<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia-820x615.jpg" alt="" class="wp-image-587471" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Strengthening climate resilience of agricultural livelihoods in Agro-Ecological Regions I and II (GCF), Zambia. Credit: Mulapwa Mukopole/UNDP Zambia </figcaption></figure>



Zambia is facing one of its most severe droughts in recent history, placing a deep strain on water and electricity supplies, deepening food insecurity, and exacerbating a deadly cholera outbreak. While the arrival of rain has somewhat eased water shortages, electricity supply remains limited, and many challenges persist. A year into the crisis, President Hakainde Hichilema has effectively led his government towards a new approach; one that transforms these pressing issues into opportunities for sustainable solutions.



Drought Impact and Response



Food shortages have become widespread, with an estimated <a href="https://reliefweb.int/report/zambia/acaps-thematic-report-zambia-update-impact-drought-16-january-2025">33%</a> of the Zambian population expected to face hunger between October 2024 and March 2025, before the maize harvest in the second quarter. In response, President Hakainde Hichilema <a href="https://www.aljazeera.com/news/2024/2/29/zambia-declares-national-disaster-after-drought-devastates-agriculture?utm_source=chatgpt.com">declared</a> the drought a national disaster in February last year, enabling the immediate mobilisation of national and international resources &#8211; marking a shift from the delays seen under previous administrations.



The government showed similar decisive action when water scarcity in 2024 exacerbated a cholera outbreak which had begun in October 2023. A multi-sectoral ministerial response team was swiftly mobilised to tackle the disease from various fronts. Internal resources were allocated to community awareness campaigns, public sanitation efforts, and personal hygiene promotion.



Partner organisations, including the Africa CDC, answered the government’s call for support, <a href="https://africacdc.org/news-item/africa-cdc-support-on-cholera-outbreak-in-zambia">contributing</a> by training health workers, supplying medical equipment, and enhancing cross-border disease surveillance.



Beyond these measures, the government has taken significant steps to strengthen Zambia’s long-term healthcare resilience. In October 2024, President Hichilema oversaw the signing of a <a href="https://www.mofaic.gov.zm/?p=2826.">$37 million Memorandum of Understanding</a> (MoU) between the Industrial Development Corporation and China’s Jijia International Company to construct the country’s first cholera vaccine plant.



This domestic production capability addresses a critical gap exposed during the 2023/24 outbreak when vaccine shortages hampered response efforts. Furthermore, it puts Zambia on course to eliminate the disease by 2030, aligning with global health targets.



The government&#8217;s containment efforts in 2024 have yielded promising results. So far, Zambia has recorded 208 cases and 9 deaths &#8211; an enormous improvement compared to nearly 20,000 cases and over 600 deaths at the same time last year. This sharp decline highlights the effectiveness of the government’s proactive health measures.



While managing the health crisis, the government has also had to address the drought’s severe impact on energy supply. Water levels in the country’s two major hydropower water basins have been drastically depleted, leading to frequent blackouts with disruption to industries and communities alike.



In response, the government introduced regulations to fast-track the importation and deployment of renewable energy solutions, particularly solar power. It also implemented net metering and enhanced electricity open access, encouraging increased private sector participation in the power sector. These measures align with the broader strategy to diversify Zambia’s energy mix and reduce dependence on centralised hydroelectric power.



Comprehensive steps have also been taken to address food security, moving beyond emergency responses toward sustainable solutions, with a focus on urban agriculture. A key milestone in this effort was the development of Zambia’s first National Rainwater Harvesting Strategy to improve water security, supported by the European Union’s Green Nexus Programme. In 2024, the government strengthened this approach by launching the Comprehensive Agricultural Transformation Support Program (<a href="https://www.fao.org/faolex/results/details/en/c/LEX-FAOC223713/">CATSP</a>), designed to enhance food security, create jobs, and boost agricultural exports.



This commitment is further reflected in the 2025 national budget, which <a href="https://www.parliament.gov.zm/sites/default/files/documents/articles/2025%20BUDGET%20SPEECH%20%20FINAL_240927_164702.pdf">allocates</a> K15.4 billion to agriculture, fisheries, and livestock interventions &#8211; up from K11.2 billion in 2023 and K13.8 billion in 2024. Of this, 60.1% (K9.27 billion) is earmarked for the Farmer Input Support Programme (FISP), ensuring small-scale farmers have better access to agricultural resources.



Support for small-scale farming has been further strengthened through the <a href="https://www.fao.org/countryprofiles/news-archive/detail-news/ru/c/1679261/">National Agricultural Mechanisation Strategy</a>, developed in collaboration with universities, farmers, the private sector, and international partners such as the EU, the UN’s Food and Agriculture Organization (FAO), and the International Maize and Wheat Improvement Centre. This strategy aims to increase agricultural productivity across crops, livestock, and fisheries, with a strong focus on maize, wheat, and soya production. Under the same strategy, the government launched the &#8216;Mechanise 360 Ulimi Okwana&#8217; campaign aimed at modernising agricultural practices for smallholder farmers across 500,000 hectares of arable land.



To tackle the broader issue of food security and challenges to public health, the government is also investing in water, sanitation, and infrastructure. The 2025 budget allocates <a href="https://www.pwc.com/zm/en/assets/pdf/2025-national-budget-bulletin-v2.pdf">K2.3</a> billion to water and sanitation projects &#8211; 21% higher than the previous year’s allocation. Under the Food Security and Drought Response Plan, 12 new dams will be constructed, 14 rehabilitated, and 385 will undergo maintenance, with plans to construct 947 boreholes, install 500 piped water schemes, and develop 1,835 water points. These projects aim to improve water management, enhance public health, and reduce the prevalence of waterborne diseases while ensuring reliable water access for over 3.5 million Zambians.



Transforming Crisis into Development Opportunities



By declaring the drought a national disaster and emergency, the government was able to swiftly mobilise resources and coordinate assistance with international partners. Citizens have adapted by finding new ways meet their food and energy needs, shifting away from rain-fed maize farming and increasing their uptake of solar power and alternative energy sources for cooking and heating. Increased government funding and active engagement have strengthened public trust in its capacity to address Zambia’s most pressing challenges.



While the drought has tested Zambia’s resilience, it has catalysed sustainable solutions, demonstrating the country’s capacity to adapt to the evolving demands of climate change and food security.

Credit Mulapwa Mukopole UNDP Zambia

Turning Crisis into Opportunity

PHOTO-2025-02-13-14-00-59 1

Nigeria: Leading Africa’s Digital Trade Revolution

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="630" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-820x630.jpeg" alt="" class="wp-image-585512" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-820x630.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-300x231.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-117x90.jpeg 117w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-768x590.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-1536x1180.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Green industries drive skilled job growth</figcaption></figure>



Too often, discussions of the “green transition” focus myopically on dirtier fossil energy we must leave behind, as opposed to the opportunities ready to be seized. The result is that, for many young Africans, the global conversation around the new green economy sounds ominous. Just as Africa’s economies begin to really transform, and tens of millions of Africans prosper from the fruits of accelerating industrialisation and technological modernisation, we are cautioned that our economic aspirations are unfulfillable, or must necessarily come at the expense of our planet.



My generation of Africans are not prepared to defer our aspirations for economic security and development any longer. Scolding rhetoric and apocalyptic warnings which seem to present “de-growth” or a slowing of modernisation as our moral obligation will only entrench our attachment to hydrocarbons.



No, let’s appeal to the ambitions and ingenuity of young Africans, instead of our fears. Let’s make the positive case for renewable energies and the green transition: far from an ideology suppressing Africa’s growth, these emerging technologies are the only way to guarantee this continent’s continued development and deliver the economic opportunities my peers quite rightly demand.



For more than a decade now, luminaries have advanced a moral and ecological case for the energy transition. But too few have made the employment case for this most exciting of sectors –renewable energy. The good news is that the employment case for renewable energy is compelling and, until now, largely untold.



Renewables form part of a set of technologies and industrial innovations which are revolutionary and will, alongside AI and robotics, come to define this century. Renewable power generation is a rapidly expanding and evolving space in which Africans have a real opportunity to lead the world. But this leadership is not abstract – it translates into concrete benefits, in the form of millions of high-quality jobs conferring dignity, autonomy, and as renewables mature, global authority, agency and economic power.



And climate isn’t the only reason to embrace this new energy frontier. Africa’s population is growing at a dramatic rate. Just as a limited stock of hydrocarbons dwindles, the continent will have to create jobs to provide for 42% population growth before this decade’s end.



However much traditional hydrocarbon industries have supported communities historically, we have a duty to recognise that this economic model is unsustainable, and may be in its final decades. How, then, can educated Africans gain white-collar, skilled employment, which contributes to the continent’s economic development? A report by the specialist development agency FSD Africa and recruiters Shortlist – drawing on research by Boston Consulting Group – offers a conservative, near-term forecast of the new direct job creation potential of 12 “green” sub-sectors by 2030.



The landmark research predicts the creation of up to 3.3 million new direct green jobs across the continent by 2030, with the majority in the renewable energy sector, particularly solar. Focusing on five focus countries (the Democratic Republic of Congo, Ethiopia, Kenya, Nigeria and South Africa) which together account for more than a fifth of new jobs, and in key sectors such as renewable energy, e-mobility, agriculture, construction and manufacturing, the report is most striking in the kind and quality of jobs its analysis predicts.



60% of employment created by the green economy over the coming six years will be skilled or white collar in nature, this research suggests. Breaking that headline percentage down, 10% of this new employment is via “advanced jobs” (highly skilled, requiring university degrees to fulfil), whilst a further 30% are projected to be “specialized” (requiring certification or vocational training) and 20% will be administrative in emphasis.



The traditionally prestigious, well-paying roles in hydrocarbon extraction which have underpinned much of the growth of Africa’s middle-class will not last forever; and Africa has not seen any of the significant dividends and prosperity seen in other regions. This we knew. But the really important news is that renewables and e-mobility can, for the countries which develop these high-growth sectors, underwrite a wider economic transformation.



The benefits of developing these sectors and the associated jobs they support are exponential: even where employment growth is unskilled, the stability and formalising effect of these industries will expand governments’ tax bases and accelerate the growth of domestic financial markets. Put simply, without a formal salary, access to credit remains nigh-on impossible.



However, for me and my peers, the possibility of green job creation in Africa is more personal than structural. An increasingly educated, ambitious, and restless generation are graduating our schools and universities in ever greater numbers, and we will not be convinced to forfeit prestigious and well-paid careers on the altar of what can sometimes seem like Western preoccupations. But create green jobs, in exciting new sectors, which promise opportunities for global leadership, and Africa’s young people will not fail to grasp the opportunities.

