In The Spotlight
Over the past 29 years, Barrick has invested more than $10 billion in the Malian economy, with its mines accounting for between 5% and 10% of the country’s gross domestic product annually. (Image source: Barrick)
Barrick president and chief executive Mark Bristow emphasised the critical importance of ensuring the long-term viability of the Loulo-Gounkoto gold mining complex to sustain Mali's mining industry and its significant economic contribution
Speaking to local media and stakeholders, Bristow highlighted Barrick's substantial investment in Mali, totaling over US$10bn over 29 years, with its mines annually contributing between 5% and 10% to the country’s GDP. He underscored that Barrick had contributed over US$1bn to Mali's economy in the past year alone.
“We continue to work constructively towards a global resolution of our differences and finding common ground on the key issue of sharing the economic benefits of our operations without damaging the future viability of these valuable contributors to the economy,” remarked Bristow.
“It’s worth noting that Barrick developed a highly successful benefit-sharing partnership for our Tanzanian operations which has since also been used as a model for the reopened Porgera mine in Papua New Guinea.”
Bristow cautioned that the current economic and political climate in Mali had caused exploration companies to curtail or suspend their operations in the country which would impact gold production in the long run.
“In contrast, Barrick has been engaging with the National Directorate of Geology and Mines (DNGM) to grow our exploration footprint here, securing our ability to deliver real value to Mali and our stakeholders in the country,” concluded Bristow.
BII announces a U$20m loan to TerraPay to enhance low-cost, high-speed remittance transfers to Africa, promoting financial inclusion and economic opportunities. (Image source: Adobe Stock)
British International Investment (BII), the UK's development finance institution (DFI) and impact investor, has announced a US$20mn senior secured loan to TerraPay, a global cross-border payments processor that focuses on remittance transfers into Africa
This investment aims to lower costs, increase speed, and enhance the reliability and accessibility of remittance transfers into the continent, thereby improving financial inclusion.
Lowering remittance costs
Sub-Saharan Africa has the highest remittance costs globally, with an average cost of 8% for sending US$200 in 2022, compared to the global average of 6.2%. This cost is more than double the Sustainable Development Goal target of 3%, according to the World Bank.
TerraPay's network connects traditional money transfer operators, such as Western Union, and digital-only fintechs like Wise, with major mobile money operators in Africa, including M-Pesa, MTN Mobile Money, and Airtel Mobile Money. Its technology-enabled model facilitates real-time, lower-cost digital money transfers, addressing the issues of high transfer fees and slow settlements for the African diaspora.
BII's funding will be used as part of TerraPay's working capital to pre-fund increasing remittance volumes to Africa. The funding will prioritise key African corridors, with high volumes expected in Kenya, Ghana, Egypt, Uganda, Tanzania, Cameroon, Mali, Benin, Cote d’Ivoire, Senegal, and Mozambique.
BII is committing through Lendable's existing senior secured facility, leveraging the partner's expertise in fintech debt investing across Africa and their investment monitoring capabilities.
Chris Chijiutomi, managing director and head of Africa at BII, stated, "Sending money to Africa is expensive. That is why our investment in TerraPay is critical to help increase availability of lower-cost, efficient, accessible, and reliable remittances. This aligns with our goal to support resilient financing and improve economic opportunities on the continent."
Suresh Samuel, managing director and head of fintech at Lendable, added, "We have been supporting TerraPay since 2020, as the company accelerated its growth facilitating remittances across emerging markets. We continue to believe in the importance of increasing digital payments globally and are excited to work with BII in furthering support to TerraPay to expand this mandate."
The HQ is expected to be completed and handed over by February 2025. (Image source: ECOWAS)
The ECOWAS Ad-Hoc Ministerial Committee on the Construction of Headquarters of Community Institutions met at the site of the new ECOWAS Headquarters in Abuja, Nigeria, to assess progress
The new building – known as ‘The Eye of West Africa’ – is located along the Airport Road in the Nigerian city and is being constructed from a grant from the People’s Republic of China through the China International Development Cooperation Agency (China Aid). Work began at the site in November 2022 and, according to ECOWAS, substantial progress has been achieved; hitting 33% physical and 45% financial completion. As a result, the construction is expected to be completed and handed over by February 2025.
On the occasion of the committee’s visit, Damtien L. Tchintchibidja, the vice president of the ECOWAS Commission, expressed the appreciation of ECOWAS Institutions to the Federal Republic of Nigeria for the land provided, the duty waivers granted, development permits facilitated and all the other supports towards the commencement of the construction. The vice president also took the opportunity to pay thanks and respect to the People’s Republic of China, stating, “This gesture represents a beacon in the ongoing cooperation between the People’s Republic of China and ECOWAS Member States.”
Yusuf Maitama Tuggar, Minister of Foreign Affairs of the Federal Republic of Nigeria and chairman of the ECOWAS Council of Ministers, thanked his colleague Ministers for their continued commitment to advancing regional integration and socio-economic development of the region.
“The new ECOWAS Headquarters is poised to become a beacon of hope, embodying our shared values and heritage,” he added. “The structure symbolises a promising future for our people – a base from which we will continue to make important strides in regional integration, economic growth, and security.”
There are numerous but not insurmountable challenges facing Africa's aviation sector, according to IATA. (Image source: Adobe Stock)
The International Air Transport Association (IATA) has called on Africa’s governments to take advantage of the continent’s emerging aviation sector in order to stimulate wider economic and social development
According to the organisation, which represents around 330 airlines, Africa’s airlines are forecast to earn a collective net profit in 2024 of around US$100mn. While this translates into just 90 cents per passenger (below the global average of US$6.14), it can be seen as a success in light of the post-Covid environment and global instability that has coloured the operating environment over the last few years.
“Africa’s airlines are making a collective profit. That is good news. But it is razor-thin and well below the global benchmark. And there are wide variations across the continent where many individual airlines still struggle with losses,” commented Kamil Al-Awadhi, IATA’s regional vice president for Africa and the Middle East. “The demand to travel is there. To meet it, the African airline sector needs to overcome many challenges, not least of which are infrastructure deficiencies, high costs, onerous taxation, and the failure to broadly implement a continent-wide multilateral traffic rights regime. The challenges facing African aviation are significant, but they are not insurmountable.”
To help the continent do so, and realise it’s the enormous aviation potential, IATA has laid out the Focus Africa initiative – a collaborative strategy pooling together the resources from the aviation value chain and build partnerships within countries to meet clear and measurable objectives. It is focused on addressing key challenges and opportunities within the continent’s aviation sector, emphasising six priority areas in the form of Safety, Infrastructure, Connectivity, Finance and Distribution, Sustainability and Future Skills.
