Category: AFRICA

ECOWAS Commission Reacts

Story: Mohammed A. Abu

Following an earlier announcement by Burkina Faso, Mali and Niger of their decision to withdraw from the Economic Community of West Africa States (ECOWAS), in a joint communique issued in Burkina Faso, Mali and Niger on Sunday, the Regional body formally responded same day.

In a communique issued in Nigeria, the ECOWAS Commission noted that even though its attention has been drawn to statement broadcast on the National Televisions of Mali and Niger announcing the decision of Burkina Faso, Mali and Niger to withdraw from ECOWAS, it is yet to receive any direct formal notification from the trio about their intention to withdraw from ECOWAS.

“The ECOWAS Commission as directed by the Heads of States and Governments”, the communique said, has been working assiduously with the three countries for the restoration of constitutional order.

“The three countries remain important members of the community and the Authority remains committed to finding a negotiated solution to the political impasse.

“The ECOWAS Commission remains seized with the development and shall make further pronouncements as the situation evolves “the communique added.

The Beef of Burkina Faso, Mali and Niger

In their joint communique issued in Burkina Faso, Mali and Niger earlier in the day, the three countries recounting the genesis, purpose and mission of ECOWAS,noted that, their Excellences, former Heads of State of Upper Volta (today Burkina Faso), Mali and Niger, “eager to achieve integration between the states in the sub-region and driven by the ideals of brotherhood, solidarity, mutual aid, peace and development, created with twelve (12) of their peers on May 28,1975 in Lagos, the Economic Community of West African States(ECOWAS)”

“After 49 years of existence, the valiant people of Burkina Faso, Mali and Niger, the communique said note with regret, bitterness and great disappointment that their organization has moved away from the ideals of its founding fathers and Pan Africanism.

“Further, ECOWAS under the influence of foreign powers, betraying its founding principles, has become a threat to its member states and its populations whose happiness it is supposed to ensure.

“Indeed, the organization has not provided assistance to our existential fight against terrorism and insecurity, worse when these states decided to take their destiny into their hands, it adopted an irrational and unacceptable posture by imposing illegal, illegitimate, and irresponsible sanctions in violation of its own text all things which has further weakened populations already bruised by years of violence imposed by institutionalized remote-controlled terrorists’ hordes.

“Faced with this situation, their Excellences, Captain Ibrahim Traore, Colonel Assimi Golta and Brigadier General Abdourahamane Tiani, respectively, Head of State of Burkina Faso, the Republic of Mali and the Republic of Niger taking all their responsibilities in history and responding to the expectations, concerns and aspirations of their populations, decide in complete sovereignty on the immediate withdrawal of Burkina Faso, Mali and Niger from Economic Community of West African States’ concluded the communique..

January 28, 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
African Energy Chamber (AEC) Endorses Africa Energy Technology Conference 2024 in Ghana

JOHANNESBURG, South Africa, January 25, 2024/ — The African Energy Chamber (AEC) (www.EnergyChamber.org) – the voice of Africa’s energy sector – is pleased to officially endorse and act as a strategic partner to the Africa Energy Technology Conference, taking place in Accra this March and hosted by the Africa Energy Technology Center (AETC), in partnership with Ghana’s Ministry of Energy.

The partnership signifies a united effort to propel innovation, advocate for sustainable energy solutions and foster strategic discussions within the African energy ecosystem, under the event’s theme Africa at the Forefront of Energy Technology and Policy Integration in a Just Energy Transition.

For Ghana, a country rich with opportunities, the Africa Energy Technology Conference will be instrumental in connecting capital to projects. With a vibrant petroleum sector, a young and capable workforce, and a growing economy, the country offers lucrative opportunities for foreign capital and technology providers.

In the oil and gas industry, over five billion barrels of proven oil reserves and six trillion cubic feet of natural gas has already attracted a strong slate of players to the market. Companies such as Tullow Oil, Vitol, Kosmos Energy, and many more are actively driving exploration and production in close collaboration with the Ghana National Petroleum Corporation.

Major projects include the Pecan Conventional Oilfield; the Jubilee Southeast Field; and the Ntomme Far West Development.

