African Banker du 26-10-2022
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Date de parution 26 octobre 2022
Langue Français
Poids de l'ouvrage 42 Mo

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4th Quarter 2022 ISSUE 59 AN IC PUBLICATION
EXCLUSIVE INTERVIEW
Abebe Selassie - Director for Africa at the IMF
Cometh
the hour ...
(The only game in town? ... he hopes not)
●How to survive the global cost of living crunch The debt conundrum – a discussion
●The Babacar Ndiaye Lecture Ethiopia finally opens up banking sector
●Can Zimbabwe’s gold coins stop the slide? Spectre of inflation overhangs Nigeria polls
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Anver Versi
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EDITOR-AT-LARGE
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ASSOCIATE EDITOR
Jon Haynes
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VP DEVELOPMENT Cover Story IMF’s Abebe Selassie:
Saliba Manneh
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PROJECTS DIRECTOR Handling an economic tsunami
Zine Ben Yahmed
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ADVERTISING SALES DIRECTORS 5 Africa should go its own way on gas The Cost of Living Crisis
Medrine Chitty, Baytir Samba, Nick Rosefield 38 How to survive the cost of living crunch
DISTRIBUTION News in Brief 39 Africa feels weight of global downturn
distribution@icpublications.com
6 Banking sector news from 42 UK: How not to survive the cost of living crunch
PRODUCTION MANAGER around the continent Stuart West
Capital Markets
TUNISIA
African Banker’s World 48 Ethiopia’s $38bn sovereign fund takes ofSlah Nouri
s.nouri@icpublications.com 14 Who’s going where in the 49 Ethiopia Security Exchange on the way
Nejib Ben Yedder Afri can banking industry 50 Tanzania scraps unpopular ‘momo’ taxn.benyedder@icpublications.com
Mohamed Ali Abouti 50 Exceptional time to invest in African stocks
m.aboudi@icpublications.com Cover Story 1 51 Ghana bonds only fngertips away
PRINTERS 18 Candid interview with Abebe Selassie, 51 Femi Otedola adds power to the
Roularta Media Group
the IMF’s Director of the African Department, Nigeria ExchangeMeensesteenweg 300
8800 Roeselare on the current fnancial crisis
LectureSUBSCRIPTIONS
IC Publications The African Debt Conundrum 56 6th Annual Babacar Ndiaye Lecture:
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Unit 4, College Business Park 22 Good debt, bad debt By Mia Amor Mottley, Prime Minister of Barbados
College Road North 26 In conversation: Daniel Cohen, Dean, Paris School Aston Clinton, HP22 5EZ UK
Telephone: +44 (0) 1442 820580 of Economics Ib, rahim Elbadawi, The Economic Money Matters
contact@webscribe.co.uk
https://african.business/subscribe Research Forum 64 How S African banks can avoid the ‘greylist’ peril
30 Panel dissects debt in lively debate 67 Avoiding FATF suspension depends on dataAll pictures AFP unless indicated.
Registered with the British Library. 33 A survival guide for African Eurobond issuers ISSN 1757-1413
©2022 IC Publications Ltd Country Focus
In Conversation 68 S Africa: Ramaphosa’s charm ofensive in SaudiN° DE COMMISSION PARITAIRE
0120 T 90333 34 IFC’s Sérgio Pimenta – 70 Ethiopia: Finance sector on brink of liberalisation
Dépôt légal: Novembre 2022
Private sector is the key 74 Nigeria: Hydra-headed infation
looms over economy
80 Zimbabwe: Gold coins to the rescue
The Last Word
82 Mushtak Parker:
Perception, not reality, is the masterSustainability to NatureANVER VERSI, EDITOR
Africa should go
its own way on gas
his issue went to press before the but is still totally wedded to the devel- meeting the continent’s growing energy
start of the 2022 United Nations opment and emancipation of Africa – demand, while new discoveries are
conClimate Change Conference (COP especially in the realm of ideas – and is stantly being made,” says the report.
