Category: COVER

Feed Africa Summit: African Development Bank to commit $10 billion to make continent the breadbasket of the world

Opening the summit, President Sall — who is also the African Union chairperson — said the time had come for the continent to feed itself

DAKAR, Senegal, January 26, 2023/ — The African Development Bank Group (www.AfDB.org), will commit $10 billion over the next five years to boost Africa’s efforts to end hunger and become a primary food provider for itself and the rest of the world. Bank Group President, Dr Akinwumi Adesina, announced Wednesday at the Dakar 2 Africa Food Summit in Diamniadio, east of the Senegalese capital of Dakar.

Adesina called on more than 34 heads of state, 70 government ministers, the private sector, farmers, development partners, and corporate executives to work out compacts that would deliver food and agriculture transformation at scale across Africa. He encouraged them to take collective action to unlock the continent’s agricultural potential to become a global breadbasket.

The Dakar 2 summit — under the theme Feed Africa: food sovereignty and resilience — takes place amid supply chain disruptions caused by the Covid-19 pandemic, climate change, Russia’s invasion of Ukraine. More than a thousand delegates and dignitaries attended, including the President of Ireland Michael D. Higgins.

The Government of Senegal and the African Development Bank Group are co-hosting the summit, eight years after the inaugural Dakar 1 summit where the newly elected Adesina announced the Bank’s Feed Africa strategy.

Opening the summit, President Sall — who is also the African Union chairperson — said the time had come for the continent to feed itself by adding value and stepping up the use of technology.

Sall said: “From the farm to the plate, we need full food sovereignty, and we must increase land under cultivation and market access to enhance cross-border trade.”

The Chairperson of the African Union Commission Moussa Faki Mahamat said the Dakar summit was timely and would provide innovative solutions to help Africa become less dependent on food imports.

“Food sovereignty should be our new weapon of freedom,” Mahamat told the gathering. He urged development partners to work together within existing structures, such as Agenda 2063 and the African Continental Free Trade Area, for sustainable transformation.

Mahamat commended the African Development Bank for rolling out transformative initiatives, including a $1.5 billion emergency food production facility in 2022 to help African countries avert a potential food crisis following Russia’s war in Ukraine.

The President of Kenya, William Ruto, said, “It is a shame that 60 years after independence, we are gathered to talk about feeding ourselves. We can and we must do better.”The African Development Bank Group chief said: “Today over 283 million Africans go to bed hungry every day. This is not acceptable. No mother should ever have to struggle with rumbling of the stomach of a hungry child.”

“We must raise the bar. We must raise our ambition. We must arise and say to ourselves: it is time to feed Africa. The timing is right, and the moment is now. Feed Africa; we must,” said Adesina.

The bank head urged the leaders to turn political will into decisive actions to deliver food security for Africa, “We must strongly support farmers, especially smallholder farmers, majority of whom are women, and get more young people into agriculture. And we must take agriculture as a business, not a development activity, and boost support to the private sector.”

President Higgins of Ireland said with Africa’s young population accounting for about 20% of the world’s young people, the continent had great potential. He said the rest of the world would look up to it in the future.

“Let us make this century Africa’s Century, one which will see the continent become free from hunger,” Higgins said.

In his message to the summit, United Nations Secretary-General Antonio Guterres acknowledged that Africa was currently facing the challenges of climate change and food insecurity, as the Russia-Ukraine war had caused the price of fertilizers to shoot up and made their supply difficult.

He pledged the UN’s support to help Africa become a global food powerhouse.

President Muhammadu Buhari of Nigeria said countries must offer more robust support for farmers, dedicate a chunk of the national budget to agriculture, and motivate youth and women to farm.

Buhari said: “Feeding Africa is imperative. We must ensure we feed ourselves today, tomorrow, and well into the future.”

The Nigerian president commended Dr. Adesina and the African Development Bank for rolling out special agro-industrial processing zones across the continent, including in Nigeria.

