<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-820x547.jpg" alt="" class="wp-image-534863" style="width:840px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DSC_7329-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman selling veterinary medicines in Ghana, 2022. Copyright GALVmed/Buta Photography</figcaption></figure>



From backyard chicken raising to the grazing cattle of nomadic pastoralists, across much of rural Africa, animal diseases travel faster and wider than veterinary medicine.



An estimated&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://www.ilri.org/knowledge/publications/story-cattle-africa-why-diversity-matters">800 million</a>&nbsp;people keep chickens, goats and cattle across the continent as valuable sources of food, income, fuel and fibre. Yet across Africa, the most prominent livestock diseases cost an estimated&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://www.woah.org/fileadmin/Home/eng/Publications_%26_Documentation/docs/pdf/TT/2015_AFR1_Grace_A.pdf">$9 billion every year</a>&nbsp;– roughly 6% of the total value of the continent’s livestock sector.



Protecting and treating animals across such a vast and disparate population and geographic expanse is complicated and costly. Getting vaccines and medicine to livestock in remote areas of Africa is often limited by a lack of knowledge, manpower, funding and reliable refrigerated transport. Even when resources exist, they are typically spread too thin to systematically protect animal health and, by extension, the incomes of livestock keepers.



With a rapidly growing population and demand for animal-derived protein, enabling the veterinary sector to address the diverse needs and challenges of small-scale producers is not only possible, but also critical to Africa’s sustainable development.



Entrusted with the safeguarding of national herds, government veterinary services have historically focused on the most detrimental diseases affecting large-scale livestock operations, leaving many small-scale farmers behind.



Efforts in the past have successfully dealt with damaging infectious livestock diseases, including eradicating the deadly cattle disease&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://ourworldindata.org/how-rinderpest-was-eradicated">rinderpest</a>&nbsp;in 2011 through an integrated global campaign.&nbsp;Yet existing government-led efforts to manage other contagious livestock diseases are now lagging.



Facing rising economic pressures and a significantly broadened mandate, many African governments can no longer achieve sufficient vaccination coverage and deliver “last mile” services that saw volunteers across the continent contribute to rinderpest’s eradication even in the most remote communities.



Comprehensive livestock health management today requires governments and other livestock health organisations to think holistically and consider the infectious diseases limiting small-scale livestock producers’ potential. This includes foot and mouth disease, lumpy skin disease and contagious bovine pleuropneumonia (CBPP) in cattle, as well as peste des petits ruminants (PPR), sheep and goat pox and contagious caprine pleuropneumonia (CCPP) in sheep and goats.



Meanwhile, the global veterinary medicine industry has traditionally focused on addressing livestock health issues of the Global North, where the profitable markets justify the high cost of investments in research and development of new products.



Small-scale producers of large and small ruminants – cattle, sheep, and other grazing animals – in the Global South have not benefitted from such investment. A commercially viable market for ruminant vaccination does not currently exist. Where it does, it can be regularly undermined by free mass vaccination by governments, non-governmental organisations and development agencies. Simply put, there are not enough private veterinary vaccination efforts supporting small-scale livestock producers.



In recent years, the Global Alliance for Livestock Veterinary Medicines (GALVmed) and several private animal health companies have succeeded in developing and bringing to market a more complete portfolio of affordable animal vaccines and medicines for small-scale livestock producers in the Global South. Further, combined efforts in the poultry sector have demonstrated that governments and businesses sharing responsibility can foster a functioning veterinary service sector and vibrant, locally adapted veterinary medicine infrastructure and industry that caters to the specific needs of small-scale producers.



In practice, this means creating demand through increased awareness about livestock diseases while providing uninterrupted access to affordable veterinary products at the farm level. Adequately addressing the needs of the continent’s tens of millions of small-scale producers requires opening the ruminant vaccines market for private sector development, particularly for vaccine suppliers, local supply chain actors and private veterinary service providers.



Improving product registration and distribution will also help to equip farmers across Africa with the tools needed to preserve their animals’ health and support food security and economic growth on the continent, including their own.



Together with our partners, GALVmed has delivered more than&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://www.galvmed.org/galvmeds-achievements/">1.2 billion vaccines</a>&nbsp;and other animal health products to farmers across Africa and South Asia, preventing the deaths of more than 23 million livestock – and the associated impacts this has on farmers’ incomes and food security.



Currently, GALVmed’s partners are developing a suite of&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://www.galvmed.org/why-combination-vaccines-are-better-for-small-scale-livestock-producers/">combination vaccinations</a>&nbsp;that address multiple infectious livestock diseases with a single intervention. These new vaccines promise to facilitate and improve vaccination access for farmers. Preventing multiple diseases at a lower cost will protect their livestock and livelihoods more completely and for the long term.



The vision of a food-secure, resilient African continent is well worth the efforts of removing the barriers to the functioning of the African small-scale livestock-producing sector. When governments, policymakers, veterinarians and veterinary medicine developers put the needs of small-scale producers first, they can help fill the gaps of the fragmented livestock health sector. Today, most tools are available but stakeholders will have to work together to deliver them to the farmers who need them most, for the benefit of Africa’s small-scale livestock-producing sector and society at large.

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How to bridge the divide across Africa’s fragmented veterinary medicine sector

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PS_Indonesia-Africa-Summit-820x547.jpg" alt="" class="wp-image-532160" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PS_Indonesia-Africa-Summit-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PS_Indonesia-Africa-Summit-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PS_Indonesia-Africa-Summit-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PS_Indonesia-Africa-Summit-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PS_Indonesia-Africa-Summit-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PS_Indonesia-Africa-Summit-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



I recently had the honor of attending the Second Indonesia-Africa Forum, a gathering that celebrates the deep and enduring bonds between our regions and allows us to discuss, as friends and partners committed to a future of solidarity and inclusive development, the best ways in which we can chart a new course for our future cooperation.&nbsp;



We know that the potential of our regions is immense. We also know that by working together, we can achieve far more than we can alone.



The partnership between Indonesia and Africa has deep roots &#8211; It goes back to the historic 1955 Asia-Africa Conference in Bandung. That conference brought together leaders from our newly independent nations, united in their resolve to oppose colonialism, assert our sovereignty, and build a fairer world, at a time when we risked being crushed by superpower rivalry.&nbsp;



The Bandung Conference laid the foundation for the Non-Aligned Movement and later the New Asian-African Strategic Partnership (NAASP). And there is a certain symmetry between 1955 and 2024.&nbsp;



Once again, we need to join forces in order to guarantee our interests.&nbsp;



The struggle we face today is one of economic development and global influence. It is about ensuring a better quality of life for our people and being active participants in global decision-making, not merely subjects of decisions made by others. This shared objective—to create a fairer world where the voices of the Global South are respected—is central to our partnership.



The economic relationship between Indonesia and Africa has grown significantly. Trade reached USD 7.66 billion in 2016. However, this figure represents only a fraction of the potential that exists.&nbsp;



By comparison, trade between the US and China exceeds USD 600 billion annually. So clearly, there is much more that we can, and must do.



Africa is home to some of the world’s fastest-growing economies and a young population set to become the largest workforce globally by 2034.&nbsp;



Indonesia, with its strategic location, abundant natural resources, and vibrant economy, is projected to become the fourth-largest economy in the world by 2050.&nbsp;



The question we must ask ourselves is this &#8211; How can we elevate our economic partnership to new heights?



The first and most important part of the answer to this question is that we must invest in our people; they are our greatest resource and by prioritizing vocational training, higher education, and knowledge exchange programs, we can equip our young people with the skills they need to thrive in an increasingly digital and interconnected world.



In Indonesia, we have seen the transformative power of education and skills training in driving economic development &#8211; One of the flagship initiatives I proposed during the electoral campaign for President of Indonesia, which I intend to begin implementing from the moment I assume that position, is the provision of free and nutritious school lunches for Indonesian children.&nbsp;



This is not just a social and moral measure; it is above all else, a long-term investment in our people, because by ensuring that our children are well-nourished and able to focus on their studies, we can significantly improve educational outcomes and create a more skilled generation of Indonesians, those who enjoy better living standards than today.



Second, infrastructure &#8211; Investment in infrastructure, roads, ports, energy, and telecommunications, is essential to facilitate trade, attract investment, and improve the quality of life for our citizens. Indonesia’s experience in infrastructure development offers valuable lessons for all developing countries, and we are eager to share these lessons with our African partners. By working together, we can build the infrastructure needed for sustainable development and economic growth.



Here, blended finance presents a unique opportunity. By combining public and private sector funds, we can mobilize significant capital for these crucial projects.&nbsp;



Indonesia is committed to promoting blended finance initiatives to attract private investment for sustainable development projects, particularly through the G20 Bali Global Blended Finance Alliance. This alliance aims to scale blended finance for developing countries, modernize the development finance system, and foster South-South cooperation to support climate action and the Sustainable Development Goals (SDGs).



Innovation and entrepreneurship are also key drivers of economic growth. We must foster a culture of innovation and support start-ups and small businesses. By fostering innovation and creating a dynamic economic environment, we can generate jobs, boost productivity, and drive sustainable development.



Finally, we must strengthen our trade relations.&nbsp;



It is high time to expand and deepen traditional trade partnerships in areas such as mining, oil and gas, while also exploring new opportunities for cooperation in areas like the digital economy, renewable energy, and sustainable agriculture. By enhancing trade and investment flows between our regions, we can create more jobs, boost economic growth, and improve the livelihoods of our people.



As we work towards these objectives, it is important to recognize the need once again for a fair global economy, one where the concerns and needs of the Global South are respected.&nbsp;



For too long, the Global South has been marginalized in global economic decision-making, and our voices have not been adequately heard. We must advocate for reforms in international financial institutions, promote fair trade practices, and ensure that our voices are heard in global economic forums.



Additionally, we must push for reform in global governance structures, particularly the United Nations Security Council, to better represent the realities of the 21st century.&nbsp;



The current structure often sidelines the voices of the Global South, leaving our concerns underrepresented in global decision-making processes. It is time for the Security Council to include permanent seats for countries from Africa, Asia, and Latin America, ensuring that our perspectives and interests are adequately represented and fostering a more democratic and equitable global order.



Indonesia is committed to advocating for the interests of the Global South and promoting a fairer global economy. By working together, we can ensure that the concerns and necessities of our regions are respected and that we are not mere spectators in a world where decisions are often made by others without considering our interests.



The Second Indonesia-Africa Forum served as a powerful reminder of the enduring bonds that unite our regions and the immense potential for cooperation and growth.&nbsp;



Together, Indonesia and Africa can grow our weight in international relations and ensure that our voices are heard on the global stage.&nbsp;



Let us seize this moment to work together and build a brighter future for all.

PS_Indonesia-Africa Summit

Unlocking the Potential of Indonesia-Africa Relations: A Pathway to Shared Prosperity

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/b7d68332093f816dff7a7250ad43a40d.2-1-super.1-820x410.jpg" alt="" class="wp-image-532065" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/b7d68332093f816dff7a7250ad43a40d.2-1-super.1-820x410.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/b7d68332093f816dff7a7250ad43a40d.2-1-super.1-300x150.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/b7d68332093f816dff7a7250ad43a40d.2-1-super.1-160x80.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/b7d68332093f816dff7a7250ad43a40d.2-1-super.1-768x384.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/b7d68332093f816dff7a7250ad43a40d.2-1-super.1.jpg 1360w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Benson Ibeabuchi/AFP via Getty Images</figcaption></figure>



While inflation and price growth have fallen in advanced economies, they remain stubbornly high in Africa, owing to rising food prices, the lack of formal employment opportunities, and austerity measures. The resulting protests in Nigeria and Kenya should encourage governments to rethink constraints on public spending.



WASHINGTON, DC – The rising cost of living in Africa has triggered a <a href="https://www.wsj.com/world/africa/africas-cost-of-living-protests-reach-nigeria-d0b507f1" target="_blank" rel="noreferrer noopener">wave of protests</a> in recent months, underscoring the disproportionately higher economic and social costs of inflation on a continent with persistent widespread poverty and heightened vulnerability to global volatility. The world, it seems, is now living through a tale of two inflations.



Initially, the current inflation cycle – a product of pandemic supply shocks and escalating geopolitical tensions – affected developed and developing countries alike. But inflationary pressures have become less synchronous over time. While price growth has fallen sharply in advanced economies, it remains stubbornly high – and, in some cases, rising – in Africa. And even though inflation in many developed countries is trending down to central banks’ 2% target, it has hit double digits in nearly&nbsp;<a href="https://tradingeconomics.com/country-list/inflation-rate?continent=africa" target="_blank" rel="noreferrer noopener">one-third of African countries</a>&nbsp;(a ratio that is even higher when excluding&nbsp;<a href="https://www.theafricareport.com/345016/is-the-cfa-franc-benefiting-from-the-african-currency-crisis/" target="_blank" rel="noreferrer noopener">CFA franc countries</a>, where the euro peg has contributed to monetary stability).



