Category: Africa-Caribbean News

Afreximbank breaks ground on historic state-of-the-art Afreximbank African Trade Centre (AATC) in Barbados, first outside Africa

BRIDGETOWN, Barbados, March 25, 2025/ — African Export-Import Bank (Afreximbank) (www.Afreximbank.com/), Africa’s leading Multilateral Financial Institution, made history today when it broke ground on its first-ever state-of-the-art Afreximbank African Trade Centre (AATC) in the Caribbean, marking a pivotal moment for trade relations between Africa and the CARICOM region.

The US$180 million Barbados AATC, the first to be established outside Africa, is an authentic icon of trade embodying the ambition, resilience, and influence of leading commercial cities in Africa and the Caribbean that serve as dynamic focal points for commerce, fostering regional and global trade connections.

It is expected to enhance intra-and extra-African trade, with a focus on countries of the Global South through Afreximbank’s Global Africa initiative.

To facilitate the construction of its iconic AATC in its capital, Bridgetown, the government of Barbados granted Afreximbank 6.4 acres of land at Jemmotts Lane, the former Ministry of Health headquarters.

Upon completion, the business complex will house Afreximbank’s CARICOM office, a conference facility, a technology and SME incubator, a Digital Trade Gateway, 100 room hotel, and a trade and exhibition centre, as well as office spaces for local, regional and international financial and policy organisations.

This groundbreaking event marks the official commencement of construction for this historic project and is a significant step in Barbados and CARICOM’s journey towards economic advancement and regional integration.

Afreximbank initiated the AATC concept following a 2018 Board decision to create trade facilitation hubs in key commercial capitals across Africa.

These hubs will provide integrated trade information, services, finance, and ancillary facilities. Nine leading commercial cities were subsequently selected to host the network of AATCs across Africa and the Caribbean. They include Abuja (Nigeria), Harare (Zimbabwe), Kampala (Uganda), Cairo (Egypt), Abidjan (Cote d’Ivoire),Yaoundé (Cameroon), Bridgetown (Barbados), Kigali (Rwanda) and Tunis (Tunisia).

They will serve to link buyers, sellers, suppliers, service providers, enterprises, governments, chambers of commerce, financial institutions, economic development organisations and the general African and global trade and investment community.

Delivering the keynote address during the event, The Honourable Mia Amor Mottley, Prime Minister of Barbados and Chairman of the Caribbean Community (CARICOM), highlighted the site’s historical significance as the location of Barbados’ first hospital, opened in 1844 to look after the health of emancipated slaves.

“My government stands proud here today to be able to bring in to the pantheon of financial institutions in this country, Afreximbank, not simply as an entity that is leasing a building from somebody for an office, but as an institution ready to lay roots and foundations in this country – the first AATC outside of Africa, just like Barbados was the first hub (for slaves) outside of the continent of Africa, and in so doing, we send the signal that we intend to be able to reclaim our Atlantic Destiny.”

She added: “Professor Oramah, I ask you to accept, on behalf of Afreximbank, this clear offer from the Government of Barbados to make available this gesture of over two hectares of land to ensure that the investment will bring jobs to the people of Barbados; that it will bring foreign exchange and investment opportunities to the people of Barbados and the region.”

Speaking during the groundbreaking, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, thanked the Hon. Mia Mottley, her government and its people for the warm welcome and for being a strong agent for the reunification of Global Africa and hosting Barbados AATC that will also serve as Afreximbank’s regional CARICOM office.

Prof. Oramah said: “The Barbados AATC will serve as the gateway for Afri-Caribbean trade and investments, creating opportunities for doing business with the Caribbean and for Caribbeans doing business in Africa.

He expressed confidence that the project would deliver tangible positive economic, community and social impact to Barbados and the Caribbean region by enhancing trade and fostering sustainable development.

Prof. Oramah assured the Prime Minister and other leaders present that Afreximbank remained committed to supporting the economic growth and prosperity of Africa and the Caribbean by attracting investments, removing barriers to trade and reshaping the narrative of business in the region.

The event also featured the official handover of the land for the project from the Government of Barbados to Afreximbank. Construction of the complex is projected to take approximately 30 months, generating around 1,000 direct and indirect jobs during this phase.

Additionally, about 50 SMEs will benefit from business opportunities as subcontractors and suppliers of construction materials, labour, and other services. Upon completion, the facility will create 300 permanent jobs, significantly contributing to employment.