Recycling Plastic Environment Savings Reduce Junk

Green Jobs – the energy transition must be framed as an economic opportunity, not a moral obligation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-820x547.jpg" alt="" class="wp-image-585508" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



As South Africans, we have long been on a transformative journey – one marked by remarkable achievements and challenges, but most importantly, a spirit of unity and determination.



President Ramaphosa’s recent State of the Nation Address underscored the government’s commitment to driving inclusive growth, creating jobs, and building a capable developmental state. These are ideals that resonate with us at MTN South Africa, where we are committed to sustainable development and transformational growth to achieve a prosperous South Africa.



MTN’s story mirrors that of our country. From the dawn of our democracy in 1994, we have been driven to bridge divides, connect people and enable progress. When MTN began, only 1% of black South Africans had access to phones. Today, the MTN Group connects 288 million people across 17 countries. We are eager to maintain that momentum.



<h2 class="wp-block-heading" id="h-building-strong-partnerships">Building strong partnerships</h2>



A key component of MTN’s success has been our commitment to work with the government to the benefit the public sector and the people of South Africa. Through the RT15 transversal contract, we have developed cost-effective communication solutions across essential sectors, reducing the state’s costs and simplifying vital functions, ensuring greater efficiency.



By supporting educational initiatives with the Department of Basic Education, we are helping build a better future for South Africa’s youth. Recently, MTN was privileged to be part of the announcement of the exceptional 2024 matric results alongside Minister Siviwe Gwarube.



MTN has also invested billions of rands to enhance the resilience of our network, particularly in the face of loadshedding. Our ultra-rural network expansion efforts have brought 4G to remote communities from Lusikisiki to Msinga and Mhlabuyalingana.



<h2 class="wp-block-heading" id="h-connecting-communities-empowering-lives">Connecting communities, empowering lives</h2>



Our commitment to developing communities began in 1995, increasing teledensity in disadvantaged areas. This&nbsp; evolved into a broader focus on digital inclusion and community empowerment. The MTN South Africa Foundation, established in 2001, is now one of the largest corporate investors in social responsibility in Africa, creating lasting change.



In 2024, for example, our ‘Digital Skills for Digital Jobs’ programme invested R14 million providing IT skills training to 900 unemployed youth. Through our ‘Connecting Every Child’ initiative, we are donating 30&nbsp;000 devices to underprivileged learners, giving them the tools to access digital learning and opening up a world of opportunity. Through our digital education programmes, we have reached hundreds of thousands of learners, trained countless teachers, and established over 500 multimedia facilities.



These initiatives are designed to create sustainable pathways for development, ensuring that technology works as a catalyst for social progress.



<h2 class="wp-block-heading" id="h-looking-ahead-a-digital-future-for-south-africa">Looking ahead, a digital future for South Africa</h2>



As President Ramaphosa emphasised in his address, South Africa’s future depends on innovation, growth and development. The telecoms industry is central to this, and MTN is&nbsp; committed to supporting the government by providing state-of-the-art technology, connectivity and digital skills. We are here to enable, empower and enhance the capacity of both government and citizens, ensuring that everyone has the capacity to make the moves needed to reach their full potential.



As not only South Africa’s best network, but also the official mobile and connectivity partner to the SA government, MTN is poised to contribute to the realisation of several critical initiatives aimed at modernising public services. MTN will play a key role in enhancing the digital public infrastructure, and we are willing to support the government&#8217;s implementation of a digital identity system, which will streamline interactions with public services and help create an accessible, efficient government system.



From the judicial services, where we are poised to assist in digitising and streamlining critical paperwork for swift and fair justice, to healthcare, MTN is committed to providing the connectivity and support for the establishment of electronic national health records, helping to improve service delivery.



As the country’s data centre industry continues to grow, MTN is actively involved in expanding network capacity to ensure that South Africa remains a key hub for data storage, generating new job opportunities. MTN is also willing to support the government&#8217;s visa digitisation programme by providing robust telecoms infrastructure to ease the application process to attract talent and investment.



The story of MTN is inseparable from the story of South Africa; a story that is still being written. As we celebrate the past 30 years of innovation and impact, we look ahead with optimism towards a South Africa where technology is a force for good, where opportunities are accessible to all, and where no one is left behind. United in purpose, let us continue to transform South Africa into a nation where possibilities become reality.&nbsp;

1S6A0960

MTN: Partnering with Government for growth and opportunities for all South Africans

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/pexels-artempodrez-5716001-820x461.jpg" alt="" class="wp-image-584663" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/pexels-artempodrez-5716001-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/pexels-artempodrez-5716001-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/pexels-artempodrez-5716001-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/pexels-artempodrez-5716001-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/pexels-artempodrez-5716001-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/pexels-artempodrez-5716001-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



By Jeremy Bossenger of <a href="https://www.bossjansen.com/">BossJansen Executive Search</a>



Declining interest rates and higher pay packages for South African employees, is resulting in more disposable income for consumers which, in turn, is boosting the economy. But against this landscape, how are our highest earners coping with the choppy seas of leading a JSE-listed company; and what advice from PwC can help them draw the long straw? 



It’s been hard to miss the current good trajectory in the news related to salaries in South Africa. The average take-home pay of an estimated four million employees, as tracked by BankservAfrica’s latest Take-home Pay Index (BTPI), made a happy 11.9 percent leap from R15 367 in December 2023 to R17 202 in December 2024.



This upwards graph has clearly had a number of positive drivers, such as the suspension of load shedding, the ongoing recovery of business, inflation seeing moderation, and two interest rate cuts – making 2024 the most robust salary year in the country since 2020.



As a result of this occurrence, South Africa’s retail sales sector has also reflected decent growth, including in the purchasing rate of passenger vehicles. In effect, salary earners have stronger purchasing power now, because more take-home pay and lower consumer inflation (down from 5.3 percent in January 2024, to three percent in December 2024) means more disposable income, or “fun money”.



The result is that 2025 looks set to experience a significant gross domestic product (GDP) increase, of approximately 1.7 percent, due to improved household expenditure, more investment from consumers, and any policies that are applied to further boost the economy – such as more reliable power-generation capacity, better supply-chain systems on the rails and at the ports, and upgraded water infrastructure (particularly in the Gauteng province).



Consumers are also enjoying the benefits of an additional interest-rate cut, of 25 basis points, as of end January 2025. While <a href="https://businesstech.co.za/news/wealth/809242/awesome-news-for-take-home-pay-and-salaries-in-south-africa/">predictions</a> are that the average salary increase could reach 5.7 percent by the end of 2025 (up from 4.5 percent in 2023, according to the latest Quarterly Bulletin of the South African Reserve Bank), it all depends on a particular employer’s “financial health”, “employee performance”, and “talent-retention goals”.



<h2 class="wp-block-heading" id="h-how-the-other-side-lives">How the other side lives</h2>



Peeping over the fence into the pay packages of JSE-listed company CEOs, reveals average earnings of approximately R250 940 per day and total monthly earnings of between R22.5 and R300 million across the nine sectors of technology, mining, banking, retail, insurance, hospitality, diversified (i.e. operates across multiple distinct business lines or industries), property, and education.



These pay packages exceed those listed in the PwC 2024 Directors’ Remuneration and Trends <a href="https://www.pwc.co.za/en/publications/executive-directors-report.html">Report</a> – i.e. a median total guaranteed pay packet for CEOs of the top 200 JSE-listed companies at R8 million per annum; and a median total remuneration package of R19.71 million annually, when short- and long-term incentives are applied to the mix.



However, it is important to note that these extremely high salary earners face equally high-level <a href="https://businesstech.co.za/news/business/803609/the-best-paid-south-african-bosses-of-2024-earning-r251000-per-day/">challenges</a>: “economic constraints”, “political instability”, “high levels of inequality” (within their workforces), “fluctuating exchange rates”, “skill shortages” (particularly in STEM-related jobs ), and “unreliable infrastructure” (particularly freight and port-related, as mentioned above).



Although the financial rewards are vast, these <a href="https://www.bossjansen.com/press/executive-placements-in-south-africa-the-key-to-leadership-success/">corporate leaders</a> must keep the work of their institutions competitive in comparison to their peers, while also operating in a regulated and compliant manner in the face of ongoing digital transformation.



The PwC report advises that “organisations will face more of the same scrutiny, as well as new demands” in the year ahead. This scrutiny extends to: • an increased focus on fair pay and the reason for wage gaps within tight budgets; and • enhanced pay disclosure by companies to satisfy both regulatory and shareholder requirements.



Remuneration policy will be subjected to an ordinary shareholder vote every three years, and each company’s interim report will be subject to an annual ordinary shareholder vote. The reason for any wage gaps (i.e. gender-related, or between the highest- and lowest-paid employees) will also require disclosure.



Advice then, for CEOs running JSE-listed firms, is to meet up with your CFO and discuss:



• whether there is a need to review your current remuneration framework and policy;



• whether the current structure is suitable as far as attracting and retaining key talent is concerned;



• the importance of engaging with shareholders early, to disclose the rationale for changes to the remuneration policy (if any);



• the value of gaining shareholder input on ways to adopt ESG measures in incentive plans, without succumbing to diminished returns;



• the need to potentially include an emergency discretion clause in your remuneration policy, to allow for genuinely unforeseen and/or exceptional circumstances;



and



• the need to focus on areas that investors and shareholders identify as important, as far as these relate to performance, together with fair and responsible pay.



 The reality is that negative stakeholder perceptions of excessive executive pay packages, and/or non-traditional incentive plans, will persist – especially in the case of a lack of adequate underlying company performance.



<h2 class="wp-block-heading" id="h-chart-topper">Chart topper</h2>



Top South African earner for 2024 was former Naspers CEO, Bob van Dijk. His pay packet of R330 million, which equated to R904 109 per day, consisted of a basic salary of $1.4 million, a bonus of $1.4 million, and additional share options. A severance payment of $747 000 (R13.5 million) was also part of his compensation – deemed an appropriate payout for loss of office, following replacement by Fabricio Bloisi.



