African Business du 29-09-2021
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African Business du 29-09-2021 , magazine presse

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84 pages
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Date de parution 29 septembre 2021
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The Best selling Pan-Af r ican Business Maga zine African BUSINESS An IC Publication | 55th Year | N°487 | October 2021
Features How TikTok won Africa’s youth Coca-Cola refreshes Africa strategy Why Africa must win at Cop26 Investors catch întech bug
Special report Africa’s Top 100 Banks
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 20R49.00 (inc. tax)Sierra Leone LE 40,000 Singapore $7.50 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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©2021 IC Publications Ltd
C
O
N T E Contents
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Cover story: Sall’s Senegal shakeup
Business Intelligence 4 News and deals  from around Africa
Cover story: Senegal 12Senegal attracts investors Sall’s 16bank targets Agricultural smallholder revolution 19 Senegal rides wave of  tech success
Opinion 22 Africa must avert  “climate action famine” 24the West can’t be trusted Why  in climate negotiations
Special report: Africa’s 100 Top Banks 27top banks continue Africa’s growth trajectory 34 Ecobank’s successful strategy  in Francophone Africa 36Regional focus:North Africa 38Regional focus:West and  Central Africa 40Regional focus:East Africa 42Regional focus:Southern Africa
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48
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Interview:Segun Agbaje, Group CEO, GTBank Investors catch Africa întech bug
Features 50 Why investors should  look at Zimbabwe 52wins over Africa’s youth TikTok 54Interview:Bruno Pietracci, President, Africa,  The Coca-Cola Company 58investment upstarts Nigeria’s 60plants slake Desalination  Africa’s thirst
CountryIles 76 Nigeria passes  Petroleum Industry Act 78 Guinea coup spooks markets
Book review 80White Malice: The CIA and the Neocolonialisation of Africaby Susan Williams
Editor’s View 82can West Africa avoid How  more military coups?
4African BusinessOctober 2021
Business IntelligenceDeals
Covid-19 vaccine shipments to Africa must rise by over seven times from around 20m per month to 150m each month on average if the continent is to fully vaccinate 70% of its people by September 2022, according to the World Health Organisation. The 70% target was agreed at the global Covid-19 summit hosted by the US on the margins of the United Nations General Assembly. At the summit, the US pledged to share 500m more vaccines with low-income countries over the next year, bringing its total pledges to more than 1.1bn doses.
Kenya strengthens ties with Cuba in research and pharmacy
Kenya and Cuba have pledged to enhance bilateral relations in health research, vaccines and pharmaceutical products as the former moves to implement reforms in the sector. Cuba currently has 53 doctors in Kenya under a medical exchange programme, part of 101 expected in the country following a request by county administrators. The Kenyan government is looking to build medical research partnerships between Kenyan and Cuban institutions.
WHO calls for acceleration of vaccine shipments to Africa
New centres to foster entrepreneurship across continent
UNECA and the International Chamber of Commerce have launched Centres of Entrepreneurship in Africa. The centres, based across the continent, will work with businesses, chambers of commerce, academic institutions, intergovernmental and governmental agencies to connect local entrepreneurs to global markets and enhance regulatory conditions for SMEs. They will also develop the skills of young people and mentor local startups and entrepreneurs.
Accra named UNESCO World Book Capital 2023
Accra, Ghana, has been named UNESCO World Book Capital for 2023. The city’s programme targets marginal groups with high levels of illiteracy including women, youth, migrants, street children and persons with disabilities. School and community infrastructure and institutional support will be boosted while skills development will be championed in the publishing sector and other creative industries. Mobile libraries, workshops and skills and training centres will be introduced.
Rwanda’s first delivery of Pfizer-BioNTech Covid-19 coronavirus vaccines arrives in Kigali in March.
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We are immensely proud to have won a total of 7 awards in Global Finance’s coveted World’s Best Digital Bank Awards 2021, including Best Consumer Digital Bank in South Africa, Best Corporate Digital Bank in Africa for SME Banking, and Best Corporate Digital Bank in Africa for Trade Finance Services. Thank you for pushing us to be our best, for you. For a list of our awards, visitwww.standardbank.com
Standard Bank is an authorised nancial services and registered credit provider (NCRCP15).The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06).