The facility will include a hotel, which will boost the supply of hotel rooms in Barbados, critical for tourism promotion. It will also house the Bank’s office as well as lettable office spaces, which are expected to be occupied by Caribbean businesses as well as African Banks and businesses that are already beginning to do business in CARICOM.

Afreximbank has extended its credit lines to CARICOM to the tune of US$2.5 billion, aiming to bolster the region’s development, particularly on the backdrop of Guyana and Suriname’s new oil discoveries, expected to impact the entire region once fully commercialised.

In 2024, the Bank provided Barbados with US$25 million for its Cricket World Cup sports complex refurbishment, and currently has deals worth US$500 million in the pipeline.

Meanwhile, Hon. Dickon Amiss Thomas Mitchell, Prime Minister of Grenada, noted that in the very short period since the Bank landed by choice on the shores of the Caribbean, the region has benefitted tremendously.

PM Mitchell added: “Grenada will follow Barbados, Guyana and The Bahamas, hosting on July 28 and 29 the Afreximbank Trade and Investment Forum in Grenada. And we do so cognisant of the economic opportunities, trade, investment, financing, the movement of our people, our goods and services between the continent of Africa and the Caribbean.”

Also participating in the groundbreaking ceremony was Dr. Carla Barnett, Secretary General of CARICOM, Afreximbank’s Board Members, the Bank’s Senior Executive Vice President and Vice Presidents and several other notable local and regional government officials and business leaders.

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Communications and Events Manager (Media Relations)
Email: press@afreximbank.com

March 25, 2025
Addressing the Cost of Africa’s greater bulk of raw Minerals Exports to her Economic Growth

,,,,,,,,,,As Maiden Virtual Africa-Caribbean Achievers Summit Takes Off

Story: Mohammed A.Abu

Mr. Kwesi Abeasi, Chairmin, Non-Executive Director, InvestCorp has called on African governments to take endeavor to take seriously factoring of value addition into international agreements in relation to resource seeking investments, within the context of their Foreign Direct Investment(FDI) drives.

Lack of this most important singular act on the part of African governments Mr.Abeasi intimated, has led to host countries being short-changed by foreign investors as host countries earn a pittance from the exploitation of their rich natural resources endowment potential.

He said the lack of value addition in agreements with resource seeking investors, has created the situation whereby raw gold or ore is what is mainly exported from mineral resources rich African countries rather than processed and value added products from commercial refineries in the host countries.

Mr. Abeasi, cited the popular Niger incident to buttress his point on how African countries are being short-changed to the extent that the country was offered a pittance of €0.80 per Kilogram while the same quantity actually was sold for €200 on the international market.

Mr. Abeasi was delivering his Keynote Address, titled, “Economic Growth and Investment in Africa during the opening ceremony of a two-day (4^th-5^th March) maiden virtual Africa and Caribbean Achievers Summit, which took off yesterday Monday and ends today, Tuesday,5^th March,2024.^..

The opening welcome address was delivered by Mr. Benjamin Acheampong, the Group President, WMG,UK, whiles goodwill messages was delivered by Dr. Joe Tackie, CEO, Global Entrepreneurship Solutions.

The event seeks to parade some of Africa and the Caribbean’s most powerful entrepreneurs, start-ups, and business owners on the theme “Corporate Africa, the 6th Region, AfCFTA, and Beyond.

The event seeks to discuss key strategies, processes, innovative ideas, skill sets, and funding opportunities they employ to make them successful at what they do. Discover from renowned business owners and entrepreneurs what your purpose, potential, business niche, and essential tactics are as an African or Caribbean

Other Speakers

Other key Speakers for the day were Mr. Paapa Bartels, Head Trade and Investments, Ghana High Commission, UK, who spoke on “The Role of Diasporans in Economic Development” Dr. June Soomer, on “Strengthening of Regional Integration and Cooperation in Africa and Caribbean”, Mr. Louis Yaw Afful, an international Trade Practitioner and Investment Consultant on “Domestication of AfCFTA Trade in Services Protocols whiles Mr. Charles Owusu, CEO, Ghana Petroleum Hub on his part, spoke on, “Creating Enabling Business Environment Through Good Governance & Leadership”.

Panel Session

A panel discussion, held under the theme, “Righting the Wrongs of Doing Business in Africa and the Caribbean” featured panelists namely, Dr. Errington J. Thompson, Chair & President, AACARI, Mr. John Rocha, Chief Director, AfCFTA, SA, Mrs Christine S. Ntim, CEO, Global Ecosystem Start-Up, Haiti, and Barrister Anthony Adiadi, Director, International Development & Strategy, Uwa Africa Group.