For example, the annualized inflation rate in Nigeria, one of Africa’s largest economies, hit 34% – a <a href="https://www.bloomberg.com/news/articles/2024-06-15/nigerian-inflation-rate-surges-to-28-year-high-on-food-costs" target="_blank" rel="noreferrer noopener">28-year high</a> – in May, and is forecast to remain elevated in the second half of the year, largely owing to soaring food inflation, which accelerated to 40%. This stands to reduce household purchasing power and raise the risk of food insecurity even more, especially for Nigeria’s growing rank of poverty-stricken and most vulnerable citizens. The country has the world’s largest population <a href="https://www.bloomberg.com/news/articles/2024-06-15/nigerian-inflation-rate-surges-to-28-year-high-on-food-costs?utm_medium=cpc_search&amp;utm_campaign=NB_ENG_DSAXX_DSAXXXXXXXXXX_EVG_XXXX_XXX_COUSA_EN_EN_X_BLOM_GO_SE_XXX_XXXXXXXXXX&amp;gad_source=1&amp;gclid=Cj0KCQjwwuG1BhCnARIsAFWBUC3-T3qj1rurqEeXOic19ru6SxmsWUrCJnrfMNEkcC6ldXfPKJdGuDwaAsjsEALw_wcB&amp;gclsrc=aw.ds" target="_blank" rel="noreferrer noopener">living in poverty</a> after India. Meanwhile, <a href="https://www.ft.com/content/137058b2-d48a-4adf-91f1-e25494350e6e" target="_blank" rel="noreferrer noopener">government reforms</a>, including the <a href="https://financialpost.com/pmn/business-pmn/nigerian-inflation-rate-climbs-to-28-year-high-on-food-costs" target="_blank" rel="noreferrer noopener">sharp devaluation</a> of the naira – which has <a href="https://financialpost.com/pmn/business-pmn/nigerian-inflation-rate-climbs-to-28-year-high-on-food-costs" target="_blank" rel="noreferrer noopener">lost 70% of its value against the dollar</a> since June 2023 – to attract foreign investors, have only made matters worse for a country that relies heavily on imports of food and other essentials.



In August, protests against the resulting economic hardship spread across&nbsp;<a href="https://www.wsj.com/world/africa/africas-cost-of-living-protests-reach-nigeria-d0b507f1" target="_blank" rel="noreferrer noopener">several large Nigerian cities</a>. They followed&nbsp;<a href="https://www.aljazeera.com/opinions/2024/8/6/is-a-sub-saharan-african-spring-in-the" target="_blank" rel="noreferrer noopener">weeks of riots</a>&nbsp;in Kenya against the government’s finance bill, which proposed tax hikes on basic goods such as oil, bread, and sanitary pads, even as millions were already struggling to make ends meet. Dozens of demonstrators in both countries were killed during official attempts to quell the&nbsp;<a href="https://www.wsj.com/world/africa/africas-cost-of-living-protests-reach-nigeria-d0b507f1" target="_blank" rel="noreferrer noopener">uprisings</a>.



Food-price inflation affects low-income households more than their high-income counterparts because they spend a greater portion of their budget on necessities. Consider that food costs account for&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2022/06/07/blog-response-to-high-food-prices" target="_blank" rel="noreferrer noopener">16% of consumer spending</a>&nbsp;in advanced economies, but&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2021/12/06/food-inflation-in-sub-saharan-africa" target="_blank" rel="noreferrer noopener">around 40%</a>&nbsp;in Sub-Saharan Africa (SSA). This difference in the composition of spending explains the more regressive nature of inflation in SSA, which is home to&nbsp;<a href="https://www.ispionline.it/en/publication/is-poverty-growing-again-in-sub-saharan-africa-trends-and-measures-137866" target="_blank" rel="noreferrer noopener">60% of the world’s extreme poor</a>, and why inflation there carries a greater risk of political upheaval.



The lack of formal employment opportunities has also exacerbated Africa’s cost-of-living crisis. To be sure, the wages of low-income workers with formal jobs are not keeping pace with price increases. But informal sector activities – a disguised form of unemployment and constraint on shared prosperity – account for&nbsp;<a href="https://www.ilo.org/resource/news/more-60-cent-worlds-employed-population-are-informal-economy" target="_blank" rel="noreferrer noopener">roughly 85%</a>&nbsp;of total employment on the continent, and these workers must also deal with income volatility and unexpected components of inflation, further tightening the squeeze on households.



Recent research assessing the distributional effects of the inflation cycle on households in the United States found a phenomenon known as “<a href="https://static1.squarespace.com/static/610831a16c95260dbd68934a/t/61154aaa50053703a8898e64/1628785323000/The-Costs-of-Being-Poor-CPSP-Groundwork-Collaborative-2019.pdf" target="_blank" rel="noreferrer noopener">inflation inequality</a>”: prices have risen more quickly for those at the bottom of the income distribution than for those at the top. The spread of protests across Africa suggests that a similar dynamic is at work on the continent, where the disproportionately higher food prices caused by positive&nbsp;<a href="https://thedocs.worldbank.org/en/doc/461221541081214468-0050022018/original/InflationChapter5.pdf" target="_blank" rel="noreferrer noopener">exchange-rate pass-throughs</a>&nbsp;have dramatically increased the welfare costs of this inflation cycle.



Government policies have also heightened the cost-of-living crisis. Instead of supporting vulnerable groups through targeted interventions, African governments have indiscriminately raised taxes and cut spending to meet&nbsp;<a href="https://www.project-syndicate.org/commentary/how-africa-can-escape-debt-doom-loop-by-hippolyte-fofack-2024-04">external liabilities</a>. Interest payments on sovereign debt now consume around one-third of&nbsp;<a href="https://www.ft.com/content/0e1be993-90e1-4477-9c29-41400c0d1c98" target="_blank" rel="noreferrer noopener">Kenya’s revenue</a>&nbsp;and more than two-thirds of&nbsp;<a href="https://www.reuters.com/world/africa/nigerias-president-calls-end-protests-against-economic-hardship-2024-08-04/#:~:text=ABUJA%2C%20Aug%204%20(Reuters),to%20the%20streets%20last%20week." target="_blank" rel="noreferrer noopener">Nigeria’s</a>. In both countries, procyclical fiscal policy and austerity measures have had a knock-on effect on prices, stoking inflation and worsening the cost-of-living crisis.



But in response to the protests, governments are reversing some of their procyclical policies or implementing complementary measures to mitigate their impact. Kenyan President&nbsp;<a href="https://www.project-syndicate.org/columnist/william-ruto">William Ruto</a>&nbsp;dismissed his entire cabinet and withdrew the controversial finance bill, which was expected to raise&nbsp;<a href="https://www.hrw.org/news/2024/07/16/kenya/imf-align-economic-reform-rights" target="_blank" rel="noreferrer noopener">$2.7 billion</a>&nbsp;in additional revenue to meet fiscal targets set by the International Monetary Fund. In Nigeria, the government has announced a 150-day&nbsp;<a href="https://www.reuters.com/world/africa/nigeria-suspend-taxes-certain-food-imports-curb-rising-prices-2024-07-08/" target="_blank" rel="noreferrer noopener">suspension of import duties</a>&nbsp;for certain foods to alleviate the pressure on struggling households.



Nonetheless, more must be done to close the gap between actual and potential growth and expand opportunities for young people. Africa is the world’s most natural-resource-rich continent, yet Africans face bleak futures in countries that lack sufficient engineers and political will to transform these resources, create enough well-paying jobs, and expand prosperity. Africa’s excessive reliance on imports as an alternative to expanding aggregate output has sustained external imbalances and hollowed out the jobs market, causing more people to fall into destitution.



To meet the aspirations of young populations, African governments should rethink constraints on public spending and&nbsp;<a href="https://www.project-syndicate.org/onpoint/imf-world-bank-reforms-must-provide-africa-equal-access-to-capital-by-hippolyte-fofack-2024-03">overcome</a>&nbsp;the recurrent balance-of-payments crises that have long shaped economic policy across the continent. Increased investment in building a workforce that is fluent in emerging technologies is critical to spurring industrialization. This, in turn, would bolster Africa’s&nbsp;<a href="https://link.springer.com/article/10.1007/s12197-019-09504-5" target="_blank" rel="noreferrer noopener">manufacturing sector</a>, which in other parts of the world has long served as a social escalator and growth accelerator, catalyzing convergence with high-income countries. The transformation of African economies will also drive the development of regional value chains, bolster intra-African trade (and thus mitigate the region’s exposure to global volatility), and build large national buffers to wean the region off debilitating aid dependency.



Africa’s policymakers must not only invest in human capital to move their countries up the value ladder in a global economy where technology has become a key driver of growth. They must also strive to equalize access to opportunities and achieve shared prosperity to strengthen the concept of the nation-state and enhance national security. To quote Samora Machel, the first president of Mozambique, “For the nation to live, the tribe must die.” For too long, a tribal approach to governance has undermined national development, perpetuating intergenerational poverty and exacerbating inflation inequality.<a href="https://goo.gl/forms/7Xl5BoAChQ85MMsm2" target="_blank" rel="noreferrer noopener"></a>

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Confronting Africa’s Cost-of-Living Crisis

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-820x536.jpg" alt="" class="wp-image-531305" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Sergio Pimenta, regional vice president for Africa at the International Finance Corporation, a member of the World Bank Group, at the Bloomberg Invest: Focus on Africa summit in London, UK, on Tuesday, May 17, 2022. African nations should resist pressure from &#8220;powerful interests&#8221; to hastily abandon fossil fuels to avoid hurting their economies, Angola&#8217;s President Joao Lourenco said. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



South Africa is one of Africa’s largest economies, with robust manufacturing, mining, and agriculture sectors. It is also an important financial center, a digital innovator, and a hive of artistic creativity.



And yet, the country’s struggling power infrastructure is preventing a bright economy from really dazzling.



During a recent visit to South Africa, I met with public and private sector partners to affirm IFC’s commitment to deepening its support for the country’s private sector development agenda.



Energy transmission was an important focus of our meetings, with discussions centering on how private investment can buttress government efforts to build some of the vital power infrastructure the country needs.



Challenges associated with generating power often grab the headlines, but the transmission challenge is an equally urgent global issue: countries around the world need to add or replace &nbsp;about 50 million miles of transmission lines by 2040&nbsp; to meet their climate goals and to achieve energy security, <a href="https://www.iea.org/reports/electricity-grids-and-secure-energy-transitions">according to a recent report by the International Energy Agency</a>.&nbsp;&nbsp;



In South Africa, the transmission grid needs significant investments to be able to absorb new generation capacity, especially from renewables.



South Africa’s Minister of Energy and Electricity, Kgosientsho Ramokgopa, and I discussed the country’s energy challenges and opportunities, particularly around transmission and distribution infrastructure, which includes the lattice towers, poles, high-voltage cables, and transformers that bring power to homes, schools, businesses, and hospitals.



South Africa’ s government has already opened generation to the private sector, under the Renewable Energy Independent Power Producer Program. This has achieved notable results: since 2011 over 6,000MW of wind, solar photovoltaic and other renewable energy generation capacity has been procured.



However, Eskom, the state utility, remains entirely responsible for building and maintaining the country’s transmission infrastructure.



This might soon change.



In August 2024, South African President Cyril Ramaphosa signed the Electricity Regulation Amendment Bill, which introduced far-reaching reforms of South Africa’s energy sector aimed at establishing a competitive electricity market, including in transmission.



The country’s transmission needs certainly are enormous. The country must build an estimated 1,400 km of new transmission lines annually for the next 10 years to meet its energy needs. This equates to roughly $10 billion in investment for the lines and associated infrastructure to improve and expand the power grid.



The investment and capacity needed to meet the energy gap is huge—and cannot be achieved at the scale and speed needed using the status quo approach.



That is why IFC is providing advisory support to the Government of South Africa to help identify and operationalize private sector participation models in transmission, something that is already happening successfully in Latin America and India, for example.&nbsp;



Specifically, IFC is sharing its regional and global experience with South Africa and supporting a&nbsp; regulatory framework for private participation to enable the government to roll out the first independent power transmission projects and document lessons learned to support a broader program rollout.



Besides that, we have partnered with South Africa’s government to create an Energy One Stop Shop, which will be a single point for energy projects and will expedite approvals.



President Ramaphosa has <a href="https://thepresidency.gov.za/president-ramaphosa-assents-electricity-regulation-amendment-bill">hailed the new electricity bill</a> as one that will “lead to long term energy security, a more competitive energy system, more rapid uptake of renewable energy sources, and ultimately lower energy prices for all South Africans.” IFC is committed to supporting South Africa towards its energy goals. &nbsp;We are working through a joint World Bank Group approach to help create an enabling environment that can unlock the massive investments needed to ensure energy security in the country.

Key Speakers At Bloomberg Invest: Focus on Africa Summit

Investing in Energy Transmission in South Africa: A Truly Bright Idea

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1079" height="922" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1.jpg" alt="" class="wp-image-529344" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1.jpg 1079w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1-300x256.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1-820x701.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1-105x90.jpg 105w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Enugu-Image-1-768x656.jpg 768w" sizes="auto, (max-width: 1079px) 100vw, 1079px" /></figure>



Nestled on the foot of the rolling Udi Hills, which offer a picturesque backdrop to the concrete jungle below, Enugu is a city that is quietly reinventing itself. The capital of the eponymous Enugu State in southeastern Nigeria, Enugu was once a thriving coal mining hub.



