MADEIN AFRICA
WITH AFRICA FOR AFRICA
With arevenueof€8.3billion,access to 45ofthe54 countriesonthe continentandmorethan23,100employees, theCFAO Group,CorporationFor Africa &Overseas, contributes to the growthoftheAfrican continent,its industrializationandtheemergenceofthe middleclass, drawingonitsin-depth fieldknowledgeandlocal expertise. TheGrouppartnerswithleadinginternationalbrandsand coverstheentirevaluechain –import,production,distribution–inlinewiththebest international standards.
AFRICA SEEKS APOST-WEST ACTION PLAN
Seismicchanges arelikelyasschisms work throughthesystem.WillitreinforcerivalrybetweentheUSandChinaorusherinamorecompetitivemultipolarorder?CouldAfricachoose partnersinwhatNigeria’sForeignMinister Yusuf Tuggarcalls ‘strategicautonomy’?
Onpublichealth,theUS exitfromthe WorldHealthOrganization leaves agapof some$500ma year,whichcanbequickly filled by contendersinthesoftpowerstakes. ItmaydamageUSdrugcompanies,shutting themoutofmarketsand debatesoverpatents.
“Stopdreaming,the Westisn’tcomingback,” the veteranFrenchdiplomatwarned.“We’re in anew era, adifferent worldnow.” We were mullinghowAfrican statesshouldrespond totradewars,rumblingpolycrisesanda US exitfromtheinternationalsystem.
ForthoseAfrican governmentswith leverage –marketaccessandnatural resources–asplinteringofthe Westmay soundpositive. The rapidcollapseofthe internationalaidsystemhasprompted more griefamong Westernliberalsthan frompowerpoliticiansinAsiaandAfrica. Neitherwillsuffer ontheground.
Thoseinthefiringlinearedependent onpublichealthbudgets.TheUSPEPFAR schemeforHIV-AIDStreatment,credited withsaving over25millionlives,has beenshuttered.NicholasEnrich,director forglobalhealthatUSAID,says71,000166,000could diefrommalariaandanother millionchildrenfrommalnutritioneachyea Afterhe warnedtheadministration,Enrich wassenton leave.
YettheeviscerationofUSAIDfitsthepattern ofcrashing Westernaidbudgets overthepast decade. Sevengovernmentsandthe European Unionannounced$17.2bn in aidcuts last year. In February,Britainannouncedcutsof$7.6bn, shiftingfundstoEurope’s rearmament.
Morestrategically important,theUSwithdrawalfromtheParisclimateaccordwillboost companies fromChinaandthe Gulfstatesin renewableenergy.Chinaalreadydominatesthe solarenergyandelectriccarsector.African economiesarenegotiatingdealsthatprioritise accessto reliablepower, includingoilandgas reservesenroutetorenewableenergy.These newalignmentswillbetestedattheUNCOP30 climatesummitin BrazilinNovember. elycontested. theUShasallbut Organization.The key hinaandIndia. could help cdemands rporatetax sare also USannouncedits upuglyjurisdicultinationals. aimtocutthecostsofcapital eformingtheIMF llbetough shington-basedmulinonfunds rivemore economies nderwritten forAfrica’s y.
38 MADEINAFRICA/ Canthecontinentmove beyondextraction?
Africa hasthe critical minerals, rising industrial capacityand investment interest to buildan electric vehicle manufacturing base. Butunless it overcomes supply chainconstraints and China’srisingdominance, the continentrisksbeing stuckat thebottomofthe valuechain.
56 ZAMBIAFOCUS
Despiteinvestments andan improved business climateunder PresidentHakainde Hichilema, thecopper miningsectorbattles to recoverproduction loss underongoing economichardship.
FEATURES
48 INTERVIEW /JoãoLourenço
As he takesoverthehelm of theAfrican Unionfor theyearahead,Angolan PresidentJoão Lourençoanswers ourquestions in an exclusive interview.
78
SOUTHAFRICAFOCUS
PartnersinSouth Africa’s fledgling coalitiongovernment race againstthe clock asleadersseekinclusive growth policies to keepvotersonside.
66 INSURANCE TRANSFORMATION
Thenew SanlamAllianz jointventure promises to shakeupAfrica’s limitedinsurance industry.Regulators have approvedthe merger in five countries and sixmoreare poised to join.
96 GETON THEGRID
Mission300 is an ambitiousattempt at global cooperation forpowering Africa, in theera of me-first.
106 MAURITIUSFOCUS
Awiretappingscandal and economiccrisisledtoa victoryfor NavinRamgoolam’sLabourParty-MMM alliance –and tothearrestofformerprime minster PravindJugnauth.
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ABIDJAN 12 &13MAY 2025
MAILBAG
ON DANGOTE CEMENT’SAIMTO BOOSTPRODUCTION IN ETHIOPIA AMID CHINESERIVALRY
Competitionis good tobreakmonopoly. What’simportantis afair andenablingbusiness climatethatisinfluenced by demandandsupply.
RichardK.B.Eyiah viaFacebook
Dangote will loseas he’s notAfricaninhis thinkingandoperation. Hethinks andactslike [a] Westerncapitalist, whiletheChinese work as aphalanx withtheir singularagenda –they willundercuthim.
Nigeriais deeplycorrupt and Dangote’s treasury isn’t abliponthe radarof China’s bottomlesspit of briberyfunds.
