Journal of African Business Issue 4

THE JOURNAL OF
AFRICAN
BUSINESS
SEPT / OCT / NOV 2022
POWERING MINING
IN AFRICA
The rise of the mini-grid
and the captive model
ENERGY PARTNERSHIPS
MUST BENEFIT SOCIETY
Localisation can support
women and children
BLOCKCHAIN IS A
DRIVER OF INCLUSION
COUNTRY PROFILES:
GHANA & KENYA
THE EFFECT OF TRAVEL
BANS ON TOURISM
INSPIRED BY AFRICANS
MULALO TAKAEDZA, a Senior Vice President at
Standard Bank, is impressed by the entrepreneurial
spirit and resilience of the continent’s people

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FOREWORD
Journal of
African Business
A unique guide to business and investment in Africa.
Welcome to Journal of African Business, your guide to business and investment
on the continent. The fourth edition of Journal of African Business is the second
issue of this magazine to be published as a quarterly. The first two journals were
published as annual publications in 2020 and 2021.
Quarterly publication affords our team more opportunities to bring to readers
up-to-date information and opinions and offers our clients increased exposure at
specific times of the year, either related to events and conferences or in conjunction
with feature articles on specific topics.
Our aim is to cover a wide range of subjects within the broader economic sectors:
energy; mining and exploration; trade; finance; technology and tourism.
POWERING MINING
IN AFRICA
The rise of the mini-grid
and the captive model
ENERGY PARTNERSHIPS
MUST BENEFIT SOCIETY
Localisation can support
women and children
BLOCKCHAIN IS A
DRIVER OF INCLUSION
COUNTRY PROFILES:
GHANA & KENYA
THE EFFECT OF TRAVEL
BANS ON TOURISM
THE JOURNAL OF
AFRICAN
BUSINESS
SEPT / OCT / NOV 2022
INSPIRED BY AFRICANS
MULALO TAKAEDZA, a Senior Vice President at
Standard Bank, is impressed by the entrepreneurial
spirit and resilience of the continent’s people
In addition to this, special features
on topical matters will be published
periodically, along with country profiles.
In this issue, Ghana and Kenya are profiled.
In an interview, Mulalo Takaedza,
a Senior Vice President in Structured
Capital Team at Standard Bank, shares her
perspective on Africa’s prospects and relates
how she found some entrepreneurship
within herself while doing business in
Nigeria. Her own philanthropic work
and reflections on the role of women in
mentoring also form part of the interview.
Former South African deputy president
Phumzile Mlambo-Ngcuka writes on how important it is for energy partnerships
in Africa to benefit society, especially women and children through a process of
localisation. Mlambo-Ngcuka, who also served as Director of UN Women, argues
that resource companies need to be carefully monitored to ensure that a country’s
developmental needs are addressed as resources are exploited.
The potential of mini-grids for mining operations in Africa is explored
by two experts from Norton Rose Fulbright. Finding reliable, cost-effective
and green energy solutions are key factors for resource companies,
particularly where the existing grid has suboptimal generation, transmission and
distribution infrastructure.
We record a speech made to the 1st Africa-Caribbean Trade and Investment
Forum by AfCFTA Secretary-General Wamkele Mene. The Forum was held under
the theme “One People, One Destiny: Uniting And Reimagining Our Future” and
Meme spoke about the steps that have been taken, and will be taken, to enable
and promote private-sector investment in terms of the African Continental Free
Trade Area (AfCFTA) agreement. All of the measures being introduced are further
strengthening the case for investing in Africa.
Environmental scientists Alexander Richard Braczkowski and Duan Biggs have
been studying the data on the effects of Covid-19 lockdowns on tourism in Africa.
In an article first published on The Conversation, the authors illustrate how bad the
absence of visitors has been for African lodges and reserves and suggest some ways
in which the industry can recover.
Global African 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, Journal of African Business
Email: john.young@gan.co.za
Editor: John Young
Publishing director: Chris Whales
Managing director: Clive During
Online editor: Christoff Scholtz
Design: Simon Lewis. Production: Yonella Ncaba
Ad sales: Venesia Fowler, Tennyson Naidoo,
Tahlia Wyngaard, Gavin van der Merwe, Sam Oliver,
Graeme February, Shiko Diala, Gabriel Venter
and Vanessa Wallace
Administration & accounts: Charlene Steynberg,
Kathy Wootton
Distribution & circulation manager: Edward MacDonald
The Journal of African Business magazine 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.gan.co.za
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 book. 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
2

CONTENTS
2
4
6
FOREWORD
From the editor’s desk.
NEWS FROM THE CONTINENT
Recent investments, expansions and milestones.
INSPIRED BY AFRICANS’ RESILIENCE
Before working on African deals, Standard Bank Senior Vice President
Mulalo Takaedza found her entrepreneurial spirit awakened in Nigeria.
12
POWERING MINING IN AFRICA – THE RISE OF THE MINI-GRID
Miners have multiple considerations to weight up when they decide how to power
their operations, write Simon Cudennec and Laura Kiwelu of Norton Rose Fulbright.
14
18
THE MUSINA-MAKHADO SPECIAL ECONOMIC ZONE
A regional plan with a continental impact.
ENERGY PARTNERSHIPS IN AFRICA MUST BENEFIT SOCIETY
Phumzile Mlambo-Ngcuka, the former Director of
UN Women and South Africa’s first female deputy president
argues for broader social goals in energy policy.
20
HOW TO ACCELERATE PRIVATE SECTOR INVESTMENT
The speech given by AfCFTA Secretary-General Wamkele Mene to the
1st Africa-Caribbean Trade and Investment Forum in September 2022 outlined how the
continental agreement will create a conducive environment for investment.
22
24
A SURGE IN DDOS ATTACKS – WHAT TO DO
Patrick Ndegwa, SEACOM Business Sales Lead, explains
how African businesses can protect themselves.
BLOCKCHAIN IS A DRIVER OF FINANCIAL INCLUSION
Africa’s biggest banker is researching and developing
transformative fintech and blockchain products.
26
WHAT TRAVEL BANS HAVE DONE TO CONSERVATION TOURISM
Researchers Alex Braczkowski and Duan Biggs
analyse the damage done and suggest strategies to help it
recover. This article first appeared in The Conversation.
28
30
32
COUNTRY PROFILES:
GHANA AND KENYA
EVENTS IN AFRICA
Global Africa Network
(GAN) is the media partner
of many upcoming events.
HOW TO BUY A BUSINESS
Contents
The Journal of
African Business
3

NEWS FROM ALL AROUND AFRICA
Recent investments, expansions and milestones.
CREDIT: Pexels by Perry Tintin
GHANA AND SCOTLAND BUSINESS LEADERS AGREE TO NETWORK
National Theatre, Ghana. Credit Kojo Nana on Unsplash
Africa Scotland Business Network has signed its first intra-African partnership agreement
with UK Ghana Chamber of Commerce. UKGCC and ASBN have signed the agreement to crosspromote
each other’s organisations for intra-African and international trade and relations
within Ghana, Scotland and with their networks across the world.
Under the partnership, UKGCC and ASBN will also work to ensure increased brand awareness
and leverage from this to deliver reputation value and credibility, thus enhancing the value of
their brands and those of their internal member companies. To achieve these objectives, both
organisations have committed to focus on five key sectors: energy, healthcare, agriculture,
technology and training education. ASBN has been commissioned to produce an Africa-
Scotland Economic Impact Report for Scottish Development International (SDI). The report, the
first of its kind, will showcase the impact and successful business activity of Scottish firms in
Africa. Africa Scotland Business Network will be working with 25 Scottish companies featuring
in the report including ASBN member companies Craig International, Ascensos, Riiot Digital,
Workstreme, Abergower, SAFER Training and Solariskit.
SOLAR PROJECTS ARE SHINING IN NAMIBIA
Solar projects are moving ahead in Namibia with the support of the Development Bank of Namibia. So far,
the DBN has made funding available across Namibia for renewable projects to the value of N$1.2-billion.
One example of this is the 18.5MW solar plant to be located at Kokerboom in Keetmanshoop. This plant is
to be constructed and operated by Alpha Namibia Industries Renewable Power Limited (ANIREP), while an
offtake agreement has been signed with Dundee Precious Metals Tsumeb.
A consortium known as Anirep Aussenkjerr Solar One received N$193-million in financing from DBN for
the construction of the 20MW Khan solar plant, where NamPower has signed a 25-year offtake contract.
The company is made up of two local companies, ANIREP (which is listed on the Namibian Stock Exchange)
and Aussenkjer Energy Investments.
The Development Bank of Namibia (DBN) has funded renewable
projects in the country to the value of N$1.2-billion. Credit: ANIREP
4

NEWS
AFRICA ON THE RADAR FOR WORLD-LEADING BLOCKCHAIN RESEARCH INSTITUTE
With the unique capabilities of blockchain technology set to average, only 11% of executives have a good understanding
revolutionise transparency, record-keeping, efficiency and of blockchain, with only 4% having had hands-on experience
the effectiveness of transactions in the business world, with the technology. As a result, companies have limited
boardrooms across Africa are beginning to incorporate the knowledge of how blockchain can be used in their organisation.
technology and applications such as Web3.0, decentralised Despite this, research shows a clear appreciation among
finance (DeFi), and the metaverse in discussions around business leadership for the significant role that blockchain
corporate innovation and digital strategy.
will play in the transformation of traditional industries and
But while conversations around this technology are business models.”
becoming popular among board members, more needs to be To enhance knowledge and understanding of blockchain, and
done to enhance executive-level knowledge, understanding its applications towards driving sustainable development on
and buy-in of blockchain technology and its applications the continent across multiple industries, the Standard Bank
for businesses in traditional African industries such as Group has partnered with Canada-based Blockchain Research
mining, agriculture and manufacturing. This is according to Institute (BRI) to expand its research capabilities to Africa.
Ian Putter, Head of the Blockchain Centre of Excellence at In doing so, the organisation seeks to bring together top
Standard Bank Group and Regional Director of the Blockchain industry leaders, academics, policymakers, entrepreneurs
Research Institute Africa.
and researchers from across the continent, to collaborate
He explains, “Peer-reviewed research has found that, on on ground-breaking research on blockchain technology
in an effort to bridge the gap between its technological
functionality and real-world needs of the market.
In support of these goals, BRI Africa hosted an online
seminar where global experts discussed real-world
applications for blockchain technology beyond crypto assets
and unpacked opportunities for collaboration with BRI Africa
Ian Putter (above), Head of the Blockchain Centre
of Excellence at Standard Bank Group and Regional
Director of the Blockchain Research Institute Africa.
TALK360 RAISES $4-MILLION FOR AFRICAN EXPANSION
International calling app Talk360 has secured $4-million
in funding as it prepares to launch a new pan-African
payment platform in 2022. The seed round of funding was
led by leading African venture capital investor HAVAÍC, 4Di
Capital and several prominent fintech angel investors. The
company intends to expand its calling business, build an
African payment platform and open its payment platform
to other merchants.
While the Talk360 app is seeing rapid growth on
the continent, with a growing number of paying
users, accessibility has been an issue for 500-million
underserviced people. Users either don’t have online
banking to buy Talk360 airtime, or their local currencies
or payment methods are not supported. The new payment
Co-founders of Talk360, Hans Osnabrugge and Dean Hiine.
platform aims to address inaccessibility by providing
users with the option to buy products and services using
any currency and more than 160 payment methods. It will
also be opened to other service providers.
Talk360 was co-founded in 2016 by South African
venture builder Dean Hiine and Dutch entrepreneurs Hans
Osnabrugge and Jorne Schamp. With offices in South
Africa, the Netherlands, India and Nigeria, it connected
more than two-million people in 2021.
The angel investors include several unicorn founders
and executives such as Gaston Aussems (ex-Mollie),
Robert Kraal (ex-Adyen), Gabriel de Montessuss (President
WorldPay International) and Marnix van der Ploeg, ex-
Booking.com and EQT (African Media Agency).
UNITED PLANS TO LINK MORE AFRICAN CITIES WITH WASHINGTON
A range of flights have resumed to Cape Town in South Africa and a new direct flight has been the Namibian city of Windhoek. KMIA is a short hop from several entrances to the iconic Kruger
added to take European tourists directly to the Kruger National Park. In addition, United National Park, South Africa’s biggest game and nature reserve.
Airlines has announced that it has applied to fly directly from Washington to Cape Town.
Mbombela, the capital of Mpumalanga Province in South Africa and the host of KMIA,
KLM Royal Dutch Airlines will take on additional flights from Amsterdam to Cape Town from becomes Eurowings Discover’s seventh African destination. The newly-created leisure line has
November 2022, lifting the total number of flights to Cape Town to 10 per week. This year is established or planned flights from Frankfurt to Mombasa, Zanzibar, Mauritius, Windhoek,
the 30th anniversary of KLM Royal Dutch Airlines flying between Amsterdam and Cape Town. Victoria Falls and Kilimanjaro.
United Airlines is another airline that resumed flying to Cape
Town after a halt caused by Covid-19 restrictions. There are
United’s 787-Dreamliner flies the Cape Town – Newark route.
three weekly flights between New York’s Newark Airport and
Cape Town, and a further seven to and from Johannesburg.
United Airlines has also made an application to the US
Department of Transportation for three weekly nonstop
flights to be granted between Washington DC and Cape
Town. United intends for the service to begin in November
2022, if approved.
United’s Washington Dulles Airport hub caters to more than
230 daily flights to nearly 100 destinations, including more
than 10 world capitals and new services that have recently
come online to Accra, Ghana, and Lagos, Nigeria.
Eurowings Discover, a new division of Lufthansa that was
launched in 2021, will fly to Kruger Mpumalanga International
Airport (KMIA) from November 2022, with a short stopover in
5

