African Development Bank COVID-19 Response

Moving from a commitment to action

By Benson Afful

The African Development Bank has responded swiftly to the needs of its member countries during the ongoing COVID-19 pandemic.

The Bank’s operations have continued to run smoothly since the first cases appeared in early March, despite the widening range of lockdowns and measures imposed by governments to flatten the curve.

The COVID-19 pandemic is forecast to cause Africa’s GDP to drop by between $22.1 billion and $88.3 billion. African country's experience of having fought off Ebola is working to adapt this new threat and looking to the Bank for an effective multilateral response to the crisis.

As of June 12, the Bank’s COVID-19 emergency packages have reached the continent’s five geographic regions.

West Africa

Before the advent of the COVID-19 pandemic, West Africa was home to at least four of the continent’s fastest-growing economies, and it has felt the impact of the disease hard, as borders remain closed and economic and social distress deepens.

Gambia, Mali, and Niger will benefit from an ECOWAS support package to bolster national health systems in response to the pandemic. Much of the funds to this region will seek to address shortages in personal protective equipment (PPE), ventilators, and other emergency equipment. The support will also enable governments to provide shortfall cash to the millions of people who have been affected by mass layoffs or are unable to work because of lockdowns.

• Nigeria – 288.5 million euros

• Senegal – 88 million euros

• Côte d’Ivoire – 75 million euros

• Cabo Verde – 30 million euros

• ECOWAS – $22 million

North Africa

The North African region is the worst hit by the COVID-19 pandemic, with over 60,000 cases as of 12 June. The disease has already triggered a sharp drop in household incomes in North Africa, as export and tourism earnings suffer. The region will be assisted with a series of emergency operations to boost containment measures and help to ensure the supply and distribution of laboratory tests and reagents. The package will also support national and regional coordination mechanisms.

• Morocco – 264 million euros

• Tunisia – 180 million euros

• Egypt – $500,000

East Africa

East Africa, the continent’s fastest-growing region economically, has been simultaneously struck by the coronavirus outbreak and an infestation of desert locusts, a double whammy for the region’s farmers and economies.

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In a region of climate change and water scarcity, post-harvest losses and poorly developed agricultural markets could threaten the promise of economic reforms and investment.

Ethiopia, Kenya, and Rwanda are the top-performing countries, which have all seen a sharp fall in tourism revenue.

• Kenya – 188 million euros

Southern Africa

A decisive lockdown has been effective in stemming the spread of COVID-19 in the region’s economic powerhouse, South Africa. The spreading of the virus is by no means curtailed. Measures taken across the region to contain the pandemic have affected millions of people, many of whom work in the informal economy.

Assistance in this region comes in the form of preventive and protective measures.

• Mauritius – 188 million euros

• Zimbabwe – $13.7 million

Central Africa

In Central Africa, Cameroon has reported over 8,000 cases as of 12 June and significant community transmission. 

The package approved for this region, $13.5 million, will target the provision of PPEs, testing kits, and healthcare and laboratory facilities, for Chad, the Democratic Republic of Congo and the Central African Republic, which is among the countries with the least number of ventilators on the continent. 

• CEMAC/RDC – $13.5 million

 Timeline of COVID-19 support:

The Bank’s rollout of emergency response support to assist African countries began in March and has provided a package of financial relief and preparedness and response assistance.

March 27: The Bank raised $3 billion from the Fight COVID-19 Social Bond, the Largest dollar-denominated social bond ever launched in international capital markets. Proceeds from the Bond, with a three-year maturity, will help alleviate the impact of the pandemic on livelihoods and Africa’s economies.

April 2: The Bank provided $2 million in emergency assistance to the World Health Organization (WHO) to bolster the capacity of member countries on infection prevention, testing, and case management. WHO Africa will also boost surveillance systems, procure and distribute laboratory test kits, and support coordination at national and regional levels.

April 8: The Bank announced a COVID-19 Response Facility that will provide up to $10 billion to African governments and the private sector to tackle the disease and mitigate the suffering that results from the economic downturn and job losses.