Africa’s Gargantuan Annual Wealth Leakage to Already Rich Nations

According to Paul Akiwumi, Director for Africa and Least Developed Countries, UNCTAD, in a feature article, published on the Organization’s website on the 29^th September,2020, Africa loses at least $40 billion each year from the under invoicing of commodity exports from the continent, according to the latest comprehensive data available.

“The size of trade gaps varies by country, but is relatively consistent by commodity group, with gold exports representing 77% of the total, followed by diamonds (12%) and platinum (6%).

“The proceeds from trade under invoicing and other illicit financial flows (IFFs) contribute to an average of $88.6 billion per year of capital flight from Africa, which is wealth sent and held abroad.

“These outflows represent a considerable opportunity cost to development in Africa, draining the capital available to invest and create jobs, and reducing the potential tax revenues governments could use to spend on infrastructure and social programmes.

“By some estimates, improving tax collection, along with curbing capital fight and IFFs, could raise tax revenue in Africa by an additional 3.9% of GDP, or $110 billion a year”.

March 5, 2024

Black Medical Expertise Excellence Celebrated at Global Black Impact Summit,Dubai 2024

Story: Mohammed A.Abu

The Global Black Impact Summit has announced Dr. Ehsan Natour’s joining of the event taking place in Dubai on February 27 as a distinguished speaker.

As a seasoned medical professional and an expert in his field, Natour brings a unique perspective shaped by his diverse and extraordinary journey and education,will contribute to GBIS 2024 by offering his wealth of knowledge and expertise.

With a background in complex aortic pathology, heart-lung transplants and left ventricle assist devices, Dr. Natour’s work at the University Medical Center Groningen (UMCG) demonstrates his commitment to advancing cardiac care. As an educator and Head of the Aorta Surgery Program, he significantly contributes to medical education and surgical programs.

This is against the backdrop that,as the world of medicine evolves and new technologies and breakthroughs are made, the value of inclusivity within the field becomes even more critical,according to a recent official statement issued in Dubai,

Since 2016, the statement noted,Dr. Natour has been living and working in Maastricht in the Netherlands and Aachen in Germany, further expanding his impact on the field of cardiac surgery.

His book, ‘When life comes to a standstill’,it also noted, reflects not only his medical expertise but also his dedication to supporting patients and their relatives through the foundation ‘Stilgezet’. This Dutch foundation initiates sustainable change in the healthcare system through various activities and art projects.

“As a speaker at GBIS 2024, Dr. Natour is poised to offer profound insights into healthcare challenges, patient support, and the intersection of medicine and social impact.

“He will bring a global perspective to the event, making him a potential catalyst for discussions on transformative change in healthcare systems.

“Dr. Natour’s unique blend of medical expertise, educational leadership, and social entrepreneurship aligns seamlessly with the event’s theme – Black Excellence: Unleashing the Unexplored Potential for Global Unity – promising to be a driver of change at GBIS 2024.”it further added.

January 30, 2024

India to lead worldwide consumer growth with 31% of new consumers; digital economy to surpass US$1 trillion in Latin America (LatAm) and Africa

CURITIBA, Brazil, January 25, 2024/ — Clients in major rising economies like Brazil, India, Kenya, and Nigeria are pulling the global digital market up by paying online purchases with instant payments, transfers, and other alternative payment methods – including for B2B transactions; Cards are still strong in digital, with high penetration of domestic brands and debit bringing new consumers to the online sales world, points out the new EBANX’s (www.EBANX.com)

Beyond Borders study; Digital payments in Africa have jumped from a 23% to a 46% penetration rate in less than eight years and continue to drive growth in digital commerce.

Rising markets in Latin America, Africa, and Asia are guiding the global surge in new consumers, with India leading the way, by adding 34 million people to the consumer class this year, almost one third of the 109 million worldwide. After Asia, Africa and Latin America are, respectively, the second and third regions to add more people, per the World Data Lab.

This general consumer increase led by these three dynamic regions unfolds into the digital commerce realm as well: combined, LatAm’s and Africa’s digital commerce markets are expected to surpass US$1 trillion in total value by 2026, while India’s will be over US$275 billion, per Payments and Commerce Market Intelligence (PCMI) data in the new annual Beyond Borders (https://apo-opa.co/3OiQ1F4), EBANX’s comprehensive study about the digital market and payments in rising economies, which was launched today.