“IATA’s Focus Africa initiative is by no means a panacea, but it does lay out a framework to build a stronger aviation sector that will provide even better support to economic growth and social development,” explained Al-Awadhi. “The potential for aviation in Africa is huge. It has 17% of the world’s population yet only contributes about 2% of total global travel. While there are hurdles to overcome, through collaborative initiatives like Focus Africa with our partners including AFCAC, AFRAA and AASA we are addressing critical challenges hindering the advancement of aviation across Africa. Our goal is a safer, more efficient, and better-connected continent, driven by a diverse, skilled workforce to unleash aviation’s potential and unlock the economic and social opportunities.”
South Africa’s SAF opportunity
While encouraging the development of the aviation industry across the continent, IATA also singled out policy makers in South Africa by recognising an opportunity distinct to the country.
As government and industry officials gathered in Johannesburg for the IATA Wings of Change Focus Africa conference, the organisation called for the country to accelerate the development of Sustainable Aviation Fuel (SAF) production.
“South Africa has vast potential to become a leading SAF producer in the region. And there is a waiting market for SAF as airlines work to achieve net zero carbon emissions by 2050,” stated Marie Owens Thomsen, IATA’s senior vice president for sustainability and chief economist. “More than a strategy in support of aviation’s decarbonisation, it is a strategy for economic development and should be a top priority for the new South African government. Across agriculture, energy, and transportation, new jobs and industries are waiting to be created that would not only help fight poverty but also contribute to greater energy independence.
“Airlines are ready and waiting to purchase SAF as evidenced by the fact that every drop of SAF produced has been purchased and used. But the production volumes are a minute fraction of what aviation needs. That’s why it is essential for governments of countries with production potential, such as South Africa, to embrace what is a unique win-win-win opportunity for economic development, energy transition, and decarbonised air transportation.”
IATA is not the only entity to call for decision makers on the continent to get ahead of the forthcoming SAF surge; Omar Ali Adib of Rolls-Royce also provided this opinion in a recent article published on Africa Review. Discover why the senior vice president believes Africa could become home to a “world-leading” biofuel sector at: https://africanreview.com/transport-a-logistics/africa-s-sustainable-aviation-fuel-opportunity
Africa Energy Forum 2024 was held in the Fira de Montjuïc in Barcelona. (Image source: ACP)
Africa Energy Forum (aef) returned for its 26th year from 25-28 June in Barcelona with key African stakeholders convening to identify, debate and lay the groundwork for overcoming the continent’s pressing energy challenges and capitalise on the numerous opportunities
Adam Cortese, CEO of forum sponsor Sun Africa, took to the stage to kick off the 2024 edition of the conference with an impassioned speech around this year’s theme: ‘Energy Systems of the Future – Balancing Africa’s Needs with Global Goals’. This subject, he began, “is not just a discussion topic, but a call to action. It challenges us to innovate, collaborate and commit to a path that ensures Africa’s energy future is secure yet sustainable.”
Pursuing this line of thought, Cortese explained that chief among the continent’s development aspirations is, of course, the need to close the energy deficit. More than 600 million people in sub-Saharan Africa remain without access to reliable energy today; a key hurdle that stifles economic growth, limits educational opportunities and restricts healthcare delivery. Such a test, Cortese added, is exacerbated by the prevalence of climate change, creating a scenario where increasing access to reliable, affordable energy must be achieved in conjunction with transitioning to cleaner, more sustainable power systems.
“This dual challenge requires innovative solutions and collaborative efforts,” Cortese said. “Africa has a unique opportunity to leapfrog traditional fossil fuel-based energy systems. But make no mistake about it, expanding energy access while reducing the reliance on less environmentally-friendly resources will take incredible investment. We must realise that it is incumbent upon those countries that have primarily driven climate change through their development to help the continent achieve industrialisation through investments in clean energy. It would be hypocritical to expect emerging markets to spurn fossil fuels without offering concrete and expeditious solutions.”
Continuing, the CEO remarked that to achieve the collective goal of renewable power in an industrialised Africa, “innovation is necessary and a degree of risk is unavoidable.” Moreover, to achieve this in a diverse continent, stakeholders must think outside the box as one size will not fit all. At Sun Africa, this belief has driven executives to abandon conventional approaches and develop its own business model tailored to the specific needs of each market as well as taking on significant financial risks. “Why, you may ask. Because it is a moral imperative. We can no longer tolerate seven-year development cycles, we can no longer tolerate project announcements that do not come to bear. Closing the energy gap in Africa requires action and commitment, not endless bureaucracy and platitudes. Governments, international organisations, private enterprises and civil society must unite to prioritise sustainable energy access by aligning our efforts, sharing best practices and learning from each other’s successes and failures.”
A tale of transmission
Enhanced collaboration, Cortese stressed in his final notes, would not only help to deliver more generating assets but would facilitate investments in infrastructure. In noting this, Cortese touched on a key theme that would emerge throughout the four days – colouring speeches and delegate discussions alike – in the critical need to expand and upgrade existing grids and bolster cross-border transmission. According to Synergy Consulting, transmission remains a critically neglected segment of Africa’s energy network and received a mere 0.5% of continental energy investment over the last decade. Indeed, the aef exhibitor has noted this problem will remain a bottleneck for African countries, stifling project developments elsewhere and restricting energy access unless significant investment is committed – around US$45bn over the next eight years.
This vital aspect of Africa’s energy puzzle was also reflected in the speech of Richard Nelson, coordinator at Power Africa, in which he encouraged participants of aef 2024 to “think differently” as they engaged with other stakeholders during the week and beyond. He cited how the Africa Union has recently led by example here by finalising their Continental Master Plan. “This plan reflects African ingenuity, creativity and leadership toward an African single electricity market and ultimately universal electrification,” he remarked. “Integral to this master plan are stronger, reliable and interconnected transmission networks and the governance of regional power pools. The Continental Master Plan shows us that by enhancing transmission networks and integrating power pools, the cost of universal electrification could be cut by a third, saving in energy financing and reaching home to businesses faster than if each country were to strive for universal access independently.”
Opportunities abundant
Despite the hurdles to universal sustainable power access in Africa appearing high, so were the spirits across the conference. Jonathan Hoffman, interim CEO of Globeleq, epitomised this sentiment well by reflecting that it is currently “perhaps the most challenging time” to get deals done in Africa over the last 30 years due to high interest rates, the post-pandemic hangover, and construction for projects remaining a major issue. Yet, despite some big players looking to exit the market, he held a contrarian and positive outlook, stating, “I think it's a great time to look to be a potential buyer in this market. It's a time for the brave to hold their nerve to remain in the market and deliver, and that's what we intend on doing at Globeleq.”