African Countries Address Liquidity Pressures

Africa’s finance ministers seek to rapidly resolve commercial debt service obligation

By Benson Afful

United Nations Economic Commission for Africa (ECA) convened a meeting between African Finance Ministers, the Africa Private Sector Working Group, and African Union (AU) Special Envoy on COVID-19 as the search continues for solutions to ensure African economies enjoy continued market access and meet their private sector debt service obligations.

Ms. Vera Songwe, ECA’s Executive Secretary

The meeting aimed at finding new financing solutions, and provide additional resources for countries to mitigate the impact of the ongoing, COVID-19 pandemic.

The discussion engaged the recently formed Africa Private Sector Working Group (PSWG), which represents leading private creditors to African countries.

Ms. Vera Songwe, ECA’s Executive Secretary, said African countries are committed to meeting all their obligations to commercial creditors on time and want to maintain access to international debt markets for the build back period.

“Most African countries were on a successful reform track before the crisis, that is why they had access to the capital markets.”

Discussions focused on ways which the interests of both African governments and commercial creditors could be aligned to deal with the double crisis of a health pandemic and economic recession.

The Finance Ministers agreed on the importance of maintaining Eurobond coupon payments to maintain post-pandemic access to international debt markets for development finance and on having an ongoing coordinated dialogue with creditors.

Speaking on behalf of the creditor group, Mr. Kevin Daly, Senior Investment Manager at Aberdeen Asset Management, expressed the desire to support African countries address liquidity pressures that have arisen due to the crisis. And by ensuring they remain current on their Eurobonds, believe financing opportunities will materialize soon.

He said the creditor group was proposing some innovative financing solutions, such as special-purpose bonds that are targeted to Social Development Goals.

These would be appealing to investors who are increasingly focused on social development goal issues. And instruments that are partially guaranteed by multilateral institutions, and that could help to ease liquidity pressures.

For his part, former Credit Suisse boss and Cote d’Ivoire minister, African Union Special Envoy Tidjane Thiam, who chaired the meeting said: We are aligned, we want Africa to develop and grow, so let us work together on concrete solutions as time is of the essence.

The Africa PSWG coordinates the views of over 25 of the world’s foremost asset managers and financial institutions, providing private finance to nations and companies through Eurobonds, syndicated loans, and other credit products across the continent.

The group expressed the view that a one-size-fits-all solution would be counter-productive for African nations.

All ministers, including the ones from Kenya, Cameroon, Senegal, and Ghana, stressed the importance of keeping market access and agreed that more work is needed to communicate the good economic track record of their countries before the crisis.

The meeting agreed to continue discussions towards pragmatic and effective solutions on Africa’s commercial debt to manage the COVID-19 crisis and return Africa to growth restoring policies and actions.

ECA in its recent report launched early this month estimated that a full one-month lockdown across Africa would cost the continent about 2.5 percent of its annual Gross Domestic Product (GDP), equivalent to about US$65.7bn per month. Adding to the lower commodity prices and investment flows, in the commission report titled COVID-19: Lockdown Exit Strategies for Africa, issued May 7.

Every Month In Lockdown Costs Africa US$65.7bn—report

Economic Commission for Africa (ECA) estimated

By Benson Afful

The Economic Commission for Africa (ECA) estimated that a month of lockdown across Africa would cost the continent approximately 2.5 percent of its annual Gross Domestic Product (GDP), equivalent to about US$65.7bn per month.

Adding to the lower commodity prices and investment flows, in the commission report titled COVID-19: Lockdown Exit Strategies for Africa, issued May 7. Businesses surveyed by ECA on average operating at 43 percent capacity, between April 14-20, while large firms report operating at a slightly better capacity. The report cited the manufacturing, health, entertainment, utilities, transport, and trade sub-sectors to be operating at the lowest capacities.

Localized or national lockdowns were in place in at least 42 African countries as of 30 April. Thirty-eight of these lockdowns had already been in place for at least 21 days, it found.

Estimated fatality for COVID-19 varies widely due to differences in testing, reporting, and attribution across countries. As more data is collected, African countries can better ascertain the severity of population vulnerabilities, like tuberculosis or malnutrition, on COVID-19 mortality, the report added.

Some of the challenges faced by companies on the continent included a lack of operational cash flow as well as the reduction of opportunities to meet new customers.