He said: “Special agro-industrial processing zones are game changers for the structural development of the agriculture sectors. They will help us generate wealth, develop integrated infrastructure around special agro-processing zones, and add value.”

During the three-day summit, private sector players are expected to commit to national food and agriculture delivery compacts, to drive policies, create structural reforms, and attract private sector investment.

Central bank governors and finance ministers are expected to develop financing arrangements to implement the food and agriculture delivery compacts, in conjunction with agriculture ministers, private sector players, commercial banks, financial institutions, and multilateral partners and organisations

Contact:
Kwasi Kpodo
media@afdb.org

For more information: www.AfDB.org

SOURCE
African Development Bank Group (AfDB)

Distributed by:APO Group

January 26, 2023

Measuring Multidimensional Poverty: Islamic Development Bank Institute (IsDBI), Islamic Solidarity Fund for Development (ISFD), and Oxford Poverty and Human Development Initiative (OPHI) Organize Training for Islamic Development Bank (IsDB) Group Staff

Over 40 staff from the various IsDB Group entities attended the training sessions

JEDDAH, Kingdom of Saudi Arabia, January 26, 2023/ — The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org), Islamic Solidarity Fund for Development (ISFD), and Oxford Poverty and Human Development Initiative (OPHI) jointly organized a training workshop on measuring multidimensional poverty. The workshop was designed to build the capacity of IsDB Group staff in producing data-driven research that supports evidence-based policymaking.

The training was held on the 24-25 January 2023 at the IsDB Headquarters in Jeddah, Kingdom of Saudi Arabia.

Tackling poverty and building resilience is one of the strategic pillars of the new IsDB strategy. Hence, the importance of measuring and understanding multidimensional poverty not only to inform policymaking but also IsDB interventions.

The training focused on the meaning and application of the Multidimensional Poverty Index (MPI), developed by OPHI.

While poverty has traditionally been measured in terms of income, MPI captures poverty in its many forms, reflecting the depth and breadth of multidimensional poverty.

The global MPI is an internationally comparable measure of acute multidimensional poverty, developed and published by OPHI and the United Nations Development Programme since 2010. The measure includes information from more than 100 countries and is updated annually. The global MPI 2022 covers 41 of the 57 OIC countries.

The training was delivered by OPHI’s Director of Programs and Operations, Ms. Corinne Mitchell, and Research and Policy Officer, Ms. Alexandra Fortacz.

Day one of the training raised awareness about the value-added of multidimensional poverty measures and increased understanding of Multidimensional Poverty Indices and their advantages in poverty efforts for the IsDB Group. Day two focused on the technical aspects of computing and analyzing an MPI.

In their separate speeches at the opening of the workshop, IsDBI Acting Director General Dr. Sami Al-Suwailem and ISFD Director General Dr. Hiba Ahmed underscored the significance of understanding multidimensional poverty measurement in order to enable IsDB Group to tailor its development policies and programs.

Dr. Al-Suwailem noted that the workshop “will enable us to acquire and improve our skills in measuring poverty statistics, to eventually produce, interpret, and apply multi-deprivation evidence in shaping our thinking, policies, and interventions.”

Dr. Hiba Ahmed, for her part, said the partnership among the three institutions “will not only provide us with evidence to guide our policies and interventions but will also build our capacity to undertake poverty interventions tailored to the needs of our member countries.”

IsDBI, the knowledge beacon of the IsDB Group, develops knowledge-based solutions to tackle member countries’ pressing development challenges. ISFD is the poverty alleviation arm of the IsDB Group. The two organizations have been working with OPHI as part of a wider collaboration with the IsDB Group.

Over 40 staff from the various IsDB Group entities attended the training sessions.

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

SOURCE
Islamic Development Bank Institute (IsDBI)

January 26, 2023

Ghana’s domestic debt restructuring has stalled: four reasons why

Published: January 25, 2023 11.45am SAST

Author:Theophilus Acheampong

Associate Lecturer, University of Aberdeen

Ghana is facing multiple financial and economic challenges and has requested a US$3 billion bailout from the International Monetary Fund (IMF) to help it restore macroeconomic stability. This will include bringing public debt down to more manageable levels from the currently estimated 105% of GDP to 55% in present value terms by 2028.