Certainly, positive attitudes were found in abundance across the extensive exhibitor floor, where a myriad of companies representing the full range of the energy industry were in attendance. Participants this year included the likes of leading green technology company Envision. In Barcelona it used the stage to promote its innovative solutions such as its digital twin technology, designed to deliver optimal collaboration to improve wind farm performance through real-time response and risk aversion.
For those not aware of the company’s capabilities – which has seen it undertake projects across the continent in the Gambia, Ghana, Guinea, Côte D’Ivoire, and more – aef also provided the opportunity to reconnect with Karpowership. Ready to discuss the organisation’s primary offering in the form of its ‘plug-and-play’ Powership fleet (comprised of ship or barge-mounted, fully integrated floating power plants with flexible capacities ranging from 30MW to 470MW and utilising the latest multi-fuel engine technology), company representatives expressed their preparedness for addressing energy demands for any size and duration, while maximising the utilisation of local resources.
Ansaldo Energia was also flexing its muscles, drawing attention to its ability to meet the diverse needs of customers across the continent through its integrated model which includes the construction of turnkey power plants, gas turbines, steam turbines, generators, microturbines, support services and activities in renewable and nuclear power. This includes one of its most requested turbines on the continent – according the stand attendants – in the form of the gas turbine AE94.2 (which shared the spotlight alongside the AE94.3A). With high cycling capability, fast start up and high ramp rates, it is suitable for peak plants, grid support and dead power grid energisation and can burn non-conventional fuels such as naphtha, crude and heavy fuel oil, hydrogen rich fuels and coal gases, alongside liquid green fuels including HVO, methanol and ethanol.
Later explaining how its sponsorship of the conference underscores its commitment to supporting sustainable energy development across the continent, Trina Solar promoted its comprehensive solar solutions designed to meet Africa’s challenges head-on. This includes Vertex N modules with n-type i-TOPCon technology and 210mm product technology platform, the TrinaTracker system, and additional energy storage solutions.
There was also room for a number of first-time exhibitors at the conference. Drawing particular attention from this segment was Ryse Energy, an impact-driven, decentralised renewable energy company. At aef, the company was keen to promote its diverse range of robust, efficient and variable horizontal axis wind turbines covering the main three classifications of wind speeds. Ryse Energy has suggested that it has the most diverse range of technologies in the micro and small wind sector, ranging from 200W up to 60kW turbines. These, coupled with its solar and energy storage solutions, allow the company to offer ‘truly decentralised’ hybrid systems which are particularly suited to remote locations where diesel generators have traditionally been recognised as the only outlet. So far, the company has recorded 180,000 installations across all seven continents which have proven themselves in a range of applications from providing power in remote Ghanaian communities to functioning in a wind-to-water capacity in Kenya.
Breaking in Barcelona
Of course, no aef would be complete without a healthy amount of new deals being agreed upon and announced. Fortunately, 2024 lived up to expectations in this regard, as a number of high level deals were confirmed with a hand clasp in the Fira de Montjuïc conference centre.
This list included a strategic joint venture formed between RelyEZ and Veers Group to address the pressing energy challenges in southern Africa. The collaboration will see the two leverage their expertise, resources and technologies to develop and deploy innovative renewable energy solutions across the region, while fostering and developing local talent.
Meanwhile, Globeleq and African Trade & Investment Development Insurance (ATIDI) announced the latter’s support for the 35MW Globeleq Menengai Geothermal Project in Kenya with liquidity cover via the Regional Liquidity Support Facility (RLSF). The proposed RLSF policy will cover the risk of payment default by Kenya Power & Lighting Company and Geothermal Development Corporation for the US$117mn project that is critical to the country’s efforts to becoming 100% clean energy-dependent by 2030.
In a bid to support the expansion of energy access in West Africa, U.S. Agency for International Development (USAID) announced a US$73mn contract award to Tetra Tech, a leading provider of high-end consulting and engineering services. Through the Power Africa Empower West Africa activity, Tetra Tech experts will work with governments, development finance institutions and the private sector in order to advance the transition to more sustainable, inclusive and resilient energy sectors. In a continuation of the 10-year engagement between the two entities, the contract will see the introduction of digital tools, e-mobility solutions and capacity-building programmes to upskill local workers for renewable energy careers. Efforts will be made to design and implement national electrification programmes, modernise transmission and distribution utilities, deploy clean energy technologies and clean energy investments within the region.
At the conference, ENGIE Energy Access also used the elevated platform to announce the official start of construction for 15 solar mini-grids in Zambia’s Eastern province. Funded by the 11th European Development Fund and the European Union, the project is seen as an important step towards the realisation of the national electrification plans and is a milestone in the organisation’s target to operate 60 mini-grids across the country by 2025.
Returning home
Next year, the show returns once again to African soil, arriving in Cape Town, South Africa. This handover was officially marked at the conference by Alex Wachira, principal secretary, state department for energy, ministry of energy & petroleum, Kenya, and Thabo Kekana, deputy director general, department of mineral resources & energy (DMRE), South Africa.
“It is a great pleasure for us in Kenya to hand over the baton to South Africa,” commented the former in his speech, before noting his pleasure at seeing delegates from all corners of the African continent present at the conference and working together to ensure Africa’s enormous energy potential is realised. “We are hoping after South Africa we shall not drop this baton, and that we ensure that the convention remains on African soil and make our words count.”
For his part, Kekana added, “As we look forward to hosting aef in South Africa next year I am filled with optimism and excitement. This event will not only showcase the potential of our natural country, but highlight the significant strides we are making in transforming our energy landscape. The opportunities that [South Africa’s] energy transition presents are vast. Hosting aef and the Youth Energy Summit will provide an opportunity for us to share our experiences, learn from global best practices and obviously forge new partnerships. It will allow us to inspire and empower the next generation energy leaders who will drive Africa’s energy future. We are committed to continue with the legacy of excellence and innovation that aef represents. Together, we can build a brighter and more sustainable energy future for the Motherland.”
For now, it is up to the aef 2024 attendees to make use of the learnings and partnerships forged in Barcelona in the year ahead to build the foundations for a more promising future for the continent. Time will tell whether this has been successfully pursued, and will certainly be under scrutiny when the delegates reconvene for the 27th edition of the show in South Africa next year.
Some of the team from WEG Africa’s branch in Ghana. (Image source: WEG Africa)
Set up in 2009, initially to provide parts support to the growing installed base in West Africa, WEG Africa’s Ghana operation is today a fully-fledged branch
Through an expanded network of Value Added Resellers (VARs), the branch has boosted its capacity to deliver tailored and responsive solutions to a diverse customer base in West Africa. It places customer success at the centre of its operations, and offers customised solutions that speak directly to market requirements in West Africa.