British colonial administrators founded the city in 1909 as a coal mining camp. Coal was extracted and exported through a purpose-built railway line to the coast. Flushed with revenue and job opportunities, Enugu rapidly grew from a sleepy village to a bustling mining and administrative town.



But the coal mining industry in Nigeria collapsed long before the global transition from fossil&nbsp;fuels gathered steam. The discovery of crude oil in commercial quantities in the neighbouring Niger Delta region in the late 1950s dealt a fatal blow to Enugu&#8217;s coal mining industry. Oil was seen as more lucrative and strategic by the central government, prompting it to gradually divest from the coal industry into oil exploration and production.



What followed were decades of sluggish economic growth as the city struggled to find new economic relevance in an increasingly oil-driven Nigerian economy. The various macroeconomic headwinds that have hampered the growth of Nigeria also did not spare it.



However, in recent times, Enugu seems to have rediscovered its purpose and ambition. From education to technology, the city is positioning itself to thrive in the modern economy.



<h2 class="wp-block-heading" id="h-an-infrastructural-rebirth">An Infrastructural Rebirth</h2>



The state government is aggressively upgrading the city&#8217;s public infrastructure to&nbsp;facilitate private enterprise. New road constructions are transforming the cityscape, while plans to <a href="https://nairametrics.com/2024/05/13/enugu-state-orders-50-brt-buses-initiates-mega-bus-terminal-projects/">introduce modern bus terminals</a>, a bus rapid transport system, and an <a href="https://www.cnbcafrica.com/media/6341487697112/attracting-investment-in-nigerias-rail-infrastructure/">intrastate rail network</a> will ease public transportation and reduce the city&#8217;s carbon footprint.



Education is one of the areas that have witnessed massive investments. With more than 30 tertiary institutions located within and a few kilometers away from the city – including Nigeria&#8217;s first indigenous university, the University of Nigeria – Enugu aims to become an academic and knowledge-economy hub in Nigeria and West Africa.



<h2 class="wp-block-heading" id="h-from-coal-city-to-code-city">From Coal City to Code City</h2>



Being a secondary city, Enugu has often been in the shadows of larger urban centers like Lagos and Abuja. Its new graduates and economically active population have historically migrated in droves in search of employment opportunities elsewhere. With innovations like AI revolutionizing industries and economies around the world, tech is an area that Enugu is betting on to stem and reverse this trend.



It hopes that it can capitalize on its wealth of young and educated talent, entrepreneurial culture, and improving digital infrastructure like high-speed internet penetration to stake a claim in the global tech race&nbsp;and create knowledge jobs. The city&#8217;s lower cost of living&nbsp;compared to Lagos and Abuja makes it an attractive destination for tech startups. It currently ranks 4th in startup ecosystem development in Nigeria, according to the Global Startup Ecosystem Index 2024.



Greenage Technologies, a company driving energy inclusion in Nigeria by manufacturing and distributing Nigerian-made solar energy equipment, and Xend Finance, a fintech that provides payment solutions for small businesses, are among the growing list of VC-backed startups that call Enugu home. Funding rounds led by the likes of <a href="https://techcrunch.com/2021/03/22/binance-backed-xend-finance-launches-defi-platform-for-credit-unions-in-africa/">Google</a>, Binance, and <a href="https://all-on.com/media/media-releases/all-on-and-greenage-technologies-sign-investment-deal.html">All On</a>, a Shell-backed impact investor, have injected millions of dollars into Enugu&#8217;s tech startup ecosystem.



<h2 class="wp-block-heading" id="h-challenges-of-building-a-startup-ecosystem-in-an-african-secondary-city">Challenges of Building a Startup Ecosystem in an African Secondary City</h2>



But Enugu&#8217;s tech startup leadership ambition has faced significant hurdles.&nbsp;Building a startup in Enugu is still more challenging than it is in Lagos or Abuja. While there is no shortage of innovative ideas in the city, there is a shortage of supportive networks that will bring them to life.&nbsp;Like many other secondary cities in Africa, Enugu does not have the full complement of resources needed to sustain the growth of its tech startup scene.



Across the continent, economic resources and opportunities are often disproportionately concentrated in the primate cities. These are usually the economic or political capitals of their countries. Cities like Nairobi in Kenya, Cairo in Egypt, Abidjan in Cote d&#8217;Ivoire, Kigali in Rwanda, and Lagos and Abuja in Nigeria enjoy far&nbsp;greater access to capital, talent, and infrastructure than any other urban area in their countries, leading to wide regional disparities.



So, the cost of living may be comparatively lower in the city, but it lags behind in most other startup ecosystem enablers. Access to incubators, accelerators, and co-working spaces that offer mentorship, connections, visibility, and funding is particularly limited.



Niche businesses that offer specialized but critical services and extensive supply and distribution chains are also in short supply. All of these have left many startups in the city dependent on services from businesses and value chains in Lagos and Abuja to operate.



<h2 class="wp-block-heading" id="h-a-multipronged-approach">A Multipronged Approach</h2>



Making Enugu&#8217;s startup ecosystem largely self-sustaining is where the real work lies, and it requires synergy between the government – especially at the state level – and the private sector. The government must lead the charge by facilitating the creation of the enablers that it currently lacks.



Incentives like tax breaks, subsidized office spaces, and procurement contracts, along with innovative financing vehicles for local tech startups like government-backed privately managed venture capital funds, will motivate entrepreneurs and investors to see the city as a preferred investment destination.&nbsp;Policies that target the ease of doing business in the broader municipal economy will strengthen the local supply and distribution chains.



For the private sector, building a strong community and network of mentors and funders that can support local tech startups is a good place to start. Partnership and&nbsp;patronage&nbsp;to generate demand for their solutions and the&nbsp;establishment&nbsp;of corporate venture capital (CVC) initiatives are also essential.



The startups themselves must also play a role, especially by forging strategic partnerships and investing in marketing and publicity to boost their visibility and reduce information asymmetries. Integration with the broader Nigerian, African, and global economies is vital. This will help them to tap into a wider customer base, even whilst anchoring their operations in Enugu.



When properly pieced together, these and more strategies can pave the way for the emergence of Enugu’s very own unicorn in the next few years.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1688" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-scaled.jpg" alt="" class="wp-image-529343" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-300x247.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-820x676.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-109x90.jpg 109w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-768x633.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/Chinedu-George-Nnawetanma-Picture-2-1536x1266.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /></figure>



Chinedu George Nnawetanma is a development strategist working at the intersection of private sector development and local economic development (LED) in Africa. He is passionate about the empowerment of businesses and people to drive the accelerated, inclusive, and sustainable economic growth and development of the continent. He has designed and led advisory&nbsp;and financing&nbsp;initiatives&nbsp;that have improved access to capital, knowledge, market, and digital skills for thousands of SMEs, startups, and youths.

Chinedu George Nnawetanma Picture 2

From Coal Mines to Startup Labs – An African City’s Remarkable Tech Transformation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-849638596-820x547.jpg" alt="" class="wp-image-526465" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-849638596-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-849638596-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-849638596-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-849638596-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-849638596-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-849638596-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NEW YORK, NY &#8211; SEPTEMBER 19: H.E. Olusegun Obasanjo, former President of Federal Republic of Nigeria speaks at The 2017 Concordia Annual Summit at Grand Hyatt New York on September 19, 2017 in New York City. (Photo by Riccardo Savi/Getty Images for Concordia Summit)</figcaption></figure>



I believe in the unlimited potential of Africa. I believe that Africa can have a new story.



As a former President and a leader, I worked hard to ensure that this belief was embedded in the institutions that represent us at a global level, like the African Union and NEPAD. I am proud that they capture that belief in their visions and strategic plans.



Africa&#8217;s natural wealth has long been coveted by global markets. Our oil, gas, minerals, and precious metals fuel industries worldwide, and as demand surges, our strategic importance only grows. We possess the resources to lead the global renewable energy revolution and hold the key to the critical minerals essential for the energy transition. We have the natural assets to lead the world in renewable energy production and the deposits of the critical minerals that enable the energy transition lie beneath our earth.



Yet, this abundance stands in sharp contrast to our people&#8217;s plight. Despite our vast natural wealth, we are home to the world&#8217;s poorest populations &#8211; a paradox that demands our urgent attention and action.



However, our greatest asset lies not beneath the earth, but in our people. Africa&#8217;s human capital, particularly our youth, represents an unparalleled opportunity. By 2050, our population is projected to reach 2.5 billion &#8211; over 25% of the global total. More than half of these Africans will be under 25 years old, presenting a demographic dividend in a world grappling with ageing populations.



Our ability to leverage the power of that democratic dividend is the challenge that will define the future of our continent. We will only realise the full value of our natural wealth if we nurture our population by empowering them with the skills that we need to retain value and grow our economies domestically. But we equally face a catastrophe if we fail to take ownership of that opportunity. A 2.5 billion population that is facing limited opportunities, disempowered, and desperate presents a significant challenge to peace and security. Even with the impact on socio-political and economic prosperity, which affects the continent and also the global development landscape.



The stark reality that 9 out of 10 of our children cannot read with comprehension or perform basic mathematics by age ten is not just alarming—it&#8217;s a global emergency. This educational deficit, if left unaddressed, threatens to perpetuate a cycle of underdevelopment and lost potential. As leaders and parents, we bear no greater responsibility than to confront this challenge head-on. We must candidly acknowledge that we are falling short in this crucial task. It&#8217;s imperative that we, as a continent, collectively recognize this failure and take immediate, decisive action to rectify it. The future of Africa, and the world depends on our ability to equip our young people with these foundational skills.



This is not just an education problem. If we do not address it, we will not achieve our goals for healthcare, food security, climate change, inclusive economic green growth, trade, gender equality, economic empowerment, and governance. They are all interconnected with our ability to develop and build our human capital. Basic literacy and numeracy are the foundations on which the delivery of every single development objective outlined in Agenda 2063 will be achieved.



The African Union knows and understands the importance of education. That is why 2024 has been declared the African Union Year of Education. At a country level, there is encouraging work being done by the Ministries of Education to deploy innovative and scalable African solutions to this problem.



Some of these solutions are as simple as teaching a child at the appropriate level while consistently assessing and instructing them at their current levels. It works, as simple as it may sound. Schools that have made investments in structured pedagogy have also demonstrated remarkable success.



But this is not enough. My friends and fellow leaders have not yet seemed to fully grasp the urgency and severity of the situation. There is an urgent need to accelerate action and deliver it at scale. The consequences are clear if we do not, as is the opportunity if we confront this head-on and use it to catalyse investment in the education that our citizens need.



We are at an inflection point. The children being born today will be the five to ten-year-olds that reap the benefits of our work if we can deliver change, and they will become the 25-year-olds powering our growth and development by 2050. We owe it to them to give them the tools they need to deliver our dreams.



I call upon my fellow heads of state, former and current, to collectively commit to acknowledge our shared responsibility in ensuring that the young people of our beloved continent have the capacity to achieve their full potential, in line with the African Union’s Agenda 2063 goals and vision for the Africa we want. This goal is not merely aspirational; it is the bedrock upon which future academic success and societal progress will be built. This is not a decision for the future, but one that we need to act upon with the utmost urgency and pragmatism. Through meaningful collaboration, implementation of robust continental accountability mechanisms and measurement, and peer review structures, we can scale up innovative work happening at local and country levels across the continent and really move the needle forward on the economic security of our continent.



By focusing our efforts and resources on ensuring every child is equipped with basic literacy, numeracy, socioemotional, cognitive thinking skills, and more, we lay the foundation for a bright future. Imagine an Africa where every child, regardless of their background, has the tools to think critically, innovate, and contribute meaningfully to society. This focus on foundational learning will have a ripple effect across all sectors of the development framework of Agenda 2063. We will see increased economic productivity, enhanced technological innovation and adoption, improved health sectors, and stronger democratic participation. By 2063, Africa could stand as a beacon of human capital development, with a



highly skilled workforce driving sustainable economic growth, groundbreaking scientific advancements, and cultural renaissance.



Let us seize this moment. Our vision is within reach. Let us first acknowledge that we are collectively responsible for Africa’s future. With the right investment, action, and sustained focus, we can strengthen our chances of reaching our shared vision for the Africa we want. It is imperative that together, we strengthen the future of our beloved continent by empowering the brilliant minds of tomorrow.

The 2017 Concordia Annual Summit – Day 2

An Equipped Foundation for African Children: The Key to Unlocking Africa’s Sustainable Future

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="234" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-820x234.jpg" alt="" class="wp-image-525024" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-820x234.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-300x86.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-160x46.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-768x220.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-1536x439.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/blog-2099x600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Credit: Johannes Eisele/AFP via Getty Images</figcaption></figure>



Women are leading more central banks than ever before, thanks to appointments in the past year, but recent gains still leave the share of female governors far short of parity.



