The Journal of African Business, Issue 10

THE JOURNAL OF 

AFRICAN 

BUSINESS 

SEPTEMBER/OCTOBER/NOVEMBER 2024 

PROMOTING AFRICA’S 

SUSTAINABLE GROWTH 

The Pan African Chamber of 

Commerce and Industry (PACCI) 

will host the 6th Prosperity Africa 

Chambers Business Expo 

WORK IS NEEDED 

FOR AFRICA TO GROW 

EXPORTS 

Export finance is key to closing the 

trade finance gap 

The first shipment has been made 

under the African Continental Free 

Trade Area (AfCFTA) agreement 

African airlines wanting to attract 

investment need stronger governance 

and leadership 

SMARTPHONE ADOPTION 

IS SOARING IN AFRICA 

The market for mobile power banks is 

rising in response to power shortages 

UNLOCKING AFRICA’S MINING POTENTIAL 

Regulatory certainty is needed to realise the continent’s 

possibilities, says Hogan Lovells partner DEEPA VALLABH

PROSPERITY AFRICA 2024 COMES TO ETHIOPIA 

Addis Ababa hosts the 6th Edition of Prosperity Africa at the Hilton Hotel. 

The 6th Edition of Prosperity Africa Chamber Business Conference, organised by 

the Pan African Chamber of Commerce and Industry (PACCI), is set to take place at 

the Hilton Hotel in Addis Ababa, Ethiopia on 25-27 September 2024. The purpose 

of this biennial event is to provide small businesses with resources needed to reach 

new limits and to encourage success and growth. The Conference features keynote 

speakers, breakout sessions and networking opportunities that allow businesses and 

other stakeholders to walk away with strategies and connections to help further 

their business. 

Addis Ababa is a fast-growing city. 

The headquarters 

of the AU are in 

Addis Ababa. 

Why participate? 

The conference provides a chance for businesses owned by women and young people 

to learn from and connect with resource providers, government representatives, 

corporate buyers and business professionals. 

Who is attending? 

The private sector, particularly SMEs operating in the continent’s marketplace, 

presidents of chambers, government officials, development partners and media. 

All participants are focussed on enhancing trade and investment opportunities 

in Africa. 

Where are we meeting? 

Addis Ababa is not only a vibrant, captivating capital city rich in history and cultural 

significance, it could also be called the political or diplomatic capital of the continent. 

The headquarters of the African Union or the UN Economic Commission for Africa 

and the regional offices of entities such as UNESCO are all located in “Addis”. The city 

has grown very quickly with rapid rates of urbanisation. At the National Museum of 

Ethiopia, you’ll meet the legendary Lucy, the famous hominid skeleton, and be sure 

to seek out the best Arabica coffee you can find. There is none better. 

PHOTOS: Kaleab on Unsplash | Solen Feyissa on Unsplash

PROSPERITY AFRICA 

Conference 

The Hybrid Conference will be held on 25-26 

September 2024, with an optional one more day, the 

27th, to visit exporting companies. General Tickets 

are $100 for Chamber members and $150 for nonmembers. 

It is envisioned that through knowledge 

exchange and learning among international 

participants involved in SME export trade and the 

sharing of innovations, this symposium will identify 

best practices and develop recommendations to 

eliminate bottlenecks and maximise the potential of 

SMEs for the achievement of the AfCFTA. 

Small Business Exporters 

The overall objectives of this conference are to: 

• Agree on measures to be taken to maximise the potential of SMEs to 

increase export activities 

• Agree on suitability of policies on investment, intellectual property rights, 

competition policy and dispute settlement 

• Support the development of SMEs through inclusive market and value 

chain development 

• Introduce applicability of Artificial Intelligence to SMEs, the Pan-African 

Payments and Settlements System (AFREXIMBANK), AfCFTA Country 

Business Index (UNECA/ATPC), the African Trade Observatory (ITC and 

AU) and more 

Expo 

The Expo will be organised by value-chain components 

such as logistics, packaging, business development services 

and warehousing, alongside critical sectors like textiles, 

agro-processing and pharmaceuticals. Representatives 

from each region will be present, facilitating business 

identification based on specific needs. The Expo Hall will 

also feature presentations of initiatives, tools, products and 

services, available both in-person and virtually post-event. 

A dedicated buyers’ area for B2B meetings will enhance 

business opportunities. 

Recap 2022 

The 5th Edition of Prosperity Africa was held on 17-18 May 

2022, with an additional optional day to visit exporting 

companies in Gaborone, Botswana. The discussions delved 

into ways to accelerate the use of the AfCFTA using tools such 

as the Africa Trade Observatory for market understanding, 

AfCFTA Country Business Index (UNECA/ATPC) and the 

Private Sector Gender Equality Seal Program (UNDP). The 

meeting identified the desired structural changes in policy, 

technology and investments to address various challenges 

limiting exports. 

1

FOREWORD 

The Journal of 

African Business 

A unique guide to business and investment in Africa. 

Welcome to The Journal of African Business, your up-to-date guide to business and 

investment trends on the continent. News about PACCI’s Prosperity Africa Chambers 

Business Expo, the sixth edition of this exciting event, is carried extensively within the 

magazine, heralding the second issue on which PACCI and Global Africa Network 

are collaborating in promoting the message of African business. 

The event will be held, in conjunction with the United Nations Development 

Programme (UNDP), in Addis Ababa from 25-27 September. The objective of The 

Journal of African Business is to cover a wide range of economic sectors and regions. 

Developments in energy, mining, technology, tourism, trade and finance are often 

in focus. Interviews provide unique 

insights. 

In this issue, an in-depth interview 

with Hogan Lovells partner Deepa 

Vallabh delves into the issues of 

the continent’s various regulatory 

frameworks. Vallabh is optimistic about 

the potential of the African Continental 

Free Trade Area (AfCFTA) to take 

advantage of the continent’s wealth of 

resources, skills and knowledge. 

Two articles by Standard Bank 

experts tackle the question of exports. 

The first, by Inwang Akpan, Head 

of Trade, Transaction Banking at 

Standard Bank, notes the importance of export financing and draws attention to the 

significant continental trade finance gap which stands at $81-billion. He suggests 

solutions in which multiple stakeholders work together. Philip Myburgh, Executive 

Head of Trade and Africa-China, Business and Commercial Clients at the Standard 

Bank Group, has good news to share on the first concrete results of the African 

Continental Free Trade Area agreement. In the context of the first shipment of 

goods being made under the treaty between South Africa and Ghana, Myburgh 

notes the potential for more trade between those countries. 

Financing in relation to airlines is the subject of an article in which Vijay 

Poonoosamy, Barrister and Partner of Dentons Mauritius, outlines the importance 

of good governance in attracting funding. 

Mobile power banks are becoming a strong trend in support of the adoption 

of mobile phones across the continent. Kegan Peffer, CEO of Adoozy Power, is 

upbeat about the market for mobile power banks because of Africa’s adoption of 

smartphones, which is boosted by the continent’s young population and competitive 

pricing. With electricity provision still not providing enough power in some areas, 

power banks have taken on new significance for consumers. 

Africa needs reliable infrastructure to connect supply chains and efficiently move 

goods and services across borders, says Julien Fouilliart, the Africa Market Leader for 

Building & Infrastructure at Bureau Veritas, one of the world’s leading certification 

bodies. Leveraging the momentum of Africa’s infrastructure development and 

harmonising regulatory compliance standards will help to build sustainable and 

inclusive growth. 

JOHN YOUNG 

Editor, The Journal of African Business 

Email: john.young@gan.co.za 

Editor: John Young 

Publishing director: Chris Whales 

Managing director: Clive During 

Online editor: Christoff Scholtz 

Designer: Salmah Brown 

Production: Sharon Angus-Leppan 

Ad sales: Venesia Fowler, Tennyson Naidoo, 

Sam Oliver, Tahlia Wyngaard, Gavin van 

der Merwe, Graeme February, Shiko Diala, 

Gabriel Venter and Vanessa Wallace 

Administration & accounts: Charlene 

Steynberg, Kathy Wootton, 

Distribution & circulation manager: 

Edward MacDonald 

The Journal of African Business is 

published by Global Africa Network Media (Pty) Ltd 

Company Registration No: 2004/004982/07 

Directors: Clive During, Chris Whales 

Physical address: 28 Main Road, Rondebosch 7700 

Postal: PO Box 292, Newlands 7701 

Tel: +27 21 657 6200 | Email: info@gan.co.za 

Website: www.globalafricanetwork.com 

No portion of this book may be reproduced 

without written consent of the copyright owner. 

The opinions expressed are not necessarily those 

of The Journal of African Business magazine, nor 

the publisher, none of whom accept liability of 

any nature arising out of, or in connection with, 

the contents of this publication. The publishers 

would like to express thanks to those who support 

this publication by their submission of articles 

and with their advertising. All rights reserved. 

Printing: FA Print 

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2

PACCI 

AFCFTA USHERS 

IN A NEW ERA 

The African Continental Free Trade Area (AfCFTA) presents unprecedented opportunities 

for African businesses, empowering them to enhance their productivity, improve the 

quality of their products and services and compete on a global stage. As we usher in 

a new era of intra-continental trade, the role of chambers in raising awareness and 

driving the implementation of AfCFTA is critical. The Pan African Chamber of Commerce 

and Industry (PACCI) stands at the forefront of this transformative movement. 

The Pan African Chamber of Commerce and Industry (PACCI) is the continent’s 

foremost chamber body. Driven by the goal to promote Africa’s economic integration 

through sustainable growth, PACCI strives to foster an environment where commerce 

and sustainability coexist harmoniously. 

Established in 2009, PACCI serves as an independent, non-profit organisation 

dedicated to advocating for public policies that promote continental economic 

integration, competitiveness and sustainable growth. As the largest and most 

influential business association in Africa, PACCI operates through more than 50 

national chambers of commerce, leveraging their collective strength to foster a 

prosperous business environment across the continent. 

Our vision is clear: to be the recognised voice of African businesses and a 

valuable resource to our members. We are committed to transforming Africa into a 

vibrant hub for commerce, manufacturing and service industries, characterised by: 

Economic empowerment: We are committed to promoting the well-being of 

African businesses, enhancing intra-African trade and improving the productive 

capacity of enterprises across the continent. 

Sustainability and innovation: We advocate for a green transition and climatechange 

readiness, ensuring businesses are sustainable and prepared for the future. 

Our initiatives support gender-responsive policies and the integration of youth, 

which are crucial for holistic economic growth. 

Technology and accessibility: Through our Chamber Africa Connect initiative, 

we are digitising and diversifying services to make business operations more 

efficient and accessible, preparing our members for the digital age. 

Inclusive growth: We ensure that the benefits of trade liberalisation contribute 

not only to economic growth but also to environmental protection and the creation 

of sustainable employment opportunities. 

Headquartered in Addis Ababa, Ethiopia, with service desks in Ghana, Kenya 

and Dubai, PACCI serves as a pivotal force in driving these changes, fostering an 

environment where commerce and sustainability coexist harmoniously. 

As we move forward, our mission remains steadfast: to empower African 

businesses to thrive and expand, paving the way for a prosperous and inclusive 

economic future. 

The Port of Dar es Salaam is run by the Tanzania Port Authority. 

PHOTO: Ali Mkumbwa on Unsplash. 

3

FOREWORD 

From the editor’s desk. 

AFCFTA USHERS IN A NEW ERA 

The African Continental Free Trade Area (AfCFTA) 

presents unprecedented opportunities and the 

Pan African Chamber of Commerce and Industry (PACCI) stands at the forefront. 

NAVIGATING REGULATORY UNCERTAINTY TO UNLOCK AFRICA’S POTENTIAL 

Hogan Lovells partner Deepa Vallabh sees great scope for mining 

in Africa if regulatory certainty can be achieved. 

SIMANDOU HAS BEEN SIGNED OFF 

The legal complexities of Africa’s biggest mining and infrastructure project have been finalised. 

SOUTH AFRICA’S CLEAN HYDROGEN AMBITION 

By Jackwell Feris, Sector Head for Industrials, Manufacturing 

& Trade, Cliffe Dekker Hofmeyr (CDH). 

UNDERSTANDING THE (AUDIT) FUTURE 

Audit is being called on to play a bigger role, writes Zakariyya Mehtar, 

Director: IT Assurance at Forvis Mazars in South Africa. 

WORK IS NEEDED FOR AFRICA TO GROW EXPORTS 

Export finance is key to take up the full potential that exports offer, argues 

Inwang Akpan, Head of Trade, Transaction Banking at Standard Bank. 

SOUTH AFRICA CELEBRATES FIRST AFCFTA EXPORT TO GHANA 

Philip Myburgh, Executive Head of Trade and Africa-China, Business and Commercial 

Clients at the Standard Bank Group, reflects on the first shipment. 

GOOD GOVERNANCE IS THE KEY TO SECURING AIRLINE FUNDING 

African airlines seeking investment need stronger governance and leadership, 

according to Vijay Poonoosamy, Barrister and Partner of Dentons Mauritius. 

SMARTPHONE ADOPTION IN AFRICA TO REACH 87% 

Kegan Peffer, CEO of Adoozy Power, is upbeat about the market for mobile power banks. 

INFRASTRUCTURE IS THE KEY TO GROWTH 

Africa needs reliable infrastructure to connect supply chains and efficiently 

move goods and services, says Julien Fouilliart of Bureau Veritas. 

COUNTRY PROFILES 

Republic of Guinea and Ghana. 

Hogan Lovells partner Deepa Vallabh sees great scope for mining in Africa if regulatory certainty can be achieved. With 

extensive experience in various sectors, including private equity, Vallabh is upbeat about the potential of the African 

Continental Free Trade Area (AfCFTA) to take advantage of the continent’s wealth of resources, skills and knowledge. 

NAVIGATING REGULATORY UNCERTAINTY 


TO UNLOCK AFRICA’S POTENTIAL 


What is your title at Hogan Lovells? 


I am a partner in the corporate and commercial Mergers and Acquisitions (M&A) 

department. 

And your company is active across Africa? 


We are active across Africa but we’re a global firm, with activity in about 40 

countries. We have coverage all over and we can advise on a range of issues, 

depending on where our clients are. We have done transactions in multiple 

jurisdictions across Africa. 

And you are able to point out subtle differences 


in the law in different jurisdictions? 


We are there to help companies navigate those differences. 

Are you advising private-equity investors on their 


approach to investments in mining companies? 