Y
Standard Bank’s Mulalo Takaedza
6

BANKING
INSPIRED BY AFRICANS’ RESILIENCE
AND INDUSTRIOUSNESS
As someone who travelled widely in Africa before working on African deals, Mulalo Takaedza found her entrepreneurial
spirit awakened in Nigeria. She is Senior Vice President, Structured Capital Team at Standard Bank.
Your first experience of working outside South Africa on
the continent was in Nigeria. Had you been to other African
countries before that?
I had travelled Africa quite extensively before that. I had been to
East Africa, Tanzania, Kenya and Zanzibar. I had also travelled to
the SADC-region countries quite a bit. I had done Africa for travel,
but never as part of my professional career. Nigeria was the first
time I had lived and worked in a different country on the African
continent outside of South Africa.
Why did you want to travel in Africa?
I have always been very open-minded and I think part of that
comes from the fact that I was not raised in a nuclear family. I was
raised very much by a village, having to listen to other people,
having to take other people’s views into consideration and having
to be very considerate.
I love the African continent. It is part of me wanting to see what
else was there, it came from knowing that there is more to us as a
continent than just South Africa.
What were you expecting in Nigeria and what did you find
there? Was it different?
My experience of Nigeria started through colleagues that I met
before I travelled there. They had been very warm and kind to
me so I already knew that I was going to have a softer landing
and that there were some familiar faces that I would find. I think
what surprised me was the intensity and the ubiquitous spirit of
entrepreneurship in Nigeria. Literally from the bottom all the
way up, everybody thinks very much as an entrepreneur: how do
I turn this into an opportunity, how do I turn this into some sort
of economic benefit?
For me, it woke up some sort of entrepreneurship in me. Even
if you don’t necessarily work as a business owner, there is a level
of entrepreneurship we all need to apply in what we do every day,
how we spend our time and how we make decisions. How we assess
risk versus reward. That was something that I really enjoyed.
I probably expected that aspect but the forthrightness of the
people – how Nigerians tell it like it is and you know what they
are thinking and how they are feeling – I appreciated that. That is
kind of the person that I am. So being part of the culture of people
like that, I definitely enjoyed that.
How long did you have in Nigeria on that first stint?
It was quite intermittent because of visas and travelling back and
forth, but overall, it was for a period of about eight months that
I was in and out of Nigeria.
And does your current role take you around the continent?
Partly because of Covid and because we have all adjusted to being
able to work remotely, all the work we have done has been done
virtually. I have done deals for companies that operate on the
continent in my current role but I have not travelled yet.
What did your travels plus your experience in Nigeria tell you
about the potential of Africa?
Oh, that’s its booming, that it is absolutely booming. That we are
so industrious. We have always known this about ourselves: we are
full of potential, we are resilient. At the time Nigeria was the secondlargest
economy on the continent but there was still a lot of poverty
and inequality in Nigeria. The resilience of an average Nigerian, or
an average African actually, is something that is inspiring.
We need to find the ability to be there for each other and be
able to relate with one another from different walks of life. It is
something that gives you a great sense of pride to be part of this
continent that is so full of hope and so full of life, irrespective of all
the challenges that we have in this country and on this continent.
7
There is a level of
entrepreneurship we
all need to apply in
what we do every day
Below: The Standard Bank building in
Cape Town. Credit: Standard Bank.

BIOGRAPHY
___ ___ ___ ____
Mulalo Takaedza grew up in
Soweto, Johannesburg. When
she was young, her mother took
on a position in Saudi Arabia
as a cardiac nurse so Mulalo’s
aunt and grandmother played
a big role in her upbringing.
She attended primary school in
Lenasia and matriculated out of
Holy Family College in Rosebank.
Attendance at the private
school was made possible partly
through scholarships that the
school provided based on good
academic results. She achieved
an A in accounting but English
was a favourite subject. She
did a lot of writing and loved
literature. Mulalo enrolled at
Rhodes University primarily to
pursue writing, script-writing
and drama but discovered that
drama tutorials and accounting
tutorials clashed. As she says,
“that dream faded very quickly
because I was on a scholarship
and I needed to pass”.
Three years of articles
persuaded Mulalo that auditing
was not for her. Her first
exposure to investment banking
was working on mergers and
acquisitions (M&A) for three
years at RMB. This included
a spell of working in Nigeria
for part of that time.
She then joined a private equity
fund that was investing in
impact investing in Sub-Saharan
Africa but returned to M&A
within a property company
that owns many shopping
centres. She has been with
Standard Bank for a year.
You mention being “there for each other”. Do you do any
philanthropic work?
I run a formal mentorship programme. I co-founded an
organisation in 2016 called Women for Girls. We identify 10 to 15
high-performing girls in matric, girls who do really well from lessprivileged
backgrounds and have financial aid or sometimes they
are self-funded, who then go and study at universities in Gauteng.
They come from both rural areas and townships. We give them the
psycho-social mentorship which involves personal development,
career development, literacy in the form of financial literacy as well
as computer literacy. Along with mentorship, CV writing, interview
skills and personal counselling over a three-year period.
We are full of potential, we are resilient
How do you choose your mentors and how do you get
funding for them?
We are currently self-funded. My co-founder and I found eight
other women from very diverse backgrounds – corporate South
Africa, legal, science, creative fields, accounting, public service,
teaching, nursing – across the spectrum and so we are now 10. All
using their time and resources as volunteers. We have one Saturday
a month where we have a specific programme or theme that we
tackle. It could be mental health, how do you get your CV to be
noticed, interview skills and that kind of thing. We call ourselves
the big sisters and then we mentor two to three girls girls at a time.
You don’t have a sponsor?
No, but we have had a lot of support from the Nelson Mandela
Foundation as host of some of our events. Most of the funding
needed is around venues and catering. Then we are having to pay
to get them there. Those are the two to three big costs that we
incur for each event.
8
Have you found other women to be supportive in your
business journey?
I have actually found women quite supportive. I have gravitated
towards women and I am talking about women across the value
chain, so it hasn’t necessarily been women who are my peers.
I have gravitated towards women who were cleaning the places
that we work at or who would make us tea, PAs or anyone.
Women have been very supportive in my personal life, but also
professionally. This has helped my career in a big way in terms
of giving me the confidence, a safe space or a safe landing for me
to have conversations, a place where I can be vulnerable, a place
where I can ask questions and get guidance.
Did you have you role models in your family?
My mother is a brilliant, senior cardiac ICU nurse at the Alberton
Netcare Hospital. I think in the early years of my career I probably
didn’t reach out to her as much as I could have and I should have
for advice. I am realising now that she is the person that I actually
get a lot of my career advice from. She knows nothing about
investment banking or what we do but I think what I get from
her is two things: that she is really good with people so she knows
people but more importantly, she knows me well. She is able to
give me context of a situation without a lot of other complexities.
There could be a lot more women that I can mention but one
very key woman in my life growing up was my aunt who was
responsible for raising me; she helped with my physical and
emotional needs. My grandmother was very much a community
builder. She was very entrepreneurial and through the proceeds
of her enterprises, she was able to support and fund the entire
community. I think I get a lot of my philanthropic side from her,
having seen that growing up. To see that whatever little she had,
she always had just enough to give everybody something and
maintain her values through all of that.
Standard Bank has a presence in 20 African countries, including
in the capital of Mozambique, Maputo. Credit: Standard Bank

BANKING
Are there any conclusions one can draw about the qualities
of African women?
I don’t want to speak for all African women. We so often get
painted with the same brush which in itself deprives African
women of who we really are, because each one of us has walked
such a different walk, each one of us carries such different burdens.
I know I can tell you that I love all the African women on this
continent. I love the hope that we carry, that we continue to rise
above many things that we shouldn’t even be expected to. As sad
as it is we have had to be the ones who are there for ourselves. We
have had to be the ones that look after ourselves and look after each
other, unfortunately.
Evidence suggests that loans to women tend to be well
used. In Bangladesh, micro-finance worked best among
women in helping people out of poverty and many stokvels
in South Africa are run by women, not so?
Yes, there definitely is that. I recently went to an event for a
gender-lens lending fund that has raised money to fund women
entrepreneurs and women-run businesses.
It is only in recent history that we put this kind of gender
lending into perspective. I don’t know if we can confidently
say we have the real statistics over a period of time to know all
the facts. But we have seen the benefits of being able do that,
we have seen how communities get enriched through that. We
have seen, anecdotally, market-related and even above market
returns on loans.
What has surprised a lot of people is that people just assumed
that their returns would have to be at some sort of a discount
but they are actually competitive. I don’t think that should be
something that surprises us. It is something we should have been
doing for much longer and much deeper across the sectors.
Which brings us to the work you do at Standard Bank. What
is your title and what do you do?
My current title is Senior Vice President in the Structured Capital
Team. We originate and structure subordinated-equity funding
in South Africa and across the continent for large and mediumsized
corporates, investment holding vehicles as well as BEE
investment vehicles. The team I work in is called Equity Finance
and Investments.
Is there a cap on your fund?
There is no cap on how big we can be. I can’t say what the size of
the book is because then our competitors will know how big our
book is but there is no limit to that. There’s obviously a limit to the
9
Above: A new trend is funds to lend
to women entrepreneurs. Credit:
Christina@wocintechchat.com/
Unsplash
I love the
African continent

