African Business du 01-12-2021
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Date de parution 01 décembre 2021
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The Best selling Pan-Af r ican Business Maga zine African BUSINESS An IC Publication | 56th Year | N°489 | December 2021/January 2022
Features Tesla charges up for African push African artists join NFT gold rush Sudan coup deal splits opposition Dirty fuels make Nigerian comeback
Special Report Egypt plots pandemic recovery
Euro Zone €5.00 UK £4.00 USA $6.50 Algeria DA 500 Austria €6.50 Canada $6.50 CFA Zone CFA 2 900Egypt E£ 60 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Ethiopia R 150 Gambia GMD 200 Ghana GH¢ 20 Kenya KShs 500 Liberia $5 Mauritius MR 150 Morocco Dh 40 Oman OR 2.00 Qatar QR 20 Rwanda RWF 3000 Saudi Arabia Rls 20Singapore $7.50 Sierra Leone LE 40,000 R49.00 (inc. tax)South Africa ● ● ● ● ● ● ● ● ● ● ● Other Southern African Countries R43 (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 20,000 Zambia ZMW 50
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C
O
N T E Contents
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Cover story:Will Cop be enough to save Africa?
Business Intelligence 4 News and deals  from around Africa
Cover story: Will Cop be enough to save Africa? 12Cop26 left Africa How  wanting more 16 Why disaster risk management  is central to climate îght 18health risks in Africa Climate  set to get critical 20 Vanessa Nakate takes an  African voice to Cop26
Opinion 22failure that was Cop26 The 24 Why Cop26 climate targets let Africa down 26 Africa must lead on capital ight
Features 28 Sudan peace deal  splits opposition 32for future in Botswana Optimism 34 African artists join the  NFT gold rush 38charges up for African push Tesla
Special report: Egypt 40 Private sector crucial  to Egypt’s recovery
T
S
44Interview:Hussein Abaza,  CEO and MD, CIB 46 Huge potential to increase  Arab-Africa trade 48Interview:Sidi Ould Tah,  Director General, BADEA
Features 58 Payment service banks  launch in Nigeria 60 Dirty fuels make  Nigerian comeback
Intra-African Trade Fair 2021 74 Trade, technology and  tourism on agenda at IATF
CountryIles 82 The cost of Biafran separatists’ sit-at-home protests 84 Zimbabwe joins Africa’s  sprint to value addition 86 Sierra Leone gets îrst  cocoa factory
Book review 88Prisoners of the Past  by Steven Friedman
Editor’s View 90 Diplomacy can still  avert Ethiopia disaster
4African BusinessDecember 2021/January 2022
Business IntelligenceNews
Only 27% of health workersNigeria moves in Africa have been fullyto end fuel subsidies vaccinated against Covid-19, leaving the bulk of the workforceNigeria will give N5,000 on the frontlines against the($12) each to around 40m pandemic unprotected, apoor citizens every month preliminary analysis by thefrom July as a replacement World Health Organisationfor fuel subsidies, according shows. Analysis of data reportedto înance minister Zainab from 25 countries found thatAhmed. Fuel subsidies since March 2021, 1.3m healthcurrently cost the country workers were fully vaccinated,over $600m per month with just six countries reachingbut will be ended in July, more than 90%, while nineafter which the market will countries have fully vaccinateddetermine the price of fuel less than 40%. In sharp contrast,in line with the provisions of a recent WHO global study of 22Nigeria’s Petroleum Industry mostly high-income countriesAct. The cash handouts are reported that above 80% of theirplanned to last from six to health and care workers are fully12 months and will cost the vaccinated.equivalent of $5.8bn a year. Most African health workers still not fully protected against Covid
Slow recovery expected for private sector Inancing
Africa’s înancial sector has remained stable but private sector înancing may recover slowly after Covid-19, with small businesses and micro-entrepreneurs hardest hit, according to an impact analysis by the European Investment Bank. The Finance in Africa 2021report, which surveyed 78 banks and înancing institutions, found that 56% of African banks identiîed credit history and collateral as major or severe constraints to înancing smaller businesses. Nearly 50% of African banks are most concerned about the quality of existing assets and more than 20% are most concerned about a reduced demand for înancing and an increase in the risk of future lending.
