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Category: ECONOMY

  • If oil disappeared tomorrow, petroleum based-products would vanish with it(By HE Haitham Al Ghais)

    If oil disappeared tomorrow, petroleum based-products would vanish with it(By HE Haitham Al Ghais)

    JOHANNESBURG, South Africa, March 24, 2024/ — By HE Haitham Al Ghais, OPEC Secretary General.

    If oil disappeared tomorrow, there would be no more jet fuel, gasoline or diesel. Internal combustion engine automobiles, buses, trucks, lorries and coaches would be stranded. Airplanes powered by jet fuel would be grounded. Freight and passenger rail powered by diesel would halt. People could not get to work; children could not get to school. The shipping industry, transporting both freight and passengers, would be devastated.

    There would be no point calling emergency services. The majority of ambulances, fire engines, police cars, rescue helicopters and other emergency vehicles would be stationary. Most phones and computers would also vanish as their plastic components derive from oil, so it would be a struggle to find a way of communicating with the emergency services anyway.

    The construction sector would halt, as diesel powered vehicles would be stranded: excavators, bulldozers, dump trucks, cranes, cement mixers, rollers and compact loaders would remain stationary. New homes or buildings could not be built or receive vital maintenance work.

    If oil disappeared tomorrow, petroleum based-products would vanish with it. This would impact the production of electric vehicles (EVs). Aside from the supply chains disruption, the structure of lithium-ion batteries would be affected. A lithium-ion battery has four parts: an anode, cathode, electrolyte and a separator. Separators are engineered microporous membranes, typically made of polyethylene or polypropylene  petroleum-based products. The petroleum-derived synthetic rubber used on car and bicycle tyres would cease to exist.

    If oil disappeared tomorrow, food production would be devastated. Many of the vehicles necessary in agriculture  ̶ tractors, mowers, combine harvesters, balers, sprayers and seeders  ̶ would stop working. Food packaging necessary for storage and preservation would not be available. Petroleum coke, a by-product in oil refining, is used as a feedstock in manufacturing synthetic fertilizers, which are important in increasing crop yields. Food shortages and the knock on impacts would likely ensue.

    If oil disappeared tomorrow, it would be catastrophic for health services everywhere. Staff would lack mobility, and essential supplies would be stranded. Beyond transportation, petroleum is an essential feedstock for pharmaceuticals, plastics and medical supplies.

    Latex gloves, medical tubes, medical syringes, adhesives, some bandages, disinfectants, hand sanitizers, cleaning agents, prosthetics, artificial heart valves, resuscitation masks, stethoscopes, MRI scanners, insulin pens, infusion bags, medication packaging, face-masks, and Personal Protection Equipment are largely derived from petroleum-based materials. The equipment used in medical research such as microscopes, test tubes and goggles usually contain petroleum-derived components.

    The chemical synthesis that creates aspirin begins with benzene, which is derived from petroleum. The benzene is converted to phenol, which in turn is converted to salicylic acid. This is then transformed into acetylsalicylic acid, which the world knows as aspirin.

    It is difficult to conceive of a modern hospital without this range of essential petroleum-based products.

    If oil disappeared tomorrow, the renewables industry would be impacted. The fibreglass, resin or plastic necessary for the construction of most wind turbines, would disappear. The ethylene used in the production of solar panels would vanish. Most of the mining vehicles  ̶ large trucks, rotary drill rigs and rock drills  ̶ necessary to extract the critical minerals upon which the production of solar photovoltaic plants, wind farms and EVs depend, would become stationary.

    If oil disappeared tomorrow, homes would be transformed beyond recognition. There is the possibility roofs would collapse, for example, if bitumen was a key product. Other materials used in insulating homes would disappear. If you relied on heating oil to keep warm, that would go. The linoleum flooring and tiling would be impacted. Painting the walls would be a challenge. Furniture, pillows, rugs, curtains, dishes, cups and non-stick pans all are likely to be made from petroleum-derived products too.