While digital commerce is growing by 13% or 12% per year in more consolidated markets around the world, like the U.S. or Europe, online sales are expanding at a much faster pace in rising economies, of 20%, according to Statista’s data, in the study. Over half of the population in these regions already embraces digital payments, positioning them as central to economic growth and consumer access.

“There is a solid demographic reason for this: rising economies have a young and growing population, contrasting developed regions. In addition to the demographic and economic push, rising economies largely benefit from digitization,” states Paula Bellizia, President of Global Payments at EBANX. “The digital revolution has been disrupting industries and unlocking opportunities for both local and global players, from verticals spanning from SaaS, digital ads, and B2B online trade, to gaming, streaming, social media, and e-commerce. And payments have been the backbone of this growth,” she added.

Latin America’s digital market will nearly double in size by 2026, reaching US$944 billion after growing at a 23% CAGR, per PCMI data for Beyond Borders, showcasing robust opportunities. Brazil, LatAm’s digital commerce powerhouse, boasted a US$275 billion market last year, and stands out as a prominent force, ranking fourth globally in the number of digital buyers, according to Insider Intelligence.

Also emerging as strong contenders are Mexico, Colombia, and Peru, which display annual growth rates of around 30% for digital commerce. Central America & Caribbean countries like Costa Rica, El Salvador, Panama, Guatemala, and the Dominican Republic will not slow down either, accelerating at an annual pace of around 20% by 2026, proving that a block approach to this Latin region can add up to the global expansion strategy of any global digital player.

India is another perfect example of the digital potential in rising economies: the Asian country is the world’s second-largest online shopping market, only behind China, with around 350 million people boosting a digital commerce market that surpassed US$184 billion last year.

And yet, online sales penetration rate is still at 33%, as pointed out by Insider Intelligence’s data in Beyond Borders, showing the substantial untapped opportunity that still exists in the country – particularly if efforts are directed towards improving payment access for India’s diverse population.

Financial inclusion was at the center of two strong cases inspiring the world: UPI in India and Pix in Brazil. With great user experience, zero-cost services to consumers and minimal to no charges for merchants, the two systems are revolutionizing both offline and online purchases: Pix is part of the daily lives of 4 in every 5 adults in Brazil, according to the country’s Central Bank.

Over the last three years, nearly 8 out of 10 customers making their initial online purchase with an EBANX merchant opted to use Pix for payment, per EBANX internal data. In India, UPI has a 41% share of the total digital commerce, according to PCMI, being the utmost chosen payment method by Indian online consumers.

As an early adopter of digital payments, and soon to be home to an adult population of 1 billion by 2030, Africa is also an important region for the outstanding digital growth of commerce and payments.

After heavily embracing digital payments, which jumped from a 23% to a 46% penetration rate considering many of its countries in less than eight years, Africa is now on the verge of its next big leap: digital commerce, fueled by cell phone penetration rates and constant adaptability of local, alternative payment methods to the online world, like mobile money, which reached almost universal penetration in countries like Kenya.

It is interesting to observe how the innovation brought by alternative payments is improving the whole ecosystem, and impacting cards as well – including debit ones – which remain steady and keep playing an important role in the digital economy as account ownership surges in rising markets. “Cards and alternatives are learning from one another, absorbing features from one another, paying attention to the needs of merchants and consumers,” Bellizia noted.

Combined, credit and debit cards represent 51% of digital commerce value in Brazil, 66% in Mexico, and 75% in Chile, according to PCMI data in Beyond Borders. In India, cards account for 43% of the value of online transactions; and the high penetration goes to African nations as well: in Morocco, 42%; in Nigeria, 36%.

“A payments strategy for rising markets needs to consider a balance between cards and alternative payments, adapted to specific countries, verticals, and business models, centered in offering the best payment experience to customers, enabling them to pay with their method of choice. This fosters true access,” she added.

The new Beyond Borders report is also revealing the next frontier for innovation and growth in the payments industry: B2B payments – companies purchasing from other companies.

Currently 42% of Kenyan businesses and 63% of Indian ones make online purchases. In LatAm, 64% of businesses in Brazil and an impressive 85% in Colombia, way higher than the global average of 50%, according to OECD and UNCTAD data.