Under the guidance of the Ministry of Energy – led by Minister Matthew Opoku Prempeh -, the country’s upstream industry has a highly promising outlook. Through the Africa Energy Technology Conference, Minister Prempeh is inviting financiers and technology companies to join the exciting market. Guaranteeing high returns and long-term prospects, investing in Ghana’s oil and gas industry is highly rewarding.

In addition to upstream, Minister Prempeh is inviting companies to invest in the midstream sector, with the sector’s outlook showing equal promise. Projects such as the Tema Floating Liquefied Natural Gas plant; the Tema VI Liquids Storage terminal; the Dixcove Oil Storage Facility; and many more showcase the potential for million-dollar investments. Unlocking technological advancements into this industry is key, and the Africa Energy Technology Conference serves as an avenue for strengthening the sector.

As part of its efforts to make energy poverty in Africa history by 2030, the AEC is dedicated to advocating for policies that facilitate investment, innovation and sustainable development. With a commitment to promoting responsible business practices, the Chamber plays a crucial role in shaping the future of the continent’s energy landscape and promoting technological advancements and policy integration in the energy sector.

Bringing together key stakeholders, policymakers, and industry players to explore investment and sponsorship opportunities, the AETC hosts the annual Africa Energy Technology Conference under its mission to make Africa the ultimate destination for global energy-centred discussions.

This year’s collaboration between the AEC and AETC signifies a shared vision for advancing the energy sector in Africa. By joining forces, the two organizations aim to leverage their expertise, networks and resources to accelerate the continent’s transition towards a sustainable and inclusive energy future.

“We are honored to endorse the upcoming Africa Energy Technology Conference, which positions Africa at the forefront of critical conversations between policymakers and industry stakeholders on technology, innovation, green energy, Environmental Social Governance standards, energy security and the energy transition.

We are also looking forward to the conference’s dedicated sessions to women and youth in energy, who will play a critical role in shaping these discussions and Africa’s broader energy future,” states NJ Ayuk, Executive Chairman of the AEC.

The strategic partnership between the AEC and AETC marks a significant milestone in the pursuit of a sustainable and innovative energy future for Africa. By combining strengths, expertise and dedication to advancing the energy sector, these organizations aim to drive positive change, foster collaborations, and position Africa as a global leader in energy technology.

Distributed by APO Group on behalf of African Energy Chamber.

SOURCE
African Energy Chamber

January 25, 2024
From Africa to Europe: Securing investment for gas export infrastructure

PARIS, France, January 24, 2024/ — Africa’s abundant natural gas reserves represent an attractive opportunity for monetization and export, aligning with Europe’s growing demand for cleaner and more energy. This synergy has set the stage for heightened Africa-Europe trade and partnership, with a focus on gas-directed investments.

The upcoming Invest in African Energy (IAE) forum in Paris on May 14–15 will serve as a focal point of this topic, bringing together African nations with European investors who are eager to tap into Africa’s gas resources and unlock new sources of power.

Assessing the current infrastructure for gas transportation from Africa and Europe reveals a need for foreign direct investment in several strategic areas. These include the expansion and upgrade of existing pipelines, the establishment of advanced liquefied natural gas (LNG) terminals, and the development of efficient compression and decompression facilities. Additionally, investment in digital infrastructure for real-time monitoring and optimization is imperative to ensure the reliability and safety of an extended gas transportation network.

Given the expense of gas projects and the need for maintenance and expansion, diverse funding sources are necessary. Large-scale projects typically require investments in the range of millions to billions for successful development.

In Central Africa, Equatorial Guinea – holding 1.5 trillion cubic feet of natural gas reserves – is positioning itself as a regional Gas Mega Hub (GMH) and global exporter. The country’s Alba Liquefied Petroleum Gas and Punta Europa facilities serve as processing platforms for both domestic and regional gas reserves.

Leveraging its strategic location on Africa’s west coast and utilizing the African Continental Free Trade Agreement, Equatorial Guinea’s expanding LNG export networks and potential connection to Europe-bound pipelines align with Europe’s search for alternative gas supplies. The country also presents opportunities to tap into new export routes, such as the Trans-Saharan gas pipeline, through new gas transport infrastructure linking Africa and Europe.