Rich Henderson viaFacebook
ON ADDISABABA OUSTINGJOBURG AS SUB-SAHARA’S BUSIEST AIRPORT
AddisAbabashould have 2-3timesmore flightmovementsthan
JohannesburgasSouth Africaistoo farsouth; farfromEuropeandthe Middle Eastcompared to Ethiopia. AddisAbaba shouldbethenextDubai.
Kynsai BorlangRiam Kynthei viaFacebook
ON AFRICA REELING FROM US AIDFREEZE
Thisis good forAfrica. AnyAfricanwhois againsttheUSmove doesn’tsupportthe developmentofAfrica. Corruptionisthecancer eatingintothe fabricof Africaandpoliticians
Forall your comments,suggestionsand queries, please writeto: TheEditor, TheAfricaReport, 57bis rue d’AuteuilParis 75016- France or editorial@theafricareport.com or comment on ourFacebookand LinkedIn pages
ON
WHAT TRUMP’SPAUSE ON
THEENFORCEMENTOFTHE FOREIGNCORRUPT PRACTICES ACT(FCPA)MEANS FORAFRICA
TheUSpresidentsigningan executiveorder on10 FebruaryhaltingFCPAenforcement was themostunderreportedstoryofthemonth. TheUScommitmenttostoppingcorruption hasbeen akey distinctionwith foreignpartners whomustsometimeschoosewhetherit’ssafer to workwithAfricaortheopaqueandcorrupt systemsinChinaandRussia. Trumpjustthrew away America’s competitiveadvantage.
Grant Godfrey viaLinkedIn
use foreignaidtotheir advantagewhilethe massessuffer.Letus searchwithinandsolve theproblemswithin.
Abdulsalam Kamara viaFacebook
ON TRUMPACCUSING SOUTH AFRICAOF CONFISCATING LAND
ThisisaboutICJrulings andBRICS+ …TheUS is adecliningempire tryingtobullythe rest of world.Thistacticwill strengthenBRICS+and anti-Americanism. SamOloya viaFacebook
Defenderofthewhites. Deeply racistindividual. It’sawake-upcall for Africanstostand for Africaand formbetter globalalliances. The sleepinggiantmustrise. James Musyoka viaFacebook
To SouthAfricanswho hateotherBlacknations, Ihope yourealise Trump isfighting forhis fellow whites. Blackpeople need tostandtogether; thewhitesonlybrought confusionamongus.
Innocencia HChiwaya viaFacebook
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DRIVING AJUSTAGRICULTURAL TRANSITION TO ENSURE FOOD
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PRESERVINGTHEENVIRONMENT ACROSS AFRICAANDBEYOND.
DONALD TRUMP, ELON MUSK ANDAFRIKANER FARMERS
By MARIETOULEMONDE
“WhiteSouthAfricansarebeingpersecuted fortheir raceintheirhomecountry.” On 3February,ElonMuskaccusedhisnative country’s governmentofhaving “openly racist ownershiplaws”throughhisplatform X, prompting aphonecallfrom President Cyril Ramaphosa overthe “misinformation anddistortions”.
The remarkscame aday afteraccusations levelled by US PresidentDonaldTrump thatSouthAfrica was“confiscatingland” fromwhitecitizens,andshortlyafterhe signedanexecutiveordercuttingoffUS aidtoPretoria overtheissue.
Muskand Trump were referringto alaw passedinJanuaryallowing,inexceptional cases,theseizureofpropertywithout compensation.The Expropriation Act has reignitedtensionssurroundingthe thornyissue of land inequality,alegacy ofapartheid.Morethan30 yearsafter apartheid’send,thewhiteminority(7.2% ofthepopulation)still owns78%ofthe country’s agriculturalland.
‘Whitegenocide’
At therootoftheseclaimsisAfriForum, anAfrikaneradvocacygroup lobbying in Washingtonandpromoting theories about “whitegenocide”.Theyback Musk’s businessinterestsandframe government effortsatequalityasanti-whitepersecution, whilemanycountries,includingtheUS, have similarlaws governing expropriations.
“There’sagreat dealofmisinformation,” says WandileSihlobo,chief economistat the AgriculturalBusinessChamberofSouth Africa. “Thereisnolandseizureorthreat of expropriation. Propertyrights remain intactandprotectedbythe constitution.”
Despiteland reformefforts,SouthAfrica remainsthe world’smostunequalcountry. Thegovernmentaimstotransfer30%ofagriculturalland,butlegalhurdles,underfunding and corruptionhave delayedprogress.
TheUSfreezes financialaid
The US freezes financial aid
USPresidentDonald Trump signedanordercuttingoffaid toSouthAfricaoverwhathe referredtoasthecountry’s ‘unjustandimmoral’practices againstwhitefarmers
Landreform
Ineffectsince1994
Theaimistotransfer30%ofthelandownedbythewhiteminority(asof1994)to theBlackpopulation Itconsistsofthreecomponents –redistribution,restitutionandsecuringland tenure –andoperatesbasedonmarketprinciples
ExpropriationAct2024
AdoptedinJanuary2025asanupdatetoanexisting lawfrom1975
Thegoalistoalignwiththecurrentconstitution Definestheexpropriationprocedureforpublicinterestprojects(schools,dams, land,etc.)
Propertyownersarecompensatedin a‘justandequitable’manner Incertaincases,theremaybenocompensationgiven
Landinequalitiesinherited from apartheid
Situationbeforetheendofapartheidin1994
Landreform: Wheredothingsstand?
