Africa

The Global Black Impact Summit (GBIS) (https://apo-opa.info/3ofqRgA), scheduled to take place from 30 November to 1 December 2023 in Dubai, is a landmark event that promises to be a unique and transformative experience for individuals celebrating Black excellence and driving positive change.

Organized by Energy Capital & Power (www.EnergyCapitalPower.com), the Summit offers a dynamic platform for networking, learning and collaboration, with a focus on uniting and connecting the Black community with the aim of strengthening inclusivity, education and entrepreneurship.

Celebrating Black Excellence

GBIS is a celebration of Black excellence in various fields, including business, arts, culture, technology and more. The summit will highlight the remarkable achievements of Black individuals and communities from around the world, providing a platform to showcase their successes, share their stories, and inspire others. From stories of resilience to tales of success and impact, the Summit will inspire and motivate attendees to strive for excellence, pursue their passions, and make a positive impact in their communities and beyond.

Strengthening Inclusivity

Equality, education and opportunity are core pillars of the GBIS. The Summit will feature discussions and workshops on important topics such as access to education, mentorship, skills development and entrepreneurship, aimed at showcasing and creating opportunities for young Black talents while providing communities with the tools and resources necessary for success. The Summit aims to strengthen awareness of power among the Black community, while laying the foundation for individuals to thrive and grow in both their personal and professional lives. At the forefront of the Summit is equality, and discussions will largely center on ensuring Black individuals and businesses have a seat at the table, because only then can an inclusive society be created.

Advancing Entrepreneurship

Representing a catalyst for entrepreneurship, the Summit will broaden horizons and expose attendees to new ideas, investors and partners, laying the foundation for businesses to grow, initiatives to succeed and individuals to thrive. From meeting financiers, advisors and industry experts to connecting with like-minded individuals and stakeholders to generating increased brand exposure, the Summit represents a global movement where the narratives, power and potential of the Black community is conveyed. 

Unique Networking Opportunities

The Summit brings together a diverse range of participants, including entrepreneurs, investors, policymakers, academics, artists and activists, among others. This creates a unique networking environment where attendees can connect with like-minded individuals, build meaningful relationships, and explore potential collaborations. At its core, the Summit is all about uniting and building the Black community, and with a variety of functions, workshops and meetings, the Summit enables attendees to expand their professional networks and create new opportunities for growth and development.

Global Perspectives

GBIS is a truly global event that brings together participants from diverse backgrounds, regions and industries. Attendees will have the chance to connect with communities from various parts of the world, exchanging ideas with international thought leaders and exploring potential collaborations. This global perspective can be invaluable in not only expanding one's horizons, fostering innovation and identifying new opportunities for growth and development but in solidifying and strengthening the global Black community. The Summit is not only an event, but a movement, and will connect individuals with the aim of making a positive impact on the global Black community and the world at large.  

Whether you are an entrepreneur, investor, policymaker, academic, artist or activist, the Summit offers something for everyone. Don't miss this chance to be part of a ground breaking event that celebrates and empowers the Black community.

To secure your participation at this important, high-level event, register now at www.GlobalBlackImpact.com .

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

May marks Mental Health Awareness Month, a period dedicated to raising awareness on mental health and wellbeing, while eliminating the stigma surrounding mental health issues.

With the upcoming Global Black Impact Summit (GBIS) (https://apo-opa.info/3ofqRgA) taking place in Dubai this November, the intersectionality of mental health within the Black community has emerged as a key component in developing the next generation of future leaders and role models and building strong, impactful and inclusive communities.

Health and wellbeing represent one of the six pillars upon which the Black Impact Foundation (https://www.BlackImpactFoundation.com/) is built, emphasizing the importance of physical and mental health in creating opportunities and encouraging social mobility within Black communities. The Foundation aims to promote health equity and access to quality healthcare for Black individuals, raise awareness about mental health issues and provide support and resources for members within its community. 

While mental health represents a crucial aspect of overall wellbeing, it is often stigmatized and overlooked, particularly within communities of color where access to adequate resources is limited. According to the World Health Organization (WHO), one in every eight individuals worldwide grapples with a mental disorder, which can cause significant disruptions in thinking, emotional regulation or behavior, as well as lead to a domino-like chain of effects like unemployment, substance abuse, homelessness and incarceration.

Mental health issues and access to healthcare services in particular took a significant hit during the COVID-19 pandemic, with anxiety and depressive disorders seeing a rise of over 25% during the first year of the pandemic. WHO states that around 10-25% of the population in African countries experience a mental health disorder in any given year, with common disorders including depression, anxiety, schizophrenia and substance abuse. Given the pervasiveness of mental health issues in Black communities, it is a critical time to come together and find tangible solutions to increasing equity and availability of mental health resources.