There is a significant amount of private-equity investment in mining. The 

natural tension between investments from private-equity companies and how 

mining companies operate relates to when there will be possible returns on 

the project. Private companies typically will have a mandate to be able to exit 

the asset in five to seven years but private-equity money in mining companies 

needs to take a longer-term view. It also depends on how mature the mining 

asset is. There is no one-size-fits-all strategy for private-equity investment in 

mining companies. 

It is very rare for a private-equity player to come in at a greenfield stage 

because you don’t employ private-equity capital in something that may never 

materialise. There is less concentration in that type of investment. 

Generally, it would be private-equity capital in a mine that has been developed; 

it has been operating; it has shown strong and steady returns; it has strong ore 

potential; it has life of mine for a long time. Those are the important considerations 

for a private-equity investment model because it will depend on when they can exit 

and what return they can exit at. 

So the equation is different for private equity? 


It is more complex. Not that it doesn’t happen but it’s a different consideration 

when you’re investing in a mining company as opposed to any other sector. Mining 

investments can take a longer horizon to give you an overall return in terms of what 

you’re expecting as a private-equity player versus other sectors. That’s because there 

are lots of uncertainties. 

So a private-equity investor might demand dividends and the 


mine management might want to reinvest in fixing shafts? 


Correct. Mining companies by their very nature can be very capital intensive 

so you have to take that into account versus it being cash flush to provide 

regular dividends. 

The other challenge with mining companies is that commodity prices are 

cyclical and there are world dynamics that play into commodity pricing. There’s 

always an up and down cycle and you can’t really predict that or control that. 

But more broadly you can predict that green metals or critical 


metals are going to become the new thing. Is private equity 


going to be chasing investments in those sectors? 


There is a lot of interest in private equity putting money into mines that have the 

potential to service the green metals and green energy sectors because they are 

lucrative. Having said that, there are a few things that must be mentioned in relation 

to this. You have to take a long-term view. We are starting to see a slowdown on the 

need for some of the material in relation to electric vehicles, for example. There has 

been significant demand for off-take arrangements that have been put in place over 

the last four or five years when it was really in demand but now there is stability in 

that supply. That naturally drives demand down. You have to ensure that if you are 

putting capital in a new thing that there is still a significant demand for that metal 

and that you don’t have all of the players who need that metal having already sorted 

out their supply arrangements. 

Are you being asked to advise on green metals? 


On things like that, yes. For the off-take arrangements that we look into, we 

look at the considerations around the relationship between the off-taker and 

the mine which is producing the metals. We also look at the downstream, 

which is somebody who has procured the resource and is then providing it 

to an electric vehicle manufacturer, for example. There are intricacies around 

those relationships. Those are also commercial agreements that have various 

commercial considerations that you need to take into account and it can be very 

complex in terms of how they are negotiated. 

We know that the big institutional players have a 


lot of patience, but are there also private-equity 


investors who sometimes have longer horizons? 


It depends on how old the fund is and what priorities they are looking at. There 

are a number of private-equity funds that specifically are targeting investment in 

Africa that take a long-term view. 

Those private-equity firms have learned over the years, even if it is not an 

investment in the mining sector but it is in another sector, that their return periods 

are longer and perhaps the rate of return is not the same but it could be a lot more 

lucrative in the long run than more stable sectors. You have to be able to ride the 

wave in terms of a longer investment cycle. There are a lot of funds out there that 

have the appetite and the capital to do that. 

Is advising on legal issues for cross-border mergers and 


acquisitions something that Hogan Lovells specialises in? 


That’s the core portion of what I do. When you’re doing a mergers and acquisition 

transaction, it may traverse different jurisdictions. When there are multijurisdictional 

aspects, you have to ensure that you’re looking at multiple regulatory 

regimes across different sectors. 

Do you think that there’s any prospect in the medium term of AfCFTA 


making a difference, making it easier to do business across borders? 


Absolutely. The legislation has been in place for some time, it came into effect a 

number of years ago. But you had countries that needed to actually sign up to. 

PHOTO: Ivanhoe Mines 

9 

8 

REGULATORY 

REGULATORY JURISDICTIONS 

JURISDICTIONS 

South African President Cyril Ramaphosa oversees the first official 

shipment from South Africa to Ghana under the AfCFTA 

Critical minerals such as the copper mined at the Kamoa-Kakula Copper 

Complex in the DRC are increasingly attracting investment. The mine 

produced 393 551 tons of copper in concentrate in 2023. 

Export finance is a key component in getting Africa to take 

up the full potential that exports offer, argues Inwang 

Akpan, Head of Trade, Transaction Banking at Standard 

Bank. The African Continental Free Trade Area (AfCFTA) 

is designed to enhance trade, which in turn will require 

commercial banks and development finance institutions 

to collaborate so that African can close the trade 

finance gap which is currently more than $81-billion. 

WORK IS NEEDED FOR 

AFRICA TO GROW EXPORTS 











Improved export protocols will help African traders at every level. 

PHOTO TOP: Jean Papillon on Unsplash 

It is estimated that one in every six African exporters fail to meet their export sales 

targets due to a lack of funding for the input, production and export stages of their 

operating life cycle. The result culminates in a loss of approximately $50 000 per 

trade or per transaction, per small and medium-sized enterprise (SME) per year, 

according to the African Development Bank. 

This inadequate financial support ultimately culminates in a trade finance gap of 

more than $81-billion that the continent currently faces, the bulk of which affects 

SMEs the most. 

Inwang Akpan, Head of Trade, Transaction Banking at Standard Bank explains 

that African countries, typically rich in natural resources, are heavily reliant on 

exports to generate alternate foreign direct investment and capital flows. As a 

continent classified as a net importer, however, the challenge is that the demand 

for foreign capital is much larger than industry exports, at least for most countries. 

There is therefore a growing acknowledgement that exporters need to be supported 

via grant schemes or tax incentives in Special Economic Zones (SEZs) if countries 

want to grow their exports. 

In Africa, export finance is typically provided through export credit agencies, 

development finance institutions, multilateral development banks and even 

government bodies. Where possible, commercial banks and private investors have 

supplemented access to export financing through traditional trade finance facilities. 

At times, the latter category of trade financiers will face a risk appetite calibration 

informed by regulatory prescription and may struggle to serve the magnitude of 

the export funding requirement in a market, reveals Akpan. 

“When commercial banks partner with development finance bodies, additional 

liquidity is injected into a value chain and the effective cost of capital provided 

to exporters can be optimised and the value of purchases made in international 

markets is enhanced through more competitive landing costs,” he says. “Export 

finance promotes exports by making financing mechanisms and instruments 

available that mitigate risk and accelerate liquidity into an exporter’s working 

capital cycle.” 

Despite accounting for 17% of the world’s population, Africa accounts for only 

3% of global trade and 2% of manufacturing output. It has the lowest proportion 

of intra-regional trade than any other part of the world and is overly dependent 

on the export of raw materials, almost ensuring that the majority of the continent’s 

citizens live in poverty. Various studies and economic models have revealed that 

if Africa were to increase its share of world trade by just 1%, that increase would 

generate around $70-billion of additional income for the continent. 

Boosting intra-Africa trade 


The establishment of the African Continental Free Trade Area (AfCFTA) plans 

to accelerate intra-African trade and boost Africa’s trading position in the global 

market by creating the world’s largest free trade area. The creation of a tariff-free 

continent is intended to grow what has traditionally been low levels of intra- 

African trade and in the process, grow local businesses, drive GDP growth and 

reduce poverty levels. Once fully implemented it will eliminate tariffs on 90% 

of goods and reduce barriers to trade in services, potentially increasing Africa’s 

income by $450-billion by 2035. AfCFTA is predicted to grow intra-African trade 

by 3.9% per annum. 

“Once trade barriers have been removed, capital will be required to support 

increased intra-African trade,” says Akpan. “Africa needs significant investment 

into infrastructure including roads, railways and bridges to physically provide easier 

accessibility. The continent also needs to invest in technology and digitalisation. 

Kenya’s appetite for Special Economic Zones is growing. Tatu City is a 

privately funded multipurpose project in Kiambu County. 

PHOTO BOTTOM: SEZs Authority 

19 

18 

EXPORTS 

EXPORTS 

I 

By Jackwell Feris, Sector Head for Industrials, Manufacturing & Trade, Cliffe Dekker Hofmeyr (CDH). 



In the throes of a global energy transformation, South Africa emerges as a 

prominent player, leveraging its abundant renewable resources, particularly solar 

and wind power, to unlock the potential of clean-hydrogen production. This 

pivotal step represents a momentous leap towards achieving a sustainable and 

environmentally responsible energy future, one characterised by reduced reliance 

on fossil fuels and a minimised carbon footprint. 

South Africa, through its clear policy position as espoused in its Hydrogen 

Society Roadmap, intends for green hydrogen to be a key driver for achieving 

sustainable economic development and growth. 

This comprehensive framework outlines strategic approaches and policy 

directions to mobilise resources and facilitate the transition towards a 

hydrogen-based economy. 

Specifically, the roadmap sets ambitious targets such as deploying 10GW 

of electrolysis capacity by 2030, achieving annual hydrogen production of 

500 kilotons and scaling up electrolysis capacity to 15GW by 2040, tapping 

into both the export and domestic market in developing green hydrogen or 

derivative products. Recognising its broad potential, the roadmap identifies 

priority sectors for hydrogen application, including transport and industry, 

while acknowledging its future role in power generation. 

President Cyril Ramaphosa’s keynote address at the Second South African 

Green Hydrogen Summit in 2023 underscored the transformative potential of 

green hydrogen for South Africa’s economic growth and just energy transition. He 

estimated that the hydrogen economy could contribute 3.6% to the country’s GDP 

by 2050, creating approximately 370 000 jobs. 

Additionally, the president emphasised the global significance of green hydrogen 

in limiting global warming to below 1.5°C, suggesting its potential to constitute 

10-20% of the global energy mix. 

The country’s Green Hydrogen Commercialisation Strategy, approved by the 

Cabinet in 2023, designates green hydrogen as a critical strategic sector, with the 

objective of attracting foreign and domestic direct investment and establishing the 

country as a global leader within this burgeoning industry. 

This prioritisation was further emphasised by Minister Kgosientsho Ramakgopa, 

during his address at the 2023 African Energy Chamber’s Hydrogen Summit, where 

he highlighted its pivotal role within South Africa’s energy strategy. 

The Green Hydrogen Commercialisation Strategy identifies key low-hanging fruit 

that is the catalyst for local green-hydrogen production by the mining sector as the 

most promising early adopter of hydrogen for mobility at mines. There is further 

potential for sustainable aviation fuel using Sasol’s technology. 

Legal framework 


A key element of the Green Hydrogen Commercialisation Strategy is to ensure 

that the legal framework for the production is clear and easily ascertainable for 

developers in the entire hydrogen value chain (from energy generation to the 

production, transport and handling of green hydrogen or its derivatives). As such, 

the strategy emphasises the need for policy and financial incentives to support 

South African developers and other companies in the value chain to effectively 

contribute to the development of this developing sector, thereby enabling the supply 

of locally sourced products. This approach is crucial for fostering a sustainable and 

competitive PGM industry in South Africa, while also promoting the country’s 

position as a global leader in PGM production. 

The role of Platinum Group Metals 


South Africa’s rich endowment of minerals, particularly Platinum Group Metals 

(PGMs), represents a significant strategic advantage in the global transition 

towards achieving net-zero carbon emissions. PGMs serve as critical components 

within electrolysers used for hydrogen production and catalysts employed in fuel 

cells. Furthermore, ongoing advancements in PGM-based catalysts and other 

components for fuel cells and electrolysers position South Africa to become a key 

player within the global hydrogen economy. 

In a landmark development for the clean energy sector, a strategic alliance 

between Anglo American Platinum, BMW Group South Africa and Sasol has 

culminated in the launch of the first pilot fleet of BMW iX5 Hydrogen fuel cell 

electric vehicles (FCEVs) on South African public roads. This historic initiative, 

announced during the inaugural Hydrogen Council’s Regional Meeting held 

in Johannesburg in February 2024, represents a significant step forward in 

demonstrating the viability of hydrogen-fuel-cell technology. 

Each collaborator brings a distinct and critical element to the value chain. Anglo 

American Platinum leverages its expertise to supply the PGMs essential for both 

hydrogen production and its conversion back into electricity. 

BMW showcases the cutting-edge capabilities of the BMW iX5 FCEV in realworld 

driving conditions. Sasol contributes by providing the mobile-refuelling 

system, a vital component for infrastructure development in the nascent hydrogen 

economy. This collaborative project signifies a pivotal moment for the South 

African automotive, mining and energy sectors, paving the way for a more 

sustainable future powered by clean hydrogen technology. 

There are several other green hydrogen projects (at different scales) that 

are at different stages of development planning and will play a key role in 

South Africa becoming a cost-competitive producer of green hydrogen 

or derivative products (ammonia, e-methanol etc). However, the biggest 

hurdle has been access to funding for the early development phases of these 

projects. Although several developmental funding institutions have grant 

funding available for these early development phases not all projects will 

qualify. Green hydrogen remains an important part of the decarbonisation 

efforts of the global economy, and Africa must not be left behind. 

References 

References 

• Green Hydrogen Commercialisation Strategy: The Department of Trade 

Industry and Competition (thedtic.gov.za) 

• Cabinet approves Green Hydrogen Commercialisation Strategy 

(engineeringnews.co.za) 

• Green Hydrogen programme sparks sustainable energy revolution (msn.com) 

• President Cyril Ramaphosa: Second South African Green Hydrogen Summit | 

South African Government (www.gov.za) 

• SA aims to lead the world in green hydrogen innovation (miningreview.com) 

• MCSA welcomes launch of pilot hydrogen vehicle project (miningreview.com) 






























Jackwell Feris, Sector Head Cliffe, Dekker Hofmeyr. 

13 

12 

The pilot fleet of BMW iX5 hydrogen-fuel-cell electric vehicles is an historic initiative, 

supported by Anglo American Platinum, BMW Group South Africa and Sasol. 

GREEN 

GREEN HYDROGEN 

HYDROGEN 

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The Simandou iron-ore mine will be Africa’s biggest mining project. 

REPUBLIC OF GUINEA 


Capital: Conarky. 

Other towns/cities: Nzérékoré, Kankan, Manéah. 

Population: 13.9-million. 

GDP: $23.6-billion (2023) World Bank. 

GDP per capita: $1 663 (2023) World Bank. 

Currency: Guinean Franc. 

Regional Economic Community: Economic Community of West African States 

(ECOWAS). 

Landmass: 245 857km². 