SituationinMarch2024
Acquisitionsthroughthethreepillarsofthereform:
Zones reservedfor thewhite minority
Redistribution Security oftenure Restitution
Returntheland confiscatedunder apartheidtoits originalownersor offerthem compensation
Bantustans: Zonesreserved forblack populations
TheNativesLandAct,1913forbidsBlack populationsfrombuyingorowninglandoutside thedesignatedareas
Inequalitypersists today
Despitemeasurestakensinceapartheid,around10%ofthe populationownsmorethan80%ofthecountry’swealth
40,000 white farmers
78% 6150%
millionhectares inoutright ownership ofagriculturalland coveredbyprivate property titles ofSouth Africanland
Redistributeland toBlack populationsto reduce inequalities
Alongwith:
Privateacquisitionswithout governmentassistance
Assuringproperty rightsfor populationsliving onlandwithout legaltitles
Non-agricultural acquisitions 19.3 Mhectares 82%
Acquisitionsbythegovernment fornon-agriculturalprojects
Total: ofthe30%target (23.5 Mhectares)setbythereform
Failureofthe CommunalProperty Associations (CPAs)
Situationin2022/2023
Ofthe1,734registeredCPAs, covering2.8millionhectares
incompliancepartiallycompliantnon-compliant
Arenotlegallycompliant 75%
ACommunalPropertyAssociation(CPA) allowsforthecollectiveacquisition, ownershipandmanagementoflandthat hasbeenrestitutedorredistributedaspart ofthelandreformprogramme.
Marketplaces of theFuture: HowIntra-African TradeWill DriveGrowth
Africa’s economic landscapepresentsapicture of starkcontrasts.The continentisrichin resources, yetremains heavily reliantonforeign markets, with many of itseconomiesstill tethered to export of raw materials likeoil,minerals, andagriculturalproducts.
Shiftingfromdependenceonraw resourceexports could reshapeAfrica’s economic trajectory,building amoresustainableand resilientfoundation for long-term growth.The AfricanContinental Free TradeArea (AfCFTA)offers us theopportunity to create thelargest free tradearea ever,sincethe creation of theWorld TradeOrganization, by number of participating states. United as asingle market,AfCFTA createsamarketofaround 1.4billion people with acombinedGDP of over$3.5 trillion, making it thefifth largesteconomygloballyinterms ofGDP.
Marketplaces have always beenvital hubs of commerce,community,and cultureinAfrica.For centuries,theyhavebeenthe spaces for exchange of goods, ideas, and cultures,fostering economic growth and social cohesion.FromancientmarketplacesofTimbuktu to thebustling streetsof modern-day Nairobi, thesecommunal spaces have played anindispensable rolein shaping Africa’s economicand social fabric.
Marketplaces arenotjust physical spaces;they arenetworksofpeople,institutions, andideas that drivetradeand economic exchange.One of themostsignificantconnectorsin Africa’s modern trade landscapeisthe biennial Intra-African Trade Fair(IATF), launchedin2018 by Afreximbankin partnership withthe African UnionCommission and AfCFTA Secretariat. IATFaddresses acritical challenge:lack of access totrade,investmentand market information thathas longhindered intra-African trade.Sinceits inception,IATF hasbrokered over$100 billionintradeandinvestmentdealsand attractedmorethan70,000 visitorsand4,500 exhibitors,with$43 billionsecured during the2023 eventalone.
One of themajorprojects that wasoriginatedduringIATF2018 istheFinancialAdvisory Mandate with ElsewedyandArabContractorson the$3billion Rufiji Dam(nowJuliusNyerereHydroPower Station)inTanzania. TheBankplayed aleading role as aGlobalCoordinatorandFinancialAdvisorin the$737millionbundle of guarantees issued in favour of Elsewedy ElectricGroupandArabContractors forthe construction of thisstrategic national infrastructurefor Tanzaniaalongsidepartnerbanks in both Tanzaniaand Egypt. Today,the projecthas beencompletedand is recognizedasthe largest infrastructureproject executed and financed solely
by Africans. It will provide 2,115MWofelectricity as well as watertonearbycommunities and will support irrigatedfarming.
Itis also fromIATF2018 thatNdubisi‘Arinze’Eze,a young NigerianinnovatorandCEO of AerialIndustries PteLtd,was discoveredbySingaporeaninvestors.Today,hedesignsandproduces dronesinSingapore,which arerevolutionising farming. Thisfeat haschangedthe courseofhis companynowwith aglobalreachinto South-East Asia,Middle East, Africaand SouthAmerica.
DuringIATF2023, aGhanaianfemaleentreprenuer dealingincashew nuts anddriedfruitsfoundbuyersinother African countries they neverimagined, such as Egypt, SouthAfrica,Kenya and Zimbabwe. This increasedherprofit margin by65%.
TheupcomingIATF2025tobeheldinAlgiers,Algeria,dubbed the“GatewaytoNew Opportunities,” is expectedtobethe largesttodate,fosteringsignificanttradeandinvestments transactions and collaborationsamong African nations. IATF2025isexpectedtoattract morethan2,000 exhibitors,more than35,000 visitorsand conferencedelegatesand morethan$44 billionin tradeandinvestmentdeals. Itwill shine aspotlight on Africa’s entrepreneurship, innovation,andindustrialcapacities, showcasing notjust traditional sectors such as automotive, agriculture,finance, and SMEs,but also Africa’s rapidlygrowingcreative, culturaland technology industries.