By 2027, rising markets in LatAm, Africa and Apac will make up for 40% of the total value of B2B payments made online worldwide, and yet an estimated 70% of B2B transactions are still pretty much manual, according to Capgemini, lacking more seamless flows. “This opens a massive opportunity in which alternative payments can be a game-changer: EBANX’s internal data show that local payments improve approval rates for B2B transactions, with internal rates that surpass 80%,” Paula Bellizia concluded.

Access the complete Beyond Borders 2024 study at https://apo-opa.co/3OiQ1F4.

Distributed by APO Group on behalf of EBANX.

For more information:
Website: www.EBANX.com
LinkedIn: https://apo-opa.co/4bcrVW6

January 25, 2024
#BlackExcellence in Architecture: Driving Cultural Representation

DUBAI, United Arab Emirates, January 25, 2024/ — Shaping our physical environment, creating a sense of identity and place, and supporting economic development are but a few of the functional purposes of architecture. Architects play a critical role in providing places for people to live and work, improving the quality of human life and supporting the aesthetics within a designed environment.

This year’s Global Black Impact Summit (GBIS) { https://GlobalBlackImpact.com/} – taking place in Dubai on February 27, 2024 – will explore the achievements of Black architects and designers, whose work serves as a symbol of culture, society, and development.

Architects shape the world we live in, casting an emotional impact on people and changing our perception of space. Serving as the first Black architect to become a member of the American Institute of Architects (AIA) in 1923, the work of Paul R. Williams resulted in his bestowment of the institution’s prestigious Merit Award for his design of the MCA building in Beverly Hills, California. Williams’ impressive oeuvre encompasses the design of the homes of Frank Sinatra, Lucille Ball, and Lon Cheney, to name a few.

Centered around the theme, ‘Black Excellence: Unleashing the Unexplored Potential for Global Unity’, this year’s summit underscores the value of innovation, inspiration, and authenticity.

Known for her lavish use of form, straddling the line between openness and utility, Norma Merrick Sklarek’s notable works include the U.S. Embassy in Tokyo and the Terminal One station at the Los Angeles International Airport.

In addition to becoming the first woman licensed as an architect in New York and California, Sklarek became the first African American woman member of the AIA and the first to co-own an architectural firm.

As a medium, architecture provides designers an opportunity to express their artistry on a larger scale than other traditional artists. The accessibility and visibility of their work offers a greater influence on a wider population and for much longer a term.

As such, the transcontinental scope of architect and designer, Pascale Sablan, includes notable buildings such as the Museum of the Built Environment in Saudi Arabia and the Bronx Point project in New York.

Her work on commercial, cultural, and residential buildings has resulted in Sablan becoming the recipient of numerous awards including the 2018 Pratt Alumni Achievement Award, Emerging New York Architect Merit Award, and the NOMA Price for Excellence in Design.

Renowned for his innovative and sustainable architectural style, Burkinabe-German architect, Diébédo Francis Kéré became the first African to receive the prestigious Pritzker Architecture Prize. Kéré’s portfolio, which includes civic infrastructure and temporary installations, is notable for its innovative use of local resources and participatory design methods.

His work includes the Gando Primary School in Burkina Faso, the National Park of Mali, and the Serpentine Pavilion in the UK. Kéré’s focus on social initiatives has been celebrated for embodying the values of the communities where he works, driven by a commitment to environmental understanding and service to humanity.

Architectural excellence and the influence of Black designers in the field will be a focus-point during this year’s GBIS event, which will highlight the contributions, achievements, and influence of Black architects from all over the world.

The Summit will unite participants under the common goal of celebrating and supporting innovation and inclusivity in the realm of architecture, promoting equal opportunities and inspiration to Black creatives and trailblazers.

Global Black Impact Summit 2024

The Global Black Impact Summit is an annual event – organized by Energy Capital & Power – that seeks to celebrate the achievements of the Black community, promote excellence, and explore untapped potential across various fields. This year’s summit is set to be a transformative experience, featuring influential speakers, engaging panel discussions, and networking opportunities that encourage attendees to reach new heights.

To secure your spot at this prestigious gathering, register promptly at www.GlobalBlackImpact.com.

Distributed by APO Group on behalf of Energy Capital & Power.

SOURCE
Energy Capital & Power

January 25, 2024
Africa-Caribbean Trade and Business to get a booster
London, Great Britain, January 20, 2024, WMG has announced the organization of a virtual AFRICA – CARIBBEAN ACHIEVERS’ SUMMIT from 04 to 05 March, 2024 between 01 PM to 06 PM BST, on theme: Corporate Africa, the 6th Region, AfCFTA and Beyond to promote trade and Business between Africa and the Caribbean.