Foster Yeboah Owusu, regional manager – West Africa – sales at WEG Africa, said VARs play a pivotal role in ensuring customer satisfaction. The branch has a total of eight VARs in key markets such as Nigeria (two), Ghana, Côte d’Ivoire, Burkina Faso, Mali, Senegal and Mauritania.
The Ghana entity offers a complete range of WEG solutions across the different product families – industrial electric and electronic equipment, power generation and transmission and commercial and appliance motors. The current focus is on industrial electric and electronic equipment, catering largely for oil and gas, and mining markets.
The main product line includes electric motors, variable speed drives and controls, softstarters, switchgear, geared motors, distribution boards and customised E-houses. This is complemented by a selected range of power generation and transmission products such as oil-cooled and dry-type transformers as well as mobile substations.
Mining drives West African growth
Armed with the globally renowned WEG product offering, coupled with a strong support regime that entails technical support, training and high spare parts availability, WEG Africa’s West African business has seen substantial growth in recent years. The growth has largely been driven by a thriving West African mining sector.
Commenting on emerging trends in the market, Owusu highlighted the accelerated move towards energy efficient solutions. In Ghana, for example, the Government has introduced Minimum Energy Performance Standards (MEPS) for about 20 different electrical products including transformers, electric motors and air conditioners, amongst others.
As a key industry stakeholder, WEG Africa was part of the electro-mechanical technical committee that prepared the standards on which the MEPS for electrical motors are based. Through this process, the Government of Ghana has set MEPS for electric motors at IE2, up from IE1. The industry, however, is already moving to IE3 and IE4 efficiency standards. Given that electric motors consume 50% of global energy, Owusu explained that the adoption of higher MEPS is a welcome development.
“Governments in West Africa have a big focus on sustainability and environmental management,” added Owusu. “On the back of rapid industrialisation, there is a growing renewable sector in the region. To cater for this market, we intend to expand our offering with WEG’s other existing solutions such as solar systems, hydro and wind turbines.”
This article was authored by WEG Africa. Learn more about the company, its services, and the Ghanaian branch at: www.weg.net
The FLS NexGen Polyurethane will deliver unmatched performance and flexibility. (Image source: FLS)
For FLS, supporting customers in achieving optimal plant performance is more vital than ever, a concern that has driven the company’s service focus at Electra Mining Africa this year
At the exhibition in Johannesburg, running from 2-6 September, FLS will highlight how it is driving sustainable productivity through its solid and growing support and maintenance infrastructure. According to Alistair McKay, vice president mining: Europe, Arabia and Africa at FLS, this includes engaging visitors at the event on the value of the company’s innovative digital solutions.
“In addition to our market leading solutions for mining plants, we will be sharing our extensive foundation of expertise, technical services, spares and consumables to support customers,” said McKay. “The show gives us the opportunity to demonstrate how these resources can lower operating costs and drive profitability.”
Key to FLS’s success in doing this is its understanding of exactly how its solutions are performing in customers’ processing facilities. As the original equipment manufacturer, he argued, the company is best placed to partner with mines to optimise performance and to maintain equipment health at the highest level.
“There is a global shortage of skills to conduct this important work, making it essential that we continue to both replenish and enhance the necessary levels of expertise for our ever-advancing equipment,” McKay explained. “This is why we invest so heavily in our training facilities and trainers – to upskill not only our own people but those of our customers.”
Helping customers meet strategic priorities
McKay highlighted that there is “nothing worse” than for customers to invest in high quality, high production equipment, which then underperforms due to insufficient knowledge. The company is also leveraging digital solutions in this endeavour.
“While there is a plethora of digital solutions in the market, we have focused our energies on creating solutions that meets strategic priorities,” said McKay. “This means being able to monitor and analyse the health of the asset, while leveraging this data to optimise the performance of that asset.”
Visitors at the exhibition can also see how FLS’s digital solutions integrate with its control centre, from which it can provide customers with 24/7 support.
In terms of new offerings at the FLS stand, visitors will be witness to the launch of the new NexGen Polyurethane formula for the company’s wear products and can discuss application opportunities with the company’s experts. The NexGen Polyurethane is relevant to screening media and mill trommels – particularly at the front-end of the concentrator where impact and abrasion is high.
“We will also be talking to visitors about our local production facilities that allow products like these to be readily available to our mining customers,” McKay remarked.
Visit FLS in Hall 6 Stand D16 at Electra Mining in September.
This article is sponsored by FLS, for more information, visit the company website at: www.flsmidth.com
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In the final webinar of its African Review-hosted 2023 campaign, Convergent Group explored its modern, eco-friendly concrete solutions for African projects
Such solutions – delivered to cut maintenance costs by eliminating hazardous silicate products – were showcased by company experts in the form of Jean-Claude Biard, SEO of Convergent Group SA; Mputu Schmidt, former CEO of Convergent Group SA and founder of Bondeko MB (exclusive distributor of Convergent Group in Africa); Carlos Garcia, technical and sales for ADI Group (Spanish distributor for Convergent Group); and Amritpal Singh Sura, external consultant for flooring treatments, former distributor of Convergent products in the Middle East.
“A number of projects we were doing in the Middle East required protection,” remarked Sura. “Longevity of protection requires a system which basically impregnates and becomes a densified surface as opposed to something which is topical and lifts off due to moisture migration. I found that being exposed to Convergent, it was important to stay focused on those systems in the Middle East. Jean-Claude, Mputu and I met several times in Dubai and there was emphasis on providing systems which were affordable and still ending up having a robust, lasting longevity of product. So you are not spending money all the time in order to maintain the finishes which you have already paid for.”
Over the course of the session, the participants guided the audience through the potential of cutting-edge lithium silicate technology for enhancing the protection of concrete surfaces, maximising cost-effectiveness and meeting sustainability targets.
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In a comprehensive webinar hosted by African Review, a panel of professionals associated with Convergent Group explored new generation lithium silicate technology and why it is emerging as the optimum solution for concrete floor protection.
Robert Daniels, editor of African Review, was joined by Jean-Claude Biard, CEO of Convergent Group; Mputu Schmidt, former CEO of Convergent and founder of Bondeko MB, an exclusive distributor of Convergent; Hicham Sofyani, president of Texol; Carlos Garcia, technical and sales for ADI Group; and Marc Puig, commercial manager of Comace Import.
Each providing a unique angle, the panellists combined to provide a masterclass around concrete treatments and the increasing challenges around them, explaining to attendees how to choose the right formula for their requirements and touching on issues such as why lithium densifiers are better than sodium and potassium densifiers.
Throughout the session, those watching were treated to informative case studies showcasing how Convergent eco-friendly products are increasing abrasion resistance, raising ease of maintenance, and ensuring the highest quality gloss retention.