In additiontoits focusontrade,IATF2025willfeature arange of initiativesdesignedtoenhancecollaborationacross sectorsand regions. Thefour-day Tradeand InvestmentForum will exploreopportunities in sectors such asmanufacturing,infrastructure,energy,fintechand e-commerce.The Africa AutomotiveShowwillhighlightinnovationsinthe continent’sgrowingautomotiveindustry. Theevent willalso include aGlobal Africa Day,Special Day,a B2BandB2G matchmakingplatform, theAU Youth Start-Upprogramme, and theAfricaResearchand Innovation Platform,whereuniversity students and researcherscanpresentcutting-edgeinnovations. Moreover,the African Sub-Sovereign Governments Network(AfSNET)willaim to deepenlocal-level trade,investment, and cultural exchanges. And with theIATFVirtualplatform alreadylive, exhibitorsand visitorscanengageyear-round, extending theimpactofthe fair beyond itsphysical event.
As Africabuildsanew economicfuture through intra-continental trade,itwill be thesemarketplaces—bothphysicalanddigital—thatserve as the backbone of prosperity andprogress.
Intra-AfricanTrade Fair
Gateway
to New Opportunities
Date: 4–10 September2025
Venue: Algiers, Algeria
IATF2025isTHE platform foraccesstothe continent thatoffersmore.
More trade, moresales, more deals. More match-makingandnetworking. More knowledge and co-operation. More enterprise andinvestment.
Andwith over$44 billionintrade andinvestmentdeals,over2000 exhibitorsand 35,000 visitors expected,moreopportunitiesfor business inmoremarkets too. Youneedtobethere!
Registernowtoattendorexhibit at www.intrafricantradefair.com
Stay updated withthelatest info
customerservice@intrafricantradefair.com
Q2 /APRIL
BOOK
Magical realist Ben Okri brings to life possibilities for change when main character Viv, a member of the House of Lords, decides to commemorate the 20th anniversaryof her husband leaving her. It culminates in a costume ball in a French chateau with Madame Sosostris, known as the wisest woman in Europe, and not seen since the pagesof T.S. Eliot’s The Waste Land.Will she actually show up? Will Viv’s current marriage survive the night asparty-goers wander in the woods?
(Bloomsbury, 208 pages)
‘They use expropriation as a scarecrow, as a smokescreen. Their fundamental grievance is the scale and pace of the transformation project. They’ve been forum shopping, and now they’ve found an ally.’
KGOSIENTSHO RAMOKGOPA
South Africa’s electricity minister responding to claimsfrom conservative Afrikaans rights groups, which have long lobbied US politicians with warnings of land seizures and white persecution. Theireffortsappear to have gained traction–on 7 February, US President Donald Trump announced that Afrikaners would be eligiblefor refugee status in America.
BREADBILL
Kenya’s Treasury Cabinet Secretary John Mbadiwill present theFinance Bill 2025 tothe cabinet by mid-April andsubmititto parliamentby 29 April. The bill is expected to spark political debates, especiallyafterpublic backlash against last year’s tax proposal.
NewAUCommissionchair
MahamoudAli Youssouf
4.1%
AfDB projections indicate that the average real GDP growth for thecontinent will increase by 0.9% to 4.1% in 2025 andconsolidate higher at 4.4% in 2026.
MULTILINGUAL
MahamoudAli Youssouf, from Djibouti, was elected as the chairperson of theAfrican Union Commission He hasa busy intray, which Sudanand east Congo will dominate However, figuring outhow African diplomacy best works in a multipolar world caught between White House ideologues, ineffective Eurocratsand ruthless pragmatists in Beijingand Russia will take up all his time.
Q2 /JUNE
‘DoI feel sympathy for the M23? Yes’
PAUL KAGAME
Presidentof Rwanda– for the full interview see www.theafricareport.com
BURUNDI
Legislativeelectionin theshadowofeastern DRCconflict
Burundi is expected to go tothe polls on 5 June toelect legislatures and district councillors amid worsening armed conflict between the DRC’s troopsand Rwanda-backed M23 in eastern Democratic Republic of Congo Burundi shares borders with both countries.
It will be the first time in Burundi that legislativeandlocal elections will be held separately from presidential elections, scheduled for 2027. Analyst Désiré-Joseph Mugisha says while President Évariste Ndayishimiye has the advantageof existing political infrastructure,control over state resourcesand theability to influence state mediaand institutions, disqualification of opposition candidates by the Independent National Electoral Commission (CENI) has led to accusationsof electoralmanipulation, potentially mobilisingopposition forces.
The elections will be held during Burundi’s rapidly worsening humanitarian situation as tens of thousandsof people flee tothe country to escape the conflict in eastern Congo. Around 10,000 Burundian forces were deployed in South Kivu to help the DRC army and allies stop the M23 onslaught. Reports, however, indicate that the Burundian troops started withdrawing after M23 rebels overranKavumu Airportand the adjacent air force base during their offensive to take controlof Bukavu.
JailedUgandanopposition leader,FDC’sKizzaBesigye
UGANDA
Oppositionpreparingforelections
The Forumfor Democratic Change is conducting internal processes, including candidate identification and mobilisation aheadof next year’s elections The FDC plans to hold itsNational DelegatesConference by June to elect its presidential flagbearer. Preparations follow the incarceration of Kizza Besigye, the party’s four-time presidential candidate who was dramaticallyabducted in Kenya in November to face a military trial in Uganda. Other opponents, such as Bobi Wine, have been arrested, detainedand beaten. There are doubts whether a strong opposition canwin against Yoweri Museveni, president since 1986
TERROR-STRICKEN
The Global Terrorism Index 2025 from the Institute forEconomics& Peace makes for harrowing reading, especiallyfor those who live in the Sahel, but also communities in the Great Lakesand Horn of Africa regions.