Mental Health Awareness Month serves as a reminder to prioritize mental health and foster a culture of understanding and acceptance. It encourages individuals to educate themselves and others about mental health, recognize the signs of mental health conditions, seek support when needed and engage in self-care practices to maintain good mental health. It also emphasizes the importance of reducing stigma associated with mental health and creating safe spaces for open and honest conversations about mental health challenges.

This year's GBIS presents a unique opportunity to bring mental health awareness to the forefront of discussions on social impact and change. The Summit aims to connect, inspire and empower the Black community globally to drive positive change and create a more inclusive world. Integrating mental health discussions into the Summit's agenda will highlight the significant role that mental health plays in the larger picture of socioeconomic growth and opportunity. 

Addressing mental health within the Black community offers several key benefits, including improved individual wellbeing, stronger communities and increased productivity and economic prosperity. When individuals have access to mental health resources, support and education, they are better equipped to manage stress, build resilience and navigate challenges. This can lead to healthier relationships, more effective problem-solving skills and enhanced overall functioning in various aspects of life, including work, education and social engagement.

Additionally, prioritizing mental health can contribute to breaking the cycle of intergenerational trauma and promote healing and resilience within the global Black community. Promoting mental health awareness and wellbeing also has broader societal implications. It can contribute to reducing disparities in health outcomes, promoting social equity and fostering a more inclusive society. When mental health is prioritized and stigma is reduced, it can encourage more individuals to seek help when needed, access appropriate care and engage in preventative measures. This can lead to reduced health care costs and a more vibrant and resilient society overall.

The upcoming GBIS in Dubai highlights the power of connection and networking among individuals and communities, emphasizing the value of unity in advancing mental health support for the Black community. This year's summit recognizes that fostering connections and promoting dialogue is crucial for addressing mental health challenges. Through connection and collaboration, substantial progress can be made in promoting mental wellbeing within the Black community and improving support systems and resources that cater to underserved communities.

As we commemorate Mental Health Awareness Month and look ahead to the GBIS in Dubai, it is essential to recognize the intersectionality of mental health within the Black community and the critical role it plays in fostering wellbeing and social change. It is a time to prioritize mental health, eliminate stigma and create a culture of understanding, acceptance and support. By prioritizing mental health within the Black community, we can work towards a better future where everyone has the opportunity to thrive mentally, emotionally, professionally and socially. Let us come together to advocate for mental health awareness and empower individuals and communities to take steps towards better mental health and wellbeing for all.

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

Amini, Corp., an early-stage company focused on solving Africa's environmental data gap through artificial intelligence and satellite technology, has raised $2M in pre-seed funding in an oversubscribed round led by Pale Blue Dot, a leading European Climate Tech fund. Other investors include Superorganism, RaliCap, W3i, Emurgo Kepple Ventures and a network of angel investors from the global technology community.

Africa, home to 65% of the world's uncultivated fertile land and 30% of its mineral resources, accounts for only 3% of the global GDP. One reason for this disparity is lack of reliable and trustworthy data which has held back Africa's development for decades by hampering business decisions and capital allocation as well as making it difficult to measure the impact of climate change.

Within the first six months of operation, the company has developed a robust data aggregation and analytics platform capable of collecting, unifying, and processing satellite data, weather data, and other types of data down to a square meter. The platform provides access to valuable environmental data analytics, including drought, flood, soil and crop health. This data can be processed to forecast crop yields for millions of smallholder farmers in mere seconds, as well as measuring the impact of natural disasters across the region.

Amini was designed to address Africa's data scarcity, facilitate capital investment, promote climate resilience, and accelerate economic development opportunities in the region.

Amini has found its first customers in the agricultural insurance sector, using the platform's granular, verifiable, and actionable data for enhancing farmers' resilience through parametric agricultural insurance coverage. With a focus on regenerative agriculture, this collaboration aims to support both African farmers and global food chains.

While the company initially focused on the insurance industry, they are now experiencing rapid expansion into supply chain monitoring, specifically at the “last mile,” or the initial stages of the global supply chain. This expansion holds significant importance for multinational companies seeking precise measurements of their carbon footprint and the ability to report on their environmental impact. This need is further emphasized by upcoming global regulations, such as the SEC Climate Disclosure rules and the European Green Deal. These regulations mandate companies importing commodities like coffee, cocoa, timber, and palm oil to have comprehensive knowledge of their supply chain and its impact on deforestation and degradation down to the finest details at the last mile.