By the end of the webinar, a majority of attendees (many of which had not had much experience with Convergent) expressed their interest in using the company’s new generation lithium silicate technology with the rest indicating their desire to learn more about Convergent and its products. Watch the webinar, in full, to discover why viewers were convinced and learn more about advanced floor care solutions for your operations.
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Presenting on an African Review-hosted webinar, Martin Provencher, global industry principal for mining, metals and materials at AVEVA, explored the digital transformation of mining operations and its impact on sustainability.
“Sustainability is becoming a key aspect for mining operations,” remarked Provencher. “If we look at the latest EY research on the top ten business risks and opportunities for mining and metals globally in 2023, ESG remains at the top. Of course, most companies have environmental goals or are expected to reach a net zero emission by 2050, which is a pretty aggressive target. Many of them are targeting 30% reduction by 2030; seven years from now. So there is a lot of action that needs to take place quickly to get there. It is possible to get there, but we need to make sure we are doing this correctly.”
Fast becoming a huge part of ESG initiatives is fleet electrification where particular progress is being made in underground mines. While some countries are certainly more advanced than others here, Provencher noted that 40% of total emissions from the mining industry come from diesel trucks, making EVs a very attractive low-hanging fruit for companies to pursue.
There are, however, a number of challenges associated with bringing in electric vehicles which remains a barrier for introduction. One of the predominant reasons, is the limited range of EVs against diesel counterparts. To mitigate this, Provencher continued, data management is key and ensuring a strong grasp of real-time information coming in will show operators when machinery needs to be charged, allowing them to plan effectively for maximum efficiency on site.
Indeed, this is but a small advantage that digitalisation can bring to the mining industry as it grapples to meet ESG goals while achieving production targets. By getting a better grip of their data and using it to empower tools such as artificial intelligence, advanced analytics and machine learning, companies can achieve tangible benefits such as reduce downtime, enhance worker safety, cut operating costs and, of course, ensure compliance with environmental regulations and targets.
Through the course of the webinar, Provencher outlined this in more detail and explored AVEVA’s suite of cutting-edge software solutions, specifically designed to help mining companies make progress on their digitalisation journey and empower their operations.
Watch the full webinar, completed with detailed case studies and an insightful Q&A session.
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Convergent, in association with African Review, has held a detailed webinar exploring the usage and effectiveness of lithium silicates and densifiers over traditional methods of concrete surface management which often struggle to meet the increasing challenges posed by concrete surface management.
Convergent experts including Mputu Schmidt, CEO of Convergent; Carlos Garcia, product manager end-user solutions, construction chemicals, Spain and Portugal for the RD Group; Matteo Mozzarelli, CEO of concrete Solutions Italia; and Jean-Claude Biard, global senior executive for the Convergent Group, presented across the session.
Together, they delved into the latest cost-effective application methods for long lasting finishing of concrete that can help reduce maintenance costs and avoid unexpected repair action. In addition, they examined the advancements in technologies that can sustain increased abrasion resistant stains and ensure gloss retention to the highest quality.
As part of the webinar, the representatives explored case studies including a case in DRC where a medical centre had been constructed with a low-quality concrete floor. The customer was considering completely replacing the floor but instead, Convergent put forward a special treatment with its 244+ Pentra-Sil lithium hardener, densifier and sealer. With this solution, Convergent can increase the hardness of a surface by up to 40% and therefore saved the customer significant recuperation costs over a complete replacement. Convergent were happy to report that the solution was perfect for the facility and the customer was pleased to avoid the extra construction work that would have been required for a complete replacement.
Watch the full webinar, including more information about Convergent’s innovative solutions.
Africa Energy Forum 2024 was held in the Fira de Montjuïc in Barcelona. (Image source: ACP)
Africa Energy Forum (aef) returned for its 26th year from 25-28 June in Barcelona with key African stakeholders convening to identify, debate and lay the groundwork for overcoming the continent’s pressing energy challenges and capitalise on the numerous opportunities
Adam Cortese, CEO of forum sponsor Sun Africa, took to the stage to kick off the 2024 edition of the conference with an impassioned speech around this year’s theme: ‘Energy Systems of the Future – Balancing Africa’s Needs with Global Goals’. This subject, he began, “is not just a discussion topic, but a call to action. It challenges us to innovate, collaborate and commit to a path that ensures Africa’s energy future is secure yet sustainable.”
Pursuing this line of thought, Cortese explained that chief among the continent’s development aspirations is, of course, the need to close the energy deficit. More than 600 million people in sub-Saharan Africa remain without access to reliable energy today; a key hurdle that stifles economic growth, limits educational opportunities and restricts healthcare delivery. Such a test, Cortese added, is exacerbated by the prevalence of climate change, creating a scenario where increasing access to reliable, affordable energy must be achieved in conjunction with transitioning to cleaner, more sustainable power systems.
“This dual challenge requires innovative solutions and collaborative efforts,” Cortese said. “Africa has a unique opportunity to leapfrog traditional fossil fuel-based energy systems. But make no mistake about it, expanding energy access while reducing the reliance on less environmentally-friendly resources will take incredible investment. We must realise that it is incumbent upon those countries that have primarily driven climate change through their development to help the continent achieve industrialisation through investments in clean energy. It would be hypocritical to expect emerging markets to spurn fossil fuels without offering concrete and expeditious solutions.”
Continuing, the CEO remarked that to achieve the collective goal of renewable power in an industrialised Africa, “innovation is necessary and a degree of risk is unavoidable.” Moreover, to achieve this in a diverse continent, stakeholders must think outside the box as one size will not fit all. At Sun Africa, this belief has driven executives to abandon conventional approaches and develop its own business model tailored to the specific needs of each market as well as taking on significant financial risks. “Why, you may ask. Because it is a moral imperative. We can no longer tolerate seven-year development cycles, we can no longer tolerate project announcements that do not come to bear. Closing the energy gap in Africa requires action and commitment, not endless bureaucracy and platitudes. Governments, international organisations, private enterprises and civil society must unite to prioritise sustainable energy access by aligning our efforts, sharing best practices and learning from each other’s successes and failures.”
A tale of transmission
Enhanced collaboration, Cortese stressed in his final notes, would not only help to deliver more generating assets but would facilitate investments in infrastructure. In noting this, Cortese touched on a key theme that would emerge throughout the four days – colouring speeches and delegate discussions alike – in the critical need to expand and upgrade existing grids and bolster cross-border transmission. According to Synergy Consulting, transmission remains a critically neglected segment of Africa’s energy network and received a mere 0.5% of continental energy investment over the last decade. Indeed, the aef exhibitor has noted this problem will remain a bottleneck for African countries, stifling project developments elsewhere and restricting energy access unless significant investment is committed – around US$45bn over the next eight years.