<a href="https://businesstech.co.za/news/wealth/809242/awesome-news-for-take-home-pay-and-salaries-in-south-africa">https://businesstech.co.za/news/wealth/809242/awesome-news-for-take-home-pay-and-salaries-in-south-africa</a>



<a href="https://www.pwc.co.za/en/publications/executive-directors-report.html">https://www.pwc.co.za/en/publications/executive-directors-report.html</a>



<a href="https://businesstech.co.za/news/business/803609/the-best-paid-south-african-bosses-of-2024-earning-r251000-per-day">https://businesstech.co.za/news/business/803609/the-best-paid-south-african-bosses-of-2024-earning-r251000-per-day</a>

pexels-artempodrez-5716001

The scoop on salary trends in South Africa

Together, the mining industry and the banking and finance sector can power Africa’s economic growth



If there is one industry that can catalyse a fulsome transformation of African nations’ economies, it is mining.



This has been said before, and applied too, in the context of envisaging economic growth in countries on other continents. But our present time is different. The world is at the watershed of an energy switchover the impacts of which may be as dramatic as was the birth of the oil industry 150 years ago. Almost all forecasts linked to, or spinning from, the green energy transition, include escalating global demand for the metals and minerals embedded within Africa’s crust.



Mining already comprises a significant proportion of the Gross Domestic Product (GDP) of many sub-Saharan African nations. In Zambia, for instance, the industry’s contribution to total GDP has ranged between 13% to 19% over the past five years. Major global mining conglomerates including Anglo American, First Quantum Minerals (FQM), Glencore and Vedanta Resources not only have prominent existing operations in Zambia but are embarking upon major expansion projects or have announced significant new exploration ventures.



Political and business leaders throughout the world understand the motivation for this. Renewable energy technologies require copper – much more of it. Worldwide copper demand will surge to over 30 million tonnes by the end of the decade, with an overall market value projected at USD 260 billion. Tied to the ongoing momentum of renewables and related industries, rapid growth is forecast through to 2050, by which time the global copper market will have grown 70% since 2020. Zambia’s Copperbelt and North- Western provinces are one of the world’s richest source of known reserves and estimated future discoveries.



Albeit clearcut, and vital, copper is just one illustration. Similar forecasting and financial and market size modelling applies to other metals and minerals also important for net zero emissions targets and a future for humankind that does not rely on fossil fuels. In particular, cobalt, lithium and nickel are crucial for electric batteries and vehicles, for solar panels, turbines, and energy storage. Figuratively speaking, southern Africa is almost certainly sitting on a new-wave, 21st -century goldmine.



Looking wider, the Lobito Trans-Africa Corridor project is a joint U.S., Angola, DRC, Tanzania and Zambia scheme to link logistics infrastructure from east to west, connecting the Indian and Atlantic oceans.



Even grander is the Vision 2030 idea, backed by rulers and business leaders in the Arabian Peninsula, of a mining super-region spanning Africa and the Gulf. This could be a pan-African, pan-Arabian version of China’s modern-day Silk Road. As such, on top of commodity market optimism, in place already are big-picture ideas and visions upon which Africa’s miners can capitalise.



However, a note of cautionary realism is relevant. Mining industry players in Africa should not expect this global projected growth trajectory to materialise easily or to apply by default to their operations on the continent. Chile remains the world’s largest single copper producing nation, while rare earth metals market share and known reserves are dominated by China. This means that strategies are required to shift the balance – effectively, to improve African mining’s productivity by gearing competitiveness. Successfully operationalising these strategies will be the key to seizing market share as opposed to inching upwards as the market grows. A sea-change in the fortunes of African countries’ economies depends on the former. But this will involve overcoming multiple challenges. 



First and foremost, shall we address the elephant in the room? C-Suite and senior leadership must engage honestly with the issue of purposefully and meaningfully contributing to the economic prosperity of countries hosting their operations. ESG is mandatory, and is elegantly written about in multiple pages of all mining companies’ annual reports. But – remembering that an uplifted local community, a higher-performing region, and a stronger national economy grows the economic pie, benefitting the mining industry – can more be done?



Here, it is opportune to cross-refer to the role of the financial sector. Its ambit includes assisting with compliance issues. Mining companies understandably face rigorous scrutiny by governments and regulatory authorities. Banks, in collaboration with auditors and legal, can help to ensure full and proper compliance, thereby smoothing processes. Governments do understand the importance of industry growth. Zambia is a case in point: President Hichilema has laid out his government’s target of three million tonnes of annual copper production by the early-2030s.&nbsp; A partnership approach will best enable the industry to achieve this; if mining houses demand policies that raise investor confidence, they must hold up their end of the compliance deal.&nbsp;



From that foundation, finance has a further, fundamental role: capital. “The capitalist revolution Africa needs,” blared the headline of a recent feature in The Economist. Some of the article’s statistics and projections are worrying, painting the picture of a continent-wide lag in education levels, digitisation and infrastructure, and corporate scale. Governments are at fault for much poor policy that has contributed to this. But two things can be simultaneously true: the global financial architecture has largely been prejudicial, and the UN’s 4th International Conference on Financing for Development, scheduled for June this year, is overdue. In the spirit of optimism, systemic change is hopefully around the corner. After all, for capitalism to thrive, capital is needed!



In the interim, the green shoots of mining industry expansion in Africa are clearly visible. The banking and financial sector is positioned to encourage and facilitate investment. We see ourselves as partners to one of the continent’s key engines, and feel certain that decisionmakers in both industries are asking the same primary question: “Where can we add value to the country’s economy, and contribute to greater prosperity, by catalysing growth?”


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="800" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Mukwandi-chibesakunda-ZANACO-800x800.jpg" alt="" class="wp-image-582831" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Mukwandi-chibesakunda-ZANACO-800x800.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Mukwandi-chibesakunda-ZANACO-300x300.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Mukwandi-chibesakunda-ZANACO-90x90.jpg 90w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Mukwandi-chibesakunda-ZANACO-768x768.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">Chibesakunda has served in multiple senior roles in the banking industry for over 20 years. She is the CEO of Zambia’s largest bank, Zambia National Commercial Bank (Zanaco).</figcaption></figure></div>

Mukwandi-chibesakunda-ZANACO

Mining in Africa: On the cusp of a new boom?

On American aid cuts/disruptions

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="640" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/Dr.-Obiageli-Ezekwesili-640x800.jpg" alt="" class="wp-image-578278" style="width:640px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/Dr.-Obiageli-Ezekwesili-640x800.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/Dr.-Obiageli-Ezekwesili-240x300.jpg 240w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/Dr.-Obiageli-Ezekwesili-72x90.jpg 72w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/Dr.-Obiageli-Ezekwesili-768x960.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/Dr.-Obiageli-Ezekwesili.jpg 819w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">Dr. Obiageli “Oby” Ezekwesili, Founder and CEO of Human Capital Africa</figcaption></figure>



As we commemorate the 2025 International Day of Education, Artificial Intelligence (AI) leads global headlines, social media chatter, boardroom discussions, and policy debates. This year&#8217;s theme, &#8220;AI and Education: Preserving Human Agency in a World of Automation,&#8221; reflects this focus. Artificial Intelligence promises to reshape every aspect of our lives, including the global labor markets. While this technological revolution promises increased productivity and innovation, it raises eyebrows about job displacement and the future of human work. Amidst these changes, one truth remains constant: the foundation for developing the most automation-resistant skills is built through strong foundational learning in the early years of life: basic literacy, numeracy, and transferable skills, such as socio-emotional skills, cognitive reasoning, analytical thinking, and more.



The recently released World Economic Forum&#8217;s 2025 Future of Jobs Report paints a clear picture: as automation accelerates, unique human capabilities—analytical thinking, creative problem-solving, resilience and flexibility, and leadership—become increasingly valuable. These skills are the backbone of human agency in an increasingly automated world. As Africa continues to drive global workforce growth in the coming years, there is an urgent need to match this demand with quality supply. This process begins at the foundational level.



These higher-order cognitive and socio-emotional skills are not inherently innate; the evidence indicates that they are cultivated through early and consistent exposure to quality foundational learning. A Stanford University study observed that just after one year of early math lessons—similar to lessons delivered under Zambiaʼs Catch Up program—children&#8217;s brains showed significant changes in regions responsible for working memory and numerical processing. This neuroplasticity in early childhood forms the basis for more complex problem-solving and analytical thinking later in life. Moreover, structured investment in socio-emotional learning skills through SEL programs has been found to improve not only academic performance but also deepen long-term resilience and a host of other pro-social behaviours.



It is clear that the AI revolution strengthens the argument for investing in foundational education. Human agency in the age of AI is not fostered through coding bootcamps; it is primarily developed in pre-primary and primary school classrooms. This is where children first learn to decode text, understand numbers, and think critically. When a child learns to read with comprehension, they are not just acquiring a skill—they are building the cognitive foundation necessary to question, analyze, and influence the world around them. Similarly, when they master basic mathematics, they are establishing the mental frameworks required to understand and control technological tools—including AI—rather than merely being controlled by them.



The stakes could not be higher for Africa. With the continent poised to make the largest contribution to the global labor market due to its young and growing population (sub-Saharan Africa is expected to account for over 70% of the growth in the worldʼs working-age population by 2050), ensuring strong foundational skills becomes an economic necessity. We have observed leadership across the continent, with countries such as Rwanda and Mauritius publishing comprehensive national AI strategies and Nigeria, Kenya, and South Africa showing an ever-increasing number of AI innovations with strong applications in the education sector. The African Union&#8217;s Artificial Intelligence Strategy also envisions us as leaders in technological innovation. But of course, leadership itself requires human agency: the ability to understand, question, and direct technological change rather than merely adapt to it. Understanding and mitigating AI risks, tackling the digital divide, leading the design, training, and operation of ethical AI systems which are African-centred—all ambitions laid out within our continental strategy for AI—require the highest levels of human agency, which is predicated on structured investments in foundational learning.



Consider this stark reality: In an age where AI can generate text, create images, and solve complex problems, what happens to those—9 in 10 African children—who cannot read, write, or perform basic calculations by age 10? They become dependent on AI systems that they cannot critically evaluate or meaningfully engage with. This is not just a digital divide; it&#8217;s an agency divide that threatens to reinforce neo-colonial patterns of technological dependence.



The path forward is clear. African leaders must prioritize education at large—particularly foundational learning—as the bedrock of technological agency. By focusing on foundational learning, we are not choosing between basic and advanced skills; rather, we are building the essential base upon which all future learning, including in emerging technologies, can be constructed. The evidence is clear: interventions such as Teaching-at-the-Right Level (TaRL) and structured pedagogy programs can boost learning outcomes in early grades, deliver cost-savings, and in turn build uniquely human skills—such as analytical thinking, creative problem-solving, resilience and flexibility, and leadership—which will hold value in future labor markets and laying the cognitive foundation for technological empowerment.