    It would be a challenge to stay clean or keep homes clean, if oil disappeared tomorrow. Laundry detergent and dish detergents usually derive from petroleum-based products. Soap, toothpaste, hand-lotion, deodorant, shampoo, shaving cream, eyeglasses, contact lenses, combs, brushes; all normally contain petroleum-derived products.

    It would be a struggle to get anywhere, as the asphalt that paves roads and footpaths would vanish.

    If oil disappeared tomorrow, millions of jobs would be lost. Tax revenues would be depleted. Industrial production would crimp. Economic growth would go into reverse. The plight of the fuel poor would be worsened.

    This is not even the full list of everything that would be impacted, in such an unthinkable scenario.

    Yet, despite these realities, there are calls saying ‘Just stop oil,’ ‘Keep it in the ground,’ or ‘don’t invest in new oil and gas projects.’

    Of course, everybody wants to see greenhouse gas emissions reduced. OPEC believes that technological solutions and efficiency improvements can play a vital role. The oil industry is already proactive in this regard.

    We need to be cautious of endangering the present, in the name of saving the future. It is important we all fully understand the immense benefits that oil, and the petroleum products derived from it, continue to provide to people and nations across the world.

    Distributed by APO Group on behalf of African Energy Chamber.

    SOURCE
    African Energy Chamber

  • President Ramkalawan announces the appointment of women professionals in key positions

    President Ramkalawan announces the appointment of women professionals in key positions

    To coincide with the International Women’s Day, the President of the Republic, Mr Wavel Ramkalawan has recently appointed four women professionals in prominent positions in the administration of the country.

    These are:

    The re-appointment of the Governor of the Central Bank of Seychelles, Ms Caroline Abel, the new Principal Secretary for Finance, Ms Astride Tamatave, the new Commissioner General of the Seychelles Revenue Commission (SRC) Mrs Varsha Singh, and also the appointment of the Chief Executive Officer of the National Bureau of Statistics, Mrs Li Fa Cheung Kai Suet.

    Governor of the Centrel Bank, Ms Caroline Abel – Ms. Caroline Abel was first appointed Governor of the Central Bank of Seychelles (CBS) on 14th March 2012, becoming the first woman in Seychelles to hold the position. She was re-appointed to serve a second six-year term in March 2018.

    Principal Secretary for Finance, Ms Astride Tamatave – Ms Tamatave is a certified Chartered Accountant with ACCA Professional Qualification (equivalent to MSC). She also holds a Master’s Degree in Leadership & Strategy in the Social Domain from the Institute of Public Administration.

    She has 16 years of working experience in the private sector and the public service in the domain of accounting and finance. She previously held the position of Comptroller General.

    Commissioner General of the Seychelles Revenue Commission (SRC) Mrs Varsha Singh – Mrs Singh, a South African national, has over 28 years experience in tax, customs, transfer pricing, trade facilitation, international relations, and building organisational excellence and driving sustainable development.

    She holds a Masters Degree in International Customs Law and Administration from the University of Canberra, Australia, as well as a Masters in Business Administration from the Management School of Southern Africa, South Africa.

    Chief Executive Officer of the National Bureau of Statistics, Mrs Li Fa Cheung Kai Suet – Mrs Li Fa Cheung Kai Suet served for 10 years as the Director/Chief Executive Officer of the National Statistics Agency (Statistics Mauritius), prior to which she has previously served in various key positions such as Deputy Director and Senior Economist at the International Monetary Fund (IMF).

    In conveying his sincere congratulations to the women professionals President Ramkalawan said “This is a sign of the confidence that our administration has in the ability of women to participate in the development of Seychelles.

    I wish them all the very best in their responsibilities ahead. I have no doubt that they will deliver to the best of their abilities and make Seychelles proud as they contribute in the economic development of the country.