Anti-desertiIcation programme oers viable return on investment
Africa’s Great Green Wall programme to combat desertiîcation in the Sahel could oer a viable return on investments, according to a study led by the United Nations Food and Agriculture Organisation and published inNature Sustainability. For every US dollar put into the project to halt land degradation from Senegal in the west to Djibouti in the east, investors can expect an average return of $1.2, with outcomes ranging between $1.1 and $4.4, the analysis found. The analysis used îeld and satellite data to track land degradation over 2001-18 and compared the costs and beneîts of restoring land based on scenarios adapted to the local contexts.
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6African BusinessDecember 2021/January 2022
Business Intelligence News
Research at îve of the biggest cobalt mines in the Democratic Republic of Congo (DRC) has exposed widespread labour exploitation and workers’ rights abuses, according to a British NGO,writes David Thomas. A report from RAID (Rights and Accountability in Development),The Road to Ruin? Electric Vehicles and Workers’ Rights Abuses at DR Congo’s Industrial Cobalt Mines, cites workers who say they are subjected to excessive working hours, degrading treatment, violence, discrimination, racism, unsafe working conditions and a disregard for basic health provision. Over 70% of the world’s cobalt, which is used in the production of lithium-ion batteries for electric vehicles and portable electronics, was
mined in the DRC in 2020. Large-scale industrial mines account for 80% of Congo’s cobalt exports, with 20% from artisanal miners. The îndings were based on research over 28 months by RAID and the Centre d’Aide Juridico-Judiciaire, a Congolese legal aid centre, in and around Kolwezi, a mining town where many cobalt and copper mines are located. RAID says that the pervasive use of subcontractors, which account for up to 57% of the 26,455 workers across the îve mines, is at the heart of an abusive system. About 63% of those interviewed hired through subcontractors earn extremely low wages, often much less than the local living wage of $402 a month calculated by RAID. The research focuses
Workers report “colonial-era” abuse at Congolese cobalt mines
on îve of the world’s largest copper and cobalt mines owned or operated by multinational mining companies which together produced nearly half of the global supply of cobalt in 2020
Discrimination at Chinese mines Workers at several Chinese-owned mines or their subcontractors have been subjected to discrimination, says the report. Workers reported either experiencing or witnessing racism and discrimination almost daily, expressed through physical violence and verbal abuse. “Workers described a ‘colonial era’ level of discrimination – being kicked, slapped, beaten with sticks, insulted, shouted at, or sometimes pulled around by their ear, when they
were not able to understand instructions in Mandarin, made errors or refused to undertake dangerous tasks. In most cases, those who countered this treatment were immediately dismissed without pay,” says the report. With cobalt increasingly in demand as the global green energy transition gathers pace, manufacturers will need to ensure that the supply chain is free of abuse, the authors write. “Electric vehicles and rechargeable batteries are an integral part of the clean energy transition. As electric vehicles and battery manufacturers move to the forefront of the market, they will need to implement stronger measures to ensure the cobalt they use is free from abusive labour conditions.”
8African BusinessDecember 2021/January 2022
Business IntelligenceNews
Pan-African telecoms group Econet has launched Cassava Technologies, a parent company, which will encompass Econet’s digital services and infrastructure activities, including îbre broadband networks, data centres, renewable energy, cloud and cybersecurity and întech,writes David Thomas. The London-headquartered îrm, which will be led by CEO Hardy Pemhiwa, will act as the parent company of Econet brands including Liquid Intelligent Technologies, Africa Data Centres, Liquid Cloud, Sasai Fintech, Vaya Technologies, and Distributed Power Technologies. Pemhiwa has served as group CEO and managing director of Econet Global
Limited for over six years, according to his LinkedIn page. Zimbabwean-born, London-based Econet founder Strive Masiyiwa will serve as executive chairman. The îrm claims it will be “Africa’s îrst integrated tech player of continental scale”, with product segments providing digital solutions to over 1m enterprises and internet access to over 500m. It says it will operate the largest independent pan-African terrestrial îbre broadband network spanning more than 62,000 miles and more than 300 towns and cities across Africa, as well as the largest footprint of interconnected carrier neutral data centres.
