The Africa Foward

Intra-African-trade continues to grow as Ghana eyes fuel imports from Dangote oil refineries. Here’s what to know: Ghana could buy petroleum products from Nigeria's #Dangote Oil Refinery once the facility is operating at full capacity, cutting more expensive exports from #Europe, the head of the country's oil regulator said on Monday. This could end monthly #fuel imports from Europe of $400 million, Mustapha Abdul-Hamid, chairman of the National Petroleum Authority, #Ghana said at the OTL Africa Downstream oil conference in #Lagos. "If the #refinery reaches 650,000 bpd a day capacity, all that volume cannot be consumed by #Nigeria alone, so instead of us importing as we do right now from #Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices," Hamid said. The Dangote #Oilrefinery built by Nigerian billionaire #AlikoDangote is expected to operate at near full capacity at the end of the year and analysts believe it could be fully operational in the first quarter of 2025. Hamid said importing from Nigeria rather than Europe would bring down the prices of other goods and services by removing freight costs. Eventually, he said African countries would agree on a common #currency that should dampen demand for dollars. Ghana's economy, which grew by 6.9% year-on-year in the second quarter of 2024, has been driven largely by a strong expansion of the extractive sector which has boosted demand for fuel. https://lnkd.in/efMiY99W Ghana 🇬🇭 and Nigeria 🇳🇬 are #AfCFTA member countries

🚀 𝗘𝘅𝗽𝗹𝗼𝗿𝗶𝗻𝗴 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀 𝗶𝗻 𝗦𝘂𝗯-𝗦𝗮𝗵𝗮𝗿𝗮𝗻 𝗔𝗳𝗿𝗶𝗰𝗮: 𝟮𝟬𝟮𝟰 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗯𝘆 KPMG 🌍 📊 𝘒𝘦𝘺 𝘛𝘢𝘬𝘦𝘢𝘸𝘢𝘺𝘴 𝘧𝘳𝘰𝘮 𝘢𝘯 𝘐𝘯𝘴𝘪𝘨𝘩𝘵𝘧𝘶𝘭 𝘙𝘦𝘱𝘰𝘳𝘵 1️⃣ 📈 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿 𝗥𝗲𝘁𝘂𝗿𝗻: Foreign direct investment (FDI) is poised to hit 2.13% of GDP in 2024, up from 1.74% in 2023. 2️⃣ 🌱 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗚𝗿𝗼𝘄𝘁𝗵: IMF projects regional GDP growth from 3.4% in 2023 to 3.8% in 2024, with a further rise to 4% in 2025. 3️⃣ 🔻 𝗜𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 𝗗𝗿𝗼𝗽: Expected to halve from a high of 10% in late 2022. 4️⃣ 🔄 𝗦𝘁𝗮𝗯𝗹𝗲 𝗣𝘂𝗯𝗹𝗶𝗰 𝗗𝗲𝗯𝘁: SSA economies are stabilizing, returning to the international debt market after a two-year break. 5️⃣ 🤝 𝗠&𝗔 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆: 2023 saw 304 deals with a steady total value of US$18.9 billion. 𝟲️⃣ 📈 𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗗𝗲𝗮𝗹 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: West Africa recorded its second-strongest year with 44 deals. East Africa maintained robust activity. Francophone SSA hit a record high with 17 deals. Southern Africa led in deal size, hosting 7 of the top 10 deals. 7️⃣ 🚀 𝟮𝟬𝟮𝟰 𝗠𝗶𝗱-𝗬𝗲𝗮𝗿 𝗠𝗼𝗺𝗲𝗻𝘁𝘂𝗺: First half shows the highest M&A quarter value in over two years at US$11.8 billion. 8️⃣ 💰 𝗔𝘁𝘁𝗿𝗮𝗰𝘁𝗶𝘃𝗲 𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻𝘀: Key driver for recent deals, particularly in technology—26% of financial investors and 8% of corporates targeting digital assets. 9️⃣ 📱 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗖𝗼𝗻𝗻𝗲𝗰𝘁𝗶𝘃𝗶𝘁𝘆: 80% of young urban Africans own a mobile, with internet usage skyrocketing from 7.6% in 2009 to 33% in 2023. 🔟 📊 𝗧𝗮𝗻𝘇𝗮𝗻𝗶𝗮𝗻 𝗚𝗿𝗼𝘄𝘁𝗵: Economic expansion spurs a projected doubling of household spending by 2029 from US$41 billion in 2022. 1️⃣1️⃣ 💵 𝗠𝗼𝗯𝗶𝗹𝗲 𝗠𝗼𝗻𝗲𝘆 𝗨𝘀𝗮𝗴𝗲: 72% of adults in Tanzania engage in mobile financial transactions, spotlighting digital economy opportunities. 🌐 𝘈 𝘊𝘭𝘰𝘴𝘦𝘳 𝘓𝘰𝘰𝘬 𝘢𝘵 𝘚𝘶𝘣-𝘚𝘢𝘩𝘢𝘳𝘢𝘯 𝘈𝘧𝘳𝘪𝘤𝘢'𝘴 𝘉𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘓𝘢𝘯𝘥𝘴𝘤𝘢𝘱𝘦 𝘙𝘦𝘷𝘦𝘢𝘭𝘴 𝘢 𝘙𝘦𝘨𝘪𝘰𝘯 𝘗𝘰𝘪𝘴𝘦𝘥 𝘧𝘰𝘳 𝘌𝘹𝘤𝘪𝘵𝘪𝘯𝘨 𝘖𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘚𝘶𝘴𝘵𝘢𝘪𝘯𝘦𝘥 𝘎𝘳𝘰𝘸𝘵𝘩! #InvestInAfrica #DigitalTransformation #EconomicGrowth #SubSaharanAfrica #KPMGInsights