    SOURCE

    State House News Alert

    Office of the President of the Republic of Seychelles 

     

  • To tackle poverty, Africa needs welfarist policies and people-centred development, says African Development Bank President Adesina

    To tackle poverty, Africa needs welfarist policies and people-centred development, says African Development Bank President Adesina

    ABIDJAN, Ivory Coast, March 8, 2024/ — President of the African Development Bank Group (www.AfDB.org) Dr. Akinwumi Adesina has appealed to leaders in Nigeria and across Africa to make poverty history as he outlined a compelling case for welfarist policies and people-centred development.

    “Given the high levels of poverty in Africa, and Nigeria, what is needed are welfarist policies that exponentially expand opportunities for all, reduce inequalities, improve the quality of life of people,” Adesina said as he received the prestigious Awolowo prize for leadership at a colourful ceremony in Lagos on Wednesday.

    Africa’s present and former presidents were among hundreds of guests who attended the award ceremony where Adesina delivered the Awolowo Foundation’s annual lecture on ‘Making a New Nigeria: Welfarist Policies and People-Centred Development.’

    Among visiting Presidents were Azali Assoumani of the Union of the Comoros; Samia Suluhu Hassan of the United Republic of Tanzania and Sahle-Work Zewde of the Federal Democratic Republic of Ethiopia. The Prime Minister of Togo Victoire Tomegah Dogbe represented her country’s President Faure Gnassingbe.

    Leaders from across Nigeria included Vice President Kashim Shettima who represented President Bola Tinubu, former Presidents Goodluck Ebele Jonathan, Olusegun Obasanjo and Yakubu Gowon and Ghana’s former president John Dramani Mahama. Also attending were 19 State Governors and royal fathers including the Emir of Bichi Alhaji Nasiru Ado Bayero, the Obi of Onitsha Igwe Nnaemeka Alfred Achebe, the Ooni of Ife Oba Adeyeye Enitan Ogunwusi, the Olu of Warri Ogiame Atuwatse III and the Igwe of Orlu Dr. Patrick Acholonu.

    The event was moderated by Dr. Victor Oladokun, Senior Advisor for Communication and Stakeholder Relations to the President of the African Development Bank.

    In his lecture, Adesina identified five critical areas that Nigerian and African leaders need to focus on to transform their economies and people’s lives: The transformation of the rural economy and food security, health security for all, education for all, affordable housing for all and government accountability and fiscal decentralisation for a true federalism.

    Transforming rural economies, ensure food security for all

    Adesina said a better Africa must start with transforming rural economies, “that is because some 70% of the population lives there. Rural poverty is extremely high. At the heart of transforming rural economies is agriculture, the main source of livelihoods.”

    “When rural economies falter, nations falter,” Adesina warned, “this leads to the spread of anarchy and terrorists who take advantage of the economic misery to entrench themselves.”

    He highlighted how the African Development Bank Group is supporting a farm revolution at scale across the continent. “We have invested over $8.5 billion in agriculture in the past seven years which has impacted 250 million people.”

    “The African Development Bank and development partners are providing $1.4 billion for the development of 25 Special Agro-Industrial Processing Zones in eleven countries,” he said.

    In Nigeria alone, the Bank is developing these zones in eight of the country’s 36 states with $518 million. Another $1 billion will go into the second phase of the program which will cover 23 more states.

    Health care for all

    “Nigeria needs health care for all,” said Adesina, “smart governments provide universal basic health coverage for their citizens.”

    He spoke about how sicknesses and diseases cost Africa $2.6 trillion in lost productivity.

    Adesina also recounted how the Covid-19 pandemic caught Africa unprepared, unprotected and left at the bottom of the ladder when it came to the distribution of vaccines.

    He explained the various initiatives the Bank Group introduced to address Africa’s health needs including a $10 billion facility to support countries to cope with the pandemic; a $3 billion program to revamp Africa’s pharmaceutical industries and the recent launch of the African Pharmaceutical Technology Foundation to support access to proprietary technologies from global pharmaceutical companies.