BANKING
ABOUT STANDARD BANK GROUP
Standard Bank Group is the largest
African bank by assets, operating in
20 African countries and five global
financial centres. Headquartered
in Johannesburg, South Africa, the
group is listed on the Johannesburg
Stock Exchange, with share code
SBK, and the Namibian Stock
Exchange, share code SNB.
Standard Bank has a 159-year history
in South Africa and started building a
franchise outside Southern Africa in
the early 1990s. The group’s strategic
position, which enables it to connect
Africa to other select emerging
markets as well as pools of capital in
developed markets, and a balanced
portfolio of businesses, provide
significant opportunities for growth.
The group has over 46 000 employees
excluding Liberty, more than 1 143
branches and over 6 600 ATMs on the
African continent, which enable it to
deliver a complete range of services
across personal and business
banking, corporate and investment
banking and wealth management.
The group’s largest shareholder is
the Industrial and Commercial Bank of
China (ICBC), the world’s largest bank,
with a 20.1% shareholding. In addition,
Standard Bank Group and ICBC share a
strategic partnership that facilitates
trade and deal flow between Africa,
China and select emerging markets.
For further information, go
to www.standardbank.com
Renewable energy
is attracting a lot of
investment finance.
Credit: Standard Bank
size of signed deals we could do based on exposure and risk and
structure and limits so that’s very much dependent on the deal.
You don’t do infrastructure
projects with government and
that sort of thing?
No, we don’t in my specific team,
but Standard Bank through its
wholesale franchise would have
exposure to some of the largest
infrastructure projects. The Equity
Finance Team would fund the
shareholder who in investing in
infrastructure projects.
Our funding is at shareholder
level. The focus is on how we can
fund the shareholder for them
to be able to facilitate their value
creation and grow their business. It
allows you to get a foot in the door.
The shareholder would still need to
service this, it is still a commercial transaction and the returns
still need to make sense economically. It allows us and whoever
we partner with to take a view on the business. A lot of the risk we
are taking is equity risk. As the dividends come in, we can then
service the debt. Once you have serviced the debt to us, all the
returns then come to you.
Above: African entrepreneurship and resilience are inspiring.
Credit: Jean Papillon on Unsplash
We need to find the ability
to be there for each other
A
In which sectors are you currently
finding the most activity?
There are a lot of industrialists who
are very entrepreneurial who we are
looking to fund. Currently the biggest
sector with a lot of activity is renewable
energy. We are seeing a lot of secondary
deals (somebody is trading and selling
off to another person) and we are seeing
many new deals as well. There’s a lot of
activity in construction and building
of renewable energy infrastructure. We
come in and fund the shareholder.
Left: Women 4 Girls involves mentoring
and caring. Credit: Women 4 Girls
10

POWER
POWERING MINING IN AFRICA –
THE RISE OF THE MINI-GRID AND THE CAPTIVE MODEL
Simon Cudennec and Laura Kiwelu weigh up the many factors which miners must
consider when they decide how to power their operations.
Access to reliable, cost-effective (and, increasingly, green) energy
in Sub-Saharan Africa is a major challenge for the mining industry.
The mining industry is one of the most important energy
consumers in the region and its energy demand is set to increase
significantly in upcoming years, coupled with the increased
importance of the industry in providing the raw materials
necessary to power the energy transition. While the African
mining industry is a key part of the global energy transition, it
sits within a region where the energy sector is often subject to
the monopoly control of state-owned utilities and reliant on suboptimal
generation, transmission and distribution infrastructure.
Mining companies have historically had no choice but to be
connected to a grid and be the victim of frequent power outages
or, for those in more remote locations, to use on-site diesel or
heavy fuel oil (HFO) gensets for self-consumption (often at a
premium price) or an inefficient combination of the two. Now,
however, mining companies are increasingly committing to
considering more innovative and green sources of energy to power
their operations.
WHAT IS A MINI-GRID PROJECT
IN THE CONTEXT OF A MINE?
A mini-grid project can broadly be defined as an energy
distribution network isolated from the national grid involving
one or more small-scale power generation source. In relation to a
single mine or group of mining concessions, a mini-grid project
could power the mines but also the local communities of mine
workers and related infrastructure.
Below: Exxaro Resources Limited,
through its wholly-owned renewable
energy subsidiary, Cennergi, is
developing the 70MW Lephalale
Solar Project to supply renewable
energy to the Grootegeluk coal
mine in Limpopo Province, South
Africa. The company’s microgrid at
Tshikondeni mine is shown here.
Photo: Cennergi
11

POWER
Africa’s biggest solar project (the
Noor-Ouarzazate Solar complex in
Morocco) hosts the launch of the
World Bank Middle East & North
Africa Concentrated Solar Power
Knowledge & Innovation Program.
Photo: Michael Taylor©IRENA
A local mini-grid provides an efficient solution to powering
mines as it avoids the transmission of large volumes of power over
long distances (with the accompanying power losses) and leads to
a more reliable local grid system (avoiding the loss of production
time and potential property damage associated with electricity
supplied from the main grid with its propensity for load shedding)
which also benefits the local community. With a renewable power
generation source, the mini-grid would decrease the dependence
of mining projects on diesel or HFO, which are expensive to
transport, subject to significant price fluctuations and increase
the carbon footprint of mining operations.
THE GROWING CASE FOR RENEWABLES
The cost of renewable power is diminishing at the same time
as its performance is improving. Many mining locations in
Sub-Saharan Africa offer an abundance of high-quality wind,
solar, hydropower and biomass resources. Mining companies
are also increasingly under pressure to decarbonise and the
use of green and sustainable energy at a competitive cost offers
such a possibility.
Fast-paced improvements in renewable technologies enable a
power generation system which is matched to the load profile of
the mine, whether through hybrid systems (such as a mix of solar
PV and diesel) or renewable systems coupled with battery storage.
CHALLENGES ARISING FROM THE
REGULATORY ENVIRONMENT
The importance of the prevailing energy regulatory regime cannot
be underestimated. The legal and regulatory framework, as well
as the political or economic sensitivities, vary from one country
to another (and sometimes within the country). In general terms,
there is no common legal framework providing a simple and
clearly applicable set of rules when it comes to mini-grid or captive
project development. This is due to the fact that energy sectors
in Sub-Saharan Africa, both in terms of generation, distribution
and supply of power, have historically been the subject of state
monopolies, and countries are at different stages in the unbundling
process, approaching deregulation in different ways.
In this context, the standard independent power project model,
according to which the mini-grid or captive project is built and
the energy is generated and delivered by an independent power
producer to the mining company under a power purchase
agreement, is still relatively uncommon. Project structuring
options are often limited by the requirement for an ad hoc and
potentially politicised authorisation to generate (which can be
very difficult to obtain and may raise potential legal issues) or the
existence of a self-consumption regime only.
In the case of self-consumption (or “auto-producteur” in
Francophone Africa), electricity is produced, supplied and
12

POWER
consumed by the mining company (using a directly procured EPC
contractor for construction and an O&M contractor for operation)
but in this scenario, due to the lack of private distribution or
supply licence, the benefit of the plant cannot unfortunately be
shared with the local community and there is no clear enabling
regime for a mini-grid or captive supply of power to the mine on
a PPA basis by a third party.
The energy regulatory environment will be instrumental in
determining the structure that will be used to develop the minigrid
or captive project (whether build-own-operate-transfer, EPC
or a lease/services structure). In our experience, where a selfconsumption
regime only is permitted and it is not possible to
use the PPA structure, a mini-grid or captive project supplying a
mine can be contractually structured in two different ways:
The “ownership business model” and in particular the “lease
purchase model”, under which a developer or equipment supplier
(lessor) retains ownership of the plant and equipment but provides
the equipment to the mining company for a contracted period of
time in exchange for regular payments. The lessor is responsible
for sourcing, financing and installing the equipment, and for
maintaining it during the contract period. Depending on the
provisions of the contract, at the end of the contract period
ownership of the equipment can either remain with the lessor or
pass to the lessee (sometimes for an additional amount).
A local mini-grid provides an efficient solution
to powering mines as it avoids the transmission
of large volumes of power over long distances
and leads to a more reliable local grid system
which also benefits the local community.
The “service business model” according to which the power
plant is built and operated by a service company supplying the
energy to the mining company. The mining company pays an
agreed fee that can be adjusted based on the performance of the
plant or on the cost savings for the mining company against a
predefined baseline.
Where the energy regulatory regime is inconsistent or unclear,
obtaining the relevant licences and permits in the timescales
required may prove challenging and burdensome. This in turn
may make it difficult to obtain long-term project financing.
Accordingly, in responding to approaches from renewable
project developers, mining companies must require that thorough
analysis of the energy regulatory environment has been carried
out prior to commercial negotiations taking place.
The willingness of the mining industry to support the
development of renewables, combined with improving
technological performance (including the wide-scale deployment
of energy storage) and reduction of the costs associated with
such energy, offers increased opportunities for collaboration
for renewables developers and mining companies but the pitfalls
of the energy regulatory regime must be tackled at the outset
and the risk of any change to the regime clearly allocated in the
project documents.
Africa is as dynamic a market as it is diverse. We
understand that changes impacting your business
can arise rapidly and vary significantly across
the continent. Our understanding of Africa’s
markets stems from extensive experience on the
ground. Through our Inside Africa blog, we aim
to apply this insight to provide you with timely
commentary on the latest developments across
Africa, as well as insight into the many nations
that make up this vast continent.
13
A unit at the University of Pretoria
working on transdisciplinary
skills transfer programmes,
Future Africa, is partnering with
Nepoworx, a skills development
and training institution accredited
by the South African Photovoltaic
Industry Association, to train
900 people over three years
in green economy skills.
Photo: University of Pretoria
ABOUT THE AUTHORS
Simon Cudennec is a project and
corporate lawyer based in Paris.
Laura Kiwelu is a projects,
renewables and carbon-finance
lawyer based in London, with a
particular focus on Africa, the
energy transition and the move
to a low-carbon economy.

THE MUSINA-MAKHADO SPECIAL ECONOMIC ZONE
– A REGIONAL PLAN WITH CONTINENTAL IMPACT
South Africa’s newest Special Economic Zone takes advantage of its strategic position to enhance regional
and sub-regional links.
TThe Musina-Makhado Special Economic Zone (MMSEZ) is an
initiative of the Limpopo Provincial Government.
The MMSEZ state-owned company (MMSEZ SOC) has
been established as the implementing agent of the project and
is a subsidiary of the Limpopo Economic Development Agency
(LEDA), which reports to the Limpopo Department of Economic
Development, Environment and Tourism (LEDET).
Investment in infrastructure is underway with several levels of
government contributing to new and upgraded facilities in areas
such as water, electricity, ICT, roads, transport, human settlement,
airport, education and training.
REGIONAL IMPLICATIONS
SADC enables dutyfree
trade within a
growing market of
more than 360-million.
The Musina-Makhado SEZ is located in the vicinity of the
Beitbridge Border Post which is one of the busiest ports of entry
to South Africa and a gateway to countries in the Southern
African Development Community (SADC).
The SADC Industrialisation Strategy and the African
Continental Free Trade Area (AfCFTA) will boost regional and
SADEC REGION
inter-regional trade volumes, giving the MMSEZ’s prime location
further importance.
The MMSEZ has the potential to become an inland intermodal
terminal, facilitated by its anchoring position along the North-
South Corridor, and directly connecting to the country’s major
ports through both the N1 highway and the Johannesburg-
Musina railway line, for the trans-shipment of sea cargo and
manufactured goods.
With many companies and countries wanting to decentralise
and diversify their distribution hubs (either because of Covid-19
or potential unrest in some areas), there is an opportunity for the
MMSEZ North Site as a potential regional inland port.
Credit: Pexels
The position of the MMSEZ
in South Africa in the north
of the Limpopo province
MMSEZ
ABOUT SADC
South Africa is a member of one of Africa’s oldest regional
organisations, the 16-member Southern African Development
Community (SADC). Country members include Angola,
Botswana, Comores, Democratic Republic of Congo, Eswatini,
Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia,
Seychelles, Tanzania, Zambia and Zimbabwe.
This enables duty-free trade within a growing market of
more than 360-million people. All goods shipped under SADC
Certificate of Origin receive duty-free status.
FOCUS
Credit: Wikipedia
Developing small towns into cities
The MEC of Limpopo Economic
Development Environment and Tourism
(LEDET), Thabo Mokone, stated 14 on the