Heidi Lindvall, General Partner, Pale Blue Dot, said: “The scarcity of high-quality environmental data of Africa is a concern as it prevents others from building important climate solutions such as for example improving farmer insurance, monitoring climate risk or supply chains. When meeting the team behind Amini we were blown away by their ambition and expertise and we believe they are best positioned to fill the environmental data gap of Africa”

The team possesses a strong track record of using deep technologies to tackle challenges specific to Africa, showcasing a unique blend of talent and expertise. Kate Kallot, the founder and CEO of Amini, boasts over a decade of leadership experience in driving global innovation in artificial intelligence and machine learning at renowned technology companies like Intel, Arm, and NVIDIA. Kallot has spearheaded initiatives focused on leveraging artificial intelligence and social impact to benefit the African continent, such as the United AI Alliance, which aims to bridge the AI compute gap and enhance data capabilities in emerging markets. Joining Kallot on the executive team are Mwenda Mugendi, Muthoni Karubiu, and Eshani Kaushal. Together, they bring a wealth of experience in machine learning, data science, geospatial analysis, and fintech, gained from leading organizations such as Microsoft, NASA and MTN. The Amini team is deeply committed to making a positive impact, in Africa and beyond.

Kate Kallot, CEO and Founder of Amini, said: “We are building the single source of truth for environmental data across Africa. Data has the potential of transforming livelihoods by enabling everything from climate resilience to sustainable value chains. Should Amini reach its full potential and solve this problem, we are setting up Africa for tremendous transformation and development over the next decade. It's a long way to get there but the early customer success and interest from global enterprises, governments and international organizations is showing us that we're on the right track. ”

Amini has also become the first African company accepted onto the highly selective Seraphim Space Accelerator programme, which scouts from the top 2% of global early-stage space companies.

Distributed by APO Group on behalf of Amini.

Media Contact:
Chadi Assoualma
chadi@amini.ai

Africa is highly vulnerable to climate change, and its impacts—flooding, droughts, cyclones, sea-level rise-- are already driving shifts in how Africans grow food, live, and earn their livelihoods.

Yet, most of the climate funding for the continent goes toward climate mitigation rather than adaptation. This is a problem, partly because adaptation creates well-paying jobs and diversifies economies, strengthening societal resilience. Agriculture is one sector where adaptation promises immense potential.

For example, Soupah Kitchen & Grocery Technology Company, a woman-led agribusiness based in Ibadan, Nigeria, is unlocking innovative solutions to climate change to advance the continent's energy transition.

With support from the African Development Bank, the Global Centre on Adaptation, and its Africa Adaptation Acceleration Program (AAAP) (https://apo-opa.info/3ByCbr9), Soupah Kitchen uses resource-smart technology to control the environment for growing lettuce, kale, leafy green, and herbs. The start-up produces cheaper and healthier vegetables through hydroponics on Ibadan rooftops than those grown on rural farms.

Ifeloluwa Olatayo, Soupah Kitchen's CEO, was among 15 winners of the 2021 African Youth Adaptation (YouthADAPT) Solutions Challenge organized by the AAAP, a joint initiative of the African Development Bank and the Global Center on Adaptation.  

Olatayo said, “Our resource-smart technology is designed to grow up to three tonnes of fresh food within a 650 square-meter area. It will enhance the urban landscape and improve the air quality in our cities.”

She added that Soupah Kitchen farms could sustainably plant with 95% less water than traditional farms without chemical fertilizers. Yields from the company's farm are 30% larger than those of conventional farms and are produced in half the time.

Using vertical hydroponic technology, Soupah Kitchen can cultivate 1,600kg of vegetables within a 26-day cycle.

A desire to expand her business and impact led Olatayo to apply for the YouthADAPT program.

“With the YouthADAPT opportunity, my enterprise received funding of $100,000. This has been enormously helpful, and the investment made thus far in our implementation plan has had a demonstrable impact in strengthening our climate-conscious mission. The one-year accelerator program has enabled me to learn about the best financing options to scale our impact,” Olatayo said. 

Soupah Kitchen plans to tap into blockchain technology to replicate and scale up the technology in other African countries.

In addition to the YouthADAPT funding, Soupah Kitchen received €10,000 from the Netherlands Embassy in Nigeria as a Food Connection Challenge Winner.

In recognition of the private sector's critical role in closing financing gaps for green growth and building climate resilience, the African Development Bank Group has chosen as the theme for its 2023 Annual Meetings, Mobilizing Private Sector Financing for Climate and Green Growth in Africa.

The Annual Meetings will take place from 22 to 26 May in Sharm El Sheikh, Egypt.

Click here (https://apo-opa.info/3Mq8KhD) to learn more.

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

After five years of impacting lives and businesses in the country, CashToken Rewards Africa Limited (https://CashTokenReward.com/), the Nigerian RewardTech company that has revolutionized reward, is looking to spread its unique, socially smart business model to other parts of Africa for the purpose of helping businesses to succeed in order to lift millions on the continent out of poverty.

The company is buoyed into going international by the fact that in the relatively short period of its existence, the pilot phase of its Universal Gamification of Sales and Consumer Rewards Program (UGSCRP) has provided consumers of goods and services with potentially life changing cash rewards for purchases made across multiple businesses. The program has boosted businesses for organizations; enhanced the individual economy of consumers and aided the economic growth of countries where it is currently in operation, thus proving to have the capacity to bring about wealth redistribution for poverty alleviation on the continent.