The number of women in governor roles rose to 29 this year from 23 last year, though that left the share of female leaders at just 16 percent of the world’s 185 central banks, according to an April&nbsp;<a href="https://www.omfif.org/gbi2024/?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">report</a>&nbsp;by the Official Monetary and Financial Institutions Forum. Greater gender balance in senior positions may help increase the diversity of thought and checks and balances, in turn contributing to increased economic and financial stability and improved performance, IMF&nbsp;<a href="https://www.imf.org/en/Publications/Policy-Papers/Issues/2024/01/12/Interim-Guidance-Note-on-Mainstreaming-Gender-at-The-IMF-543779?utm_medium=email&amp;utm_source=govdelivery">research shows</a>.



Appointments this year in Bosnia and Herzegovina and Papua New Guinea are examples of how smaller economies are driving more progress on gender balance, according to OMFIF, a London-based think tank for monetary, economic and investment issues.



This year’s rise was the biggest gain in more than a decade of surveys, but&nbsp;the&nbsp;<a href="https://www.imf.org/en/Blogs/chart-of-the-week?utm_medium=email&amp;utm_source=govdelivery">Chart of the Week</a>&nbsp;shows how central banks still have much room to make progress toward greater parity in the ranks of top policymakers steering the global economy.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2024/08/29/women-lead-record-number-of-central-banks-but-more-progress-is-needed?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2024/08/10062931/cotw-female-central-bank-governors-newsletter_original.png" alt="chart showing the number of female central bank governors from 2014-2024"/></a></figure>



The tally adds to evidence of the struggle of women at central banks as well as in the economics discipline, where they remain underrepresented even after steady gains.



A first-of-its-kind&nbsp;<a href="https://www.imf.org/en/Publications/WP/Issues/2023/05/05/Who-are-Central-Banks-Gender-Human-Resources-and-Central-Banking-533096?utm_medium=email&amp;utm_source=govdelivery">IMF survey</a>&nbsp;of the European Central Bank and its Group of Seven counterparts showed last year that fewer than half of employees at those institutions are women, but on average only a third of women are economists or managers. This survey underscores how policies to eliminate gender gaps have been only partially successful.



ECB Executive Board member Isabel Schnabel has cited a substantial gender imbalance in economics—one that the institution is determined to change among its own staff. Schnabel noted in a 2020&nbsp;<a href="https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200928~97c7e2ba27.en.html?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">speech</a>&nbsp;that the barriers aren’t insurmountable, and that mentoring opportunities and ensuring childcare can help narrow gender imbalances.&nbsp;



The latest additions to the list of countries naming a woman as central bank chief came in January, when&nbsp;<a href="https://www.cbbh.ba/Content/Read/119?lang=en&amp;utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">Jasmina Selimović</a>&nbsp;began a six-year term in Bosnia and Herzegovina and&nbsp;<a href="https://pmnec.gov.pg/prime-minister-marape-announces-historic-appointment-of-ms-elizabeth-genia-as-the-first-woman-governor-of-the-bank-of-papua-new-guinea/?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">Elizabeth Genia</a>&nbsp;was appointed to the top job after serving as acting governor. Last year,&nbsp;<a href="https://www.rba.gov.au/about-rba/people/gov.html?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">Michele Bullock</a>&nbsp;became the first woman to lead the Reserve Bank of Australia.



Cambodia, Georgia, Moldova and Montenegro also appointed women as the heads of their monetary authorities last year, according to OMFIF’s 2024 gender balance index.&nbsp;

blog-2099×600-compc-women-lead-record-number-of-central-banks-c-johannes-eiseleafp-via-getty-images

Women Lead Record Number of Central Banks, but More Progress is Needed

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS-820x547.jpg" alt="" class="wp-image-522347" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/PFS.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo by Mark Stebnicki</figcaption></figure>



From millet, teff and sorghum to cassava, cowpea and sweetpotato, Africa is home to a diverse range of nutritional, hardy and versatile crops with the potential to be used to make everything from baby food to bread and even beer.



Yet, the ability to fully take advantage of indigenous and locally adapted crops to meet growing demand for convenient and long-lasting products is held back by the continent’s underdeveloped food processing sector.&nbsp;



This reality confronted me during a visit to a rural village in Zambia where I stumbled across a shelf stacked with Chinese-produced biscuits. Traveling tens of thousands of miles to arrive in this remote farming community, this humble packet of biscuits is emblematic of a continent that remains overly reliant on costly food imports.&nbsp;



As the new CEO of Partners in Food Solutions (<a href="https://www.partnersinfoodsolutions.com/" target="_blank" rel="noreferrer noopener">PFS),</a>&nbsp;a nonprofit that works to support Africa’s growing food processing sector with the skills and expertise it needs, I believe unlocking this potential can release vital economic benefits, a wider range of nutritious foods and a reduced reliance on food imports.&nbsp;



Africa’s population is growing and urbanizing at the same time that the devastating impacts of climate change are disrupting food security and livelihoods. This means the demands on Africa’s food systems to provide sufficient food and jobs while catering to changing food preferences are steadily increasing.&nbsp;



However, Africa’s food processing sector is still lagging behind. This is fuelling an already high reliance on food importation and in the process, forgoing much-needed economic benefits such as job creation, upskilling and market growth.



Currently, Africa spends upwards of&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-01-24/africa-needs-up-to-65-billion-loans-yearly-to-curb-food-imports" target="_blank" rel="noreferrer noopener">$60 billion</a>&nbsp;a year on food imports. This money could otherwise be invested in boosting domestic production at a time when the continent’s food systems are facing mounting pressures. Access to expertise, increased investments and crop diversification are key to facilitating the transition to more local food processing across Africa.



We can achieve this by first ensuring access to the right support for food processing companies. The chance to use and learn from world-leading expertise can support sustainable food systems while helping businesses and entrepreneurs grow.&nbsp;



For example, when Zambian food processing company COMACO was struggling to achieve 80 per cent extraction of grade A polished rice from paddy rice, PFS connected them to an expert rice milling volunteer from Swiss-owned multinational Bühler, who helped the company troubleshoot the issue and identify solutions.&nbsp;



This kind of technical support can help food processing companies in Africa attain international food safety and quality certifications, increase their processing capacities, extend the shelf life of their products and more. It also creates a ripple effect that benefits smallholder farmers by creating greater demand for raw ingredients.&nbsp;



Secondly, we can drive economic development by investing in the necessary infrastructure for a thriving food processing sector. This includes equipment and machinery as well as training and market access.



Africa is home to the world’s youngest population and by 2035, will have the world’s largest workforce, yet there are&nbsp;<a href="https://ilostat.ilo.org/blog/african-youth-face-pressing-challenges-in-the-transition-from-school-to-work/" target="_blank" rel="noreferrer noopener">not enough</a>&nbsp;jobs available and many young people are turning away from agricultural careers. An innovative and profitable food processing sector can provide an appealing option for the continent’s growing youth population.&nbsp;



Lastly, the diverse crops available across Africa can meet the demands of an urbanizing population with changing food preferences.&nbsp;



Africa spends significantly on imports such as grains, often used for flour to meet demands for food products such as bread. In 2021,&nbsp;<a href="https://www.agflow.com/agricultural-markets-news/uganda-wheat-import-market-of-100-million/" target="_blank" rel="noreferrer noopener">Uganda</a>&nbsp;imported nearly $100 million worth of wheat, for example.&nbsp;



Rather than imported foods or crops, the continent’s food processors can instead be supported to leverage traditional African crops. Cereals such as sorghum and millet are nutritious and suited for processing into healthy and easily accessible food products to address Africa’s nutritional challenges.



Additionally, these crops are more resilient to droughts and extreme weather events, which have become more frequent across the continent. Leveraging international partnerships through initiatives such as the&nbsp;<a href="https://www.state.gov/the-vision-for-adapted-crops-and-soils/" target="_blank" rel="noreferrer noopener">US State Department’s Vision for Adapted Crops and Soils (VACS)</a>&nbsp;can help achieve crop diversification goals. VACS aims to build a resilient food system grounded in diverse, nutritious, and climate-adapted crops such as sorghum, millet, Bambara groundnut and yams.&nbsp;



Facing the dual challenge of a rapidly growing population amid escalating climate change, Africa’s historic reliance on food imports must be reduced. Supporting a homegrown food processing industry would not only unlock economic growth but also empower farmers and provide a food secure and resilient future for millions of young Africans.&nbsp;



To fully benefit from these opportunities, more investment and recognition of the food processing gap in Africa’s existing food system is urgently needed. Governments and businesses in the agrifood sector must champion collaboration to accelerate food systems transformation in Africa.

Africa’s food processing sector holds the key to a food-secure and prosperous continent

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1292" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Nomthi-Nelwamondo-05.04.2024-2PP-1-scaled.jpg" alt="" class="wp-image-521967" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Nomthi-Nelwamondo-05.04.2024-2PP-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Nomthi-Nelwamondo-05.04.2024-2PP-1-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Nomthi-Nelwamondo-05.04.2024-2PP-1-820x517.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Nomthi-Nelwamondo-05.04.2024-2PP-1-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Nomthi-Nelwamondo-05.04.2024-2PP-1-768x484.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Nomthi-Nelwamondo-05.04.2024-2PP-1-1536x969.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Nomthi Nelwamondo, Chief Information Officer at MTN South Africa</figcaption></figure>



Diverse and inclusive teams perform better, are more creative and make better decisions. They are 70% more likely to develop solutions that provide the business with access to new markets and drive innovation. Diversity unlocks collaborative approaches and alternative viewpoints that shift perspectives and transform product and team dynamics. Yet, women remain significantly under-represented in technology roles both locally and globally.



In South Africa, it is estimated that only 23% of technology roles are held by women and globally, only 25% of leadership positions in the sector are occupied by women. A McKinsey study with LeanIn.org found that while 86 women are promoted to managerial roles for every 100 men, in technical roles, the ratio drops dramatically to 52 women for every 100 men.



Globally, women hold just 14% of tech leadership roles, but in South Africa, this metric is shifting. Women are increasingly stepping into CIO positions, becoming the change agents the industry needs, and reimagining the boundaries that have traditionally held them back.



This spirit of change is embodied at MTN South Africa, where we have embraced female leadership in the CIO role for the first time. This milestone marks a significant evolution in the role, as I navigate the dual demands of maintaining operational excellence and driving transformation. The CIO role requires both strategic oversight and tactical execution – a juggling act that I believe comes naturally to women. We are accustomed to balancing work, professional development, and family responsibilities, which translates into an ability to focus on multiple priorities simultaneously.



Despite this progress, women are still under-represented in the sector. The reasons are multi-faceted spanning societal expectations, inflexible working conditions, and environments that historically limit growth. However, this is changing. Women today can thrive in technology and



leadership roles without compromising other aspects of their lives. The challenge is not women’s ability to succeed in technology, but their visibility in the sector.



Historically, there have been few role models for women in technology leadership. The roles of CIO, CTO, CISO, and CEO have traditionally been dominated by men. Even in South Africa, which is considered one of the most progressive countries globally regarding gender parity in leadership, women only hold 35% of board positions and 25% of executive roles. As the dynamic shifts, women can now see that these roles are within their reach, and their insights and skills are immensely valuable.



I come from a family with three brothers and a father who believed in my potential. They never doubted my ability to become a CIO, and neither did I. I knew I could overcome the limitations imposed by outdated attitudes, and so did MTN South Africa. At MTN, we are committed to championing the development of women’s careers and ensuring that the best person is hired for the job, regardless of gender.



This commitment creates opportunities. Stepping into this role has allowed me to reshape it, optimising teamwork, delegation and wellbeing. I recognise the importance of balance in a high-stress environment, so I lead by example, delegating tasks to team members and sharing the load to ensure we all have time to recharge.



This is just one example of how MTN South Africa is demonstrating next-generation operational maturity. As we celebrate our 30th&nbsp;anniversary, it’s crucial to highlight our pivotal role in the evolution of technology in South Africa, and now, today, the advancement of women in this space. MTN South Africa is deliberate in its decisions regarding our female colleagues and the opportunities they receive. Thirty years ago, we may not have focused on empowering young girls, but today, our commitment to gender equity runs parallel to our country’s democratic journey. Both are growing, expanding their reach, and redefining the potential of South Africa and its people.



As we reflect on 30 years of democracy, it is time to celebrate the strides women have made in breaking down barriers and excelling in roles where they can thrive. Moving forward, we must continue to create opportunities for women in technology so that they can lead, inspire, innovate, and transform the industry.

Nomthi Nelwamondo 05.04.2024-2PP 1

The advancement of women in technology: Overcoming under-representation and igniting gender diversity

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1565" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-scaled.jpg" alt="" class="wp-image-519322" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-300x229.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-820x627.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-768x587.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/0L2A1262-1-1536x1174.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Thembinkosi Mkalipi, Acting Deputy Director General (DDG) for Labour Policy and Industrial Relations at the Department of Employment and Labour</figcaption></figure>



The 2023-2024 Commission for Employment Equity (CEE) Annual Report (24th CEE Annual Report) published by the Department of Employment and Labour (DEL) marks a significant milestone in the nation’s ongoing journey towards workplace equality and inclusivity.