Vera Songwe, Executive Secretary; ECA, at the UK-Africa Investment Summit 2020

Companies also stated that their businesses were closed, in addition to a decline in workers’ productivity from working at home.

During an online debate to launch the report, ECA’s Executive Secretary, Vera Songwe, said governments confronted with the challenge of appropriate exit strategies to COVID-19 lockdown measures.

She said any exit strategy needs to balance the preservation of lives while alleviating economic challenges and continuing to suppress the spread of the virus.

The government of Ghana, for instance, lifted a 21-day lockdown on April 20 and has subsidized electricity and water consumption for households and businesses for April to June at a cost of GH₵1.3bn. Also, it has made available GH₵600m to provide soft loans to small and medium-sized businesses.

The funds expected to fund 200,000 enterprises as part of the Coronavirus Alleviation Program (CAP).

Business Leaders Urge Ministers to Respect AfCFTA

Deadline of July 1

By Benson Afful

Ahead of the AU ministerial meeting on May 5-6 that will be discussing trade response to COVID-19 and state of the African Continental Free Trade Agreement (AfCFTA), several business leaders have signed a joint letter calling Ministers and Heads of State to ensure they abide by the deadline of July 1 for the Agreement to come into force.

The letter has been written in response to rumors in international media that the AfCFTA date of July 1 will be postponed until next year. The signatories say that there is no legitimate reason to postpone the AfCFTA even if they understand that a staggered approach can be used given current circumstances.

One of the signatories to the letter is Paulo Gomes, former Executive Director of the World Bank and Chair of Executive committee of AfroChampions. The AfroChampions network has been mandated by the African Union to coordinate private sector discussions around the AfCFTA. He said the ministers meeting next week had a duty to respect the current deadline. We understand certain parts of the AfCFTA are sensitive. The rules of origins and tariffs need time, but we can start with the trading of essential goods. Send a strong message to the world we are serious about the AfCFTA and to African businesses. With the private sector, the biggest beneficiary of the AfCFTA, with supply chains being disrupted globally is more urgent we have a functioning system within the continent to create continental supply chains.

In the letter, the signatories acknowledged that governments had been right to ensure that the immediate response was a health-related one. But the looming crisis in economics. 'The AfCFTA is an important tool to help stimulate investment and to create African value chains.'

There is no reason why the negotiations can't be virtual with the world in lockdown. We've seen scientists come together virtually to develop a cure against the virus, which 'shows that negotiations and talks can take place virtually.'

They also call for the work of the Secretariat which includes the recruitment of its staff can also continue to ensure the Secretariat is operational soon as lockdowns are effectively over.

The signatories are part of the AfroChampions network featuring some of the biggest names in Africa's private sector and whose patrons include Thabo Mbeki and Olusegun Obasanjo, former Presidents of South Africa and Nigeria respectively.

AfDB President Arrived In Freetown

The visit presents an opportunity to deepen discussions on several fronts

By Sylvester Samba

The President of the African Development Bank (AfDB) Dr. Akinwumi Adesina assured Sierra Leone the Bank is supportive of the country’s development agenda. He made the statement to the media shortly upon his arrival in Freetown, on Wednesday 11 March 2020.

He is here to see the President and most importantly to offer support to Sierra Leone. Sierra Leone is a very important country to AfDB, as Sierra Leone is a founder member of the bank and we have been financing projects and programs in Sierra Leone since 1967, he said.

Highlighting some of the development projects in Sierra Leone in different sectors that the bank has financed, in Agriculture, Energy, Water, and Sanitation, Infrastructure and other sectors. Noting that the current project portfolio is around USD 758 million.

Like many other African countries, there are lots of challenges that the country is faced with and commended the government so far in addressing those challenges.

His first official visit to Sierra Leone since he became President of the African Development Bank (AfDB), noting that he is delighted to be here.

The visit presents an opportunity to deepen discussions on several fronts, and in particular, how the African Development Bank (AfDB) assists Sierra Leone to implement the 2019-2023 National Development Plan focuses on human capital development. Dr. Adesina continued that he had a conversation with President Julius Maada Bio during the African Union Submit in February 2020, in which the President talked about his reforms, and assured the President will visit Sierra Leone to discuss more.

