African Business du 30-09-2019

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The Bestselling Pan-African Business Magazine Features
Uber expands in Africa amid profi t concerns
Dangote mega-project delayed again
Zimbabwe’s tough road after Mugabe
Canal+ targets NollywoodAfrican Special Reports
Africa’s top banks
Agribusiness goes digitalBUSINESS
Briefi ng
An IC Publication | 53rd Year | N° 467 | October 2019 Oil and gas
CRISIS TIME:
Can Ramaphosa save South Africa?
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● ● ● ● ● ● ● ●Ghana GH¢ 20 Kenya KShs 350 Liberia $5 Mauritius MR 150 Morocco Dh 40 Oman OR 2.00 Qatar QR 20 Rwanda RWF 3000
● ● ● ● ●Saudi Arabia Rls 20 Sierra Leone LE 40,000 Singapore $7.50 South Africa R40 (inc. tax) Other Southern African Countries R 35.10 (excl. tax)
● Sweden SKr 33 ● Switzerland SFr 8.70 ● Tanzania TShs 6,500 ● Tunisia DT 5 ● Turkey TL 10.000Y ● UAE Dh 20 ● Uganda USh 15,000 ● Zambia ZMW 50THAT’S
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GROUP PUBLISHER Crisis time: Can Ramaphosa
Omar Ben Yedder
VP DEVELOPMENT
Saliba Manneh | s.manneh@icpublications.com save South Africa?
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Business intelligence Special report: Top BanksADVERTISING SALES
DIRECTORS 4 News and deals 48 South African banks continue Medrine Chitty, Baytir Samba,
Nick Rosefeld, Cécile Louédec from around Africa to dominate top 10
ADVERTISING
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Cover story Briefng: Oil and gas
DISTRIBUTION
8 Crisis time: Can Ramaphosa 75 Investors return to Africa’s distribution@icpublications.com
PRODUCTION MANAGER save South Africa? upstream sector
Sophie Dillon
GHANA – SPECIAL PROJECTS AND ADVERTISING Features Special report: AgribusinessSilvia Salvetti Ollennu
Top Reports 14 Interview: Lesetja Kganyago, 81 Digitalisation powers Africa’s
Tel: +233 24 910 5995
governor of South African agricultural revolutiontop@topreports.org
Reserve Bank
NORTH AFRICA
16 The View: A wake-up Book reviewNéjib Ben Yedder
n.benyedder@icpublications.com call for South Africa 96 Africa’s young entrepreneurs
IC EVENTS 18 Interview: Alon Lits, succeed on their own terms
info@ic-events.net general manager,
Printers sub-Saharan Africa, Uber Last word
Roularta Media Group
30 What can Africa expect 98 A step forward in the fght Meensesteenweg 300
8800 Roeselare from new IMF chief? against malaria
Belgium
32 Canal+ targets Nollywood
38 Dangote Refnery delayed again
Countryfles
N° DE COMMISSION All pictures 42 Uganda: A route to riches
PARITAIRE AFP unless indicated.
for cofee producers0419 K 89806 Registered with the
Mensuel: British Library. 44 Mozambique seeks
Octobre 2019 ISSN 0142-9345
Dépôt légal peace dividend
46 The end of an era
©2019 IC Publications Ltd for Zimbabwe4 African Business October 2019
Business Intelligence News
Nigeria’s VAT Revenues up World Bank resumes
set to increase at Ethiopian Airlines funding to Tanzania
West African leaders have Nigeria’s fnance minister, According to Reuters, The World Bank has unfrozen
pledged $1bn for a common Zainab Ahmed, has Ethiopian Airlines’ operating credit to Tanzania and
fund to reinforce the announced plans to raise the revenue increased by 17% in approved a $450m loan
region’s national and joint rate of value-added tax (VAT) the year to the end of June, for the fnancing of social
military operations against next year. The proposal, despite an approximate 25% safety net initiatives in
terrorism. The pledge, which must be approved increase in fuel costs and the country. In November
announced at an extraordinary by the federal parliament, the fatal crash of Flight 302 2018 the bank withdrew
summit of the Economic would see VAT increase to in March. A 14% increase a $300m loan because of
Community of West African 7.2% from the current rate in passenger numbers a law that made it illegal
States (ECOWAS) in September, of 5%, which is the lowest in helped the wholly state- to question government
will run for fve years from Africa. The move is part of a owned carrier ofset these statistics and the country’s
2020, with further details due bid to diversify government challenges. The airline, policy of expelling pregnant
to be announced at the next income and make it less which is Africa’s largest, girls from public schools.