38 MADEINAFRICABeyondextraction
AfreshwaveofAfricancompaniesisinvestinginmanufacturing, technologyandvalue-addedservices,challengingthenarrativeof Africaasmerelyasupplierandexporterofrawmaterials.
48 AT THEHELMLourenço,theshrewdstrategist
TheAngolanpresidenthasassumedtherotatingAfricanUnion chairmanshipandisclear-eyedaboutthechallengesahead, particularlythecrisisineasternDemocraticRepublicofCongo.
Whatdoes‘Made inAfrica’mean?
In aworldwhere manufacturingisa globalsport,theidea ofbuildinganything fromscratchisincreasinglyimprobable.Butthatdoesnot meanAfricacannot play acrucialrolein globalsupplychains.
Withsurging investmentandshiftingtradepolicies, thecontinenthas achancetobecome akeyelectricvehicle manufacturinghub.
WhileAmerican TeslasorChinese BYDswon’tberolling offAfricanproduction linesovernight,opportunitiesincomponentproductionand assemblyareripefor thetaking.However, ifAfricafailsto addresssupplychain bottlenecksand China’sdominance in batteryproduction,it risksremaining justa supplierofrawmaterials.Andifdomestic banksdonotfinance localmanufacturers, muchofthe value createdwillcontinue tobesiphonedoffby foreignsuppliers.
Thequestionis: canAfricanleaders, industrialistsand financiersforgea pathtotrueeconomic transformation?The battleovercritical minerals –andthe EVsthatdependon them –willoffera tellinganswer.
EVREVOLUTION
CANTHE CONTINENT MOVE BEYOND EXTRACTION?
Africahasthecriticalminerals,rising industrialcapacityandinvestment interesttobuildanEVmanufacturing base.Butunlessitovercomessupply chainconstraintsandChina’srising dominance,thecontinentrisksbeing stuckatthebottomofthevaluechain
BYKANIKASAIGAL
Theglobalelectricvehicleindustryis expectedto reach$56.7trn by 2050,withannualproductionrising from 3millionto160million vehicles,accordingto Bloomberg.TheInternationalEnergyAgencyprojects thatby2035,over50%ofallnewcarssoldglobally willbeelectric. IfAfricacaptures even afractionof thisboomingmarket,itcouldunlockmassive economic growth,createthousandsofjobsand develop ahigh-valuemanufacturingsector.
CanAfricabreakintoChina’s batterymonopoly? Historically asupplierof rawmaterials,Africais positioningitselftomovebeyondextractionintolocal battery,vehicleandcharginginfrastructuremanufacturing. CompanieslikeKenya’s Spiro, Ampersand Rwanda,Nigeria’sJet Motor Companyand East Africa’s BasiGoare leadingthecharge.
“Bytheendof2025, we willhave threeassembly plantssupplyingthesevenoreightcountries where we operate,alongwith abatterymanufacturing facilityin Kenya,”saysKaushikBurman,CEOofSpiro. Electricmotorbike manufacturers’expansionreflects abroaderpushtoanchormoreofthesupply chaininAfrica.InJune2024, Chinesebatterygiant
INTERVIEW
JOÃO LOURENÇO
‘Dialogueisthe only solution to peace in theDRC –including with M23’
TheDRC-Rwandacrisis,oil dependencyandnational politics…Ashetakesover thehelmoftheAfricanUnion fortheyearahead,Angolan PresidentJoãoLourenço answersourquestionsin anexclusiveinterview
By FRANÇOISSOUDAN and ESTELLEMAUSSION
AAppearancescanbe deceiving.Beneath thetaciturn,unremarkableexteriorof themodelapparatchikheonce was, liesa shrewd, formidablestrategist –undeniably intelligentandhighlyarticulate.Theson of anurseand aseamstress, born70 years agoinLobito,João Lourençobecame thenextAfricanUnionchairperson on15 February.
Asoldierduringthefinalepisodes of Angola’s liberationstrugglebeforebeing thrownintothecivil warin1975,Lourenço climbedthe ranksoftherulingMPLA, becomingvice presidentand,in August 2017,succeedingJoséEduardodosSantos aspresident.Eight yearslater,Lourenço hasconsolidatedpower, sidelining most ofthe keyfigures from hispredecessor’s 38-yearreignwhilerejuvenating,feminisingandprofessionalisingAngola’s political class.Reelectedin2022,he faceda competitiveracein whichtheopposition, ledby UNITA, secured 90 parliamentaryseats.
Lourenço isclear-eyed aboutthescale ofthechallenges ahead –inequalities persist, corruption remainsentrenched and economicdiversificationlagsinthe oil-dependentcountrywhere hydrocarbonsaccount for90%of exportsand debt levelsarehigh. Heis determinedto ensurehisnationof38millionis akey playerinthehallsofthe AU.Onthe eve ofthismilestone,hesat downwith The AfricaReport atthe Presidential Palacein Luanda.Thoughheprefers Portuguese, Angola’s officiallanguage, this avid chess playerspeaksEnglish, French,Spanishand Russianfluently.Theselinguisticskillswill beassetsinthe demandingmissionthat awaitshim.