The Minister of Finance, Jacob Jusu Saffa, in his remark welcoming Dr. Akinwumi Adesina to Sierra Leone, and expressed the government’s gratitude that amidst the international health crisis of the Corona Virus, the President decides to proceed with this visit. The continuous visits of high profile personnel within international development partner organizations, not only a sign of cordial relationship the government of Sierra Leone has with its partners but also demonstrates, the government of Sierra Leone on the right development trajectory.

Dr. Adesina will have the opportunity to get first-hand information from critical stakeholders of the state on the development priorities, progress, and challenges that will allow him to support the financing of projects and programs that will resonate with the aspirations of the people of Sierra Leone.

During his visit, he will be meeting with the President of the Republic of Sierra Leone, Rtd. Brig. Julius Maada Bio, Minister of Finance, Jacob Jusu Saffa, Ministers of Government, Heads of Government agency, and other development partners.

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Dr. Akinwumi Ayodeji Adesina is the 8th President of the African Development Bank Group, was elected to office May 28, 2015, by the Bank Board of Governors at its Annual Meetings in Abidjan, Côte d’Ivoire. A distinguished development economist and agricultural development expert with 25 years of international experience. He is the first Nigerian to serve as President of the Bank Group.

He served as Nigeria’s Minister of Agriculture and Rural Development from 2011 to 2015, during which time he implemented bold policy reforms in the fertilizer sector and pursued innovative agricultural investment programs to expand opportunities for the private sector.

The Director-General Marie-Laure Akin-Ologbade, Executive Director Kenyah Barley, AfDB Country Manager for Ethiopia, Abdul Kamara, and other staff of the Bank accompanied the President of AfDB.

Sierra Leone Heads ECOWAS Parliament

The position is rotational

By Sylvester Samba

The President of the Republic of Liberia, George Weah, has sent a letter of congratulations to the new Speaker of the ECOWAS Parliament, Honorable Sidi Mohamed Tunis, the current Leader of Government Business representing the ruling Sierra Leone Peoples Party (SLPP) in the Sierra Leone House of Parliament. Has on Monday 9th March 2020 elected and sworn in as Speaker of the regional Economic Commission of West African States (ECOWAS) Parliament.

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President Weah (L); Honorable Sidi Mohamed Tunis (R): In his letter, President Weah convey heartfelt congratulations to Sidi Mohamed Tunis in his election and installation to the Honorable office of Speaker of the ECOWAS Parliament on his behalf and that of the peace-loving people of the Republic of Liberia.

President Weah once served as head of the Liberian delegation to the regional parliamentary block when he was a senator, expressed his confidence, and a hopefully proactive 5th Legislature, with much energy exerted at addressing the problems that characterize our states.

A Member of Parliament for Constituency 101 in the Southern Provincial district of Pujehun, Honorable Tunis was overwhelmingly elected to replace Senegalese Mustapha Cisse`LO as Speaker of the regional legislative council is expected to serve in that position until 2024.

The position is rotational. Togo will be in line to succeed Sierra Leone.

In his acceptance message, the Honourable Speaker called for partnership between members of the ECOWAS. He said he is overwhelmed with the support he enjoys from the Government of President Julius Maada Bio and the people of Sierra Leone.

Hon. Tunis tenure comes at a time West African region is struggling with scores of different issues ranging from political, economic, and the threat from the coronavirus disease, which has reported in two member states; Nigeria and Senegal.

In a message from the President of the Republic of Sierra Leone, Julius Maada Bio sent to Members of the ECOWAS Parliament, he disclosed he knows the Speaker for several years, and he served in several leadership positions in his country. His wealth of knowledge he will bring to the table to make ECOWAS Parliament a better institution than it is currently.

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The election of Hon Tunis marks the first time that Sierra Leone is occupying the position of Speaker of the ECOWAS Parliament since its establishment in 2002. The Speaker promised to assist the ECOWAS Commission in its integrated economic activities by providing the much-needed oversight in the areas of industry, transport, telecommunications, energy, agriculture, natural resources, commerce, youth empowerment, and monetary and financial issues.

The speaker continues in response stated he is mindful of Article 2 of the ECOWAS Protocol Relating to the Mechanism for Conflict Prevention, Management, Resolution, Peacekeeping, and Security adopted in Lomé 10th December 1999, and that he'll work with the Authority of Heads of State, Government, and the Council of Ministers to ensure our sub-region is safe, secure, and prosperous.