Resources: Bauxite, diamonds, gold, iron ore, other metals, uranium. Hydropower, 

fish, salt. 

Main economic sectors: Mining and agriculture. Guinea is the world’s secondlargest 

producer of bauxite. 

Other sectors: Agro-processing, tobacco, tourism. 

New sectors for investment: Infrastructure including electricity and water, 

processing industries and the services sector. 

Key projects: Guinea’s National Economic and Social Development Plan 

(PNDES) was updated in 2021 and the World Bank is assisting in three priority 

areas: management of resources (budgetary and natural), human development, 

agricultural productivity and economic growth. 

Chief exports: Gold, aluminium ore, coconuts, Brazil nuts, cashews, cocoa beans, 

fi s h . 

Top export destinations: China, India, UAE, Switzerland, Spain. 

Top import sources: China, India, Netherlands, UAE, Belgium. 

Main imports: Refined petroleum, rice, garments, plastic products, wheat. 

Infrastructure: Ahmed Sékou Touré International Airport. As part of the plan to 

mine iron ore at Simandou, a major project to develop a 600km railway line to the 

coast has been approved. A new port to deal with exports will be developed. The 

multi-stakeholder project is altogether worth about $11.6-billion dollars. 

Mobile subscriptions per 100 inhabitants: 102 (2022) World Bank. 

Internet percentage of population: 35 (2021) World Bank. 

ICT Development Index 2017 (ITU) ranking: 166, 29th in Africa. 

Climate: Hot and humid with a rainy season that lasts from June to November. The 

dry season from December to May is accompanied by harmattan winds which blow 

off the Sahara Desert to the north-east. The Fouta Djallon Highlands, pictured, 

are also known as the Water Towers of West Africa because these high plateaus 

are the source of several major rivers. The Mount Nimba Strict Nature Reserve 

is a transborder World Heritage Site of exceptional biodiversity on the borders of 

Guinea, Liberia and Côte d’Ivoire. There are concerns that mining represents an 

environmental threat. 

Religion: Between 85% and 90% of the population is Muslim. 

Modern history: Guinea was on the western edge of several of the great West 

African empires from the 15th century. France declared Guinea to be a separate 

colony from Senegal in 1891. 

Guinea achieved independence in 1958 with Ahmed Sékou Touré as the first 

president. In 2014 the Ebola virus broke out. Guinea has had several military coups, 

with the most recent being in 2021 with the overthrow of President Alpha Condé. 

ECOWAS has engaged with the country’s military leaders and in March 2024, a 

new government was set up, two weeks after the appointment of a third Prime 

Minister since the 2021 coup. Opposition groups want to see a quick return to 

constitutional order and they are supported in this goal by ECOWAS, who lifted 

sanctions early in 2024 in response to what was seen as encouraging signs from 

the existing government, but exactly when a referendum or new elections will be 

held is not clear. 

COUNTRY 

COUNTRY PROFILE 

PROFILE 


PHOTO: FAO/Paolo Ceci 

34 

I 

Africa needs reliable infrastructure to connect 

supply chains and efficiently move goods and 

services across borders, says Julien Fouilliart, the 

Africa Market Leader for Building & Infrastructure 

at Bureau Veritas, one of the world’s leading 

certification bodies. Leveraging the momentum 

of Africa’s infrastructure development and 

harmonising regulatory compliance standards will 

help to build sustainable and inclusive growth. 

INFRASTRUCTURE IS 


THE KEY TO GROWTH 


Infrastructure development is an essential driver for progress on 

the African continent and has the potential to be an enabler of 

sustainable and inclusive economic growth. The economy needs reliable 

infrastructure to connect supply chains and efficiently move goods and 

services across borders. 

The recent multifaceted crises, including climate-related issues, the 

Covid-19 pandemic and the conflict between Russia and Ukraine have 

all strongly impacted countries’ debt surge, slowing down the emergence 

of large infrastructure projects. Although the direct trade and financial 

linkages of Africa with Russia and Ukraine are small, the war has damaged 

the continent’s economies through higher commodity, food and fuel prices 

as well as headline inflation. The recent political instability also threatens 

the appetite for foreign investments and commitment on high-impact 

infrastructure projects. 

Africa is projected to have the fastest urban growth rate in the 

world. By 2050, Africa’s cities will be home to an additional 950-million 

people, according to the Organisation for Economic Co-operation and 

Development (OECD). Much of this growth is taking place in small and 

medium-sized towns. Africa’s urban transition offers great opportunities, 

but it also poses significant challenges. Urban agglomerations are usually 

developing without the benefit of policies or investments appropriately able 

to meet these challenges. 

Despite having contributed the least to global warming and having 

the lowest emissions, Africa faces exponential collateral damage, posing 

systemic risks to its economies, infrastructure investments, water and food 

systems, public health, agriculture and livelihoods, threatening populations 

into higher levels of extreme poverty. Prioritising structural transformation 

that is green, inclusive and resilient will lay a foundation for resilience 

ahead of the next crisis. The continent is very diverse, composed of low, 

lower-middle, upper-middle and high-income countries. Taking advantage 

of rich natural resources, the continent has the potential to shape a new 

development path, maximising the potential of its resources and people. 

Finally, the African Continental Free Trade Area (AfCFTA) currently 

under development will be the largest free-trade area by the number of 

The AU’s Programme for Infrastructure Development in Africa 

is focussed on physical infrastructure developments such as 

protecting and enhancing transboundary water resources. 

PHOTO: Gabriel on Unsplash 

countries involved since the formation of the World Trade Organization, given 

Africa’s current population of 1.4-billion people, which is expected to grow to 

2.5-billion by 2050. Africa needs to produce goods and services for domestic 

consumption and global trade to achieve sustainable economic growth and 

improve living standards. Africa cannot succeed without adequate high-quality 

linking infrastructure. 

The continent still faces serious infrastructure gaps across all sectors, both in 

access and quality. Most countries lag significantly behind the rest of the world in 

terms of coverage of key infrastructures including transport, infrastructure, energy, 

water, ICT, affordable housing and so on. A pipeline of potential projects exists 

but is slow on actualising. While funding is available, financial commitment and 

spend is lacking. Annually, there is a funding gap estimated at $100-billion for 

infrastructural development. 

Common vision and project preparedness 


In order to support infrastructure development, there is an indispensable need for 

government and multilateral banks to expand the flow of private sector financing 

into more commercially viable assets. Several projects fail to emerge due to weak 

feasibility study and business plans, delays in obtaining licences, approvals and 

permits, inability to agree on risk allocation and to secure offtake agreements, and 

poor programme delivery. 

Individual efforts by African countries to develop infrastructure have faced 

significant funding deficits due to the high costs involved. As a key element 

of the African Union 2063 strategy, African countries, through the AU and 

regional economic communities, have adopted the Programme for Infrastructure 

Development in Africa (PIDA) to address these inadequacies and enhance 

connectivity. PIDA aims to spearhead physical infrastructure development in 

transport, energy, ICT and transboundary water resources. 

In the first 10-Year Implementation Report of PIDA that was published in 

September 2023, the first phase of the programme over the period to 2020 indicates 

significant achievements, with the development of 16 066km of roads, 4 077km of 

railway lines, 7GW of hydroelectricity power production, 3 506km of transmission 

lines, 112 900 direct jobs and 49 400 indirect jobs. 

Over the past 10 years, $82-billion has been invested, with $360-billion required 

to implement all PIDA projects by 2040. While substantial commitments have 

been made, including contributions from AU member states, international 

financial institutions and other sources, it is imperative to explore additional ways 

to mobilise the necessary resources (such as private capital commitments via PPPs, 

green bonds and climate finance). Unlocking private sector investment is vital to 

reach the AU Agenda 2063 objectives. 

Local governments and regional multilateral institutions need to provide 

investors with a common vision, locally and globally. To ensure that the money is 

spent where it is needed, and delivers high-quality infrastructure on time and on 

budget, governments and private sector players need to step up to prepare, plan 

and manage projects with a new level of rigour and robustness. 

Regional integration as a major driver for development 


Regional integration is vitally important for sustainable development in Africa. 

For far too long, inadequate infrastructure has held the continent back from 

realising its full economic potential. Lack of access to reliable energy, poor 

transportation networks, including underdeveloped digital connectivity, have 

stalled Africa’s participation in the global market and prevented citizens from 

accessing opportunities. 

According to Julien Fouilliart, Africa Market Leader for Building & 

Infrastructure at Bureau Veritas, an independent entity and world leader in Testing, 

Inspection and Certification with a presence in 35 countries in Africa, “This is 

Green-building certification schemes have showed that they can be a useful 

tool for affordable housing development. A housing estate in Lagos, a city 

with a population estimated at about 20-million, is shown here. 

PHOTO: Ima Enoch on Unsplash 

29 

28 

INFRASTRUCTURE 

INFRASTRUCTURE FUNDING 

FUNDING 

4

PACCI NEWS 

COLLABORATION, 

PARTNERSHIP AND 

COLLECTIVE INGENUITY 

The Pan African Chamber of Commerce and Industry 

(PACCI) seeks to work with business chambers and 

other stakeholders in navigating the African business 

landscape by working together and seeking new ways. 

In the pursuit of our overarching goal to foster a united and thriving 

African business landscape, PACCI’s canvas for collaboration serves as 

the foundational bridge that connects our diverse stakeholder: businesses, 

chambers, policymakers, development partners and civil society. 

Focus 2024-2026 

1. Boosting intra-Africa trade 

2. Improving productive capacity and business competitiveness 

3. Support business to be more resilient to climate impacts 

4. Gender-responsive entrepreneurial environment 

5. Chamber Africa Connect 

The project Chamber Africa Connect aims to deliver real-time 

connectivity to every chamber of commerce in Africa where business, 

consultants and media professionals can engage with each other and 

undertake digital trade to boost intra-Africa trade. 

The goals of Chamber Africa Connect are: 

• Develop a roadmap for chambers to efficiently integrate the CMI 

framework into chambers’ strategy, setting the process to align 

efforts, create interoperable digital standards and champion digital 

transformation within industry. 

• Promote cooperation between the chambers by developing 

information-sharing tools that will help SMEs better understand 

and benefit from the AfCFTA and increase intra-African trade and 

investment opportunities. 

• Promote cooperation between the chambers by supporting the use 

of digital technology in all areas of business, fundamentally changing 

how chambers operate and deliver value to their members. 

• Strengthen women business owners’ skills across the spectrum, from 

basic digital literacy to more advanced use needed to leverage digital 

technologies to create new business models and enterprises 

Recent PACCI initiatives 

Certification Course on AfCFTA Implementation Capacity launched in 2024 

Are you dedicated to enhancing cross-border and intra-African trade? Join us for the 

Certification Course on AfCFTA Implementation Capacity, a pivotal part of the “Improving 

the Trade Facilitation Environment (ITFE) in Eastern Africa” project. This collaborative 

effort is brought to you by the Pan African Chamber of Commerce and Industry (PACCI), 

the Intergovernmental Agency on Development (IGAD) and the African Development 

Bank (AfDB) East Africa Regional Hub (RDGE) and is facilitated by the University of 

Nairobi Department of Educational and Distance Studies. This course is designed to 

strengthen technical capacity and deepen understanding of the AfCFTA. Launching in 

early June 2024, you can find more details at www.pacci.org. Join a community of business 

support professionals, leaders and trade enthusiasts committed to making a significant 

impact on Africa’s trade landscape. 

PACCI launches Educational Webinar Series to bolster AfCFTA awareness 

PACCI has launched a compelling webinar series to guide businesses through the 

opportunities presented by the AfCFTA. The first session, hosted by Renew Capital and 

titled “Free Trade in Africa: What It Means For You”, took place on 8 May 2024, via Zoom. 

It attracted business leaders eager to leverage AfCFTA for growth, offering insights into 

trade liberalisation, market entry strategies and the practical tools necessary for navigating 

new markets. This session emphasised the strategic benefits of regional trade and provided 

participants with the chance to apply for customised support, funded by the Government 

of Canada, to aid their expansion plans. For those who missed the live event, the webinar is 

available on-demand, ensuring ongoing access to these valuable insights. Business leaders 

interested in exploiting the full benefits 

of AfCFTA should consider viewing this 

session. For more details and to access the 

webinar, visit Renew Capital’s and PACCI’s 

official websites. More webinars are lined up 

from ahead of Prosperity Africa Chambers 

Business Expo. Visit www.pacci.org for 

more information. 

Contact Details 

Gulf Aziz Building 4th Floor 402, Bole, Addis Ababa, Ethiopia 

Tel: +251 11 691 0011 | Email: info@pacci.org 

Website: www.pacci.org | Social media: @officialpacci 

PHOTO: Moses Londo on Pexels 

5 

President: PACCI 

Mr Ali Adji Mahamat Seid

NEWS FROM ALL AROUND AFRICA 

Recent investments, expansions and milestones. 

SHARED WORKSPACE PROVIDERS SHARE SOME MORE 

Two of Africa’s leading providers in the shared workspace industry, KOFISI and Workshop17, have 

announced a strategic partnership to provide a wider range of services and locations across 

Africa. The demand for shared workspace continues to grow faster in Africa than the rest of 

the world, fuelled by the growth in the working-age population which is expected to grow by 

more than 450-million people, or close to 70%, by 2035. The partnership gives the two providers’ 

members access to a combined network of 22 locations, 60 000m 2 of collaborative workspace 

across seven countries and all four regions of the continent. The partnership is the largest 

independent network of serviced work and office space across Africa, and where the quality 

and consistency of facilities are reliable, even in sometimes unpredictable environments. KOFISI 

operates 10 locations in Kenya, Nigeria and Tanzania, and is opening in Rwanda and Morocco. 

Workshop17 has 12 locations, with eight in South Africa and four in Mauritius. 

WORLD-FIRST MOBILE RADIO EQUIPMENT IN EGYPT 

Vodacom Group has successfully deployed a world-first triple-band Mobile Radio Unit that 

combines the 1800MHz, 2100FDD and 2600TDD frequency bands into one single Radio Unit. 

This advanced Radio Unit from Ericsson will enable Vodafone Egypt to reduce the cost of 

its 4G/5G network rollout in the country, the implementation time, energy consumption 

and tower load. Vodacom, which acquired a 55% stake in Vodafone Egypt in 2022, invested 

R4.6-billion based on growing and strengthening the network in Egypt to support increased 

demand. Vodafone Egypt services 48.3-million customers and contributes one quarter of 

the company’s revenue supported by customer engagement in connectivity, mobile and 

fixed price adjustments and excellent growth in its financial services platform, Vodafone 

Cash. As of January 2024, Egypt’s Internet penetration rate was 72.2%, with 75.6-million 

Internet users in January 2022. Egypt has the second-largest online population in Africa. 