The Summit will be an unprecedented 2-day event that will parade some of Africa and Caribbean’s most powerhouse entrepreneurs, start-ups and business owners. They will share and discuss some of the key strategies, processes, innovative ideas, skill sets and funding opportunities they employ to make them successful at what they do. The summit seeks to attract over 1,000 participants across Africa and the Caribbean, to foster growth and development within both viable regions.

The event will converge Africa and Caribbean elite business powerhouse, entrepreneurs, start-ups, corporate CEOs, executives of Pan-African trade industries, commercial organizations and financial institutions to discuss trade, industrialisation, partnerships and prospects that can be leveraged to upscale economic dividends.

Commenting on the event, Benjamin Acheampong, WMG President says “this is a flagship summit and a new dawn for Africans not only to discuss trade related issues among themselves but also for both Africa and Caribbean Private sector Actors, Business Leaders and like-minded players to pursue innovations, calve business strategies, methodologies, skill set and transformative will-power needed to drive success in the knowledge economy”.

“The summit will showcase investment opportunities, promotes trade, and facilitate business matchmaking, which will result in new economic partnerships, trade agreements, and increased investments between Africa and the Caribbean. It will also highlight the rich cultural heritage of Africa and the Caribbean, foster appreciation and understanding between the two regions. Using a variety of tools such as: cultural performances, exhibitions, and interactive sessions that promote cross-cultural dialogue”. He has added.

The summit envisions the following:
1. Keynote from successful African and Caribbean business leaders and Heads of States
2. Daily summit remarks by key partners and sponsors
3. Master Classes on business creation, growing and financing, and wealth management
4. Workshops on ACAS focus areas towards generating projects that can be taken forward
5. Provide a platform for professionals, entrepreneurs, and business leaders from both regions to exchange ideas, explore business opportunities, and promote cultural understanding.
The summit welcomes companies and organisations as partners or sponsors. Our platform has the profile to guarantee your company/organisation the exposure and spectrum you dream of. WMG appreciates all levels of sponsorship on a first come first served basis: such as discounts packages and others.

For more information kindly email us at info@wealthmastersgroup.com or call us ₊+ 44 1622 809462 or visit our website at www.wealthmastersgroup.com. Socials Media Facebook, LinkedIn and Instagram to discuss summit aspects including sponsorship packages tailored to your business objectives.

About

The Wealth Masters Group is a leading provider of business solutions and capacity development company headquartered in London, United Kingdom. Our primary focus is to provide tailored guidance and support to help organizations, businesses and leaders, both in the private and public sectors, in enhancing their capabilities, overcome challenges, achieve growth, and improve overall performance for profitability.

WMG specialize in strategic management and planning, financial management, operational efficiency, market research and entry, business development, sales, human resource and talent management, technology adoption, risk management and compliance, succession planning and equipping these businesses to outperform their competitors and become agile in changing market dynamics.

At Wealth Masters Group, we offer a collaborative business environment where small and medium enterprises can expand their knowledge and skills through interaction with market leaders and experts. Our dedication lies in enabling our clients to achieve remarkable success over a long term and helping them grow sustainably.
January 23, 2024

About “Jollof Wars” during IATF2023 in Egypt

Story.Mohammed A. Abu

A subtly spiced and smoky version of Ghana’s jollof rice prepared by Ghanaian Executive Chef Mr. Dediha George, gave him a win over his Senegalese Chef Mr. Abdoulaye Tamsir Ndir, and Nigerian Chef Mrs. Moyosoreoluwa Odunfa contestants.

This was within the context of The African Export-Import Bank (Afreximbank)’s launch of an African Gastronomy and Culinary Arts Programme under its Creative Africa Nexus Initiative (CANEX) as one of the major outcomes of its recently ended 3^rd Intra African Trade Summit(IATF2023) in Cairo,Egypt.

The CANEX African Gastronomy and Culinary Arts Programme is the newest vertical within the CANEX programme and featured nine celebrity chefs from Africa and the Caribbean taking part in masterclasses, live cooking demonstrations and conversations with culinary experts.

The inaugural session of the programme, concluded with a live demonstration, dubbed the “Jollof Wars” to highlight the unique flavours and cultural diversity of Jollof rice among Nigeria, Ghana and Senegal

Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said that the introduction of the programme would help to refocus continental efforts towards local food production to ensure food security, reduce high food costs and imports and minimise the impact of external shocks on Africa’s food supply chain.