Peacekeepers from nations left their families, served, and in some instances, died protecting vulnerable populations of our community. The responsibility is ours to protect the peace we enjoy today and work tirelessly to bring to end instabilities in our region.

Air Senegal to launch Geneva and London; Milan, Madrid, Rome next?

Air Senegal has announced both Geneva and London, its fourth and fifth destinations in Europe

By Theo Edwards: Source: anna aero (airline network news and analysis)

Abidjan, Bamako, Banjul, Bissau, Conakry, Freetown, Nouakchott, and Praia are available over Dakar on a two-way basis, with connections within about two hours in both directions.

Air Senegal’s growth continues. In December, it added Dakar to Lagos via Accra; Abuja via Niamey; Casablanca; and Barcelona via Marseille. Freetown via Banjul is coming in June. The carrier is focusing significantly on hub-and-spoke, in contrast to the previous point-to-point Senegal Airlines. A highly coordinated hub is an obvious strategy for Air Senegal, partly given its geographic position.

Air Senegal has announced both Geneva and London, its fourth and fifth destinations in Europe. The carrier is to lease two 165-seat A321s – 149 economy seats, 16 lie-flat business – for these routes, and also for Abidjan, Casablanca, and Conakry.

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Shown here are its West Africa – North Africa / Europe – West Africa connections, all well coordinated for connectivity over Dakar. Other African cities, such as Accra and Lagos, are timed to connect with other cities in West Africa (i.e., most of those that Europe connects with) rather than to Europe. Source: OAG Mapper.

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Green = already served or announced. Blue = unserved. Geneva and London will be served non-stop. Marseille and Barcelona are currently linked in a triangle. Perhaps the A220-300 will be used to serve some thinner destinations, such as Toulouse? Source: OAG Traffic Analyser.

Geneva has ~69,000 passengers; London ~108,000

Geneva is a market of ~69,000 (Dakar point-to-point and demand to connecting destinations), and it will be partly driven by demand from the United Nations. It’ll probably also attract some of Lyon’s ~65,000 passengers, at least non-stop to Dakar, given the two cities are only 93 miles apart. London is a market of ~108,000 (excluding non-stop traffic to Banjul). It is reported that Stansted was chosen due to no early morning slots at Gatwick, with Air Senegal’s timings (or very similar) crucial for connectivity over Dakar.

Up to eight connecting destinations so far over Dakar

Its timings are, of course, based on maximizing connectivity to/from West Africa. Although it does vary a little based on day, Abidjan, Bamako, Banjul, Bissau, Conakry, Freetown, Nouakchott, and Praia are available over Dakar on a two-way basis, with connections within about two hours in both directions. London – Freetown, for example, is a market of ~36,000 passengers, with timings as follows:

• Freetown – Dakar: 1945 – 2230; Dakar – London: 0015 – 0625

• London – Dakar: 0750 – 1405; Dakar – Freetown: 1600 – 1845

Milan, Madrid, and Rome next?

Air Senegal’s European routes each had 60,000+ passengers before starting. Barcelona, Geneva, and Marseille also had local Dakar traffic averaging 47% of their total. Presumably, Marseille (~64,000) and Barcelona (~75,000) – each a good-sized market – will one day benefit from being de-tagged and served non-stop by A321s rather than on a triangle basis by the A330-900.

The figure, (Top 10 European markets for Air Senegal), shows the estimated two-way demand for Dakar and Air Senegal’s eight connecting destinations in the year to November 2019. For fairness, these numbers exclude any non-stop passengers as they’d be less likely to switch. Excluding short-term demand impacts from the coronavirus, Milan (76,000), Madrid (63,000), and Rome (58,000) seem good contenders for Air Senegal’s future European expansion. As is Lyon itself (65,000), but that’s now less certain given Geneva.

Milan stands out. Its ~76,000 is based on ~41,000 indirect Dakar traffic. Air Italy currently operates Milan Malpensa – Dakar four-weekly by the A330-200. However, the carrier is to cease operating. Therefore, it is fair to add its ~78,000 non-stop passengers, meaning Milan is a potential market of ~154,000.