However, the country’s average Internet download speed is among the slowest in the world. 

6 

TOWER PHOTO: Moaz Tobok on Pexels

NEWS 

DRILLING SUCCESS OFF ANGOLAN COAST 

Successful drilling of the Likembe-01 well in the ExxonMobiloperated 

Kizomba B development area of Block 15 has been 

announced about 365km north-west of Luanda. Angola’s National 

Agency of Petroleum, Gas and Biofuels (ANPG) reported this 

as a significant stride in Angola’s oil exploration with the news 

following the 2022 discovery at the Bavuca South-1 exploration 

well in the same Block, which encountered 30 metres of 

hydrocarbon-bearing sandstone. The well’s strategic location 

underscores Angola’s commitment to bolstering its offshore 

exploration capabilities. ExxonMobil Angola is leading the 

Block 15 consortium with partners Azule Energy, Equinor and 

Sonangol in a multi-year drilling programme. This programme 

aims to capitalise on the region’s hydrocarbon potential, further 

evidenced by the high-grade sandstone reservoirs identified 

in the Likembe-01 well. Azule Energy, whose offshore plant is 

pictured, is a joint venture formed in March 2022 by Italy’s Eni 

and the UK’s BP to merge their oil assets in Angola. 

GHANA APPROVES SANLAMALLIANZ MERGER 

In July 2024 Sanlam and Allianz announced the launch of their joint 

venture brand, SanlamAllianz, in Ghana. This follows the regulatory 

approvals obtained recently to merge and rebrand to SanlamAllianz. 

The joint venture, which was launched in September 2023, is the 

leading pan-African non-banking financial services company, which 

operates in 27 countries across the continent. The CEOs of the two 

businesses are Tawiah Ben-Ahmed, Chief Executive Officer/MD of 

SanlamAllianz Life Insurance Ghana, and Mabel Nana Nyarkoa Porbley, 

Chief Executive Officer/MD of SanlamAllianz General Insurance Ghana. 

Robert Dommisse, CEO of SanlamAllianz Life Assurance, pictured, spoke 

at the event, as did SanlamAllianz CEO, Mr Heinie Werth, who said, 

“Launching the SanlamAllianz brand in Ghana marks a new milestone 

for us and the broader financial services market and our commitment 

to doing business in Ghana. It demonstrates our strategy to leverage 

our expertise to create leading businesses in the economies where 

we choose to operate and supports our intention to enable access to 

financial services.” 

7



Hogan Lovells partner Deepa Vallabh sees great scope for mining in Africa if regulatory certainty can be achieved. With 

extensive experience in various sectors, including private equity, Vallabh is upbeat about the potential of the African 

Continental Free Trade Area (AfCFTA) to take advantage of the continent’s wealth of resources, skills and knowledge. 


I am a partner in the corporate and commercial Mergers and Acquisitions (M&A) 

department. 


We are active across Africa but we’re a global firm, with activity in about 40 

countries. We have coverage all over and we can advise on a range of issues, 

depending on where our clients are. We have done transactions in multiple 

jurisdictions across Africa. 



We are there to help companies navigate those differences. 



There is a significant amount of private-equity investment in mining. The 

natural tension between investments from private-equity companies and how 

mining companies operate relates to when there will be possible returns on 

the project. Private companies typically will have a mandate to be able to exit 

the asset in five to seven years but private-equity money in mining companies 

needs to take a longer-term view. It also depends on how mature the mining 

asset is. There is no one-size-fits-all strategy for private-equity investment in 

mining companies. 

It is very rare for a private-equity player to come in at a greenfield stage 

because you don’t employ private-equity capital in something that may never 

materialise. There is less concentration in that type of investment. 

Generally, it would be private-equity capital in a mine that has been developed; 

it has been operating; it has shown strong and steady returns; it has strong ore 

potential; it has life of mine for a long time. Those are the important considerations 

for a private-equity investment model because it will depend on when they can exit 

and what return they can exit at. 


It is more complex. Not that it doesn’t happen but it’s a different consideration 

when you’re investing in a mining company as opposed to any other sector. Mining 

investments can take a longer horizon to give you an overall return in terms of what 

you’re expecting as a private-equity player versus other sectors. That’s because there 

are lots of uncertainties. 



Correct. Mining companies by their very nature can be very capital intensive 

so you have to take that into account versus it being cash flush to provide 

regular dividends. 

The other challenge with mining companies is that commodity prices are 

cyclical and there are world dynamics that play into commodity pricing. There’s 

always an up and down cycle and you can’t really predict that or control that. 

8


Critical minerals such as the copper mined at the Kamoa-Kakula Copper 

Complex in the DRC are increasingly attracting investment. The mine 

produced 393 551 tons of copper in concentrate in 2023. 

South African President Cyril Ramaphosa oversees the first official 

shipment from South Africa to Ghana under the AfCFTA 




There is a lot of interest in private equity putting money into mines that have the 

potential to service the green metals and green energy sectors because they are 

lucrative. Having said that, there are a few things that must be mentioned in relation 

to this. You have to take a long-term view. We are starting to see a slowdown on the 

need for some of the material in relation to electric vehicles, for example. There has 

been significant demand for off-take arrangements that have been put in place over 

the last four or five years when it was really in demand but now there is stability in 

that supply. That naturally drives demand down. You have to ensure that if you are 

putting capital in a new thing that there is still a significant demand for that metal 

and that you don’t have all of the players who need that metal having already sorted 

out their supply arrangements. 


On things like that, yes. For the off-take arrangements that we look into, we 

look at the considerations around the relationship between the off-taker and 

the mine which is producing the metals. We also look at the downstream, 

which is somebody who has procured the resource and is then providing it 

to an electric vehicle manufacturer, for example. There are intricacies around 

those relationships. Those are also commercial agreements that have various 

commercial considerations that you need to take into account and it can be very 

complex in terms of how they are negotiated. 




It depends on how old the fund is and what priorities they are looking at. There 

are a number of private-equity funds that specifically are targeting investment in 

Africa that take a long-term view. 

Those private-equity firms have learned over the years, even if it is not an 

investment in the mining sector but it is in another sector, that their return periods 

are longer and perhaps the rate of return is not the same but it could be a lot more 

lucrative in the long run than more stable sectors. You have to be able to ride the 

wave in terms of a longer investment cycle. There are a lot of funds out there that 

have the appetite and the capital to do that. 



That’s the core portion of what I do. When you’re doing a mergers and acquisition 

transaction, it may traverse different jurisdictions. When there are multijurisdictional 

aspects, you have to ensure that you’re looking at multiple regulatory 

regimes across different sectors. 



Absolutely. The legislation has been in place for some time, it came into effect a 

number of years ago. But you had countries that needed to actually sign up to. 

PHOTO: Ivanhoe Mines 

9


Recently we’ve seen President Ramaphosa’s announcements and sentiments to 

support the agreement and with us being one of the important economies on 

this continent, the support by our government is key. To actually materialise the 

benefits of that agreement for other African states is key to unlocking the value that 

the agreement is intended to unlock. Intra-African trade between African nations 

compared to comparative figures for Europe and Asia is at a much lower level. Yet 

we have a wealth of resources on this continent, and skills and knowledge. 

Would you welcome some sort of a flattening out of 

the legal framework across the continent? 

Absolutely yes, to assist future Africa trade. 

Would the Secretariat of the AU be involved? 

The African Union has been promoting the agreement. The true test of whether 

that agreement actually works across the continent is going to come from the 

commitments of the various governments to actually apply the principles and the 

intent and the spirit behind it. What that means is that you’ve got to get some 

regulatory certainty across jurisdictions which is not easy. We are not one Africa: 

we have different languages, we have different pasts, we have different reasons for 

why certain legislation exists. 

But at least there is a SADC and the other regional blocks. 

There are regional blocks but some of the success of this agreement is going to 

depend on us being able to navigate some of those differences in legislation between 

ourselves. The success of it is going to depend on being able to create mechanisms 

for dispute resolution between different states. Then it’s the commitment to make 

it work, which might come at a cost to your own fiscus. 

Does that mean you can’t have campaigns to Buy Local? 

Exactly. It comes down to your allowing goods to come into your country and 

levying very little import tax. Goods leaving your country would be levied 

very little export tax. All of these things have a fiscus implication. Where you 

have the developing needs of a country to weigh that against a lower revenue 

we’re going to have to have very mature governments to be able to adopt that 

and embrace that. 

And you are not just talking from a strictly legal point of 

view, you’re talking about trade and the whole scenario. 

As a mergers and acquisition lawyer there are the parameters of the legal framework 

that we follow, but actually what drives a lot of what we do is being able to negotiate 

and broker commercial arrangements that make sense to both parties. 

Thika Law Courts forms part of the Kenyan judicial system. 

Aligning the continent’s legal practices will help trade. 

Biography 

Deepa Vallabh has over 22 years’ experience in corporate and commercial practice and has 

in-depth knowledge in a number of legal areas, including mergers and acquisitions (both 

domestic and cross-border), capital market transactions, BEE transactions, corporate 

reorganisations and restructurings with a particular focus on cross-border M&A 

transactions into Africa. Deepa has experience in a variety of sectors which includes 

mining and resources, technology, telecommunications, media and communications, 

FMCG, insurance, agriculture, manufacturing and private equity. 

Deepa Vallabh, partner at Hogan Lovells. 

10

MINING INVESTMENT 

SIMANDOU HAS BEEN SIGNED OFF 

OThe legal complexities of Africa’s biggest mining and infrastructure project have been 

finalised in a massive deal involving China, the Republic of Guinea and several consortiums. 

On 30 July 2024, Hogan Lovells announced in Johannesburg that the huge deal on 

which the law firm was advising its Chinese steelmaking client had been closed. 

After years of strenuous negotiations and a pressing work schedule, the codevelopment 

of the landmark Simandou mining and infrastructure project in 

the Republic of Guinea is finally a reality. Global law firm Hogan Lovells has 

advised its longstanding client, the world’s largest steelmaker, China Baowu Steel 

Group (Baowu), on all aspects of its investment in the mining and infrastructure the world. 

components of the project. 

The closing of Baowu’s investment occurred on 19 June 2024, followed by the 

closing of Simfer’s investment on 17 July 2024. 

Simandou is the world’s largest undeveloped, high-grade iron ore reserve. 

The Simandou project stands as the largest mining and infrastructure project in and Poland. 

Africa and in the world with a total required investment of reportedly $15-billion 

to $20-billion. It encompasses four mining blocks, two ports and a railway line of 

more than 600km railway line crossing the entire country connecting the mines 

to the ports. 

The multi-user railway infrastructure is expected to provide connectivity to 

passengers, small businesses and other industrial users across the country and will 

have a transformative impact on the Guinean economy. 

The owners of the mines and the co-developers of the infrastructure are, on the 

one hand, a joint venture between Baowu and Winning Consortium Simandou 

(WCS, a consortium comprising Asian investors including Winning International 

Group and Shandong Weiqiao Pioneering Group) and, on the other hand, Simfer 

(a joint venture between mining giant Rio Tinto and a consortium of Chinese 

investors led by Chinalco, the world’s largest aluminium producer). 

As a strategic project between China and the Republic of Guinea, Simandou is 

planned to produce 120-million tons of high-grade iron ore annually. Its successful 

development will have a transformative impact on the Guinean economy and its 

people and bring green solutions to the steel-making industry in China and around 

To assist Baowu on this deal, Hogan Lovells have deployed a global crosspractice 

and cross-office team comprising dozens of lawyers led by Liang Xu (M&A 

partner, Beijing) from the firm’s Beijing, Shanghai, Hong Kong, Singapore, London, 

Paris and Washington DC offices, supported also by colleagues from Germany 

Liang Xu commented: “We are very proud to have supported Baowu in 

achieving the closing of its investment in the Simandou project, which represents 

a historical achievement for the Simandou project and the Republic of Guinea. 

Our cross-practice, cross-office team looks forward to continuing supporting 

Baowu and its partners to complete the construction of the project and put it 

into operation. We feel immensely grateful to have had the opportunity to work 

on this transformative project.” 

This deal, and the composition of the Hogan Lovells team, is a testament to 

the firm’s ability to work seamlessly as a single integrated team across offices and 

practice groups. It also fits within the firm’s strategy and vision in China and Africa, 

with the mining and infrastructure sectors at its core. 

In 2023, Winning Consortium Simandou 

(WCS) and Rio Tinto Simfer signed 

investment agreements regarding 

the Trans-Guinean railway and 

related port infrastructure. 

PHOTO: Rio Tinto 

11


By Jackwell Feris, Sector Head for Industrials, Manufacturing & Trade, Cliffe Dekker Hofmeyr (CDH). 

IIn the throes of a global energy transformation, South Africa emerges as a 

prominent player, leveraging its abundant renewable resources, particularly solar 

and wind power, to unlock the potential of clean-hydrogen production. This 

pivotal step represents a momentous leap towards achieving a sustainable and 

environmentally responsible energy future, one characterised by reduced reliance 

on fossil fuels and a minimised carbon footprint. 

South Africa, through its clear policy position as espoused in its Hydrogen 

Society Roadmap, intends for green hydrogen to be a key driver for achieving 

sustainable economic development and growth. 

This comprehensive framework outlines strategic approaches and policy 

directions to mobilise resources and facilitate the transition towards a 

hydrogen-based economy. 

Specifically, the roadmap sets ambitious targets such as deploying 10GW 

of electrolysis capacity by 2030, achieving annual hydrogen production of 

500 kilotons and scaling up electrolysis capacity to 15GW by 2040, tapping 

into both the export and domestic market in developing green hydrogen or 

derivative products. Recognising its broad potential, the roadmap identifies 

The pilot fleet of BMW iX5 hydrogen-fuel-cell electric vehicles is an historic initiative, 

supported by Anglo American Platinum, BMW Group South Africa and Sasol. 

priority sectors for hydrogen application, including transport and industry, 

while acknowledging its future role in power generation. 

President Cyril Ramaphosa’s keynote address at the Second South African 

Green Hydrogen Summit in 2023 underscored the transformative potential of 

green hydrogen for South Africa’s economic growth and just energy transition. He 

estimated that the hydrogen economy could contribute 3.6% to the country’s GDP 

by 2050, creating approximately 370 000 jobs. 

Additionally, the president emphasised the global significance of green hydrogen 

in limiting global warming to below 1.5°C, suggesting its potential to constitute 

10-20% of the global energy mix. 