Delegates at the IATF2023 found themselves amidst a delightful culinary celebration, organized by CANEX and African Food Changemakers, and today’s spotlight was on the iconic Jollof rice—a dish that sparks the famous “Jollof Wars” between Nigeria, Ghana, and Senegal among other West African countries.

The chefs behind these delectable creations included Ghanaian Executive Chef Mr. Dediha George, Senegalese Chef Mr. Abdoulaye Tamsir Ndir, and Nigerian Chef Mrs. Moyosoreoluwa Odunfa.

November 17, 2023

Guyana Deserves to Develop its Oil and Gas, and so does Africa

JOHANNESBURG, South Africa, November 2, 2023/ — At a time when both African and Caribbean nations are making great strides towards developing recently discovered oil and gas reserves, countries whose development was driven by hydrocarbons are accelerating efforts to transition to a renewable energy future.

This transition has seen wealthy nations establish a ‘green agenda,’ one which does not take into consideration Africa’s economic needs. The African Energy Chamber (www.EnergyChamber.org), therefore, strongly calls for an end to the demonization of oil and gas, encouraging African and Caribbean nations to collaborate towards a common and fair energy agenda.

Africa and Guyana are just starting to uncover the true potential of their oil and gas resources. More than 30 discoveries were made in Guyana since 2015, with one block alone – operated by ExxonMobil – expected to hold as much as 11 billion barrels of oil. The same can be said for countries in Africa such as Namibia, with five major discoveries since 2022; Mozambique, with its major gas projects; Angola, Nigeria, Equatorial Guinea and many more.

The green agenda fails to recognize the substantial potential resources such as natural gas – abundant in both Africa and the Caribbean – offer. Africa, for its part, holds over 600 trillion cubic feet (tcf) of natural gas reserves, and yet continues to be told to leave these resources in the ground.

Unfortunately, climate panic and fear mongering are alive and well, and for some reason, Africa is public enemy number one. A continent that emits a negligible amount of carbon dioxide – at most, 3% of the world’s total emissions – is being disproportionately pegged as a threat to the planet by developed nations.

In particular, the West is vilifying Africa’s energy industry because it is based on fossil fuels, even though the proportion of renewables is growing. There’s no question that much of this anti-African oil and gas sentiment is based in fear of climate change, which is intertwined with the sheer terror that a fossil fuel boom in Africa, Guyana, Trinidad and Tobago, Suriname and other Caribbean nations could be devastating to the world at large.

For countries such as Mozambique, with 100 tcf of proven reserves; Nigeria, with 200 tcf of proven reserves; Angola, with 10 tcf of proven, and many others, leaving gas in the ground is simply not an option. With significantly fewer emissions than resources such as coal, gas stands to play a catalyzing role in Africa.

Through gas, the continent can bring economies to life, unlocking a prosperous future in the form of job creation, business opportunities, capacity building and monetization. Despite this potential, the green agenda advocates for an immediate transition, thereby ignoring the sustainable, logical and realistic solution gas provides. In this scenario, both Africa and Guyana are proposing an alternative agenda, one in which gas is developed to meet the current needs and future demand of nations. Through gas, countries will be strategically positioned to finance the transition to renewables.

“Demonizing the oil and gas industry must stop. We see it constantly, in the media, in policy and investment decisions, and in calls for Africa to leave our fossil fuels in the ground. We see it with lawsuits to stop the financing of projects such as Mozambique Liquefied Natural Gas or lawsuits to prevent Shell from even carrying out a seismic survey,” stated NJ Ayuk, Executive Chairman of the AEC. “Actions like these, even as Western leaders have pushed OPEC to produce oil and are pushing European nations to increase their own production and escalate coal use, are not fair, and they’re not helpful.”

Africa is on a mission to make energy poverty history by 2030 and this can only be achieved through oil and gas. Currently, over 600 million people are without access to electricity while over 900 million are without access to clean cooking solutions. The wealthy nations green agenda does not consider how much Africa needs natural gas to bring electricity to the growing number of Africans and Caribbeans living without it.

They do not understand that we, as Africans, are focused on growing Africa’s energy mix to include fossil fuels and renewables, instead of insisting on an all or nothing approach to our energy transition. Africa’s energy and economic future hinges on an integrated, not separated, energy mix.