SPECIAL ECONOMIC ZONE
AfCFTA
The African Continental Free Trade Area (AfCFTA) has been
agreed on by almost all African nations and holds the potential
to change the nature and size of trading on the continent in
profound ways. The MMSEZ, located in Limpopo Province, is
strategically positioned to offer companies a perfect launching
pad into a wide range of countries served by good logistics and
infrastructure.
The burgeoning African middle-class is
a global trend that economists are carefully
watching. As more sophisticated infrastructure
is rolled out across Africa, having a base with
good connections via road and rail connectivity
will be vital. Limpopo has all of that.
Improving and increasing intra-African trade will change the way
countries do business and include a much broader range of countries
and products into the global market. Foreign direct investment
is expected to grow rapidly, as investment opportunities such as
those on offer at the MMSEZ attract the attention of international
companies and institutions. The World Bank and
other experts have estimated that AfCFTA could:
• increase the continent’s exports by $560-billion
• increase continental business and consumer
spending to $6.7-trillion by 2030
• boost regional income by 7% or $450-billion
• improve wages by up to 10%.
The burgeoning African
middle-class is a global
trend that economists are
carefully watching.
NORTH SITE
The environmental impact assessment
(EIA) for the site has been approved, as has
the engineering planning phase for bulk
infrastructure. Infrastructure installation
is envisaged to begin in the course of 2022.
Phase 1 projects:
• Fresh produce market: partnership
• Regional fuel terminal: partnership
• Trucks and buses manufacturing: investor
• Chemicals manufacturing: investor
• Vhembe TVET College
• Rail connectivity
• Solar energy plant
Credit: Anglo Platinum
Regional Integration - AfCFTA
North Site Layout
ENERGY
The plan to build a coal-powered
power station has been phased out.
A memorandum of understanding
was signed in December 2021 with
a Chinese investor to build a
1 000MW solar power plant. A
pre-feasibility study for the project
has been done. A project-based EIA
application will begin after a site has
been chosen and confirmed.
SOUTH SITE
The South Site’s EIA application was approved
on 23 February 2022. The action plan in the
post-EIA approval phase encompasses:
• Rezoning of the South Site
• Finalising the short- and mediumterm
water solution
• Bulk infrastructure engineering design
• Site clearance and fencing
• Installation of bulk infrastructure
• Ramping up skills development.
15

THE MUSINA-MAKHADO SPECIAL ECONOMIC ZONE
CAN BE A CONTINENTAL LEADER
PPlease comment on the location of the MMSEZ in terms of
The CEO of the MMSEZ, Lehlogonolo Masoga, explains how the SEZ’s unique combination of strategic
location and local resources can bolster the industrialisation plans of both South Africa and SADC.
Lehlogonolo Masoga,
CEO of the MMSEZ
Please comment on the location of the MMSEZ in terms of
regional trade and logistics.
The SADC North-South Corridor connects the South African
port of Durban to Lusaka (Zambia) and Lubumbashi (DRC)
through Johannesburg and Gaborone (Botswana). The Beitbridge
Border Post is the second-busiest port of entry in South Africa and
handles a significant number of trucks, averaging about 500 per
day and about 1 000 passenger vehicles per day within the North-
South Corridor.
The transportation system in the SADC region comprises
an integrated road, railway and port system principally
serving regional transit traffic. The transformation of the
traditional transport corridors into development corridors, or
Spatial Development Initiatives (SDIs), represents a landmark
achievement for SADC’s long-term development. The concept
of development corridors is to view the major transport routes
from the sea ports to the hinterlands that they serve not merely
as transport, but economic corridors with activities related to
agriculture, industry, commerce, communications and tourism.
The MMSEZ aims to become a leading innovative, sustainable
and inclusive high-tech African gateway city, driven by residents
and visionary investment within a prosperous rural-urban
integrated region and operating as a highly-connected freight,
warehousing, logistics, transport, retail and manufacturing
industrial hub supporting the SEZ within a super-efficient
Gauteng-Limpopo-Zimbabwe economic corridor. The Musina-
Makhado region is a regional development anchor and exists
along a key national road, the N1.
What facilities are intended to leverage this factor?
The development of the Musina-Makhado Corridor is a function
of multi-party stakeholders across various spheres of government.
Among the key stakeholders is the South African National Roads
Agency (SANRAL) which has already invested over half-abillion
rand in the construction of the Musina Ring Road and the
continuing rehabilitation of the N1 freeway between Musina and
Makhado. The Department of Home Affairs, through the National
Border Management Authority, has launched the first phase of
providing 24/7 border patrol units while working on a plan to roll
out the One-Stop Border Post. The MMSEZ is involved in ongoing
discussions with various players to partner for the development of
the Inland Dry Port to move cargo from land to sea and vice versa.
Please comment on the expected impact of the African
Continental Free Trade Area (AfCFTA).
The MMSEZ has all the features to become a leading African
Continental Free Trade Area project in view of the growing
interest for intra-Africa trade collaboration. The ambitious goal
of creating an inland dry port in Musina has the great potential of
becoming a game-changer in the movement of cargo from across
The AfCFTA will further enhance the
importance of the location of the MMSEZ.
MMSEZ, artist’s impression.
Credit: MMSEZ
16

SPECIAL ECONOMIC ZONE
the Limpopo River to global destinations, taking advantage of the
road to rail and sea intermodal infrastructure already operational
in Musina.
The MMSEZ SOC has entered into a partnership with the Musina
Intermodal Terminal (MIT) for the use of the existing facilities to
promote regional trade. With the plans afoot to develop a regional
airport, the town of Musina will soon become the melting-pot of
economic activity for the SADC region and beyond.
How does the MMSEZ fit into the various regional and
provincial planning initiatives?
The Limpopo Development Plan 2020-2025 and Medium-Term
Strategic Framework identify nine priorities, which include:
• Transformation and modernisation of the provincial economy
• Integrated and sustainable socio-economic infrastructure
development
• Spatial transformation for integrated socio-economic
development
• Economic transformation and job creation through regional
integration
These policy priorities reinforce the Musina-Makhado Special
Economic Zone business case in line with the vision of the
provincial administration. A successful MMSEZ will result in
South Africa’s active participation and leadership in the AfCFTA,
and in SADC’s industrialisation strategy.
Are new rail links planned?
The MMSEZ is working closely with Transnet to develop the
enabling infrastructure to support the two sites of the SEZ.
A plan is underway to conduct a feasibility study to determine
the infrastructure requirements for the MMSEZ, including the
associated costs implications.
What is meant by a “catalytic” project, and how does the
MMSEZ qualify for that title?
In economics terms a catalytic project is the one that spurs change
and triggers multiplier spinoffs. An example is the OR Tambo
International Airport and its effect on the Gauteng economy.
In the same way, the MMSEZ is likely to become catalytic to the
economy of Limpopo.
What sectoral strengths in the Limpopo economy are
reflected in the location of the Musina-Makhado SEZ?
Limpopo is renowned for being the bread basket of the country
due to its abundance of agricultural resources. Our province
is also an undisputed home of platinum group metals (PGMs),
chrome, diamonds and other mineral resources. Limpopo
Province, supplemented by the Musina-Makhado Corridor, is the
real passage and gateway to the rest of the continent. Our SEZ is
located at the busy Beitbridge Border Post, with great potential
to become a new inland dry port. Similarly, the development of
a medium-size fresh-produce market in Musina to service the
inland and cross-border markets will go a long way in boosting
the agriculture sector by supporting local farmers to penetrate
regional and global value chains. The Musina-Makhado Corridor
represents a strategic breeding ground for some of the most
Artistic Impression of the MMSEZ.
Developing small towns into cities
The MEC of Limpopo Economic
Development Environment and Tourism
(LEDET), Thabo Mokone, stated on the
occasion of the launch of the MMSEZ
Corporate Identity, “We are pleased that
finally the province has established a
capable and agile entity seized with a
mandate to implement the MMSEZ.
Our ambition is not just to build an
industrial park but rather to use the SEZ
as a catalyst to unlock a plethora of other
economic opportunities, including the
potential of realising a new Smart City in
our province.” It is our anticipation that
the MMSEZ as a mega-industrial project
will transform the spatial configuration of
the two towns of Musina and Makhado.
According to the external masterplan
report, the two towns requires an
investment of R133-billion in socioeconomic
infrastructure such as roads,
rail, human settlement, schools, health
facilities, ICT infrastructure, airport,
electricity, water and sewerage.
Catalytic projects such as the envisaged
High-Speed Rail Project connecting Johannesburg
and Musina will add the much-desired impetus
of engendering the creation of a new smart city.
The province is currently developing a model
for a new smart city based on the principles of
smart economy, smart mobility, smart housing,
smart environment, smart governance, artificial
intelligence and the internet-of-things. With the
creation of opportunities for local people to earn a
decent income, entrepreneurs to create wealth and
investment in socio-economic infrastructure, such
conditions will lay a solid base for the new smart
city to take shape.
sought-after fresh produce and exotic fruits. With the roadto-rail
infrastructure at our disposal, we are well positioned to
participate in global value chains.
Do you see the concept of a “Smart City” which you are
rolling out for the MMSEZ as something that could have a
bigger impact?
By 2050 more than two-thirds of the world’s population is likely
to live in urban areas. To ensure that this trend is managed, it
is necessary to plan the future. This future is being enabled by
technology built in one corner of the world that can easily be
CONTACTS
MUSINA-MAKHADO SEZ SOC
29 Market Street,
Polokwane,
Limpopo Province (RSA)
www.mmsez.co.za
MR SHAVANA MUSHWANA
Marketing and
Communication Manager
Tel: +27(0) 15 295 5120
Cell: +27 (0)66 173 8957
Shavana.Mushwana@lieda.co.z
transported to another corner, often with the click of a button.
This is called frontier technology – the intersection where radical
forward thinking and real-world implementation meet. We are
pleased that from the very beginning, our SEZ will embrace
technology and become smart through the investment by our
technology partner.
The MMSEZ Smart City Framework will have a lasting impact
on Limpopo with a corridor of smartness from Polokwane to
Beitbridge. Within this corridor there will be nodes that impact
on settlements and economic activity. In addition, this corridor
will extend and form part of the Gauteng City Region footprint
in a real and dynamic way and extend to Zimbabwe, thereby
contributing to an integrated and prosperous Africa.
Limpopo is renowned
for being the bread
basket of the country
due to its abundance
of agricultural
resources.
17
FOCUS
Investment opportunities outside the zone
SEZ projects are by their nature catalytic. They
stimulate growth and development which is felt
outside the delimited geographic space. In Musina
and Makhado towns various stimulus packages
have been identified as investment opportunities
for the private sector outside the confinement of
the SEZ spaces. Among such opportunities are
the new Musina Dam, High Speed Rail Project,
Manaledzi Mega Housing Project in Makhado,
An artist’s impression
of the new bridge over
the Limpopo River.
Musina Airport, MMSEZ human settlement, private
hospital, private schools and training centres, retail
property and hotels.
Lehlogonolo Masoga (below) has more
than 20 years of experience as an
administrator and public servant,
most recently as Deputy Speaker of
The launch of the MMSEZ Corporate Identity.
the Limpopo Provincial Legislature
It is for this reason, among others, that the
Musina-Makhado Special Economic Zone is “a
world of game-changing opportunities”. ■
and MEC for Roads and Transport.
He served as the spokesperson for
MR RICHARD ZITHA
Executive Manager:
Investment Promotion
Tel: +27(0) 15 295 5120
Cell: +27 (0)71 391 8188
Richard.Zitha@lieda.co.za
the former LEDET MEC and Minister
of Public Administration the late Mr
Collins Chabane. Lehlogonolo holds
three Master’s degrees: Governance
and Public Leadership (Wits),
29 SOUTH AFRICAN BUSINESS 2020/21
Development Studies (Limpopo) and
an MSc in Leadership and Change
(Leeds Beckett University, UK). He
has B-Tech HRM from UNISA and a
professional diploma in Humanitarian
Assistance from the Liverpool
School of Tropical Medicine (UK)
and is currently a registered PhD
candidate in Public Administration.