A Rock And A Hard Place

With a philosophy of maximum cruelty

By Angela Brooks

In this year's presidential election, the immigration issues, and the horrific treatment of migrants will be central. Our collective psyche indelibly scarred by the horrific images of migrant children in cages, family separation, and the intolerable conditions at the southern border. Caught in this transnational vortex are many African migrants whose plight has been largely ignored by the mainstream media.

African migrants hoping to reach the US

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Cutting off much-needed aid to countries in Central America and Africa has only magnified the problem. If the Trump administration thought its actions would stem the migrant tide allied with the philosophy of maximum cruelty, it has proven to be inept and chaotic. These refugees fled their home nations for a myriad of reasons, including war, poverty, and economic opportunity. However, the reality for many has been a nightmare. Instead of reaching American utopia, their dreams have stalled as detainees in Mexican migrant camps.

The squalid conditions have engendered new threats against African migrants trying to survive a hostile environment.

Apart from the language barrier, migrants face overt racism, violence, and threats from human traffickers.

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Congresswoman Karen Bass | Representing California 37th District

In late 2019, a California Representative Karen Bass led a delegation to the Mexican border, where she highlighted the plight of this downtrodden class. We can only hope that the congresswoman’s fierce activism changes the narrative of the public perception of this crisis.

UK-Africa Investment Summit

British Prime Minister Calls For Bigger Investments In Africa

By Sylvester Samba

This year's UK-Africa Investment Summit, which started Monday 20th January 2020, is a first of its kind hosted by Britain's newly elected government. The opening ceremony witnessed by dignitaries and delegates from 16 African countries includes British Prime Minister, Boris Johnson, Foreign Secretary Dominic Raab, and Prince Harry, among others.

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Prime Minister, Boris Johnson, UK; several African presidents

The British Prime Minister, in his opening address, called for an increased renewed partnership between the UK and Africa. He referred to Africa as a booming continent with staggering levels of growth. Prime Minister Johnson said, "look around the world today, and you will swiftly see that the UK is not only the obvious partner of choice, we're also very much the partner of today, of tomorrow, and decades to come."

African Development Bank President, Akinwumi Adesina made a public announcement at the gathering of a new $80 million World Bank, and DFID infrastructure financing partnership. According to Adesina, the continent's $68-$108 billion infrastructure investment gap per year is massive, but it depends on how one looks at it. The 'risks' in Africa exaggerated. It is lower than in Latin America. Yet funds are not channeled into Africa. There are $8 trillion of assets under management in London, but only 1 percent invested in Africa.

A press release issued by the African Development Bank noted that the Bank President urged investors to look to Africa and recalled the achievements of the Africa Investment Forum ...a game-changing initiative led by the African Development Bank, and key partners, to accelerate investment in the continent.

The unique multi-sector platform designed to advance bank deals to financial closure. At the 2019 Forum in Johannesburg, South Africa, deals valued $40.1 billion secured investment interest.

President Kenyatta rang the opening bell at the London Stock Exchange (LSE) to mark the launch of Kenya's first green bond at the LSE. Emphasized innovative sustainable investments in energy infrastructure. We all must think out of the box in terms of energy to ensure we produce more green energy. 'This first-ever sovereign green bond of $41.45 million will be used to build environmentally-friendly student accommodation in Kenya.'

The President of Ghana, Nana Akufo Addo, of Kenya, Uhuru Kenyatta, of Mauritania, Mohamed Ould Cheikh el Ghazouani, African Development Bank President Akinwumi Adesina, and Secretary of State for International Development, MP Alok Sharma, addressed a plenary panel discussion on "Sustainable Finance and Infrastructure' Unlocking the City of London and UK financial services for growth in Africa.

About the African Development Bank Group:

The African Development Bank Group (AfDB) (https://www.AfDB.org/) is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 44 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states.

The Duke and Duchess of Cambridge hosted a reception for the UK-African Investment Summit on behalf of The Queen.