Cassava says it is “backed by signiîcant investment and extensive collaboration with some of the world’s largest technology businesses and institutional investors interested in Africa’s nascent but rapidly growing digital economy.”
Accelerating Africa’s digital transformation Pemhiwa said: “We are delighted to announce the launch of Cassava Technologies. Our unmatched îbre broadband, data centres and renewable energy infrastructure, paired with întech, cloud, cybersecurity, and on-demand digital platforms, will accelerate Africa’s digital transformation.
Telecoms giant Econet launches Cassava Technologies to parent major brands
“As Cassava Technologies, with a footprint covering more than 15 countries, we are well positioned to meet the growing needs of businesses operating in Africa and expand access to întech and other digital services to enterprises, small and medium size businesses, and consumers.” Econet mobile telecoms businesses including Econet Wireless Zimbabwe, Econet LEO (Burundi), Econet Telecom Lesotho, Econet’s investment in Mascom Wireless Botswana, and Econet’s mobile money business, EcoCash Holdings Zimbabwe, will continue to operate under the Econet Wireless brand. “As Africa’s economy transitions to digital, there is a tremendous opportunity for increasing connectivity to usher in a new wave of digital tools and solutions that will improve the lives of millions of Africans. This is why we have created Cassava Technologies, to make technology as accessible as cassava ‘fufu’ in Africa,” said Masiyiwa.
orders. US Trade representative Katherine Tai said the US remains “deeply concerned by the unconstitutional change in governments”. In September, Guinean President Alpha Condé was deposed by the self-styled National Committee for Reorientation and Development, a military junta which dissolved the government and constitution and removed senior public oïcials from oïce. Guinea is to be suspended “for not having established, or not making continual progress toward establishing the protection of the rule of law and of political pluralism.” Mali, which experienced its second military coup in a year in May, was cited “for not having established, or not making continual progress toward establishing, the protection of the rule of law, political pluralism, and internationally recognised worker rights, and for not addressing gross violations of internationally recognised human rights.”
Business IntelligenceDeals
Biden suspends Ethiopia, Guinea and Mali from AGOA
Ethiopia is to be suspended from the United States’ tari-free African Growth and Opportunity Act (AGOA) in a sign of the continuing deterioration in relations between the countries amid Ethiopia’s ongoing war in Tigray,writes David Thomas. Ethiopia is one of three African countries – alongside coup-hit Guinea and Mali – which will lose access to the scheme, which provides tari-free access to the US market for African manufacturers, from 1 January 2022. AGOA brings Ethiopia about $100m in “hard cash” annually and directly generates employment for about 100,000 people, mostly women in southern Ethiopia working in textile factories that export to the US,
Nevertheless, Charlie Robertson, global chief economist at Renaissance Capital, said that the suspension of Ethiopia from AGOA “isn’t likely to have a serious impact.” “This sounds worse than it is. AGOA gives preferential trade access to African exporters – but Ethiopia doesn’t export much, let alone to the US… By my reckoning, this might impact less than $200m of Ethiopia’s exports, and even then this only removes the preferential trade access. Ethiopia presumably can still sell to the US.”
Suspension for juntas Meanwhile, Guinea and Mali are to be suspended from AGOA after military coups upended their constitutional
according to Vanda Felbab-Brown, co-director of the African Security Initiative at Brookings. In a statement to Congress, US President Joe Biden said that Ethiopia’s “gross violations of internationally recognised human rights” would lead to its disqualiîcation from the scheme. The suspension follows a 17 September executive order sanctioning Ethiopians involved in violence in the Tigray region. Biden said that the situation in northern Ethiopia, characterised by “widespread violence, atrocities, and serious human rights abuses” constituted “an unusual and extraordinary threat to the national security and foreign policy of the United States.”
December 2021/January 2022African Business9
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