ENERGY PARTNERSHIPS IN AFRICA MUST BENEFIT
SOCIETY, ESPECIALLY WOMEN AND CHILDREN,
THROUGH LOCALISATION
Africa’s capability has grasped the world’s attention in recent times as conflict in Eastern Europe and rising energy costs
have highlighted the globe’s precarious energy position. Recent discoveries of oil and gas across the continent serve as a
reminder that Africa has the potential to be an international energy supplier. Africa, nevertheless, must also be focused
on increased production of clean energy as part of the just transition and fight against climate change. Additionally,
investment in future projects must ensure full benefits and upliftment of women and children of our continent, writes
Phumzile Mlambo-Ngcuka, the former Director of UN Women and South Africa’s first female deputy president.
Credit: Jennifer Coffin- Grey/
Unsplash
Having served both the United Nations and the South African
Government, I am of the view that Africa must ensure both
consistent and diverse energy supply to its people and the world
while also tackling some of the most challenging socio-economic
issues it faces. The upliftment of women and ensuring equality
will contribute positively towards the development of African
countries. Diversified energy sources, used together with rich
energy reserves, could act as a force multiplier for growth,
economic upliftment, poverty reduction and improved health.
Worryingly, UN Women statistics indicate that women in Sub-
Saharan Africa collectively spend over 40-billion hours a year
collecting water. Rural communities that do not have access to
efficient energy sources continue to rely on open fires and burn
wood and crop waste to survive. Research also shows that when
xxxxxxx
18

ENERGY AND WOMEN
more income is put into the hands of women, education, child
nutrition and health also improve.
African countries must be careful of the well-documented
industry behaviour which has continued to exploit the resources,
local people and governments that have failed to stand up for their
country’s developmental needs.
Later this year, heads of state, industry leaders and
multinational oil and gas companies will convene for the annual
Africa Oil Week conference in Cape Town from 3-7 October.
This is Africa’s premium energy event and a key opportunity
to outline the benefits of localisation. It is also a key moment to
present the climate change imperatives which must guide the
way forward.
An inclusive approach that benefits locals would boost
skills development, lower supply chain costs, encourage good
governance, enhance infrastructure, and develop sustainable local
content through localisation strategies.
CONCLUSION
It is my sincere hope that, as energy leaders come together for AOW
in October, the opportunities that can put Africa on a successful
and sustainable energy path are considered with the seriousness
they deserve and with the spirit of Ubuntu – the understanding
that we are interdependent and coexist as a partnership.
We must grapple with the historic curse of resources that
has beleaguered many countries who remain unequal and poor
despite growth in exports and foreign earnings from energy
resources. Climate change constrains must also continue to guide
our choices of energy mix, money gained from fossil fuels must
also be used to invest in clean energy and for the development
of our people. We must combine our strengths, resources and
knowledge to ensure that no woman or child is left behind as we
advance together.
Article supplied by Africa Oil Week and the Green Energy Africa Summit.
Credit: Hudson Apunyo on Pexel
ABOUT THE AUTHOR
ABOUT AFRICA OIL WEEK AND THE GREEN ENERGY AFRICA SUMMIT
Africa Oil Week offers four days of pioneering
insights, from ministerial panels to strategic
outlooks designed to drive investment into the
African upstream for the benefit of the continent.
At the heart of the event are some of the most
compelling insights into the upstream strategies
of governments from across the continent.
These extensive and varied networking
opportunities have resulted in an unprecedented
return of delegates year after year. AOW is globally
renowned for bringing the most senior delegates
together each year.
In 2021, AOW welcomed 30+ ministers and
government leaders, 2 000+ C-level delegates, and
hundreds of SVPs and VPs of Africa, Exploration
and New Ventures, making the event the most
influential energy conference in Africa.
While Africa Oil Week will retain its own identity
as a pure-play hydrocarbons event to advocate
upstream development, the Green Energy Africa
Summit will also play its role in driving enabling
environments to ensure foreign direct investment
is deployed into game-changing projects that will
reduce the energy deficit and provide energy
access for all across the continent.
www.africa-oilweek.com
www.greenenergyafricasummit.com
Phumzile Mlambo-Ngcuka is the
former Deputy President of South
Africa (2005-2008) and Minister of
Minerals and Energy (1999-2005).
She served two terms as the
Executive Director of UN Women
(2013-2021) and holds qualifications
in Gender Policy and Planning from
the University College of London
and a Master’s in Philosophy in
Educational Planning Policy from
the University of Cape Town.
19

CREATING THE CONDITIONS TO ACCELERATE
PRIVATE-SECTOR TRADE AND INVESTMENT
In his opening remarks addressed to the 1st Africa-Caribbean Trade and Investment Forum in September
2022, AfCFTA Secretary-General Wamkele Mene said that steps taken in terms of the African Continental
Free Trade Area (AfCFTA) agreement are strengthening the case for investing in Africa. The Forum
was held under the theme “One People, One Destiny: Uniting And Reimagining Our Future”.
T
Wamkele Mene, Secretary-General
of the African Continental Free
Trade Area Secretariat.
Credit: AfCFTA
The socioeconomic impacts of the Covid-19 pandemic,
compounded by the Russia-Ukraine conflict, have generally slowed
or in some cases reversed hard-won development gains in Africa
and other developing countries.
In the next phase of our economic evolution, in the postpandemic
era and beyond, it is critical that we enhance the role of
trade and investment in achieving sustained high rates of economic
growth and poverty reduction, leaving no-one behind.
And since ultimately it is the private sector that will drive trade
and investment in our countries, governments can, and should,
ensure an appropriate enabling environment for the private sector
to grow and thrive.
As defined by the World Bank, a business environment is the
set of conditions outside a firm’s control that have a significant
influence on how businesses behave throughout their life cycle. This
is, however, contextual and highly dependent on the target group
of the private sector.
The private sector includes a wide range of diverse actors. The
majority, however, are the small and marginalised businesses such
as petty traders, artisans, street vendors, light manufacturers in
agro-processing, auto mechanics, home enterprises and restaurant
owners. Small businesses face different challenges compared to
big businesses in the same private-sector framework. And where
these challenges are similar, their impact is more serious for small
businesses.
The enabling environment should constitute policies,
institutions, regulations, support services and other conditions
including infrastructure that collectively create a platform for a
small business to start, grow and thrive.
An important contribution of the AfCFTA to creating the
enabling environment would be to level the playing field for intra-
African investors, while increasing Africa’s attractiveness as a
global investment destination and ensuring that African countries
can safeguard their policy space for development.
The AfCFTA is set to constitute a vehicle for investment and
capital through common rules and regulations that target the
development of enterprises.
In this regard, the conclusion of the ongoing Phase II negotiations,
covering Intellectual Property, Investment, Competition Policy,
Digital Trade (e-commerce), and Women and Youth in Trade, will
further strengthen the investment and business environment in
Africa and enhance the attractiveness of Africa to investors.
The AfCFTA Protocol on Investment, for instance, is expected
to address barriers to investment in Africa, reduce time and costs
of investment approvals, enhance transparency, improve efficiency
and address fragmented investment regulatory frameworks on the
continent. Investors and investments will be protected and also
have access to remedies when rights are violated.
20
in the post-pandemic era and beyond, it is critical
that we enhance the role of trade and investment in
achieving sustained high rates of economic growth
and poverty reduction, leaving noone behind

FREE TRADE
INTELLECTUAL PROPERTY RIGHTS
Furthermore, under the Protocol on Intellectual Property Rights,
patents and licences, among other intellectual property rights, for
investors’ goods and services will be protected not just in the host
country but on the whole continent.
IPRs will provide incentives to inventors to develop new
knowledge and the right to obtain a patent for an invention, for
example, encourage the investment of money and effort in research
and development.
The absence of universal protection for private property and
contractual rights therefore constitutes a substantive constqraint
on economic freedom of businesses by disincentivising investment
and trade.
With the Protocol on Competition Policy, we want to create
an environment where businesses will conduct themselves in a
competitive manner in order to effectively compete in Africa and
globally. The idea is to allow competitors to enter the market while
at the same time promote consumer welfare. Besides, some studies
have shown that cross-border cartels do exist in Africa. This makes
cross-border regulation of market competition in Africa critical.
Therefore, the AfCFTA Competition Protocol, when it comes into
force, will create an opportunity to deal with cross-border cartels,
which seem rampant in the region.
The importance of dispute settlement in trade and investment
cannot be over-emphasised. It is at the heart of a rules-based trading
system, to ensure market certainty and predictability, which is
crucial for investment.
For the first time on the African continent, we have a dispute
settlement body that will have oversight responsibility for all the
disputes that arise under the AfCFTA agreement, whether they
are investment related, trade in goods, trade in services, or market
access-related disputes.
In the past, most investors were hesitant to invest in Africa
because the markets were too small and they were not easily
able to export their goods owing to the poor transportation and
communication links as well as tariff and non-tariff barriers.
The AfCFTA addresses all these and is complemented by other
continental initiatives including the Programme for Infrastructure
Development in Africa (PIDA), Accelerated Industrial Development
for Africa (AIDA), the Single African Air Transport Market
(SAATM), Comprehensive Africa Agriculture Development
Programme (CAADP) and the Protocol on the Free Movement of
persons, among others.
The AfCFTA is being implemented alongside these initiatives
to address Africa’s developmental challenges and realise better
economic benefits for the continent.
The private sector is required to play a much more prominent role
in the development process. Although this is already taking place,
we still need to scale up for a decisive impact.
A thriving private sector is crucial for sustained economic
growth and poverty reduction. However, certain business-friendly
conditions are required to achieve this: sound macroeconomic
conditions; banking, insurance, communications connectivity;
further trade openness; enhanced trade-related infrastructure; and
gender equality, among others.
With these enablers or drivers of investment in place, our
countries could realise structural transformation of their economies
and inclusive growth by channelling FDI inflows to strategic and
inclusive sectors.
Indeed, governments can, and should, ensure an appropriate
enabling environment for the private sector to grow and thrive.
It is, however, the private sector that provides the most efficient
allocation of resources and a durable source of economic growth.
Both the public and private sectors need to work together
to channel greater investment towards economic and social
infrastructure and catalyse economic growth and transformation
in our countries.
We look forward to forging partnerships for our common goal of
shared prosperity with equity.
The importance of
dispute settlement in
trade and investment
cannot be overemphasised.
It is
at the heart of a
rules-based trading
system, to ensure
market certainty and
predictability, which is
crucial for investment.
Below: The AfCFTA Secretariat is
housed in Africa Trade House in
Accra, Ghana. Credit: AfCFTA
THE CASE FOR INVESTING IN AFRICA
Today, the case for investing in Africa is, therefore, stronger than
ever. Africa will remain a competitive investment destination for
decades, with the operationalisation of the AfCFTA, as well as the
continent’s improving relative risk profiles and demography.
It bears emphasising that as we build back better, we must do so
by focusing on the private sector, especially the micro, small and
medium-sized enterprises which are the lifelines of the economy
and largest employers of labour.
21