The country’s Green Hydrogen Commercialisation Strategy, approved by the 

Cabinet in 2023, designates green hydrogen as a critical strategic sector, with the 

objective of attracting foreign and domestic direct investment and establishing the 

country as a global leader within this burgeoning industry. 

This prioritisation was further emphasised by Minister Kgosientsho Ramakgopa, 

during his address at the 2023 African Energy Chamber’s Hydrogen Summit, where 

he highlighted its pivotal role within South Africa’s energy strategy. 

12

GREEN HYDROGEN 

The Green Hydrogen Commercialisation Strategy identifies key low-hanging fruit 

that is the catalyst for local green-hydrogen production by the mining sector as the 

most promising early adopter of hydrogen for mobility at mines. There is further 

potential for sustainable aviation fuel using Sasol’s technology. 


A key element of the Green Hydrogen Commercialisation Strategy is to ensure 

that the legal framework for the production is clear and easily ascertainable for 

developers in the entire hydrogen value chain (from energy generation to the 

production, transport and handling of green hydrogen or its derivatives). As such, 

the strategy emphasises the need for policy and financial incentives to support 

South African developers and other companies in the value chain to effectively 

contribute to the development of this developing sector, thereby enabling the supply 



position as a global leader in PGM production. 

References 

• Green Hydrogen Commercialisation Strategy: The Department of Trade 

Industry and Competition (thedtic.gov.za) 

• Cabinet approves Green Hydrogen Commercialisation Strategy 

(engineeringnews.co.za) 

• Green Hydrogen programme sparks sustainable energy revolution (msn.com) 

• President Cyril Ramaphosa: Second South African Green Hydrogen Summit | 

South African Government (www.gov.za) 

• SA aims to lead the world in green hydrogen innovation (miningreview.com) 

• MCSA welcomes launch of pilot hydrogen vehicle project (miningreview.com) 








player within the global hydrogen economy. 







demonstrating the viability of hydrogen-fuel-cell technology. 



hydrogen production and its conversion back into electricity. 






sustainable future powered by clean hydrogen technology. 









efforts of the global economy, and Africa must not be left behind. 

Jackwell Feris, Sector Head Cliffe, Dekker Hofmeyr. 

13

TECH IN AUDIT 

UNDERSTANDING THE (AUDIT) FUTURE 

Technology is the big story, but there’s more to it as audit is called on to play a bigger role, 

writes Zakariyya Mehtar, Director: IT Assurance at Forvis Mazars in South Africa. 

Make no mistake, artificial intelligence (AI) and machine learning (ML), along 

with other technologies, are going to drive huge changes in business and across 

society more broadly. Auditing as a profession won’t escape, and auditors and their 

clients must begin preparing now. 

At the same time, though, we should be very conscious of the IT industry’s 

hype cycle, a term coined by leading analyst, Gartner. In the typical hype cycle, 

a technology trigger leads to a peak of Inflated Expectations followed by the 

inevitable Trough of Disillusion. From this low point, we see a slower ascent up 

the Slope of Enlightenment to the sunny Plateau of Productivity. Auditors and 

their clients will have to be careful about adopting technology precipitately; it is 

vital to have a proper strategy in place that includes regular assessments of the 

organisation’s technology maturity, both as regards auditing itself and generally 

across its business processes. 

Given the impact of auditing on corporate reputation and regulatory compliance, 

technology misfires simply can’t be tolerated. For example, while data analytics is 

relatively mature and well-integrated into the audit process, AI and ML are only 

now beginning to mature enough to be considered integral to auditing. Given the 

sensitivity of the data that auditors deal with, overall security and data privacy are 

key issues, making public AI platforms too risky. An additional issue is the need 

for the algorithms to be trained on carefully curated datasets to minimise the risk 

of inaccurate conclusions. Nonetheless, given the research and development spend 

that is going into AI, the maturation curve looks set to be steep. 

Change is a constant 

One clear conclusion, as noted in a study by the Association of Chartered Certified 

Accountants, is that auditors of the future will need to be, above all, adaptable. 

Change is a constant, but technology has made it much faster and harder to 

predict. Data analytics – and now AI and ML – all relate to the proliferation of 

data generated by organisations and the valuable insights that can be derived from 

it. For auditing, this trend means raised expectations from stakeholders about the 

quality of the audit itself, but also about its scope. 

The expectation was that audit would also begin to offer a forward view as well 

as a backward one, helping organisations to track trends and identify emerging 

issues. One of the respondents in the study made the point that clients increasingly 

want auditors to act more like partners, providing insights that will help them run 

their businesses better. 

By enabling a growing proportion of the audit process to be automated, 

technology will free up scarce audit talent to undertake more sophisticated analysis. 

In short, clients desire their auditors to take a more holistic view of their businesses 

and make specific recommendations. 

What does the auditor of the future look like? 

Given these raised expectations, the next question we need to ask is what skills 

auditors will need going into the future. While it’s clear that future auditors will 

need more technology skills, it’s growing clear that they will need a range of 

soft skills as well. Communication and critical-thinking skills will become vital 

because if auditors are expected to derive useful business insights from data, they 

will need to be able to prioritise them and communicate them effectively. At the 

same time, traditional skills and characteristics like professional scepticism and 

independence will remain very much part of the mix. Recruiters will have their 

work cut out to find people with this mix of hard and soft skills. The upshot 

is clear enough. Technological progress is raising client expectations of audit 

partners. The ability to automate more of 

the process and analyse huge amounts 

of data means that expectations of audit 

quality will escalate. At the same time, 

auditors will have to equip themselves to 

become more like business partners as well. 

No pressure. 

Beware of the hype 

cycle surrounding new 

technology, but a proper 

technology strategy needs 

to be in place that can 

assess an organisation’s 

technology maturity. 

ABOUT FORVIS MAZARS 

Forvis Mazars is the brand name for the 

Forvis Mazars Global network (Forvis 

Mazars Global Limited) and its two 

independent members, Forvis Mazars LLP 

in the United States and Forvis Mazars 

Group SC. Forvis Mazars Global Limited is 

a UK private company limited by guarantee 

and does not provide any services to clients. 

For more information, visit 

www.forvismazars.com/za/en 

14 

PHOTOS: FREEPIK

THE JOHANNESBURG BUSINESS SCHOOL IS A THOUGHT LEADER 

IN LEADERSHIP DEVELOPMENT, OFFERING POSTGRADUATE 

QUALIFICATIONS RELEVANT TO THE DYNAMIC FUTURE THE 

WORLD IS FACING.

NEW BEVERAGES PRODUCTION 

LINE DRIVES GROWTH 

The East Africa operations of Coca-Cola Beverages are bringing efficiency and growth to Uganda. 

Coca-Cola Beverages Uganda has a new, $27-million, polyethylene terephthalate (PET) production line at its head office in Namanve. The line 

has a capacity of 67 000 bottles per hour and is driving efficiency and growth in the Ugandan beverages industry. 

Coca-Cola Beverages Africa’s fastest plastic bottle production line in its East Africa 

operations, with a capacity of 67 000 bottles per hour and equipped with state-ofthe-art 

technology such as robotic arms and automated fillers, is driving efficiency 

and growth in the Ugandan beverages industry. 

In 2022, Coca-Cola Beverages Uganda (CCBU), a subsidiary of Coca-Cola 

Beverages Africa, commissioned the construction of a new line at its head office in 

Namanve. The line was designed to increase efficiency and productivity. 

CCBU’s new polyethylene terephthalate (PET) production line started operating 

in 2023. The company invested $27-million to ensure CCBU’s range of soft drinks 

are widely and consistently available to consumers. 

As the country looks to increase the industrial sector’s contribution to Gross 

Domestic Product to 31% from the current 27.4% and the share of labour force in 

the sector to 26% by 2040 , CCBU has stepped up to contribute towards this goal. 

To create jobs, reduce imports, encourage investment in manufacturing and 

enable the production of goods within Uganda’s borders, the government has since 

the late 1990s established specialised zones dedicated to boost industrialisation in 

the country. 

“Because we are thought and execution leaders in operational efficiencies, 

we made sure our production line goes beyond production numbers,” explains 

Melkamu Abebe, the General Manager of CCBU. 

“This translates to shared opportunity across the value chain. It means job 

creation, with CCBU currently employing over 900 people. Additionally, the 

increased production significantly boosts local businesses supplying us with raw 

materials and services.” 

The line, Abebe said, confirms CCBU’s commitment to Uganda’s development 

as it will also increase taxable income to the government. 

“This is one example of our ongoing journey to bring our products to consumers 

in new and dynamic ways. Demand for our products has increased across Uganda. 

So, we invest to ensure that we reach our customers and consumers with the best 

quality products available in the market,” Abebe said. 

16

ECONOMIC GROWTH 

Distribution goes to the next level in Uganda 

A network of Official Coca-Cola Distributors (OCCDs) is helping to ensure that Coca-Cola products 

reach Ugandans efficiently in every corner of the country. 

As a Fast Moving Consumer Goods manufacturer, Coca-Cola Beverages Uganda (CCBU) has 

innovated to create a system that helps it to consistently deliver quality products to consumers across 

the five geographical territories of Kampala, Central, North, East and South. 

“We understand that our success is linked to the success of our customers. That's why we’ve 

established a robust OCCD system, ensuring efficient distribution and exceptional customer service 

throughout Uganda,” said Mike Kaziro, Route to Market Specialist at CCBU, a subsidiary of Coca- 

Cola Beverages Africa. 

According to Kaziro, the foundation of the OCCD system begins with a meticulous selection 

process in which individuals with ambition to excel and resources such as trucks, warehouses, mobile 

phones and a dedicated workforce are verified and appointed. Once appointed, CCBU’s user-friendly 

online system tracks sales, maintains detailed records and empowers OCCDs to plan deliveries with 

precision. They use the same system to access real-time data for customer details and to track the status 

of customer orders, including information on products that are out of stock. 

“The system also has a call list of all OCCDs’ deliveries in specific areas. This eases their product 

dispatch process and enables them to talk to customers at all times during the distribution process,” 

Kaziro says. 

The system’s capabilities go beyond record-keeping. It facilitates daily performance tracking, 

allowing the sales and marketing team to identify areas where OCCDs might require additional 

support. The data-driven approach ensures challenges are addressed swiftly, keeping the distribution 

network running smoothly. In some areas, providing coolers is crucial to maintain optimal beverage 

temperature. CCBU actively supports OCCDs by providing coolers to customers, to ensure retailers 

can offer refreshingly cold drinks throughout the day, which boosts their sales. 

“CCBU has distributed 47 000 coolers countrywide and continues to distribute coolers on a regular 

basis. This is one of a number of initiatives to help our OCCDs sell more,” Kaziro says. 

CCBU’s sales team undergoes rigorous training in stock management, customer service and 

product knowledge. This expertise is transferred to OCCDs, empowering them to provide exceptional 

service to customers who make CCBU’s quality products available to consumers. 

Research conducted by CCBU is also used to assist OCCDs to increase sales and ensure they have 

all the tools they need to stay competitive, through customised promotions for specific areas. 

“By optimising our network,” says Kaziro, “we aim to achieve greater efficiency, boost sales volumes 

and ensure exceptional customer service throughout Uganda.” 

With the OCCD system in place, CCBU is empowering local businesses and contributing to the 

success of countless Ugandans. With continued investment in technology, training and network 

optimisation, CCBU and its OCCD partners are poised for a future of shared opportunities. 

ABOUT CCBA 

CCBA is the eighth-largest Coca-Cola bottling 

partner in the world by revenue, and the largest 

on the continent. It accounts for over 40% of all 

Coca-Cola products sold in Africa by volume. 

With over 18 000 employees in Africa, CCBA 

services more than 720 000 customers with a 

host of international and local brands. The group 

was formed in July 2016 after the successful 

combination of the Southern and East Africa 

bottling operations of the non-alcoholic readyto-drink 

beverages businesses of The Coca-Cola 

Company, SABMiller plc and Gutsche Family 

Investments. CCBA shareholders are currently: 

The Coca-Cola Company 66.5% and Gutsche 

Family Investments 33.5%. CCBA operates in 15 

countries, including its six key markets of South 

Africa, Kenya, Ethiopia, Uganda, Mozambique 

and Namibia, as well as Tanzania, Botswana, 

Ghana, Zambia, the islands of Comoros and 

Mayotte, Eswatini, Lesotho and Malawi. 

Learn more at www.ccbagroup.com 

Follow us on LinkedIn 

17









to collaborate so that African can close the trade 


Improved export protocols will help African traders at every level 

18 

PHOTO TOP: Jean Papillon on Unsplash

EXPORTS 

. 

It is estimated that one in every six African exporters fail to meet their export sales 

targets due to a lack of funding for the input, production and export stages of their 

operating life cycle. The result culminates in a loss of approximately $50 000 per 

trade or per transaction, per small and medium-sized enterprise (SME) per year, 

according to the African Development Bank. 

This inadequate financial support ultimately culminates in a trade finance gap of 

more than $81-billion that the continent currently faces, the bulk of which affects 

SMEs the most. 

Inwang Akpan, Head of Trade, Transaction Banking at Standard Bank explains 

that African countries, typically rich in natural resources, are heavily reliant on 

exports to generate alternate foreign direct investment and capital flows. As a 

continent classified as a net importer, however, the challenge is that the demand 

for foreign capital is much larger than industry exports, at least for most countries. 

There is therefore a growing acknowledgement that exporters need to be supported 

via grant schemes or tax incentives in Special Economic Zones (SEZs) if countries 

want to grow their exports. 

In Africa, export finance is typically provided through export credit agencies, 

development finance institutions, multilateral development banks and even 

government bodies. Where possible, commercial banks and private investors have 

supplemented access to export financing through traditional trade finance facilities. 

At times, the latter category of trade financiers will face a risk appetite calibration 

informed by regulatory prescription and may struggle to serve the magnitude of 

the export funding requirement in a market, reveals Akpan. 

“When commercial banks partner with development finance bodies, additional 

liquidity is injected into a value chain and the effective cost of capital provided 

to exporters can be optimised and the value of purchases made in international 

markets is enhanced through more competitive landing costs,” he says. “Export 

finance promotes exports by making financing mechanisms and instruments 

available that mitigate risk and accelerate liquidity into an exporter’s working 

capital cycle.” 

Despite accounting for 17% of the world’s population, Africa accounts for only 

3% of global trade and 2% of manufacturing output. It has the lowest proportion 

of intra-regional trade than any other part of the world and is overly dependent 

on the export of raw materials, almost ensuring that the majority of the continent’s 

citizens live in poverty. Various studies and economic models have revealed that 

if Africa were to increase its share of world trade by just 1%, that increase would 

generate around $70-billion of additional income for the continent. 


