<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Aida-5-2-820x547.jpg" alt="" class="wp-image-427869" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Aida-5-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Aida-5-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Aida-5-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Aida-5-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Aida-5-2-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Aida-5-2-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Aida Diarra, Senior Vice President, and Head of Sub-Saharan Africa, at Visa</figcaption></figure>



Nine out of ten consumers are at significant risk of falling prey to a scam – even the most experienced ones.



In the Sub-Saharan Africa financial landscape, electronic payments have emerged as a thriving industry, drawing more investment than any other financial services sector. Over the past decade, it has consistently delivered remarkable returns and substantial growth. Africa has been no exception to this trend the year 2020, the e-payments industry in Africa, encompassing both domestic and cross-border transactions, boasted revenues reaching approximately $24 billion. Of this substantial sum, approximately $15 billion was attributed to domestic electronic payments alone. The revenue from domestic electronic payments, totalling $15 billion, was generated from a staggering 47 billion individual transactions, collectively exceeding $800 billion in transaction values.



Despite these impressive numbers, it&#8217;s noteworthy that only 5 to 7 percent of all payment transactions in Africa were conducted through electronic or digital channels, a sharp contrast to countries like Turkey, where more than 50 percent of transactions flow through these channels. This glaring difference underscores the immense growth potential that e-payments represent on the African continent. As payment methods become more convenient and scalable while the supporting infrastructure continues to develop, the prospects for e-payments in Africa are undeniably promising.



Electronic payments have been gaining momentum in Africa since the turn of the millennium, mirroring a global trend that saw them take a giant leap forward during the COVID-19 pandemic. This surge in digital payment activity sets the stage for a critical examination of fraud prevention in the evolving landscape of Sub-Saharan Africa&#8217;s digital payments. We&#8217;re going explore how Visa, a global financial services provider, leverages its expertise to safeguard the burgeoning digital payment ecosystem across the region, as well as the imperative role of consumer awareness in mitigating the risks associated with this transformative shift in the financial landscape.



<h2 class="wp-block-heading" id="h-safeguarding-the-digital-frontier-and-foiling-fraudsters">Safeguarding the Digital Frontier and Foiling Fraudsters</h2>



Scams are becoming increasingly prevalent with the rapid pace of digitization. At Visa, we continue to innovate and are putting the best technology in place to protect the digital ecosystem and educate consumers to be more vigilant. Last year alone Visa prevented USD 27.1 billion worth of attempted fraudulent payments across 122 million transactions, stopping fraudsters in their tracks.&nbsp;



However, as Frank Abagnale said in Catch Me If You Can, “There is no technology today that cannot be defeated by social engineering.” And this is where raising consumer awareness plays the most significant role.



To determine how best to tackle consumer awareness about fraud in Sub-Saharan Africa, Visa commissioned the Visa Stay Secure 2023 CEMEA Study in partnership with Wakefield Research, which surveyed 5,800 adults in 17 markets across the CEMEA region.[1]



The study provided a valuable foundation for understanding how and why people fall victim to fraud. According to the Study, confidence in the ability to spot a scam, and the vulnerability it may bring, is highest in countries like Kenya (65%), South Africa (65%), and Nigeria (63%).



<h2 class="wp-block-heading" id="h-the-h-oneypot">The Honeypot</h2>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



[1] Visa Stay Secure 2023 CEMEA study online research was conducted across 17 CEMEA markets including the United Arab Emirates, Kingdom of Saudi Arabia, Qatar, Kuwait, Oman, Bahrain, Egypt, Pakistan, Tunisia, Morocco, Nigeria, Kenya, South Africa, Côte d’Ivoire, Ukraine, Kazakhstan, and Serbia.



In many cases, 56% of respondents claim to be highly knowledgeable at recognising a scam. However, the reality is that nine out of ten (90%) consumers typically respond to standard terms or phrases scammers utilise in emails and text messages.



Of even more concern is the fact that those who describe themselves as being “very” or “extremely” knowledgeable at recognising scams are more likely to be fooled and act on at least one type of common scam message than those who are less confident in their scam-deducing abilities. It appears that there is a strong correlation between overconfidence and being too quick to click. Or, as the common adage goes: “Pride comes before a fall.”



Indeed, it could be attributed to optimism bias, the belief that we are much less likely to experience adverse events than positive ones. So, when a friend reaches out to you to admit they fell victim to a scam, you think, “Well, that could never happen to me.” But the truth is that it could happen to any single one of us.



Visa’s study reveals a pattern of the language and scenarios that scammers tap into to nudge their victims to respond in a way that benefits their purposes. Namely: urgency, positive news, and action required.



Scammers orchestrate a sense of urgency to trigger impulsive action in their target. According to the study, in SSA being offered a financially advantageous opportunity will prompt 44% of the respondents, with 64 % Kenyans, 61 % Nigerians and 41% South Africans to click on a link. Other examples include being notified of a security risk &#8211; such as a stolen password or data breach &#8211; or receiving a notice from an authority such as a government entity or law enforcement.&nbsp;



In such scenarios, individuals must make an effort to avoid reacting instantly or impulsively. Whatever the apparent urgency at first glance – stop and take a moment to verify the credibility of the email or message. Is the email address or the phone number it was sent from valid? Does it include the company name and logo? Is the information personalized? And make sure to check for grammatical errors and spelling mistakes.



Trojan horses such as “free gift/gift card,” “you have been selected,” or “you are a winner” should set off alarm bells. Sadly, unexpected ‘good’ news is not always what it may seem at first glance. And yet, we are so keen to believe in sudden windfalls and good fortune, especially when it comes to money: the Visa Stay Secure 2023 CEMEA study found that nearly 71% of respondents would take action if the message had positive news phrases.



