The Journal of African Business Issue 13

THE JOURNAL OF
AFRICAN
BUSINESS
JUNE/JULY/AUGUST 2025
MAKING AFCFTA EFFECTIVE
Lessons from AGOA
STEADY SUPPLIES
IN TROUBLED TIMES
How African agriculture has kept supply lines open
CRITICAL MINERALS
Copper, lithium and cobalt are abundant in Africa
MORE COMPETITION REGULATORS
Good or bad for M&A?
COUNTRY PROFILES
COUNTRY PROFILES
Seychelles and Zimbabwe
THE POWER OF
CREATIVITY AND TECHNOLOGY
Audio and collaboration with content creators are driving Sony’s
strategy in Africa, says Sony MEA Managing Director, Jobin Joejoe.

SECURITY SOLUTIONS
Armscor, your strategic partner of choice for defence and
security solutions
Delivering innovative technology to keep South Africa safe.
The Armaments Corporation of South Africa SOC Limited (Armscor),
under the leadership of Advocate Solomzi Mbada, is an acquisition
agency for the South African Department of Defence (DOD) and other
organs of state and entities.
Armscor’s mandate is to provide the armed forces with state-of-theart
defence matériel, delivering innovative defence solutions efficiently
and effectively. The organisation manages the strategic capabilities of
the DOD, producing research and vanguard technological solutions
required to provide safety and security for South Africa, its citizens and
the continent.
Armscor’s core businesses
Acquisition
One of Armscor’s core businesses is acquisition. Its key functions
include requirements analysis, technology development, design and
development of products and product systems and the industrialisation
and manufacturing of mature products and product systems that fully
meet user requirements. It also entails procurement of existing and
qualified products, as well as the acquisition of product-system support
for user systems during the operational lifetime of the systems.
The organisation has capability to perform an independent, centralised
coordination and management role for technology acquisition and
technology commercialisation.
Research and development
Through its Research and Development unit, Armscor is able to conduct
defence research and scientific research, test and evaluation services,
technology management, analysis and industrialisation and intellectual
property management services.
Naval dockyard
The dockyard provides repair and maintenance services to the SA Navy
on various product systems from tugs and small craft to frigates and
submarines. Maintenance and repair services cover both planned and
ad-hoc projects. It is one of South Africa’s strategic national capabilities,
where the country’s naval defence maintenance, repair and overall
capabilities are housed.
For more information contact
Corporate Communication Division
370 Nossob Street,
Erasmuskloof X4,
Pretoria
Tel: +27 12 428 1911
Email: info@armscor.co.za
Website: www.armscor.co.za

Facilities & Capabilities
South Africa's defence industry is recognised as being among the most technologically advanced in the world. At the forefront is Armscor - The Armaments
Corporation of South Africa SOC Limited, the acquisition agency for the South African Department of Defence (DOD), and other state organs and entities.
The organisation manages the strategic capabilities of the DOD, producing research and vanguard technological solutions through its facilities and
capabilities functions.
Acquisition
A core business function, Armscor's Acquisition Division specialises in analysis of DOD requirements, technology
development and the design and development of defence products and systems. This includes, the industrialisation
and manufacturing of mature defence products and product systems that fully meet the DOD user requirements. The
function also entails procurement of existing and qualified defence products, as well as the acquisition of product
system support during the operational lifetime of these defence systems. Armscor has a capability to perform
independent or centralised coordination of the acquisition function and play a management role in technology
acquisition and technology commercialisation undertakings.
Alkantpan Test Range
The Alkantpan Test Range is an all-purpose ballistic test range for all kinds of
weaponry ranging in caliber from 5.56mm to 155mm to large caliber weapons and
ammunition. An ISO 9001 and ISO 14001 accredited facility, this 85000ha facility is
equipped for testing of artillery, mortars, armour, rockets, short range missiles,
insensitive munitions, sequential environmental testing, unmanned aerial vehicles
and provides customised ordnance testing and related services to local and
international clients.
Armour Development
The Armour Development facility has more than 40 years' experience in conducting
research and development and the testing of armour protection systems and
technologies, for the DOD and the entire defence industry. Services provided
include analysis of customer protection needs, development of armour, testing, and
qualification of vehicle hull ballistic resistance. Expertise also includes designing and
fitting of armour packages on lightweight vehicles and main battle tanks.
Defence Decision Support
Institute (DDSI)
The Defence Decision Support Institute (DDSI) has more than 30 years' experience
in defence support; focused on enabling the DOD, state organs and commercial
entities in developing insights and holistic solutions to decision-making challenges
over the full-cycle of defence capabilities and systems. This facility also offers a
range of services that include policy and weapon systems analysis, war conflict
studies, defence capability analysis and engineering support.
Ergonomics Technologies
(Ergotech)
Ergonomics Technologies (Ergotech) is Armscor's leading research institute,
providing military defence and commercial ergonomics research, design, and
development of human-machine systems and evaluation of environmental
stressors. The broad range of services it offers in ergonomics and occupational
health and safety, is with intent to optimise human performance and efficiency,
reduce work-related risks, and improve overall safety and productivity.
Fluid and Mechanical Engineering
Group (Flamengro)
The Fluid and Mechanical Engineering Group (Flamengro) provides integrated
modelling and simulation support on the design, development and operations of
the DOD and broader engineering and software sector. The centre provides costeffective
holistic solutions in the areas of computational mechanics, test and
measurement, software development and small scale manufacturing.
FOLLOW US ON SOCIAL MEDIA
info@armscor.co.za
www.armscor.co.za
Armscor, your strategic partner of choice for defence and security solutions

FOREWORD
The Journal of African Business
A unique guide to business and investment in Africa.
Welcome to The Journal of African Business. Since the inaugural issue was published
as an annual in 2020, the quarterly format has been adopted, giving our team more
opportunities to bring to readers up-to-date information and opinions and offering
our clients increased exposure at specific times of the year.
We cover a broad range of topics, ranging from energy, agriculture, manufacturing
and mining to tourism and skills development.
Senior members of the staff at the Pan African Chamber of Commerce and Industry
(PACCI) have contributed a thought-provoking article for this issue on the lessons that
African policy-makers can learn from the implementation of the African Growth and
Opportunity Act (AGOA), across the continent. They argue that those lessons should
be applied to the African Continental Free Trade Area (AfCFTA).
AGOA was approved by the US Congress in 2000, providing trade preferences for a
large range of goods from qualifying countries that could enter the US duty-free. The
textile and apparel industry in particular was boosted in several countries because of
the relaxation of tariffs. Having been renewed in 2015, AGOA is up for consideration
again in 2025 but the current political climate in the US is vastly different from 2000
and 2015. President Donald Trump has made it clear that his only economic priority is
the wellbeing of the United States.
The PACCI authors look at the good and bad aspects of how AGOA was applied in
various countries and industries across the continent, and point to specific steps that
should be taken in implementing AfCFTA that would reap the best rewards for Africa.
An interview with Jobin Joejoe, Managing Director, Sony Middle East and Africa
(MEA), offers insights into that company’s strategies in Africa. There is news about a
large new renewable-energy platform that is being supported by local and international
funders and Jacques de Villiers of Omnia Holdings explains why Sub-Saharan African
agricultural supplies were largely able to escape the turmoil that roiled global logistics
in recent years.
A report on the Critical Minerals Africa 2024 event concludes that minerals vital to
the transition to cleaner energy could be at the heart of the economic transformation
of Africa.
Three authors from law firm Webber Wentzel note that new competition regulators
are appearing in different African countries and regions. They ask whether this is good
for mergers and acquisitions or if it should be a cause for concern.
Global Africa Network is a proudly African
company which has been producing region-
specific business and investment guides
since 2004, including South African Business
and Nigerian Business, in addition to its
online investment promotion platform
www.globalafricanetwork.com.
JOHN YOUNG
Editor, The Journal of African Business
Email: john.young@gan.co.za
THE JOURNAL OF
AFRICAN
BUSINESS
JUNE/JULY/AUGUST 2025
MAKING AFCFTA EFFECTIVE
Lessons from AGOA
STEADY SUPPLIES
IN TROUBLED TIMES
How African agriculture has kept supply lines open
CRITICAL MINERALS
Copper, lithium and cobalt are abundant in Africa
MORE COMPETITION REGULATORS
Good or bad for M&A?
COUNTRY PROFILES
Seychelles and Zimbabwe
THE POWER OF
CREATIVITY AND TECHNOLOGY
Audio and collaboration with content creators are driving Sony’s
strategy in Africa, says Sony MEA Managing Director, Jobin Joejoe.
Editor: John Young
Publishing director: Chris Whales
Managing director: Clive During
Online editor: Christoff Scholtz
Designer: Elmethra de Bruyn
Production: Ashley van Schalkwyk
Project manager: Chris Hoffman
Account managers: Venesia Fowler, Tennyson
Naidoo, Sam Oliver, Tahlia Wyngaard, Gavin van
der Merwe, Graeme February, Shiko Diala, Gabriel
Venter, Vanessa Wallace and Dwaine Rigby
Administration & accounts: Charlene Steynberg,
Kathy Wootton, Sharon Angus-Leppan
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
Member of the Audit Bureau of Circulations
2

Contents
The Journal of
20
African Business
2
4
6
10
16
19
20
22
24
26
FOREWORD
From the editor’s desk.
NEWS FROM ALL AROUND AFRICA
Recent investments, expansions and milestones.
MAKING AFCFTA EFFECTIVE: WHAT WE CAN LEARN FROM AGOA
By Kebour Ghenna, Executive Director, Wincate Muthini, Senior Project Manager, and
Makeda Mulushewa, Consultant, Pan African Chamber of Commerce and Industry (PACCI).
THE POWER OF CREATIVITY AND TECHNOLOGY
Innovations such as Sony World and the Sony Innovation Fund are driving the company’s
strategy, says Managing Director, Sony Middle East and Africa (MEA), Jobin Joejoe.
VERSATILE CARD OFFERS SPEED AND EFFICIENCY
Travelex South Africa offers business travellers currency solutions explicitly
tailored for frequent business travellers and corporate clients.
SKILLS DEVELOPMENT AND CULTURAL TRAINING IN MAURITIUS
New managers Valor Hospitality Partners promise to emphasise skills
and cultural training at Holiday Inn Mauritius Mon Trésor.
MAINTAINING STEADY SUPPLIES IN TROUBLED TIMES
Supply diversification and bulk shipments have helped cushion African agricultural
supplies from turmoil, says Jacques de Villiers of Omnia Holdings.
AFRICA’S MINERAL WEALTH COULD DRIVE ECONOMIC TRANSFORMATION
Participants at the Critical Minerals Africa 2024 event heard that
global tension could accelerate investment in Africa.
WILL AFRICAN MERGERS AND ACQUISITIONS BE AFFECTED BY MORE REGULATION?
Are new competition regulators good for M&A or a cause for concern?
A team from Webber Wentzel ponders the question.
COUNTRY PROFILES
Republic of Seychelles and
Republic of Zimbabwe.
4
10
22
26
19
3