The establishment of the African Continental Free Trade Area (AfCFTA) plans 

to accelerate intra-African trade and boost Africa’s trading position in the global 

market by creating the world’s largest free trade area. The creation of a tariff-free 

continent is intended to grow what has traditionally been low levels of intra- 

African trade and in the process, grow local businesses, drive GDP growth and 

reduce poverty levels. Once fully implemented it will eliminate tariffs on 90% 

of goods and reduce barriers to trade in services, potentially increasing Africa’s 

income by $450-billion by 2035. AfCFTA is predicted to grow intra-African trade 

by 3.9% per annum. 

“Once trade barriers have been removed, capital will be required to support 

increased intra-African trade,” says Akpan. “Africa needs significant investment 

into infrastructure including roads, railways and bridges to physically provide easier 

accessibility. The continent also needs to invest in technology and digitalisation. 

Kenya’s appetite for Special Economic Zones is growing. Tatu City is a 

privately funded multipurpose project in Kiambu County. 

PHOTO BOTTOM: SEZs Authority 

19

EXPORTS 

Not only will digitalisation benefit smaller businesses, but digital supply chain 

finance solutions will make it easier and more affordable for small and emerging 

businesses to access trade finance solutions.” 

One of AfCFTA’s aims is to ensure more efficient trade by digitalising customs 

and border procedures. Negotiations around AfCFTA’s protocol on digital trade 

– defined as “digitally enabled transactions for the trade in goods and services 

that either be digitally or physically delivered” – are ongoing. In 2023, the 

Economic Community of West African States (ECOWAS) announced that it had 

adopted a comprehensive e-commerce strategy for the 15 member nations of 

the organisation, becoming the fourth African regional economic community to 

develop an e-commerce strategy. Considering the dire need for financial support 

across industries and client segments, as well as the risk appetite constraints 

faced by commercial banks, more development finance institutions working on 

the continent have developed and introduced supplementary trade and export 

finance programmes, on both a funded and unfunded basis. The programmes 

allow for a collaboration with commercial banks, to support a wider range of 

clients, aggregators and even government agencies to realise their growth potential, 

mitigate their risk and enhance their operating efficiency. 

These facilities, reveals Akpan, are used to provide financing to SMEs and local 

corporates and promote both intra-African and international trade. 

“They also aim to encourage and expand trade finance activities of international 

finance institutions, or banks, who work primarily with smaller domestic banks in 

Africa to cater to the needs of SMEs and local corporates. Other target segments 

include soft commodity aggregators that support networks of small farmers and 

commodity traders,” notes Akpan. While demand for trade finance has recovered 

post the Covid-19 pandemic, Akpan says commercial banks such as Standard Bank 

continue to grapple with liquidity constraints that many African markets continue 

to face. “African governments are at different stages of managing inflation, creating 

liquidity and offering policy certainty, all amid the myriad of other economic and 

social priorities that they must focus on. This makes it harder for commercial banks 

to ‘do it all on their own’ and support all the demand-led growth opportunities that 

the continent presents.” 

Partnerships and collaboration between commercial banks and development 

finance institutions, he adds, offers a strong prospect of bridging the trade 

finance gap and supporting SMEs and local corporates alike in achieving their 

growth aspirations. 

The Port of Tema is a major conduit for goods in West Africa. 

About Standard Bank Group 

Standard Bank Group is the largest African bank by assets, operating 

in 20 African countries and seven international centres. Headquartered 

in Johannesburg, South Africa, we are listed on the Johannesburg Stock 

Exchange and the Namibian Stock Exchange. Our strategic position, which 

enables us to connect Africa to other select emerging markets as well as pools 

of capital in developed markets, and our balanced portfolio of businesses, 

provide significant opportunities for growth. As of 30 June 2023, Standard 

Bank Group had over 18.2-million clients, employed over 49 000 people 

(including Liberty) and had over 1 000 branches and approximately 6 000 

ATMs on the African continent. 

The group’s largest shareholder is the Industrial and Commercial Bank 

of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In 

addition, Standard Bank Group and ICBC share a strategic partnership 

that facilitates trade and deal flow between Africa, China and select 

emerging markets. 

For further information, go to http://www.standardbank.com 

Inwang Akpan, Head of Trade, Transaction Banking at Standard Bank. 

20 

PHOTO: Ghana Ports & Harbours Authority

AFCFTA 

UNPREDICTABLE GLOBAL TRADE REVEALS THE 

BENEFITS OF AFCFTA AND INTRA-AFRICAN TRADE 

AAs South Africa celebrates its first AfCFTA export to Ghana, Philip Myburgh, Executive Head of 

Trade and Africa-China, Business and Commercial Clients at the Standard Bank Group, reflects 

on the importance of the African Continental Free Trade Area (AfCFTA) agreement. 

Amid disruptions to traditional trade routes, unpredictable shipping times and 

soaring freight tariffs caused by the conflict in the Red Sea region, the opportunities 

the African Continental Free Trade Area (AfCFTA) agreement creates for the 

development of intra-Africa trade are becoming apparent. 

The African continent holds markets that connect 1.3-billion people with opportunities for halal-certified imports 

a combined gross GDP of about $3.4-trillion. Buying and trading goods in this 

environment offers alternative business opportunities both now and in the future. 

These opportunities would ease the pressure to import goods from the rest of the $70-million and $60-million 

world, says Philip Myburgh, Executive Head of Trade and Africa-China, Business 

and Commercial Clients at the Standard Bank Group. 

“Besides reducing the need to import goods from outside of Africa, the 

preferential tariff rates promote Africa’s growth. AfCFTA has the potential to boost • Frozen fish, valued at $20-million 

South Africa’s economy and create new jobs by increasing economic participation. 

“In January, South Africa exported its first shipment of goods to Ghana under 

the AfCFTA agreement. The goods shipped were forged grinding balls and high 

chrome grinding media products supplied to the platinum, gold, ferrochrome, base 

metal, power generation and cement industries.” 

Ghana’s strengths 

However, several other markets remain to be explored, says Myburgh. “Two 

features make Ghana a strong trading partner: its location on the west coast 

and its two deepwater ports. Takoradi and Tema offer logistical advantages to 

seaborne traffic from South Africa. And Ghana, often called the ‘Gateway to 

West Africa’, offers easy access not only to Ghanaian markets, but also to other 

countries in the region.” 

Some of the mutually beneficial opportunities between 

South Africa and Ghana, says Myburgh, include: 

• South African poultry and meat products. Broiler products account for about 

80% of Ghana’s meat imports. With a large Muslim population, there are 

• South African maize, which can generate revenue of $100-million 

• Raw cane sugar and chemically pure sucrose, which can generate revenue of 

Ghana, in turn, can offer the South African market: 

• Cocoa powder and cocoa paste, valued between $10-million and $15-million 

• Shea butter for the expanding local haircare and skincare markets, which saw 

imports of 6.4-million kilograms (worth about $20.4-million) in 2022 

“Standard Bank’s relationship with AfCFTA is focused on unlocking Africa’s 

potential through digital trade services and innovative technologies. These 

technologies include data science, AI and blockchain. We work with the AfCFTA 

steering committee to provide clear insight into digital trade implementation,” 

says Myburgh. 

“We have strong ties with Ghana, which include full banking operations. 

The country is also home to the AfCFTA headquarters. Ghana is dedicated to 

promoting growth and creating opportunities across the 20 African markets that 

Standard Bank serves. 

“With its young population, growing markets and opportunities for intra- 

African trade, the African continent has the potential to become one of the world’s 

major trading blocs. And African countries and their worldwide exports will 

benefit. We are committed to the future of AfCFTA and the continent we serve,” 

says Myburgh. 

The first shipment under the AfCFTA 

left the Port of Durban bound 

for Ghana in January 2024. 

Philip Myburgh, Executive Head of Trade and 

Africa-China, Business and Commercial Clients 

PHOTO: GCIS 

21

GOOD GOVERNANCE IS THE 

KEY TO SECURING FUNDING 

African airlines wanting to attract investment need stronger 

governance and leadership, according to Vijay Poonoosamy, 

Barrister and Partner of Dentons Mauritius. 

African airlines need better governance and stronger leadership to grow and attract 

funding. This was the key message from Vijay Poonoosamy, Barrister and Partner 

at Dentons Mauritius, at the African Aviation Summit held in Johannesburg. 

Poonoosamy moderated a panel on “Aircraft Fleet Considerations and Legal 

Perspectives” and participated in the “The Way Forward – Positioning for Growth” 

closing session. 

“Our continent’s national leaders must demonstrate their commitment to their 

respective national interests with integrity and allow government-owned African 

airlines to be effectively and efficiently run by professionals,” said Poonoosamy. 

“The national leaders who choose to do so will enable these national airlines and 

the related government entities in aviation to take off, thus enabling their countries 

to take off too.” 

Shahid Sulaiman, Senior Partner, Head of Corporate of Africa at Dentons, added 

that countries that can create such a conducive environment for their airlines 

will allow them to have better chances of securing fair and reasonable terms for 

aircraft and financing, both of which are crucial for providing the intra- and intercontinental 

air connectivity Africa desperately needs. 

The 32nd iteration of the summit focused on the challenge of funding airlines 

in Africa, both existing carriers and startups. International and African financial 

experts, along with senior officials from leading African airlines, discussed the 

current situation and sought practical solutions. 

Embracing good leadership 

Poonoosamy believes that financial institutions and investors should consider 

providing funding and support to African airlines, particularly those demonstrating 

good governance and leadership. 

“With more companies worldwide embracing ESG (Environmental, Social and 

Governance) principles and the need to do both well and good, I urge aircraft 

vendors, lessors and financiers to offer well-managed African airlines as attractive 

Vijay Poonoosamy, Partner at Dentons Mauritius 

terms or even better terms than those offered to the well-established and profitable 

airlines elsewhere,” Poonoosamy said. 

Sulaiman pointed out the interconnected nature of Africa’s socio-economic 

status and its aviation sector. “Africa’s socio-economic status is not where it should 

be and, as a result, African civil aviation is not where it should be either. This is 

because one impacts the other,” Sulaiman said. 

“Excellent governance and the right leadership will help deliver safe, secure, 

viable and sustainable African airlines, which will help African socio-economic 

growth and which will also help these airlines in return in a virtuous circle,” 

Sulaiman said. 

“The growth and sustainability of African airlines hinge on strong leadership 

and governance,” Poonoosamy concluded. “Government officials should work 

towards implementing policies that foster strong governance and leadership in 

the aviation sector. Financial institutions and investors, on the other hand, play 

a crucial role by providing the necessary funding and support to those airlines 

demonstrating good governance and leadership. This, in turn, will drive the socioeconomic 

development that is essential for the continent’s overall progress.” 

22

AIRLINE FUNDING 

United Airlines is one of several 

international airlines offering 

new direct routes to African 

destinations. Adding to its 

flights out of the US to South 

Africa and Nigeria, in 2024 

Marrakech, Morocco, was 

added to the schedule. 

Conference focusses on resilience 

The Wings of Change Focus Africa Conference held in 

Johannesburg in July 2024 had as its theme "Towards a More 

Resilient and Sustainable African Aviation". Organised by the 

International Air Transport Association (IATA) with South 

African Airways (SAA) as the host, this was the second edition 

of the conference. 

The conference delved into priorities under IATA’s Focus Africa 

Initiative to strengthen aviation’s contribution to the continent’s 

economic and social development, along with improving 

connectivity, safety and reliability for passengers and shippers. 

Kamil Alawadhi, IATA’s Regional Vice-President for Africa 

and the Middle East, explained how the conference could help to 

focus attention on key issues. He said, "Africa's aviation market 

holds immense untapped potential, with expectations for traffic 

to double in the next 15 years. The Focus Africa Initiative has 

identified key priorities that, if addressed collaboratively and 

effectively, will bolster Africa’s aviation industry and enhance its 

socio-economic impact. A year into the Focus Africa Initiative, 

we have seen progress in areas such as safety, but there is still a 

long way to go. This year’s IATA’s Wings of Change Focus Africa 

Conference builds on this progress by addressing critical areas 

such as safety, security, sustainability, economic development and 

the overall resilience of the industry." 

The keynote opening address was presented by Professor 

Malesela John Lamola, Chief Executive Officer of South African 

Airways. In his speech he reiterated SAA’s support for the creation 

of a Single African Air Transport Market (SAATM), a project of 

the AU’s Agenda 2063 which to date has 34 countries signed up. 

23 

Shahid Sulaiman, Senior Partner, Dentons.

POLOKWANE INTERNATIONAL AIRPORT 

ENHANCED 

CONNECTIVITY WILL 

BOOST THE ECONOMY 

Significant upgrades are set to enhance the 

role of Polokwane International Airport in the 

aviation sector and the region’s economy. 

Polokwane International Airport (PIA), located in Polokwane, Limpopo 

Province, South Africa, has been a key gateway to the region, providing 

vital connectivity for both business and leisure travellers. 

PIA is strategically situated to serve the broader SADC region due 

to its rich cultural heritage, natural attractions and and abundance of 

agricultural resources. 

Currently, the airport features two runways, two large aprons, hangars 

and a terminal building that serves both domestic and international 

flights. Despite its modest size, the airport has seen consistent growth 

in passenger movement, reflecting its importance to the region’s 

connectivity. As the airport continues to play a crucial role in the local 

economy, the future plans are set to enhance its capabilities and position 

it as a significant hub in the region. 

Upcoming upgrades and new systems are intended to enhance 

operational efficiency, convenience and the passenger experience, 

including modernised facilities and enhanced security measures. To 

ensure that PIA meets growing demand and aligns with the broader 

economic goals of the Limpopo Province, more ambitious plans 

are on the horizon. Partnerships with local businesses and tourism 

boards are being explored to maximise the economic benefits of the 

airport’s development. 

Enhancing connectivity is a key component of the airport’s future 

plans. The airport aims to establish new routes and increase the frequency 

of existing flights, making it easier for passengers to reach local, regional 

and international destinations. By expanding its network, PIA seeks 

to bolster its position as a regional hub, with cargo operations as a key 

strategic element that will not only increase revenue for the airport 

but also have a positive impact on the Limpopo Province and create 

jobs. The airport is situated at the helm of the N1 highway and railway 

infrastructure, which makes it ideal for an integrated transport network. 