East Africa leads economic recovery in Africa: World Bank report The economy of the Eastern and Southern Africa (AFE) sub-region is projected to increase from 1.7% in 2023 to 2.2% in 2024, ultimately reaching 3.9% by 2025–2026. The East African Community is expected to achieve a growth rate of 4.7% in 2024, with a further anticipated increase to 5.7% in #2025–2026, thereby surpassing other African sub-regions, as highlighted in the latest Africa's Pulse report released by the The World Bank Group this month. The report indicates that the pace of economic recovery in 2024 varies significantly across Africa and among its sub-regions. Nevertheless, East Africa is distinguished as the sub-region with the highest economic growth rate. Within East Africa, Kenya is particularly notable for its strong currency and remarkable achievements across various sectors. The report also mentions that approximately 60% of Sub-Saharan African countries are expected to experience a surge in growth by 2024. In light of the optimistic growth outlook for Africa's economy, the Africa Pulse study emphasizes that East Africa continues to be the sub-region with the most robust economic performance on the continent. The nations that have significantly contributed to the growth of the East African Community include hashtag #Kenya, #Rwanda, #Tanzania, and #Uganda. Specifically, Kenya's economy is anticipated to grow by 5% in 2024 and by 5.1% in 2025–2026. Private consumption and investment in the East African nation are being enhanced by favorable macroeconomic conditions, evidenced by lower inflation rates and a more stable national currency. The Kenyan Shilling has transformed from one of the poorest performing currencies in 2023 to the strongest in 2024, appreciating by 21% year-to-date by the end of August 2024. Additionally, due to liquidity constraints, #Kenya faced increased vulnerability to macrofinancial instability, necessitating the need to secure funds to address larger fiscal deficits and bond repayments. From a sectoral production perspective, economic activity is being bolstered by the resurgence of tourism and agriculture. Full report here: https://bit.ly/3UfMp9Y