In just five years, CashToken Rewards Africa has, through the UGSCRP, rewarded about one million Nigerians with CashTokens worth about $10 million. It has also partnered over 2,000 Nigerian businesses during the period. A new partnership it has just entered into with the Nigerian government to establish a national reward program would enable Nigerians all over the country to receive cash rewards in all purchases they make – be it goods or services.

The company's international drive is going to be made possible by a $100 million commitment from the Global Emerging Market, which would see it covering sub-Saharan Africa. The success of the program in Ghana, Cote D'ivoire, Uganda, Kenya and Tanzania, in addition to having merchants across Africa to provide CashToken reward for consumers, is an indication of the impact it would make on the continent.

Lai Labode, Chief Executive Officer of CashToken Rewards Africa Limited, says arrangements have reached advanced stages for the company to be listed on the Nigerian Exchange Limited and the New York Stock Exchange. This would inspire confidence and trust not just in consumers, but also in investors.

In addition to improving the fortunes of manufacturers and service providers and creating wealth for consumers, the company is about to position itself as a veritable investment option for potential investors.

Distributed by APO Group on behalf of CashToken Rewards Africa Limited.

Deal Source Africa (https://DealSourceAfrica.co/), a comprehensive program to connect African businesses with investors and transaction advisors and African Impact Funds with investors,  officially  launched at the West Africa Deal Summit held in Accra yesterday. The program will help to bridge the $331 billion funding gap for African SMEs, especially those with high growth potential by offering solutions that are tailored to meet their business needs. Businesses and funds can sign up at https://DealSourceAfrica.co/ to access the platform which was developed with funding from the Research and Innovation Systems for Africa (RISA) Fund of UKAid and piloted in 2022.

Deal Source Africa comprises a digital platform that connects investors with businesses, in-person and virtual Deal Rooms where businesses can meet investors, and Impact Fund Showcases where investors can meet African venture funds and other local capital providers. Experienced transaction advisors are connected with businesses to provide professional support along their fundraising journey. The platform's Deal Officers facilitate connections with investors.

According to the CEO of Impact Investing Ghana, Amma Lartey, “The research is clear that growing SMEs can significantly accelerate the achievement of the SDGs and that creating more efficient connections between businesses, local funds, and limited partners could help deploy more appropriate patient capital. Innovative platforms like Deal Source Africa, built and tested with its users can therefore greatly accelerate the closing of the SME financing gap.”

Etemore Glover, CEO of the Nigeria National Advisory Board for Impact Investing (Nigeria NABII) said “Deal Source Africa has the potential to become a significant enabler of financing for businesses and local capital providers across Africa. We are excited to be able to collaborate with IIGh on this initiative and to see it grow across Africa through our partners in other countries. Africa-wide platforms with strong local partners are essential to fill the financing gap facing our businesses.”

Justina Mensah, who leads the Deal Source Africa program shared the successes the program has achieved during the pilot phase, including enabling 94 businesses to connect with 18 investors in Deal Rooms and connecting 45 businesses to transaction advisors for one-on-one support leading to 3 investments being finalised.  She called on African businesses who are looking to raise financing, venture funds, and other local capital providers to sign up at  https://DealSourceAfrica.co/

Distributed by APO Group on behalf of Deal Source Africa.

For media inquiries, please contact:
Emelia Essumanba- Josiah (Ghana)
emelia.josiah@impactinvestinggh.org

Ifeoluwa Ogunfuwa (Nigeria)
iogunfuwa@impactinvestorsfoundation.org

For partnerships, please contact:
Justina Mensah
justina.mensah@impactinvestinggh.org

About Impact Investing Ghana:
Impact Investing Ghana (IIGh) is the Ghana National Advisory Board for Impact Investing. We are an independent private-sector-led initiative promoting sustainable development and advancing the development of the impact investment ecosystem in Ghana. IIGh is Ghana's representative to the Global Steering Group (GSG) for Impact Investing, the successor to the Social Impact Investment Taskforce established by the G8. IIGh aims at tackling Ghana's pressing social and environmental challenges by driving more capital to deliver real impact. We are a local platform representing all the stakeholder groups needed to redirect significant capital flows toward social and environmental impact, bringing together leaders from the worlds of finance, business, government, social organizations, and philanthropy. Private-sector-led, yet in close partnership with the national government, we raise awareness, create market intelligence, change policies, and mobilize additional financial resources for the public good. IIGh has an ambitious plan to support the growth of impact ventures and to catalyze $ 1 billion in impact funds for investment in impact ventures in Ghana and the West African sub-region. Find more here www.ImpactInvestingGh.org

About National Advisory Board for Impact Investing (NABII):
The National Advisory Board for Impact Investing (NABII) is a cross-section of influential leaders consisting of people and organizations united in purpose to grow impact investing in Nigeria. It is a representation of the entire impact investing ecosystem, dedicated to designing and implementing a national strategy that addresses barriers that inhibit its growth and unlock opportunities for more Impactful Investments. The NABII collectively accelerates and shapes the impact investing ecosystem in Nigeria.