This vital aspect of Africa’s energy puzzle was also reflected in the speech of Richard Nelson, coordinator at Power Africa, in which he encouraged participants of aef 2024 to “think differently” as they engaged with other stakeholders during the week and beyond. He cited how the Africa Union has recently led by example here by finalising their Continental Master Plan. “This plan reflects African ingenuity, creativity and leadership toward an African single electricity market and ultimately universal electrification,” he remarked. “Integral to this master plan are stronger, reliable and interconnected transmission networks and the governance of regional power pools. The Continental Master Plan shows us that by enhancing transmission networks and integrating power pools, the cost of universal electrification could be cut by a third, saving in energy financing and reaching home to businesses faster than if each country were to strive for universal access independently.”
Opportunities abundant
Despite the hurdles to universal sustainable power access in Africa appearing high, so were the spirits across the conference. Jonathan Hoffman, interim CEO of Globeleq, epitomised this sentiment well by reflecting that it is currently “perhaps the most challenging time” to get deals done in Africa over the last 30 years due to high interest rates, the post-pandemic hangover, and construction for projects remaining a major issue. Yet, despite some big players looking to exit the market, he held a contrarian and positive outlook, stating, “I think it's a great time to look to be a potential buyer in this market. It's a time for the brave to hold their nerve to remain in the market and deliver, and that's what we intend on doing at Globeleq.”
Certainly, positive attitudes were found in abundance across the extensive exhibitor floor, where a myriad of companies representing the full range of the energy industry were in attendance. Participants this year included the likes of leading green technology company Envision. In Barcelona it used the stage to promote its innovative solutions such as its digital twin technology, designed to deliver optimal collaboration to improve wind farm performance through real-time response and risk aversion.
For those not aware of the company’s capabilities – which has seen it undertake projects across the continent in the Gambia, Ghana, Guinea, Côte D’Ivoire, and more – aef also provided the opportunity to reconnect with Karpowership. Ready to discuss the organisation’s primary offering in the form of its ‘plug-and-play’ Powership fleet (comprised of ship or barge-mounted, fully integrated floating power plants with flexible capacities ranging from 30MW to 470MW and utilising the latest multi-fuel engine technology), company representatives expressed their preparedness for addressing energy demands for any size and duration, while maximising the utilisation of local resources.
Ansaldo Energia was also flexing its muscles, drawing attention to its ability to meet the diverse needs of customers across the continent through its integrated model which includes the construction of turnkey power plants, gas turbines, steam turbines, generators, microturbines, support services and activities in renewable and nuclear power. This includes one of its most requested turbines on the continent – according the stand attendants – in the form of the gas turbine AE94.2 (which shared the spotlight alongside the AE94.3A). With high cycling capability, fast start up and high ramp rates, it is suitable for peak plants, grid support and dead power grid energisation and can burn non-conventional fuels such as naphtha, crude and heavy fuel oil, hydrogen rich fuels and coal gases, alongside liquid green fuels including HVO, methanol and ethanol.
Later explaining how its sponsorship of the conference underscores its commitment to supporting sustainable energy development across the continent, Trina Solar promoted its comprehensive solar solutions designed to meet Africa’s challenges head-on. This includes Vertex N modules with n-type i-TOPCon technology and 210mm product technology platform, the TrinaTracker system, and additional energy storage solutions.
There was also room for a number of first-time exhibitors at the conference. Drawing particular attention from this segment was Ryse Energy, an impact-driven, decentralised renewable energy company. At aef, the company was keen to promote its diverse range of robust, efficient and variable horizontal axis wind turbines covering the main three classifications of wind speeds. Ryse Energy has suggested that it has the most diverse range of technologies in the micro and small wind sector, ranging from 200W up to 60kW turbines. These, coupled with its solar and energy storage solutions, allow the company to offer ‘truly decentralised’ hybrid systems which are particularly suited to remote locations where diesel generators have traditionally been recognised as the only outlet. So far, the company has recorded 180,000 installations across all seven continents which have proven themselves in a range of applications from providing power in remote Ghanaian communities to functioning in a wind-to-water capacity in Kenya.
Breaking in Barcelona
Of course, no aef would be complete without a healthy amount of new deals being agreed upon and announced. Fortunately, 2024 lived up to expectations in this regard, as a number of high level deals were confirmed with a hand clasp in the Fira de Montjuïc conference centre.
This list included a strategic joint venture formed between RelyEZ and Veers Group to address the pressing energy challenges in southern Africa. The collaboration will see the two leverage their expertise, resources and technologies to develop and deploy innovative renewable energy solutions across the region, while fostering and developing local talent.
Meanwhile, Globeleq and African Trade & Investment Development Insurance (ATIDI) announced the latter’s support for the 35MW Globeleq Menengai Geothermal Project in Kenya with liquidity cover via the Regional Liquidity Support Facility (RLSF). The proposed RLSF policy will cover the risk of payment default by Kenya Power & Lighting Company and Geothermal Development Corporation for the US$117mn project that is critical to the country’s efforts to becoming 100% clean energy-dependent by 2030.
In a bid to support the expansion of energy access in West Africa, U.S. Agency for International Development (USAID) announced a US$73mn contract award to Tetra Tech, a leading provider of high-end consulting and engineering services. Through the Power Africa Empower West Africa activity, Tetra Tech experts will work with governments, development finance institutions and the private sector in order to advance the transition to more sustainable, inclusive and resilient energy sectors. In a continuation of the 10-year engagement between the two entities, the contract will see the introduction of digital tools, e-mobility solutions and capacity-building programmes to upskill local workers for renewable energy careers. Efforts will be made to design and implement national electrification programmes, modernise transmission and distribution utilities, deploy clean energy technologies and clean energy investments within the region.
At the conference, ENGIE Energy Access also used the elevated platform to announce the official start of construction for 15 solar mini-grids in Zambia’s Eastern province. Funded by the 11th European Development Fund and the European Union, the project is seen as an important step towards the realisation of the national electrification plans and is a milestone in the organisation’s target to operate 60 mini-grids across the country by 2025.
Returning home
Next year, the show returns once again to African soil, arriving in Cape Town, South Africa. This handover was officially marked at the conference by Alex Wachira, principal secretary, state department for energy, ministry of energy & petroleum, Kenya, and Thabo Kekana, deputy director general, department of mineral resources & energy (DMRE), South Africa.
“It is a great pleasure for us in Kenya to hand over the baton to South Africa,” commented the former in his speech, before noting his pleasure at seeing delegates from all corners of the African continent present at the conference and working together to ensure Africa’s enormous energy potential is realised. “We are hoping after South Africa we shall not drop this baton, and that we ensure that the convention remains on African soil and make our words count.”