In line with global trends, PIA is committed to implementing 

sustainable practices. Future plans include adopting green technologies 

and practices to reduce the environmental impact of airport operations. 

This includes initiatives such as energy-efficient lighting, waste 

management improvements and exploring alternative energy sources. 

PIA is poised for a significant transformation that will enhance 

its role as a vital gateway to the Limpopo Province. With ambitious 

plans for upgraded facilities, increased connectivity and sustainability 

initiatives, the airport is set to meet the growing demands of travellers 

and contribute to the economic development of the region. As these 

plans come to fruition, PIA will strengthen its position as a key player in 

South Africa’s aviation sector and a catalyst for regional growth. 

UNQUALIFIED AUDIT FOR GAAL 

The CEO of Gateway Airports Authority Limited (GAAL), the body that 

oversees Polokwane International Airport, Mokgadi Matli, lauds the 

announcement of the entity’s audit results for 2023/24: 

I am pleased to announce that GAAL has successfully completed its audit 

for the fiscal year 2023/24, receiving an unqualified audit opinion. This 

outcome underscores our commitment to maintaining the highest standards 

of financial integrity and transparency. 

An unqualified audit opinion is a testament to the strength of our financial 

practices and internal controls. It reflects our dedication to responsible 

management and our ability to provide accurate and reliable financial 

statements. This achievement is the result of the hard work and diligence of 

our finance team, as well as the unwavering support of our entire organisation. 

At GAAL, we recognise that trust is foundational to our relationships 

with stakeholders, including investors, clients and employees. This positive 

audit outcome reinforces our promise to operate with transparency and 

accountability, ensuring that our financial practices meet rigorous standards. 

As we move forward, we remain committed to building on this success. 

We will continue to focus on strategic growth, operational excellence and the 

pursuit of innovation, all while upholding the highest ethical and financial 

standards. 

Thank you to everyone who has contributed to this achievement. We look 

forward to a future of continued success and shared prosperity. 

24

POLOKWANE INTERNATIONAL AIRPORT 

VISION 

For Polokwane International Airport (PIA) to be 

recognised as a transformed and successful worldclass 

international airport that positively touches the 

lives of all people. 

MISSION 

PIA will be a commercially driven organisation, 

committed to delivering excellent economic and 

social benefits for all its stakeholders. 

OUR PRODUCT 

Airport infrastructure with no compromise on safety 

and security. 

PASSENGER SERVICE 

• Three scheduled flights daily 

• Charter flights 

• Car rental companies 

• Travel agencies 

• Shuttle services 

• Restaurant 

• Office space for rent 

• Shops for rental 

• Hangars for rental 

CARGO 

• Future cargo hub 

• Gateway into Southern African Development 

Community countries 

• Customised cargo facilities 

• Future cold storage 

• No congestion 

CONFERENCE FACILITIES 

• Offers more flexibility 

• Venue accommodates 10 to 2 000 people 

• Secluded 

• Stunning conference rooms 

• Good prices 

HANGARS 

• Different sizes to suit clients’ needs 

• Aircraft parking space 

INDOOR BILLBOARDS 

• Terminal billboards for advertising 

INFRASTRUCTURE 

• Category 7 international licence 

• 945ha of land with potential to acquire more land 

• Two runways with lengths of 3 175 metres and 

2 581 metres 

• Four aprons with parking capacity of 74 800m² 

• Air traffic control and navigational aids 

• Accessible through roads and rail 

• Rescue and firefighting services 

• Passenger handling and aviation security 

• Customs and excise 

• Fuelling services 

INVESTMENT OPPORTUNITIES 

• Working toward category 9 licensing status 

• Extension of runways 

• Construction of warehouses 

• New passenger building 

• Taxiway construction 

• New tower 

• Passenger terminal 

• Cargo terminal 

• Cold storage 

• Cargo warehouse 

• Available land for development 

WHAT MAKES PIA DIFFERENT? 

• The location makes PIA a true gateway into Africa 

• The first contact point from Europe or Africa into 

South Africa 

• PIA gives easy and direct access to Kruger National 

Park, game farms and lodges in Limpopo covering 

the Waterberg and Mapungubwe 

ABOUT POLOKWANE 

It is one of the fastest-growing towns in the country, 

with plans to establish an industrial development 

zone (IDZ), introduce a fresh product market and 

build a convention centre. 

LIMPOPO’S COMPETITIVE EDGE 

Shares borders with Botswana, Mozambique and 

Zimbabwe; good road and rail infrastructure; rich 

agricultural and mining resources; popular as a 

tourism destination. 

CONTACT GAAL 

Polokwane International Airport, Gateway Drive, Polokwane 

Tel: 087 291 1099 | Website: www.gaal.co.za 

PHOTO: Wayne Jackson on Pexels 

25

SMARTPHONE ADOPTION IN AFRICA TO REACH 87% 

Kegan Peffer, CEO of Adoozy Power, is upbeat about the market for mobile power banks because of Africa’s 

adoption of smartphones, which is boosted by the continent’s young population and competitive pricing. 

However, with electricity provision still lagging behind, power banks become even more important. 

Things are looking good for Africa’s mobile economy, according to the latest Mobile 

Economy 2023 report released by the Global System Operators and Manufacturers 

Association (GSMA). The report projects Sub-Saharan Africa as being one of the 

global regions that will see the biggest increase in smartphone adoption and is set 

to reach 87% by 2030, up from 51% in 2022. By the end of the decade, Sub-Saharan 

Africa and India will account for nearly half of the world’s new mobile subscribers. 

“The rising youth population in Africa has a lot to do with this, along with 

more competitive pricing in the mobile sector,” says Kegan Peffer, CEO of Adoozy 

Power, which offers mobile power banks for rent across South Africa. The market 

for mobile power banks is forecast to expand to more than 600-million mobile 

power bank users over the next five years. Further to this, the report indicates that 

the mobile data traffic per mobile device in Africa will nearly quadruple, with a 3.9x 

increase by 2028, growing from 4.6GB (gigabytes) per user per month to 18GB. 

“Smartphone usage is no longer just about staying connected. It is now an 

integral part of the way we work, shop, manage our finances and socialise. More 

importantly, mobile is committed to changing our lives for the better. As the first 

sector to commit to the UN Sustainable Development Goals (SDGs) in 2016, the 

mobile industry is currently achieving 53% of what it can contribute to these goals, 

placing a major focus on digital inclusion and innovation, says Peffer. 

5G will massively increase connectivity 

In looking at improving mobile access and connectivity, the GSMA also forecasts 

that 5G connections are expected to double over the next two years, with 

deployments rolling out in more than 30 countries in a single year. And the 

Mobile Economy report indicates that in Sub-Saharan Africa, the number of 5G 

subscriptions is expected to reach 213-million in 2030. 

CEO of Cape Town-based IT company Innovo Networks, Damian Michael, 

says that the sooner 5G rollout in Africa can take off, the better it will be for 

business and post-pandemic recovery. “At the moment, fibre connections are 

the most reliable for both consumers and businesses, but when 5G wireless 

networks and fibre optic networks can work together to support connectivity, 

it’s going to open up a holistic communication system that will improve 

reliability and affordability for SA businesses as well as citizens. Despite delays 

in infrastructure capabilities, it’s encouraging to see Africa heading in the right 

direction,” says Michael. 

Other benefits of 5G will include the positive socioeconomic impact. Areas 

said to benefit the most include education, healthcare, fintech and climate change 

amelioration. By 2030, 5G technology could contribute about $26-billion to the 

continent’s economy. 

26

MOBILE POWER BANKS 

Electricity crisis fuelling mobile power innovation 

With growing smartphone adoption, increasing sales of mobile devices, gadgets and wearable 

devices, consumers’ demand for power is growing. “At this point in time, smartphone-battery 

technology has not been able to keep up with the processing power required to drive today’s 

advanced smartphones. Add to this South Africa’s electricity crisis and it’s becoming critical 

for South Africans to find alternative power solutions to stay connected,” says Peffer. Smart 

solutions are fast filling the gap in the limited available supply of electricity, with innovations 

like solar panels for smartphone charging, power bricks that provide off-the-grid solutions for 

household devices and fast-charge mobile power banks for rent. It’s clear that the continent is 

on an upward trajectory in navigating power issues, while embracing the digital future of a 

mobile-first African economy. 

Biography 

Having worked as a Senior Software Analyst and Developer at Bidvest Tank Terminals and 

Microvision Software, Kegan Peffer used that strong background in software development 

and his knowledge of biometrics to found PayPrint, a biometric payments verification 

service, which was the first bitcoin payment transactions using biometrics. His second 

entrepreneurial venture is Africa’s first contactless mobile power bank rental network, 

Adoozy Power. Strategic partnerships with Sasol and Uber have enabled the expansion of 

Adoozy’s reach. The Adoozy INPowered initiative (aimed at tackling gender-based violence) 

won Best Corporate Social Responsibility Initiative South Africa, Global Business and Finance 

Magazine Awards 2023. 

PHOTOS: xb100 on Freepik, Kelly Sikkema on Unsplash 

Kegan Peffer, CEO of Adoozy Power 

27



The AU’s Programme for Infrastructure Development in Africa 

is focussed on physical infrastructure developments such as 

protecting and enhancing transboundary water resources. 

Africa needs reliable infrastructure to connect 

supply chains and efficiently move goods and 

services across borders, says Julien Fouilliart, the 

Africa Market Leader for Building & Infrastructure 

at Bureau Veritas, one of the world’s leading 

certification bodies. Leveraging the momentum 

of Africa’s infrastructure development and 

harmonising regulatory compliance standards will 

help to build sustainable and inclusive growth. 

I 

28 

Infrastructure development is an essential driver for progress on 

the African continent and has the potential to be an enabler of 

sustainable and inclusive economic growth. The economy needs reliable 

infrastructure to connect supply chains and efficiently move goods and 

services across borders. 

The recent multifaceted crises, including climate-related issues, the 

Covid-19 pandemic and the conflict between Russia and Ukraine have 

all strongly impacted countries’ debt surge, slowing down the emergence 

of large infrastructure projects. Although the direct trade and financial 

linkages of Africa with Russia and Ukraine are small, the war has damaged 

the continent’s economies through higher commodity, food and fuel prices 

as well as headline inflation. The recent political instability also threatens 

the appetite for foreign investments and commitment on high-impact 

infrastructure projects. 

Africa is projected to have the fastest urban growth rate in the 

world. By 2050, Africa’s cities will be home to an additional 950-million 

people, according to the Organisation for Economic Co-operation and 

Development (OECD). Much of this growth is taking place in small and 

medium-sized towns. Africa’s urban transition offers great opportunities, 

but it also poses significant challenges. Urban agglomerations are usually 

developing without the benefit of policies or investments appropriately able 

to meet these challenges. 

Despite having contributed the least to global warming and having 

the lowest emissions, Africa faces exponential collateral damage, posing 

systemic risks to its economies, infrastructure investments, water and food 

systems, public health, agriculture and livelihoods, threatening populations 

into higher levels of extreme poverty. Prioritising structural transformation 

that is green, inclusive and resilient will lay a foundation for resilience 

ahead of the next crisis. The continent is very diverse, composed of low, 

lower-middle, upper-middle and high-income countries. Taking advantage 

of rich natural resources, the continent has the potential to shape a new 

development path, maximising the potential of its resources and people. 

Finally, the African Continental Free Trade Area (AfCFTA) currently 

under development will be the largest free-trade area by the number of 

PHOTO: Gabriel on Unsplash


Green-building certification schemes have showed that they can be a useful 

tool for affordable housing development. A housing estate in Lagos, a city 

with a population estimated at about 20-million, is shown here. 

countries involved since the formation of the World Trade Organization, given 

Africa’s current population of 1.4-billion people, which is expected to grow to 

2.5-billion by 2050. Africa needs to produce goods and services for domestic 

consumption and global trade to achieve sustainable economic growth and 

improve living standards. Africa cannot succeed without adequate high-quality 

linking infrastructure. 

The continent still faces serious infrastructure gaps across all sectors, both in 

access and quality. Most countries lag significantly behind the rest of the world in 

terms of coverage of key infrastructures including transport, infrastructure, energy, 

water, ICT, affordable housing and so on. A pipeline of potential projects exists 

but is slow on actualising. While funding is available, financial commitment and 

spend is lacking. Annually, there is a funding gap estimated at $100-billion for 

infrastructural development. 


In order to support infrastructure development, there is an indispensable need for 

government and multilateral banks to expand the flow of private sector financing 

into more commercially viable assets. Several projects fail to emerge due to weak 

feasibility study and business plans, delays in obtaining licences, approvals and 

permits, inability to agree on risk allocation and to secure offtake agreements, and 

poor programme delivery. 

Individual efforts by African countries to develop infrastructure have faced 

significant funding deficits due to the high costs involved. As a key element 

of the African Union 2063 strategy, African countries, through the AU and 

regional economic communities, have adopted the Programme for Infrastructure 

Development in Africa (PIDA) to address these inadequacies and enhance 

connectivity. PIDA aims to spearhead physical infrastructure development in 

transport, energy, ICT and transboundary water resources. 

In the first 10-Year Implementation Report of PIDA that was published in 

September 2023, the first phase of the programme over the period to 2020 indicates 

significant achievements, with the development of 16 066km of roads, 4 077km of 

railway lines, 7GW of hydroelectricity power production, 3 506km of transmission 

lines, 112 900 direct jobs and 49 400 indirect jobs. 

Over the past 10 years, $82-billion has been invested, with $360-billion required 

to implement all PIDA projects by 2040. While substantial commitments have 

been made, including contributions from AU member states, international 

financial institutions and other sources, it is imperative to explore additional ways 

to mobilise the necessary resources (such as private capital commitments via PPPs, 

green bonds and climate finance). Unlocking private sector investment is vital to 

reach the AU Agenda 2063 objectives. 

Local governments and regional multilateral institutions need to provide 

investors with a common vision, locally and globally. To ensure that the money is 

spent where it is needed, and delivers high-quality infrastructure on time and on 

budget, governments and private sector players need to step up to prepare, plan 

and manage projects with a new level of rigour and robustness. 


Regional integration is vitally important for sustainable development in Africa. 

For far too long, inadequate infrastructure has held the continent back from 

realising its full economic potential. Lack of access to reliable energy, poor 

transportation networks, including underdeveloped digital connectivity, have 

stalled Africa’s participation in the global market and prevented citizens from 

accessing opportunities. 