Much like the Trans-Saharan gas pipeline, the Nigeria-Morocco Gas Pipeline, scheduled to begin construction in 2024 at an estimated cost of $25 billion, represents one of the world’s most extensive energy projects. Spanning 5,600 km, it aims to benefit 13 African countries, providing energy access to around 400 million people along the West African coast.

The pipeline, financially supported by organizations such as OPEC, demonstrates the importance of international collaboration when it comes to infrastructure development. Not only is it set to facilitate intra-African gas trade, but also deliver gas from Nigeria to Europe, serving as a key link in the global gas supply chain.

Meanwhile, the $4.6-billion Greater Tortue Ahmeyim (GTA) LNG project, encompassing the Tortue and Ahmeyim gas fields, holds approximately 15 trillion cubic feet of recoverable gas reserves. Upon completion, GTA LNG will produce up to 10 million tons of LNG annually. Positioned along the maritime border between Senegal and Mauritania, the project requires substantial investment to support critical infrastructure, including liquefaction, transportation and associated facilities.

In Southern Africa, South Africa’s Virginia Phase 2 project is set to produce commercial quantities of LNG and liquid helium for global export, while the Port of Ngqura floating LNG project will involve the installation of a floating storage and regasification unit, gas-to-power infrastructure, cryogenic pipelines, and a terminal for the processing, storing, on-site exploitation, and distribution of gas acquired from the country’s on– and offshore fields.

Similarly, the Kudu Conventional Gas Development in Namibia’s Orange Basin – set to commence commercial production in 2026 – involves collaboration among the Namibian Government, TotalEnergies, Shell and BW Energy. Representing an $880-million investment, the project is currently in the Front-End Engineering and Design phase, with a Final Investment Decision expected in 2024.

European stakeholders can support this venture by investing in essential infrastructure for successful gas extraction, meeting regional energy needs while enabling exports to Europe.

In short, Africa’s leading gas export projects require substantial investments to support the development of critical infrastructure, including extraction facilities, pipelines and associated support systems, highlighting a strategic opportunity for engagement with European financiers, investors and project developers.

Organized by Energy Capital & Power, the Invest in African Energy (IAE) 2024 summit is an exclusive forum designed to foster collaboration between European investors and African energy markets.

Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com.

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

SOURCE
Energy Capital & Power

January 24, 2024
Ghana wants to make importing food like rice and tomatoes more costly: expert explains why it’s a bad idea

Published: January 22, 2024 4.19pm SAST

Sylvanus Kwaku Afesorgbor

Associate Professor, Agri-Food Trade and Policy, University of Guelph

Ghana, like many other developing nations, relies heavily on imports of food and consumer goods to feed its population. For instance, Ghana imports 55% of the rice that is consumed locally. The country’s import dependence is primarily a consequence of the production of low-value primary products without substantial value addition.

To forestall over-dependence on foreign goods, the government has proposed a trade restrictive policy via a legislative instrument on 22 major items. It has justified the policy on the grounds that it wants to reduce Ghana’s dependence on foreign goods by making locally produced goods more attractive from a price perspective. In turn, the idea is that this will drive up domestic production.

The list of items includes essential food products such as rice, offal, poultry, cooking oil, fruit juices, noodles and pasta, fish, sugar and canned tomatoes. All are commonly consumed in most Ghanaian households.

But imposing constraints on these food items has the potential to escalate food prices, as set out in my recent paper, prompting concerns about potential threats to food security. Restricting imports without ensuring high-quality and competitive domestic products will not lead to consumer preference for locally made goods. What Ghana’s industries need are fewer production constraints and more incentives to compete domestically.

Opposition to the instrument

Opposition to the proposal emerged from various quarters, including civil society organisations, trade associations and the minority in parliament.

Opponents of the proposed policy contended that its restrictive nature would lead to severe economic and food security repercussions for Ghana. They argued that domestic producers might struggle to meet local demand for the specific items the government aims to restrict. For example, 90% of Ghana’s total poultry consumption relies on imports.

The government consequently suspended the proposed mechanism in December 2023 for broader consultation.

