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<p>Energy is a fundamental component of the modern industrial economy and yet 43 per cent of Africans lack access to electricity, this is according to the International Energy Agency. This Focus On episode explores the Namibia International Energy Conference and unpacks how Namibia can use energy as a catalyst for economic prosperity.</p>


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Focus On: Using energy as a catalyst for Namibia’s economic prosperity


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<p>Africa needs to create a new development model that better connects its businesses with local communities in order to escape the current system which has left as it burdened by high unemployment and underdevelopment.</p>



<p>Current development models are a product of colonization and were designed to extract its resources with the bulk of the value realized abroad, Hippolyte Fofack, a former chief economist and director of research at the African Export-Import Bank, is a research associate at the Harvard University Center for African Studies says in a research paper.</p>



<p>&#8220;Connecting with history and bridging the philosophical and cultural discontinuity between Africa’s past and present is fundamental to closing the gap between actual output and potential and setting the region on the path to lasting prosperity,&#8221; he says. &#8220;More than any other region of the world, political and economic management in Africa has been underpinned by a highly extroverted model of institutional governance, by institutional models that are largely alien.&#8221;</p>



<p>Africa has some of the highest unemployment and poverty rates in the world led by its largest economies, Nigeria and South Africa with rates above 30 percent. Fofack says poverty is now an African problem whereas in the 1970s it was an Asian problem because Asia was able to largely preserve its philosophical and cultural heritage.</p>



<p>While in 1970 over 80% of the world’s poor lived in Asia, by 2000, 75% of the world’s poor lived in Africa, he says. Recent estimates would probably be higher, he adds, citing his own research and that of Tetteh Baah, an economist with the Global Poverty and Inequality Data team at the World Bank.</p>



<p>&#8220;This stickiness of the colonial development model amid shifting geographical patterns of trade raises serious obstacles in the quest for a more prosperous and climate-resilient future for Africa,&#8221; Fofack says.</p>



<p>The International Monetary Fund says sub-Saharan growth will reach 3.8 percent this year, slightly higher than the 3.4 percent attained last year, with nearly two thirds of the region anticipating higher expansion. But it still faces high borrowing costs, climate change and global external shocks it can do little about.</p>



<p>While the fund suggests the continent needs more support from international partners and further implementation of structural reforms to diversify funding sources and economies, Fofack argues should fundamentally rethink its reliance on multinational companies for its development.</p>



<p>&#8220;Only in that way can Africa’s business model be sustainable and find success in resolving our debilitating development paradox, wherein the world’s most resource-rich continent has been made to believe that it is the poorest,&#8221; he says.</p>



<p>&#8220;Insufficient emphasis on philosophy and intellectual leadership in Africa has caused policymaking across the region to be reduced to managing balance of payments crises, aggravated by the colonial development model of resource extraction, far removed from the desired projection into the future shaped by Africa’s history and foundational roots.&#8221;</p>


Energy2-1

African philosophers must create new development model for continent

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<p>Analysts at Cardinal Stone Securities say they expect the Nigerian equities market to witness mixed sentiments as first-quarter earnings of listed companies&#8217; trickle in. Adebayo Adebanjo, Senior Analyst at Cardinal Stone Securities, joins CNBC Africa for this discussion.</p>


Q1’24 earnings to drive mixed sentiments in Nigeria equities

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<p>Traders at UBA expect FAAC inflows and coupon payments on 2029 and 2049 papers to boost system liquidity as demand persists on the newly issued 24th April 2025 bill. Kenneth Onuoha, Team Member, Assets and Liabilities at UBA joins CNBC Africa for more market updates.</p>


UBA: FAAC, coupon payments to boost system liquidity

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<p>Traders at Access Bank say they expect more profit-taking in the bonds market today as investors turn their attention to on-the-run securities. Bosun Obembe, Team Lead at Access Bank, joins CNBC Africa for a market update.</p>


Access: Investors cherry pick on-the-run bonds

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<p>Explore how Rwanda&#8217;s ground-breaking collaboration with football giants Arsenal, Bayern Munich, and Paris Saint-Germain is shaping the future of Rwandan football.</p>


Rwanda’s partnership with Europe’s top football clubs pays dividends

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<p>The 6th edition of the Namibia International Energy Conference 2024 is taking place under the theme: ‘Reimagine Resource-Rich Namibia: Turning Possibilities into Prosperity&#8217;. Join CNBC Africa as we bring you insights from energy stakeholders, the Namibian government and investors on Namibia&#8217;s energy landscape and the potential to foster partnerships for energy industry growth.</p>


NIEC 2024: Reimagine Resource-Rich Namibia: Turning Possibilities into Prosperity