ECOWAS summit in December. dependent on oil revenue in carried 12.1m travellers in “Approval of this project
In the past four years, attacks order to increase spending the year to June, and planes acknowledges eforts by the
by extremist groups have on economic development. were 75% full on average. government of Tanzania to
left 11,500 dead and millions However, critics argue that In September, CEO Tewolde address the policy issues
displaced, according to the it will hurt the poorest Gebremariam announced by amending the statistics
president of the ECOWAS members of society and slow that the company plans to law (2018) in line with
Commission, Jean-Claude Brou. down the economy. buy 17 new aircraft and ofer international practice, as
11 new fight destinations. well as the government’s
commitment to facilitate
all girls to complete their $1bn plan to education,” said the bank.
tackle West
West African leaders have
pledged $1bn to the region’s African insecurity
national and joint military
operations against terrorism
$1bn6 African Business October 2019
Business Intelligence Deals
Swiss frm to renovate Cash injection for South Mozambique forms joint
Cameroon port African Airways venture with Vitol

South African mining frm Switzerland’s Terminal South African Airways, the Mozambique’s state-owned
nation’s struggling state-Exxaro has acquired the Investment Limited (TIL) oil frm, ENH, and the
owned carrier, was expected remaining 50% share of has provisionally won the Netherlands’ Vitol have
to receive a cash injection independent power producer bid for the renovation and formed a joint venture
of 5.5bn rand ($375m) from Cennergi from Khopoli management of the Port commodity trading company,
the government at the end of Investments, its partner in the of Douala, Cameroon’s named ENH Energy Trading.
September as it continues to joint venture over the last seven principal port. The contract ENH will initially own 51%
labour under a debt pile. The years. The deal, worth $105.7m, awaits fnalisation but TIL is but it is anticipated that
airline, which has total debts gives Exxaro full ownership expected to begin running this share will eventually
of some 12.7bn rand, is in
neof Cennergi, which owns two the port in January 2020. increase, according to gotiations with lenders over
windfarms in South Africa with France’s Bolloré Ports has a statement from Vitol. 2bn rand needed by
Decema combined generation capacity managed the port since 2015 The entity will gear ber to fund working capital
of 229 MW. Exxaro stated that but was earlier eliminated operations towards energy for the 2018/2019 fnancial
it was pleased to consolidate its from the tender process. commodities, in particular year. The fnancing will be
interest in the renewable energy TIL’s other African contracts liquefed natural gas (LNG), contingent on the repayment
asset at a time when negative include operations at Côte liquefed petroleum gas of short-term funding, and a
sentiment towards coal-based d’Ivoire’s Port of San Pedro and condensate. “The debt reduction and payment
energy is rising. and Togo’s Port of Lomé. plan for legacy debt. venture will be incorporated
and based in Singapore,
to facilitate liaison with
customers across the Exxaro seals region, in which LNG
demand is expected to grow
signifcantly,” according to windfarm deal Vitol.
Together, we go from
isolated to celebrated.Exxaro will gain 100%
ownership of windfarm
joint venture Cennergi
in a deal worth $105.5m Any dream can become a reality, with over 560 million
$105.5m Africans covered by a high-speed digital highway.
When you can reach out to the most isolated people amongst you, and connect them from village to village, from
nation to nation and from there to the world, you go. When you can use technology to teach, where books can’t
reach, we all go. When 30 million people who could never bank before, now have a bank in their pocket, they go.
Every day, MTN is inspired by the unstoppable spirit of the people we serve.
That’s why,
We’re good together.
everywhere you go
TBWA\HUNT\LASCARIS 921574Together, we go from
isolated to celebrated.
Any dream can become a reality, with over 560 million
Africans covered by a high-speed digital highway.
When you can reach out to the most isolated people amongst you, and connect them from village to village, from
nation to nation and from there to the world, you go. When you can use technology to teach, where books can’t
reach, we all go. When 30 million people who could never bank before, now have a bank in their pocket, they go.
Every day, MTN is inspired by the unstoppable spirit of the people we serve.
That’s why,
We’re good together.
everywhere you go
TBWA\HUNT\LASCARIS 9215748 African Business October 2019
Cover story: South Africa in crisis
Beset by a plague of violence, poor growth and a legacy of state capture and corruption,
South Africa faces a deepening crisis. David Thomas examines the problems facing
President Cyril Ramaphosa as he seeks to implement his reform agenda
Crisis time:
Can Ramaphosa
save South Africa?
n early September, delegates meeting for the events and government inaction have fuelled a
genuf rst day of the World Economic Forum were ine sense of national crisis and deep shame. Writing
sharing a drink in the ground f oor bar of the in the Sunday Times, academic and author William
Westin Hotel in Cape Town with colleagues Gumede said that the depth of national despair is
and friends. Suddenly, the low-level hum of having dire f nancial implications. Iconversation and clinking glasses was broken “The wave of xenophobic, gang and taxi violence,
by ear-splitting bangs. femicides and a general breakdown o f law and order
Delegates rushed to the windows to investigate have created a sense that South Africa is lawless,
the source of the commotion – stun grenades deto- leaderless and spiralling into the Armageddon of a
nated by police – and were greeted by the sight of failed state. It has dented local and foreign conf -
angry protestors besieging the doors of the nearby dence, making it unrealistic to expect any local or
conference venue, observed by lines of helmeted riot foreign investors to seriously want to put their money
o cf ers. in this country… the ANC and government
leaderThe mostly young, idealistic crowd of students and ship appears to have been out of their depth, many
activists sang songs of resistance and waved placards not grasping the severity of the crisis the country
as they railed bitterly at the government following a is facing.”