IMF assistance, which is yet to be approved by the fund’s executive board, is conditional on Ghana restructuring its public debt – domestic and external – which in turn requires the buy-in of bondholders. This means that those who lent money to the government by buying bonds will have to agree to the restructuring, such as a longer repayment period.

As a first step of the debt restructuring, the Ghanaian government announced a voluntary Domestic Debt Exchange Programme (DDEP) in early December 2022. It seeks to exchange about GHS137.3 billion (US$11.45 billion or about 15% of 2021 GDP) of existing domestic notes and bonds held by various local investors for a package of 12 (initially four) new bonds with different payout dates.

For any sovereign debt restructuring exercise to succeed, a qualifying majority (usually 75%) of debt holders must agree to change the contract’s key financial terms. This prevents a minority investor group from holding out and preventing the debt restructuring from proceeding.

Our mission is to share knowledge and inform decisions.

About us

But the subscription to this programme is below 50%, well below the government’s 80% target. Bondholders have stated that the terms offered mean that they will lose money.

Groups such as the Ghana Individual Bondholders Forum have estimated losses of 50% to 90% on their investments if they exchange their current instruments.

That’s where things are stuck, forcing government to extend the closing date for the bond exchange three times already since early December 2022.

So what’s gone wrong? Why has the government not been able to get domestic bondholders to accept the terms it has put on the table?

I offer four reasons: investors face significant losses; the government’s “take-it-or-leave-it” approach; a lack of faith in the government; and the fact that there’s no sense of sharing the burden.

What’s behind the standoff

Significant losses by investors: My colleague Dr Yakubu Abdul-Salam estimates that investors will lose 62.40% of their bond’s original market value. The Ghana Individual Bondholders Forum says bondholders will lose about 88.2% of their investments at current inflation levels. Several bondholders have refused to participate. This is contrary to the government’s earlier expectation of “overwhelming support for this exchange”.

Ghana’s government has so far announced three extensions of the deadline as it struggles to reach the industry benchmark of a qualifying majority. The new 31 January 2023 deadline may not be met either.

Government’s take-it-or-leave-it approach: Government has presented the plan as a free or voluntary choice. But there are no real alternatives on the table.

If the restructuring is not carefully managed, it could have a substantial impact on the domestic financial sector, which owns a large portion of the bonds. Any losses within the financial sector then cascade into adverse effects on economic growth, employment and inequality.

Read more: Ghana and the IMF: debt restructuring must go hand-in-hand with managing finances better

The government’s approach has been to “divide and conquer”. Instead of meeting all the bondholders’ representatives through, for example, a national debt forum, the government has met some groups individually to offer or change concessions.

This strategy means one group loses out and another gains. For example, individual bondholders were initially excluded from the bond exchange programme. They were included after pension funds were exempted from the programme.

Lack of good faith in the government: Bondholders feel that the government has not been truthful about the dire state of the economy.

The current administration has sought to blame the Russia-Ukraine conflict and the COVID-19 pandemic for Ghana’s current economic and financial challenges. The conflict has been a contributing factor but several studies, including one by the World Bank, have shown that Ghana’s finances were precarious even before the pandemic. For example, the country’s external (foreign) and overall debt were at a high risk of distress as far back as 2019.

In other words, the country had been living beyond its means for years. It only needed an external shock to expose the weakness.

No sense of burden-sharing: Bondholders have also expressed reservations about the burden of the bond swap not being shared across the society. Nor is it being pitched as though it would achieve better outcomes for the country.

One of the key lessons from Jamaica’s successful debt exchange programme, as highlighted in a 2012 IMF study, is that

there was a perception that the burden was being shared across the society to achieve a better outcome for the country as a whole.

This made the plan acceptable to those directly affected.