As such, countries are calling for a new discussion to take place at COP28 in Dubai, one in which both Africa and the Caribbeans voices are not only heard but a part of. During the African Energy Week 2023 conference this October, African leaders emphasized the critical need to adopt an Africa-centric and just energy transition, one that heavily incorporates oil and gas. Global leaders, financial institutions and project developers should comply with this agenda, putting a continent’s needs before the world’s problems.

“I also would respectfully ask financial institutions to resume financing for African oil and gas projects and stop attempting to block projects like the East African Crude Oil Pipeline or Mozambique’s LNG projects,” Ayuk concluded.

Distributed by APO Group on behalf of African Energy Chamber.

SOURCE
African Energy Chamber

November 2, 2023
African Energy Chamber (AEC) Advocates for Fast-Tracked Approach to Oil Development and Deals at AfriCaribbean Trade and Investment Forum (ACTF) 2023 in Guyana

JOHANNESBURG, South Africa, October 31, 2023/ — The African Energy Chamber (AEC) (https://EnergyChamber.org) strongly supports the development of oil and gas in Africa and remains committed to facilitating deals between African and global players.

Under efforts to strengthen multilateral partnerships and bolster oil and gas deals, the AEC’s Executive Chairman NJ Ayuk is currently conducting a working visit to Guyana, participating in the AfriCaribbean Trade and Investment Forum 2023. Ayuk is speaking on a panel titled, ‘Opportunities in the Oil and Gas Sector.’

Burgeoning African oil producers stand to learn a great deal from Guyana, a country which prioritized a fast-tracked approach to developing recent oil and gas discoveries. Since 2015, more than 30 offshore oil discoveries were made in Guyana, with over 11 billion barrels of recoverable reserves identified.

In five short years since the company’s discovery, project developer ExxonMobil started producing oil from the Stabroek Block, discovered in 2015. A strong pipeline of other projects came online shortly afterwards, with support from the Government of Guyana serving as a catalyst for development.

This fast-tracked approach to not only discovering but developing oil is both commendable and replicable. By streamlining regulatory processes, introducing attractive fiscal terms and engaging with private players to develop projects quickly, the Government of Guyana has prioritized economic growth and progress.

For countries in Africa making their own offshore finds, this approach is highly strategic. Namibia, for example, which made five major discoveries in less than two years, serves to learn a great deal from its Caribbean neighbor.

The country is situated in southern Africa, a region with an energy crisis that has long-impacted economic development. With billions of barrels worth of oil likely to be contained in the country’s offshore basins, a fast-tracked approach to development is critical, not only for the country but the region at large.

The same can be said for Namibia’s neighbor South Africa. Faced with environmental opposition across the upstream oil and gas industry, major finds made such as Luiperd and Brulpadda are yet to be developed. Regulatory delays and lack of investment further restrict progress. Unless the country adopts an aggressive approach to developing offshore resources, critical energy will remain undeveloped.

However, Africa’s offshore development is not only a picture of potential. Countries such as Senegal and Mauritania have seen substantial success in recent years, with the removal of red tape, streamlining of regulatory processes and aggressive approach to signing deals driving a number of impactful projects.

Senegal’s 100,000 barrel per day Sangomar oilfield development is set to come online in 2024 alongside the Greater Tortue Ahmeyim project. Exploration has accelerated regionally but deals are still awaiting signatures.

During Ayuk’s visit to Guyana, this very topic is a central point of discussion. Ayuk’s call for a ‘sign baby sign’ mindset in Africa’s oil and gas sector serves as a rallying cry for expediting critical energy projects.

This mindset emphasizes the importance of swift decision-making and the elimination of bureaucratic hurdles that often hinder progress. By streamlining processes and expediting approvals, Ayuk advocates for a more agile and responsive industry, poised to capitalize on opportunities and navigate challenges with efficiency.

One of the AEC’s key messages is the imperative need to cut through bureaucratic red tape. Cumbersome regulatory processes and administrative delays can stifle investment and impede the timely execution of critical projects. By streamlining regulations and ensuring transparency, the AEC envisions a more investor-friendly environment that not only attracts capital but also accelerates project implementation.

Across Africa, Governments are urged to shed their hesitancy and embrace a forward-looking approach to energy development. By adopting policies that promote investment, leaning on partnerships with counterparts such as Guyana and signing deals quickly, African countries can unlock their full energy potential and, in turn, drive economic prosperity.

Distributed by APO Group on behalf of African Energy Chamber.

SOURCE
African Energy Chamber

October 31, 2023