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LONDON, ENGLAND - JANUARY 20, 2020: Photo by Yui Mok - WPA Pool/Getty Images

(Back row/left) Acting Minister for Foreign Affairs Tunisia, Sabri Bachtobji, Minister of Economy and Industry for Mauritius Sheikh El Kebir Moulaye Taher, Deputy Prime Minister of Ethiopia Demeke Mekonen Hassen, Minister of State for Economic Development in Angola Manuel Nunes Junior, Minister of Finance in Algeria Abderrahmane Raouya, President of World Bank David R Malpass, UN Economic Commission for Africa Executive Secretary Vera Songwe, IMF Director African Department Abebe Aemro Selassie, European Bank for Reconstruction and Development President Suma Chakrabati, African Union Chairperson Moussa Faki Mahamat, African Development Bank President Akinwumi Ayodesji Adesina,

(Middle row/left) President of Uganda Yoweri Kaguta Museveni, President of Sierra Leone Julius Maada Bio, President of Senegal Macky Sall, President of Rwanda Paul Kagame, Foreign Minister of Nigeria Geoffrey Onyeama, President of Mozambique Filipe Nyusi, Prime Minister of Morocco Saad Dine El Otmani, Prime Minister of Mauritius Pravind Kumar Jugnauth, President of Malawi Peter Mutharika, President of Kenya Uhuru Muigai Kenyatta, South Africa Foreign Minister Grace Naledi Mandisa Pandor,

(Front row/left) President of Guinea Alpha Conde, Sophie, Countess of Wessex, Prince Edward, Earl of Wessex, President of Ghana Nana Addo Dankwa Akufo-Addo, Catherine, Duchess of Cambridge, Prince William, Duke of Cambridge, UK Prime Minister Boris Johnson, President of Egypt Abdel Fattah Al Sisi, Princess Anne, Princess Royal, President of Democratic Republic of the Congo Felix Tshisekedi Tshilombo and President of Cote d'Ivoire Alassane Ouattara pose for a group photograph during a reception to mark the UK-Africa Investment Summit at Buckingham Palace on January 20, 2020, in London, England.

ECOWAS Sustainable Energy Forum To Be Hosted In Ghana

22-24 October 2019 * Kempinski Hotel

By Sylvester Samba

The Economic Community of West African States (ECOWAS) Centre for Renewable Energy and Energy Efficiency (ECREEE) will be hosting its third annual ECOWAS Sustainable Energy Forum (ESEF) on 22-24 October 2019 in Accra, Ghana. The event is expected to bring together West Africa’s top elected officials, policymakers, industry leaders and other individuals committed to moving forward the sustainable energy agenda.

ECREEE and its sister agencies, the West Africa Power Pool (WAPP) and the ECOWAS Regional Electricity Authority (ERERA) made tremendous gains in policy and regulatory framework for the viable sustainable energy market.

Energy access and growth as one of, a key objective of ESEF2019.

ECREEE further explained that this year’s forum also marks a special relationship with two partners with a demonstrated commitment to sustainable communities around the world: Alliance for Rural Electrification (ARE), the off-grid industry association consisting of more than 130 members active in Africa to deliver innovative clean energy solutions; and GET.invest, a European program that mobilises renewable energy investments.

The Executive Director of ECREEE, Mr. Mahama Kappiah, said ECOWAS region is on the brink of a major energy industry transformation. He noted progress in the development of utility-scale renewable energy projects and off-grid electrification major initiatives such as the Regional Off-Grid Electrification Project (ROGEP) and the West Africa Clean Energy Corridor, ECREEE is proposing key investment opportunities to facilitate a more sustainable West Africa.

Executive Director of Alliance for Rural Electrification (ARE), Mr. Marcus Wiemann stressed that building on the recent memorandum of understanding (MoU) signed with ECREEE at the fifth ARE Energy Access Investment Forum in Abidjan this year and the recommendations that emerged from the subsequent policy dialogues, ARE is keen to develop win-win partnerships between the local and international private sectors, as well as deepen cooperation to boost off-grid renewable energy technologies in West Africa.

Special guests at this year’s ESEF include high-level delegates, among them: H.E. Nana Addo Dankwa Akufo-Addo, President, The Republic of Ghana, H.E. Jean-Claude Brou, President, ECOWAS Commission, John Peter Amewu, Minister of Energy, Ghana, Alhaji Kanja Sesay, Minister of Petroleum and Energy, Sierra Leone, Dr. Bachir Ismael Ouedraogo, Minister of Energy, Burkina Faso, Sediko Douka, Commissioner for Energy and Mines, ECOWAS, Executives from the climate and energy finance sectors, technology manufacturers and distributors, and others.