wave of fatal attacks on women – dubbed femicide – With crises mounting on multiple fronts and
across the country. For the South African government Ramaphosa distracted by political battles within
and its embattled president, Cyril Ramaphosa, the the ruling ANC, fears are mounting that the
ecoexpression of righteous anger at the plague of violence nomic reform agenda desperately needed to keep
was the latest incident in a week of disastrous PR. societal problems at bay could be neglected. With
As delegates arrived in Cape Town, Johannes- growth of just 0.6% projected this year by the central
burg’s poverty-stricken townships were convulsed bank, critics fear that the government is incapable
by a wave of xenophobic attacks that killed at least of soothing township anger bequeathed by apartheid
12 people, including foreigners and South Africans. and worsened by Jacob Zuma’s damaging presidency.
Images were beamed around the world of crowds Without an immediate response, trust will further
burning and looting foreign-owned stores, prompting erode, says political analyst Ralph Mathekga.
a furious backlash from African capitals and lead- “You have a very strong anti-establishment
sentiing the government of Nigeria to boycott the forum. ment that started with the collapse of local
governHundreds of fearful Nigerians took free ment, then corruption, then state capture. At the
f ights home o fered by their government, Fears are mounting end of the day you’re talking about the loss of moral
refugees from a country where they hoped authority by the ANC to govern. It’s a moral crisis, that the economic
to make a better life. a political crisis, a national crisis if you ask me.”
reform agenda
National despair desperately needed to Revival stalled
With Ramaphosa scrambling to respond, A multi-millionaire businessman, former trade un-keep societal problems
the forum – a showcase for his attempts to ionist and one of Nelson Mandela’s key lieutenants in
at bay could be crowd billions of dollars into a struggling the negotiations to dismantle apartheid, the cerebral
neglectedeconomy – became a sideshow. Violent Cyril Ramaphosa has long carried the hopes of the October 2019 African Business 910 African Business October 2019
Cover story: South Africa in crisis
ANC’s economic reformers and international inves- Below: Plainclothes
tors. Following his comfortable victory in May’s gen- police patrol the
streets after a wave eral election – the frst major test of his popularity
of anti-foreigner since assuming ofce in February 2018 – Ramaphosa
violence swept
expressed his support for an economic reform pro- Johannesburg in
gramme to create growth and combat widespread early September.
joblessness and inequality.
“We have been given this responsibility on an
overriding basis to revive our economy, to create
jobs,” he said shortly after wrapping up his victory.
After years of compromised rule by predecessor
Jacob Zuma culminating in the corruption of “state
capture”, the in-tray is bulging. From fxing
debtridden state-owned enterprises (SOEs) like Eskom,
the bloated and inefcient power utility, and South
African Airways, the loss-making national carrier,
to boosting the ease of doing business and reforming
a sclerotic labour market, few doubt the scale of the
task facing the government. Yet instead of moving
with freedom, the months since Ramaphosa’s win
have been defned by reticence and inaction, say
analysts.
“There’s been less reform than we expected of any
type (positive or negative) given the inability to
deploy political capital and also wrestle the functioning
of the state into gear,” wrote Peter Attard Montalto,
head of capital markets research at Intellidex, in an
August reform update.
“It has become clear that the Presidency is seeing
reform in a much longer ‘10-year governance master
plan’ outlook for two terms in ofce, ignoring, or
taking a calculated risk, on the fact that there won’t
be able to be a second term without the economy
turning in the frst… sentiment has rapidly deterio -
rated based on the lack of actions undertaken and
repetitive rhetoric.”
Hamstrung by political rivals in key ANC
portfolios and the entrenched opposition of the labour
movement he once helped lead, Ramaphosa’s political
options appear to be narrowing as the inequalities
that boil below the surface of South African society
threaten to erupt.
Tough calls
Yet economic reformers in the party are launching
a renewed push for relevance just as the
government’s momentum appears to be stalling. In late
August, the Treasury, led by garrulous Ramaphosa
ally Tito Mboweni, released a 77-page economic
policy discussion document intended to focus minds
on creating 1m jobs and boosting economic growth
by up to 3%.
While many of the recommendations have long
been suggested – including breaking up Eskom,
launching spectrum auctions and liberalising the
banking sector – the importance of the
“uncompromising” document lies in its bid to crowd political
momentum behind a new reform push, according to
Attard Montalto.
“National Treasury has issued a detailed,
wellreferenced, evidence based economic policy
document… it will force people to take sides for or against
evidence based policy and against or for endless
social compacting. It will however receive strong
resistance but we think its ultimate aim is to be
divisive and to mobilise support.”