While foundational learning is crucial, a holistic approach to education in the AI era will require broader interventions. By combining these interventions with a strong focus on foundational learning, African education systems can nurture students prepared to participate meaningfully in future labor markets and foster skills for Africaʼs technological leadership.



I join the Foundational Learning Hub and partners to call upon African governments, donors, the private sector, and the broader education community to leverage the advancements in AI and edtech and apply them to strengthen our educational systems further. To ensure the best results:



<ol class="wp-block-list">
<li>Edtech innovations must be carefully developed and implemented with instructional rigor, evidence, equity, privacy, and safeguarding at their core.</li>



<li>EdTech solutions that are developed must improve on the quality of teaching and be integrated into existing government-led, foundational learning programs to ensure they can equitably impact and improve learning outcomes at scale.</li>



<li>African governments must prioritise the implementation of cost-eﬃcient and proven pedagogical approaches like Structured Pedagogy and TARL; and provide an enabling environment for innovation and technology to support delivering them at scale.</li>



<li>African governments must recognise connectivity, cost, and infrastructure constraints in Africa and work towards developing digital public infrastructure and products that can be scaled within that context.</li>



<li>African governments must integrate digital literacy to curricula, and donors must ensure it is represented in programme design. Teachers must be empowered to teach with AI, as well as teach about AI, driving utility and ensuring that the broader application of AI to development priorities can be accelerated.</li>



<li>Donors and funders must enhance their focus and funding on foundational learning skills in Africa, increasing support for contextually relevant technology innovation that can be delivered at scale and have an impact on learning. While also investing in further developing the evidence base to inform AI product development.</li>
</ol>



As AI systems become more powerful, the question of human agency becomes more urgent. Will our children be able to understand, question, and direct these systems, or will they be directed by them? Again, the answer depends on what happens today in our primary school classrooms.

Dr. Obiageli Ezekwesili

Foundational Learning: Empowering Africaʼs Agency and Development in the Age of AI

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="234" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-820x234.jpg" alt="" class="wp-image-576818" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-820x234.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-300x86.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-160x46.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-768x220.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-1536x439.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Credit: George Clerk/iStock by Getty Images</figcaption></figure>



We project global growth will remain steady at 3.3 percent this year and next, broadly aligned with potential growth that has substantially weakened since before the pandemic. Inflation is declining, to 4.2 percent this year and 3.5 percent next year, in a return to central bank targets that will allow further normalization of monetary policy. This will help draw to a close the global disruptions of recent years, including the pandemic and Russia’s invasion of Ukraine, which precipitated the largest inflation surge in four decades.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2025/01/17/as-one-cycle-ends-another-begins-amid-growing-divergence?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2025/01/10883003/weo-1_original.png" alt="two charts showing world output and consumer price in annual percent change"/></a></figure>



Though the global growth outlook is broadly unchanged from October, divergences across countries are widening. Among advanced economies, the United States is stronger than previously projected on continued strength in domestic demand. We have raised our growth projection for the US this year by 0.5 percentage point, to 2.7 percent.



Growth in the euro area, by contrast, is likely to increase only modestly, to 1 percent from 0.8 percent in 2024. Headwinds include weak momentum, especially in manufacturing, low consumer confidence, and the persistence of a negative energy price shock. European gas prices remain about five times as high as in the United States, versus twice as high before the pandemic.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2025/01/17/as-one-cycle-ends-another-begins-amid-growing-divergence?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2025/01/10883009/weo-2_original.png" alt="chart showing ratio of European gas price benchmark to US counterpart"/></a></figure>



In emerging market economies, growth projections are broadly unchanged, at 4.2 percent and 4.3 percent this year and next. Elevated trade and policy uncertainty is contributing to anemic demand in many countries, but economic activity is likely to pick up as this uncertainty recedes. This includes China, where we now project 4.5 percent growth next year, up 0.4 percentage point from our prior forecast.



Some divergence between large economies has been cyclical, with the US economy operating above its potential while Europe and China are below. Under current policies, this cyclical divergence will dissipate. But the divergence between the US and Europe is more due to structural factors, and the disconnect will linger if these are left unaddressed. It reflects persistently stronger US productivity growth, particularly but not exclusively in the technology sector, linked to a more favorable business environment and deeper capital markets. Over time, this translates into higher returns on US investment, increased inbound capital flows, a stronger dollar and US living standards pulling away from those of other advanced economies. For China, it is notable that potential growth is now more like that of other emerging market economies.



Economic policy uncertainty is elevated, with many governments newly elected in 2024. Our projections incorporate recent market developments and the impact of heightened trade policy uncertainty, assumed to be temporary, but refrain from making assumptions about potential policy changes that are currently under public debate.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2025/01/17/as-one-cycle-ends-another-begins-amid-growing-divergence?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2025/01/10883033/weo-3_original.png" alt="chart showing comparison in real potential GDP in 2019 and 2024 for emerging markets, advanced economies, and US and Germany"/></a></figure>



In the near term, a constellation of risks could further exacerbate these divergences. European economies could slow more than anticipated, especially if investors grow more concerned about public debt sustainability in more vulnerable countries. The main risk is that euro area monetary and fiscal policy could simultaneously run out of room if weaker economic activity pushes interest rates back toward the effective lower bound just as insufficient fiscal consolidation raises risk premia, in turn further constraining fiscal policy. In China, should fiscal and monetary measures prove insufficient to address domestic weakness, the economy is at risk of a debt-deflation stagnation trap, where falling prices raise the real value of debt, undermining activity further. The sharp decline in Chinese government bond yields, seen as haven for local investors, shows rising investor concern. Both in China and Europe, these factors could lower inflation and economic growth.



By contrast, while many of the policy shifts under the incoming US administration are hard to quantify precisely, they are likely to push inflation higher in the near term relative to our baseline. Some indicated policies, such as looser fiscal policy or deregulation efforts, would stimulate aggregate demand and increase inflation in the near term, as spending and investment increase immediately. Other policies, such as higher tariffs or immigration curbs, will play out like negative supply shocks, reducing output and adding to price pressures.



A combination of surging demand and shrinking supply would likely reignite US price pressures, though the effect on economic output in the near term would be ambiguous. Higher inflation would prevent the Federal Reserve from cutting interest rates and could even require rate hikes that would in turn strengthen the dollar and widen US external deficits. The combination of tighter US monetary policy and a stronger dollar would tighten financial conditions, especially for emerging markets and developing economies. Investors already anticipate such an outcome, with the US dollar gaining around 4 percent since the November election.



Overall, these near-term risks could lead to further divergence across economies. In the medium term, about five years, the positive effects of the US fiscal shock may dissipate and could even reverse if fiscal vulnerabilities increase. Deregulation efforts can boost potential growth in the medium term if they remove red tape and stimulate innovation. However, there is a risk that excessive deregulation could also weaken financial safeguards and increase financial vulnerabilities, putting the US economy on a dangerous boom-bust path. Medium-term risks to economic output would be heightened by restrictive trade policies and stricter migration limits.



Renewed inflation pressures, should they arise so soon after the recent surge, could well de-anchor inflation expectations this time around, as people and businesses are now much more vigilant about protecting their real income and profitability. Inflation expectations are further away from central bank targets than in 2017–21, which suggests increased risks of higher inflation. In this environment, monetary policy may need to be more agile and proactive to prevent expectations from de-anchoring, while macro-financial policies will need to remain vigilant to avoid a buildup of financial risks.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2025/01/17/as-one-cycle-ends-another-begins-amid-growing-divergence?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2025/01/10883082/weo-4_original.png" alt="chart showing one-year inflation expectations and deviation from target for advanced and emerging economies in 2017-2021 and 2024 averages"/></a></figure>



The issue is likely to be exacerbated for emerging market economies, given the passthrough of dollar exchange rates to domestic prices and the effects of weaker domestic growth in China. In most cases, the appropriate policy response in emerging market economies will be to let currencies depreciate as needed while adjusting monetary policy to achieve price stability. However, in cases where inflation dynamics have become clearly unanchored or where there are financial stability risks, capital flow management and foreign exchange interventions could help, as long as these are not a substitute for necessary macroeconomic adjustments, in line with the IMF’s Integrated Policy Framework.



For several countries, fiscal policy efforts have been delayed or insufficient to stabilize debt dynamics. It is now urgent to restore fiscal sustainability before it is too late and to build sufficient buffers to address future shocks that could be sizable and recurrent. Additional delays could trigger a worrying spiral where borrowing costs keep rising as markets lose confidence, further increasing adjustment needs. Recent strains in Brazil’s financial markets, like the reaction to the UK’s September 2022 mini-budget, underscore how funding conditions can deteriorate suddenly.



While any sizable fiscal consolidation is bound to weigh on economic activity, countries should take special care to preserve growth as much as possible along the consolidation path, for instance by focusing the adjustment on reducing untargeted transfers or subsidies rather than government investment spending. To achieve this—and help overcome persistent structural differences driving growth divergences—there should be renewed focus on ambitious structural reforms to directly boost growth. These include targeted reforms to better allocate resources, increase government revenues, attract more capital, and foster&nbsp;<a href="https://www.washingtonpost.com/opinions/2025/01/15/global-growth-entrepreneurs-america/?utm_medium=email&amp;utm_source=govdelivery">innovation and competition</a>.



Finally, additional efforts should be made to strengthen and improve our multilateral institutions to help unlock a richer, more resilient, and sustainable global economy. Unilateral policies that distort competition—such as tariffs, nontariff barriers, or subsidies—rarely improve domestic prospects durably. They are unlikely to ameliorate external imbalances and may instead hurt trading partners, spur retaliation, and leave every country worse off.

blog-2099×600-res-weo-c-george-clerckistock-by-getty-images

As One Cycle Ends, Another Begins Amid Growing Divergence

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/1340fe48fa45052f654f008915dbd9c0.2-1-super.1-820x410.jpg" alt="" class="wp-image-575340" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/1340fe48fa45052f654f008915dbd9c0.2-1-super.1-820x410.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/1340fe48fa45052f654f008915dbd9c0.2-1-super.1-300x150.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/1340fe48fa45052f654f008915dbd9c0.2-1-super.1-160x80.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/1340fe48fa45052f654f008915dbd9c0.2-1-super.1-768x384.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/1340fe48fa45052f654f008915dbd9c0.2-1-super.1.jpg 1360w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">eric1513/Getty Images</figcaption></figure>



US President-elect Donald Trump has vowed to impose 100% tariffs on countries that shun the greenback. But the myriad benefits of de-dollarization, especially in terms of macroeconomic management and growth, are huge, and will likely outweigh the costs of these retaliatory measures.