NEWS FROM ALL AROUND AFRICA
Recent investments, expansions and milestones.
DESERT TO POWER PROJECT
The African Development Bank Group (AfDB) and Eritrea have signed an agreement for $19.5-million in grant funding
for the Desert to Power Eritrea 12MW Mini-Grid Project. To build local skills and ensure project sustainability,
25 local companies will be trained and equipped with tools and machinery. The financing, to be sourced from
the AfDB Transitional Support Facility (TSF), will support the rollout of mini-grids that will generate 12MW of
electricity across the regions of Teseney, Kerekebet and Barentu.
The project will be implemented by the national Ministry of Energy, the Eritrea Electricity Corporation (EEC) and
local companies under the supervision and guidance of a design and engineering technical consulting firm to be
contracted. The project is expected to provide improved energy access to more than 235 000 Eritreans. Beneficiaries
will include residential households, small-scale farms, agro-processing zones and water-supply systems. The project
will additionally benefit more than 160 schools and 90 health centres in the Gash Barka region.
MOST VALUABLE BANKING BRAND AGAIN
Standard Bank, Africa’s biggest bank by assets, has been ranked for the fourth
consecutive year as Africa’s Most Valuable Banking Brand for 2025. The ranking was
done by Brand Finance, which publishes an annual ranking of the Global Top 500 Banking
Brands. Brand Finance assesses 5 000 of the biggest brands across the world and
publishes nearly 100 reports, ranking brands across different sectors. The world’s top
500 most valuable and strongest banking brands are included in the annual Brand Finance
Global 500 Banks ranking.
The Standard Bank Group has a brand presence in 20 African countries. As at 31
December 2024, the Group had 20-million clients, employed over 50 000 people (including
Liberty) and had over 1 150 points of representation and 5 500 ATMs across the African
continent. The group’s largest shareholder is the Industrial and Commercial Bank of
China, the world’s largest bank, with a 19.6% shareholding.
4
PHOTO: Universal Energy Facility

NEWS
RWANDA HOSTS GLOBAL SUMMIT SERIES
The Project Management Institute (PMI) Global Summit Series Africa 2025
will take place from 19 to 21 August 2025 at the Kigali Convention Centre in
Rwanda. This marks the highly anticipated return of the event following its
postponement in 2024. As the only event of its kind in Africa, the Summit will
convene key stakeholders shaping the future of project management, fostering
collaboration, innovation and skills development. The event returns with an
expanded agenda, offering expert-led discussions and enhanced engagement
for project professionals. With the theme “Africa On Purpose: Gather. Grow.
Guide”, the event will convene industry leaders, executives and government
representatives to advance project management’s role in Africa’s development.
Also featured will be thought-provoking keynotes, industry-focused panels and
discussions on AI, digital transformation and sustainability shaping the future
of project management. Additionally, attendees will gain firsthand insights into
the newest certifications and professional development opportunities from PMI,
ensuring they remain competitive and prepared for the future of work.
EVOLUTION III FUND CLOSES AT $238-MILLION
Inspired Evolution, a leading Pan-African private equity firm specialising in clean-energy infrastructure, energy-access
and energy-transition investments, announced the final close of its Evolution III Fund in March 2025, having secured total
commitments of $238-million. The final close saw additional commitments from Oesterreichische Entwicklungsbank (OeEB),
the Development Bank of Austria and the International Finance Corporation (IFC). The first close in 2023 secured commitments
from leading institutional investors, including the European Investment Bank (EIB), FMO, the Dutch Development Bank, African
Development Bank (AfDB) and Emerging Markets Climate Action Fund (EMCAF). A successful second close in 2024 brought in
10 new investors, including the Mauritius Investment Corporation (MIC) and a consortium of impact-driven investors through
Align Impact.
The fund has made two investments to date. The first in September 2023 was into Red Rocket Group, a vertically integrated
independent power producer that develops, designs, constructs and operates utility-scale grid-connected renewable-energy
projects. One of these, the Kruisvallei Hydro Plant on the Ash River in South Africa, is pictured. The second investment is a
minority co-investment in Equator Energy Ltd, a C&I (commercial and industrial) solar provider in East Africa.
CEOS IN SUB-SAHARAN AFRICA ARE OPTIMISTIC
Almost two thirds (63%) of CEOs in Sub-Saharan Africa say they are increasingly optimistic about
the future of the global economy. At the same time, half of this cohort have entered new sectors
in the past five years in an effort to embrace reinvention more aggressively, which demonstrates a
greater appetite for transformation and strategic diversification. These are some of the key findings
emerging from PwC’s 28th Annual Global CEO Survey: Sub-Saharan Africa perspective report.
Dion Shango, PwC Africa CEO, says: “Today’s competitive business environment is characterised
by a multitude of significant factors. Among them is the imperative for leaders to adapt to emerging
technologies and reinvent their business model. CEOs are under immense pressure to keep their
organisations viable and for many in Africa, they have earned their stripes handling complex
challenges. This has highlighted their unique resilience and given them a competitive edge in today’s
global market. Under the theme ‘From resilience to reinvention’, our CEO Survey highlights these
crucial insights from leaders in Sub-Saharan Africa and shows that their resilience has blossomed
into something more powerful – optimism.”
There is evidently increasing economic optimism across Sub-Saharan Africa as a significant 63%
of CEOs on the continent (compared to 58% globally) are expecting improved global economic growth
in 2025. This sentiment is particularly notable given that in the previous year, only 51% of the region’s CEOs shared this outlook. CEOs are also
increasingly focusing on the factors that will drive their economic viability in the coming years. Sixty-four percent identified making the correct
strategic choices and enhancing organisational efficiency as the factors that will most influence their businesses’ economic viability. This is
notably higher than their global counterparts, where 55% and 48% respectively shared this view. What remains a significant concern for 57% of
these CEOs is potential changes in the regulatory environment, higher than the global average of 42%.
PwC’s 28th Annual Global CEO Survey:
Sub-Saharan Africa perspective
From resilience to
reinvention
February 2025
www.pwc.co.za
PHOTO: Kigali Convention Centre | Freepik
5

PACCI UPDATES
MAKING AFCFTA EFFECTIVE
What we can learn from AGOA.
By Kebour Ghenna, Executive Director, Wincate Muthini, Senior Project Manager, Pan African Chamber of Commerce and Industry (PACCI).
Oil exports dominated AGOA transactions.
TThe African Continental Free Trade Area (AfCFTA), hailed as Africa’s most ambitious
trade initiative, promises to unlock intra-African trade, boost industrialisation and drive
economic growth.
Yet, as we gear up for full implementation, valuable lessons can be drawn from
an earlier initiative – the African Growth and Opportunity Act (AGOA). Signed
into law by the United States in 2000, AGOA aimed to increase US-Africa trade by
offering duty-free access to the US market for certain African products. While AGOA’s
achievements have been noteworthy, it fell short in fully realising its potential for many
African countries. Ethiopia, for example, lost its eligibility under AGOA in 2022 due to
human-rights concerns in the context of the Tigray conflict, which caused a significant
economic blow to industries like textiles that had benefited from the agreement. As we
reflect on AGOA, we can shape AfCFTA into a more effective, dynamic and sustainable
trade framework.
AFCFTA MUST AVOID AGOA’S PITFALLS
Market access vs utilisation. AfCFTA should invest in industries: AGOA provided
significant market access, with over 6 500 products qualifying for duty-free entry into
the US. Yet, despite this, many African countries failed to fully utilise the opportunity.
In 2019, only 13 of 39 eligible countries made full use of AGOA’s benefits, with the
bulk of exports dominated by a few countries such as Nigeria and Angola, largely in
oil. AfCFTA must address this challenge head-on. While it offers access to a market of
1.3-billion people and a combined GDP of over $3-trillion, market access alone is not
enough. African businesses need robust support to compete on the continental stage.
This means AfCFTA should invest in building up industries like agriculture, textiles and
manufacturing, providing them with the capacity to grow and expand across borders.
Reducing Non-Tariff Barriers (NTBs). AfCFTA must simplify trade rules: One of
AGOA’s greatest obstacles was the difficulty African exporters faced in meeting US
regulatory standards. Many businesses lacked the capacity to comply with complex
sanitary and phytosanitary standards for agricultural goods, which hindered
market access.
Regional integration and infrastructure. Learning from AGOA success stories:
Countries like South Africa and Kenya benefitted more from AGOA due to their
investments in regional infrastructure and integrated industries. For example, Kenya’s
well-organised textile sector capitalised on AGOA, while South Africa’s sophisticated
manufacturing base made it a leading exporter to the US. For AfCFTA to succeed, Africa
must invest in its infrastructure, harmonise customs procedures and build transport
networks that connect the continent. Currently, intra-African trade represents only 15%
of total trade, compared to over 58% in Asia . The East African railway network and the
development of pan-African energy infrastructure, like the Inga Dam, are examples of
regional projects that could drive economic integration.
PHOTO: Eni
6