In Ghana’s case, the government’s divisive approach has made it difficult for bondholders to appreciate the severity of the situation and thus reach acceptable comprises. One demonstration of burden sharing, for example, would be to cut wasteful public expenditure and the size of government. Without this, the terms of the bond swap amount to what the convener of the Individual Bondholders Forum has described as

How can uptake be improved?

Ghana must comprehensively restructure its public debt and improve its public finances. But the proposed bond exchange must be restructured to increase its chances of acceptance by domestic bondholders.

How can this be done?

Firstly, by organizing a national debt forum with all stakeholders. The forum would offer an opportunity for frank conversations with all bondholders present rather than the current siloed divide-and-rule approach whose outcome has been the inclusion, exclusion and re-inclusion of certain categories of domestic bondholders.

Secondly, the government must renegotiate with the IMF to extend the “below 55% of GDP in NPV terms by 2028” public debt target to at least 2032. This would buy the country time to adjust gradually. The scale of cuts and debt restructuring needed now could be milder. It would also mitigate the ripple effects on the economy, which includes some domestic financial institutions possibly going under due to considerable losses.

Thirdly, the government must share the burden by cutting down on wasteful expenditure. In Jamaica, they understood the need “to change course, away from a history of continued public debt expansion and government deficits, which had not delivered in terms of economic growth and improved standards of living”. The same could be said of Ghana.

Source:(The Coversation)

January 26, 2023
OIC Secretary-General Receives the Minister of Higher Education, Scientific Research and Innovation of Guinea

Jeddah, 25 January 2023
The Secretary-General of the Organization of Islamic Cooperation (OIC), Mr. Hissein Brahim Taha, received Dr. Diaka Sidibé, Minister of Higher Education, Scientific Research and Innovation of the Republic of Guinea and his accompanying delegation on 24 January 2023.The Secretary-General paid tribute to Guinea, a member and founding country of the OIC, for its constant commitment to the OIC and to joint Islamic action.
The meeting focused on ways and means of strengthening cooperation relations in the field of higher and university education between the Organisation of Islamic Cooperation and the Republic of Guinea.
The Secretary-General of the OIC stressed the importance of access of youth to higher education, which is a driving force for change in the OIC Member States.
For her part, the Minister expressed her full readiness to strengthen academic and scientific cooperation relations with the OIC and its institutions.

Source:(OIC)

January 25, 2023
Abu Dhabi Sustainability Week 2023: Seychelles President Ramkalawan advocates for Small Island Nations alongside President of Palau during ADSW Summit

19 January 2023 | Foreign Affairs

Abu Dhabi, UAE 19^thJanuary 2023: During the Abu Dhabi Sustainability Week 2023, the President of Republic of Seychelles, Mr Wavel Ramkalawan participated in a panel conversation alongside the President of the Republic of Palau, H.E. Surangel S. Whipps, Jr that was Moderated by Anchor & Correspondent, CNN Eleni Giokos.

During this particular session, the two Heads of State contributed to ADSW Summit by sharing their perspective on the roles and responsibilities of nation leaders in climate control, combating climate change and achieving Net Zero. Through his participation, President Ramkalawan had the opportunity to share real life examples and efforts being implemented by Seychelles as a Small Island Developing State in the Indian Ocean.

“Seychelles, like all SIDS will continue to keep moving forward. Our existence is being threatened. Being small, remote and vulnerable to various external shocks, means we will be not able to overcome these challenges including climate change on our own. We are counting on the support of all stakeholders. The world has become more globalized and multilateralism will be more important than ever to the small states as it provides more access to the global fora, allowing us to be heard, to address our unique social, economic, and environmental challenges and to find solutions together with the rest of the world” said President Ramkalawan.

The session was hosted by Masdar as part of Abu Dhabi Sustainability Week, which convened various world leaders from government, business and finance to take action, as they continue to work collectively to deliver on a climate roadmap for a net-zero future.