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<p>Investors have their focus fixed on today’s Primary Market Auction as existing T-Bills totalling 142.57 billion naira will mature and be rolled over. Chuka Nwachukwu, Head of ALM and Balance Sheet Management at UBA joins CNBC Africa for expected outcome and other market movements.</p>


Investors focus on ₦142.57bn T-Bills auction

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<p>The Government of the Commonwealth of The Bahamas and Afreximbank have signed the Agreement for The Bahamas to host the 31st Afreximbank Annual Meetings and the third edition of the AfriCaribbean Trade and Investment Forum. The events will be held in Nassau, in The Bahamas, from the 12th to the 14th of June, under the theme ‘Owning Our Destiny: Economic Prosperity on the Platform of Global Africa.’ Afreximbank says theme reflects their focus to broaden the discourse to determine solutions to the challenges that affect African and Caribbean economies.  CNBC Africa brings you the highlights of the launch of the host signing agreement.</p>


The Bahamas to host 2024 Afreximbank Annual Meetings & AfriCaribbean Trade and Investment Forum

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<p>In this episode of Focus On, we spotlight The Namibia International Energy Conference 2024, an event that will bring together policymakers, energy stakeholders, investors, and international partners to foster industry growth and position Namibia as a prime investment destination. CNBC Africa spoke to Selma Shimutwikeni, CEO of RichAfrica Consultancy, and convenor of NIEC 2024 about what this event will unpack with in Africa&#8217;s evolving energy landscape.</p>


Focus On: The Namibia International Energy Conference 2024

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<p>Traders at Access Bank expect improved market activity today as investors seek to reinvest their coupon proceeds on the 18th April 2037 bond. Odinaka Linus- Nwokonkwo, Treasury team Member at Access Bank joins CNBC Africa for the highlights of market movements this week.</p>


Access: Investors seek to reinvest coupon proceeds on April 2037 bond

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<p>This April marks the solemn 30th anniversary of the genocide against the Tutsi in Rwanda, with commemorative events beginning on April 7. Throughout April, both globally and within Rwanda, there&#8217;s a dedicated time to honor the memory of those lost to this tragedy. &#8220;Kwibuka,&#8221; translating to &#8220;to Remember&#8221; in Rwanda&#8217;s Kinyarwanda language, signifies a period of deep reflection on the past and an unwavering commitment to preventing such horrors from repeating. Speaking at one such event, Emmanuel Hategeka, Rwanda&#8217;s High Commissioner to South Africa, emphasized the significance of this collective act of remembrance.</p>


30th Commemoration of the 1994 Genocide Against the Tutsi

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<p>CNBC Africa brings you highlights of the maiden edition of the Africa Gaming Expo as stakeholders forge a path for the growth of the gaming and lottery industry in Africa.</p>


Focus On: Highlights Special of the Africa Gaming Expo 2024


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147878080-820x547.jpg" alt="" class="wp-image-477763" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147878080-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147878080-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147878080-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147878080-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147878080-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147878080-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Nicolas Mombrial, senior communications officer at the International Monetary Fund (IMF), from left, Vitor Gaspar, director of fiscal affairs at the International Monetary Fund (IMF), Era Dabla-Norris, division chief of fiscal affairs at the International Monetary Fund (IMF), and Marcos Poplawski-Ribeiro, deputy division chief of fiscal policy and surveillance at the International Monetary Fund (IMF), during a Fiscal Monitor news conference during the annual meetings of the International Monetary Fund (IMF) and World Bank in Washington, DC, US, on Wednesday, April 17, 2024. The International Monetary Fund inched up its expectations for global economic growth this year, citing strength in the US and some emerging markets, while warning the outlook remains cautious amid persistent inflation and geopolitical risks. Photographer: Samuel Corum/Bloomberg via Getty Images</figcaption></figure>



<p>The International Monetary Fund says South Africa needs to implement a debt ceiling as part of an overall strategy to contain increasing indebtedness in Africa’s largest economy.</p>



<p>South Africa public debt to gross domestic product ratio is projected to reach 86 percent by 2029 amid slow growth and continued bailouts of struggling state-owned enterprises such as power utility Eskom, logistics operator Transnet and airliner South African Airways. The national treasury says debt should peak at 75 percent of GDP by 2027 before declining, compared with 49 percent before the Covid-19 pandemic.</p>



<p>&#8220;South Africa has a good fiscal rule and complementing this with a debt ceiling could be useful in improving expenditure efficiency,&#8221; Era Dabla-Norris, the IMF’s Deputy Director for Fiscal Affairs told a news briefing at the release of its April 2024 Fiscal Monitor report. &#8220;We believe more decisive efforts are needed to cut spending and this can be done by reducing transfers to state-owned enterprises, rationalizing untargeted subs while protecting public investment and protecting well targeted social assistance for vulnerable populations.&#8221;</p>