Well-organised textile sectors capitalised on AGOA.
Trade diversification. AfCFTA should promote industrialisation: AGOA’s trade
profile was dominated by oil and raw materials, with little diversification into valueadded
products. In fact, petroleum products accounted for around 90% of AGOA
exports between 2001 and 2014. This over-reliance on extractive industries limited
AGOA’s potential to drive long-term economic transformation. AfCFTA offers a fresh
opportunity to reverse this trend by encouraging the development of regional value
chains, particularly in manufacturing and services. Promoting industries like agroprocessing,
textiles and pharmaceuticals could reduce Africa’s dependence on raw
materials and foster industrialisation. For instance, Kenya’s success in expanding its
apparel exports to the US under AGOA highlights the importance of diversification
efforts that benefit local industries.
AfCFTA must prioritise reducing NTBs within Africa, ensuring that businesses are
not burdened by excessive red tape. The World Bank estimates that eliminating NTBs
could boost intra-African trade by 60%. Simplified trade rules, harmonised standards
and investment in trade facilitation will ensure that businesses across Africa can compete
more effectively.
The role of the private sector. A key to success: Private-sector engagement was a key
success factor for countries that maximised their gains under AGOA. In Ethiopia, for
example, private-sector-driven industries like footwear and textiles flourished, although
the recent AGOA suspension has impacted their growth. AfCFTA must actively involve
the private sector in policy formulation.
Empowering women and youth. Unleashing Africa’s economic powerhouse: AGOA
created jobs, particularly in sectors like textiles, where women formed the majority
of the workforce. However, many women and youth were unable to access the full
benefits due to barriers such as limited access to finance and business training. SMEs,
which account for 80% of employment and 50% of GDP in Africa, must have a seat
at the table when it comes to trade negotiations. This will ensure that trade policies
reflect the realities of African businesses and promote innovation, investment and
job creation.
AfCFTA can learn from this by making gender and youth empowerment central
to its trade framework. Targeted programmes that support women entrepreneurs,
provide access to finance and promote youth-led businesses will help ensure that
Africa’s burgeoning workforce benefits from the new trade landscape. The AfCFTA
Protocol on Women and Youth, currently under negotiation, should play a key role
in addressing these challenges and fostering inclusive growth across the continent.
KEY LESSONS FROM AGOA
Narrow export base and limited diversification: Under AGOA, Africa’s exports
were dominated by raw materials and petroleum, with little diversification into
value-added sectors. This limited AGOA’s potential to drive sustainable development
and industrial growth.
Harmonising customs procedures will be important for the new free-trade agreement.
Success dependent on infrastructure and regional integration: Countries that benefitted
most from AGOA, such as Kenya and South Africa, had invested in strong regional
infrastructure and developed industries capable of meeting international standards.
Non-Tariff Barriers as obstacles: Many African exporters struggled to comply with
US regulatory requirements, particularly in sectors like agriculture, where sanitary and
phytosanitary standards were stringent.
Private sector and institutional support gaps: AGOA’s impact was muted in part because
African countries did not fully engage their private sectors in trade-policy discussions,
nor did they leverage institutional support such as chambers of commerce and industry
associations effectively.
RECOMMENDATIONS FOR ENHANCING AFCFTA’S EFFECTIVENESS
Strengthening institutional support: the role of chambers of commerce and
industry associations
Recommendation: National and regional chambers of commerce, industry associations and
trade bodies should be central players in AfCFTA’s implementation. These organisations
can provide critical support in capacity-building, advocacy and promoting intra-African
trade among SMEs.
Action: Establish a formal mechanism within AfCFTA’s secretariat to regularly engage
these institutions in trade policy formulation and implementation. Regional chambers
can act as focal points for disseminating information about AfCFTA’s opportunities
and facilitating cross-border trade partnerships.
Expected outcome: Increased participation of SMEs in intra-African trade, fostering
business-to-business linkages across the continent.
PHOTO: World Bank
7

PACCI UPDATES
Investment in infrastructure will
promote cross-border trade.
Leveraging Aid-for-Trade initiatives
Recommendation: Donor agencies and development partners should prioritise Aidfor-Trade
initiatives that focus on building the capacity of African firms to engage in
regional value chains and take advantage of AfCFTA’s benefits.
Action: Governments should partner with multilateral organisations to expand
training programmes on export readiness, standards compliance and logistics. This
should be coupled with financial support to upgrade infrastructure, especially in
underdeveloped regions.
Expected outcome: Enhanced capacity of African firms to export diversified products
and integrate into regional value chains, ultimately leading to reduced reliance on raw
materials and extractives.
Climate change adaptation through trade
Recommendation: AfCFTA should be leveraged as a tool for climate change adaptation
by encouraging trade in environmentally sustainable goods and services such as
renewable energy technology, climate-smart agriculture products and eco-friendly
manufacturing processes.
Action: AfCFTA policies should include climate-resilient trade provisions. For example,
developing a pan-African green certification for products could help African businesses
access international markets while promoting sustainability. Support for climate
financing should also be a priority, ensuring that businesses can innovate and adapt to
the changing climate.
Expected outcome: Increased trade in green products and services, promoting both
economic resilience and environmental sustainability. AfCFTA could become a
global leader in driving climate-smart trade practices, supporting Africa’s adaptation
to climate challenges.
Reducing Non-Tariff Barriers and facilitating trade
Recommendation: Simplifying and harmonising customs procedures across
African borders is key to reducing the cost of trade and boosting intra-African exports.
Action: Implement digital platforms for customs documentation, harmonise sanitary
and phytosanitary standards and promote trade-facilitation measures that reduce
border delays. In collaboration with the African Union, governments should commit
to a phased elimination of NTBs under the AfCFTA framework.
Expected outcome: Increased intra-African trade by reducing trade costs and delays.
According to the World Bank, eliminating NTBs could increase intra-African trade
by up to 60%.
Fostering private-sector engagement
Recommendation: The private sector must be actively involved in AfCFTA’s
governance and trade-policy processes to ensure that the agreement addresses real
market challenges.
Action: AfCFTA’s secretariat should institutionalise private-sector participation through
public-private dialogue forums, ensuring that businesses, particularly SMEs, have a say
in shaping trade policies and removing obstacles to market access.
Expected outcome: Private-sector-driven growth, with businesses better equipped to
navigate and capitalise on AfCFTA opportunities, ultimately leading to a higher rate
of SME participation in trade.
Empowering women and youth in trade
Recommendation: AfCFTA should include specific provisions to empower women and
youth in trade, capitalising on Africa’s demographic dividend and ensuring that trade
benefits are equitably distributed.
Action: Governments should develop gender-responsive trade policies, provide access
to finance for women- and youth-owned enterprises, and establish mentorship and
networking programmes targeting these groups.
Expected outcome: Greater inclusion of women and youth in cross-border trade, enhancing
economic participation and fostering innovation and entrepreneurship.
BUILDING ON AGOA FOR AFCFTA’S SUCCESS
AGOA’s experience has shown that market access alone is insufficient to drive
sustained economic growth. AfCFTA must focus on addressing the challenges of
Non-Tariff Barriers, infrastructure deficits and language inclusivity, while ensuring
robust private-sector involvement and leveraging trade for climate adaptation.
Importantly, it must also prioritise the inclusion of women, youth and SMEs
in its trade agenda. By building on the lessons of AGOA, AfCFTA can unlock
unprecedented economic opportunities and position Africa as a global economic
powerhouse. Success will depend on addressing the structural challenges that have
long hindered Africa’s trade potential, while ensuring that growth is inclusive,
diversified, and sustainable.
References: AGOA.info, “AGOA Country Eligibility Criteria”; Brookings Institution,
“AGOA at 20: How to Strengthen US-Africa Trade Relations”; US Congressional
Research Service, “African Growth and Opportunity Act (AGOA) and US Trade
Policy”; AGOA.info, “Kenya’s Apparel Industry and AGOA: The Success Story”;
International Trade Centre, “The Success Stories: How Kenya and South Africa
Benefitted from AGOA”; UNCTAD, “Intra-African Trade: Unlocking the Trade
Potential of the Continent”; US Congressional Research Service, “Barriers to African
Exports Under AGOA”; World Bank, “The African Continental Free Trade Area:
Economic and Distributional Effects”; AGOA.info, “Ethiopia’s AGOA Eligibility
Revoked: The Impact on Local Industry”; International Trade Centre, “SMEs and the
AfCFTA: Opportunities and Challenges”; African Development Bank, “Empowering
Women Through Trade: A Key to Africa’s Economic Growth”; AfCFTA Secretariat,
“Protocol on Women and Youth: Fostering Inclusion in African Trade”; African Union,
“AfCFTA: The Next Frontier of Africa’s Economic Development.”
8
PHOTO: TanzaniaInvest

THE PAN AFRICAN CHAMBER OF
COMMERCE AND INDUSTRY
Ushering in a new era of intra-continental trade.
T
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.
Contact Details
Lucky Building, 4 Floor, 403, Bole, Addis Ababa, Ethiopia
Tel: +251 11 691 0011 | Email: info@pacci.org | Website: www.pacci.org | Social media: @officialpacci
PACCI
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.
Collaboration, partnership and collective ingenuity
The Pan African Chamber of Commerce and Industry 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
• Boosting intra-Africa trade
• Improving productive capacity and business competitiveness
• Support business to be more resilient to climate impacts
• Gender-responsive entrepreneurial environment
• Chamber Africa Connect which 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-African trade.
PHOTO: Ali Mkumbwa on Unsplash
9

TECHNOLOGY
FILLING THE WORLD WITH EMOTIONS THROUGH THE
POWER OF CREATIVITY AND TECHNOLOGY
Innovations such as Sony World and the Sony Innovation Fund are driving the company’s strategy in Africa,
says Managing Director, Sony Middle East and Africa (MEA), Jobin Joejoe. Cutting-edge audio products and
collaboration with content creators are helping Sony connect with customers like never before.
How long have you personally been with Sony?
My journey with Sony started back in 2007. In the last 18 years I have come up the
ranks within the company. I started off as country manager for UAE. I was based in
Dubai then I moved to Egypt as Chief Representative of Egypt where I was in Cairo for
three years. I came back and took over as head of sales for GCC Levant Region, then
in 2018 I was promoted as sales director for the Middle East. In 2022 I took over as
Deputy Managing Director for Sony Middle East and Africa and in April 2024, I took
over the current position as the Managing Director of Sony Middle East and Africa.
Have you been located in Dubai most of the time or have you moved around?
For 15 years I have been based in Dubai with three years in Cairo but I keep travelling.
I would say that for more than half the month I am travelling across countries in the
Middle East and Africa as well as the Central Asia region.
Jobin Joejoe, Sony MEA
Managing Director.
How exactly does the hub-and-spoke model work?
Primarily we have our regional headquarters operating in Dubai. Out of this we cater
to the entire region of the Middle East, Africa as well as the Central Asia region. We
cover almost 70 countries from Dubai and our in-house logistics and warehousing
10