BELFAST – During the US presidential campaign, Donald Trump <a href="https://www.bloomberg.com/news/articles/2024-09-07/trump-pledges-100-tariff-for-countries-that-shun-the-dollar" target="_blank" rel="noreferrer noopener">pledged</a> to make de-dollarization – efforts to reduce global reliance on the greenback – too costly to contemplate, vowing to impose 100% tariffs on countries that shun the currency. But such a move, part of a broader tariff agenda that the president-elect <a href="https://www.ft.com/content/3c98661c-8b8b-4c84-b32a-611c1c59dd1b" target="_blank" rel="noreferrer noopener">seems determined</a> to enact, would do little to stop the dollar’s demise.



The greenback remains the most important means of exchange and effective store of value, making it the preferred currency for international trade and finance, as well as for foreign-exchange reserves held by central banks to ensure a steady supply of imports and insure against currency crises and macroeconomic instability. But as the world’s economic center of gravity shifts east, de-dollarization is accelerating.



The dollar’s share of foreign-exchange reserves fell from a peak of&nbsp;<a href="https://www.wsj.com/articles/SB120449419552406067" target="_blank" rel="noreferrer noopener">72%</a>&nbsp;in 2002 to&nbsp;<a href="https://www.cfr.org/backgrounder/dollar-worlds-reserve-currency" target="_blank" rel="noreferrer noopener">59%</a>&nbsp;in 2023, driven by&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2024/06/11/dollar-dominance-in-the-international-reserve-system-an-update" target="_blank" rel="noreferrer noopener">increased demand</a>&nbsp;for non-traditional reserve currencies – especially the Chinese renminbi. Moreover, the global oil trade was almost exclusively settled in dollars until last year, when&nbsp;<a href="https://oilprice.com/Latest-Energy-News/World-News/Fifth-of-Global-Oil-Trade-Used-Non-Dollar-Currencies-in-2023.html" target="_blank" rel="noreferrer noopener">one-fifth</a>&nbsp;of these transactions were denominated in other currencies.



Several factors have contributed to this shift. Global South countries have become the drivers of global economic growth, changing the dynamics of global trade and energy markets. An increasingly multipolar world has ushered in a new age of currency competition, while technological and financial innovations have made it less expensive and more efficient to use local-currency settlement (LCS) for bilateral trade.



Trump, seemingly aware of the enormous economic and geopolitical benefits conferred by the dollar’s status as the world’s main reserve currency, would like to halt this process. After all, the United States is one of the few countries in the highly integrated world economy that still has&nbsp;<a href="https://www.bu.edu/gdp/2022/08/29/how-to-rethink-monetary-sovereignty-in-an-era-of-financial-globalization/" target="_blank" rel="noreferrer noopener">effective monetary sovereignty</a>&nbsp;– namely, the ability to set and achieve its economic and monetary-policy objectives without regard for other countries.



By contrast, as the eurodollar market became the backbone of the privatized international monetary system, more countries issued dollar-denominated sovereign debt, increasing their&nbsp;<a href="https://www.project-syndicate.org/commentary/us-dollar-is-a-problem-for-rich-and-poor-countries-by-hippolyte-fofack-2024-08">reliance on the greenback</a>. In 2011, then-Chinese President Hu Jintao&nbsp;<a href="https://www.ft.com/content/ae01a8f6-21b7-11e0-9e3b-00144feab49a" target="_blank" rel="noreferrer noopener">put it</a>&nbsp;plainly: “The monetary policy of the United States has a major impact on global liquidity and capital flows, and therefore, the liquidity of the US dollar should be kept at a reasonable and stable level.”



Although a recent study by the Federal Reserve Bank of New York singles out geopolitical distance from the US and financial sanctions as the main drivers of&nbsp;<a href="https://www.newyorkfed.org/medialibrary/media/research/economists/goldberg/Driversdollarshare02262024" target="_blank" rel="noreferrer noopener">decreasing demand</a>&nbsp;for the US dollar, de-dollarization is not driven exclusively or even largely by America’s overreliance on the dollar as a foreign-policy tool. Rather, many governments are encouraging the use of instruments denominated in their national unit of account to capture the&nbsp;<a href="https://www.sciencedirect.com/science/article/abs/pii/S0022199614000567" target="_blank" rel="noreferrer noopener">welfare gains</a>&nbsp;associated with having an international currency.



Perhaps the most successful example of this was Europe’s monetary integration, which gave rise to the euro, now a strong second to the dollar, accounting for around&nbsp;<a href="https://www.consilium.europa.eu/en/policies/international-role-euro/" target="_blank" rel="noreferrer noopener">20%</a>&nbsp;of global reserves and over half the EU’s exports worldwide. In 2022, roughly 52% of goods that the European Union imported from non-EU countries, and around 59% of goods that the bloc exported to these countries, were&nbsp;<a href="https://www.ecb.europa.eu/press/other-publications/ire/html/ecb.ire202306~d334007ede.en.html" target="_blank" rel="noreferrer noopener">invoiced in euros</a>.



Following in the EU’s footsteps, Global South countries are&nbsp;<a href="https://www.project-syndicate.org/onpoint/making-global-monetary-system-work-for-global-south-by-hippolyte-fofack-2023-02">leveraging</a>&nbsp;new technologies to promote the use of LCS for bilateral trade, which can ease balance-of-payments constraints and sustain economic growth. China, for example, has developed its own Cross-Border Interbank Payment System, established bilateral swap lines with&nbsp;<a href="https://www.barrons.com/articles/china-debt-belt-road-swap-lines-18ed8e37" target="_blank" rel="noreferrer noopener">nearly 40 foreign central banks</a>, and successfully pushed to&nbsp;<a href="https://www.scmp.com/economy/global-economy/article/3277788/saudi-arabia-open-petroyuan-closer-china-ties-minister-says" target="_blank" rel="noreferrer noopener">denominate oil contracts in renminbi</a>. Total Energies and China National Offshore Oil Corporation&nbsp;<a href="https://thediplomat.com/2023/05/is-france-backing-chinas-currency-against-the-us-dollar/" target="_blank" rel="noreferrer noopener">concluded</a>&nbsp;China’s first purchase of liquefied natural gas in renminbi through the Shanghai Petroleum and Natural Gas Exchange last year.



In 2022, the Reserve Bank of India established a mechanism to enable international trade settlement in rupees, which could save around&nbsp;<a href="https://internationalbanker.com/banking/the-indian-rupee-as-international-currency/" target="_blank" rel="noreferrer noopener">$30 billion</a>&nbsp;in dollar outflows if used for Russian oil imports. Among the BRICS+ countries (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates), trade settled in national currencies has reportedly&nbsp;<a href="https://news.bitcoin.com/brics-beats-dollar-dependence-national-currency-settlements-exceed-usd-payments/" target="_blank" rel="noreferrer noopener">surpassed</a>&nbsp;that in dollars. Cross-border investment in local currency is also&nbsp;<a href="https://www.reuters.com/business/finance/brics-bank-looks-local-currencies-russia-sanctions-bite-2023-08-10/" target="_blank" rel="noreferrer noopener">set to rise</a>, with the BRICS’ New Development Bank raising its local-currency lending from about 22% to 30% by 2026 to mitigate the impact of foreign-exchange fluctuations and remove cash-flow bottlenecks in financing projects.



The Nobel laureate economist&nbsp;<a href="https://www.project-syndicate.org/columnist/joseph-e-stiglitz">Joseph E. Stiglitz</a>&nbsp;estimated the annual cost of reserve hoarding for developing countries at more than&nbsp;<a href="https://www.amazon.com/Making-Globalization-Work-Joseph-Stiglitz/dp/0393330281" target="_blank" rel="noreferrer noopener">$300 billion</a>&nbsp;– 2% of their combined GDP – in the mid-2000s. That figure is undoubtedly higher today, given the increase in excess reserves and the growing number of countries with sub-investment-grade credit ratings&nbsp;<a href="https://www.tandfonline.com/doi/abs/10.1080/14747731.2014.927146" target="_blank" rel="noreferrer noopener">accessing</a>&nbsp;international capital markets.



To be sure, de-dollarization also serves as a hedge against US financial sanctions, which are expected to proliferate under Trump. But the myriad other benefits of pursuing such a policy, especially in terms of macroeconomic management and growth, are huge, and will likely outweigh the costs of the retaliatory tariffs that Trump has promised to impose on currency competitors.



The process may be slow-moving. Powerful&nbsp;<a href="https://www.ecb.europa.eu/press/other-publications/ire/html/ecb.ire202306~d334007ede.en.html" target="_blank" rel="noreferrer noopener">network externalities</a>, coupled with the depth and liquidity of the US capital markets, have made it difficult to dislodge the dollar, even though America&nbsp;<a href="https://www.theguardian.com/business/2014/jan/10/china-surpasses-us-world-largest-trading-nation" target="_blank" rel="noreferrer noopener">lost its status</a>&nbsp;as the world’s largest trading economy more than a decade ago. But the shift to non-traditional reserve currencies in an increasingly multipolar economic system, and the growing importance of the cross-border use of national currencies in fueling growth and achieving global income convergence, suggests de-dollarization will continue. And a tsunami of tariffs and sanctions under the next US administration will surely help it along.

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Trump Can’t Stop De-Dollarization

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="216" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-820x216.jpg" alt="" class="wp-image-575337" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-820x216.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-300x79.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-160x42.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-768x202.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-1536x405.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Côte d’Ivoire has become a pillar of growth and stability for the region, thanks to its impressive economic resilience and commitment to reform, but efforts to address certain challenges need to be maintained.



The Ivoirien economy has performed strongly over the past decade, with GDP growth averaging 6.4 percent, inflation hovering around 2.2 percent, and a declining proportion of the population living below the national poverty line. The country has maintained macroeconomic stability despite the major shocks that have buffeted the world in recent years.



Nonetheless, structural obstacles persist, including the informal nature of employment, which has diminished but remains pervasive, thereby complicating the country’s mission to achieve stronger and more inclusive growth, broaden the tax base, and deepen the ongoing economic transformation. At the same time, the relative predominance of the cocoa sector and the concentration of industry and services in coastal zones make Côte d’Ivoire vulnerable to the effects of climate change. The economic diversification that is currently under way should help to strengthen economic resilience further.