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By NJ Ayuk, Executive Chairman, African Energy Chamber (https://EnergyChamber.org/)

Renewable energy holds great promise for Africa.

As more and more operators invest in the continent's clean energy and energy transition objective, we will undoubtedly see continued growth. At the African Energy Chamber, we are excited about the possibilities.

And yet our excitement is tempered by a bit of reality: Africa's current renewables capacity and geographic reach are limited. At present, very little contributes to Africa's energy needs. We must be realistic about the capabilities – and limitations – of green energy sources instead of pressuring the continent to give up fossil fuels prematurely.

As the chamber's “The State of African Energy Q1 2023 Outlook Report” (https://apo-opa.info/40VrCJf) indicates, close to 80% of the 2023 capacity on the continent is driven by wind and solar. But even among these “strongholds,” only about 7% of the wind capacity and 9% of solar capacity is currently operational. We expect Africa's 2023 capacity to reach 21.5 GW — or 1% of the global capacity. And while all signs point to its increase to 30 GW over the next two years, even this growth is miniscule, representing a scant 2% of total global capacity.

Current global renewables capacity (which includes solar, wind, and hydrogen electrolyzer capabilities) stands at 1,500 GW. In sharp contrast, Africa's 2023 announced capacity is only a fraction: 134 GW for wind, 120 GW for solar, and 112 GW for hydrogen.

Perhaps a bigger concern is that these figures are mainly represented in just a handful of countries. Djibouti, Egypt, Mauritania, Morocco, Namibia, Nigeria, and South Africa produce the vast majority of the current renewables capacity, to varying degrees. This means that most of the continent lags much further behind — or adds absolutely nothing to — the continent's total green capacity.

These statistics provide clear evidence that renewables remain distant promises. Green solutions alone are, at present, insufficient to provide energy for the people of Africa.

CWP, Bechtel Lead Development

That's not to say that we aren't witnessing some exciting developments.

Renewable energy developer CWP Global of Serbia and American global engineering, construction, and project management giant Bechtel are partnering to bring about real results. They are working on some exciting renewables projects across a number of countries that represent close to 25% of the current announced capacity in Africa.

For one, the USD40 billion AMAN green hydrogen project in Mauritania is the largest green hydrogen project on the continent. Once operational, it will have a 15 GW electrolyzer capacity powered by 30GW of combined solar and wind. In addition to boosting Mauritania's GDP by up to 60% by 2035, AMAN promises other important benefits for the country, from universal electrification to job creation to cleaner development through hydrogen-powered vehicles.

Another CWP Global project is Morocco's AMUN project. The first phase near the city of Tan Tan, due to be completed in 2029, is expected to produce 3 GW of wind and 3 GW of solar power, which will then be used to produce green hydrogen for local ammonia synthesis.

CWP Global also signed an agreement with the government of the Republic of Djibouti to develop a 10-GW renewable energy and green hydrogen hub. Like the goals in Mauritania, the project will go a long way in helping Djibouti foster cleaner and more secure energy supplies, create green jobs and businesses, and generate exports to fast-emerging markets for low-carbon fuels and industrial products.

Promises, Promises

All of this is very promising. And we should all be thinking about the transition to green energy. However, more than 95% of the partners' announced capacity of 88.5 GW is still in concept phase, and a mere 4% has received approval for development.

This simply underscores the need for African countries to forge ahead with the vast oil and gas resources at their disposal.

The green transition must be made strategically and soundly, carefully considering the needs of the African people. Keep in mind that hundreds of millions of Africans have insufficient access to electricity in the current configuration, with hydrocarbons still in the mix. Take away what little availability they have to fossil fuels, and they will — quite literally — be left in the dark.

Solar and wind farms capture renewable energy (from the sun or the wind) and convert it into electricity. This electricity must then be transmitted to where it will be used or stored. Unfortunately, as our report highlights, much of the continent lacks sufficient transmission infrastructure to economically accommodate utility-scale solar and wind installations. Building up the required transmission and storage infrastructure will require serious capital.

And as pointed out by Cecily Davis, a partner with Fieldfisher and co-head of the European law firm's Africa Group, many African hydrocarbon-dependent economies face a conundrum regarding investments in green energy projects: "If they scale back fossil fuels, they lose the tax revenue to pay for other infrastructure; if they maintain oil and gas production, that makes it harder for renewable energy to compete,” she said.

The African Energy Chamber's “The State of African Energy: Q1 2023 Report” (https://apo-opa.info/40VrCJf) is available on the chamber website (https://EnergyChamber.org/)

Distributed by APO Group on behalf of African Energy Chamber.