6African BusinessOctober 2021
Business IntelligenceNews
Zambia’s recently elected president Hakainde Hichile-ma has vowed to disclose the full extent of the country’s debts and root out corruption as it prepares to seek a bail-out from the International Monetary Fund,write Sho-shana Kedem and Tom Collins. In late September, spokes-man Anthony Bwalya con-îrmed to Reuters that meet-ings were scheduled with the IMF and World Bank while Hichelema was in the US for the UN General Assembly. Zambia’s economy bor-rowed heavily to bankroll infrastructure projects under predecessor Edgar Lungu, who was defeated in August after six years in power. A new independent debt oïce will also be created to manage the country’s
vast debt that could exceed $12.7bn, President Hichilema told Bloomberg news agency. Shortly after his victory, the president appointed Situmbeko Musokotwane as the new minister of înance. Musokotwane, who held the same post from 2008 to 2011, pledged to conclude talks with the IMF on a lending programme by October. The president has also revealed that talks are ongo-ing with China to restructure Zambia’s foreign debt, a quarter of which is held by Chinese entities. “The Chinese are aware that if the economy is not re-organised to bring about growth, their own debt stock is at risk. They understand that we need need to talk, we’ve started the initial
steps and they have indicated they are willing to coop-erate,” he told the BBC in September. Striking a debt deferral deal with China, their big-gest creditor, will be key to keeping the southern African country’s economy aLoat, experts say. The murky details of Zambia’s Chinese debt proîle have made it harder to qualify for IMF lending, leading to calls for Hichilema to pass legislation that will require all government loan contracts to be made public. The IMF is also expected to push for key economic reforms before signing o on a loan agreement. Hichil-ema had promised to ease the regulatory environ-ment and bring back foreign
Zambia’s new president targets IMF deal
investment to the mines in the run-up to the election, though analysts say it is too early to tell whether his ten-ure will be a continuation of Lungu’s legacy of aggressive resource nationalism.
Respect for rule of law In a major shake-up of the security sector at the end of August, the president re-placed the heads of the army, air force, prisons and police force. “His swift move is a posi-tive indication that the new era in Zambia puts respect for the constitution and rule of law above loyalty to the ruling party and president,” says Ringisai Chikohomero, a researcher at the Institute for Security Studies (ISS) think-tank in Pretoria.
8African BusinessOctober 2021
Business IntelligenceNews
Thirty million Covid-19 vaccines manufactured by US pharmaceutical giant Johnson & Johnson (J&J) were destroyed at the Aspen Pharmacare facility in South Africa in June, weeks before a deadly third wave hit the country,writes Shoshana Kedem. The destroyed doses, manufactured at Aspen’s Gqeberha facility, were compromised due to a con-taminated drug substance supplied by J&J’s US part-ner Emergent Biosolutions, Aspen said. The doses were from the same factory that ruined 15m doses in March, a WHO conference heard on 16 Sep-tember. “I had a meeting with one of the manufacturers that is ‘îll and înishing’ in South Africa who told me that 30m doses of the Johnson & Johnson had to be destroyed a few months ago,” said Dr
Ayoade Olatunbosun Alakija, who co-chairs the African Union’s Covid-19 Africa Vac-cine Delivery Alliance. “They are not the same as the ones that were destroyed in the US, these were the ones that had actually al-ready been completed, îlled and înished in South Africa. “They were destroyed because they were part of factories 5 and 6 that had problems and the factories are back running in the US, but unfortunately it has af-fected our backlog,” she told journalists at a WHO press conference on 16 September. Johnson & Johnson conîrmed in an emailed statement toAfrican Busi-nessthat a “contaminated” batch of vaccines from their US manufacturing partner Emergent Biosolutions had been destroyed in June, but did not specify the exact number. “Speciîc COVID-19 vac-
30m J&J vaccines destroyed in South Africa
cines manufactured at [As-pen’s] Gqeberha production site and designated for the South African market have to be destroyed due to the Good Manufacturing Practice risk of isolated material in the drug substance supplied to Aspen by Johnson & Johnson from their contract manu-facturing partner in the USA, Emergent,” the statement said. “This… has the poten-tial to negatively impact the vaccine rollout across South Africa and Africa.” The US pharma giant promised to supply uncon-taminated vaccines “within a week” and deliver ad-ditional vaccines to keep the country’s immunisation drive on track. “Over the next few weeks, Johnson & Johnson will be delivering substantial quan-tities of compliant înished vaccines to South Africa to replace the lost stock thereby ensuring the momentum in the South African vaccine initiative is maintained,” the company said.
Greater transparency needed TheNew York Timesreported in March that 15m vac-cines were destroyed in an incident at an Emergent
Biosolutions plant in Bal-timore, USA, after workers mixed ingredients for the J&J vaccine and a coronavirus vaccine developed by Astra-Zeneca, which is produced at the same plant. Dr Alakija stressed the need for honesty and ac-countability at every stage of the supply chain. “I’m not talking about Emergent, I’m talking about transparency,” she said. “At the time that the doses had been destroyed we were being told on the African continent that these vaccines would be arriving next week. “Why were African leaders not told that the vaccines they were paying for had to be destroyed, and were therefore not in that supply chain? We need transpar-ency.” In many cases vaccines are paid for by African coun-tries with loans and tax dol-lars, galvanising the need for transparency in the acquisi-tion process, she added. The defective doses were destroyed weeks before a deadly third wave hit the country in June. Less than 20% of South Africans had been fully vaccinated as authorities eased lockdown measures in September.
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