This year&#8217;s report not only highlights the progress made but also sets a hopeful tone for the future of employment equity in South Africa.



One of the most commendable aspects of the 2023-2024 EE Annual report is its clear demonstration of the positive impact of the Employment Equity Act. The Act’s primary goal is to promote equal opportunity and fair treatment in employment through the elimination of unfair discrimination and the implementation of affirmative action measures. This year’s report shows that these measures are bearing fruit, with a notable increase in the representation of designated groups across various occupational levels.



The report also underscores the importance of the amendments to the Employment Equity Act, which aim to reduce the regulatory burden on small businesses and empower the Minister to regulate sector-specific EE numerical targets. These amendments are crucial for ensuring that the principles of equity are applied consistently across all sectors, thereby fostering a more inclusive economy.



Moreover, the 2023-2024 report highlights the significant strides made in gender equality. There has been a marked increase in the representation of women in professionally qualified/ middle management positions, reflecting a positive shift towards gender parity in the workplace. This progress is a testament to the effectiveness of targeted affirmative action measures and the commitment of both the government and the private sector to fostering an inclusive work environment.



Another noteworthy aspect of the report is its emphasis on accountability and compliance. The introduction of the EE Compliance Certificate as a prerequisite for access to State contracts is a strategic move to ensure that businesses adhere to the principles of employment equity. This measure not only promotes compliance but also incentivises businesses to prioritise diversity and inclusion in their workforce.



The Employment Equity Compliance Certificate seen as a catalyst of driving change and a crucial component of South Africa&#8217;s efforts to promote workplace equality. This certificate is mandatory for businesses irrespective of their size that wish to engage in contracts with any State entity, ensuring that companies doing business with the government adhere to employment equity principles.



To obtain the certificate, all employers must meet several criteria. Noteworthy is that for designated employers that employ 50 or more, they must submit an annual EE report, comply with their own annual EE targets towards the five-year sector EE target, adhere to the National Minimum Wage (NMW) or have an exemption granted not to pay the NMW for the previous 12 months, and have no unfair discrimination awards against them from the Commission for Conciliation, Mediation and Arbitration (CCMA) in the previous 12 months.



The EE Compliance Certificate is valid for 12 months from the date of issue. This means businesses need to maintain compliance continuously to renew their certificate annually.



The certificate aims to strengthen compliance with the Employment Equity Act and promote real transformation in the workplace. By making the certificate a prerequisite for state contracts, the government incentivises businesses that promote equity and transformation in their workplaces by prioritising diversity and inclusion.



The amendments to the Employment Equity Act also aim to reduce the regulatory burden on small businesses, ensuring that the compliance requirements are manageable and do not hinder their operations.



It is significant to highlight that the process of issuing the EE Compliance Certificate will be automated. To apply Online for the Employment Equity Compliance Certificate, businesses must follow a structured process to ensure they meet all necessary criteria. Here are the steps involved:



First, businesses that employ 50 or more employees must submit an annual Employment Equity report. This report should detail the company’s progress in implementing employment equity measures and achieving set targets.



Second, businesses must comply with their own annual EE targets towards the five-year sector EE target. This involves setting and working towards specific goals that align with the broader sector targets established by the Department of Employment and Labour.



Third, businesses must adhere to the National Minimum Wage (NMW) or have an exemption granted not to pay the NMW for the previous 12 months. This ensures that all employees are compensated fairly according to national standards.



Fourth, businesses must have no unfair discrimination awards against them from the Commission for Conciliation, Mediation, and Arbitration (CCMA) in the previous 12 months.



This criterion ensures that companies maintain fair and equitable practices in their operations. Once these criteria are met, businesses can apply for the EE Compliance Certificate through the DEL’s online system.



If a business fails to meet the Employment Equity compliance criteria, the Department of Employment and Labour can impose several penalties. For a first-time offense, the business may face a fine of the greater of R1.5 million or 2% of its turnover. If the business has previously contravened the provision, the fine increases to the greater of R1.8 million or 4% of its turnover. For repeat offenders, the fines can reach up to R2.7 million or 10% of annual turnover, whichever is greater.



Additionally, businesses that fail to comply may be referred to the Labour Court, where penalties can be imposed. The court considers various factors when determining the appropriate penalty, including the extent and duration of the non-compliance, the employer’s intentions, and investments in workforce development.



Non-compliant businesses may also be excluded from State contracts, as the EE Compliance Certificate is a prerequisite for engaging in contracts with any state entity. This exclusion can significantly impact a business’s opportunities and revenue.



Ensuring compliance with the EE criteria is crucial for businesses to avoid these penalties and contribute to a more equitable and inclusive workplace. Businesses can play a crucial role in advancing employment equity by implementing a variety of strategies. Developing comprehensive diversity and inclusion policies is essential. These policies and practices should promote diversity and inclusion at all levels of the organisation, addressing recruitment, retention, promotion, and workplace culture.



Conducting regular equity audits is another important step. By regularly assessing the company&#8217;s practices and policies, businesses can identify areas where inequities may exist and use the findings to make informed changes and improvements.



Providing training and education on diversity, equity, and inclusion helps employees understand the importance of these values and how to incorporate them into their daily work. Fostering an inclusive culture is also crucial. Encouraging an inclusive workplace culture where all employees feel valued and respected can be achieved through open communication, employee resource groups, and celebrating diverse backgrounds and perspectives.



Implementing fair recruitment practices ensures that recruitment processes are free from bias and unfair discrimination. This can include using diverse hiring panels, standardising interview questions, and actively seeking candidates from underrepresented groups.



Supporting career development by providing opportunities for advancement, particularly for those from underrepresented groups, is vital. This can include mentorship programs, leadership and management training, and clear pathways for promotion.



Setting and tracking diversity goals is important for accountability. Establishing specific, measurable goals for diversity and inclusion and regularly tracking progress towards these goals helps ensure that leadership is held accountable.



Engaging with the community by partnering with community organisations, educational institutions, and other stakeholders supports broader diversity and inclusion efforts. This can include internships, scholarships, and community outreach programs.



Promoting work-life balance through flexible work arrangements, such as remote work options, flexible hours, and generous parental leave policies, helps attract and retain a diverse workforce.



Ensuring pay equity by conducting regular pay audits ensures that employees are compensated fairly and equitably. Addressing any pay disparities that are found is essential for maintaining fairness in the workplace and promoting the principle of equal pay for work of equal value. By implementing these strategies, businesses can create a more equitable and inclusive workplace, benefiting both employees and the organisation as a whole.



The 2023-2024 Employment Equity report is a beacon of progress and hope. It reflects the collective efforts of the government, businesses, and civil society in creating a more equitable and inclusive workplace. As South Africa continues to build on these achievements, the future looks promising for employment equity, with the potential to unlock greater economic growth and social cohesion. The journey towards full employment equity is ongoing, but the strides made thus far are indeed worth celebrating.



The 2024 Employment Equity roadshows, organised by the Department of Employment and Labour, are currently taking place across South Africa. These workshops, which began on August 6th and will run until September 18th, 2024, aim to address and promote diversity and inclusion in the workplace under the theme &#8220;Bridging the Equity Gap Through Diversity &amp; Inclusion&#8221;. The roadshows focus on the current status of employment equity, updates on EE amendments, and insights into unfair discrimination cases. They are designed to engage employers, HR practitioners, trade unions, and other stakeholders in meaningful discussions to foster a more equitable work environment.

0L2A1262 1

Employment Equity Progress Report highlights the collaborative efforts of government, businesses, and civil society in fostering a fairer, more inclusive, and diversified workplace

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-scaled.jpg" alt="" class="wp-image-459065" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Mthuli Ncube, Zimbabwe&#8217;s finance minister, sits in the audience during a plenary session on day two of the 28th World Economic Forum (WEF) on Africa in Cape Town, South Africa, on Thursday, Sept. 5, 2019. The World Economic Forum on Africa meeting runs from 4-6 September. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



The&nbsp;current global financial architecture faces significant challenges in addressing the financial needs for climate action, sustainable development, and debt management. The calls for reform are growing louder, seeking to create a more equitable, inclusive, and sustainable financial system.



Increasing the representation of developing countries, particularly African nations, in global economic decision-making processes is crucial for the continent&#8217;s development and prosperity. We therefore commend the International Monetary Fund (IMF) for creating a third chair (board membership) for sub-Saharan Africa to improve its voice and representation.



Climate change is one of the most pressing issues of our time, with far-reaching consequences for our planet and its inhabitants.&nbsp;Addressing climate action requires a multi-faceted approach that involves individuals, communities, organizations, and governments.



<h2 class="wp-block-heading" id="h-tackling-public-debt-in-african-countries">Tackling public debt in African countries</h2>



We need to build a prosperous, inclusive, and resilient Africa through renewed partnerships and strong institutions. However, a troubling trend has emerged: governments worldwide are grappling with mounting public debts, limiting their ability to invest in core social services that their citizens so desperately need.



The average public debt in Africa is around 65% of GDP, amounting to $1.1 trillion, with some countries having much higher debt levels. Alarmingly, nearly 40% of African countries are in, or at high risk of, debt distress. To make matters worse, 60% of African nations now spend more on servicing their external public debt than on healthcare.



The existing global debt architecture is ill-equipped to address the pressing needs of African countries. Urgent reforms to the G20 Common Framework are required to make it more effective, transparent, and fit for purpose. Furthermore, we appeal for the suspension of debt service for all countries entering Common Framework restructurings and a comprehensive review of the&nbsp;<a href="https://www.imf.org/en/About/Factsheets/Sheets/2023/imf-world-bank-debt-sustainability-framework-for-low-income-countries">IMF-World Bank Debt Sustainability Analysis Framework</a>&nbsp;to prioritize solvency over mere liquidity.



The path ahead is not without its challenges. Achieving the Sustainable Development Goals (SDGs) by 2030 will require an estimated $1.3 trillion per year, while the costs of addressing climate change alone are projected to reach $2.8 trillion by 2030 in Africa. Sadly, even as these financing needs grow, official development assistance to Africa declined by 3.5% in 2022, while borrowing costs have soared in the tighter global monetary environment and private capital remained sidelined.



<h2 class="wp-block-heading" id="h-addressing-the-widening-financing-gap-in-africa">Addressing the widening financing gap in Africa</h2>



Africa&nbsp;has made significant progress in financing its development through domestic resources in recent years. However, this funding is inadequate to close a widening financing gap.



To bridge the funding gap, African countries need to boost domestic resource mobilization (DRM) by increasing financial resources, improving public spending efficiency, leveraging large pension fund markets and sovereign wealth funds, curbing illicit financial flows out of the continent, and harnessing partnerships. New sources of tax revenue should be sought, including those from digital payments, informal sector taxes, and sin taxes, among others.



Africa must explore innovative solutions and leverage the ongoing&nbsp;<a href="https://www.un.org/sustainabledevelopment/financing-for-development/">Financing for Development</a>&nbsp;processes to secure adequate financial and technical resources to support Africa&#8217;s participation and engagement in the tax reform process.



Deepening Africa’s capital markets for resource mobilisation will enable countries to source additional financial resources from the private sector and the pension fund industry. The use of Public-Private Partnerships (PPPs) will also allow African countries to finance critical infrastructure projects with resources from the private sector.



By leveraging carbon credits, countries can unlock benefits supporting sustainable development, economic growth, and climate resilience while contributing to global efforts to combat climate change. There is scope for the issuance of green and blue bonds linked to climate change to raise additional resources for development. Climate insurance at both sovereign and micro-level goes a long way in mitigating the negative impact of climate shock to vulnerable communities for example Zimbabwe and Malawi recently received pay-outs from the African Risk Capacity Group (ARC), for the insurance they took against the 2023\2024 agricultural season.



Africa’s significant diaspora community enables various countries to issue diaspora bonds and related instruments to raise additional funding. Sovereign wealth funds have also proved to be a critical economic pillar in driving economic development in some countries. There is, therefore, a need to create sovereign wealth funds across Africa, not only to harness natural resource revenues to achieve inter-generational equity but to harness the full potential of state-owned enterprises. The example of Temasek, a sovereign wealth fund in Singapore, presents a successful case for achieving optimal contributions from state-owned entities and beyond. Such sovereign wealth funds will also help to improve the credit rating of African countries.



<h2 class="wp-block-heading" id="h-funding-sustainable-development">Funding sustainable development</h2>



Scaling up resources from International Financial Institutions (IFIs) is vital for African countries to address economic challenges, including those exacerbated by geopolitical tensions. These resources should be more concessionary, long-term, and inclusive. In particular, the Poverty Reduction Growth Trust (PRGT) and the Growth and Sustainability Fund (GSF), under the IMF, need reform to better serve Africa and developing countries.



Affordable finance is crucial for sustainable development, and strengthening multilateral development banks (MDBs) is essential to increasing lending capacity and supporting development projects. By strengthening MDBs, we can unlock more resources for sustainable development, bridge the financing gap, and achieve the SDGs.



Furthermore, innovative financing tools and mechanisms can help reduce financing costs, making it easier for countries to access affordable finance for development. The balance sheets of IFIs can also be utilised to provide guarantees for crowding in resources from the private sector.