    Calling on Nigeria to secure the health of all its population, Adesina said, “This will require ensuring that no citizen travels more than a few kilometers to find a health care center. The widespread use of mobile health centers, e-health facilities, the digitalization of health systems, especially in all primary health care centers, health insurance policies for all, including innovative micro-health insurance pay-as-you-go systems, will capture the bulk of the population that is in the informal sector.”

    Education for all

    Adesina wants Nigeria to provide education for all. According to the United Nations Children’s Education Fund (UNICEF), Nigeria accounts for 15% of the total population of out-of-school children which includes over 10.2 million at the primary school level and 8.1 million at the Junior Secondary School.

    “This is not a gold medal Nigeria should be proud of wearing,” he said and expressed concern about “the poor funding of universities, lack of basic infrastructure, poor incentives for lecturers and incessant strikes due to wage disputes, have almost crippled the university system.”

    Adesina gave an example of the Bank Group’s investment of $614 million in Nigeria’s IDICE program to support the development of digital and creative enterprises. The program is expected to create 6.3 million jobs and add an estimated $6.4 billion to the economy of Nigeria.

    Housing for all
    Adesina told guests that welfarist policies are urgently needed to ensure all Nigerians have access to basic and affordable housing. He noted that according to data by the UN Habitat, 49 percent of Nigeria’s population which is equivalent to 102 million people, live in slums.

    He said what people need is decent housing and not upgrading of slums. “There is nothing like a 5-star slum. A slum is a slum.”
    Government accountability and fiscal decentralisation for a true federalism

    The Bank Group president said, “Citizen’s accountability forums are needed for the people to have a say in how their nation’s resources are being used and how their governments are performing.”

    To enhance transparency and accountability of governments to the people, the African Development Bank is developing a public service delivery index, which will rate governments on the quality-of-service delivery for citizens.

    “If people pay taxes, governments must deliver services,” said Adesina.

    According to the African Development Bank’s recently published Africa’s Macroeconomic Performance and Outlook, Nigeria is currently experiencing slow growth. The end of the country’s fuel subsidy regime and measures to unify the exchange rate have contributed to rapidly rising living and import costs, which have weighed on domestic demand and production, as well as investment, leading to an economic slowdown.

    “To get out of the economic quagmire, there is a compelling need for the restructuring of Nigeria. Restructuring should not be driven by political expediency, but economic and financial viability,” said Bank Group president.

    He said for Nigeria to succeed with much needed welfarist and people-centered policies, it is necessary to change the governance system to decentralize greater autonomy to the states.

    Saying it was time to pave way for a new Nigeria, Adesina said, “Instead of a Federal Government of Nigeria, we could think of the United States of Nigeria.”

    The award which promotes the legacy and democratic ideals of the late Nigerian nationalist and federalist leader Chief Obafemi Awolowo, also “recognises and celebrates excellence in leadership.”

    African leaders recognised the African Development Bank for its transformative impact on the continent under Adesina’s leadership.

    Tanzanian President Samia Suluhu Hassan, who chaired the 2023 Obafemi Awolowo Prize for Leadership Award ceremony, described Adesina as a dynamic and visionary leader.

    “He has a rare ability to turn vision into concrete transformational solutions that impact the lives of millions of people across Africa. Tanzania is one of many African states that have greatly benefited from his dynamic and astute leadership,” she said.

    “Through his leadership and support, we have been able to raise $3.8 billion to support the construction of the regional standard gauge railway that will connect Tanzania to the Democratic Republic of Congo and the Republic of Burundi.”

    President Azali Assoumani of the Comoros said, “Dr. Adesina has an incredible ability to bring leaders together to engage and commit to initiatives that are transforming Africa every day. A great visionary, innovative, and pragmatic, Dr. Adesina has masterfully led transformative initiatives at the African Development Bank.”

    In a message read by Vice President Kashim Shettima, Nigeria’s President Asiwaju Bola Ahmed Tinubu said Adesina’s ability to navigate the complexities of his role at the African Development Bank demonstrates his competence and resilience in the face of challenges.