The Executive Board and staff of the IMF analyzed the situation of Côte d’Ivoire as part of the (recently completed)&nbsp;<a href="https://www.imf.org/en/News/Articles/2024/12/13/pr-24472-cote-divoire-imf-completes-3rd-rev-of-eff-ecf-2nd-rev-of-rsf-concl-2024-art-iv-consult">2024 Article IV consultations and the reviews</a>&nbsp;conducted under the Extended Credit Facility (ECF), the Extended Fund Facility (EFF), and the Resilience and Sustainability Facility (RSF). As the country continues to make progress toward joining the ranks of upper middle-income countries and in tackling climate change, the&nbsp;IMF Country Focus&nbsp;editorial team spoke with Côte d’Ivoire’s Minister of Finance and Budget,&nbsp;Adama Coulibaly, and IMF Mission Chief&nbsp;Olaf Unteroberdoerster.



Côte d’Ivoire is on track to achieve upper middle-income status.&nbsp;What role is the Fund playing in helping the country implement its ambitious development agenda?



Adama Coulibaly:&nbsp;Côte d’Ivoire has become West Africa’s engine of growth and stability. Over the past decade, its GDP growth has been about 3 percentage points higher and inflation almost 4.4 points lower than the respective sub-Saharan African averages. Continuous public investment in high-priority, socially-oriented, infrastructure has helped reduce poverty, despite the growing influx of refugees from neighboring countries.



The Fund’s support has been crucial. Despite the severe shocks that have reverberated around the world, the critical adjustment made since 2023, under Côte d’Ivoire’s EFF- and ECF-supported program, has preserved macroeconomic stability and enabled it to become the first sub-Saharan African country to return to international financial markets since 2022. Standard and Poor’s recently upgraded our country’s sovereign debt rating to BB, one of the best three ratings in Africa.&nbsp;



At the same time, the RSF arrangement, approved in March 2024, is helping us to meet the increasing challenges of climate change. In particular, our continued commitment to reforms under these two programs should help Côte d’Ivoire achieve upper middle-income status and strengthen its resilience to climate change.



Why does domestic revenue mobilization play such an important role in the authorities’ reform agenda?



Olaf Unteroberdoerster: Domestic revenue mobilization is key to creating the fiscal space needed to meet Côte d’Ivoire’s high-priority social protection and infrastructure needs, such as education, health, and transportation. All of this will support the country’s ambitious economic transformation agenda aimed at achieving upper middle-income status.



Efforts to mobilize domestic revenue have thus far enabled significant progress, in particular toward complying with the West African Economic and Monetary Union’s deficit ceiling of 3 percent of GDP by 2025. These efforts have also been instrumental in preserving Côte d’Ivoire’s rating as a “moderate” debt-distress risk and, more broadly, in enabling the country to maintain one of the best credit ratings in sub-Saharan Africa.



To capitalize on these good results, the authorities recently adopted a global medium-term revenue mobilization strategy that provides a roadmap toward a fairer, simpler, and more inclusive tax system. This is designed to improve outcomes and drive revenue mobilization more autonomously, with strong popular support.



What are Côte d’Ivoire’s priorities for improving the business climate and increasing private sector involvement in the country’s development?



Adama Coulibaly:&nbsp;To stimulate private sector productivity and economic diversification, Côte d’Ivoire is prioritizing the delivery of high-quality public services, particularly in the energy sector, and improving governance. This will require actions targeted on human capital building, financial inclusion, and climate change resilience. The government will continue to reduce the prevalence of informal work by tackling gender inequalities, providing vocational training aligned with the needs of the private sector, making it even easier for businesses to register officially, and expanding social protection and universal health coverage—all of which are in keeping with our national development plan.



The government is also committed to complying with the recommendations of the Financial Action Task Force (FATF) on anti-money laundering and combating the financing of terrorism. The aim is to be removed from the FATF “grey list” as soon as possible, based on the significant progress made to date and rapid implementation of the remaining measures in the action plan.



What are Côte d’Ivoire’s main climate change vulnerabilities, and how is the Fund helping it to address them?



Olaf Unteroberdoerster: Côte d’Ivoire is highly vulnerable to climate change owing to rising temperatures and sea levels, and changes in rainfall patterns that increase the risk of flooding and coastal erosion. As the world’s largest producer and exporter of cocoa, it is heavily dependent on agriculture; and, as industrial and service activities are concentrated in coastal zones, it is important to continue adopting the measures needed to avoid a potentially considerable impact on the country’s economy.



Côte d’Ivoire has embarked on an ambitious reform agenda, supported by the IMF and a US$1.3 billion arrangement under the RSF. The program is built around the following six key pillars: integrating climate change into key aspects of public finance management; strengthening governance of climate policies; reinforcing safeguards for the agricultural sector; creating a framework for green and sustainable financing; building resilience to climate hazards; and controlling and reducing greenhouse gas emissions.



Following a climate financing roundtable in July, convened jointly by the Ivoirien government, the IMF and the World Bank, Côte d’Ivoire announced a wide range of initiatives at the recent COP29 meetings to catalyze climate financing in the country. These include strengthening the coordination of budget support, including grants; speeding up the implementation of adaptation projects through a project preparation financing mechanism; establishing a green finance facility for Côte d’Ivoire with a view to promoting green growth; and enhancing support for the financing of private-sector investment.

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Côte d’Ivoire: Fostering Economic Transformation and Adapting to Climate Change

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash-820x547.jpeg" alt="" class="wp-image-573977" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash-768x513.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash-1536x1025.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash.jpeg 1627w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption"> Photo: Cattle in Iganga, Uganda by Zach Wear (@zachwear)</figcaption></figure>



It’s an inescapable fact that livestock are central to many African economies, communities, and cultures. Cattle, goats, sheep, and camels are an enormous driver of African development and catalyst of improved living standards, food security, nutrition, and gender equality.



However, within global sustainability discussions, livestock are often seen as the problem, rather than the solution. And while calls for reduced livestock herds may be valid in some Global North contexts, this is not a panacea for reducing emissions, protecting biodiversity, or restoring land in Africa.



In fact, to unlock the full potential of green finance at the heart of all three UN environmental summits last year, we must acknowledge that a multifaceted approach – one embracing livestock, rather than rejecting it – is the only pathway to a greener and more equal Africa.



It’s true, food systems account for more than <a href="https://www.nature.com/articles/s43016-021-00225-9">one third</a> of greenhouse gas emissions, including more than <a href="https://www.worldbank.org/en/news/feature/2024/05/16/tanzania-afe-greener-future-reducing-methane-in-waste-and-livestock-sectors">14 per cent</a> from the livestock sector. But narratives vilifying livestock ignore important context.



Livestock are <a href="https://academic.oup.com/af/article/10/4/22/5943506">increasingly important</a> to many developing nations, especially to 250 million African pastoralists, who produce over half of the continents’ meat, milk, and eggs and are uniquely exposed to the impacts of climate change. Animal source foods are especially important to development, as they are rich in bioavailable nutrients and play an important role in preventing malnutrition – a problem that costs African economies up to <a href="https://www.afro.who.int/news/whos-africa-nutrition-report-highlights-increase-malnutrition-africa">16 per cent</a><a href="https://www.afro.who.int/news/whos-africa-nutrition-report-highlights-increase-malnutrition-africa"> </a>of annual GDP, as they are inaccessible to many.



It is clear that, while reductions in livestock herds may align with climate goals in some contexts, a one-size-fits-all approach is neither equitable, nor feasible. And yet, despite bearing <a href="https://www.statista.com/statistics/1287508/africa-share-in-global-co2-emissions/#:~:text=Africa%20accounted%20for%203.9%20percent,share%20among%20all%20world's%20regions.">limited</a> historical responsibility for climate change, and suffering <a href="https://wmo.int/news/media-centre/africa-faces-disproportionate-burden-from-climate-change-and-adaptation-costs">disproportionately</a> from its impacts, Africa faces calls to reduce herd numbers.



Better, not fewer, livestock is the answer to the sustainability challenge. A greener African livestock sector can reduce agricultural emissions, protect biodiversity, restore degraded land, improve livelihoods, secure food systems, and contribute to healthier communities.



This is not a pipe dream – research has already demonstrated how a more sustainable livestock sector can deliver these priorities.



Improved livestock nutrition through supplements and carefully managed forage, for example, can help animals grow stronger, produce more milk, and withstand disease, becoming up to <a href="https://cgspace.cgiar.org/items/5dcec4bc-102f-4a10-8135-af0fb3374a54">67 per cent</a> more productive, emitting significantly less methane.



Sustainable livestock management practices also support planetary health, reversing the processes of land degradation and biodiversity loss. Targeted grazing, where farmers control the frequency, location, intensity, season, and duration of livestock grazing, has been shown to reduce invasive plant species up to <a href="https://bioone.org/journals/rangeland-ecology-and-management/volume-75/issue-1/j.rama.2020.11.007/Targeted-Grazing-of-an-Invasive-Grass-Improves-Outcomes-for-Native/10.1016/j.rama.2020.11.007.short">37 per cent</a>.



These efforts show that livestock can be a part of the solution, not just a source of the problem. Moreover, pan-African strategies and frameworks already exist, such as the <a href="https://au.int/sites/default/files/documents/40790-doc-AU_Green_Recovery_Action_Plan_ENGLISH1.pdf">African Union’s Green Recovery Action Plan</a> and <a href="https://au.int/en/documents/20220628/african-union-climate-change-and-resilient-development-strategy-and-action-plan">Climate Change and Resilient Development Action Plan</a>, established to enable the green transition and advocate for a people-centered approach..



However, for all their ambition, these initiatives are missing two essential elements — neither of which has been fully realised.



Firstly, there is the intractable issue of finance. Even though Africa is home to nine of the 10 countries most vulnerable to climate change, it receives just <a href="https://www.afdb.org/en/news-and-events/cop29-african-leaders-urge-rapid-increase-climate-finance-adaptation-and-green-growth-78689#:~:text=Although%20Africa%20contributes%20less%20than,most%20vulnerable%20to%20climate%20change.">three per cent</a> of global climate finance. Member states already divert up to <a href="https://wmo.int/news/media-centre/africa-faces-disproportionate-burden-from-climate-change-and-adaptation-costs">9 per cent </a>of their national budgets to respond to climate extremes. It is imperative that financial commitments made towards the African continent to address climate change – particularly those by Global North nations who bear greater responsibility for the climate crisis – are honored. They have “talked the talk”; now it is time to “walk the walk”.