A M B I A
Bright future forcopper Z
BarrickGoldCEOMarkBristow,Zambian
Despiteinvestments andanimproved businessclimate underHichilema, thecoppermining sectorbattlesto recoverproduction lossunderongoing economichardship
By CHIWOYUSINYANGWE
Zambia’s underperformingcopper sectorcouldsee arevivalthanksto $10bnininvestments,potentially reversing decades of lowoutputand missedeconomicopportunities.
“Thereisrenewedfaith by investorsinZambia’sminingsector andthecountryshallstartseeing the resultssoon …thebrownfield developmentsalonecantakeoutput to 1.6milliontonnesinthenext fourtofiveyears,” says Anthony Mukutuma,countrydirectorat Canada’s FirstQuantumMinerals.
Thescrambletosecurecritical minerals forthe globalgreentransitionhasputZambia’s copperassets inthespotlight.FQM,whichowns KansanshiandSentinelcopper mines, invested$1.25bnin2022 to restoreKansanshi’soutputto 270,000tonnesby2026.
BarrickGoldinvested$2bnatits Lumwanacoppermineto double outputto290,000 by 2028. UAE’s InternationalResourcesHolding acquired a51%stakeinZambia’s Mopani CopperMinesfor$1.1bnin March2024 andBillGates-backed KoBold Metal –whichusesartificial intelligenceto findcriticalmineral deposits –couldinvestupto$2bn in anew mineinMingomba.
“With[PresidentHichilema’s] support,injustthree yearsZambiais sittingon well over$10bninforeign directinvestmentand we’retargeting tominebeyondcopper,”saysmines ministerPaulKabuswe.
BreakingBarriers: How PAPSS is Revolutionising Cross-Border Payments in EasternAfrica
Africa’s currenteconomic trajectory is dependentonachievingeffective tradeand financialintegration.Although therevolutionaryAfricanContinental Free Trade Area (AfCFTA) hasestablished theworld’s largest free trade zone bypopulation,significantobstaclestoIntra-African trade persist –particularlywhen itcomes to crossborderpayments. Thecontinent’s relianceonforeign currencies, lengthy and laborioustransactionprocesses, as well as high fees have all posedchallenges forbothbusinesses and theconsumerfor too long.However,thereisashift underwaythat will transformthefuture of payments on the continentandmeasurablyimpactlives.
ThePan-African Paymentand Settlement System(PAPSS), acollaborativeinitiative developedby Afreximbankin conjunction with theAfrican UnionCommissionand theAfCFTA Secretariat, have achievedtruly historic advancements towards financialintegration. Following itsrecent implementationin East Africa,launching both in Kigaliand Nairobi inpartnershipswithBank of Kigaliand KCB Bank,PAPSS is creating newopportunities notonlyforbusinesses butforindividuals, consumers,entrepreneursandmore. The system hasstreamlinedthe cross-borderpayments processand reducedcostsbyeliminating theneed forglobal correspondent banks and foreign currenciesinregional transactions.
It’s no surprisethattheburden of an over-complicatedpayment system hashindered intra-African tradeover thelastfew decades. According toresearchundertaken by Afreximbank,only16% of Africa’s trade occurson thecontinent –and much of this low proportion is attributable to thecomplexities of settlingpayments across Africanborders. Becauseofthis, many businesses must route theirtransactionsthroughbanksinEuropeor theUSwhichin turn incurshighinterestfees andunnecessarydelays. PAPSSaimstobreak this cycle by targetinginefficientbanking structures anddeveloping aseamless bridge enablinginstant, secure,cost-effective transactions.
ThepartnershipswithbothKCBandBank of Kigali have seen thetwo institutionsspearhead theadoption of theinfrastructurein East Africa. Now businessesinbothKenya and Rwandacan sendand receive payments
fasterwhilst enjoying thebenefitsof lower costsand avoiding thechallenge of currency conversion.Theintegration of PAPSSinto localand nationalbanking systems laysthe foundationsfor aself-sufficientintegratedfinancialecosystemtobeinstalledacross the continent.
TheSmalland Medium-sized businesses (SMEs)thatpower Africa’s economystand to gain themostfromPAPSS.Leveraging theadvantage of reduced transaction costs and real-timepayments,SMEsare nowable to easilyexpandtheir operationsacross new marketsand reinvesttheircostsavingsinto growth.Additionally, PAPSSeases theliquidityissuesthatcompanieshaveencountered when handlingdifferentcurrencies, as well as facilitating seamless trade flows andimprovedfinancialplanning.
Thesystemoffersentrepreneurs thechance to innovate aroundpayments,loans, and trade finance, especiallyfor thosewithin thedigital and fintechsectors.Furthermore, businesses arenow able to conducttrade with partnersin neighbouring countries as easilyastheycould within theirown borders thankstoplatforms such as e-commerce,agriculturetraders,and serviceproviders.
TheexpansionofPAPSS into East Africasignifies acceleratingmomentumtowards aunified Africanpaymentsystem. Since2022, when it firstbegan as atrialphase in theWestAfrican MonetaryZone,PAPSS hasexpandedto include 14 paymentswitches, morethan150 commercialbanks, and15 centralbanks. The platform’s ongoing expansionacross Africa is contributingmeaningfullytoakey pillar of the AfCFTA –theobjectiveofrealisinganintegratedcontinent.