TECHNOLOGY
of increasing customer lifetime value by providing innovative products to meet
customer needs.
Sony MEA’s location at the Jebel Ali Free Zone in Dubai allows it to seamlessly
service one of the the company’s largest supply-chain operations globally.
How extensive is Sony’s African footprint?
To be very frank it’s a significant presence – most of Africa is covered in some way
or other. We have a presence in most African countries but in terms of directto-retail
operations or distributor operations, we are still present in a significant
number of countries. There are several countries that are big for us: South Africa,
Kenya, Nigeria, Morocco, Ivory Coast, Senegal, Tanzania, Mauritius and Seychelles.
In a few countries, it is a case of trading from Dubai. Most of the big countries are
all covered either through direct-to-retail or through distributors and the smaller
countries are catered to from Dubai.
operations is based at the Jebel Ali Free Zone in Dubai, which is one of the largest
supply-chain operations that Sony has globally. We take care of a huge territory.
Depending on the dynamics of how each market behaves, we decide on our go-to
strategy for each market. There are certain markets where we operate directly with
retailers, there are others we operate through distributors. For example, a direct to
retail operation would be a country like Kuwait. A distributor operation would be
markets like UAE or Qatar where we have distributors managing the business for us.
And then we have hybrid markets like South Africa where we do a certain portion
of our business directly with retailers and a certain portion of our business through
distributors. This is further complemented by our direct-to-customer strategy (the
D2C strategy) which is primarily our e-commerce operations. This is where we have
Sony World established in certain markets like UAE, Saudi Arabia, Qatar and Bahrain,
which is complemented by offline store showrooms. It’s a mix. Depending on the
dynamics of the market, we decide how to approach each of the markets.
Is Sony World a retail outlet?
Yes, Sony World is a showroom as well as an e-commerce
platform. Together with the online platform, we have stores
operating in the same structure as Sony showrooms.
How many Sony Worlds do you have in Africa?
Sony World’s e-commerce strategy is a recent initiative,
launched just last year. The first in Africa was opened in Morocco in February 2025
and our next target market is South Africa. Over the past year, we’ve successfully
expanded our presence in the UAE, Qatar, Saudi Arabia and Bahrain. Our current
focus is on launching in South Africa.
Those are Sony-owned operations?
Completely, together with the e-commerce platform. We have our partners in each
of the respective countries that takes care of the backend in terms of stock delivery
or in terms of the payment management but in terms of how the website is run, it is
managed by us centrally from Dubai.
How do you see your role as MD of Sony MEA?
When I took over as the deputy Managing Director of Sony MEA two years ago,
I was overseeing key operations. I expanded the business across the Middle East
and Africa and Central Asia regions as well as stabilised our sales and marketing
platforms towards achieving the three Rs, which is Reality, Realtime and Remote.
In Africa our
primary focus
is audio and
content creation
Today as Managing Director I continue to oversee the overall operations of
the business and our strategy remains the same – to accomplish our final goal
And am I correct to say that the Sony World is something you’re looking at as a
means of expanding further or going deeper into markets?
Yes. The Sony World concept was conceptualised from the need to understand our
customers better; where we can actually communicate with our customers directly
to understand what their requirements are. How can we fulfil their requirements
by bringing in innovative products? The entire gambit of the creation of Sony
World was to have a direct contact with customers. With the data of customers, we
can see the kind of uses that they have of our products. That helps us in terms of
recommending products and it helps us create more value for customers. The entire
concept of Sony World is to have a direct communication with our end customers.
What are your key priorities?
Considering the size of the region, our key priority has always been enhancing
our operational efficiency and stabilising our supply chain. This is critical for us
in terms of ensuring that our customers get the right products at
the right time. Most of these markets are very dynamic and keep
changing. All of our strategies are primarily about rewarding
brand loyalty through unique product offerings at a competitive
price and bringing the latest products into the region at the same
time as the global launch. This speaks to stabilising our supply
chain operations.
What are your long-term goals for Sony in the region?
In terms of a broader vision, our goal is to continue pioneering new frontiers as
a creative entertainment company where we closely work with creators to bring
innovative experiences to our audiences, whether this is through immersive
gaming, high-quality audio-visual experiences or breakthrough innovations in
digital storytelling. Something we have been focusing on is to work with creators
in various fields to understand their requirements for growing the entertainment
business across Africa.
What is a creator in terms of what you’re saying? Is that someone sitting alone at
his or her computer or is that a big company like DStv?
When we say creators it’s a mix of both, but today the focus is more on individuals
who are specialising in their particular field. It could be in the field of gaming
where we have gamers creating or publishers who are publishing games. It could
be content creators who could be working out of a home or an office; it’s a broad
spectrum. It covers entertainment or it could be people in the music industry space.
We look at bringing in products that enhance what we are doing and portray their
work to audiences in a much better way.
PHOTO: WZM Pictures on Pexels
11

TECHNOLOGY
I have read about events that you hold. Is that where you make contact with creators?
That’s true. We hold a lot of events in terms of Alpha workshops, which form part of
our Sony event calendar. We host multiple events where we invite creators and it moves
from city to city. We look at inviting all the local content creators in those areas to join
our workshop, to share with us their experiences and we introduce our products to
them. We show them how their workflow could be made easier and then we build that
relationship with them. We have a database of content creators from across the region
today who can communicate with us directly. We keep on interacting with them to
understand their needs and to provide solutions to cater to their needs.
That’s very exciting because in a sense you’re also
supporting SMMEs at the same time, aren’t you?
That’s very true. Last year we established the Sony
Innovation Fund Africa to support the growth of
the entertainment business in Africa through key
collaborations in the gaming/music/movie and content
distribution sectors. One of our first investments was in
Carry1st which is the region’s leading game publisher as
well as a digital-commerce platform.
Have you put a number to the fund?
We started off the fund with an initial seeding of
$10-million. Basically, it’s a fund to support early startups
in the entertainment business. Depending on how the
onboarding works and how much traction comes out of it, the size of the fund could
keep increasing.
Which products are driving your business at the moment?
In Africa our primary focus is audio and content creation. With the rise of local artists
and the breakthrough success of genres like Amapiano, Bacardi and Hip Hop this has
shaped the way music is consumed. We have launched our Power Sound series which
includes wireless battery-operated speakers and noise-cancelling headphones, which
are perfect for music lovers. Our products can be taken to the beach, to braais as well
as to karaoke nights.
The other key focus we have is on content creation and in South Africa we lead
the segment with our Alpha range of cameras. Recently we have also tied up in South
Africa with Open Window, a leading creative-arts institution, to further nurture local
talent.
Sony has always
seen AI as an
opportunity and
it’s one of the key
areas that drives our
competitiveness
when it comes to
our products
The key focus for Africa then, is audio, from personal audio to home audio. The
second one is digital imaging which is to do with content creation. These are the two
segments that we look at very strongly when it comes to an Africa focus.
Do you encourage innovation within the company as well?
At Sony we embrace the ideas of each and every individual and
foster a space where innovation and creativity can flourish to
carry forward Sony’s purpose. This is primarily to fill the world
with emotions through the power of creativity and technology.
Recognising the importance of inclusivity and innovation,
we also introduced a Women in Technology award to honour
female researchers across multiple disciplines who have
contributed significantly in their field. This is apart from the
other awards like our Sony CEO Innovation Award. This is
all done to recognise individuals who support creativity and
innovation within the organisation.
Is there an innovation coming soon that we should look out for?
Innovation is something that has always been at the forefront of our business, as is
understanding the requirements of customers. It is a cycle that we keep repeating.
When we feel that there is a need for a new product or new technology to be
introduced into the market, Sony is always at the forefront. Every year you will find
a lot of products that Sony introduces, be it new televisions, new audio products
or new cameras. We have a product cycle that is put into place to meet the needs of
every customer.
The announcement of the partnership between Sony and Open Window.
12

TECHNOLOGY
Alpha festival caption?
Attendees at the ULT Power Sound Launch.
Obviously, a company like Sony sees AI as an opportunity rather than a threat but
would I be correct in saying that that wouldn’t be part of your core business? Would
you be partnering with others in developing AI, or do you have dedicated teams
looking at AI?
Sony has always seen AI as an opportunity and it’s one of the key areas that drives our
competitiveness when it comes to our products. But it doesn’t stop at products; AI is
something that we use internally for enhancing our day-to-day operations.
In terms of your question, it works both ways for us. We do partner with other
companies and individuals but at the same time we have a very strong in-house
Research and Development team taking care of introducing AI into our products.
Most of our key products launched over the last few years have a substantial component
of AI. Starting with our TVs we developed a Cognitive Processor XR, which goes
beyond AI to analyse images and to reproduce pictures which are similar to what the
human eye can see. Similarly, when it comes to our cameras, the AI capabilities in
our cameras help to recognise and track fast-moving objects be it humans, animals
or even vehicles. It supports auto-focus and auto-exposure so that photographers or
videographers don’t miss key moments. Additionally, we have also taken a proactive
approach by developing our own Enterprise LLM (Large Language Model) which is
a secure web application designed to help our employees safely explore generative AI
while enhancing their AI literacy. This is something that has been developed in-house
and is available to over 100 00 employees of Sony across the globe.
Sony supports photographers and content creators through events and other interactions.
Werner De Kock, South Africa, Winner, National Awards, Sony World Photography Awards 2025
How would you describe your leadership style?
I strive to create a form of visionary leadership focussed on fostering creativity and
diversity. Our people philosophy of “Special You, Diverse Sony” bridges the interaction
between innovation and creativity by nurturing open-mindedness and collaboration
to mutually deliver and pave the way forward.
What is being done to make Sony a more sustainable company in line with the
global search for carbon zero?
Delivering innovation for an accessible future always stands at the forefront of every
business of Sony and we promote a two-step model that involves responsibility and
contribution. In 2010 we announced our long-term environmental plan, Road to Zero,
to achieve a zero-environment footprint by 2050. Just over a year ago this was advanced
by 10 years to 2040. Currently the target for Sony is to achieve a zero-environment
footprint by 2040. Additionally, when it comes to sustainability initiatives, in most of
the packaging of our products recycled packaging materials is used. Over and above
this we have created our own high-quality recycled plastic called Sorplas. It is basically
a high-quality recycled plastic that has been developed in-house which is being used
in most of our products today, reducing the dependency on virgin plastic. There are
many initiatives being done internally within Sony to achieve this road to zero by 2040.
Finally, what excites you most about the future?
We are in a rapidly changing world where I believe the barriers of physical and virtual
reality will blend soon due to the usage of artificial intelligence, machine learning
as well as robotic-process automations. At CES 2025, the major international tech
event, Sony introduced a Creative Entertainment Vision, which is a long-term vision
of where we want us to be over the next 10 years. We look at achieving this through
collaborations with creators to deliver Kando that inspires and connects people in ways
never imagined before.
*Note: “Kando” is a Japanese word roughly translated to be the sense of awe and emotion
you feel when experiencing something beautiful and amazing for the first time.
PHOTO: Werner de Kock
13

XXXXXX
STAYING AHEAD OF THE AUTOMATION,
AI AND MACHINE-LEARNING CURVE
Businesses should act sooner rather than later before many practical, easy-to-implement tools become redundant
and ineffective. So says process and systems management specialist, Muhammad Ali, CEO of WWISE, a trainer and
implementer of Organisation of Standardisation (ISO) standards and programmes. Ali gives insight into how these
tools can be practically used and not regarded as a threat.
MMore than 60% of South African workers use generative AI tools regularly and
Despite being a world leader in the adoption of AI, Singapore continues to boast an unemployment rate of less than 3%, so business leaders should not fear that the technology will kill jobs.
21% integrate them into their daily duties.
This is one of the critical findings of a study released by the Oliver Wyman
Forum. This platform strives to bring together business, public policy and
social enterprise leaders to help solve the world’s most challenging problems.
According to the study, which surveyed employees from various nations,
South Africa’s genAI adoption rate is even higher than countries like France
(41%) and the US (46%).
However, the survey also found that 70% of respondents are concerned that
technology will make their jobs redundant.
“They shouldn’t be,” says Muhammad Ali, Managing Director of
Organisation of Standardisation (ISO) specialist World Wide Industrial &
Systems Engineers (WWISE).
He points out that countries like Singapore, a global leader in AI adoption,
continue to boast an unemployment rate of less than 3% despite widespread
use of the technology.
“AI can assist with marketing, creating content and understanding your
audience. AI also processes large amounts of data into structured and relevant
pillars of information. If prompted correctly, the uses are endless, from
documenting policies, processes and procedures to finding solutions that
address common problems,” he says.
By way of example, WWISE relies on the AI tool Claude 3.5 Sonnet to create
accurate prompts which can be used to drive efficiency and reduce errors in
business processes.
Gundo Mukwevho, a full-stack developer at WWISE, says businesses can
streamline workflows, enhance customer service, and improve decisionmaking
by leveraging AI tools like ChatGPT, Power Automate, UI-Path and
Claude AI.
“This combination of tools enables cost-effective automation of routine
tasks, faster data-driven insights and scalable support solutions, allowing
teams to focus on strategic work while enhancing operational efficiency and
customer satisfaction.”
Ali is unequivocal that companies that continue to use outdated systems
to manage operations risk making their confidential information public in an
increasingly digital world that relies on AI.
Left behind
Furthermore, he says that not embracing AI and machine learning will
inevitably result in companies being left behind.
Technology is advancing at an unprecedented rate, and even existing
AI tools are quickly becoming redundant. This means organisations must
constantly stay one step ahead while fully utilising the currently available
tools to save time and money.
Ali recommends that businesses implement AI and machine learning tools
14
PHOTO: Peter Nguyen on Unsplash