Secondly, frameworks need strong national-level buy-in. While the onus is on high-income countries to support climate action in countries least responsible for historic emissions, national governments must still play an active role in adopting climate mitigation and adaptation strategies. Sustainable development will not be achieved passively. They must seek out and leverage available national budgets, building strategic private-public sector alliances to drive sustainable investments in their own context-specific sustainable development pathways.



A crucial first step on this journey can be addressing the underrepresentation of livestock in national-level governance and regulatory instruments. By embedding livestock into <a href="https://unfccc.int/process-and-meetings/the-paris-agreement/nationally-determined-contributions-ndcs">Nationally Determined Contributions</a>; <a href="https://www.cbd.int/nbsap">National Biodiversity Strategies and Action Plans</a>; <a href="https://www.worldbank.org/en/topic/agriculture/publication/climate-smart-agriculture-investment-plans-bringing-climate-smart-agriculture-to-life">Climate-Smart Agriculture Investment Plans</a>, and <a href="https://www.unccd.int/land-and-life/land-degradation-neutrality/projects-programmes/ldn-target-setting">Land Degradation Neutrality</a> targets, the negative perception of this sector can be changed. Active participation for livestock in these national-level frameworks can help the sector shift from being a perceived problem to a catalyst for sustainable development. In turn, this can engender a virtuous cycle of investment for context-specific climate, biodiversity, and land research for livestock, which it has <a href="https://livestockdata.org/publications/climate-investment-case-livestock-sector">lacked</a>.



As we move into the second half of this critical decade for climate action, the role of livestock in sustainable growth must be reimagined with urgency and equity at its core. Livestock are not just a source of food or income — they are the cultural and socioeconomic bedrock of many developing nations, especially in Africa and the Global South.



In order to tackle the three interconnected planetary crises – climate change, biodiversity loss, and land degradation – global narratives must move beyond blanket prescriptions. Only by embracing local realities, can we build the collective momentum required to achieve meaningful success.



The future of livestock is not predetermined — it is a choice. To be successful, this choice needs to be one of shared responsibility, inclusion, equality and a strong commitment to leave no one behind.

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Better, not fewer, livestock is the key to a greener future in Africa

Africa in 2025

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/World-Bank-Group-staff-at-the-Zambia-Country-Private-Sector-Diagnostic-launch-in-Lusaka-on-Thursday.-Photo-Courtesty-820x523.jpg" alt="" class="wp-image-567777" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/World-Bank-Group-staff-at-the-Zambia-Country-Private-Sector-Diagnostic-launch-in-Lusaka-on-Thursday.-Photo-Courtesty-820x523.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/World-Bank-Group-staff-at-the-Zambia-Country-Private-Sector-Diagnostic-launch-in-Lusaka-on-Thursday.-Photo-Courtesty-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/World-Bank-Group-staff-at-the-Zambia-Country-Private-Sector-Diagnostic-launch-in-Lusaka-on-Thursday.-Photo-Courtesty-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/World-Bank-Group-staff-at-the-Zambia-Country-Private-Sector-Diagnostic-launch-in-Lusaka-on-Thursday.-Photo-Courtesty-768x490.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/World-Bank-Group-staff-at-the-Zambia-Country-Private-Sector-Diagnostic-launch-in-Lusaka-on-Thursday.-Photo-Courtesty.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Zambia is endowed with so many positive attributes. It has a strong mining industry, the right conditions for agriculture, plenty of sunshine for renewable energy, and Victoria Falls, one of the greatest natural attractions in the world. A stable political system and a young, hardworking population are helping the country recover from recent crises.



Building on these strengths with an enabling policy environment could position the country to attract critical investments from foreign and domestic sources. This will generate jobs, raise incomes and boost shared prosperity in the country.



In the new Zambia Country Private Sector Diagnostic, the World Bank Group finds that four sectors – mining, farming, renewable energy, and tourism – could attract up to $21 billion in cumulative new investments by 2030. These sectors could also create an additional 80,000 jobs as well as many more indirect livelihood opportunities in the economy.



A few well-chosen reforms will help Zambia get there. The report identified the four sectors for their potential to impact investment and boost economic growth in the context of feasible policy actions. Let’s look at each of these in turn.



In mining, attracting new investments requires a stable and predictable policy environment. Frequent changes to the mining tax regime—with 11 modifications in the past 19 years—have understandably made companies reluctant to make long term commitments in the sector.



The Ministry of Mines and Mineral Development could expand access to prospective areas through a transparent licensing system and tenure security. Two years ago, the government had to stop issuing mining licenses for eight months while it investigated corruption. When it resumed, there was a backlog of 2,000 applications.



Standardizing exploration licenses to ten years and introducing non-exclusive reconnaissance licenses to allow companies to collect geodata could unlock Zambia’s mineral resource potential.



In the renewable energy sector, Zambia is well-positioned to become a regional source of solar power. Right now, almost all the country’s energy comes from hydropower. But increasingly frequent droughts make hydropower less reliable, especially as electricity demand rises in the country.



The CPSD highlights the need for the state utility, ZESCO, to facilitate the smooth implementation of the already enacted laws enabling independent power producers to access the grid and sell power directly to customers, such as mining companies. This could unlock up to $1 billion in investments by 2030 and add up to 1,000 megawatts of installed solar capacity.



Zambia also has the potential to become a key player in regional agricultural markets. To enhance Zambia&#8217;s agricultural competitiveness, the government must rethink its market interventions. Currently, nearly 90 percent of the agriculture budget goes to the Farmer Input Support Program and the Food Reserve Agency. Reshaping these programs to fund crucial infrastructure like all-season roads and irrigation systems would improve market access, productivity, and resilience to climate shocks.



Finally, the report highlights that despite its remarkable attractions, Zambia lags behind other regional tourist destinations. In 2019, each international visitor contributed just $1,417 to the economy, compared to $3,650 in Kenya and $5,198 in Tanzania. The report emphasizes that Zambia could greatly benefit from an eco-friendly tourism industry, currently saddled with heavy regulatory costs, which could attract visitors from all over the world by making better use of its wildlife reserves and national parks.



Implementing these reforms will require sustained commitment from the government and all stakeholders, but the potential rewards—a more robust Zambian economy—will be worth the efforts. &nbsp;



Mary Porter Peschka is IFC’s Regional Director for Eastern Africa. Nathan Belete is the World Bank’s Country Director for Zambia, Malawi, Tanzania, and Zimbabwe.

World Bank Group staff at the Zambia Country Private Sector Diagnostic launch in Lusaka on Thursday. Photo Courtesty

Several Well-Targeted Reforms Could Attract Billions in Investment to Zambia

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-820x546.jpg" alt="" class="wp-image-566085" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1.jpg 1201w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Rabat, Morocco&nbsp;– In a milestone celebration of African leadership, Dr. Akinwumi Adesina&#8217;s decade-long impact on continental development has earned him the inaugural &#8220;African of the Decade&#8221; award. The&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC5JgF0yrrvOiGrvAGknr-2BK7BA6H-2FmR-2FxhNqLVDLRgxw5-2BSaVeHFBi7E5qvUIYDeLug-3D-3D5kOH_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49Oucmvx8xSvxS37h7LM1F8g2awPhMbvGplyFofWvD19aa-2FGUELu0XXDHZ3m2o-2BZfBZpQvh-2FanPcrZ9mm8W9w2rtrvEDw9jB5dwSmKZBacPaUm1XoLscHZW6-2FfNyHFpNKL28IlMhCZbSqeCjYM-2FjSzQQ-3D">African Development Bank Group President received this distinguished honor</a>&nbsp;at last week&#8217;s Africa Investment Forum in Rabat, marking a defining moment in the history of the All-Africa Business Leaders Awards.



The prestigious award, introduced by the ABN Group in collaboration with CNBC Africa, honors individuals who have made a lasting and profound impact on the continent. Dr. Adesina, who will conclude his 10-year tenure as head of the African Development Bank Group next year, is widely celebrated for his visionary leadership and achievements in improving the lives of millions across Africa.



ABN Group Chairman Rakesh Wahi presented the award to Dr. Adesina during the 2024 Africa Investment Forum in Rabat, Morocco. In a citation read by CNBC Africa Chief Editor Godfrey Mutizwa, the awards committee praised Adesina for his unwavering commitment to ethical and responsible leadership and his ability to drive meaningful change across Africa, particularly through the Bank’s&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC69uOBtMTWdeAaLbNAEGp4P4K6lRkuuIdiEO9A5BCUELsEFMjF8oK-2FHjl09T0L7VSM4-2B4zUKqXgvt2phLrschebPTUUUYhIlD36oisgGIXgugcDQD-2F6oyP6LQcTPd1OkPncRrqkMcnetooTA42jDYnE-3DYvup_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49DFRbcyiy9qoxMGgjztdi56eiVvSDVZLUFkN17dv43Ct9o6-2FyCOtTAn1ChROgaoSDoiuRMBenpWURNFDs3FG1x415acPJbHV7oG6nwe79i7GQGQZk4pbWCqo4MbPXXfYGj0yKu8ElPDl5Hrg5gBp-2FII-3D">High5 strategic priorities</a>.



“Dr. Adesina has demonstrated a significant impact on the African continent through innovative solutions, projects, or initiatives that address the continent&#8217;s pressing socio-economic and environmental challenges. He has consistently shown leadership, vision, and dedication, driving positive change in sustainable development in Africa,” Wahi said.



The awards committee highlighted Adesina’s innovative collaborations, including leading the African Development Bank in a&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC69uOBtMTWdeAaLbNAEGp4P4K6lRkuuIdiEO9A5BCUELSDDjIAZnBdDgmOTtRXcwgleVdIfpe3YDqrW8HDAnNn959meTkywR1tklGs7Kq8pc-2FT3bOL-2Bn67SQ-2Fv74UfpLY34bm4mNcUToeba4kxkzLeJTSkFJiARX4OkA5EUTAs4c65h1quK5OWefrOn47EqjBA-3D-3Df6Wh_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49Gin2LLYHzEJuN4ZtZLsx6Nw-2ButgvPC-2B93EIxCK7DjkxggtcWS4CgYYfAuKwk2aYUa-2FElESIlvkux8lmIIEzYhjKw6H7giBCBXj6FcwhDsmqwjD1KfKzj-2B8kXzX0CAb8uhAeJcwThRjjN8x4lEBac5U-3D">groundbreaking partnership</a>&nbsp;with the World Bank to provide electricity access to 300 million Africans.



The award also recognizes Adesina’s earlier role as Nigeria’s Agriculture Minister.