According to Julien Fouilliart, Africa Market Leader for Building & 

Infrastructure at Bureau Veritas, an independent entity and world leader in Testing, 

Inspection and Certification with a presence in 35 countries in Africa, “This is 

PHOTO: Ima Enoch on Unsplash 

29

In July 2024 a significant milestone in the development of the rail infrastructure project 

to support the Simandou iron-ore mine in the Republic of Guinea was achieved. 

one of the secrets to success in creating a prosperous African continent: regional 

integration, where we see the countries agreeing to cooperate and work closely 

together to achieve economic and political stability; wealth and peace are core 

drivers to development and sustainability for the continent. This in turn will create 

an appetite for intra-African trade and shines a light on the need for regulation of 

standards, maintenance of high-quality products and facilitates the need for local 

and international trade.” 

“Prioritising structural transformation that is 

green, inclusive and resilient will lay a foundation 

for resilience ahead of the next crisis” 

Corridor development is thus an integral part of boosting intra-African trade 

and an essential element of regional integration. Beyond physically connecting 

geographies, corridors will enable vital socio-economic transformation. Rail 

development is the long-term solution for regional integration and presents great 

advantages in terms of sustainability and safety. Nevertheless, it is the infrastructure 

that requires the largest capex investment and therefore needs strong planning, 

and critically, weighty financing. The recent International Forum: Financing Rail 

Projects in Africa organised by the International Union of Railways (UIC) held in 

October 2023 in Dakar has opened the debate around key issues relating to rail 

corridors. The structuring of project financing and the emergence of a new legal 

framework to mitigate risk for investors are certainly valid approaches to explore. 

For example, the Luxembourg Protocol to the Cape Town Convention on 

International Interests in Mobile Equipment is currently under discussion. When 

enforced, it will set up a new global legal regime that will make it easier and cheaper 

for the private sector to finance railway rolling stock. The Protocol aims to increase 

certainty and reduce risks in asset-based financing for the acquisition and use of 

railway rolling stock through a global legal framework providing international 

recognition and enforcement of creditors’ rights. 

In addition, there is a real opportunity to use mega-mining investments where 

rail is crucial for operations to develop new corridors. For example, the Simandou 

iron-ore project that involves the construction of a 650km railway in Guinea will be 

a strong driver for socio-economic growth and a great chance to foster sustainable 

development, job creation, new local expertise development, social integration and 

gender diversity. It is now imperative that local governments and all stakeholders 

obtain maximum benefit from the opportunity. 

Finally, public and private authorities need to urgently address standardisation 

across technology, operations and safety measures to reduce lead times at borders 

and fully exploit the infrastructure in the medium term. Regulatory compliance 

and consistency are crucial across economic corridors and need to align with 

global compliance. 

Green finance as an opportunity 

In response to the global climate crisis, green finance is the strategic approach to 

incorporate the financial sector in the transformation process towards low-carbon 

and resource-efficient economies. Various types of infrastructure from housing 

to transport, energy, telecoms or water must all carry green, smart and climate 

resilience as core requirements. 

Infrastructure development should be environmentally sustainable and meet 

the needs of future generations. Policies and practices to promote sustainable 

development and climate change mitigation need to be implemented. This will 

require governments and private developers to build resilience into infrastructure 

projects in regions vulnerable to climate change or other environmental hazards 

such as flooding or drought. 

Long-term sustainability versus “quick wins” can prove a dilemma on the 

African continent. The immediate need for results can be a strong motivating 

force at the expense of long-term sustainable infrastructure rollouts that will 

provide health and safety benefits for all, and in accordance with global standards 

and certifications. 

The global green agenda is a unique opportunity to leverage funding for critical 

assets needed to be developed such as affordable housing. Affordable housing 

is one segment of the much-needed gap in infrastructure and is an area of huge 

foreseeable growth. Today, 54-million people live in impoverished areas and this 

number is due to double by 2030. More than 74% of the population lives on less 

than $2 per day, according to International Finance Corporation (World Bank 

Group). New development schemes and the need for financial institutions and 

investors to greenify their portfolio can be used to leverage funding. 

Green-building certification schemes have showed recently that they can be a 

useful tool for affordable housing development. For example, the government of 

30 

PHOTO: Rio Tinto


Kenya has issued a decree that all affordable housing projects under the nation’s 

“Big 4” Agenda must meet the EDGE green buildings standard (Excellence 

in Design for Greater Efficiencies). The government will provide developers 

with free land to build affordable housing projects that meet the government’s 

commitment to resource-efficient structures. The decree was enacted by Kenya’s 

State Department of Housing and Urban Development in the Ministry of 

Transport. The government aims to build at least 250 000 houses every year for 

the next five years, a project that could see over six-million Kenyans get proper 

affordable houses. Another noteworthy example of green building standards 

for affordable housing development is Acorn Holding Limited, which, in 2019 

issued the first Green Bond in Kenya. The projects were benchmarked against 

International Finance Corporation EDGE green building standard. 

By 2050, Africa’s cities will be home to an additional 

950-million people and places like Addis Ababa will 

benefit from detailed infrastructure planning. 

Private investment will make the difference 

It is essential that governments and institutions create an enabling environment for 

investment: a clear and transparent regulatory framework sets the foundation for a 

conducive business environment. Governments need to create the right legislative, 

regulatory and institutional environment to attract private investors to come on 

board. For instance, African Special Economic Zones (SEZs) are considered one 

of the main instruments that stimulate economic reforms, promote quality foreign 

direct investments (FDIs) and accelerate industrialisation across the continent. The 

main objective is to increase a country’s trade balance, employment, investment, 

job creation and effective administration. According to the African Economic 

Zones Outlook (Edition 2021), more than 200 SEZs are operational in Africa with 

73 projects intended for completion in 47 countries. The land dedicated to SEZs 

is nearly 150 000ha while over $2.6-billion has been mobilised in investments 

dedicated to agro-processing, manufacturing and services. The number of 

SEZs on the continent is steadily rising but there are still challenges to meeting 

industrialisation, foreign direct investment and job creation targets. 

SEZs are geographical areas that are mostly located at borders and offer investors 

attractive tax incentives (reduced or zeroed), infrastructure (developed land, 

factory buildings and public services), a special customs regime (exemption of 

inputs from customs duties and taxes) and simplified administrative procedures. 

They owe their fame mainly to being instrumental in the economic take-off of 

Asian giants such as China, South Korea, Hong Kong and Singapore. 

Investment returns 

A key issue to be noted is that financing is available, but lenders (private or otherwise) 

want to see a return on their investment. However, a lack of understanding of 

the African context makes it difficult for new investors. Each country needs to be 

treated uniquely according to its strengths and needs. It is vital that the diverse 

economic needs of different regions and countries are embraced. Monitoring and 

protection of their assets’ full life-cycle, from design to construction, operation 

and completion to de-risking of the investment is sought, with a knowledge that 

guaranteed funding is being appropriately managed to ensure healthy financial 

returns. It is imperative that quality, health and safety, sustainability, corporate 

social responsibility are monitored according to global standards to ensure 

outstanding infrastructure is developed for the long term. 

Massive opportunities are anticipated and through effective facilitation of 

projects based on partnerships of trust and harmonisation of regulatory compliance 

standards, it is predicated that investment appetites will mature. It promises to be 

a win-win all around. 

Distributed by APO Group on behalf of Bureau Veritas. 

About Julien Fouilliart 

Julien Fouilliart is a business development professional with some 15 years’ 

experience in international, multicultural and cross-sector environments. 

He is currently leading Bureau Veritas’s development strategy in Africa 

in the Building & Infrastructures market. A mechanical engineer by 

occupation, he is based in Kenya and is passionate about the African 

continent. Julien has been actively contributing to the emergence of 

large and iconic infrastructure projects in the region. He has previously 

worked in France, China, Spain, Belgium and the United Kingdom, 

collaborating with global companies and public institutions to generate 

new business opportunities in the aerospace, IT, rail, building and transport 

infrastructure sectors. 

Julien Fouilliart of Bureau Veritas 

PHOTO: Abdullah Aljaberti on Pexels 

31




Capital: Conarky. 

Other towns/cities: Nzérékoré, Kankan, Manéah. 

Population: 13.9-million. 

GDP: $23.6-billion (2023) World Bank. 

GDP per capita: $1 663 (2023) World Bank. 

Currency: Guinean Franc. 

Regional Economic Community: Economic Community of West African States 

(ECOWAS). 


Resources: Bauxite, diamonds, gold, iron ore, other metals, uranium. Hydropower, 

fish, salt. 

Main economic sectors: Mining and agriculture. Guinea is the world’s secondlargest 

producer of bauxite. 

Other sectors: Agro-processing, tobacco, tourism. 

New sectors for investment: Infrastructure including electricity and water, 

processing industries and the services sector. 

Key projects: Guinea’s National Economic and Social Development Plan 

(PNDES) was updated in 2021 and the World Bank is assisting in three priority 

areas: management of resources (budgetary and natural), human development, 

agricultural productivity and economic growth. 

Chief exports: Gold, aluminium ore, coconuts, Brazil nuts, cashews, cocoa beans, 

fish. 

Top export destinations: China, India, UAE, Switzerland, Spain. 

Top import sources: China, India, Netherlands, UAE, Belgium. 

Main imports: Refined petroleum, rice, garments, plastic products, wheat. 

Infrastructure: Ahmed Sékou Touré International Airport. As part of the plan to 

mine iron ore at Simandou, a major project to develop a 600km railway line to the 

coast has been approved. A new port to deal with exports will be developed. The 

multi-stakeholder project is altogether worth about $11.6-billion dollars. 

Mobile subscriptions per 100 inhabitants: 102 (2022) World Bank. 

Internet percentage of population: 35 (2021) World Bank. 


Climate: Hot and humid with a rainy season that lasts from June to November. The 

dry season from December to May is accompanied by harmattan winds which blow 

off the Sahara Desert to the north-east. The Fouta Djallon Highlands, pictured, 

are also known as the Water Towers of West Africa because these high plateaus 

are the source of several major rivers. The Mount Nimba Strict Nature Reserve 

is a transborder World Heritage Site of exceptional biodiversity on the borders of 

Guinea, Liberia and Côte d’Ivoire. There are concerns that mining represents an 

environmental threat. 

Religion: Between 85% and 90% of the population is Muslim. 

Modern history: Guinea was on the western edge of several of the great West 

African empires from the 15th century. France declared Guinea to be a separate 

colony from Senegal in 1891. 

Guinea achieved independence in 1958 with Ahmed Sékou Touré as the first 

president. In 2014 the Ebola virus broke out. Guinea has had several military coups, 

with the most recent being in 2021 with the overthrow of President Alpha Condé. 

ECOWAS has engaged with the country’s military leaders and in March 2024, a 

new government was set up, two weeks after the appointment of a third Prime 

Minister since the 2021 coup. Opposition groups want to see a quick return to 

constitutional order and they are supported in this goal by ECOWAS, who lifted 

sanctions early in 2024 in response to what was seen as encouraging signs from 

the existing government, but exactly when a referendum or new elections will be 

held is not clear. 

32 

PHOTO: FAO/Paolo Ceci


GHANA 

A debt restructuring programme is in place. 

Capital: Accra. 

Other towns/cities: Kumasi, Tamale, Sekondi-Takoradi. 

Population: 33.4-million (2022). 

GDP: $76.3-billion (2023) 

GDP per capita, PPP: $7 446 (2023) 

Currency: Cedi. 

Regional Economic Community: Community of Sahel-Saharan States (CEN- 

SAD), Economic Community of West African States (ECOWAS). 


Resources: Diamonds, bauxite, gold, manganese and bauxite. Unexploited deposits 

of copper, chrome, iron ore, mica, nickel, limestone and quartz. Crude oil and 

natural gas. Cassava, cocoa, maize, oranges, palm oil, pineapples, plantains, rice, 

taro, yams. 

Main economic sectors: Mining, agriculture and hydrocarbons. Services is the 

biggest employment sector. Agriculture’s employment share declined from 53% in 

2007 to 29% in 2019. 

Other sectors: Food-processing, timber, light manufacturing, aluminium smelting, 

cement. 

New sectors for investment: Fintech, automotive, telecoms, FMCG. 

Key projects: The Ghana Financial Stability Project of the World Bank seeks to 

stabilise the financial sector. This is part of a larger project aimed at structural 

transformation, which should be supported by investment in value-added 

activities. Manufacturing is promoted under the One District, One Factory plan. 

Chief exports: Gold, crude petroleum, cocoa products, manganese, cashews. 

Top export destinations: Switzerland, India, China, UAE, South Africa. 

Top import sources: China, Nigeria, USA. 

Main imports: Metal tubing, ships, cars, refined petroleum, rice. 

Infrastructure: Airports 10, of which 7 paved; railways 947 km; roadways 94 203km 

(14 948km paved); pipelines 681.3km gas, 11.4km oil, 435km refined products. The 

Dakar-Lagos Highway passes through Ghana. Electrification, 85%. Two large stateowned 

utility companies control significant resources of hydropower. Seaports: 

Takoradi, Tema. 

ICT: Mobile subscriptions per 100 inhabitants: 120 (World Bank, 2022). Internet 

percentage of population: 68% (2021). 


Climate: Tropical and heavily forested. Warm and dry along south-east coast 

hot and humid in south-west. The savannah belt in the north is hot and dry with 

harmattan winds from January to March in north-east. 

Religion: Christianity, Islam, indigenous beliefs. 

Modern history: Independence was declared in 1957, making Ghana an inspiration 

for other African states. The first president, Kwame Nkrumah, was an advocate of 

pan-Africanism and a founder of the Organisation of African Unity. A succession of 

coups and periods of military rule followed Nkrumah, ending only with the signing 

of a new constitution in 1992. Since then the country has gained a reputation for 

respect for human rights and democracy in a region which has been afflicted by 

coups. Offshore oil production began in 2010. This has had a significant effect on 

the economy, not only in creating more revenue but making Ghana subject to the 

volatility of world markets. Further oil fields were added in 2016 and 2017 and a 

gas-processing plant was commissioned. Ghana is a major gold producer. Humanrights 

lawyer Nana Akufo-Addo won the presidential election in December 2016 

and again in 2020. His second term of office has been difficult economically with 

global shocks causing inflation and currency devaluation. A debt restructuring 

programme under the IMF has been agreed. The president is not eligible to run for 

a third term of office in December 2024. 

PHOTO: Kojo Nana on Unsplash 

33

FOCUSED 

When insightful understanding combines 

with agile legal expertise and an instinct 

developed over generations has a singleminded 

focus, you want that focus to be 

collaborating on your business. 

From vision to fruition 

cliffedekkerhofmeyr.com

The Journal of African Business, Issue 10

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