President Ramkalawan highlighted some of Seychelles conservation efforts focusing on how Seychelles has now moved to 100 percent protection of all its mangroves and seagrass meadows this year, adding to the already 32 percent protection of its ocean and 50 percent of its forest.

Also aimed at transforming pledges into action requires open dialogue and inclusiveness, with all stakeholders working together to forge partnerships, unlock investment and launch technologies and solutions that will accelerate sustainable development around the world. The event is also playing a vital role in not only advocacy but in ensuring momentum between COP27 and COP28, focusing on a wide range of critical topics including Food and Water Security, Energy Access, Industrial Decarbonization, Health, and Climate Adaptation.

During the moderated in conversation session other topics such as, Impact of climate change on small nations, the importance of the COP process to small nations, examining what the country is doing to adapt to climate change and the latest trends shaping the world’s sustainability agenda were also addressed.

Amongst some of the dignitaries present included the Chairman of the Abu Dhabi Department of Energy, H.E Eng. Awaidha Al Marar who delivered the opening address during the panel session. Also present was the Former President of Seychelles, Mr James Michel, who following the panel discussion expressed appreciation on how President Ramkalawan defended and promoted Seychelles.

Source(Seychelles State House)

January 25, 2023
Seychelles holds successful talks with Masdar UAE in relation to Seychelles’ Energy Generation plan

18 January 2023 | Energy

Abu Dhabi, UAE 18 January 2023: President Wavel Ramkalawan chaired successful discussions with a Masdar delegation, during his participation at the 2023 Abu Dhabi Sustainability Week (ASWD).

The meeting, which was held with the Masdar Chief Green Hydrogen Officer, Mohammad Abdelqader El Ramahi and the Senior Manager of Project Management Services, Simon Bräunigerr, focused on the way forward for the implementation of a comprehensive Seychelles’ Electricity Generation plan.

This is in line with the growth of the Seychelles economy and the increased need to implement an electricity generation plan that will meet the long-term demands associated with the rise in economic activities whilst also addressing the Nationally determined contributions (NDC) commitments made by Seychelles government at COP27.

Seychelles is supportive of a transition towards integration of more renewable energy and the use of cleaner fuel for generation of electricity in the short to medium term. The meeting held yesterday was an opportunity for Seychelles to propose to Masdar several projects for consideration that will get Seychelles on track towards strengthening its role further in the global combat against climate change. Hence, the proposal for implementation various key renewable energy projects proposed for Mahé, Praslin and La Digue.

This includes various Renewable Photo Voltaic (PV) Projects for the above three main islands, in the form of Agri-Voltaic PV, Floating PV Systems, PV plant mounted on elevated structures as well as others. PUC also recognizes the need to transit to a cleaner fuel in the short to medium term, hence discussions with the Masdar team also revolved around potential conventional generation projects such as transitioning to hydrogen.

Following the talks held in Abu Dhabi on Tuesday, confirmation of most suitable and feasible projects will be approved and Memorandums of Understanding between the two entities will be drawn up.

Also present for the discussion from the Seychelles delegation were the Minister for Agriculture, Environment and Climate Change, Mr. Flavien Joubert, the Chief Executive Officer for Public Utilities Corporation, Mr Joel Valmont and the Chief Executive Officer for Meteological Services, Mr Vincent Amelie.

Source:(Seychelles State House)

January 25, 2023
OIC Secretary-General Meets with Foreign Minister of Chad

Jeddah, 24 January 2023
The Secretary-General of the Organization of Islamic Cooperation (OIC), H.E. Mr. Hissein Brahim Taha, met today, January 24, 2023, at the OIC Headquarters in Jeddah, with H.E. Ambassador Mahamat Saleh Annadif, Minister of Foreign Affairs, Chadians Abroad and International Cooperation of the Republic of Chad.During this meeting, the Chadian Foreign Minister reiterated the importance that his country attaches to the role of the OIC, and its support for the efforts deployed by the Secretary-General to achieve the OIC goals.
For his part, the Secretary-General reaffirmed the OIC’s support for the efforts invested by the Republic of Chad to strengthen its stability and promote its development.