The reasons

The ministry wanted the restriction for two main reasons.

First, to curb the depreciation of the Ghanaian cedi. A surge in imports of the products in question increased the demand for US dollars, putting pressure on the local currency. In 2022, Ghana imported food products and related goods worth an estimated US$2.6 billion.

Second, the aim was to foster industrialisation in Ghana. According to the ministry, import restriction was a strategy to reduce competition for local producers, fostering increased local production and making Ghana less reliant on foreign countries to meet domestic demand.

But there are a number of concerns about the potential impacts of the proposed restrictions. Among them are food security, government revenue, trade distortions, and the cost of doing business.

The likely impact

Food insecurity: Data from the Food and Agriculture Organization shows that there were 21 million severely food-insecure individuals in 2021. Constraints on imports of commonly consumed foods, leading to scarcity and thus an increase in food prices, would reduce food security further.

Producers might benefit from selling at higher prices but consumers would not.

Revenue loss: There is the potential for revenue loss, particularly from customs and import duties. Many developing countries, including Ghana, depend heavily on import duties for government revenue. Recent statistics from the World Bank’s World Development Indicators for 2020 indicate that customs and import duties accounted for 12.4% of Ghana’s tax revenue.

Trade rules: Ghana is a member of the World Trade Organization (WTO), which expects countries to align their trade policies with the relevant globally agreed provisions and rules.

The WTO allows a member country to set conditions for importing certain products. This is known as import licensing. But the WTO stipulates that import licensing should not distort and impede trade.

Ghana may face retaliation from other countries if the restrictions harm their interests.

Take import licensing. This is an administrative procedure requiring the submission of an application or other documentation (other than those required for customs purposes) to the relevant administrative body as a prior condition for importation of goods. This is permissible under WTO rules. But challenges arise in its implementation, particularly the allocation of quotas. Successful implementation requires thorough consultation with importers and importing countries.

The initial opposition within Ghana suggests a lack of serious consultation by the government.

Import licensing can introduce rent-seeking activities in a country like Ghana. Establishing a committee to grant licences to importers opens avenues for bribery and corruption. Transparency International and the World Bank rank Ghana higher in the corruption index than other developing countries.

For instance, the World Bank Enterprise Survey indicates a high percentage of firms in Ghana are expected to pay bribes to obtain licences, government contracts and business permits. When businesses resort to bribery, it leads to inefficiency and a higher cost of conducting business.

The answers

Restraining imports without alternative domestic production and supply mechanisms is economically unsound. Policies that drive industrialisation and position Ghana as a net exporter are needed.

That’s not happening. The recently presented 2024 budget revealed a negative 2.2% growth rate for the industrial sector.

To drive industrialisation, the government should focus on reducing production constraints such as inadequate power supply, lack of capital, and high cost of farm inputs, and providing incentives that give Ghanaian producers a competitive advantage in the domestic market. Closing borders to international trade or restricting imports contradicts the objective of promoting industrialisation. It is not a sustainable approach.

SOURCE

The Conversation

January 23, 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

Global Black Impact Summit (GBIS) 2024: Enabling Black-Owned Businesses to Go Global

DUBAI, United Arab Emirates, January 19, 2024/ — Black-owned businesses have emerged as integral players in the global economy, able to foster economic empowerment and contribute to enhanced diversity and inclusion in the workplace.

In the United States, the number of Black-owned businesses increased by nearly 14% pre-pandemic and accounted for a larger share of increases in revenues, employees and payrolls than other racial groups. Marked by rising Black entrepreneurship rates and growing demand for minority-owned businesses, there is a unique opportunity for Black-owned brands to play an even more prominent role in the global marketplace.

The upcoming Global Black Impact Summit (GBIS) – taking place next month in Dubai – will feature panel discussions, workshops and networking sessions on strategies for Black-owned businesses and brands to succeed across markets and customer segments.

Identifying Strategies for Success

Boasting some of the world’s most recognized and fastest-growing brands, the Black business community has positioned itself at the forefront of innovation. From entertainment and fashion to technology and manufacturing, these companies have bridged gaps in their respective industries through pioneering market research, innovative marketing techniques, dynamic partnerships and a strong digital presence, among other key strategies.