A SURGE IN DDOS ATTACKS: WHAT TO DO
Patrick Ndegwa, SEACOM Business Sales Lead at SEACOM Kenya, explains how African businesses can protect themselves.
Credit: Israel Andrade on Unsplash
DDoS attacks can
also make a network
vulnerable to further
attacks, resulting in
even costlier data
breaches. DDoS
attacks are often part
of a wider strategy
that is coordinated
to exploit more than
one vulnerability in a
business network.
TTechnology is playing an increasingly significant role across
almost every business sector. The pace of digital innovation is
accelerating but, with the proliferation of IoT devices, cloud-based
networks and other business-critical ICT infrastructure, comes a
much larger attack surface for cybercriminals.
Governments, educational and financial institutions, global
enterprises and even small businesses are all potential targets of
ransomware, malware, Distributed-Denial-of-Service (DDoS)
attacks and social engineering. As these different forms of
cyberattacks continue to become more sophisticated, it’s becoming
more crucial than ever that organisations are adequately protected.
During 2021, global cybersecurity companies such as Kaspersky
and Cloudflare highlighted an unprecedented evolution and
growth of DDoS attacks. Even global tech giants such as Google
and Microsoft have had to fend off large, coordinated attacks
against their services in recent years. These attacks are getting
bigger, smarter, expertly tailored according to their targets
and are intelligently exploiting specific gaps in cybersecurity.
Unfortunately, they’re coming closer to home.
22
UNDERSTANDING THE THREAT OF DDOS ATTACKS
A DDoS attack is a malicious type of cyberattack that targets a
network, server or services with the goal of overwhelming a
network (or connected IT infrastructure) with a flood of requests.
This is often done with the use of a botnet, which is a group
of devices that automatically perform such actions over the
Internet, causing a network or service to slow down or stop
functioning completely. This can make a service inaccessible
to both users and employees, resulting in high recovery costs,
downtime for critical business functions, or – in the case of
an e-commerce site that stops working – the loss of income
and reputation.
Importantly, DDoS attacks can also make a network vulnerable
to further attacks, resulting in even costlier data breaches. DDoS
attacks are often part of a wider strategy that is coordinated to
exploit more than one vulnerability in a business network. And,
with the sudden shift towards remote working since the start of
the Covid-19 pandemic, cybercriminals have a much larger attack
vector on unsecured at-home networks.

CYBERSECURITY
There were 38 776 699 detected cyber threats in Kenya between April and June 2021.
This figure increased by an alarming 37.3% in only one quarter of 2021, and 29.1%
of these threats were DDoS attacks. It’s clearly becoming increasingly vital that
every organisation ensures every aspect of their IT infrastructure is protected.
WHAT’S THE SITUATION IN AFRICA?
Across Africa, technology is being rapidly adopted as the
continent moves into a more urbanised and digitally-driven
age, but with the growing pains of digital transformation comes
greater vulnerability. SEACOM figures reveal that DDoS attacks
in Africa have increased by 300% in 2021, compared to the same
period in 2019. There were a total of 382 500 DDoS attacks across
the continent between January and July 2021. Kenya saw an
astounding 2 400% increase in attacks over the same period, and
the number of these attacks are not expected to slow down.
According to the cybersecurity report by the Communications
Authority of Kenya, there were 38 776 699 detected cyber
threats in Kenya between April and June 2021. This figure
increased by an alarming 37.3% in only one quarter of 2021,
and 29.1% of these threats were DDoS attacks. It’s clearly
becoming increasingly vital that every organisation, especially
at the start of their digital transformation journey, ensures
every aspect of their IT infrastructure is protected.
SECURITY FROM THE GROUND UP
Cybersecurity has multiple layers and is always an ongoing
process. Security measures should, therefore, be implemented
from the ground up and not added as an afterthought. In the
current climate, organisations need to be sure they can stay
up to speed with ever-evolving and increasingly complex
cybersecurity threats. Cyberattacks may be getting more
Credit: FLY:D on Unsplash
sophisticated but, thankfully, so are the ways that
businesses can prevent them.
A DDoS attack, for example, can be mitigated by
services that remove malicious traffic and only let
legitimate traffic pass through, thereby protecting
the network and ensuring that operations or services
don’t grind to a halt. Advanced intrusion prevention
and threat management systems can utilise nextgeneration
firewalls, Virtual Private Networks (VPNs),
load balancing, content filtering and other security
mechanisms to prevent DDoS attacks from having an impact on
a network. The right combination of tools and technology can
place a business on more solid ground when it comes to fending off
cybersecurity threats in general, and DDoS attacks in particular.
One of the major pitfalls in cybersecurity is that not every
organisation has the expertise or a dedicated security team that
can provide up-to-date, enterprise-class protection. And the
statistics are clear: cybercrime is on the rise.
Now, more than ever, it’s essential that organisations find
a dedicated cybersecurity partner whose sole objective is to
keep their business safe from the various kinds of modern
cyberattacks. Cybersecurity should be proactive rather than
reactive and, with the help of managed security services,
businesses can rest assured that when an attack occurs, they’ll
have all the protection and processes already in place. Peace of
mind is something to be prized.
23
Patrick Ndegwa, SEACOM Kenya.
Cyberattacks may
be getting more
sophisticated but,
thankfully, so
are the ways that
businesses can
prevent them.
About SEACOM
SEACOM launched Africa’s first
broadband submarine cable system
along the continent’s eastern and
southern coasts in 2009. Today
SEACOM is the preferred partner
for African businesses, network
carriers and service providers.
Through its ownership of Africa’s most
extensive ICT data infrastructure,
including multiple subsea cables and
a resilient, continent-wide IP-MPLS
network, SEACOM provides a full
suite of flexible, scalable and highquality
communications and cloud
solutions that enable the growth
of the continent’s economy.
SEACOM is privately owned and
operated, allowing the company the
agility to rapidly tailor-make and
deploy new services, commercial
models and infrastructure in
response to customer requirements,
without the red tape or hidden costs
often prevalent in this industry.

BLOCKCHAIN IS A DRIVER OF FINANCIAL
INCLUSION IN AFRICA
Africa’s biggest banker, Standard Bank, is researching and developing transformative fintech and blockchain products.
NNecessity is the mother of invention – and given Africa’s rapid
Credit: Markus Spiske on Unsplash
Blockchain can
enable the creation
of corruptionresistant
and robust
welfare systems
commercial growth and globalisation over the past decade, it
seems that the necessity for more inclusive financial services
has been firmly established. The emergence and acceleration
of financial technology (commonly referred to as fintech) has
attracted billions in funding, dominated commercial narratives
and become the darling of investors globally, and for good reason.
Generating more than $20-trillion annually, the financial
services sector is thriving, and with an addressable market that
spans most of the globe, the growth is sure to continue.
There is no market in which the growth of (and demand for)
more inclusive and accessible financial services is more prevalent
than in Africa. With the explosion of SMEs and entrepreneurship
in several African countries, innovation in fintech, and
particularly in blockchain technology, is being propelled forward
to drive the improvement of financial infrastructure. To address
the unique challenge of providing the large portion of the African
population that remains unbanked with more accessible tools for
financial management and inclusion, Standard Bank and others
have been researching and developing transformative fintech and
blockchain products.
24
GROWING ADOPTION OF BLOCKCHAIN IN AFRICA
Among the uses of fintech in Africa are peer-to-peer (P2P)
payments, widely used to enable the informal and small business
ventures at the beating heart of many African economies, as well
as the easing of logistics and reducing the cost of remittances.
Further, the continued globalisation of African markets has
resulted in a need for more efficient and lower cost cross-border
payments to facilitate African businesses conducting trade
abroad. Countries like South Africa, Kenya, Nigeria and Ghana
have seen a rapid uptake of cryptocurrencies as a means to access
more efficient payment rails provided by blockchain networks and
yield returns on income with assets like Bitcoin or stable coins
pegged to the value of the US dollar.
CRYPTOCURRENCY VS BLOCKCHAIN:
WHERE DO THE OPPORTUNITIES LIE?
The real potential for exponential leaps in financial inclusion lies
in the blockchain infrastructure that underpins cryptocurrencies,
rather than in the currencies themselves. One of the most powerful
aspects of blockchain is the ability to create programmable money,
that can assist to eliminate fraud and human error in transactions

FINTECH
Blockchains can also provide mechanisms
for fair and transparent microfinance
and increased purchasing power, to
support the creation and growth of small
enterprises that serve communities.
and foster transparency in financial records. This aspect of the
blockchain can enable the creation of corruption-resistant and
robust welfare systems, ensuring that social welfare efforts reach
their intended beneficiaries and meet priorities like ensuring that
those in need are assisted and treated with dignity.
For instance, blockchains that enable smart contracts (a
computer programme that requires conditions to be met before
executing a transaction) may be used to verify an individual’s
eligibility to receive a grant and then pay the recipient directly
into a digital wallet on their smartphone.
Blockchains can also provide mechanisms for fair and
transparent microfinance and increased purchasing power,
to support the creation and growth of small enterprises that
serve communities. Transparent social coordination tools
afforded by blockchain-based organisational entities like DAOs
(decentralised autonomous organisations) can empower small
business collectives to gain access to competitive advantages like
negotiating power to match larger businesses.
STANDARD BANK’S COMMITMENT
The shift in African markets is taking place as a grassroots
and collaborative transformation. Building financial literacy,
education and awareness at the level of communities and providing
them tools to help empower themselves is a priority for Standard
Bank. Standard Bank remains at the forefront of research and
development of blockchain and distributed ledger technology
in the African context, committed to the exploration of efficient
digital payment rails and financial services that enable African
commerce to flourish. This includes ongoing collaboration with
major blockchain companies like Algorand and Hedera.
Improving the inclusion of the underserved is a core value
of Standard Bank, and blockchain technology will no doubt
provide an avenue for great impact on African markets in the
coming years.
Blockchain has the potential to
make welfare systems corruptionresistant
and more efficient.
Credit: Krizjohn Rosales/Pexels
Credit: Ales Nesetril on Unsplash
25