AI
About WWISE
Launched in 2009, Centurion-headquartered WWISE employs 35 full-time
consultants who specialise in more than 40 industries, both locally and abroad,
training and implementing ISO standards and programmes for a broad range
of small, medium and large-scale businesses and organisations. The company
has a solid local and international client base, with 740+ clients in 18 countries,
implementing more than 30 standards and achieving a 100% record when
clients are certified. Its training programmes are accredited with SAATCA,
SETA, NEBOSH and various international bodies, and it offers an e-learning
portal through which 56 000+ delegates in 40 countries have been trained
so far.
The 70-year-old International Organization for Standardization (ISO) is an
independent, non-governmental international body that develops business
management standards to ensure the quality, safety and efficiency of products,
services and systems across many industries. It aims to uphold consistency and
quality in an increasingly globalised marketplace.
methodically and use International Organization for Standardization
(ISO) standards like ISO 42001:2023 Information Technology –Artificial
Intelligence to ensure an effective rollout.
“This standard offers many benefits. It improves AI applications’
quality, security, traceability, transparency and reliability. It also
offers better regulatory compliance through specific controls, audit
schemes and guidance consistent with emerging laws and regulations.
These aspects all contribute to the ethical and responsible use of AI.”
ISO/IEC 27001:2022, which covers Information Security,
Cyber Security and Privacy, remains the most common standard
for organisations using AI. It manages risks within the entity
and determines the correct measure of control when using or
developing AI.
ISO standards in automation and AI help ensure long-term
effectiveness and adaptability by:
• Creating a management system to govern the use and development of
AI using international best practices
• Implementing policies, processes and procedures which ensure that the
risks are understood and mitigations are acknowledged and planned for
before utilisation or development
• Assisting organisations to effectively use AI without disclosing
confidential information.
Muhammad Ali, Managing Director of World Wide Industrial & Systems Engineers.
15

BUSINESS TRAVEL
SEAMLESS BUSINESS
TRAVEL
Versatile card from Travelex
offers speed and efficiency.
Travelex South Africa offers business travellers currency solutions
explicitly tailored for frequent business travellers and corporate clients.
Combining convenience, expertise and a personal touch, Travelex
ensures clients can operate seamlessly globally. With an innovative
approach that includes free card delivery directly to corporate offices,
Travelex saves clients valuable time, making it the only provider to offer
this unique service in South Africa.
Frequent international travel demands reliable and efficient foreign
exchange solutions. Travelex South Africa’s full range of services
includes the Multi Currency Cash Passport Card, round-the-clock
support and dedicated corporate solutions. With Travelex as a partner,
companies can quickly, efficiently and securely manage travel expenses.
“Travelex understands that business travellers require more than a
standard foreign exchange service; they need reliable, personalised support
to ensure their journeys are as seamless as possible,” says Marlize Van Der
Schyff, Finance and IT Director at Travelex. “We’re proud to offer corporate
clients the unique benefit of delivering Multi Currency Cash Passport Cards
directly to their offices, saving time and adding another layer of convenience
to our service.”
The Travelex Multi Currency Cash Passport Card offers frequent travellers
security and flexibility. It can load up to seven currencies, which is ideal
for multi-destination trips. Travelex helps businesses save time, streamline
logistics and reduce administrative tasks. Employees can receive their cards
ready to go, and the simple reload process allows travellers to add funds even
while abroad by contacting their local branch.
This prepaid card features lock-and-unlock functionality for added control.
In case of loss or theft, Travelex’s 24/7 global-support team is ready to assist
with immediate recovery. Transparent fee structures and competitive rates give
companies a clear overview of expenses, enabling effective budget planning
and eliminating hidden costs.
Travelex offers tailored corporate solutions to support businesses managing
frequent travel or international operations. With programmes designed to
streamline currency management and payment solutions, the administrative
burden of foreign exchange is relieved for companies of all sizes, from SMEs
to large enterprises.
Every corporate client is assigned a dedicated account manager, ensuring
high-touch service and support prioritising specific business needs. Travelex
South Africa’s corporate solutions are crafted to simplify currency logistics,
enabling companies to focus on growth while keeping travel expenses
manageable and efficient.
On standby
Travelex South Africa’s experienced professionals are available around the
clock, offering swift assistance and guidance whenever needed. The Travelex
approach is more than transactional, it’s about building trusted relationships
that ensure corporate clients and frequent business travellers have a reliable
partner in every aspect of their foreign exchange.
Travelex South Africa invites corporate clients and business travellers to
discover a new standard of convenience and support in foreign exchange.
To learn more about our services, including corporate delivery options, visit
www.travelex.co.za.
About Travelex South Africa
Travelex is a global leader in foreign-exchange services, providing
innovative and customer-centric currency solutions for businesses and
travellers worldwide. With a presence in over 20 countries, Travelex South
Africa is committed to offering frequent travellers and corporate clients
efficient, secure and personalised services that enhance international
travel. As the only provider that offers direct delivery of currency cards
to corporate offices, Travelex saves clients valuable time and effort. Our
mission is to empower businesses to thrive across borders with expert
support, convenience and unparalleled service.
16
PHOTO: wavebreakmedia_micro on Freepik

IS TECHNOLOGY AN EQUALISER FOR
YOUTH EMPLOYMENT?
Ravi Naidoo, CEO of the Youth Employment Service, explains how South Africa could go
from lagging to leading in tech.
T
The Covid-19 crisis revealed a global divide between countries that possess
technological capabilities (ie, make vaccines) and those that lag behind (beg
for vaccines).
The harsh reality is that vaccine-producing rich countries kept six vaccines
per citizen before they consented to release vaccines to Africa, which could
barely secure six per 100 people. Worryingly, technological capabilities are
now enabling a “cross-species transmission”, accelerating global innovation
and widening this gap. Huawei, for example, better known for making
cellphones, has just produced a state-of-the-art SUV. In an increasingly divided
world, South Africa stands at a technological crossroads and we must prepare
young people for a technology-driven future.
As a highly unequal country, South Africa, in parts, resembles both the most
advanced and the more under-developed economies. The better-off 20% of
the population are well prepared for this future. The remaining 80% are at a
slight advantage, derived from South Africa’s early adoption of cellular
technologies, but we still have a way to go.
While our youth may be intrinsically tech-savvy, they lack the opportunities
to develop core skills in tech and improve their employability.
The traditional approach to preparing young job seekers via formal accredited
education and skills development needs urgent reform. The current approach
in South Africa is neither efficient nor effective. One programme in 2023
cost taxpayers R17-billion and produced just 22 000 successful graduates.
Moreover, the process of getting formal accreditation means qualifications are
outdated before learners even graduate.
The solution? Upscale our efforts for faster education-to-work transition,
all the while targeting strategic sectors. For example, South Africa is a world
leader in non-banking finance (think of Yoco-like trading apps). Countries are
competing to lead in this digital economy and South Africa is well placed.
Here’s how we get from lagging to leading in tech. First, we need to ensure
that digital infrastructure is rolled out to rural and township schools. High-speed
data infrastructure must be provided as a “basic service”. This is also a good
public investment as citizens accessing data can support better performance
management at municipal level.
Second, public education needs radical reform, replacing old-fashioned
“computer literacy” with up-to-date digital fluency. We should also use this
digital injection to integrate online and AI-enabled learning tools into underresourced
schools.
Third, as important as infrastructure and skills development are, it’s more
important that young people get a chance to actually use their skills in practice
or they will depreciate over time.
But where will this on-the-job experience come from? Ideally, the South
Africa economy would grow by 5% a year, like many of its global peers, and
generate youth employment. Instead, economic growth has averaged 1% a year
for the past 15 years, barely matching population growth, meaning job creation
YOUTH EMPLOYMENT
is at a virtual standstill. In this environment, employers pick older, experienced
work-seekers even for entry-level posts, leaving youth last in the queue.
Special employment measures are needed to ensure our talented youth are
not left behind, even while economic reforms are being implemented.
Government and business are collaborating more through the Presidential Youth
Employment Intervention (PYEI), to ensure better pathways from schools to
employment. The PYEI has proposed a package of measures to reduce youth
employment from 55% now to 35% in 2030.
Within this initiative, the Youth Employment Service (YES) provides
motivated youth from disadvantaged backgrounds with their first work
experiences in the private sector.
YES is South Africa’s largest 12-month youth jobs programme funded entirely
by the private sector. To date, 1 834+ corporates have funded over 186 900
youth at a run-rate of 3 000-4 000 additional youth a month. To prepare for the
reality of a technology-future, every single youth gets data-free access to workreadiness
modules, including online foundational courses in AI. To date, 28 080
YES youth have also started their own businesses based on what they gained
through the programme, broadening our country’s economic base.
South Africa’s youth population is ready to thrive in the digital workforce.
They just need the tools and work experience to succeed. If the private sector
is serious about ensuring our country stays competitive in tech, then
empowering youth through quality work experience is the most valuable
investment we can make.
BIOGRAPHY
Ravi Naidoo brings over 25 years of experience in social impact programmes.
A Harvard graduate, he’s led major reforms like the SA Green Fund and UIF
expansion. He also serves on the National Planning Commission to help shape
South Africa’s long-term development.
17