    “Today, we gather to honour a man who has carved his path in one of the most challenging offices to lead—Dr. Akinwumi Adesina,” he added.

    Ethiopia’s Sahle-Work Zewde highlighted how the African Development Bank has become a huge brand in her country and a long-standing, trusted partner of her country’s development.

    “Since Dr. Adesina took the presidency of the bank, the African Development Bank has provided us with access to heat-tolerant wheat varieties. Ethiopia, despite the many challenges, has become a lead producer of wheat, leading to self-sufficiency in only four years,” she said.

    “We need this hope and concrete action to showcase that Africa can become self-sufficient in food,” the Ethiopian president added.

    Speaking on behalf of President Gnassingbe of Togo, the country’s Prime Minister Victoire Tomegah Dogbé pointed to the African Development Bank’s support to help farmers increase their yield. “With the support of the Bank, Togo has become an exporter of organic soybeans to Europe,” the Prime Minister said and praised Adesina for providing sound leadership that has transformed the Bank into a globally respected institution.

    Adesina is the fourth recipient of the Award. Past winners include lawyer Afe Babalola, writer and Nobel Laureate Wole Soyinka, and former South African President Thabo Mbeki.

    The Chairman of the Obafemi Awolowo Prize for Leadership Selection Committee, Chief Emeka Anyaoku said the Bank Group president was the unanimous choice of the Foundation’s Selection Committee among many other eminent nominees.

    Many global figures sent congratulatory messages to Adesina for the award, including the President of the World Bank Group Ajay Banga, the Managing Director of the International Monetary Fund Kristalina Georgieva, former British Prime Minister Tony Blair; Chief Executive Officer of Agence Française de Développement Rémy Rioux; Chief Executive Officer of the Global Center on Adaptation Prof. Dr. Patrick Verkooijen, President Emeritus of the World Food Prize Foundation Ambassador Kenneth Quinn and the former UN Secretary-General Ban Ki-moon.

    The Chairman of the Obafemi Awolowo Prize for Leadership Foundation, and former President of Nigeria Yakubu Gowon said Adesina’s “widely acclaimed achievements as Nigeria’s Minister of Agriculture and two terms as President of the African Development Bank attest to his desirability as the recipient of the 2023 Obafemi Awolowo Prize for Leadership”.

    The Executive Director of the Obafemi Awolowo Foundation, Ambassador Dr. Tokunbo Awolowo-Dosumu, said Adesina, “possesses the attributes for the award to the highest degree”.

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

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  • President Ramkalawan pledges the commitment of Seychelles to ensure Sustainable Tourism

    President Ramkalawan pledges the commitment of Seychelles to ensure Sustainable Tourism

    Dubai, 13th February 2024: The President of the Republic, Mr. Wavel Ramkalawan joined several other world leaders at the World Governments Summit (WGS) 2024 currently being held in Dubai where he delivered his main address focussing on Seychelles’ Initiatives and Approaches to Ensure Sustainable Tourism and Balancing Preservation.

    In his address to world leaders at the event, the Head of State underlined the pivotal role that Seychelles is playing in conservation, implementing various initiatives to promote sustainable tourism and safeguarding the nation’s ecological balance and economic well-being. He touched upon the Blue Economy, Seychelles Sustainable Tourism Label (SSTL), renewable energy sources and community involvement among other important initiatives.

    “Central to Seychelles’ approach is its commitment to the Blue Economy, which includes designating a significant portion of the country’s marine territory as protected areas, including marine parks and reserves. These efforts are crucial in preserving biodiversity and safeguarding marine ecosystems for future generations.

    Furthermore, Seychelles has established the Seychelles Sustainable Tourism Label (SSTL), a certification program that recognises tourism accommodations, operators, and services adhering to sustainable practices such as efficient waste management, energy conservation, and community engagement,” said President Ramkalawan.