Debt swaps can be valuable for managing debt and alleviating financial stress. By exchanging debt for new obligations with more favourable terms, countries can manage their debt more effectively, reduce financial stress, and create space for sustainable development and economic growth.



 Alongside debt relief, African nations are also calling for support in developing tools and instruments to lower extreme financing costs. The recent UN General Assembly resolution 78/230 emphasizes the need for a UN Framework Convention on international tax cooperation, which is a positive step in the right direction. Concrete action is needed to achieve results from the UN Framework Convention on International Taxation in order to establish a globally fair and transparent tax system. This will ensure the achievement of a more just and equitable global tax system.



African countries should begin implementing the Domestic Minimum Top-Up Tax (DMTT) to ensure that multinational companies contribute their fair share of taxes in Africa and minimize transfer pricing leakages. For example, Zimbabwe and South Africa have begun implementing the DMTT provision, which will ensure that multinational cooperation pays at least 15% of corporate tax.



Hon. Professor <a href="https://www.weforum.org/agenda/authors/mthuli-ncube/">Mthuli Ncube</a>



Minister of Finance, Economic Development and Investment Promotion,&nbsp;Ministry of Finance, Economic Development and Investment Promotion of Zimbabwe

Day Two Of The 28th World Economic Forum on Africa

How to finance Africa’s future economic development

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235310967-820x547.jpg" alt="" class="wp-image-513423" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235310967-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235310967-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235310967-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235310967-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235310967-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1235310967-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">JOHANNESBURG, SOUTH AFRICA &#8211; SEPTEMBER 15: Mpho Parks Tau (Department of Economic Development) at the Arbor Day celebration at Diepsloot Memorial Park on September 15, 2021 in Johannesburg, South Africa. National Arbor Week calls on all citizens to plant indigenous trees as a practical and symbolic gesture of sustainable environmental management. (Photo by Sharon Seretlo/Gallo Images via Getty Images)</figcaption></figure>



I was heartened by Department of Trade, Industry and Competition Minister Parks Tau’s commitment to engage the private sector in identifying priority areas to accelerate economic growth and implementing coherent industrial policy.&nbsp; We have many common goals, South Africa’s economic well-being being the most obvious. We are here to help find solutions to any obstacles that stand in the way of achieving those goals.



In the spirit of collaborating for growth, shortly after his appointment the Minister reached out to BLSA and its members, among others, requesting that we share high-level issues faced by big business. There were few surprises – the challenges and frustrations that have accumulated over years of stagnant economic growth and alarming de-industrialisation have been repeatedly highlighted by BLSA.



But our members, which include some of South Africa’s biggest employers, have also made sensible, practical recommendations, and it was encouraging to see the alignment coming through in the Minister’s Budget Vote speech and those of his deputies.



This commitment is an opportunity to build on the successful collaboration to date — and it fosters business confidence, which is one of the key ingredients needed to get South Africa’s economy growing again.



BLSA welcomes the focus on creating a more predictable and stable regulatory environment, clarifying industrial policy and sector support, coordinating economic policy to enable more effective policy implementation, and ensuring greater transparency between the DTIC and the private sector.



Currently, complex and inconsistent regulatory requirements deter business operations and foreign investment, while frequent changes in legislation increase the cost of doing business and the compliance burden. Streamlining regulations to ensure they are clear and consistent will go a long way to address this and, as been suggested by some of our members, a one-stop regulatory body could be established to simplify compliance processes. Involving universities and deploying artificial intelligence and research capabilities could assist with large-scale policy modernisation.



In terms of industrial policy and sector support, it has been argued that the focus to date has been too broad, thus limiting its effectiveness.&nbsp; It makes sense, therefore, to concentrate on fewer sector priorities and revitalise the industrial policy action plans (or the masterplans) for targeted sectors, starting with the green economy. In the process of revitalising the sector masterplans — which are the often-complex industrial and trade strategies to promote local industry and improve competitiveness — the focus should be on designing the framework to be adaptable to allow for ongoing monitoring and course correction as conditions change.



There is a powerful opportunity for industry-government collaboration in the evolution of the special economic zone (SEZ) programme, which currently lacks both the required investment and a nationally integrated work programme. Incentives should be co-ordinated with other programmes/ instruments run by the DTIC, be more evenly applied, and be made visible to the foreign investors and export market players and future tenants who are the prospective users of the SEZ system.



The masterplan approach has the potential to be an effective industrial policy tool, but its success depends on addressing the challenges identified around evidence-based decision-making, balancing objectives, resourcing, and cross-stakeholder alignment. Securing alignment and buy-in for the masterplans across different government agencies and the broader business community will be key.



BLSA has previously highlighted the need for greater economic policy coordination. Several issues have been widely acknowledged as causing unnecessary friction and increasing the cost of doing business in South Africa. These include, but are not limited to, exchange control regulations, crime, skills shortages, unnecessary regulatory red tape, the need to broaden internet connectivity, and the well-documented challenges related to energy security, reliable electricity and water supply, and the ports, rail networks and logistics hubs.



We acknowledge that many of these factors engage with mandates of other government departments. However, the work conducted by the DTIC has wide influence, impacting about one in eight formal private sector jobs in the country. The department also plays a critical role in promoting investment, facilitating trade, stimulating industry, and supporting globally competitiveness and inclusive growth. We would argue there is logic in the DTIC leading a whole-of-government approach to these matters as the lead interface with industry and organised business.



Harmonising policies between departments and sectors would establish regulatory certainty as a key element of South Africa’s value proposition to global investors and trading partners. The DTIC could lead this process as part of the “Invest SA” mandate and as an implementation thrust of the draft Country Investment Strategy tabled in 2022. Some specific areas of focus here are: cross-government/industry collaboration to lower perceived sovereign lending risk to South African projects; constructive, growth-accelerating approaches on empowerment standards and practices for foreign direct investment in priority sectors; and addressing uncertainty around masterplans and their interaction with other national instruments.



In addition, the country needs trade instruments, globally and regionally, to be harmonised and optimised. The AGOA (African Growth and Opportunity Act) trade access negotiations are an opportunity to harmonise US market access with industrial policy instruments from the US that play to South African strengths (for example in the low carbon industries).



Another opportunity is industry-government strategic alignment on positioning with the EU on CBAM (Carbon Border Adjustment Mechanism) — the rate at which carbon-intensity is to be taxed should be paced and aligned with South Africa’s carbon tax regime and be commercially literate in both design and application to maximise both low carbon outcomes and developmental objectives.



The African Continental Free Trade Area (AfCFTA) presents yet another excellent opportunity for South African exporters and should also drive increased traffic of goods through our ports and airports. With some sectors/industries unable to make the business case for investment due to the market size in South Africa, extending the market into the African continent would be a game changer.



There is consensus on the need for greater transparency and accountability between the DTIC and the private sector. Our suggestion is to develop a public accountability system that tracks and publishes progress on key initiatives. A publicly accessible dashboard could be implemented that highlights the status of projects and government commitments.



South Africa has for too long battled with low growth, high unemployment, widening inequality and poor and failing infrastructure. While impressive policies have been crafted to reignite the economy, all too often implementation has failed — thus damning one of Africa’s largest and most industrialised economies.



We look forward to an integrated and outcomes-based approach from the DTIC, which can form a sturdy cornerstone of South Africa’s broader economic strategy.



Minister Tau can rely on business to be available for meaningful dialogue. More than that, the private sector has skills, experience and the will to work with the government and civil society to fix blockages and help ensure delivery. What matters now is pragmatism, undertaking research, testing new ideas, and embracing the course of action that will best deliver for the country. That is how to foster confidence, which will in turn lead to investment and expanded economic activity. I am optimistic about what we can achieve together.

MEC Parks Tau hosts Arbor Day Celebration in South Africa

What business wants from the DTIC

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="753" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/MoralEconomybanner.png" alt="" class="wp-image-513383" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/MoralEconomybanner.png 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/MoralEconomybanner-300x118.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/MoralEconomybanner-820x322.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/MoralEconomybanner-160x63.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/MoralEconomybanner-768x301.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/MoralEconomybanner-1536x602.png 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">Image: <a href="https://www.dreamstime.com/street-protests-nairobi-kenya-july-month-long-over-government-william-ruto-continue-youth-seeking-better-leadership-image326684651" target="_blank" rel="noreferrer noopener">Joshua Wanyama/Dreamstime</a></figcaption></figure>



<h2 class="wp-block-heading" id="h-recent-protests-in-kenya-signal-a-shift-from-ethnic-based-to-interest-based-politics-which-could-have-broader-implications-for-the-region">Recent protests in Kenya signal a shift from ethnic-based to interest-based politics which could have broader implications for the region.</h2>



The recent protests in Kenya mark a turning point in Kenya’s, and perhaps Africa’s, political trajectory. Changes were already apparent in Kenya’s last elections, which showed a growing number of Kenyans turning away from ethnic-based voting towards class and interest-based voting. The tax protests take this a step further, giving voice to those who felt ignored and disenfranchised by the government’s decisions. The crowd, through their protests, have exerted an influence beyond the traditional patronage networks. How did this happen? Will it have a lasting impact? And will it spread to other African countries?&nbsp;



In 1971, the British historian E.P. Thompson published an&nbsp;<a href="https://www.jstor.org/stable/650244" target="_blank" rel="noreferrer noopener">article</a>&nbsp;titled ‘The Moral Economy of the English Crowd in the 18th Century.’ It argued that the riots, especially bread riots, that plagued 18th-century British politics reflected not so much the disorder of agitators, looters and hooligans, as contemporary politicians liked to paint them, but the attempt by ordinary poor people to enforce the laws and customs that protected their livelihoods and made life affordable for them. Their targets were traders and magistrates who ignored the rules for their own profit. The state nevertheless saw them as a threat and responded with repression. It took decades for the protesters to organise themselves politically and campaign successfully for the vote as a more effective way for their voices to be heard.&nbsp;



The recent Kenyan protests were linked to similar concerns, in this case rising prices caused by tax increases, but with one big difference: it was not just the poor protesting but the middle classes, the mobile phone-owning, digitally-mobilised youth of Gen Z. This is much more politically threatening to the status quo.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1108" height="658" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IMF-Graph.png" alt="" class="wp-image-513381" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IMF-Graph.png 1108w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IMF-Graph-300x178.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IMF-Graph-820x487.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IMF-Graph-152x90.png 152w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IMF-Graph-768x456.png 768w" sizes="auto, (max-width: 1108px) 100vw, 1108px" /></figure>



While the immediate target was to rescind the proposed tax increases, which would have immediately impacted the cost of living for all Kenyans, the protests were&nbsp;<a href="https://www.theguardian.com/commentisfree/article/2024/jul/01/kenya-protests-finance-bill-government-debt" target="_blank" rel="noreferrer noopener">focused</a>&nbsp;as much on the endemic corruption amongst the political and business elite, including Ruto’s immediate circle, as on the IMF, which approved the tax increases to pay off the accumulated debts of the past. The elite’s affluent lifestyle, flaunted on social media and impervious to the tax hikes, simply rubbed salt in the wound.&nbsp;



Above all, protesters were making the point that the taxes proposed in the budget were&nbsp;unfair.&nbsp;Not only were they retrogressive, impacting more heavily on the poor, but they were designed to raise money to repay loans from which the elite had grown fat and from which the middle and lower classes had derived little tangible benefit. Sure, there was now another train line to Mombasa; but that didn’t provide them with jobs, or help them cover the rising cost of living.&nbsp;



President Ruto initially&nbsp;<a href="https://foreignpolicy.com/2024/06/28/kenya-protests-ruto-imf-taxes-poverty-broke-social-contract/" target="_blank" rel="noreferrer noopener">condemned</a>&nbsp;the protests as the ‘treasonous’ actions of ‘criminal’ elements and sent in the army to ‘restore order’, killing some&nbsp;<a href="https://www.aljazeera.com/news/2024/7/12/kenya-police-chief-resigns-after-criticism-over-protest-crackdown#:~:text=Kenya&amp;apos;s%20national%20rights%20watchdog%20said,resignation%20was%20%E2%80%9Cvery%20significant%E2%80%9D." target="_blank" rel="noreferrer noopener">39 protesters</a>&nbsp;in the process. There is still an&nbsp;<a href="https://trtafrika.com/insight/kenya-anti-tax-protests-how-businesses-became-collateral-damage-18181320" target="_blank" rel="noreferrer noopener">argument</a>&nbsp;over whether the looting of shops and burning of the Parliament building was caused by hired vandals brought in to discredit the protests and provide a justification for repression, or by some protesters simply expressing their anger or taking advantage of the situation. In practice, it doesn’t matter: the damage was done and the country was shocked.