TOURIST VISAS
LESS STRESS FOR TRAVELLERS
Online currency exchange offers smoother ride for tourists.
Holidays should be all about relaxation and adventure, not the stress of managing
foreign currency. Travelex South Africa ensures that travel plans are smooth, secure
and convenient, giving the traveller the peace of mind to immerse themselves fully
in the joy of a well-deserved break.
“With Travelex South Africa’s easy-to-use online currency exchange, travellers
can skip the hassle of last-minute airport exchanges or confusing fee structures.
Simply email the Travelex branch closest to you and order your currency in
advance, once done you can go to the Travelex branch for pick-up. To ensure
a smooth experience at our branches or airports, we encourage travellers to
familiarise themselves with the South African Reserve Bank (SARB) and Financial
Intelligence Centre Act (FICA) requirements. Understanding these regulations
in advance can help prevent delays when collecting your currency. Detailed
information is available on our website at www.travelex.co.za/fica/. This option
provides a straightforward solution to secure your travel money before departure,
so when you arrive at your destination, you’re ready to explore, shop and enjoy
without delay,” says Marlize Van Der Schyff, Finance & IT Director at Travelex.
The Multi Currency Cash Passport Card is an essential travel companion for
those looking for the ultimate in convenience and security. This prepaid card
allows you to carry up to seven currencies simultaneously, so you're prepared
for multiple stops and international spending without carrying large amounts of
cash. You can load the card before you leave and make payments as quickly as
with a credit card. If you wish to add more money to the card you can contact
your branch from abroad to arrange the reload to your card. The card also has
an intuitive feature that lets you lock and unlock it for added security, giving you
total control over your funds. In the event of loss or theft, the Travelex 24/7 global
support team will assist in quickly recovering your balance, ensuring you stay on
track with your holiday plans.
Travelex believes in keeping things simple and transparent, offering clear and
competitive fee structures to ensure no hidden costs or surprises. When you top
up your Multi Currency Cash Passport Card, you'll know exactly what you’re
spending and can plan accordingly. This commitment to transparency helps you
make the most of your travel budget, so your funds go where they matter most,
towards making memories.
“Visit www.travelex.co.za to explore our range of services and start planning
a seamless, secure and enjoyable travel experience with Travelex as your partner,”
concludes Van Der Schyff.
18

TOURISM
NEW MANAGEMENT FOR HOLIDAY INN
MAURITIUS MON TRÉSOR
Valor Hospitality Partners promises to emphasise skills and cultural training while building a strong service culture.
VValor Hospitality Partners (Valor) has expanded its East African presence with its
official entrance into Mauritius in partnership with Holiday Inn Mauritius Mon Trésor.
Valor offers integrated-hotel management and operations solutions in 68 cities around
the world.
Located next to Sir Seewoosagur Ramgoolam International Airport, the IHGfranchised
hotel was developed in 2013 by Mauritian company, Omnicane.
The 140-room hotel has benefitted from travellers in transit, airport staff and crew,
business professionals on short-term trips as well as MICE (Meetings, Incentives,
Conferences and Exhibition) tourism.
“We have many properties in the region and surrounding the stand-alone hotel,” says
Bertrand Thevenau, CEO of Retail, Property and Brands at Omnicane. “Holiday Inn
Mauritius Mon Trésor is not our core business, and it became evident that we needed
a specialist management partner with expertise and knowledge to assist in elevating
the hotel to its full potential.
“Valor was referred to us by IHG as one of many potential strategic partners to
consider. Omnicane selected Valor Hospitality based on their approach to Holiday Inn
Mauritius Mon Trésor and their confidence in the brand,” he says.
Valor has an established relationship with IHG, managing 16 Holiday Inns across
the UK and US. The Valor team will provide specialist management skills to Holiday
Inn Mauritius Mon Trésor – revenue generation, sales and marketing and HR – while
placing a strong emphasis on skills and cultural training, working closely with the hotel
to build a strong service culture and to ensure a return on investment for the owners.
“Mauritius is a key market for Valor,” says Tony Romer-Lee, Co-founder and
Managing Partner AMEA, Valor Hospitality. “The island is a mature, booming market
which has attracted numerous international brands with many established local brands
that have laid down strong roots. Mauritians excel at hospitality and the island has an
excellent reputation.
“Holiday Inn, as a brand, has evolved over the past 10 years which Valor will
incorporate into this property over time. We have established our presence in East
Africa, South Africa and Central Africa with Holiday Inn Mauritius Mon Trésor our
second international-franchised Indian Ocean property,” he says.
“We are excited about our partnership with Valor. It is a great win-win for Omnicane
and an exciting journey ahead for all of us,” comments Jacques M d’Unienville, CEO of
Omnicane. “We are confident that Holiday Inn Mauritius Mon Trésor is on the right
track, having seen a difference already since Valor has come onboard through their
efforts, resources and suggestions. We are impressed with the way in which Valor uses
its tools from some of the best-known international hospitality brands and how they
extract the benefits. We are thrilled to officially welcome Valor to Mauritius.”
ABOUT VALOR HOSPITALITY PARTNERS
Valor Hospitality Partners is a leading global full-service hospitality
underwriting, acquisition, development, management and asset management
company headquartered in Atlanta, USA. With 90+ projects in its portfolio
across the Americas, UK and Europe, Africa, Middle East and Asia, the
company is focused on “a Whole World of Local”, weaving its global expertise
into local landscapes. Partnering with owners, developers and international
hotel brands, Valor creates revolutionary value-add opportunities through
shared operating platforms, delivering industry-leading commercial
performance. The company’s support services include site selection, brand
selection, conceptual design, asset management, procurement, technical
services and more.
For more information, visit www.valorhospitality.com
19

MAINTAINING STEADY SUPPLIES IN TROUBLED TIMES
Supply diversification and bulk shipments have helped cushion African agricultural supplies from turmoil, says
Jacques de Villiers, Executive: Manufacturing, Operations and Supply Chain at Omnia Holdings.
Conflict and piracy can make shipping dangerous.
TThe Red Sea crisis has sent ripples through supply chains worldwide.
For South African farmers, however, the impacts have been mitigated
by a combination of strategic agility and a steadfast commitment
to sustainability.
The Red Sea crisis refers to the geopolitical tensions and conflicts in
the region, an important maritime route linking Europe, Asia and Africa.
Key issues include territorial disputes, piracy, competition for control
over strategic chokepoints like the Bab-el-Mandeb Strait and rivalries
among regional powers such as Saudi Arabia, the UAE, Egypt and Turkey.
These tensions are exacerbated by proxy conflicts and concerns over
resource access, including fishing and oil shipping lanes.
Jacques de Villiers, Executive: Manufacturing, Operations and Supply
Chain at Omnia Holdings, says that supply diversification – both locally
and internationally – has been pivotal in cushioning the South African
agricultural sector from the brunt of these global challenges.
“The crisis has primarily affected container flows between China,
Europe and the east coast of the United States. This means South Africa’s
agricultural supply chains have been relatively insulated,” explains
De Villiers.
“Most of our products bypass the Red Sea, coming from regions like
the Middle East and Europe, along Africa’s east and west coasts. While
global container disruptions do create market instability, a focus on bulk
shipments rather than containers minimises the impact. It helps maintain
a reliable supply of agricultural inputs, ensuring that our farmers are
equipped to sustain food security.”
One observable shift is the increased traffic of goods past Africa,
presenting potential opportunities for trade realignments. However,
De Villiers notes that practical benefits have yet to fully materialise,
highlighting the need for strategic exploration of these opportunities
across the continent.
20
PHOTO: Chris Pagan on Unsplash

LOGISTICS
limited resources while reducing environmental impact. De Villiers
highlights that the company’s long-term vision includes transitioning
to green ammonia, a critical step towards producing fully sustainable
ammonium nitrate-based fertilisers.
“Although current market realities demand a careful balance between
cost, reliability and environmental sustainability, it is important that we,
as an industry, remain committed to moving towards greener agricultural
inputs,” says De Villiers.
The recent geopolitical crises have underscored the importance of
agility and reliability in supply chains. De Villiers reflects: “The world
has shifted from a ‘just-in-time’ to a ‘just-in-case’ model. While the latter
may involve higher costs, it ensures supply chain resilience and provides
opportunities to explore new markets.”
Omnia’s preparedness has been evident through various crises, from
the Covid-19 pandemic to the Russia-Ukraine conflict. “We’ve never
run out of product, thanks to our pre-emptive contingencies. While
some competitors struggled to adapt, our agility allowed us to maintain
uninterrupted supply,” De Villiers emphasises.
Building sustainable value chains
Creating sustainable value chains extends beyond a business’s
operations. By actively engaging with farmers, producers can ensure
minimal disruption to agricultural activities while promoting long-term
environmental and economic benefits, says De Villiers.
“Africa’s biggest challenge is logistics. Our focus is not just on addressing
immediate challenges but also on shaping a future where sustainability
and resilience go hand in hand,” concludes De Villiers.
Ensuring stability amid global disruptions
While the Red Sea crisis may not be impacting South Africa’s trade routes
directly, proactive measures are critical in weathering global disruptions.
“At Omnia, for example, we’ve diversified our supply sources across
multiple geographies, including Europe, North America, Asia and the
Middle East. This approach ensures that we remain resilient, regardless
of geopolitical developments,” De Villiers explains.
This diversified sourcing strategy is complemented by local
manufacturing capabilities. Omnia’s Sasolburg facility, described by
de Villiers as the “most carbon-efficient, green and technologically
advanced production site of its kind in the country”, plays a critical role
in supporting South Africa’s agriculture and mining sectors.
In this sense, sustainability remains a cornerstone of Omnia’s supply
chain strategy. By prioritising nutrient-use efficiency, water-use efficiency
and the integration of bio-stimulants, Omnia helps farmers maximise
The Red Sea crisis has badly affected the flow of containers.
PHOTO: Noel Broda on Unsplash
21

MINING
AFRICA’S MINERAL WEALTH COULD DRIVE
ECONOMIC TRANSFORMATION
Organised alongside the African Energy Week, participants at Critical Minerals Africa 2024 heard that global
tension could accelerate investment in Africa and that demand for electric vehicles could boost the copper,
lithium and cobalt sectors. The continent’s mineral wealth holds the key to economic transformation.
Critical Minerals Africa 2024 featured a wide range of speakers and panellists, including cabinet ministers, academics and leaders of mining companies and financial institutions.
AAfrica holds significant reserves of minerals critical for the global energy
transition. The continent boasts roughly 30% of the world’s mineral reserves,
including immense deposits of cobalt, manganese, natural graphite, copper,
nickel, lithium and iron ore.
The Critical Minerals Africa (CMA) 2024 Summit in Cape Town brought
together industry leaders, policymakers, service providers and investors to
address the urgent demands of Africa’s critical mineral value chain. The Summit
featured a robust agenda that sought to shine a spotlight on opportunities for
Africa to accelerate its mining sector while utilising its natural resources to
promote value addition and drive socioeconomic development.
CMA 2024 featured a Ministerial Forum that included the participation
of mining ministries from Eswatini, Malawi and Argentina, as well as
representatives from Tanzania. High-level speakers during the forum
showcased a number of projects aimed at maximising mineral production
while discussing how to leverage mineral resources to promote economic
growth and sustainability.
The Republic of Malawi’s Minister of Mining, Monica Chang’anamuno,
highlighted several ongoing projects in the country, such as the Kasongo
Initiative, which aims to increase the production of rare earth metals, graphite
and lithium resources.
Meanwhile, Eswatini’s Minister of Natural Resources and Energy, Prince
Lonkhokhela, announced ambitious targets to raise the contribution of the
country’s mining sector to its GDP. With aims to increase the share from 1%
to 50% in the short to medium term, the strategy is supported by new surveys
revealing commercial deposits of lithium, copper, cobalt and other base metals.
To bolster investment in mid- and downstream infrastructure, the Summit
also featured the participation of the President of the Chamber of Mines of
Zimbabwe, Thomas Gono, who stated, “Historically, we exported raw materials,
22