Businesses and brands like World Wide Technology, Jay Z’s Roc Nation, BET Networks, Shea Moisture, FUBU, Dangote Group and the African Energy Chamber have successfully thrived in international markets due to their high degree of cultural competence, awareness and adaptability.

BET Networks, for instance – since its formation in 1980 by Robert L. Johnson, the first African American billionaire – has evolved into a prominent global television network and earned recognition due to the authenticity of its programming and resonance with its target audience.

As the global economy continues to evolve – shaped by growing demand for innovative and next-generation services – a comprehensive knowledge of customer segmentation and niche and mass markets are crucial to the success of Black-owned businesses across geographies.

In this context, companies like Shea Moisture stand out. With a history spanning over three decades, the beauty and personal care brand has garnered global acclaim for its diverse product range that targets a customer segment (women of color) previously ignored by mainstream beauty brands.

Beyond generating revenues, Black-owned businesses play a pivotal role in empowering local communities and alleviating poverty. A notable example is the Dangote Group, established by Nigerian businessman Aliko Dangote and serving as one of the largest conglomerates in Africa, spanning industries like construction, consumer goods, logistics, textiles and agriculture.

Currently employing over 18,000 individuals across various African markets, the Dangote Group not only stimulates job creation, but also contributes to broad and diversified economic growth in the countries in which it operates.

Black-owned firms also serve as key advocates for enhanced diversity and inclusivity within their respective business environments.

An exemplary case is the African Energy Chamber – founded by NJ Ayuk, a Cameroonian attorney, author and businessman – which spearheads initiatives like African Energy Week, championing local and female participation in the energy sector and bringing diverse perspectives and innovative ideas to the forefront of Africa’s energy poverty crisis.

As Black-owned businesses continue to expand, they also contribute to a more competitive and innovative business ecosystem.

The success of these companies provides a model for aspiring entrepreneurs and business owners, fostering entrepreneurship and cultivating diverse talent across industries. Moreover, the success of Black-owned businesses can help address economic disparities and systemic inequalities by providing new avenues for economic participation and wealth accumulation within Black communities.

Celebrating the success of Black-owned businesses on a global scale, GBIS 2024 will host high-level discussions sharing insights and strategies for companies to thrive in international markets, drawing on existing examples of success and innovation.

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

SOURCE
Energy Capital & Power

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

January 20, 2024

President Ramkalawan meets with relatives of the three fishermen lost at sea

President Wavel Ramkalawan, accompanied by the Vice-President, Mr Ahmed Afif, this afternoon met with family members of the three fishermen from the Takamaka district who have been declared lost at sea since 16th November 2023.

This included relatives of Mr. David Suzette, Mr, Hansley Denis and Mr Steve Burka. Also present for the meeting was the Member for National Assembly for Takamaka, Hon. Terrence Mondon, Major Hans Radegonde from the Seychelles Coast Guard, the Assistant Commissioner of Police, ACP Antoine Denousse, the District Administrator, Ms Cynthia Hariba, Mr Dominique Savy from the Seychelles Civil Aviation Authority and member of the Takamaka Community, as well as other key officials directly involved with the case.

Held at the Takamaka Community Centre, the meeting was an opportunity for the President and his delegation to share a comprehensive overview of the search and rescue operation for the 3 fishermen, which spanned over a period of 11 days. The families were also briefed on the current status of the ongoing investigation to date.

The family members present were also able to engage in direct discussions with the President as well as obtain answers to queries or issues they required assistance with.

Following the meeting, on behalf of all the families present, Mr. Bernard Denis, brother of Hansley Denis, expressed their appreciation to the President and officials present for making the time to meet with them, for all efforts during the search and for their ongoing support being provided during this difficult time.

SOURCE

State House News Alert

January 18, 2024
Burundi: African Development Bank helps train managers on programme-budget implementation in public administration

ABIDJAN, Ivory Coast, January 18, 2024/ — The African Development Bank (www.AfDB.org) has supported the capacity building of about 50 managers from Burundi’s public administration to consolidate implementation of the programme budget currently under deployment.