    He continued, “In its endeavour to reduce reliance on fossil fuels and mitigate environmental impacts, Seychelles has invested in renewable energy sources like solar and wind power. These initiatives not only contribute to reducing carbon emissions but also promote a more sustainable approach to tourism activities.

    Seychelles also emphasises community involvement and empowerment in tourism development, encouraging local participation in decision-making processes and implementing community-based tourism projects to ensure that communities benefit from tourism revenue.”

    The President also spoke about the significant strides that Seychelles has made in protecting its unique biodiversity through habitat restoration, invasive species control, and species protection programs, “Through such conservation efforts, Seychelles has achieved an enviable record of protecting 30% of its marine territory and 50% of its landmass.

    The nation has also implemented environmentally conscious policies such as banning single-use plastics and plastic straws, promoting glass recycling, and conducting regular beach cleaning exercises,” he said.

    The President also remarked that the Seychelles Government had imposed moratoriums on large hotel developments and temporary restrictions on room numbers on certain islands to ensure that future developments align with sustainability goals.

    In regards to cultural tourism, President Ramkalawan spoke about Seychelles’ initiative through the Creole Rendezvous brand, which offers visitors immersive experiences to appreciate the local culture.

    “Preserving and promoting Seychellois culture and heritage are integral to future development plans. Incorporating vernacular architectural styles, supporting local arts and crafts, and integrating cultural activities into urban planning are key components of sustainable development. Furthermore, environmental education and awareness among tourists and locals are key priorities for Seychelles, fostering a culture of sustainability and responsible tourism,” underlined the Head of State.

    In its pursuit of sustainable development, President Ramkalawan said that Seychelles is investing in green projects across the islands, including eco-friendly buildings, renewable energy systems, waste management facilities, and smart technology solutions for infrastructure management and resource efficiency.

    Regarding International Corporations and partnerships, the President further emphasized the need for the adoption of a Multidimensional Vulnerability Index (MVI) for Small Island Developing States (SIDS) and vulnerable countries.

    He also spoke about Seychelles’ collaboration with the United Nations World Tourism Organization (UNWTO) on the Tourism Satellite Account (TSA) project, which has been instrumental in understanding the industry’s contribution to GDP, employment, and foreign exchange earnings.

    He noted that through this collaboration, Seychelles’ objectives are to align tourism strategies with sustainable development goals and accurately assess the economic benefits of tourism.

    To conclude, President Ramkalawan reiterated Seychelles’ commitment by focusing on sustainable governance, fostering international collaboration, and championing innovation. “Seychelles remains steadfast in its commitment to ensuring sustainable tourism practices that balance the preservation of natural resources with the economic benefits of tourism.

    Through international cooperation, community involvement, and innovative initiatives, Seychelles aims to advance its island development objectives, build resilience against environmental challenges, and foster inclusive and equitable economic growth,” he said.

    There were other main addresses by distinguished world leaders, including the President of the Republic of Madagascar, H.E. Andry Rajoelina, President of the Republic of Mauritius, H.E Mr. Pritvirajsingh Roopun, GCSK, and from the President of the Republic of Maldives, H.E. Dr. Mohamed Muizzu.

    SOURCE

    State House News

  • From COP28 to a circular world: Investments need to focus on the circular economy alongside renewables

    From COP28 to a circular world: Investments need to focus on the circular economy alongside renewables

    In the wake of COP28, which called upon parties to transition away from fossil fuels, the World Circular Economy Forum 2024 (WCEF2024) emerges as a landmark event that highlights the circular economy as the premier post-fossil fuel investment frontier. WCEF2024 will take place in Brussels, Belgium from 15-18 April, and convenes thousands of experts to explore the vast opportunities that the circular economy presents.

    HELSINKI, 24 January 2024 – The transition from fossil fuels to renewables is imperative, yet alongside this, a strong focus on circularity is also needed. This means we must commit to manage all materials more sustainably, reducing dependence on fragile supply chains and alleviating pressure on nature.