WHAT COVID-19 TRAVEL BANS HAVE DONE
TO CONSERVATION TOURISM IN AFRICA
Researchers Alex Braczkowski and Duan Biggs analyse the extent of the damage done to continental
tourism and suggest strategies to help it recover. This article first appeared in The Conversation.
Overwhelmingly, the majority of Africa’s protected areas
(both private and public) took a massive blow from the collapse
in tourism. In South Africa, lockdowns caused a 96% drop in
tourist visits to national parks under SANParks management.
This equated to about 90% of tourism revenue, highlighting the
fragility and risk of a sector that’s reliant on a single primary
income stream. This also caused anxiety about health and job
security among park staff.
MMore than two years have passed since the World Health
A male lion walks on the Satara
road of the Kruger National
Park, trailed by tourist vehicles.
Credit: Alex Braczkowski
Organization announced Covid-19 as a global health emergency
and pandemic. It’s estimated that the resulting reductions in travel
in 2020 alone wiped US$4.5-trillion from the global tourism
economy and cost millions of jobs.
In Africa, half of all the people working in tourism lost their
jobs. A United Nations Conference on Trade and Development
report estimated a further $1.7-$2.4-trillion could be lost from the
global tourism sector to the end of 2021. In Africa these losses are
projected at $170-$253 billion.
Tourism is an important source of funding for managing
protected areas and provides jobs for people living near national
parks and wildlife. When travel to protected and conserved areas
such as national parks and community conservancies is cancelled
en masse, jobs and conservation management are placed at risk.
We studied several peer-reviewed studies and economic
reports published over the last 12 months to examine the effects
the pandemic has had on tourism to conservation areas in Africa,
and to look for any signs of recovery.
Griffith University provides funding as a member of The Conversation
AU. The Conversation is funded by the National Research Foundation,
eight universities, including the Cape Peninsula University of Technology,
Rhodes University, Stellenbosch University and the universities of Cape
Town, Johannesburg, KwaZulu-Natal, Pretoria and South Africa. It is
hosted by the universities of the Witwatersrand and Western Cape, the
African Population and Health Research Centre and the Nigerian Academy
of Science. The Bill & Melinda Gates Foundation is a Strategic Partner.
In Africa, half of all the people working in tourism
lost their jobs. A United Nations Conference
on Trade and Development report estimated a
further $1.7-$2.4-trillion could be lost from the
global tourism sector to the end of 2021. In Africa
these losses are projected at $170-$253 billion.
In Uganda, national parks typically generate 88% of their
revenue from tourist entrance fees. A collapse in tourism visitation
between July and December 2020 erased roughly $1.4-million
from the Uganda Wildlife Authority’s annual budget. This
hampered core management activities such as anti-poaching and
there’s evidence that poaching doubled in the county’s two largest
parks between February and May of 2020.
Private wildlife industries weren’t spared either. In South Africa
between March and May of 2020 alone, cancelled hunting trips,
live sales of animals and the sale of meat products resulted in
losses totalling $406-million.
While the contributions of travel and tourism to GDP in
African states dropped in line with the global 2020 average (Africa
experienced a 49.2% decline while the global average was 49.5%),
Africans working in the tourism sector suffered disproportionate
job losses, falling 29.3% (representing 7.2-million jobs) compared
to the global average of 21.5%. In Botswana, the 2020 lockdowns
led to about 99% of the country’s tourism workforce being
temporarily or permanently laid off.
These cases of job loss are particularly notable because most
African nations have not had the same economic safety nets and
relief packages as those in wealthier parts of the world, such as
western Europe or Australia. The lack of economic safety nets is
most felt by people working in Africa’s informal tourism economy
(such as porters in Uganda’s gorilla trekking industry, or mokoro
polers in Botswana’s Okavango Delta) who tend to make just a few
US dollars per day.
LOOKING AHEAD
Although tourist arrivals for Sub-Saharan Africa and North Africa
were no better in 2021, and budgets for protected areas continue
to be cut, stretching an already severely depleted park ranger
26

TOURISM
force, there are some glimmers of hope. June, July and August
saw significantly better occupancy in North, Southern and Sub-
Saharan African hotels. Moreover, a recently assembled expert
panel from the United Nations World Tourism Organization
expected travel levels to Africa to get back to pre-pandemic levels
by 2023 or 2024.
A number of strategies have been tried by different stakeholders
to strengthen protected areas and related livelihoods in response
to the pandemic. These include domestic tourism, contactless and
virtual tourism and novel conservation financing such as direct
payments for wildlife conservation.
Banks can help safari operators by reducing rates, waiving
penalties and rescheduling loan repayments.
Many countries are encouraging residents to travel locally and
visit national parks. The Uganda Wildlife Authority, for example,
cut entrance fees to national parks by 50%. Botswana cut entrance
fees by up to 70%.
There has also been an uptick in the use of contactless methods
for tourism. Virtual safaris were an almost immediate response
to the global pandemic in some wildlife reserves in South Africa.
Finally, innovative ways of financing conservation land and
the communities supporting wildlife conservation are on the
horizon. For instance, the World Bank pledged US$45-million
towards a wildlife bond for the endangered black rhino. Its aim
is to sell a bond to investors that will yield investments directly
tied to the population increases of the species in South Africa.
Mechanisms like this could supplement existing conservation
land carbon-offsetting schemes like those found in Kenya and in
the Democratic Republic of Congo.
Importantly, African tourism recovery will depend on the
progress made with vaccination rates, not only of international
tourists but of the citizens of African countries.
Currently African countries suffer from the highest rates
of vaccine inequality anywhere in the world. Addressing this
inequity is not only a global ethical issue but will allow for a
relaxing of travel restrictions linked to the spread of SARS-CoV-2.
Without it, global herd immunity remains out of reach and so does
the recovery in tourism that Africa so desperately needs.
Banks can help safari operators by reducing rates,
waiving penalties and rescheduling loan repayments.
Jimmy Kisembo, a Uganda Wildlife
Authority ranger, looks up at a
lion on his daily monitoring patrol
in Queen Elizabeth National Park,
Uganda. Credit: Alex Braczkowski
Veterinarians treat a wounded elephant in Ishasha, Uganda. Tourism is the main source of
revenue for such activities in many of Africa’s national parks. Credit: Alex Braczkowski
ABOUT THE AUTHORS
Alexander Richard Braczkowski
is a Scientist at Southern University
of Science and Technology and
Resilient Conservation Group,
Griffith University, Australia.
Duan Biggs is Senior Research
Fellow Social-Ecological Systems
& Resilience, Griffith University,
the Olajos Goslow Chair of
Environmental Science and Policy
at Northern Arizona University
and has an adjunct appointment
at Stellenbosch University.
27

COUNTRY PROFILE
KENYA
East African hub aims to diversify its economy.
KENYA
Marsabit
Eldoret
Kisumu
Nakuru
NAIROBI
Malindi
Mombasa
Lamu
Photo: Mustafa Omar on Unsplash
Nairobi plays a significant role in the economy of the region and Kenya
aims to position the country more firmly as a regional hub for finance and
business. Major investments in infrastructure (both national and regional)
are underway to link new ports by rail to the interior.
Work is being done to diversify the economy away from agriculture and
tourism, both industries which have external vulnerabilities. Agriculture is
rain-fed and much of it takes place near the coast so droughts and cyclones
have an impact. Agriculture currently contributes about a third of GDP and
employs nearly two-thirds of the employed population. Tourism has had bad
periods because of terrorist attacks and Covid-19 but it has proved resilient
as the country has so much to offer.
As a net importer of fertiliser, fuel and wheat, Kenya has felt the impact of
the Russian invasion of Ukraine.
Uhuru Kenyatta has been president since 2013, having won elections
characterised by violence and accusations of irregularities. He won a
re-run election in October 2017 when the Supreme Court overturned his
victory in an earlier election. He is the son of Kenya’s founding president,
Jomo Kenyatta.
Maasai Mara National Reserve.
Photo: Craig Stevenson on Unsplash
Capital: Nairobi. Other towns/cities: Mombasa, Kisumu, Nakuru, Ruiru, Eldoret. Population: 55.8-million.
GDP: $$226.9-billion (2020). GDP per capita (PPP): $4 200 (2020). Currency: Shilling.
Regional Economic Community: East African Community (EAC), Common Market for Eastern
and Southern Africa (COMESA), Intergovernmental Authority on Development (IGAD).
Landmass: 582 646km 2 . Coastline: 536km.
Resources: Bananas, cassava, coffee, maize, mangoes, sugar cane. Coal, fluorspar, gold, gemstones,
iron ore, talc, soda ash, rare earth minerals, gemstones.
Main economic sectors: Agriculture, telecommunications, finance.
Other sectors: Manufacturing (agro-processing), industry, services, small-scale consumer goods,
horticulture, oil refining, tourism.
New sectors for investment: Water supply (dams and waterworks), power generation,
horticulture, manufacturing, transport, tourism (conference facilities), fintech.
Key projects: Vision 2030 is a long-term development strategy that aims to achieve middle-class
status for the country by promoting external trade. The “Big Four” priorities are manufacturing,
healthcare, housing and food security.
Chief exports: Coffee, cut flowers, refined petroleum, tea, titanium.
Top export destinations: Uganda, USA, Netherlands, Pakistan, UK, UAE, Tanzania.
Main imports: Cars, medicines, iron products, refined petroleum, wheat.
Top import sources: China, UAE, India, Saudi Arabia, Japan.
Infrastructure: Airports 197, of which 16 paved; pipelines 4km oil, 1 432km refined products;
railways 3 819km; roads 177 800km (14 420km paved, 8 500km highways). Electrification 85% (2019).
Major seaports: Kisumu, Mombasa. LNG import terminal: Mombasa.
ICT: Mobile subscriptions per 100 inhabitants: 114 (World Bank, 2020). Internet percentage
of population: 30%. ICT Development Index 2017 (ITU) ranking: 13 in Africa, 138 in world.
Climate: Mount Kenya is highest point at 5 199m. Great Rift Valley bisects the central highlands.
Tropical at coast to dry in interior and fertile plateau in the west. Abundant wildlife supports
tourism. Lake Victoria is the world’s largest tropical lake and the second-largest fresh-water lake.
Languages: English and Kiswahili (official), several indigenous.
28

COUNTRY PROFILE
GHANA
Investors are putting their money into Ghanaian gold.
Oshakati
Grootfontein
NAMIBIA
Bolgatanga
Tamale
Swakopmund
WINDHOEK
Walvis Bay
Luderitz
Keetmanshoop
GHANA
Kumasi
Ho
Tarkwa
Obuasi
ACCRA
Cape Coast
Sekondi
Tema
Photo: AngloGold Ashanti
I
Independence was declared in 1957, making Ghana an inspiration for other
African states. The first president of Ghana, Kwame Nkrumah, was an advocate of
pan-Africanism and was one of the founders of the Organisation of African Unity.
A succession of coups and periods of military rule followed Nkrumah, ending only
with the signing of a new constitution in 1992.
Human-rights lawyer Nana Akufo-Addo won the presidential election in
December 2016 and again in 2020.
Agriculture contributes about 20% of GDP with cocoa exports providing valuable
foreign exchange. The country encompasses diverse landscapes and climate regions.
The northern savannah belt has been subject to both floods and droughts while
coastal erosion is also a problem, particularly in the east. There are extensive forests.
Offshore oil production began in 2010. This has had a significant effect on the
economy, not only in creating more revenue but making Ghana subject to the
volatility of world markets. Further oil fields were added in 2016 and 2017 and a
gas-processing plant was commissioned at Atuabo.
One of the four British colonial territories that made up the modern state
of Ghana was called Gold Coast, so it is no surprise that Ghana is a major gold
producer. New mining projects are drawing increased interest from Canadian and
Australian miners.
Black Star Square. Photo:
Ifeoluwa A on Unsplash
Capital: Accra. Other towns/cities: Kumasi, Tamale, Sekondi-Takoradi.
Population: 33.1-million. GDP: $164.8-billion (2020). GDP per capita (PPP): $5 300 (2020).
Currency: Cedi. Regional Economic Community: Community of Sahel-Saharan
States (CEN-SAD), Economic Community of West African States (ECOWAS).
Landmass: 238 533km 2 . Coastline: 539km.
Resources: Diamonds, gold, manganese and bauxite. Unexploited deposits of copper,
chrome, iron ore, mica, nickel, limestone and quartz. Crude oil and natural gas.
Cassava, cocoa, maize, oranges, palm oil, pineapples, plantains, rice, taro, yams.
Main economic sectors: Mining, agriculture and hydrocarbons. Gold mining and
the cocoa industry are major earners of foreign exchange. Industrial minerals.
Other sectors: Food-processing, timber, light manufacturing, aluminium smelting, cement.
New sectors for investment: Fintech, automotive, telecoms, FMCG.
Key projects: Ghana Vision 2020 aims for the country to be defined as a
developed country by 2029 and newly industrialised in the decade after that.
Manufacturing is promoted under the One District, One Factory plan.
Chief exports: Gold, crude petroleum, cocoa products, manganese, cashews.
Top export destinations: Switzerland, India, China, UAE, South Africa.
Top import sources: China, Nigeria, USA.
Main imports: Metal tubing, ships, cars, refined petroleum, rice.
Infrastructure: Airports 10, of which 7 paved; railways 947km; roadways
94 203km (14 948km paved); pipelines 681.3km gas, 11.4km oil, 435km
refined products. Electrification, 85%. Seaports: Takoradi, Tema.
ICT: Mobile subscriptions per 100 inhabitants: 130 (World Bank, 2020). Internet percentage
of population: 58%. ICT Development Index 2017 (ITU) ranking: 7 in Africa, 116 in world.
Forest: 21.2% (2018 est).
Climate: Tropical. Warm and dry along south-east coast, hot and humid in south-west.
The north is hot and dry with harmattan winds from January to March in north-east.
Religion: Christianity, Islam, indigenous beliefs.
29