For PAPSStoreach itsfull potential, African financialinstitutionsand regulatorsneed to adopt itsstructure. Centraland commercial banksnotonlyinEastAfricabutalsoacross thecontinent arenow being urgedtointegrate PAPSSand collaborateto promoteits uptake. Bydoing so,Africacancontinuetoreclaim its paymentsovereignty and financialindependencewhileensuring thatregionaleconomic progress can be accelerated.
Sanlam’sJohannesburg offices.SanlamAllianz isbasedinSouthAfrica
ThenewSanlamAllianzjointventurepromises toshakeupAfrica’slimitedinsuranceindustry. Regulatorshaveapprovedthemergerinfive countriesandsixmore arepoisedtojoin
By MATHIEUGALTHIER
In2024, Sanlam,Africa’s leading non-bankfinancialgroup,and Allianz, Germany’svastinsurance firm,unveiled ajoint venturethatwill reshapeAfrica’s insurancemarket. DubbedSanlamAllianz,itaimsto rolloutacrossmorethan adozen countries,startingwith Côted’Ivoire, SenegalandCameroon.
The forecastsarestriking.Inthe three countries,wherethemerger hasbeenapprovedbetweenSouth Africa’s Sanlam,thesixth-largest Africaninsurer –with$1.6bnin insurance revenuesin2023,according toour 300ChampionsofFinance 2024 ranking –andthe Germanfirm Allianz,the world’sfourth-largest insurer($148bnin revenuein2023), thenewSanlamAllianzentity would claimthetopspot.
Côted’IvoireandCameroon In Côted’Ivoire, thetwocompanies arealreadythetopprovidersin insurance.SanlamAllianz Côte d’Ivoirecouldpostmorethan$153m inturnoverandsecureover18%ofthe non-lifeinsurancemarket.Thatis well aheadofrunner-upAXA,whichhad $42.5minturnoverand a5%market sharein2022.
InCameroon,thegapwithAXA —still insecondplace —wouldbeless stark,at9.51%compared with 8.48%. Thenewentity wouldovertakethree keylocalinsurers: SAAR,Chanasand Activa(ownedbyRichardLowe).
SANLAM
PresidentCyril Ramaphosagives theStateofthe NationAddress attheCape Town CityHall,South Africa,on 6February
No time to be timid
PartnersinSouthAfrica’sfledglingcoalition governmentraceagainsttheclockasleadersseek inclusivegrowthpoliciestokeepvotersonside
By CARIENDUPLESSIS inJohannesburg
SouthAfrica’s nonracial democracy has entered itsthird decade,but its10-party coalition government, bornmid-last yearafterjusttwo weeksofnegotiations,is stillinits infancy. Aconstantquestionthat arisesduring spatsis:Arethese growingpains, or do they pointto thecoalition’s imminent demise?
“Whena childlearnsto walk, they fall,theystand up,they fall, theystandup,but eventuallythey get it right,” says the ministerin the presidency responsible for planning,Maropene Ramokgopa. She isoptimistic thatthings will work. “TheonethingIcantell you
isthatthe commitmentto making it workcomesfrom allthepolitical parties,sotheGNU will not fall.”
The GovernmentofNational Unity,asthecoalition hadbeen dubbed, faceditsfirstmajorhurdle eightmonthsintoits existence withthepassingoftheR2trn ($120bn)-plusNationalBudget.It waspostponed atthelastminuteon 19 Februaryafter FinanceMinister Enoch Godongwanaproposed a 2% VAThike–aimedatplugging aR60bn revenue shortfall.That ideadropped likea leadballoon ata cabinetmeetingcalled at theeleventh hourtomuster
GETONTHEGRID
Lake TurkanaWindPower projectinLoiyangalani district,northernKenya
Can Mission 300 deliver?
Anambitiousattempttoestablishglobal cooperationtoensurethatAfricacanprovide powertoallherpeopleinaneraofme-first
By NICHOLASNORBROOK and KANIKASAIGAL inDaresSalaam
No electricitymeansno productivity. Itmeans factories and families pay for expensive generatingsets Andiftheycan’taffordit, that means lesspeoplehired andkids thatcan’tstudy forschool. “Africa hasa demographic boom– young peoplewhoneed jobs,” says World Bankpresident AjayBanga. “Electricityis essential forjobs”, yetaround600millionAfricans arewithout reliableelectricity. Itmeans farmersdraw water by hand, drastically reducingyields andincreasing the costof food for thoseinthecities.That reduces theamountofsparecash leftatthe endofthemonthto pay fora new setof wheels,or extramobiledata –thediscretionaryspend thatlifts otherpartsofthe economy.
Thedarkages
Speakingonstagewithhis World BankcolleagueattheMission 300conferencein Dar es Salaam, AfricanDevelopmentBank(AfDB) presidentAkinwumi Adesinaput itthis way. “Africa loses3% to4% of its GDP every yearbecauseof alack of electricity. We have 571 million Africanswithoutaccessto power–83%ofthe world’speople areinthatpredicament.”