Inside the World Bank, AfDB’s $90 BILLION mission to electrify AFRICA: Six months into the World Bank’s latest initiative to boost access to #electricity across #subSaharanAfrica, governments from across the #continent met on Tuesday to discuss crucial steps in their bid to re-attract private sector #investment to the continent’s beleaguered electricity providers. The #WorldBank, in collaboration with the #AfricanDevelopmentBank, in April launched a bold scheme that aims at supplying electricity to an additional 300mn people across the region by 2030, working alongside partners including the #RockefellerFoundation, the Global Energy Alliance for People and Planet, and Sustainable Energy For All, with a view to attracting raising $90bn worth of investment for the continent’s power needs. Dubbed #Mission300, the initiative aims to raise an additional $90bn to fund electrification projects — via both extensions and densification of existing national grids and the deployment of off-grid projects using largely #solarpower #technology — by 2030. Yet as participating countries meet in #Washington on Tuesday to discuss progress in developing new energy compact frameworks — seen as crucial for the return of #privatesector investors — ahead of a formal summit in #Tanzania in January, some have questioned the World Bank’s commitment to mass electrification over other priorities. Africa’s vast energy investment gap The scale of sub-Saharan Africa’s electricity challenge is hard to overstate; the region is home to nearly 600mn people without access to electricity, representing nearly 83 per cent of the world’s unelectrified population, according to World Bank data. Continue reading.. https://lnkd.in/dQiWeDqd #PowerAFRICA #AfricaYesWeCAN #TransformingAfrica #TheAfricaWeWant #AfCFTA #BrandAfrica #AU #GDP #Investment #Africa #AfricaMeansBusiness #ThisIsAfrica #Diaspora #IT #OneAfrica #AUC #TransAfricanHighway #SMEs #CreatingOneAfricanMarket #Invest #Tariffs #TheAfCFTAEffect #Trade #AI #AfricaRising #FDI #IntraAfricanTrade #Agenda2063 #Partnerships #AfCFTATV #WB #BuildBackBetter #InvestInAfrica #AfricanUnity #IMF #WTO #AfDB #TradeNotAid #AfCFTATrading #TravelToAfrica #CFTA #SAATM #TradeInAfrica #TradeUnderAfCFTA #JoinAfCFTA #AfricaOnTheMove #Infrastructure #Tourism #VisitAfrica #MadeInAfrica #AfCFTASecretariat #PanAfricanism #Investors #PAPSS #ZLECAF #AfricanSolutionsToAfricanProblems #Growth #BetterAfricaBetterWorld #StrongerTogether #Afreximbank #UnitedUnderAfCFTA #AfCFTA2024 #Africa2024 #AfricaToTheWorld #GlobalAFRICA

🌍 Africa's Economic Outlook: Bright Prospects Amid Global Challenges 🌍 According to the latest IMF projections, Africa's economic growth is set to be a standout story in a world of economic uncertainty. While global growth is expected to slow to around 3% in 2024, Sub-Saharan Africa remains resilient with a forecasted growth rate of around 4% 📊. This is driven by rising investments in infrastructure, digital innovation, and strong demographic trends. Meanwhile, other regions face mixed prospects: 1. Asia-Pacific continues to be a growth leader, bolstered by the recovery of major economies like India and China, with projected growth of about 4.5%. 2. Latin America and the Caribbean face a slower pace at 2.4%, as external demand wanes. 3. Europe sees a challenging environment, with growth expected around 1.5%, impacted by high energy costs and inflation pressures. For Africa, the focus on diversification and sustainable investments is key to maintaining this growth trajectory. With the right policies, the region could become a pivotal player in the global economy 🌍💡. 📈 What are your thoughts on Africa’s potential for sustained growth? How can the continent leverage its strengths amid global challenges? #AfricaRising #EconomicGrowth #IMFProjections #GlobalEconomy #SubSaharanAfrica #LinkedInEconomy

🌍💥 𝗔𝗳𝗿𝗶𝗰𝗮'𝘀 𝗕𝗼𝗼𝗺𝗶𝗻𝗴 𝗣𝗼𝗽𝘂𝗹𝗮𝘁𝗶𝗼𝗻 𝗚𝗿𝗼𝘄𝘁𝗵! 💥🌍 As the world gears up for a 𝗽𝗿𝗼𝗷𝗲𝗰𝘁𝗲𝗱 𝗽𝗼𝗽𝘂𝗹𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝟵 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝗯𝘆 𝟮𝟬𝟯𝟳, 🌍 𝗔𝗳𝗿𝗶𝗰𝗮 𝗶𝘀 𝗹𝗲𝗮𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗰𝗵𝗮𝗿𝗴𝗲! 🚀📈 Here’s a fascinating glimpse into how Africa compares with the rest of the world in terms of population growth: 🔹𝗡𝗶𝗴𝗲𝗿𝗶𝗮 🇳🇬 is set to see an astonishing increase of 65 million people, standing out as a powerhouse of demographic expansion. 🔹 𝗗𝗥 𝗖𝗼𝗻𝗴𝗼 🇨🇩 and 𝗘𝘁𝗵𝗶𝗼𝗽𝗶𝗮 🇪🇹 are not far behind, expecting boosts of 51 million and 46 million respectively. 🔹 𝗧𝗮𝗻𝘇𝗮𝗻𝗶𝗮 🇹🇿 will contribute 28 million to the global population, followed by 𝗘𝗴𝘆𝗽𝘁 🇪🇬 with 23 million. In total, Africa's contribution dwarfs other regions, promising a rich future filled with potential and opportunities. 🌟🌍 This exponential growth underscores the importance of sustainable development and innovation in infrastructure, healthcare, and education to harness the vast potential of our youthful population. Let's embrace and invest in the vibrant future of Africa! 🌱🎓 #PopulationGrowth #FutureReady #InvestInAfrica #SustainableDevelopment #AfricaRising #Africa Courtesy: Axel Peyriere