    The opportunities in the circular economy are enormous. According to Circle Economy Foundation’s global “Circularity Gap Report 2024” which was published today, the global economy is currently only 7.2% circular, emphasising the untapped economic potential in this transformational shift.

    “We are convinced that the next big play in the investment arena we’ll see is around circular solutions,” states Atte Jääskeläinen, president of the Finnish Innovation Fund Sitra, the initiator of WCEF. “Regulations are essential for steering investment flows towards circularity, which is crucial for the sustainable development of societies. This shift is necessary to tackle overconsumption of natural resources.”

    This year, the landmark event of the circular economy underlines the world’s extraordinary opportunities after the decisions made in the UN’s Climate Change Conference COP28 in Dubai last December. The final outcomes of COP28 noted circular economy approaches as a tool in the transition to sustainable patterns of consumption and production.

    The co-chair of the UN’s International Resource Panel (IRP) Janez Potočnik notes that it is possible to mitigate growth in resource use while growing the economy, reducing inequality, improving well-being, and significantly reducing environmental impacts. “Our economic system is wasteful and unjust. Material (over)use is a main element of global sustainability and equality challenges deserving proper policy attention.”

    Initial findings of the IRP’s upcoming flagship report, the “Global Resources Outlook 2024”, show the undeniable need for a circular economy: The use of new (virgin) materials has continued to grow on average over 2.3 per cent per year. Without urgent and concerted action to change the way resources are used, material resource extraction could increase by almost 60 per cent from current levels by 2060, from 100 to 160 billion tonnes.

    “After decisions made in the COP28, there is plenty of room for wiser, circular solutions among global systems – for example in agrifood, mobility and consumables”, says Ivonne Bojoh, CEO of Circle Economy Foundation. “We must reform our finance and labour policies to put in place lasting and impactful changes that address the root cause of climate change and social inequity.”

    The World Circular Economy Forum WCEF is a global initiative of Finland and Sitra. This year marks the 8th iteration of WCEF. As a collaboration platform for circular economy thinkers and doers from all over the world, the forum strengthens its science-based approach through new partnerships with the International Resource Panel (as a science partner) and Circle Economy Foundation (as a programme partner). WCEF2024 is organised also in collaboration with several other international partners.

    In addition to showcasing solutions from around the world, WCEF2024 offers plenaries, parallel sessions and hands-on workshops. The forum also collaborates with two major players in Brussels: the European Circular Economy Stakeholder Platform who delivers a European track to the main event, and the Belgian Presidency of the Council of the European Union who curates a full day of accelerator sessions on 17 April, including site visits to circular economy companies in Belgium.
    If you are interested in learning more about the event and taking action to build a sustainable, circular future, please visit the WCEF2024 website.

    Further information on the event

    Mika Sulkinoja, Project Director of WCEF, Finnish Innovation Fund Sitra, mika.sulkinoja@sitra.fi, tel. +358 50 357 1723

    Rebecca Nohl, Sherpa to Janez Potočnik (co-chair of IRP), Systemiq, rebecca.nohl@systemiq.earth

    Ilektra Kouloumpi, Senior Innovation and Global Alliances Lead, Circle Economy Foundation, ilektra@circle-economy.com

    Media contacts

    Samuli Laita, Media liaison of the WCEF, Sitra, the Finnish Innovation Fund, samuli.laita@sitra.fi, tel. +358 40 5368650

    Amy Kummetha, Communications Manager, Circle Economy Foundation, amy@circle-economy.com

    Media accreditation, the media kit and online briefing

    Accreditation for media participants is open. Please find the registration form as well as the media kit at www.wcef2024.com/media.

    An online media briefing will be held for journalists on 8 April from 14:00 (CEST). To register, please follow the WCEF2024’s media website and subscribe to the newsletter!

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

    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

  • 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

    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

     

     

     

     

     

  • Africa-Caribbean Trade and Business to get a booster

    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.

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

    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.
  • Burundi: African Development Bank helps train managers on programme-budget implementation in public administration

    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)