Source: (OIC Secretariat)

January 24, 2023
Nigeria’s Petroleum Minister Timipre Sylva to Engage investors at Invest in African Energy Reception in London

Timipre Sylva, the Minister of State for Petroleum Resources of Nigeria, will be attending the African Energy Chamber-organized Invest in African Energy Reception in London on January 26.

The African Energy Chamber (AEC) is proud to announce that Timipre Sylva, Minister of State for Petroleum Resources of Nigeria, will lead investment-focused dialogue during the Invest in African Energy Reception set to take place in London on January 26. With the Nigerian energy market on the precipice of another transformation on the back of diversification and market-driven policy implementation, the participation of Minister Sylva is key for securing new capital for Nigeria’s rapidly growing market, while enabling new players and financiers to expand their footprint in one of Africa’s biggest oil producing countries.

Nigeria has emerged as one of the most attractive destinations for foreign investment owing largely to the signing into law of the Petroleum Industry Act in 2021. With the Act having overhauled the country’s regulation and governance, addressing key growth inhibitors by prioritizing transparency, procedural clarity and attractive fiscal terms for regional and international players, the Nigerian energy market is more enabling for business than ever, and the Minister will showcase opportunities in the sector during the Invest in African Energy Reception in London.

The Act itself has already unlocked tangible benefits, with the country positioning itself as the biggest oil producer in Africa in 2023, despite a year of production declines owing to challenges associated with oil theft and reduced exploration. With the state-owned company, the Nigerian National Petroleum Corporation identifying and shutting down an illegal pipeline responsible for the loss of up to 600,000 barrels per day (bpd) of crude oil, production has rapidly increased to approximately 1.2 million bpd in December 2022, setting the country up for an exciting year in 2023. The country is more ambitious than ever when it comes to expanding the oil and gas market even further, with the government incentivizing E&P activity in a bid to boost production levels further. As such, opportunities for upstream players have opened up and Minister Sylva will be making a strong case for hydrocarbon exploration during the reception in London.

Opportunities in the oil industry, over 200 trillion cubic feet (tcf) of proven natural gas reserves – and opportunities to increase this figure to 600 tcf with advancements in exploration – have positioned the country as the destination of choice for financiers and project developers from across the natural gas landscape. At a time when global markets are urgently seeking alternative gas supplies in light of ongoing supply constraints, Nigerian gas has emerged as a top solution, and investors are encouraged to capitalize on the opportunities present across this rapidly growing market.

However, Nigeria’s oil and gas market opportunities transcend exports, with the country well-positioned to feed into regional supply chains. Having signed a deal with Equatorial Guinea that would see Nigerian gas being processed at the country’s Punta Europa facilities while making steady progress to complete the Trans-Saharan Gas Pipeline and breaking ground of new project developments, Nigeria is opening new opportunities for electrification and industrialization in Africa on the back of intra-African gas trade, made possible through initiatives such as the African Continental Free Trade Agreement and the progressing Central African Pipeline System.

“Through his participation at the Invest in African Energy Reception in London – taking place in partnership with the African Export-Import Bank and Rystad Energy – Minister Sylva has made clear his commitment to securing new capital for a suite of large-scale projects across the entire energy value chain in Nigeria. During the event, the Minister will be driving market-focused dialogue on why investing in Nigeria is so critical, both for the African economy and for the global energy market at large. The London event provides financiers and energy players with the unique opportunity to directly engage and connect with a leading government representative from the biggest oil producer in Africa, and the AEC is encouraging all of those interested in expanding their footprint in Africa to join us at this high-level event,” states NJ Ayuk, Executive Chairman of the AEC.

Source; Africa Energy Chamber

Editor’s Note(Published unedited)

Share this post.

January 23, 2023
UAE: Crypto Oasis lists over 1,650 blockchain firms by Q4 2022

More than 8,300 individuals currently work in organisations in the crypto, blockchain, metaverse and Web3 ecosystem of the UAE

Crypto Oasis has now surpassed their goal of identifying 1,500 organisations in the ecosystem by the end of 2022. As of December 31, there were over 1,650 organisations, and the ecosystem has experienced a 13.8 per cent growth.