For his part, Kekana added, “As we look forward to hosting aef in South Africa next year I am filled with optimism and excitement. This event will not only showcase the potential of our natural country, but highlight the significant strides we are making in transforming our energy landscape. The opportunities that [South Africa’s] energy transition presents are vast. Hosting aef and the Youth Energy Summit will provide an opportunity for us to share our experiences, learn from global best practices and obviously forge new partnerships. It will allow us to inspire and empower the next generation energy leaders who will drive Africa’s energy future. We are committed to continue with the legacy of excellence and innovation that aef represents. Together, we can build a brighter and more sustainable energy future for the Motherland.”
For now, it is up to the aef 2024 attendees to make use of the learnings and partnerships forged in Barcelona in the year ahead to build the foundations for a more promising future for the continent. Time will tell whether this has been successfully pursued, and will certainly be under scrutiny when the delegates reconvene for the 27th edition of the show in South Africa next year.
The quality design and manufacture of SEW-EURODRIVE South Africa’s panels and enclosures can be suited to any customer requirement wall mounts. (Image source: SEW-EURODRIVE)
African countries will require over US$45bn in the coming eight years to plug the gap in its transmission systems. (Image source: Synergy Consulting)
The HQ is expected to be completed and handed over by February 2025. (Image source: ECOWAS)
The ECOWAS Ad-Hoc Ministerial Committee on the Construction of Headquarters of Community Institutions met at the site of the new ECOWAS Headquarters in Abuja, Nigeria, to assess progress
The new building – known as ‘The Eye of West Africa’ – is located along the Airport Road in the Nigerian city and is being constructed from a grant from the People’s Republic of China through the China International Development Cooperation Agency (China Aid). Work began at the site in November 2022 and, according to ECOWAS, substantial progress has been achieved; hitting 33% physical and 45% financial completion. As a result, the construction is expected to be completed and handed over by February 2025.
On the occasion of the committee’s visit, Damtien L. Tchintchibidja, the vice president of the ECOWAS Commission, expressed the appreciation of ECOWAS Institutions to the Federal Republic of Nigeria for the land provided, the duty waivers granted, development permits facilitated and all the other supports towards the commencement of the construction. The vice president also took the opportunity to pay thanks and respect to the People’s Republic of China, stating, “This gesture represents a beacon in the ongoing cooperation between the People’s Republic of China and ECOWAS Member States.”
Yusuf Maitama Tuggar, Minister of Foreign Affairs of the Federal Republic of Nigeria and chairman of the ECOWAS Council of Ministers, thanked his colleague Ministers for their continued commitment to advancing regional integration and socio-economic development of the region.
“The new ECOWAS Headquarters is poised to become a beacon of hope, embodying our shared values and heritage,” he added. “The structure symbolises a promising future for our people – a base from which we will continue to make important strides in regional integration, economic growth, and security.”
The Linnhoff TSD1500 Asphalt Mixing Plant is undertaking crucial work on two rural road projects in Kenya. (Image source: Lintec & Linnhoff)
The Liebherr LTM 1400-6.1 is characterised by its high lifting capacities and 70 m telescopic boom. (Image source: Liebherr)
The Koné project ranks as one of the highest quality gold projects in Africa. (Image source: Adobe Stock)
The Council of Ministers of Côte d’Ivoire has awarded the mining permit for the Koné project to Montage Gold Corp in the country
Montage was awarded mining permits covering a total area of 357 sq km for both its Koné and Gbongogo deposits (which are valid for 20 years and 8 years respectively) in addition to several advanced high grade exploration targets, with opportunities to extend as further mine life is added through exploration success. The awarding of mining permits represents the last governmental authorisation required to enable the development and operation of the Koné project with the official decree to be received shortly following today’s Council of Ministers’ meeting.
A unique West African mining opportunity
“We are delighted to be awarded our mining permit which represents a significant milestone in the development of our Koné project and reflects the strong support received from our local stakeholders given our win-win approach focused on local content,” remarked Martino De Ciccio, CEO of Montage. “In addition, we are also pleased to have reached an agreement on land compensation without local communities which further demonstrates the support for the advancement of our project given the significant social and economic benefits that it will unlock for our host communities and government.
“We look forward to rapidly continuing to unlock value for our stakeholders by progressing the Koné project towards an anticipated construction launch by Q1-2025, while continuing to progress our exploration strategy of delineating higher-grade targets that can be slotted into the mine plan from the commencement of the operation.”
Montage has indicated that it is now rapidly advancing exploration at the Koné project with a 30,000-meter drill programme expected to be completed in late July 2024. High grade intercepts have already been received at several targets. A second 60,000-meter drill programme is expected to be launched in late Q3-2024 with the goal of delineating resources at top priority targets, in addition to continuing to drill test other targets.
Over the past 29 years, Barrick has invested more than $10 billion in the Malian economy, with its mines accounting for between 5% and 10% of the country’s gross domestic product annually. (Image source: Barrick)
At Hillhead, the hydraulic version of the RM J110X was presented in the demonstration area. (Image source: RUBBLE MASTER)
There are numerous but not insurmountable challenges facing Africa's aviation sector, according to IATA. (Image source: Adobe Stock)
The International Air Transport Association (IATA) has called on Africa’s governments to take advantage of the continent’s emerging aviation sector in order to stimulate wider economic and social development
According to the organisation, which represents around 330 airlines, Africa’s airlines are forecast to earn a collective net profit in 2024 of around US$100mn. While this translates into just 90 cents per passenger (below the global average of US$6.14), it can be seen as a success in light of the post-Covid environment and global instability that has coloured the operating environment over the last few years.
“Africa’s airlines are making a collective profit. That is good news. But it is razor-thin and well below the global benchmark. And there are wide variations across the continent where many individual airlines still struggle with losses,” commented Kamil Al-Awadhi, IATA’s regional vice president for Africa and the Middle East. “The demand to travel is there. To meet it, the African airline sector needs to overcome many challenges, not least of which are infrastructure deficiencies, high costs, onerous taxation, and the failure to broadly implement a continent-wide multilateral traffic rights regime. The challenges facing African aviation are significant, but they are not insurmountable.”
To help the continent do so, and realise it’s the enormous aviation potential, IATA has laid out the Focus Africa initiative – a collaborative strategy pooling together the resources from the aviation value chain and build partnerships within countries to meet clear and measurable objectives. It is focused on addressing key challenges and opportunities within the continent’s aviation sector, emphasising six priority areas in the form of Safety, Infrastructure, Connectivity, Finance and Distribution, Sustainability and Future Skills.
