sustainable Development Goals. The United Nations Development System, the IMF, MDBs (AfDB, WBG, BADEA, BDEAC, etc.) and governments such as France and the United States made significant contributions to the final documents. The knowledge partner for this development strategy was KDI (the South Korean Development Institute).  The outcome of this conference, in which more than 1,500 delegates (government, business and civil society) participated, contains the fundamentals of a social contract that multilateral and bilateral partners can help Equatorial Guinea to put into practice.  </li></ul>



And these are my two cents that, as former Minister of Finance, Economy and Planning, I wanted to contribute to the effort to rethink Equatorial Guinea in order to face the challenges ahead. International solidarity is critical, but above all, we Guineans must understand and assume that &nbsp;at the end it is up to ALL of us, to find a way out of the current crisis that the explosion of the arsenal has only exacerbated

CNBC Africa PR

Inaugural African of the Decade Award announced by All Africa Business Leaders Awards

JOIN THE FUTURE OF WORK VIRTUAL CONFERENCE – exploring shifting trends in a new post-pandemic hybrid world of work.

Access Bank’s Wigwe take top banking spot once again

Africa Blockchain Week 2021 Showcases Continent’s Digital Transformation Powered by Blockchain Technology

Technology ready to create SA’s mines of the future

Why renewable energy is essential for food systems transformation in Africa

Fit for Purpose – Adapting IMF Advice to a New Economic Landscape

India’s response to the COVID pandemic should send a warning to the African continent

Data Compliance: A Blessing, Not a Curse

SARB MPC: No Rush

NexChange Group and Marita Group Co-Host Africa Blockchain Week Virtual Summit to Showcase Continent’s Technological Leapfrog

Vaccines Bring Us Closer to a Fairer World

Statement by H.E. Amira Elfadil Mohamed – Commissioner for Health, Humanitarian Affairs and Social Development, AUC on World Malaria Day

Oscar Onyema Completes his Tenure as CEO of NSE

Africa Signs Historic Agreement with Johnson & Johnson for 400 Million Doses of COVID-19 Vaccines

Light at the end of the tunnel for Africa’s economic recovery

Equatorial Guinea’s Humanitarian Disaster Can Trigger A New Social Contract

News Tips

Advertise With Us

CNBC Africa PR

Inaugural African of the Decade Award announced by All Africa Business Leaders Awards

JOIN THE FUTURE OF WORK VIRTUAL CONFERENCE – exploring shifting trends in a new post-pandemic hybrid world of work.

Access Bank’s Wigwe take top banking spot once again

Africa Blockchain Week 2021 Showcases Continent’s Digital Transformation Powered by Blockchain Technology

Technology ready to create SA’s mines of the future

Why renewable energy is essential for food systems transformation in Africa

Fit for Purpose – Adapting IMF Advice to a New Economic Landscape

India’s response to the COVID pandemic should send a warning to the African continent

Data Compliance: A Blessing, Not a Curse

SARB MPC: No Rush

NexChange Group and Marita Group Co-Host Africa Blockchain Week Virtual Summit to Showcase Continent’s Technological Leapfrog

Vaccines Bring Us Closer to a Fairer World

Statement by H.E. Amira Elfadil Mohamed – Commissioner for Health, Humanitarian Affairs and Social Development, AUC on World Malaria Day

Oscar Onyema Completes his Tenure as CEO of NSE

Africa Signs Historic Agreement with Johnson & Johnson for 400 Million Doses of COVID-19 Vaccines

Light at the end of the tunnel for Africa’s economic recovery

Equatorial Guinea’s Humanitarian Disaster Can Trigger A New Social Contract

News Tips

Advertise With Us

Newsletters