The forum will provide a platform for improving the policy and regulatory landscape for private sector investment, where attendees will be able to liaise with financiers and secure other resources to fund their business endeavors.

Over the 3-day event, utility-scale renewable energy projects, off-grid electrification, energy access, financing, and investment will be the theme. Additionally, a large exhibition will be held at ESEF2019 to allow manufacturers, developers, financial institutions, and other companies to showcase their products and services. Interested parties should contact sponsor@ESEF2019.org.

ESEF2019 aim to be a platform for establishing valuable partnerships between ECOWAS policymakers, regional, international private sector, and financial institutions.

ESEF is supported this year by The Austrian Development Cooperation (ADA); The Spanish Agency for International Development Cooperation (AECID); UNIDO; German Society for International Cooperation (GIZ); The World Bank Group; The European Union; The Global Environment Facility (GEF); Sustainable Energy for All; GET.invest; and ARE.

Donors Funding Africa’s Agric Digitalization

With annual flows of €175 million

By Benson Afful

The digitalization of Africa’s agricultural sector has been left in the hands of donors alone, while private investment is lagging, the 2019 Digitalization of African Agriculture report has said.

Donors are increasingly making agricultural digitalization an important part of their portfolios with annual donor funding flows of €175 million according to the report published by the Technical Centre for Agricultural and Rural Cooperation.

It said private sector investment is even more limited; for instance, in 2018 there was an investment of approximately €47 million into Africa-focused digitalization enterprises, including both start-ups and larger stage enterprises. This investment represented 3 to 6 percent of all Africa tech start-up investment.

Africa economies are improving, and a handful of players are beginning to develop viable businesses with attractive financial models. We estimate that 70 percent of enterprises generate some revenue and 80 percent of those revenue-generating enterprises maintain several revenue streams, the report said.

Efforts of digital agricultural services to become sustainable and scalable continue to face challenges, urging for collaborations between enterprises, donors, investors and governments must create an environment in which digital agricultural solutions can thrive and produce impact.

The report, however, recommended to governments to build partnerships between investors, private actors, and technology providers to reduce technology and operational cost. It also urged various African governments to increase funding for a more diverse set of business models rather than just for those models that have already attracted funding. Meanwhile, the African Green Revolution Forum (AGRF) has committed US$500 million to develop agriculture opportunities for young Africans and also to support digital infrastructure crucial for powering innovative farmer services.

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Banking, Real Estate & Technology, Headquartered in Rwanda

Mara Group & Mara Foundation

Africa Reach – An African company with investments and operations in 25 countries across the continent

By Theo Edwards

Made in Africa

The first high specification, affordable smartphone manufactured in Africa, Mara Phones is committed to enhancing and enriching the lives of the people of Africa. Manufacturing in Africa enables job creation and also making the smartphone more affordable to all, contributing to business and development on the continent. Manufactured in Africa, ready for the global market!

Established in 1996, Mara has grown from a small computer hardware trading firm in East Africa to a multi-sector group with investments and operations spanning 25 African countries and 3 continents.

Why Africa? “The Lion Awakes: Adventures in Africa’s Economic Miracle” by Ashish J. Thakkar is the true story of today’s Africa, one often overshadowed by the dire headlines. Traveling from his ancestral home in Uganda, East Africa, to the booming economy and (if chaotic) new democracies of West Africa, and down to the “Silicon Savannahs” of Kenya and Rwanda, Ashish J. Thakkar shows us an Africa that few Westerners are aware exists.

Mara’s technology ventures capitalizes on the rapidly growing smartphone and internet markets creating a suite of platforms that are tailored locally.

“The rise of the African Middle Class is expected to fuel consumption growth. This will provide a considerable opportunity to invest and meet the burgeoning demand. McKinsey projects that, by the year 2030, the top 18 cities in sub-Saharan Africa will have a combined spending power of $1.3 trillion. Africa’s retail banking sector is projected to grow 40 percent by 2020” ~The Realities of Africa. Learn More.