“IATA’s Focus Africa initiative is by no means a panacea, but it does lay out a framework to build a stronger aviation sector that will provide even better support to economic growth and social development,” explained Al-Awadhi. “The potential for aviation in Africa is huge. It has 17% of the world’s population yet only contributes about 2% of total global travel. While there are hurdles to overcome, through collaborative initiatives like Focus Africa with our partners including AFCAC, AFRAA and AASA we are addressing critical challenges hindering the advancement of aviation across Africa. Our goal is a safer, more efficient, and better-connected continent, driven by a diverse, skilled workforce to unleash aviation’s potential and unlock the economic and social opportunities.”
South Africa’s SAF opportunity
While encouraging the development of the aviation industry across the continent, IATA also singled out policy makers in South Africa by recognising an opportunity distinct to the country.
As government and industry officials gathered in Johannesburg for the IATA Wings of Change Focus Africa conference, the organisation called for the country to accelerate the development of Sustainable Aviation Fuel (SAF) production.
“South Africa has vast potential to become a leading SAF producer in the region. And there is a waiting market for SAF as airlines work to achieve net zero carbon emissions by 2050,” stated Marie Owens Thomsen, IATA’s senior vice president for sustainability and chief economist. “More than a strategy in support of aviation’s decarbonisation, it is a strategy for economic development and should be a top priority for the new South African government. Across agriculture, energy, and transportation, new jobs and industries are waiting to be created that would not only help fight poverty but also contribute to greater energy independence.
“Airlines are ready and waiting to purchase SAF as evidenced by the fact that every drop of SAF produced has been purchased and used. But the production volumes are a minute fraction of what aviation needs. That’s why it is essential for governments of countries with production potential, such as South Africa, to embrace what is a unique win-win-win opportunity for economic development, energy transition, and decarbonised air transportation.”
IATA is not the only entity to call for decision makers on the continent to get ahead of the forthcoming SAF surge; Omar Ali Adib of Rolls-Royce also provided this opinion in a recent article published on Africa Review. Discover why the senior vice president believes Africa could become home to a “world-leading” biofuel sector at: https://africanreview.com/transport-a-logistics/africa-s-sustainable-aviation-fuel-opportunity
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On average, SAF can reduce aviation carbon emission by up to 80%. (Image source: Adobe Stock)
BII announces a U$20m loan to TerraPay to enhance low-cost, high-speed remittance transfers to Africa, promoting financial inclusion and economic opportunities. (Image source: Adobe Stock)
British International Investment (BII), the UK's development finance institution (DFI) and impact investor, has announced a US$20mn senior secured loan to TerraPay, a global cross-border payments processor that focuses on remittance transfers into Africa
This investment aims to lower costs, increase speed, and enhance the reliability and accessibility of remittance transfers into the continent, thereby improving financial inclusion.
Lowering remittance costs
Sub-Saharan Africa has the highest remittance costs globally, with an average cost of 8% for sending US$200 in 2022, compared to the global average of 6.2%. This cost is more than double the Sustainable Development Goal target of 3%, according to the World Bank.
TerraPay's network connects traditional money transfer operators, such as Western Union, and digital-only fintechs like Wise, with major mobile money operators in Africa, including M-Pesa, MTN Mobile Money, and Airtel Mobile Money. Its technology-enabled model facilitates real-time, lower-cost digital money transfers, addressing the issues of high transfer fees and slow settlements for the African diaspora.
BII's funding will be used as part of TerraPay's working capital to pre-fund increasing remittance volumes to Africa. The funding will prioritise key African corridors, with high volumes expected in Kenya, Ghana, Egypt, Uganda, Tanzania, Cameroon, Mali, Benin, Cote d’Ivoire, Senegal, and Mozambique.
BII is committing through Lendable's existing senior secured facility, leveraging the partner's expertise in fintech debt investing across Africa and their investment monitoring capabilities.
Chris Chijiutomi, managing director and head of Africa at BII, stated, "Sending money to Africa is expensive. That is why our investment in TerraPay is critical to help increase availability of lower-cost, efficient, accessible, and reliable remittances. This aligns with our goal to support resilient financing and improve economic opportunities on the continent."
Suresh Samuel, managing director and head of fintech at Lendable, added, "We have been supporting TerraPay since 2020, as the company accelerated its growth facilitating remittances across emerging markets. We continue to believe in the importance of increasing digital payments globally and are excited to work with BII in furthering support to TerraPay to expand this mandate."
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The Afreximbank Annual Meetings (AAM) 2024 were held in Nassau, The Bahamas. (Image source: Afreximbank)
Africa’s share of global manufacturing only sits at around 2% today. (Image source: Adobe Stock)
The emerging efforts to raise Africa’s share of global manufacturing have been explored in the latest issue of African Review
Manufacturing was a key topic of scrutiny in the African Development Bank’s (AfDB) recently-published ‘2024 African Economic Outlook’, which sought to influence inclusive growth across the continent. While noting that a “single-minded” focus on development through manufacturing should make way for advancing regional diversity and encouragement of wider sectors, it stated that developing manufacturing and reducing the size of exports of unprocessed raw materials “must be part of the economic transformation strategy of African countries.”
While the continent’s share of global manufacturing sits at a paltry 2% today, the development of the sector is still widely regarded as crucial to its ongoing industrialisation and future prosperity. By shaking off the post-colonial reputation as a feedstock for global industrialised economies, African nations can ensure greater value is captured from their vast pool of resources.
Here, a significant opportunity emerges in the form of the continent’s abundance of minerals critical to the energy transition. Already, Africa is positioning itself at the heart of global critical mineral production with countries such as DRC, for example, responsible for more than 70% of global cobalt output. Calls to maximise the reach of these resources are increasing in volume. Speaking at UNCTAD’s ‘Maximising Africa’s Potential’ event in Addis Ababa, UN Economic Commission for Africa’s deputy executive secretary, Antonio Pedro, remarked, “Imagine the potential if African minerals are processed into African batteries, installed into African cars that are driven across the continent and the world... This would accelerate the deployment of renewable energy and the electrification of transport systems on the continent, create decent jobs and make Africa a competitive hub for green industrialisation.”
Click here to read the full article in the latest issue of African Review, including the initiatives being undertaken to realise the green mineral opportunity and the future market for medical manufacturing.
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Africa’s share of global manufacturing only sits at around 2% today. (Image source: Adobe Stock)
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Africa Energy Forum 2024 was held in the Fira de Montjuïc in Barcelona. (Image source: ACP)
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African countries will require over US$45bn in the coming eight years to plug the gap in its transmission systems. (Image source: Synergy Consulting)
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ATIDI and Globeleq boost Kenya’s renewable energy with pioneering geothermal initiative, reinforcing regional sustainability goals.
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