Zimbabwe President Emmerson Mnangagwa has reassured development partners and creditors that his government is committed to the implementation of key reforms critical to resolving the country's nearly $8.3 billion of debts and arrears. 

He was speaking during the high-level debt resolution forum held Monday in the capital Harare, that was also addressed by the President of the African Development Bank Dr. Akinwumi Adesina, the facilitator of the high-level dialogues, former president of Mozambique Joachim Chissano and attended by government officials, development partners, private sector, former farm owners and civil society organizations.

According to President Mnangagwa, “in spite of the challenges associated with the debt overhang and further exacerbated by the albatross of the illegal economic sanctions, Zimbabwe is realizing key milestones towards moving our country forward for the good of our people.” The three key reform pillars for Zimbabwe's implementation program include governance reforms, land tenure reforms, compensation of former farm owners and the resolution of bilateral investment protection agreements.

Unsustainable debt

Dr. Adesina, who is the official champion for Zimbabwe's arrears clearance and debt resolution expressed deep concern about the country's debt, and a “debt accumulation from arrears that don't have an end in sight.”

According to Adesina, “Zimbabwe cannot run up the hill of economic recovery carrying a backpack of debt on its back. It is time for a comprehensive debt arrears clearance and debt resolution for Zimbabwe. But getting there is not a walk in the park. We must address history, to make history.”

He added, “economic sanctions are driving Zimbabwe further into unsustainable debt. The debt itself is not as debilitating as the arrears on the debt since the country cannot access international concessional financing or other revenue or less expensive financing to pay down its debt obligations.”

Majority of Zimbabwe's combined $8.3 billion bilateral and multilateral debt is accounted for by arrears. The country currently publishes public debt statistics and debt payment information to ensure transparency and accountability. “There is need to nurture the trust and good will which continues to grow among all parties,” President Mnangagwa said. 

He added that the country's sustainable economic recovery requires augmentation by a comprehensive arrears clearance and debt resolution process which is backed by international financial institutions and the international community at large.

In his remarks, Mr. Chissano said Zimbabwe's situation is hurting the region: “The crisis in the country is having terrible consequences for the region, as Zimbabwe lies at the heart of Southern Africa. Many regional infrastructure development plans, including roads, railways and power transmission lines have been brought to a standstill, as they have to run through the country. The continental free trade is also undermined by the situation prevailing in Zimbabwe.”

Mobilizing $3.5 billion for compensation

On land reforms and compensation, Dr. Adesina said the Bank is working with the Government of Zimbabwe to develop innovative financial instruments and structures that can be used to front-load the mobilization of $3.5 billion for compensations.

He cautioned against further delays, which could erode trust and confidence. “So, timing counts; responsiveness counts; and financial sustainability counts,” he said.

Adesina appealed to development partners “to work together on this proposed structure which can help leverage capital markets to fund compensations without additional debt for Zimbabwe.”

The African Development Bank head commended the government for its decision to make land titles available to enhance the security of commercial farmland. “These would be for 99-year leases which are also commercially viable, bankable, and transferable,” he recommended.

Commitment to free and fair elections

On electoral reforms, President Mnangagwa assured stakeholders that the county has put in place the requisite mechanisms to guarantee peaceful, free, fair and credible elections scheduled for August this year.

“My government stands committed to consolidating constitutionalism, rule of law, good governance and protecting constitutionally enshrined rights and freedoms,” Mnangagwa said.

Adesina commended the Government of Zimbabwe and noted that “The people of Zimbabwe and the international community will be watching very closely. The full weight of re-engagement with the international community will depend on this. It will also depend not just on the election, but the entire electoral process that guarantees a credible election,” Adesina urged.

He further emphasized the need for stakeholders to ensure that there is concrete and measurable progress on the Zimbabwe Democracy and Economic Recovery Act (ZIDERA), which is critical for re-engagement with the United States and could be used to support advocacy for the lifting of select sanctions imposed by the US Congress. 

The African Development Bank chief and Mr. Chissano visited the US early May to meet with leaders in the US Congress, Treasury Department, State Department, and other US agencies.

Adesina said, “it was very clear that there is support for this high-level dialogue, and a hope that it will translate into concrete and measurable progress on the ground to inform a consideration of the lifting of the sanctions under ZIDERA.”

In December 2022, the Zimbabwean government established a Structured Dialogue Platform with all creditors and development partners, to institutionalize structured dialogue on economic and governance reforms to underpin the arrears clearance and debt resolution process.