“Over ten years ago, Dr. Akinmumi Adesina&#8217;s impactful tenure as Nigeria&#8217;s Minister of Agriculture revolutionized the country&#8217;s agro-industrial value chains and transformed the lives of millions of small-holder farmers,” Wahi stated.



Under Adesina’s tenure, Nigeria ended 40 years of corruption in the fertilizer sector by developing and implementing an innovative electronic wallet system, which directly provides farmers with subsidized farm inputs at scale using their mobile phones.



Since assuming leadership of the African Development Bank in 2015, Adesina,&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC7CyhXvJjyYmVKjYoq0qjCaZR5EVVtI0gq-2FmXPz-2FaODfJ-2F-2Bar-2BbQvYIPtUnbTfTiMVCY4-2FmqDDV0WILK1t2g3D0TLp4zc-2B3YmdOFYMTTaZe0SwA4_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49FZnVbBT6lBIpOLbDBaafJDei0qMBQUZ6Dz-2BP53E5MS-2BROVDl4gXeAzP4oqpCwmHIdiq641ZpBONCmp0jNiUL1AIvZ9wXhsbVo3Es-2BE5HXDlbFGJDZrA24irLi9mS-2BQVxHY-2FVnY7Vj-2B8VtXW2UcGOPQ-3D">a World Food Prize laureate,</a>&nbsp;has been instrumental in attracting global investment, championed innovative development strategies, and consistently positioned Africa as a continent of immense potential and opportunity.



Accompanied by his wife Mrs Grace Yemisi Adesina, the African Development Bank president expressed his gratitude for the honor, describing the award as a testament to what is possible in the transformative power of Africa’s potential. “I dedicate this recognition to the resilient people of Africa and all those working tirelessly to advance the continent’s development,” he said.



“God did not make a mistake when he made me an African…and I will do all I can, to my final breath, for Africa,” Adesina vowed.

PRST receiving ABN award 1

African Development Bank’s Adesina Wins Inaugural ‘African of the Decade’ Award

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-820x547.jpg" alt="" class="wp-image-564841" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">John Humphrey is His Majesty’s Trade Commissioner to Africa at the UK’s Department for Business and Trade</figcaption></figure>



As the world navigates uncertain times &#8211; economic turbulence, climate change, conflict and global inequality &#8211; building economic bridges between communities that foster mutual trade, investment and understanding offers a beacon of hope. The recent UK-Francophone West and Central Africa Forum (WCAF) in London, which was heavily oversubscribed, felt like such a bridge, bringing people together and highlighting the vast potential for collaboration between the UK and Francophone Africa.



The WCAF, now in its third consecutive year, has established itself as a premier platform for fostering meaningful partnerships between governments, private sectors, and civil society. This year&#8217;s forum, organised by UK Export Finance in conjunction with DMA, was attended by high-profile government dignitaries from 9 African nations. They were welcomed by the UK Minister for Africa, Lord Collins, and the UK Minister Services, Small Businesses and Exports, Gareth Thomas and senior UK government officials from various relevant departments.



The UK government&#8217;s commitment to strengthening its economic ties with Africa is clear. As an example, we announced a finance deal worth over £60 million of support from British firms to help Cameroon improve vast swathes of land for farming. These sorts of deals are setting the tone for the UK’s vision of a stronger trading relationship with Africa which promotes sustainable, mutual growth which creates jobs and prosperity and improves people’s daily lives, especially for women and for young people.



So, what&#8217;s next? As we look to the future, it&#8217;s essential to build on the momentum generated by the WCAF. This means continuing to foster meaningful partnerships, driving growth and economic development, and promoting transparency and cooperation. The next edition is planned to be in Africa, which will make the event even more accessible and relevant.



Several key areas hold significant potential for further collaboration and investment opportunities between the UK and Africa: &#8211;



&nbsp;*Agriculture*: With Africa&#8217;s vast agricultural potential, partnerships can focus on improving yields, enhancing global food security, and promoting sustainable agricultural practices.



&#8211; *Energy*: As Africa increases energy access and transitions to cleaner energy sources, collaborations can centre on developing critical energy infrastructure, promoting energy efficiency, and enhancing energy access.



&nbsp;&#8211; *Healthcare*: Partnerships can focus on improving healthcare infrastructure, enhancing access to quality healthcare services, and promoting innovative healthcare solutions.



&#8211; *Sustainability*: Collaborations can prioritize sustainable development, focusing on environmental conservation, climate change mitigation, and promoting eco-friendly practices.



The WCAF has demonstrated the power of collaboration and investment in unlocking the vast potential of UK-Africa relations. As we move forward, it&#8217;s essential to build on this momentum, fostering meaningful partnerships that drive growth, economic development, and sustainable progress.



&nbsp;By working together, we can unlock the vast potential of the African continent and create a brighter economic future for all. The UK&#8217;s commitment to strengthening ties with Africa is clear, and the WCAF serves as a great example of this commitment. As we continue this journey, it&#8217;s essential to recognise the importance of transparency, understanding, cooperation, and mutual benefit.



By prioritizing these values, we can ensure that our partnerships are equitable, sustainable, and beneficial to all parties involved. The future of UK-Africa relations holds tremendous promise, and it&#8217;s up to us to seize this opportunity. Let&#8217;s work together to unlock the vast potential of the African continent and create a brighter economic future for all.

John 1

Forging new ties in UK-Africa relations

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="667" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-820x667.jpg" alt="" class="wp-image-561205" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-820x667.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-300x244.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-111x90.jpg 111w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-768x625.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-1536x1250.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Iain Williamson, Group Chief Executive Officer, Old Mutual Group</figcaption></figure>



Johannesburg, 26 November 2024&nbsp;– South Africa needs more policy certainty, reform, and “gutsy” decisions from a political perspective if it is to achieve the much needed 4-5% growth required to begin elevating our economic prospects from current forecasts.



A healthier inflation prognosis and the prospect of deeper rate cuts have laid the foundations for a growth outlook nearing 1.7% next year, with foreign investors showing signs of interest for the first time since Covid-19. Ratings downgrades and the dreaded “Greylisting” kept these deep-pocketed investors on the sidelines until now, but some of the bigger players are beginning to sharpen their pencils to work out when the best time will be to jump back into the SA market. This is an opportunity that should not be missed. While SA remains on the Greylist, this is subject to reassessment in February 2025, while in a surprise move, ratings agency S&amp;P Global has raised the outlook on SA’s rating from stable to positive.



The recent Medium-Term Budget Policy Statement, meanwhile, highlighted sobering realities on the state of government revenue and the need for spending cuts and reform. A positive that has not gone unnoticed by these investors and ratings agencies is the Government of National Unity (GNU) showing signs of traction. It is imperative that if SA is to derive the benefits from the tailwinds of rate cuts, that prospective investment policy certainty and pro-business reforms follow in the wake of the recent national elections.



As it stands, South Africa is set to receive a boost from potentially further rate cuts following the two, minimal 25 basis points cuts in September and November this year, taking the repo rate to 7.75%. Further rate cuts will assist overburdened consumers further. The impact of lower inflation is already being seen in lower credit default rates.



Old Mutual, which is well on track to launch our bank next year, sees the falling interest rates as a positive for the bank. While they result in less endowment from a loan book perspective, they also lead to lower defaults on credit provision and encourage higher deposits.



While the global decline in inflation is a major milestone, the International Monetary Fund (IMF) cautions that downside risks are rising and now dominate the global outlook. These include an escalation in regional conflicts, monetary policy remaining tight for too long (SA is a clear case in point), a possible resurgence of financial market volatility with adverse effects on sovereign debt markets, a deeper growth slowdown in China, and the continued ratcheting up of protectionist policies. A weaker rand following the Trump victory in the US and its negative impact on imports like fuel will also need to be closely monitored.



However, the banking and insurance sectors in Africa are well-placed to help navigate risks and maximise opportunities, driving financial inclusion and closing existing gaps to solutions. In SA and the rest of Africa, savings rates remain too low, while the continent is also woefully under-insured in pure risk life and disability.



According to Deloitte’s 2024/25 insurance outlook report the continent’s youthful and growing population presents vast market opportunities. Insurtech will increasingly use mobile technologies to offer microinsurance products to underserved segments. It is pleasing to see Insurtech and fintech innovators like Omari make inroads in this space, where improved and affordable access to solutions like affordable digital home insurance can improve lives in emerging countries like Zimbabwe.



PWC&#8217;s insurance 2030 report notes that companies that build themselves around the customer can reach the point where insurance will finally be bought rather than sold. I think from both an insurance and banking perspective, this depends on the nature of the product – direct digital sales can work where consumers are comfortable doing things digitally and there is a fast feedback loop, such as in day-to-day transacting. However, they get extremely uncomfortable when transactions are large and more complex and need to be able to speak to someone who can guide them and give them confidence – a trusted conversation with an advisor.



Our approach is, therefore, to drive digital and AI solutions more broadly to enable efficiency and a great user experience while ensuring experienced and trusted human advisors are always available when things get more complicated, or a highly tailored solution is required.



The solution is, in fact, less about products and more about how a financial journey is supported over a lifetime. The most successful financial services businesses in the current, volatile landscape will consistently show up as quality advisory partners to help make decisions and then offer rewards for making good decisions and taking care of things that were not always seen as a high priority, like prioritising saving over spending.



However, it will be critical to future-proof businesses to keep pace.



Old Mutual, with our exciting banking launch imminent, is extremely well-placed to benefit from these trends while helping close the financial inclusion and insurance penetration gaps.

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Contributor

Turning Crisis into Opportunity

Nigeria: Leading Africa’s Digital Trade Revolution

Green Jobs – the energy transition must be framed as an economic opportunity, not a moral obligation

MTN: Partnering with Government for growth and opportunities for all South Africans

The scoop on salary trends in South Africa

Mining in Africa: On the cusp of a new boom?

On American aid cuts/disruptions

Foundational Learning: Empowering Africaʼs Agency and Development in the Age of AI

As One Cycle Ends, Another Begins Amid Growing Divergence

Trump Can’t Stop De-Dollarization

Côte d’Ivoire: Fostering Economic Transformation and Adapting to Climate Change

Better, not fewer, livestock is the key to a greener future in Africa

Africa in 2025

Several Well-Targeted Reforms Could Attract Billions in Investment to Zambia

African Development Bank’s Adesina Wins Inaugural ‘African of the Decade’ Award

Forging new ties in UK-Africa relations

SA Inc needs more gutsy decisions from policymakers

News Tips

Advertise With Us

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