The training sessions, which ran from 22 November to 23 December 2023, covered the preparation of work plans and the annual budget, quarterly progress reports, and annual performance reports in addition to developing a results-oriented public investment programme. Training also covered the identification of public-private partnership projects, pre-assessments and contract negotiations.

Course participants welcomed the great opportunities for exchange and knowledge-sharing with the trainers, which will help them to improve public management governance and effectiveness, put public financial management on the path to international norms and standards, operationalize the programme approach and strengthen the planning, programming, budgeting and monitoring, and evaluation chain.

Dieudonné Sakubu, Controller of Expenditure Commitments at the Vice-Presidency of the Republic of Burundi at the Prime Minister’s Office and at the Independent National Electoral Commission, hailed the training. “This new knowledge will allow me to better serve the administrations whose expenditures and commitments I control,” he said. He thanked the ministry of finance and economic planning, which had organized this training with the support of the African Development Bank through its Project to Support the Improvement of Resource Mobilization and the Business Climate.

Several attendees expressed satisfaction with the utility of the training. “Many of the challenges we used to face will be resolved thanks to this training,” said Rose Kelly Nahishakiye, a support officer at the Burundi Development Agency.

Gérard Manariyo, an officer at the Agency for the Support of Public-Private Partnership Contracts, said that he had learned how to prepare tender documents and better develop public-private partnership contract award documents.

“This training has been very beneficial to the staff of the Agency for the Support of Implementation of Public-Private Partnership Contracts,” said its director, Jeanne d’Arc Igirimbabazi. “The content of the modules gives us hope. Applying this knowledge will allow us to evolve and better deal with the private consultancy firms hired by partners”.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

SOURCE
African Development Bank Group (AfDB)

January 18, 2024
The African Development Bank plans to invest USD 10.5 million in the capital of Seedstars Africa Ventures to boost investment in innovative businesses

ABIDJAN, Ivory Coast, January 18, 2024/ — The Board of Directors of the African Development Bank (AfDB) (www.AfDB.org) agreed on Wednesday that the Bank should take a stake of USD 10.50 million in the capital of Seedstars Africa Ventures S.L.P. venture capital fund to enable it to invest in innovative African businesses with strong growth potential.

The Bank agreed to invest USD 7 million from its ordinary resources and USD 3.5 million from the European Union Boost Africa programme. The investment will allow Seedstars Africa Ventures (SAV) to raise funds, expand its presence in Africa and attract other investors.

Seedstars Africa Ventures is an early-stage venture capital fund investing in high-growth companies active across Sub-Saharan Africa.

The fund focuses on businesses that have strong potential, are generating income and tackling key challenges in the market. It mainly targets sub-Saharan Africa, especially markets less well covered by traditional investors, and enjoys a particular focus on French-speaking countries such as Senegal, Côte d’Ivoire, Benin and Cameroon. However, it also has investments in Ghana, Uganda and Tanzania.

As a venture capital fund of USD 75 million, Seedstars Africa Ventures targets the start-up and launch phases of businesses tackling key constraints in the market. Initial investments are around the EUR 250,000 mark, followed by additional capital injections of €5 million to support their growth.

SAV focuses on financial inclusion and the technologies that equip businesses (fintech and insurtech); retail sales and logistics platforms that target the online and mobile consumers market; health-related technologies; pre-paid, off-grid energy; and more generally, the adoption of technology in businesses, particularly in the food-processing industry and value chains.

It is estimated that the fund will help create 9,000 full-time jobs, 50% of them for women, and have a significant economic impact.

The fund’s objectives are in line with those of Boost Africa, which aims to invest in innovative start-ups that are growing strongly and having a positive social impact.

Its investment strategy will strengthen that of the African Development Bank, which links entrepreneurship, investment and economic growth to poverty reduction and sustainable development.

It will also contribute to the Bank’s operational priorities – the High 5 – by supporting start-ups operating in key sectors, such as agriculture, health, industrialization and off-grid energy. Finally, the investments will contribute to strengthening regional integration and improving the lives of people in Africa.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact:
Romaric Ollo Hien
Communication and External Relations Department
African Development Bank
media@afdb.org

January 18, 2024