Dr. Adesina's speech (https://apo-opa.info/3o6b0kr)

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

Contact:
Chawki Chahed
Communication and External Relations Department
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 44 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

By Gawie Kanjemba, International Energy Fellow, African Energy Chamber (www.EnergyChamber.org)

Historically, oil and gas projects are known to experience delays ranging from 5% to 20% of the project duration owing to project complexity, significant capital requirements and the multi-faceted nature of developments. In 2023, oil and gas projects across Africa are experiencing even further delays, a trend which is detailed in the African Energy Chamber's (AEC) recent market-focused report, The State of African Energy Q1, 2023 Outlook. The report paints a telling picture of the challenges facing the industry and the impacts these delays could have.

Procrastination: The Foe of Progress

According to the report, delays from discovery to final investment decision (FID) to development kick-off have increased, leading to revenue losses due to deferred production, increased costs for contractors, and essentially lack of progress. This trend mimics Parkinson's Law of Delay, an observation that work will expand to fill the time allocated to it. In this scenario, procrastination is the ultimate foe of progress and productivity, and unless delays are addressed, Africa will not be able to unlock the full potential of its oil and gas. 

Despite their significance, a number of large-scale projects are experiencing a lull. These include the Mozambique liquefied natural gas project which has experienced multiple delays due to security concerns. Developed by TotalEnergies, the project was originally scheduled to start production in 2024 (FID was secured in 2019) but the start-up is now delayed to the late-2020s due to the declaration of force majeure by TotalEnergies. Additionally, the East African Crude Oil Pipeline - which will transport crude oil from Uganda to Tanzania for export - has been delayed due to financing challenges and environmental opposition. The project, which is being developed by TotalEnergies and other partners, was initially expected to start operating in 2020 but is now expected to come online in 2025. In Nigeria, several offshore oil projects have experienced delays due to security concerns, regulatory issues, and technical challenges. For example, the TotalEnergies-developed Egina oil field, saw a 12-month halt due to issues related to local content requirements and delays in the delivery of key components. Meanwhile, sizeable natural gas volumes discovered in Ethiopia in the 1970–1980s are yet to see FID, with project delays extending decades.

However, there are several successful stories such as the Jubilee field off the coast of Ghana, which has been in production since 2010 and has had a significant positive impact on the country's economy. Another example is Egypt's Zohr gas field, which has been in production since 2017, and Angola's Kaombo, which has been producing since 2018. These countries have experienced relatively few delays in their projects and are now enjoying the benefits of their successful development. Unless other O&G projects are developed with the same urgency, Africa's production forecast will see a downturn.

Start-ups Critical for Long-Term Output

According to the AEC's report, the currently producing fields, both liquids and gas, are in terminal decline due to depleting reservoirs. Infill drilling or redevelopment programs on these fields, which involve brownfield spending, may only temporarily stabilize the decline in production. Liquids output from these fields is expected to decline from 7.66 MMbbls/d in 2023 to 6.85 MMbbls/d in 2025 and 4.7 MMbbls/d in 2030. The average annual production decline rate is 8% through 2025-2030 and a higher 10% through 2031-2040. Any further delays or shelving of future start-ups can be catastrophic to Africa's hydrocarbon output. Although short-term (2023-2025) start-ups are expected to have little impact on the forecast, the medium-term (2026-2030) and long-term (2030+) start-ups are expected to drive a revival in Africa's liquids output. The good news is that the overall impact of delayed start-ups is short-lived, and the total liquids output from Africa is expected to ramp up to about 8.4 MMbbls/d in 2036.

Similarly, regarding gas production, the decline in producing fields, though terminal, is not as steep as liquids-producing fields. The short-term start-ups are estimated to account for 10% of the total output by 2025, but the share from the currently producing fields is expected to drop to 50% by 2031 and further to about a quarter of the total output by 2040. The long-term start-ups are estimated to add up to a third of the total output by 2035 and half of the total output by 2037-2038, and this share is only expected to increase going forward.

Capital Flows to Africa's Deepwaters

Governments are already considering project delays and the issues caused, both economically for the countries dependent on hydrocarbon exports and domestically for countries looking to diversify the energy sector. Efforts have been made to address these issues, such as Nigeria passing the Petroleum Industry Act resulting in new production-sharing contracts signed with supermajors. As such, investment is seeing a gradual surge, and Africa's deepwater prospects are gaining attention.

Due to the fact that most of the untapped O&G are currently located in deep waters off the coast of Africa, the majority of future investment is expected to be directed towards the deep offshore. By 2025, it is projected that 45% of the estimated $24 billion greenfield spending will be in deepwater projects, and by 2030, it is estimated to increase to over 50%. This trend is expected to continue, with over 55% of the estimated $64.5 billion total spending in 2035 projected to be spent on deepwater projects. Of the estimated $775 billion total greenfield spending between 2023 and 2040, approximately 48% is expected to be spent on deepwater projects.