Meet Yannick Laurent Bado, the visionary Burkinabé entrepreneur behind JEPEB, Africa's FIRST 100% homegrown tyre brand! Yannick's innovative spirit tackles the continent's toughest roads. JEPEB's tyres are designed for Africa's rugged terrain, produced locally to support African economies and they're set to manufacture 40,000 tyres annually JEPEB's impact goes beyond tyres: Creating jobs for Africans Boosting local economies Yannick's achievement showcases African potentials when supported by good government policies. Burkina Faso is on the path to greater heights under the leadership of Cpt Ibrahim Traore, join the celebration! #AfricanInnovation #JEPEB #BurkinaFaso #MadeInAfrica #AfricaRising #TyreRevolution

Tanzania Mandates Gold Dealers to Reserve 20% for Central Bank Purchases: Key Insights Tanzania’s Mining Commission has directed all mining firms and gold traders to allocate 20% of their gold for purchase by the Central Bank of Tanzania (BoT) starting October 1. This move aims to bolster the nation's foreign reserves amidst ongoing currency depreciation pressures. In the previous fiscal year, the BoT purchased 418 kg of gold and plans to acquire 6 metric tons in the current financial year. Miners will deliver their reserved gold to two major refineries: Eye of Africa in Dodoma and Mwanza Precious Metals Refinery. Payments will be managed under BoT arrangements, though details on pricing remain undisclosed. By July, Tanzania's foreign reserves stood at $5.29 billion, covering 4.3 months of imports. This new policy strengthens efforts to diversify the nation's reserves with gold. #Tanzania #Gold #Mining #Reserves #CentralBank

📌 Burkina Faso 🇧🇫 Burkina Faso is taking a huge step towards promoting its culture and reducing reliance on international imports. The country has adopted traditional, locally made fabrics for school uniforms, and that's not all - they're also stopping imports of police and military uniforms. To make this vision a reality, a local factory has been built to cater to the uniform needs of all citizens. This move will not only boost the local textile industry but also create jobs and stimulate economic growth. Burkina Faso is already renowned for its high-quality cotton production, being one of the largest producers on the African continent. The country's strong textile heritage is built on handwoven cotton fabrics, making this shift to local production a natural fit. By embracing traditional fabrics and local manufacturing, Burkina Faso is showcasing its commitment to cultural preservation and economic empowerment. It's exciting to see countries taking ownership of their heritage and creating opportunities for their people. #burkinafaso #textile #cotton #education #africa

🚨 In case you missed it: Angola’s Lobito Rail Corridor project just received a $200 million boost from the Development Bank of Southern Africa (DBSA), alongside the U.S. International Development Finance Corporation (DFC). This $786.4 million infrastructure project is set to transform regional trade and transport in #SouthernAfrica, connecting Angola’s Lobito Port to the DRC's mineral-rich regions via a 1,289 km railway. Key highlights include: - Enhanced transportation of #copper, #cobalt, and other critical minerals. - Support for the #renewableenergy sector by facilitating the export of essential minerals. - Regional integration and economic growth across #Angola, #DRC, and #Zambia. With the project’s Concession Agreement signed in November 2022, construction is imminent. This #LobitoCorridor is expected to become the most competitive route for mineral exports, driving both cost and time efficiencies. 🌍 Collaborating partners include the African Development Bank, the U.S. Government, and the #EuropeanUnion, further strengthening this strategic initiative. https://lnkd.in/eY4r9_YZ #Infrastructure #AfricaDevelopment #EnergyTransition #Lobito #TransformingAfrica #TheAfricaWeWant #BrandAfrica #AU