MINING
missing out on the potential benefits. With Africa’s young workforce, we
now have an opportunity to drive revenue and create jobs through skills
development and local beneficiation.”
With the participation of Tanzania’s Chamber of Mines, it was announced
that the country aims to expand exploration in critical mineral-rich basins
from 16% to 50% as part of a strategic push into rare earths, lithium and
tanzanite production. Meanwhile, Zambia’s Chamber of Mines discussed
ongoing strategies aimed at helping the country address logistics and energy
deficit challenges in the mining sector.
The Summit featured a panel discussion with high-level representatives from
mining companies and development institutions including Pensana, the Africa
Policy Research Institute and the US Development Finance Corporation. The
panel also featured the participation of Clifford Chance, Frost & Sullivan and
Chatham House and explored how regional initiatives – such as the Lobito
Corridor – have the potential to fast-track the expansion of Africa’s criticalminerals
market.
An Investment Forum held during the Summit showcased innovative
financing measures to advance the flow of capital across the African market.
The session featured representatives from finance institutions, the World Bank,
Absa, Moshe Capital, the African Finance Corporation and ASAFO & Co.
Additionally, midstream and downstream opportunities were showcased
during a panel session that featured the participation of organisations such
as Orion Minerals, AZ Arnaturen, Women in Green Hydrogen, Isondo
Precious Metals and the Southern African-German Chamber of Commerce
and Industry. The panel also featured representatives from Konrad Adenauer
Stiftung, the SA-DRC Chamber of Commerce, the Curtin Institute for Energy
Transition, the Electric Mobility Association of Kenya and the Congolese
Battery Council.
A Leaders Forum featured the participation of international mining
companies Glencore DRC and KoBold Metals as well as representatives from
the University of Cape Town and the Minerals Council South Africa. The
Forum showcased how governments across Africa can promote innovation in
the continent’s mining space to attract new investment and increase critical
minerals production to drive socioeconomic and GDP growth.
The US recently announced an initiative to expand the Lobito Corridor,
spanning Angola, Zambia and the Democratic Republic of Congo (DRC), to
Tanzania, while China signed an agreement with Tanzania and Zambia for the
TAZARA railway project.
“Africa’s geopolitical opportunities are vast, but supply chains are becoming
increasingly complex,” stated Backeberg.
The electric vehicles market boom will also amplify investment in Africa’s
copper, lithium and cobalt sectors, according to Backeberg, with China
currently leading this demand surge, Europe advancing and the US projected
to slow down due to political shifts.
Martin Lokanc, Senior Mining Specialist at the World Bank, discussed
population growth, increased economic activities and their implications on
Africa’s critical-minerals sector. He highlighted the fact that rapid urbanisation
– expected to see 60% of the global population in cities by 2050 – is driving
demand for critical minerals, with Africa and India at the forefront.
“Decarbonisation is a significant disruptor, prompting a reengineering of the
global energy system and requiring more minerals, particularly from Africa,”
Lokanc stated. He added that copper demand is projected to double by 2050,
offering Africa, particularly the DRC and Zambia, a prime opportunity to
expand their market share.
Lokanc also called for more local beneficiation to ensure that mining profits
fuel local economies, noting that many of the world’s poorest regions overlap
with high mineral concentrations.
Erik Holm Reiso, Senior Partner and Head of EMEA at Rystad Energy,
emphasised Africa’s potential to address the global metals shortage, with
lithium demand expected to surge by 12 times by 2050.
Wade Cherwayko, Co-founder and Director of Tronic Metals Ltd, added,
“We cannot overlook African oil and gas; instead, we must harness these
resources to support a stable power supply that will underpin critical mineral
production and energy diversification.”
Distributed by APO Group on behalf of Energy Capital & Power.
Research findings
The CMA 2024 Summit brought a high degree of sharp analysis and market
research to bear on factors affecting the sector on the continent.
Among the presentations on the state of play of the African market were
those delivered by well-known market research firms Project Blue and Rystad
Energy, as well as by several senior officials from organisations such as the
World Bank.
Nils Backeberg, Founder and Director at Project Blue, stated that geopolitical
shifts and the rising demand for metals essential to energy transition
technologies are impacting the African market.
“Changes in government policies across countries such as Botswana,
Mozambique, the US and regions in Europe will shape mineral trade and
investment relations,” he noted, “underscoring the effects of global power shifts
on Africa’s mineral sector.”
Backeberg pointed to US-China trade tensions and similar dynamics
involving Europe and Japan as potential accelerators of investments in Africa’s
supply chain, with Tanzania emerging as a focal point in the US-China
competition over Southern African minerals.
The Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo.
Copper is among the minerals most in demand.
PHOTO: Ivanhoe Mines
23

WILL AFRICAN MERGERS AND
ACQUISITIONS BE AFFECTED
BY MORE REGULATION?
New regional and continental competition regulators have been established. Is this good for M&A
or a cause for concern, ask Daryl Dingley, Partner, Gina Lodolo, Associate, and Elisha Bhugwandeen,
Knowledge has been the target of a Lawyer proposed acquisition at Webber by Canal+. Wentzel?
Competition laws are being enforced in most African countries. Several new
national and regional competition regulators have recently become operational,
and plans are underway for the African Continental Free Trade Area agreement
(AfCFTA) to harmonise competition law across the continent. While these are
positive developments to promote fair markets, the impact on mergers and
acquisitions (M&A), particularly those involving foreign investment, is complex.
The flurry of new competition regulators (national, regional and continental)
may bring more convenience and consistency to the merger filing process, but
there are also concerns about political tensions, overlapping jurisdictions and
high merger filing fees.
There have been some regulatory developments in 2024, including the
AfCFTA Competition Protocol being published. The protocol aims to establish
a continental regulator who will assess merger transactions with a “continental
dimension”. The AfCFTA will apply to the whole continent, not just certain
member states. Regulations setting out merger thresholds are expected to be
finalised soon.
The ECOWAS Regional Competition Authority (ERCA) became fully
operational in October 2024. The ERCA must be notified of mergers involving
parties that meet certain financial thresholds. The ECOWAS region comprises
15 West African member states, including Gambia, Guinea, Guinea-Bissau and
Togo. Military coups in member states such as Burkina Faso, Mali and Niger,
which have led to their withdrawal from ECOWAS, also undermine the political
stability of ECOWAS.
The publication of draft COMESA Competition Commission (CCC)
regulations proposes that the CCC enforce a suspensory merger control regime.
This shift from the current suspensory regime, which allows parties to implement
their transaction before CCC merger approval, means that merger parties must
now first obtain approval from the CCC before implementation. The COMESA
region covers 21 African member states, including Egypt, Ethiopia, Kenya,
Malawi, Mauritius, Uganda, Zambia and Zimbabwe.
The East African Community Competition Authority is expected to begin
accepting merger filings soon. The East African Community (EAC) region
24
PHOTO: Multichoice

MERGERS AND ACQUISITIONS
covers eight member states, including the Democratic Republic of Congo, Kenya,
Rwanda, Tanzania and Uganda.
From a national perspective, the Uganda Competition Act 2024 became
effective, and merger thresholds were expected to be published in the same year.
The Malawi merger-control regime changed its voluntary merger notification
requirement to a mandatory requirement. Egypt also introduced a new merger
control regime requiring that mergers be submitted to the national competition
regulator for approval before implementation.
Proliferation complication
However, many complications arise due to the proliferation of regional regulators,
in contrast to the European Union (EU), where only the European Commission
(EC) regulates competition law across the continent, with national competition
regulators across the EU recognising the EC’s jurisdiction.
In Africa, several overlapping countries exist among regional regulators, and
most AfCFTA member states also belong to a regional competition regulator.
For example, Kenya, Uganda and Rwanda are common member states across
both COMESA and the EAC – with all their member states also falling under the
AfCFTA competition law regime.
These overlaps may introduce
conflicts when regulators exercise
jurisdiction. This has been the case
with the Egyptian Competition
Authority and the Ethiopian Trade, Competition and Consumer Protection
Authority, who have taken the approach that merger parties should submit merger
filings to it separately, even if a merger is submitted to the CCC. This approach
could result in increased transactional costs through duplication, from both a
timing and resources perspective, including the possibility of paying merger filing
fees to multiple competition regulators.
The ECOWAS merger thresholds are also relatively low. Compared to the CCC
combined turnover thresholds of the
merger parties, which is $50-million,
the ECOWAS thresholds are almost half
at approximately $25-million. Reduced
thresholds will lead to an increase in
merger filings where there may not be
an impact on competition that requires
regulatory scrutiny.
Increased competition law enforcement
in Africa has potential positive
developments for M&A transactions.
In some instances, submitting
merger filings to a regional regulator
addresses the issue of navigating
uncertain competition law processes in
individual jurisdictions. For example,
most Francophone countries in Africa have newly established competition law
regimes or no competition law. From a deal-planning perspective, this also
means that merger parties will ideally pay one merger filing fee to the regional
(or continental) regulator and have more certainty on review timelines when
planning towards closing transactions.
Addressing these complexities requires a coordinated effort to
strengthen legal frameworks, enhance regional integration, and
build the capacity of competition regulators across Africa.
However, some regional competition regulators, such as the CCC, allow
member states to call for national review of transactions. The ability of national
regulators to exercise concurrent jurisdiction can create deal uncertainty. This
has recently been seen in the Canal+ proposed acquisition of Multichoice,
wherein the Competition Commission of Mauritius requested a referral of the
merger to it, and in the CCC’s approval of a merger involving Access Bank Plc
and National Bank of Kenya Limited, which was referred to the Competition
Authority of Kenya for approval, separately to the CCC’s determination.
It will be necessary for the various competition regulators to align their
approaches. African competition regulators, both nationally and regionally, are
increasingly demonstrating continental integration and an ability to learn from
each other. Newer competition regulators should learn from the best practices of
more established regulators. For example, the ECOWAS competition regulator is
encouraged to adopt a similar approach
to the CCC with regard to merger filing
fees. While the merger filing fees in
COMESA and ECOWAS are 0.1% of
the merging parties’ combined annual
turnover or assets in the common market, COMESA has capped the fee at $200
000. In contrast, the ECOWAS filing fee is uncapped. This may raise serious
concerns for merger parties with substantial turnover across the ECOWAS
member states.
Addressing these complexities requires a coordinated effort to strengthen legal
frameworks, enhance regional integration, and build the capacity of competition
regulators across Africa without losing sight of the need for increased investment
and economic growth.
Daryl Dingley Gina Lodolo Elisha Bhugwandeen
25