Some notable deepwater projects in Africa include the Greater Tortue Ahmeyim (GTA), Yakaar–Teranga, Bir Allah, and Orca projects offshore Senegal-Mauritania as well as the Pecan project offshore Ghana; the Brulpadda and Luiperd gas fields offshore South Africa; and the recently discovered Graff, Venus and Jonker finds offshore Namibia. These deepwater projects are significant in terms of reserves and cost, making them major drivers of O&G spending. Given the importance of these projects for Africa's production forecast, both governments and operators must prioritize securing funding for their development.

The AEC's State of African Energy Q1, 2023 Outlook provides a comprehensive overview of the state of play of Africa's O&G projects, highlighting the urgent need to advance collaboration, investment and development. Time is of the essence, and missing this opportunity could result in a significant development gap between Africa and the rest of the world. However, with accelerated projects, it is still possible for Africa to utilize its resources while adhering to global climate targets. In this context, AEC Executive Chairman NJ Ayuk's slogan, "Drill baby Drill!" holds a palatable meaning. Let us work together to prevent project delays and drive environmentally-sound developments so that Africa benefits from its O&G resources. 

Distributed by APO Group on behalf of African Energy Chamber.

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The security situation in the Sahel remains very worrying and the spiralling crisis in Sudan is an additional source of concern, a senior UN official warned the Security Council on Tuesday.

"Non-State armed groups continue to carry out large-scale attacks against civilian and military targets and engage in clashes over access to resources, territorial control and influence," said Martha Ama Akyaa Pobee, UN Assistant Secretary-General for Africa, part of the political and peacebuilding affairs department, and UN Peace Operations.

The Council was meeting to assess the state of the G5 Sahel Joint Force, which brings together Burkina Faso, Chad, Mali, Mauritania and Niger. Founded in 2017, it's main role as an international military operation is countering the rising threat of terrorism, improving criminal justice, border security management and the spread of militant religious extremism.

Extremists clash

"Terrorism and violent extremist groups frequently target border areas, particularly the tri-border area of Burkina Faso, Mali and Niger, Liptako-Gourma. In this regard, earlier this year there was an upsurge in clashes between the Islamic State in the Greater Sahara (ISGS) and Jama'at Nu rat al-Islam wal-Muslirnin (JNIM)," she added.

In this context, "the recent instability in the eastern Sahel, Sudan, is an additional source of concern," Ms. Pobee said, adding that "the devastating effects of the continued destabilization of the Sahel will be felt far beyond the region and the African continent."

Dire humanitarian situation

She recalled that the security crisis is exacerbating an already dire humanitarian situation. In Burkina Faso, an estimated 4.7 million people will need humanitarian assistance this year, up from 3.5 million in 2022. And in Mali, 8.8 million people will need help, up from 7.5 million.

Regarding the G5 Force, the senior UN official noted that personnel had made steady progress in its operationalization, in a context of reconfiguration of European and French forces, and Mali's withdrawal from the Force, and intensifying threats in the tri-border area.

She stressed that the G5 Sahel nations were determined to strengthen intra-regional cooperation, including by establishing bilateral and multilateral cooperation mechanisms with the Malian Armed Forces in the fight against terrorism.

Insecurity continues

However, she noted that, despite these efforts, insecurity in the tri-border area continues to grow.

Ms. Pobee stressed that the tripartite agreement between the European Union, the G5 Sahel and the UN is expected to end in June. With the expiry of this agreement, logistical and operational support from the UN Mission in Mali, MINUSMA, to the G5 Sahel Joint Force, will end.

She said that "provides an opportunity to reflect on how the international community should renew its approaches to supporting regional security mechanisms".

Ms. Pobee added that via the UN human rights office, OHCHR, the UN has continued to support the Joint Force in implementing its international human rights and humanitarian law compliance framework, noting that "significant institutional, legal and behavioural progress and changes have been made."

The Joint Force now has an internal mechanism to assign responsibility for incidents, analyse patterns, take necessary corrective action and adapt its operational conduct.

"Going forward, continued human rights work with regional and national security actors in the Sahel will remain essential in the context of the deteriorating security situation," she insisted.

In this context, Ms. Pobee stressed that political and operational support of partners remains essential for the stabilization of Mali and the whole Sahel region.

Renewed international support will prevent the Sahelian crisis from upsetting the fragile political balance of the region and will help prevent "a new spillover of insecurity in coastal countries".

"For its part, the United Nations stands ready to further support the efforts of the G5 Sahel, including through support for capacity building in areas such as the prevention of violent extremism and radicalization, the rule of law and border security management," she said.

She recalled that the UN is committed to working with all partners to ensure that governance structures are more democratic and open, and that the people of the Sahel have greater confidence in their institutions.

"Decisive progress in the fight against terrorism, violent extremism and organised crime in the Sahel must be made desperately. Without significant gains, it will become increasingly difficult to reverse the security trajectory in the Sahel and the continued expansion of insecurity to coastal countries in West Africa," she concluded.

Distributed by APO Group on behalf of UN News.