Ruto is finding out that in a society with a degree of accountability, protest that deteriorates into disorder is what Thompson calls a ‘social calamity’: it destroys existing social and political relations on which political stability is built. Under an authoritarian government, those in power have little compunction in deploying force to repress dissent: they rule by fear, and this simply reinforces the intimidation of society. Opposition leaders and dissidents can be rounded up, beaten, imprisoned or killed without it threatening their dominance.&nbsp;



But where the government is by consent, the authorities need to protect their legitimacy. The question is, whose consent? Kenya is a democracy, and Ruto became President in an election in 2022 declared adequately free and fair. The budget was approved by a democratically-elected Parliament. And yet people still took to the streets in protest.&nbsp;



As Peter Lockwood has argued,&nbsp;<a href="https://academic.oup.com/afraf/article/122/487/205/7133587" target="_blank" rel="noreferrer noopener">Kenyan politics</a>&nbsp;is already moving away from ethnically-based voting, where people trust only someone from their own region and ethnic group to represent them, towards interest-based voting. Ruto’s success among Kikuyu voters was based partly on his appeal to the ‘hustlers’: the poor, the street vendors, the disadvantaged who wanted to believe he would help them. But it was also based on their disenchantment with Uhuru Kenyatta’s ‘elite capitalism’ and Kenya’s patron-client politics (neo-patrimonialism for political scientists), in which political support for the President buys access to lucrative business opportunities. As in 18th century England, corruption (‘Old Corruption’ as it was called then) is integral to the political system: it is how political loyalty is bought and political patrons secure money to satisfy their clients. But it only works where constituencies can be bought off in this way. Where a political system is sewn up through such patronage, the only way for those outside the system to make their voices heard is in the street.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1060" height="699" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IMF-Graph-2.png" alt="" class="wp-image-513382" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IMF-Graph-2.png 1060w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IMF-Graph-2-300x198.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IMF-Graph-2-820x541.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IMF-Graph-2-136x90.png 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IMF-Graph-2-768x506.png 768w" sizes="auto, (max-width: 1060px) 100vw, 1060px" /></figure>



What underpinned the protests of the crowds in Nairobi and throughout the country was that Ruto had not changed this political process but simply shifted the benefit to his friends and political allies. Not just the hustlers but Kenya’s growing middle classes are suffering from the inflation that debt-fuelled spending and the falling shilling have brought. They saw no reason to suffer higher taxes to pay off the debts that were accumulated without their agreement or benefit. Ruto had done little to prepare the political ground for his debt strategy – either through the tax-and-pay-back approach approved by the IMF or the cut-and-pay policy he is now proposing.&nbsp;



In Britain’s recent election, neither party was willing to admit that Brexit was substantially responsible for the country’s economic woes: the subject was too toxic to raise, seen as a vote loser by both sides. The problem therefore remains unaddressed. So too in Kenya, no one seems willing to admit that it is the imprudent borrowing and incompetent investment by the previous government (in which Ruto was Vice-President) which fuelled the debt crisis that now dominates budget policy. Far easier to blame the international financial system – which has its share of blame, but where the inequality is less immediately visible to Kenyans than is the unfair affluence of their own elite.



Being forced first to withdraw the budget and now to re-structure his whole cabinet shows that Ruto has registered the need to re-establish his legitimacy by bringing in a wider range of political forces to the government. But until the policy issue is debated honestly in public, Ruto’s government will remain vulnerable to popular protest, whoever is co-opted into the cabinet. The moral authority of the crowd has been asserted: it will not disappear, even if it is no longer on the street.&nbsp;



Kenya is not alone in facing this kind of economic crunch over debt, but others have handled it differently.&nbsp;<a href="https://www.reuters.com/markets/ghanas-debt-restructuring-takes-another-step-forward-2024-06-24/#:~:text=*%20January%202024%20%2D%20Ghana%20reaches%20a,loan%20payout%20a%20week%20later." target="_blank" rel="noreferrer noopener">Ghana</a>&nbsp;and&nbsp;<a href="https://www.reuters.com/world/africa/zambias-three-year-debt-restructuring-takes-step-forward-2024-03-25/#:~:text=July%202022%3A%20Zambia&amp;apos;s%20OCC%2C%20co,worth%20of%20loans%20to%20Zambia." target="_blank" rel="noreferrer noopener">Zambia</a>&nbsp;both chose to default and restructure their debt obligations rather than try to meet the unaffordable repayments by drastically raising taxes or cutting spending. The cost for these countries has been excluded from global capital markets and weakened currencies, but they have so far avoided riots. The issue is already a critical one in the Ghanaian elections due in December, so the debate there cannot be avoided.&nbsp;



<a href="https://africacenter.org/spotlight/key-takeaways-from-senegals-presidential-election/" target="_blank" rel="noreferrer noopener">Senegal’s elections</a>&nbsp;earlier this year posed a political rather than economic challenge, but it was as much the people on the street as the phone calls from global leaders that finally persuaded Macky Sall to allow the elections to go ahead and hand over the Presidency peacefully to opposition leader Diomaye Faye who stood on a strong anti-corruption platform. In Senegal too, the elite had to listen to the crowd, which now has a leader it trusts.



In&nbsp;<a href="https://www.bbc.co.uk/news/articles/ceqde3dqd05o" target="_blank" rel="noreferrer noopener">Uganda</a>&nbsp;also the crowd has taken up the anti-corruption message and taken to the streets. As in Kenya, the authorities have responded with repression, but their legitimacy is put at risk. Just as coups spread across the Sahelian countries reflecting people’s unhappiness with their ruling elites, in African countries with more robust civil societies, popular protest is spreading demanding more democratic change.



Nigeria is the African country currently most vulnerable to such popular protests. The&nbsp;<a href="https://journals.sagepub.com/doi/10.1177/17506352241239550?icid=int.sj-abstract.citing-articles.1" target="_blank" rel="noreferrer noopener">#EndSARS protests</a>&nbsp;in October 2020 already demonstrated the ability of young Nigerians to mobilise public protest against what was seen as a recurrent injustice of arbitrary arrest by the police. Though it came to an abrupt end after the&nbsp;<a href="https://www.theguardian.com/global-development/2021/nov/01/nigeria-end-sars-protesters-find-no-justice-one-year-on" target="_blank" rel="noreferrer noopener">‘Lekki Gate massacre’</a>&nbsp;and the state has taken extensive&nbsp;<a href="https://www.hrw.org/news/2021/10/19/nigeria-year-no-justice-endsars-crackdown" target="_blank" rel="noreferrer noopener">steps</a>&nbsp;to discourage such protests since, the mobilisation of middle-class opinion fed through into&nbsp;<a href="https://www.cfr.org/blog/peter-obi-and-dream-deferred" target="_blank" rel="noreferrer noopener">Peter Obi’s</a>&nbsp;strong showing in the 2022 Nigerian elections.



The Nigerian state, even more than the Kenyan, revolves around&nbsp;<a href="https://www.cfr.org/article/nigerias-all-too-familiar-corruption-ranking-begs-broader-questions-around-normative" target="_blank" rel="noreferrer noopener">patronage networks</a>&nbsp;lubricated by access to state funds. The dependence on oil revenue has meant that personal and trade taxation in Kenya is negligible. The tax take is reported to have risen from 6.7% of GDP in 2021 (<a href="http://chrome-extension//efaidnbmnnnibpcajpcglclefindmkaj/https:/www.oecd.org/tax/tax-policy/revenue-statistics-africa-nigeria.pdf" target="_blank" rel="noreferrer noopener">OECD</a>) to 10.8% in 2023 (<a href="https://www.aljazeera.com/news/2023/7/7/nigeria-on-quest-to-almost-double-tax-to-gdp-ratio-in-three-years#:~:text=Nigeria%20has%20one%20of%20the%20lowest%20tax%20collection%20rates%20in,and%20the%20rest%20from%20borrowing." target="_blank" rel="noreferrer noopener">government adviser</a>), but this is as likely to reflect that Nigeria’s measured GDP has fallen sharply since the last election, and is still amongst the lowest in the world. But people do care about the cost of living, the removal of fuel subsidies, and the falling value of the Naira – all of which underpinned the&nbsp;<a href="https://www.reuters.com/world/africa/nigerian-unions-shut-down-power-grid-start-strike-over-minimum-wage-2024-06-03/" target="_blank" rel="noreferrer noopener">general strikes</a>&nbsp;called by Nigerian unions in May and June this year, demanding a raise in the minimum wage. If nothing is done about it sooner rather than later, the Nigerian crowd could take to the streets once more to demand action from a government that has so far failed to deliver.&nbsp;



For now, Tinubu’s government seem to believe that maintaining the patronage networks is more important for their political survival than fending off public protest and that the corruption underpinning those networks can be left in place. Given the size, diversity and devolution of Nigeria’s political system, that may be right – for now. But the risk is that if things do not improve very soon, protests will break out and the authorities may lose political control completely in some areas which they will find very hard to restore without more drastic political and economic reform. Only time will tell.&nbsp;

MoralEconomybanner

The Moral Economy of the African Crowd

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance.jpg" alt="" class="wp-image-509912" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Dr. Sania Nishtar, CEO of Gavi</figcaption></figure>



A seminal moment in the future of immunisation in Africa occurred in Abidjan, Cote D’Ivoire, this week. In a meeting of the health ministers of nine African nations, a declaration was signed that will see these nations commit to a future where the costs of immunisation will be borne entirely out of their own budgets, helping fulfill the long-term mission of the organisation I lead, Gavi, which is to ultimately put itself out of business.



Why is this so important? Since 2000 Gavi has facilitated the immunisation of over one billion children – over half of the global birth cohort. Providing a shield against deadly yet easily preventable diseases has generated over US$200 billion in economic benefits as young people grow into healthy, wage-earning adults, parents are spared debilitating healthcare costs and health systems’ resources are freed up to provide other essential services. But Gavi’s model is designed so that countries pay a greater share of their national immunisation programmes as their income increases, placing them in the driving seat for determining the healthy futures of their populations.



Political will is one thing, however securing the resources and technical ability to realise that ambition is another entirely. Only 19 countries have transitioned away from Gavi support since 2000. A new era of immunisation began this week with the agreement of the Abidjan declaration &#8211; a commitment to self-sufficiency and vaccine sovereignty that sits at the heart of the Gavi model. Thank you to all those who have welcomed me in Abidjan and participated in a hugely productive visit for the Vaccine Alliance. Achieving sustainability requires huge amounts of collaboration, capacity-building and, at times, course-correction. Having nine countries signal their intention to joining the club in one week therefore represents a huge moment.



This is what makes this week’s Abidjan Declaration unprecedented. The nine signatory countries &#8211; Benin, Congo, Côte d’Ivoire, Djibouti, Ghana, Mauritania, Nigeria, Sao Tome and Principe and Senegal &#8211; all at separate stages on the Gavi transition pathway, have effectively formed a club to support and guide each other through the transition pathway. This means collaboration on establishing strategies that strengthen not only immunisation programmes but the institutions that underpin them and the budgetary mechanisms to support them. And it means building systems capable of supporting new vaccine introductions whenever they come online.



The collaboration will inevitably take many forms; for me, one of the most innovative new approaches is a plan to create a peer monitoring mechanism to allow the sharing of best practices across the group. The group’s commitment to working closely with civil society and the private sector, and to strengthen more broadly primary healthcare infrastructure are equally laudable.



That these commitments are being undertaken is admirable; that they are being undertaken at a time of considerable fiscal constraint caused by high costs of debt servicing, the ravages of climate change and other factors is even more impressive. In the spirit of the Lusaka Agenda, global health initiatives like Gavi are in turn committed to help countries achieve their long-term vision of nationally-funded healthcare systems in Africa.



In practice, Gavi will use its expertise to help countries plan and monitor vaccine programmes as they transition. It will also provide support to help structure innovative finance mechanisms in support of domestic resource mobilisation. We will also continue to support these countries even after they graduate &#8211; as we do for other former-Gavi countries and indeed other middle-income countries that have never been fully supported by our Alliance, through technical assistance.



The World Health Organisation also has an important role to play to support countries in transition in helping build capacity and sharing best practices that will assist the transition. Lastly, all international organisations have an obligation to coordinate support and assistance to countries to optimise the benefits they bring and minimise the transaction costs.



As I look back on my many meetings in Abidjan this week, I cannot help but think reflect on events that took place here as representing a milestone not just for the countries of Africa but for Gavi also. The government of Cote D’Ivoire deserves enormous credit, not just for committing to a sustainable immunisation future for itself but also for showing leadership, and showing the world what a Global South-led transition will look like. For Gavi, too, as we enter a replenishment year where donor funding will be crucial to helping us protect more children, against more diseases, than ever before over the coming five years, the Abidjan Declaration presents a powerful endorsement of our model; that money invested in Gavi today will help countries stand on their own tomorrow.

Dr Sania Nishtar, CEO of Gavi, the Vaccine Alliance

The Abidjan Declaration: an unprecedented moment in charting the future of sustainable immunisation in Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1544" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CAMB3048-1-scaled.jpg" alt="" class="wp-image-508589" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CAMB3048-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CAMB3048-1-300x226.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CAMB3048-1-820x618.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CAMB3048-1-119x90.jpg 119w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CAMB3048-1-768x579.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CAMB3048-1-1536x1158.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Zen Dlamini &#8211; Executive Head: Infrastructure and Sovereign &amp; Public Sector, at Standard Bank CIB</figcaption></figure>



South African public-private partnerships (PPPs) are the key to unlocking the massive infrastructure investment opportunities available to investors. The funding capacity of local investors is, however, not sufficient to meet the country’s infrastructure funding needs. The total value of the country’s Strategic Integrated Projects project pipeline has grown from R340 billion in July 2020 to R540 billion today, and the South African Government estimates that it will require R3.2 trillion (US$168 billion) from the private sector in order to meet its infrastructure needs by 2030.