<p>The country barely avoided a recession last year, posting growth of 0.6 percent, which the IMF forecasts could climb to 0.9 percent this year, before accelerating to 1.2 percent in 2025 as power supply improves, and the impact of economic reforms kicks in.</p>



<p>For sub-Saharan Africa the fund, sees sub-Saharan fiscal deficits declining to 4 percent this year versus 5.2 percent in 2023, and further improving to 2.7 percent by 2029. General debt to GDP ratios should decline to 44 percent by 2029 compared with 55 percent last year.</p>



<p>The fund is recommending that governments around the world avoid fiscal slippages and focus on rebuilding buffers in order to safeguard fiscal sustainability in the medium term. This as it forecast global public debt may top 100 percent of GDP by the end of the decade from 93 percent now.</p>



<p>&#8220;Fiscal consolidations are never easy but it is best not to wait until markets dictate their conditions. The right approach is to start now, gradually, and credibly. Once inflation is under control, credible multiyear consolidations will help pave the way for further monetary policy easing,&#8221; the report says.</p>



<p>This was especially pertinent this year as half of the world’s population goes to the polls to elect new governments.</p>



<p>&#8220;History shows governments tend to spend more and tax less during election years,&#8221; it said. &#8220;Deficits in election years tend to exceed forecasts by 0.4 percentage points of GDP, compared to non-election years. In this great election year, governments should exercise fiscal restraint to preserve sound public finances.&#8221;</p>


Spring Meetings Of The International Monetary Fund And World Bank

IMF says South Africa needs a debt ceiling as public debt spirals

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<p>Traders at UBA say despite the tight liquidity, the T-bills market is recording improved demand with interest seen across the curve. Chuka Nwachukwu, Head of ALM and Balance Sheet Management at UBA joins CNBC Africa for more market movements.</p>


UBA: Improved demand seen on T-bills, interest across curve

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<p>This Focus On puts the spotlight on partnerships that use seed funding to fund the on-going African green energy transition projects. CNBC Africa&#8217;s Fifi Peters is joined by Johan Marnewick, Head of Credit Alternatives at Stanlib and Asanda Tsotsi, Head of Project and Export Finance at Standard Bank CIB on insights to into the Khanyisa Energy Fund as part of Standard Bank&#8217;s journey to fund Africa&#8217;s green energy transition.</p>


Focus On: Private Partnerships for Green Funding

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<p>Joining CNBC Africa for this discussion is Annabel Bishop, Chief Economist, Investec and Cas Coovadia, CEO, Business Unity South Africa.</p>


CNBC Africa

Focus On: Using energy as a catalyst for Namibia’s economic prosperity

African philosophers must create new development model for continent

Q1’24 earnings to drive mixed sentiments in Nigeria equities

UBA: FAAC, coupon payments to boost system liquidity

Access: Investors cherry pick on-the-run bonds

Rwanda’s partnership with Europe’s top football clubs pays dividends

NIEC 2024: Reimagine Resource-Rich Namibia: Turning Possibilities into Prosperity

Investors focus on ₦142.57bn T-Bills auction

The Bahamas to host 2024 Afreximbank Annual Meetings & AfriCaribbean Trade and Investment Forum

Focus On: The Namibia International Energy Conference 2024

Access: Investors seek to reinvest coupon proceeds on April 2037 bond

30th Commemoration of the 1994 Genocide Against the Tutsi

Focus On: Highlights Special of the Africa Gaming Expo 2024

IMF says South Africa needs a debt ceiling as public debt spirals

UBA: Improved demand seen on T-bills, interest across curve

Focus On: Private Partnerships for Green Funding

The Power Table: South Africa: Rebuilding the Rainbow Nation

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Advertise With Us

CNBC Africa

Focus On: Using energy as a catalyst for Namibia’s economic prosperity

African philosophers must create new development model for continent

Q1’24 earnings to drive mixed sentiments in Nigeria equities

UBA: FAAC, coupon payments to boost system liquidity

Access: Investors cherry pick on-the-run bonds

Rwanda’s partnership with Europe’s top football clubs pays dividends

NIEC 2024: Reimagine Resource-Rich Namibia: Turning Possibilities into Prosperity

Investors focus on ₦142.57bn T-Bills auction

The Bahamas to host 2024 Afreximbank Annual Meetings & AfriCaribbean Trade and Investment Forum

Focus On: The Namibia International Energy Conference 2024

Access: Investors seek to reinvest coupon proceeds on April 2037 bond

30th Commemoration of the 1994 Genocide Against the Tutsi

Focus On: Highlights Special of the Africa Gaming Expo 2024

IMF says South Africa needs a debt ceiling as public debt spirals

UBA: Improved demand seen on T-bills, interest across curve

Focus On: Private Partnerships for Green Funding

The Power Table: South Africa: Rebuilding the Rainbow Nation

News Tips

Advertise With Us

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