COUNTRY PROFILE
REPUBLIC OF SEYCHELLES
A huge marine protected area has been declared.
Seychelles
Mauritius
Madagascar
Capital: Victoria.
Other towns/cities: Anse Boileau, Beau Vallon.
Population: 119 773.
GDP: $2.1-billion.
GDP per capita (PPP): $17 879.
Currency: Rupee.
Regional Economic Community: African Union (AU), Southern African
Development Community (SADC), Commonwealth of Nations.
Landmass: 455km².
Coastline: Approximately 600km.
Resources: Fish (tuna), coconuts (copra), cinnamon trees.
Main economic sectors: Fishing, tourism.
Other sectors: Financial services.
New sectors for investment: Energy, sanitation infrastructure, climate
resilience. The final stage of a marine spatial plan covering 1.3-million square
kilometres was announced in 2023.
Key projects: Economic Resilience and Green Recovery Support Programme
is part of the National Development Strategy for 2024-2028, aiming to
improve climate resilience and integrate climate adaptation and mitigation
into planning.
Chief exports: Fish, scrap iron, animal meal, broadcasting equipment, ships.
Top export destinations: France, Mauritius, UK, Japan, Italy.
Top import sources: UAE, Spain, France, South Africa, India.
Main imports: Refined petroleum, fish, ships, cars, plastic products.
Infrastructure: The international airport of the Seychelles is on the island
of Mahé near the capital city of Victoria. In 2022, Seychelles was the leading
country in Africa in the African Infrastructure Development Index (AIDI),
with 98.88 points (Statista).
ICT Development Index (IDI): 80.9 (2023) ITU.
Mobile subscriptions per 100 inhabitants: 192 (2022) World Bank.
Internet percentage of population: 87 (2023) World Bank.
Climate: Tropical marine and humid. From late May to September is the cooler
season (south-east monsoon). North-west monsoon brings warmer season,
March to May.
Religion: More than 70% Roman Catholic, Protestant about 10%, other
Christian 2.4%, Hindu 2.4%, Muslim 1.6%.
Modern history: More than 40% of the Seychelles is set aside for conservation,
but rising sea levels threaten the multiple islands that make up the nation.
Having first been settled by French planters, the islands were controlled by
Britain from 1794 to 1976. James Mancham became the first president of the
independent Seychelles with France Rene the prime minister. A year later Rene
seized power in a coup and in 1979 a socialist one-party state was declared,
which lasted to 1991. Two coups in the 1980s failed and in 2004 President
Rene handed over the reins to his deputy James Michel who duly won the
presidential election in 2006. In that year, parliament banned political or
religious organisations from running radio stations, which led to political
unrest. In 2009 an anti-piracy agreement was signed which allowed EU troops
to be deployed on the islands to counter the threat of Somali pirates. History
was made in October 2020 when the leader of a party other than the United
Seychelles Party (formerly the Seychelles People’s Progressive Front) won the
election. Wavel Ramkalawan, an Anglican priest, became the country’s fifth
president in the first peaceful transfer of power since independence.
PHOTO: Kamil Dzikowski on Unsplash
26

COUNTRY PROFILE
REPUBLIC OF ZIMBABWE
Despite enormous natural resources,
inflation and unemployment are high.
Capital: Harare.
Other towns/cities: Bulawayo, Mutare, Gweru.
Population: 17.1-million.
GDP: $35.2-billion.
GDP per capita (PPP): $2 156.
Currency: Zimbabwean dollar.
Regional Economic Community: African Union (AU), Common Market for
Eastern and Southern Africa (COMESA), Southern African Development
Community (SADC).
Landmass: 390 757km².
Resources: Coal, chromium ore, asbestos, gold, nickel, copper, iron ore, vanadium,
lithium, tin, platinum group metals (PGM).
Main economic sectors: Mining.
Other sectors: Agriculture, tourism.
New sectors for investment: Platinum and gold miners such as Caledonia Mining
Corporation, pictured, continue to invest in excellent reserves. Energy transition
minerals like lithium hold great potential. Tourism has declined and could profitably
be revived.
Key projects: The World Bank’s Zimbabwe Reconstruction Fund aims to boost the
private sector, improve climate resilience and promote subsectors like horticulture
and tourism.
Chief exports: Gold, tobacco, nickel, minerals, diamonds.
Top export destinations: UAE, China, South Africa, Mozambique, Hong Kong.
Top import sources: South Africa, China, Bahamas, Singapore, UAE.
Main imports: Refined petroleum, fertiliser, trucks, soybean oil, stone-processing
machines.
Infrastructure: Robert Gabriel Mugabe International Airport is in the capital
city while Bulawayo has the Joshua Nkomo International Airport. Victoria Falls
Airport is served by several airlines and charter services; 17 airports have paved
runways. The Cairo-Cape Town Highway and the Beira-Lobito Highway traverse
the country, which has 88 000km of road, of which 17 400km is paved. A 270km
pipeline carries petroleum products. Lake Kariba is navigable and there are ports
at Binga and Kariba.
ICT Development Index (IDI): 42.7 (2023) ITU.
Mobile subscriptions per 100 inhabitants: 88 (2022) World Bank.
Internet percentage of population: 38 (2023) World Bank.
Climate: Tropical with a rainy season between November and March. Most of
country’s relatively high altitudes of between 1 000m and 1 600m moderate the
climate, with high mountains in the east.
Religion: Apostolic and Pentecostal account for nearly 60%, Protestant and other
Christian 21%, Roman Catholic 6%, African traditionalist 5%, other 1.5%.
Modern history: Evidence such as the ruins of Great Zimbabwe point to a
sophisticated gold-mining and trading Shona entity active from about 1100. In the
19th century the migration of the Ndebele people from the south was followed
by European missionaries, hunters and traders. The private company of Cecil
John Rhodes, British South Africa Company, became the colonial ruler of what
would become Southern Rhodesia in 1889 and forcibly crushed local resistance.
The British state took over in 1922 and created the Central African Federation,
comprising Southern Rhodesia (Zimbabwe), Northern Rhodesia (Zambia) and
Nyasaland (Malawi). When the other states chose independence, Rhodesia’s white
residents chose unilateral independence, a decision which led to international
isolation and intensified resistance, including guerilla warfare. The election in
1980 of Robert Mugabe, leader of ZANU, heralded great optimism for a country
with great agricultural and mineral wealth. By 2006, annual inflation had reached
1 000% after years of political turmoil, including a land-distribution programme
which evicted white farmers from farms, involvement in the civil war in the DRC
and a suffocating political environment. In 2013 Mugabe began his seventh term
but in 2017 he was replaced by Emmerson Mnangagwa. Mnangagwa won elections
in 2018 and 2023 but his opponents rejected the polls, as did organisations such as
Human Rights Watch.
PHOTO: Caledonia Mining Corporation
27

TRADE CREDIT INSURANCE
A STRATEGIC ENABLER
OF GROWTH
Credit Guarantee Insurance Corporation of Africa are risk
specialists who give clients an edge over their competitors,
says Thabiso Tsoledi, General Manager: Risk.
the comfort that our capacity is backed by a strong balance sheet and a trusted
global network.
How is CGIC deploying technology?
We’ve been investing heavily in our digital infrastructure to enhance our client
experience. Our risk-management platform, powered by our new scoring
model, offers real-time buyer limit decisions, within a mandate structure.
We’re also investing in data analytics to predict potential defaults earlier,
allowing proactive interventions. The automation of routine processes
means our people can focus on what matters most, servicing our clients and
understanding their needs.
What is trade credit insurance and why is it important?
Trade credit insurance is a financial risk management tool that protects
businesses against the non-payment of trade-related debts. It covers a seller
if their buyer fails to pay due to insolvency, protracted default or political
risk (political risk is covered for markets outside of South Africa). We believe
that our products are enablers of trade for our clients. It’s important because
it unlocks confidence in trading relationships. Especially in emerging or
uncertain markets, it allows businesses to extend more competitive credit terms
to customers without compromising their cash flow or balance sheet resilience.
In times of volatility, like we’ve seen post-Covid, during geopolitical disruptions
or localised industry downturns, it’s not just protection; it’s a strategic enabler
of growth.
What is your unique selling proposition?
What sets us apart is our deep local underwriting expertise, integrated with
global reinsurance capacity and intelligence. We don’t just insure, we partner.
We’ve built strong relationships with our broker distribution channel and
clients over years by being transparent, responsive and decisive. Our USP lies
in our ability to underwrite risk on the ground, backed by credible information
networks and to provide practical, commercially sound solutions, especially in
complex and high-risk sectors. We’re not box-tickers. We are risk specialists
ensuring our clients have an edge over their competitors.
What is your credit rating?
Our claims paying ability has been affirmed at AA+ with a Stable Outlook by
Global Credit Ratings Company (GCR). Our balance sheet is well capitalised.
We also benefit from the support of our shareholders, Old Mutual Insure and
Atradius (one of the leading credit insurers in the world). That gives our clients
What potential do you see in AI?
AI will redefine how we assess and manage credit risk. The immediate
opportunity is in predictive analytics, using historical payment patterns, trade
flows and market signals to flag potential defaults before they happen. It also
helps in automating large volumes of credit limit applications, detecting fraud
and improving claims triage. AI technology will enable us to underwrite more
efficiently and accurately, allowing for improved customer reach and growth
in a timely and secure manner. That means more tailored policies, quicker
turnaround and better customer service, without compromising risk integrity.
What are important things that customers trading into the rest of Africa from
South Africa should be aware of?
Firstly, understand your counterparty in respect of ownership structures,
political exposure and operational track record. Secondly, logistics and
currency management are often underestimated, and this can be the difference
between concluding on a transaction and protracted default. Many clients are
caught off guard by FX volatility, port delays or regulatory changes. Thirdly, the
enforceability of contracts varies widely, so always align commercial terms with
on-the-ground realities. Lastly, stay close to your credit insurer, we can often
see early signs of risk that aren’t visible from afar.
What possibilities do you see in the African Continental Free Trade Area
(AfCFTA) agreement?
AfCFTA could be transformative. By reducing tariffs and trade barriers, it will
unlock new intra-African trade corridors, encourage industrialisation and
diversify export markets. For South African businesses, it means greater access
to fast-growing consumer markets and upstream supply chain opportunities.
For us and our clients, it broadens the map of opportunity but also introduces
new complexities. With the right information and underwriting tools, we can
help clients navigate this evolving landscape and seize growth opportunities in
a more connected African economy.
28