South Africa’s ambitious infrastructure objectives cover four mission-critical infrastructure areas: energy, transport, water and digital communications. These areas, were they to receive sufficient investment, would support economic growth and job creation, and act as an enabler of future development. President Ramaphosa said in March this year: “Infrastructure is an enormous economic multiplier, providing dividends for an economy long after the infrastructure has been delivered.”



To unlock this potential, and to meet South Africa’s crucially important developmental needs, the country’s state-owned companies (SOCs) are increasingly looking at International Investors for PPP opportunities aligned with their interests and capacity.&nbsp; Over the past decade, the GCC has emerged as a major investor with interest across Africa, with a growing number of trade deals that significantly benefit both regions. Foreign Direct Investments from the GCC into Africa from 2012-2022 saw $101.9 billion invested in 628 projects.&nbsp;



South Africa’s infrastructural investment opportunities span various economic sectors, offering portfolio diversification potential for investors seeking global opportunities. The opportunities include social and utility infrastructure projects to improve access to much-needed water and power resources, and vital transport networks, including roads, rail, and ports. There are also ample investment opportunities in digital infrastructure and developing agriculture and agro-processing infrastructure.



The South African government is highly incentivised to create conditions conducive to attracting international investments, and that includes establishing a predictable and sustainable regulatory environment. Faced with a notable decline in PPP activity in recent years, the National Treasury has instituted reforms that simplify and speed up the regulatory process of establishing PPPs.



It has created two pathways for PPPs: one for high-value projects and a simplified version for low-value projects (less than R2 billion). The reforms mean that low-value projects no longer have to go through the lengthy process of obtaining Treasury approvals. Thus, investors who want to partner with the government on a smaller project won’t need to go through the time-consuming processes previously required.



As a bank committed to fostering cross-border relationships and collaboration between all the local and international stakeholders that will make these partnerships a success, Standard Bank fully supports the amended PPP regulatory framework. We believe this will make it easier for South Africa to benefit from the more than $50 trillion international investment pool held by the world’s top 300 investors.



It is important that international investors work with institutions that can capably navigate the country’s broader regulatory framework. For instance, international investors entering into PPPs must prioritise community building, job creation, localisation, and skills transfer. They would also be expected to source local suppliers from the surrounding communities instead of importing necessary supplies. Unless given a special dispensation as a priority project, international investors must meet the local requirements.



For investors looking to explore South African PPP infrastructure investment opportunities, Standard Bank is ideally positioned to help. We have the local know-how, experience, and expertise and have been a committed role player in the government’s private sector capital-raising initiatives. In terms of assets, we are the largest of the big four commercial and investment banks in sub-Saharan Africa and are equipped to put together large, impactful, and high-profile PPPs.



Already a meaningful partner to many international investors, Standard Bank has a global presence in 20 countries on the African continent, as well as in the UAE, Dubai, Beijing, London, New York, New Jersey, and the Isle of Man. We are a preferred partner for many global multinationals coming to the continent and South Africa. We operate across multiple sectors and have been involved in many large infrastructure projects in the renewable energy sector in particular, including a sizeable hydro-electric project in the Northern Cape.



Standard Bank has long nurtured its relationships with investors in the GCC and the surrounding region, where investors have access to substantial capital and the appetite to invest in the opportunities South Africa has to offer. These opportunities offer investors sustainable, long-term returns and exposure to a fast-growing population with tremendous economic potential.



Standard Bank’s State-Owned Company Investment Summit, held recently in Dubai, provided a platform for investors in the Gulf region to connect with representatives of South Africa’s state-owned companies to explore infrastructure opportunities and possible collaborations. We expect the summit to lead to a round of significant infrastructural investment agreements, as has occurred at each previous iteration of this annual event.



PPPs in South Africa have played a crucial role in attracting much-needed private investment. But more is needed. By sharing risks and rewards with the private sector, and international investors in particular, the government can unlock additional funding sources and accelerate the development of critical infrastructure projects.



The overhaul of the PPP regulatory framework has been instrumental in sending the right message to international investors about South Africa’s infrastructure opportunities. The country cannot meet its massive infrastructure development goals – and reach its full economic potential – without international investors and successful PPPs. The latest regulatory changes shift the dial in the right direction for all stakeholders.

CAMB3048-1

South Africa’s PPP reforms provide an investor-friendly platform for global infrastructure capital

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1152" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Charlie-Robertson-View-From-MEA-colour-watercolor-scaled.jpg" alt="" class="wp-image-505633" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Charlie-Robertson-View-From-MEA-colour-watercolor-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Charlie-Robertson-View-From-MEA-colour-watercolor-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Charlie-Robertson-View-From-MEA-colour-watercolor-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Charlie-Robertson-View-From-MEA-colour-watercolor-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Charlie-Robertson-View-From-MEA-colour-watercolor-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Charlie-Robertson-View-From-MEA-colour-watercolor-1536x864.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Charlie Robertson &#8211; Head of Macro-Strategy at FIM Partners and author of The Time-Travelling Economist</figcaption></figure>



The author is Head of Macro-Strategy at FIM Partners and author of The Time-Travelling Economist. The article first appeared on <a href="http://fdiintelligence.com/">fDiIntelligence.com</a>, a service from the Financial Times. 



For first-term US presidents, domestic affairs are the top priority. In the case of Joe Biden’s government, any bandwidth in the international arena is now fully taken up by tension with China, Vladimir Putin’s war, and now Israel and Gaza. Policy on Africa barely gets a look-in.&nbsp;



It’s a big shift from 10 to 20 years ago, when George W Bush (with initiatives tackling HIV relief and promoting debt forgiveness) and Barack Obama (who led the ‘Power Africa’ initiative) did focus some attention on the continent.&nbsp;&nbsp;



President Trump’s focus on limiting immigration, including from Africa, which he reportedly described as “<a href="https://www.nbcnews.com/politics/white-house/trump-referred-haiti-african-countries-shithole-nations-n836946" target="_blank" rel="noreferrer noopener">shithole countries</a>” (a quote he&nbsp;<a href="https://x.com/realDonaldTrump/status/951793123985973248" target="_blank" rel="noreferrer noopener">denied on X</a>), marked a change of tone. His administration’s interest in Africa seemed mainly about countering China.&nbsp;&nbsp;



President Biden has sparked different headlines. He invited a minority of African leaders to his democracy summit in 2021, and&nbsp;<a href="https://agoa.info/profiles.html" target="_blank" rel="noreferrer noopener">suspended</a>&nbsp;countries including Ethiopia and Uganda from the Africa Growth and Opportunity Act which provides duty-free access to the US. Civil wars in Libya and Sudan, and a spate of coups in west Africa, have triggered minimal US response.&nbsp;



Where the US has stood up is via greater support for IMF and World Bank involvement on the continent, including the $500bn Special Drawing Rights expansion of the IMF’s balance sheet in 2021 which has helped limit Africa’s sovereign defaults to Ethiopia, Ghana and Zambia. The US has backed hefty IMF/World Bank support to Kenya, putting multilaterals on course to represent 60% of its debt until 2035, IMF reports show.&nbsp;



Geopolitics is still a factor. Like his predecessor, President Biden wants to counter China, which surpassed the US as Africa’s largest trade partner in 2009, and Russia whose arms sales and interest in exploiting Africa’s natural resources has seen it support a number of the continent’s undemocratic leaders.&nbsp;<a href="https://ao.usembassy.gov/fact-sheet-the-u-s-angola-partnership/" target="_blank" rel="noreferrer noopener">US financing</a>&nbsp;for a railroad across Angola is a recent example of US efforts to peel one big player away from China’s influence.&nbsp;&nbsp;



With the upcoming US election, it’s unlikely the country will become more proactive in Africa. The continent’s gross domestic product of $2.9tn in 2023 was less than California’s, limiting the economic imperative. Unless there’s peace in Gaza and Ukraine, US officials just won’t have the bandwidth.&nbsp;

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Africa neglected by limited US bandwidth

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Helen-Lubamba-image-800x800.jpg" alt="" class="wp-image-505630" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Helen-Lubamba-image-800x800.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Helen-Lubamba-image-300x300.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Helen-Lubamba-image-90x90.jpg 90w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Helen-Lubamba-image-768x768.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Helen-Lubamba-image.jpg 1024w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">Helen Lubamba, Stanbic Bank Zambia, Head of Corporate and Investment Banking</figcaption></figure>



Copper-rich Zambia has a rare opportunity to harness its critical minerals resources, kick-start the national economy and drive the global just energy transition.



Zambia has an abundant endowment of mineral wealth. Our world-class Copperbelt region is rich in copper and cobalt, and we also have lithium, nickel and bauxite. Zambia is the second-largest producer of copper on the continent and the sixth largest globally. Africa produces 77% of the world’s cobalt, of which Zambia is the second-largest producer on the continent, after the Democratic Republic of Congo (DRC). Copper and cobalt are both key ingredients in the electronic mechanisation that the world is going through.



These critical minerals will drive Africa’s just energy transition. Copper has always been a resilient mineral in terms of demand, which is why copper prices have generally held up well on global commodities markets over the years. Due to the heightened focus on energy transition and the urgent shift to electric vehicles, prices have been increasing to around $10 000 per metric ton. Some market analysts estimate that it could go as high as $40 000 per metric ton in the next 4 to 5 years because of the significant global demand combined with supply-side disruptions. Zambia is well placed to take advantage of this, being a producer of copper and cobalt, which is generally seen as a byproduct of copper.



From an extractive point of view, DRC is Zambia’s primary cross-border partner. About a year and a half ago, the governments of DRC and Zambia signed an MoU to build facilities in the Copperbelt area, with a view to extending the critical minerals value chain beyond extraction and into local processing and beneficiation.



The copper strip between the two countries creates a great opportunity to build the value addition industry around that area. We may not be manufacturing electric vehicles ourselves in the immediate future, but we can certainly start building the components. Private investors, including original equipment manufacturers (OEMs), are now coming closer to the mineral production areas and investing in growing the value chain closer to the source. The Zambian government is incentivising value addition on the ground, so more and more of these value addition requirements are becoming conditions for allowing investment in the local mining sector.



The government has a vital role to play here. Mining needs a stable investment environment to thrive. The sector needs a stable tax regime, for example, as mining remains a long-term business.



In the past, the national economy’s heavy reliance on mining – and particularly copper mining – meant that the government tended to push its tax demands onto the mining sector in order to raise more revenue. However, there is greater optimism now that Zambia’s current government has pledged more investment in mining and is moving towards a more stable environment by revising some of the tax practices of the past.



Amid this optimism, we are also seeing more exploration going into Zambia’s western border with Angola. In terms of logistics, we see Mozambique, Namibia, Zimbabwe, and even South Africa as crucial partners, even though we don’t necessarily share a common border with the latter.&nbsp;



Mining and minerals are a core part of the Standard Bank Group’s heritage. In fact, the Group itself is a product of the gold mining sector, having been established in the goldfields of South Africa’s old Transvaal. So, it’s part of our origin and it continues to be a big part of our sustainability plans.



In Zambia, Standard Bank financed the brownfields of what is now known as Barrick Gold Lumwana Mine. With the drive for more demand for critical minerals, we’re now funding a lot of existing operations, with clients including the likes of First Quantum, Vedanta Resources, Mopani (recent majority acquisition by IRH), and so on. But even when we work with multinationals or through our global offices, the focus is always on activities that impact Africa.



Mining is not just about the mines and the mining activity, it’s about the communities they impact. If you visit Zambia’s ‘old’ Copperbelt today, you’ll see how the region has regressed over the last 5 years. Several auxiliary and mining related companies no longer operate there because the two biggest mines in the region have not been operating at their optimum. As a result, Zambia’s copper production levels started receding. In 2015 the DRC surpassed us by producing 1 million metric tons of copper, while we were sitting at around 800 000 metric tons. We need to get those numbers up, and that can only be done through investment. Our current government has a target of 3 million tons of production by 2031.



To reach these ambitious production targets, you need power. So there’s a huge focus on energy right now – especially renewable energy. The energy sector is very exciting. It’s bringing various stakeholders together, from government to independent power producers to regional and cross-border partners, to provide that much-needed energy that will grow our continent.



When you look at energy supporting the extractive industry, there is talk of an interconnector coming in from East Africa. East Africa has a surplus of energy, whereas southern Africa has a deficit. Once that interconnector is completed, hopefully within the next two years, we’ll have energy from East Africa supplementing our energy supplies in the south.&nbsp;



But one thing we also to need be cognisant of is that as the demand for critical minerals grows, we’re going to see other suppliers stepping in. Therefore, Zambia must act NOW to take advantage of this windfall, and to get production out to generate economic and social impact for the country. As a country and bank that supports her growth, we are poised for it. We just need to make sure that we’re courageous enough to follow through on the opportunities.&nbsp;

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