27) in Sharm el-Sheikh, Egypt. always ready to break received wisdom “Mozambique is now known to have TIf the past is any guide, African if it makes no sense. 100trn cubic feet of natural gas reserves,
delegates would have their f ve minutes His Foundation has published an eye- almost twice the reserves of Norway, the
in the sun and then once again, their de- opening study: Addressing Africa’s energy world’s 8th-largest natural gas producer.
mands for mitigation funds would receive def cit: Climate change, renewables, and gas In Mauritania and Senegal, 450bn cubic
a lot of sympathy but not action. on the eve of COP 27. metres of o fshore gas have recently been
However, there is no doubt that Africa It bursts many myths about Africa’s discovered, more than in the entire
Euwould once again have been urged to join gas production and consumption, and ropean Union.”
the movement towards zero fossil fuels indeed shows that Africa is a world lead- But, the report states: “Most of the
and reduce its production of oil, gas and er in renewables. For example: Almost continent’s gas is produced for the export
in some instances, coal. one quarter of the electricity gener- market and not to meet domestic energy
This time however, the discussion is ated through o f-grid solar globally in demand.” Gas accounts for less than 10%
more nuanced as Europe is facing econ- 2019 was generated in Africa, says the of the total domestic energy supply in
omy-bursting costs and even shortages report. half of the continent’s gas producers.
of gas as a direct result of the war in the Only 8.2% of natural gas exported by
Ukraine. There is even talk of returning Renewables not suff cient African countries in 2019 stayed on the
to coal and a big debate had started on But renewables alone cannot deliver the continent, with over half (53.6%)
headwhether or not to allow fracking (which reliable energy required for economic ing to the EU. In Mozambique for
examhas negative consequences on the envi- development and public services. ple, three quarters of all gas is exported.
ronment) in the UK. Principles, it seems, “We have 600m people without Meanwhile, less than 5% of its population
take second place when the cold begins electricity. How can we even think of use clean cooking fuels and less than 30%
to bite! development if people don’t have power? have access to electricity.
But Africa is being asked to scale down How can we have education, hospitals, Clearly, this lopsided situation must
and eliminate its oil and gas production, business, companies, social life, TVs, change and Africa must ignore the calls
especially gas which is abundant o f the tablets, computers, whatever? Develop- to reduce its gas production while it
diAfrican coast and which can be not only a ment is a major issue for us and power is verts more of it to its own uses.
major factor of development for the con- essential,” said Ibrahim in a newspaper “If the whole of sub-Saharan Africa
tinent but an energy source its growing interview. (minus South Africa) were to triple its
population desperately requires. And gas is the answer. “Natural gas electricity consumption entirely using Sustainability to Nature
“No,” says Mo Ibrahim. He wants Af- occupies a special place in the energy gas, it would only add 0.6% to global
ricans to use whatever they have to de- world, standing at the nexus of economy carbon emissions,” the report reveals.
velop their economies rather than follow and environment. It’s abundant, acces- Ibrahim has a piece of advice to give to
the latest trends initiated by developed sible, and a fordable… it bridges the gap the lobbies demanding an end to gas
procountries. for those not quite ready to kick the hy- duction: “If [renewable energy] is valid,
Ibrahim made a fortune by breaking drocarbon habit, but interested in a more why don’t those guys jump immediately
all convention and introducing mobile climate-friendly form of fuel,” says NJ and stop using gas? They’re not doing
telephony to ‘technologically primitive Ayuk, Executive Chairman, African En- that – they’re building LNG
infrastrucAfrica’ way back when. Some in his in- ergy Chamber. ture, they’re actually even reopening
dustry in the West called him a lunatic. “At 455.2trn cubic feet in 2020, Africa’s coalmines. So you’re giving me advice
Today he is sitting on billions of dollars own gas reserves could go a long way to which you’re not following yourself.” n6 A FRICAN B ANK E R 4T H Q UART E R 202 2
AFRICAN BANKER’S WORLD NEWS
UK FIRMS GETTING RWANDA, TANZANIA
AWAY WITH INVESTMENT SOVEREIGN FUNDS
ABUSES OVERSEAS INVEST IN TDB
UK companies operating climate policy actions, with Agaciro Development Fund is the second new
overseas are a forded greater awards running to billions (AgDF), Rwanda’s sovereign institutional investor
legal protections than the of pounds. According to their wealth fund, as well as joining our community
citizens of the countries they report, corporations based in the United Republic of of shareholders, ove

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