AFRICAN EVENTS
Global Africa Network (GAN) is the media partner of the following upcoming events:
Photos: African Energy Indaba
AFRICA OIL WEEK, INCORPORATING
GREEN ENERGY AFRICA SUMMIT
Cape Town – 3 to 7 October 2022
Africa Oil Week promises five days dedicated to deal-making and pioneering insights. The
Plenary stage is where Africa’s upstream’s future direction and strategy are forged. From
ministerial panels to strategic outlook from supermajors and plans for driving investment
into the African upstream, this is where the industry’s top-level multi-stakeholder discussions
happen. A combination of panel discussions, presentations, fireside chats and much more are designed to encourage
conversation. Various forums are held during the week and national showcases form part of the exhibition element. The
Green Energy Africa Summit runs concurrently, connecting the world with the African energy industry. It’s the platform
of choice for investors, IPPs, utilities and government leaders. The summit will provide the deal platform and engine
room for growth across Africa’s renewable and low-carbon sector. For more information: https://africa-oilweek.com/
AFRICAN ENERGY WEEK
Cape Town – 18 to 21 October 2022
This year’s AEW programme will focus on investing profitably in traditional and
new energy sources, driven by the latest developments from key stakeholders on the
continent, and the sharing of knowledge from the world’s most renowned experts
and dealmakers in energy. AEW will be attended by CEOs and C-suite of global
majors, independents, NOCs, mid-streamers,
refiners, traders and suppliers as well as
ministers and senior government officials from
around the world.
For more information: https://aecweek.com/
AFRICA HEALTH EXHIBITION
Johannesburg – 26 to 28 October 2022
Reconnect and grow the African
healthcare community in business,
education and skills development. After
a two-year hiatus, Africa’s healthcare community will once again gather under
one roof over three days.
The 11th annual Africa Health Congress will bring together healthcare professionals
from multiple disciplines to promote discussion and thought leadership on the
advancement of healthcare in the region. This congress will address the needs
of African healthcare professionals, share strategies that are transforming the
future of medicine, and examine the latest disruptions in healthcare driving the
transformation of the continent.
For more information:
www.africahealthexhibition.com
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AFRICAN EVENTS
AFRICA TECH FESTIVAL, INCLUDING
AFRICACOM AND AFRICATECH
Cape Town – 7 to 11 November 2022
AfricaCom: Connectivity Infrastructure
and Digital Inclusion. Subjects include: Connecting Africa’s Next Billion; Digital
Infrastructure Investment; Telcos of Tomorrow; Sustainable Development and
Green ICT; Future Visions: Web3, The Metaverse & Beyond.
AfricaTech: Enterprise Transformation and Emerging Technologies. Subjects
include AHUB: Africa’s Start-up Scene; AI, IoT and Disruptive Tech; Talent, Skills
and The Future of Work; Cloud Services and Data Centres; Fintech, Blockchain and
MFS; Cybersecurity and Data Protection.
For more information: https://
tmt.knect365.com/africa-tech-festival/
AFRICAN AGRI INVESTMENT INDABA
Cape Town – 14 to 16 November 2022
The African Agri Investment Indaba
(AAII) is the global meeting place for agrifood investment in Africa. Bringing
together over 1 100 key stakeholders – from governments, banks, financiers,
investors, project owners, project developers, commercial farmers and the agro
and food processing industry – to discuss trends that will likely influence food and
agribusiness economics over the next decade in Africa.
Organised by the African Agri Council NPC (AAC) in partnership with African
governments and government agencies, the Indaba delivers a unique mix of
decision-makers from across the agrifood value chain making it the most effective
place to conduct business in the sector.
For more information: www.agri-indaba.com
INVESTING IN AFRICAN MINING INDABA
Cape Town – 6 to 9 February 2023
Informed by research with the mining community, 2023’s
overarching theme is “Unlocking African Mining Investment: Stability, Security, and
Supply”. Mining Indaba and 121 Mining Investment Cape Town are working together
to deliver an unrivalled offering for the entire African mining ecosystem and drive
the sustainable development of African mining economies.
The two events will bring together mining companies, investors, government
leaders, service providers and thought-leaders across one week of unmatched
networking, insights and business development opportunities. The organisers
promise a jam-packed week of networking, deal-making and pioneering discussions
from influential leaders.
For more information: https://miningindaba.com
AFRICA ENERGY INDABA
Cape Town – 7 to 9 March 2023
The 15th Africa Energy Indaba Conference will discuss,
debate and seek solutions to enable adequate energy
generation across Africa. A diverse group of luminaries and
high-profile speakers will share their real-world insights
about the changing energy landscape in Africa. The 8th Annual Africa Gas Forum
will be held. The Forum has been created to ensure a balance between countryspecific
opportunities as well as common issues that affect the whole region such as
exploration activity, licensing rounds, development plans and the move to gas, new
tax regimes, regional infrastructure projects, pipelines, LNG terminals, security,
local content initiatives, investment requirements and other key upcoming projects.
In addition to providing a platform
for the most ground-breaking and
diverse energy panels, the Africa
Energy Indaba hosts a two-day
energy exhibition where world-class
industry organisations demonstrate
their commitment to provide the
solutions Africa needs to meet
its growing energy demands.
For more information:
https://energyindaba.co.za/
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How to buy an existing business
A guidebook has been published to help the prospective buyer.
Credit: Antoni Shkraba/Pexels
Buying a business can be challenging. Many aspects must
be analysed and understood to gain a holistic picture of the
business and its inner workings. While the process will likely be
more accessible and quicker than starting your own business,
you need to be aware of any pitfalls that might be occurring in
the company.
This comprehensive guidebook outlines what you need to
look for, consider, analyse and question before purchasing a
business. Then we highlight the best way to go about buying
the business.
Included in this guidebook are:
• An introduction and description
• Why buy an existing business? Detailing the pros and cons
• Buying a business versus buying a franchise
• Selecting the right business for you
• What to evaluate when buying a business
• How to be in a strong negotiating position when buying a business
• Pitfalls to avoid when buying a business
• Drafting the sales agreement
• Avoiding the common mistakes when buying the business
• How to get it right
With this information, you will be able to avoid the pitfalls and
mistakes that are made when purchasing a business and will be
able to put yourself in the best possible negotiating position to
ensure you get the best deal possible. It may be tricky, but you
will be sure to start on the right foot with this guidebook.
Contact details:
Address: Hillcrest Office Park, 2 Old Main Road, Hillcrest 3610, Dagmar Breiling
Email: dagmar@fundingconnection.co.za>
Phone: +27 (0)31 761 8677 | Cell: 061 542 4037 | Fax: +27 (0)86 498 1614

GLOBAL AFRICA NETWORK
Founded in 2004, Global Africa Network Media (Pty) Ltd (GAN)
is a business-to-business print and digital media
company based in Cape Town, South Africa.
A proudly-African publisher of:
POWERING MINING
IN AFRICA
The rise of the mini-grid
and the captive model
ENERGY PARTNERSHIPS
MUST BENEFIT SOCIETY
Localisation can support
women and children
BLOCKCHAIN IS A
DRIVER OF INCLUSION
COUNTRY PROFILES:
GHANA & KENYA
THE EFFECT OF TRAVEL
BANS ON TOURISM
THE JOURNAL OF
AFRICAN
BUSINESS
SEPT / OCT / NOV 2022
Journal of
African Business,
a quarterly
publication for the
African market.
South African
Business, an annual
title, and nine regional
publications profiling
South Africa’s
provinces as business
and investment
destinations.
INSPIRED BY AFRICANS
MULALO TAKAEDZA, a Senior Vice President at
Standard Bank, is impressed by the entrepreneurial
spirit and resilience of the continent’s people
OTHER QUARTERLY TITLES INCLUDE:
Blue Chip, which reaches all Certified Financial
Planners (CFPs) in South Africa, and Blue
Chip Digital at www.bluechipdigital.co.za.
Opportunity, a niche businessto-business
publication and official publication
of the South African Chamber of Commerce
and Industry (SACCI).
TradeInvestAfrica,
a monthly digital
publication promoting
business, trade and
investment opportunities
in Africa to potential
investors around
the world.
Service, Leadership in
Government, which has an
audience throughout the public sector: Local,
Provincial and National Government, as well
as government agencies and parastatals.
www.globalafricanetwork.com has an “Africa Focus”
section and runs updated news and links to African
investment projects and business news.
GAN has considerable experience in creating and publishing custom print
and digital publications, including targeted Investment Prospectuses.
See www.globalafricanetwork.com/e-books

DURBAN ICC AFRICA’S LEADING CONVENTION CENTRE
The Durban International Convention
Centre (Durban ICC) prides itself on
being leading venue for meetings,
business events, conferences and
exhibitions on the African continent.
However, this is not their own opinion,
but rather the overwhelming feedback
received from their clients who have
voted it in the top 1% of Convention
Centres worldwide, as well as “Africa’s
Leading Meetings and Convention
Centre” no fewer than 17 times!
The Durban ICC is a versatile venue
of enormous dimensions, flexible
enough to meet any need, no matter
how extraordinary. The Centre offers
the largest column-free, multipurpose
event space on the African continent.
International and national conventions,
exhibitions, sporting events, concerts
and special occasions of every kind
can be accommodated. Flexibility and
versatility are key factors in the design
of this state-of-the-art, technologydriven
Centre. The Centre also offers
a range of innovative solutions such
as Live-streaming events, Remotepresentation
events, Hybrid events,
and Video-on-Demand.
The Durban ICC’s highly experienced
and friendly team will ensure that
your event is seamlessly executed
giving you complete peace of mind.
Providing exceptional customer
service remains the heartbeat of the
Durban ICC, striving to ensure that
every delegate who walks through
the five-star facility has a memorable
experience.
Delegates visiting the Centre can
look forward to superb standards of
culinary excellence and hospitality.
As part of the Durban ICC’s gourmet
evolution over the past decades in
the industry, they are completely
reinventing their culinary offering
in order to showcase some of
Durban’s authentic African Cuisines.
Furthermore a wide range of new
innovative packages have been
designed to meet the unique needs
of each target market, at the best
possible rates.
Demonstrating its commitment to
quality, the Durban ICC is five-star
graded by the Tourism Grading
Council of South Africa and maintains
its ISO9001, ISO14001 and ISO22000
certifications ensuring the highest
international standards in Quality
Management, Environmental
Responsibility, Food Safety and Health
and Safety.
The DURBAN ICC offers you first-world
convenience and a proudly African
meetings experience. The Centre is
fully Wi-Fi enabled and connectivity
is complimentary to its delegates and
guests.
Durban ICC Fast Facts
• Located in Durban, known as
South Africa’s entertainment
“playground”.
• Durban International Convention
Centre (Durban ICC) comprised
of the Durban ICC Arena and the
Durban Exhibition Centre.
• Voted “Africa’s Leading Meetings
and Conference Centre” by the
World Travel Awards no fewer
than 17 times and continuously
strives to deliver excellent service
• Largest flat floor, column-free
multi-purpose event space in
Africa.
• Ranked in the world’s Top 15
Convention Centres by the
International Association of
Congress Centres (AIPC).
• The Centre is located 30-minutes
from the King Shaka International
Airport and over 3,600 Hotel
rooms are within a 10-minute walk
of the Centre.