Crypto Oasis has added more than 200 new organisations in Q4 2022. These firms have brought in over 1,300 skilled professionals to the ecosystem, bringing the total number of individuals working in this industry to over 8,300. This 19 per cent growth in employment numbers can be attributed to the UAE being a force to reckon with in the global blockchain landscape.

A total of 78.2 per cent (approx. 6,500) of these individuals work in native blockchain organisations, i.e. those focused on blockchain and related decentralised technologies. Meanwhile, 21.8 per cent (approx. 1,800) work for non-native companies, i.e. those that offer blockchain-related services or products but do not have blockchain as their primary focus.

Ralf Glabischnig, Founder of Crypto Oasis, stated: “We’re thrilled to have identified these new organisations in our ecosystem that are contributing to a diverse community of stakeholders. The possibilities for Web3 technology are vast, from finance and supply chain management to gaming and social media.”

“However, as it’s a relatively new and emerging technology, its full potential hasn’t been reached yet and the industry is facing challenges such as scalability, security, and user adoption. It’s an exciting and rapidly evolving field to watch and we’re eager to collaborate and learn from each other as we work to improve Web3 and decentralised technologies.”

Crypto Oasis supports blockchain and Web3 organisations to access resources and expertise that can help them navigate the complex and rapidly evolving landscape. In addition, joining the ecosystem allows them to network with potential partners and customers and showcase their work to a wider audience.

“The UAE is the perfect amalgamation of Talent and Capital built on a world-class infrastructure,” said Saqr Ereiqat, co-founder of Crypto Oasis.

“The Ministry of Economy (MoE) has become one of the first government entities in the world to be active in the metaverse. In 2022 the MoE published its Digital Economy Strategy, which aims to double the contribution of the digital economy from 9.7 per cent to 19.4 per cent in the next decade.

The inception of regulators like VARA and various industry events like the Abu Dhabi Finance Week and Dubai Fintech Week, as well as the launch of the Dubai Economic Agenda ‘D33’, demonstrate UAE’s commitment in taking an active step to becoming the centre of digital economy globally.“

Crypto Oasis Ecosystem Report 2022
Meanwhile, in the inaugural version of the Crypto Oasis Ecosystem Report 2022, published in partnership with Roland Berger in October’22, the ecosystem identified over 1,450 Web3 organisations in the UAE at the end of Q3 2022.

This report aimed to establish the first quantitative and qualitative study of the Crypto Oasis ecosystem.

Credit: (Gulf Business)

January 20, 2023
About Ghana’s Electric Vehicles Industry related Minerals Potential

Castle Minerals Leads the Charge in Graphite Exploration in UWR.

Story: Mohammed Abu

Kambale Graphite Project RC Drilling Completed Diamond Core Metallurgical Samples is now in Perth, Castle Minerals Ltd disclosed in a recent official statement.

Phase 2 Test Work, the statement said, was about to commence. Castle Minerals, Managing Director, Stephen Stone, commented, “It’s been a very busy Christmas and a great start to 2023 with the completion at the Kambale Graphite Project in Ghana of a 30-hole, 2,290m RC drilling program and the arrival this week in Perth of 300kg of diamond drill core samples for Phase 2 metallurgical test work that will commence in coming days”.

“The independently estimated exploration target of 16.82-50.46 million tonnes at a grade range between 6.74% and 10.40% TGC, Mr. Stone noted, indicates the Kambale Graphite project has a possible scale and grade to warrant progression to the next phase of assessment.

Phase 2 test work using samples obtained from the now underway diamond core drilling will assess if a commercial grade concentrate can be produced which would then be evaluated for possible use in the manufacture of electric vehicle batteries anodes.