Witha GDPofaround$2trn in2024, a3%increase would makesub-Saharan Africa$60bn –a workingpowersectorisanobrainer.Butinvestment in Africa’s powersectorhasbeenlagging Nigeria,with200millionpeople, operateswiththeamountof power ittakes torunamidsizeUScity. Why? One key hurdleis financial–manystate utilitieslack investment-grade ratings, forcing currencymismatchesandhigher costs. Chronicunderfunding leadstoinadequatemaintenance, agingpowerplantsandfrequent poweroutagesacrosssub-Saharan Africa. Regulatoryframeworksare often unclear, withpolitical
MAURITIUS Ramgoolam’s paradise regained
Awiretappingscandalandeconomiccrisisledtoa landslidevictoryforNavinRamgoolam’sLabourPartyMMMallianceintheNovemberelections –andtothe arreston15FebruaryofformerPMPravindJugnauth
By KERVINVICTOR inPortLouis
Just weeksbeforetheelections, aseries ofsecret recordings–dubbedthe“MissieMoustass” leaks–sentshockwaves through Mauritius,exposingallegations ofmasssurveillance,political espionageandabusesofpower. The revelations,whichdirectly implicatedthe governmentof PravindJugnauthandhisclose entourage, paintedadamning pictureofastateapparatus weaponisedagainstjournalists, diplomatsandpoliticalopponents. Theaftermathhasseenthearrest ofJugnauthandhiscentralbank governor,HarveshSeegolam, casting doubtontheislandnation’s futureasatrustedfinancialhub.
Uponassumingoffice,Prime MinisterNavin Ramgoolam wasted notimeinlaunchinganinvestigation.Inhis 4Februaryaddress toparliament,helaidbarethe scaleofthesurveillanceinfrastructurebuilt by hispredecessor andthestaggeringfinancial waste
thataccompanied it.“Peopleare strugglingwiththecostofliving, yettheprevious regimespent millionsspyingonits owncitizens. Howisthisjustifiable?”
Accordingto Ramgoolam,the previous governmenthadspent over$110mon amasssurveillancesystem,with$7.5minannual maintenance fees funnelled to Dubai-basedcompany Pertsol.
Falsifiedfigures
As investigations deepened,an independentauditcommissioned by thenewgovernment exposed the falsificationof keyeconomic indicators.GDPgrowth,public debtandbudget deficitfigures inMauritiushadbeenartificially inflatedsince2022,furthereroding publictrustinthecountry’s financial governance.
Formerfinanceministerand economist RamaSithanen, recently appointedasgovernoroftheBank ofMauritius,revealedthatthe
INSIGHT
ThevictoriousNavin Ramgoolam,Mauritius’s newprimeminister
AIDPARADIGM DISRUPTION BY WOOD CHIPPER
BRIGHTSIMONS
FounderofmPedigreeinGhana
Africamust respondcrediblyto President Donald Trump’s demolitionoftheUSaid model. On20January,two executiveorders announcedarealignmentofUS foreign developmentcooperationinlinewith ‘America First’principles.Aweeklater,USAID was marked fordismantlingandElonMusk “spent the weekend feedingUSAIDintothe wood chipper”. Onlyabout5%of itsstaffstayon. Pandemoniumbrokeoutintheaidworld. TheUSaccounts forroughly42%ofglobal humanitarianspending.InHIV-AIDSpreventionandtreatmentalone,its $5.4bn annual spendingis over25%oftheglobalbudget, benefitingabout30millionpeople. Aid andadvocacysaw pricesofHIVdrugs fallfrom$14,000perpatientper yearin1990to$96today.
However, muchofthestructuralmessthatthe Westerndominatedaid system facespredates Trump. Rising geoeconomicpowers(BRICS+andthe Gulf states)have nointerestin theclassicalaidparadigm. Trump’s pushtoalignaid withUS foreignpolicy goals is ascrambletocatchupwith China, the UAEandSingapore.
Iftheworldisgoingmultipolar,thefutureof governmentaidistowardstheChinese,UAE andSingaporeanmodels,whichspells doom forEurope’s classicalparadigm.Someargue that amoremultipolar developmentsystem willdrivemorefinancetoinfrastructureand stimulategrowthin poorcountries.
Thisunderestimatesthe governanceissuesinthe developmentarena.InGhana,the government awardedacontractto aChinese companytobuildamajordamin Pwalugu. Fiveyearsand$24m(halfindebt)later,thesite isabandonedwithnothingbuilt. Poorproject design,lackofbankabilityand ineffectual monitoring were exacerbatedbytheopacity ofthisnew formof developmentcooperation.
Multilateralisminaidisdeclining fast.In 2021,therewere565majoractorsin developmentcooperation,almosttriplethenumber in 2000.In2019, therewerenearly223,000 transactionsacross manifoldfocusareas. The loudestcries againsttheattacksonaid budgetshave comefromtheUSandEurope, not recipientcountries –theclassical aid paradigmhas failed toliveuptoitsnorms ofaccountability to domesticcivilsociety. Fortoo longtheclassicalaidsystemwasin thralltoeliteinsiders.Overtwo decades asa developmentactivist,Ineverpenetrated its arcaneness; lessactivistcitizensbarelyhada look.Theclassicalparadigmhas fallenshort, but Iquestionthe redemptivequalityofits replacements –for example, itisimpossible totrackIndia’s aidprogrammeinAfrica. Aworldwithoutmultilateral governance criteria wouldnotbeonewheredevelopment fundsarespentmoreefficiently.Country-level actorsmustscrutinise developmentspending toensurecoordination,prioritisation and wasteelimination.Cheeringona post-imperial,multipolaraidsystem won’thelpourcountries.Theclassicalaidsystemistottering –butit isnaivetothinkthatits fall would bepretty,orthat itssubstitutes wouldbemoreeffective.
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