A follow-0n infill RC drilling program will primarily focus on defining recently confirmed multiple grade graphic zones and will also facilitate a maiden JORC 2012 Mineral Resource for delivery around end-Q1 2023.In addition to the large amount of news flow in coming months from the Kambale Graphite Project there will also be a steady stream of updates from Castle’s battery and future metals project in Western Australia

Mr. Stone noted with satisfaction, “Our Ghana team and drilling contractor have worked through the Christmas period to ensure we remain on schedule to tick several important Project milestones this March Quarter including to confirm if we can produce a commercial grade concentrate that can then be evaluated for possible use in the manufacture of electric vehicle battery anodes.”

“It’s going to be a very interesting year for the Project underpinned by the many forecasts for a looming graphite supply deficit on the back of the predicted increase in worldwide sales of electric vehicles and stationary power storage units.” “With Castle also having interests in several other active battery metals projects, base metals and gold projects shareholders can look forward to a busy and exciting 2023.”

The drilling, the release said, was designed primarily to better define the high grade zones intercepted in the previous round of drilling and to facilitate a maiden JORC 2012 Mineral Resource estimate scheduled for delivery around end-Q1 2023, subject to timing of receipt of assay results.

The program was fast tracked with Castle’s geological team and contracted drilling crew working through the Christmas period.

A prior 52 hole, 5,353m RC drill program had extended the deposit’s foot print to 2.5km north-south over a combined width of up to 0.5km with several holes intercepting thick, multiple graphitic zones such as 14m at 8.1% TGC from 47m and 45m at 11.2% TGC from 66m in 22CKRC052.

An independently estimated JORC 2012 Exploration Target of 16.82 million tonnes to 50.46 million tonnes at a grade between 6.74%TGC and 10.40%TGC (Total Graphitic Carbon) was subsequently reported (refer ASX release 28 November 2022).

The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.

The Exploration Target was limited to a vertical depth of 100m below surface and highlights that Kambale may have the scale, grade and other attributes to justify its continued evaluation as a possible producer of a commercially acceptable fine flake graphite concentrate. In addition, ~300kg of half core samples from a 4-hole 365m diamond drilling program have just arrived in Perth.

These will be used for Phase 2 metallurgical test work to assess the amenability of the graphitic schist to produce a fine flake graphite concentrate as a base for EV battery anode manufacture. The test work, which will commence in coming days at the facility of Metallurgy Pty Ltd, Perth, will comprise a series of beneficiation, flotation and grinding cycles on composited core aimed at producing a quantity of as near-to commercial grade fine flake graphite concentrate as possible.

The Phase 2 concentrate produced in Perth will then be assessed by a specialist European metallurgical laboratory for its ability to be upgraded and processed (micronised, purified, spheronised and coated) into a battery-grade fine flake concentrate for possible application in electric vehicle battery anode manufacture.

The diamond drill core has been obtained from four locations to provide a broad representation of the graphitic schist material and its variability, especially below the weathering profile. Subject to the success of the test work, the Mineral Resource estimate and other related studies and commercial factors, a development Scoping Study will be considered for Q2 2023.

In 2012 Castle commenced graphite exploration on the Wa Project. A historic graphite occurrence about 5km west of Wa was first noted by Russian geologists whilst prospecting for manganese in the 1960’s.

Castle located the historic trenches and completed mapping, RAB, aircore and RC drilling during the first half on 2012. In July 2012 Castle announced a maiden resource estimate for its Kambale Graphite of 14.4mt @ 7.2% C (graphitic carbon) for 1.03mt contained graphite (Inferred Resource). Flotation testwork was conducted on samples of fresh and weathered graphitic schist from the Kambale deposit. Microscopic examination of some flotation concentrates indicated that the graphite flakes were up to 250 microns long.

Castle Minerals, decades long exploration under its Wa Gold Project, has since won for the region in international gold exploration industry circles the accolade, “The Emerging North Western Gold Province” and a possible commercial graphite deposits find and eventual production could further beef up its minerals deposit profile.

January 19, 2023

Category: COVER

Share this post.