Relationship dynamics have also been found to play significant role, with some of the common stereotypes still very prevalent amongst adults in SSA, with Gen X and Baby boomers in these markets most concerned about retired people falling victim to scams.



The final theme in the scammer playbook is to present the target with an easily resolvable problem. For example, my friends’ outstanding import duty seemed like a quick fix, and it was a nominal amount, he didn’t dwell too much on its legitimacy. Other examples include false notices about a frozen account, problems with an order, or expiring subscriptions – all of which will prompt 60% of consumers into action.



<h2 class="wp-block-heading" id="h-exploiting-the-c-racks">Exploiting the Cracks</h2>



Overall, cybercriminals seek to extract confidential information from consumers, threatening their security. These are all cases of social engineering, where a malicious actor attempts to deceive a user to access personal information, financial data, or even corporate secrets.



Social engineering comes in various forms, many of which have made the headlines in recent years. Terminologies such as phishing, pretexting, baiting, and tailgating are now familiar to us, and yet we are still falling for the associated scams. Despite how shrewd, tech-savvy or worldly we might tout ourselves to be our most significant security risk remains – regrettably – only us!



Sometimes, we willingly offer it up by broadcasting every intimate detail of our lives, our pets’ names, and our whereabouts on social media. For scammers, this is a treasure trove they can plunder to access our personal preferences, mine to ascertain the answers to common security questions, and devise bespoke scams specifically tailored to you.



Our study found that over one in two people (52%) in the CEMEA region has been a victim of a scam at least once, while 15% have experienced being conned multiple times. With the research indicating that adults in African countries; 74% Kenyan, 72 % Nigerian and 64% South Africa, are most likely to report having been scammed.



These incidents are not the sole concern of each consumer. All it takes is for one person to put an entire organization or network at risk. That’s why we see so many headlines about cybersecurity breaches that immobilize operations or put data security to ransom – they get to the finish line by finding the weakest link, which is usually a human folly.



<h2 class="wp-block-heading" id="h-security-a-s-hared-r-esponsibility">Security, a Shared Responsibility</h2>



At Visa, we’re staying one step ahead of an increasingly sophisticated band of bad actors by taking a 360-degree approach to security. It’s working: our uncompromising commitment to security has kept fraud at historic lows. We heavily invest in cutting-edge cybersecurity, including artificial intelligence and data analytics, to detect, deter and disrupt fraud pre-emptively.



Advancements in payment security will continue to help drive down fraud. However, technology can only do so much. Consumer awareness and education are the critical first lines of defence against criminal intent.



Visa’s study is part of a more significant effort to ensure that individuals and organisations in the Sub-Saharan Africa region know the risks and can adequately safeguard themselves from attacks. Understanding the language of scams is essential in our digital-first world.



Collaborating to enforce robust legislation, prioritizing security in technological innovation, and integrating scam awareness into public safety programs are but some of the milestones on the horizon.



As technology progresses, people must preserve the human quality of curiosity and questioning. Social media and artificial intelligence can impair the foundations of trust and security. Equipping the weakest link – the consumer – with the tools they need to combat increasingly sophisticated fraudulent tactics is the only way forward for a robust and exciting digital future.

Aida-5-2

VISA’s Strategic Approach to Combatting Digital Payment Fraud in Sub-Saharan Africa   

<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="688" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/H.E.-Abdul-Aziz-Al-Ghurair-Chairman-of-Dubai-Chambers-688x800.jpg" alt="" class="wp-image-427818" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/H.E.-Abdul-Aziz-Al-Ghurair-Chairman-of-Dubai-Chambers-688x800.jpg 688w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/H.E.-Abdul-Aziz-Al-Ghurair-Chairman-of-Dubai-Chambers-258x300.jpg 258w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/H.E.-Abdul-Aziz-Al-Ghurair-Chairman-of-Dubai-Chambers-77x90.jpg 77w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/H.E.-Abdul-Aziz-Al-Ghurair-Chairman-of-Dubai-Chambers-768x893.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/H.E.-Abdul-Aziz-Al-Ghurair-Chairman-of-Dubai-Chambers-1320x1536.jpg 1320w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/H.E.-Abdul-Aziz-Al-Ghurair-Chairman-of-Dubai-Chambers.jpg 1696w" sizes="(max-width: 688px) 100vw, 688px" /><figcaption class="wp-element-caption">H.E. Abdul Aziz Al Ghurair, Chairman of Dubai Chambers</figcaption></figure></div>


Dubai, UAE – Dubai Chambers has unveiled The Deals Hub, a new impact-driven platform that creates an innovative space for global business leaders and investors to announce partnerships and deals during the upcoming Dubai Business Forum, which takes place at Madinat Jumeirah in November.



Hosted under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Dubai Business Forum will bring together key stakeholders from the government and private sectors across the globe to explore strategic economic partnerships, develop international networks, and open new horizons for business, trade, and investments.



The launch of The Deals Hub creates a dedicated space to forge and announce major business initiatives, partnerships, investments, and commercial alliances, with signings witnessed by senior government officials, prominent figures from the public and private sectors, and representatives from the global media.



The innovative initiative reflects Dubai Chambers’ commitment to driving growth in international trade and investment and further consolidates Dubai’s position as a leading global city for doing business. Targeting an influential global audience, the dealmaking space will enable companies of all sizes from around the world to explore strategic economic partnerships, develop international networks, and open new horizons for business success.



H.E. Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, commented: “Dubai’s enduring commitment to business growth and innovation has established the emirate as a preferred destination for companies seeking to expand internationally and forge global partnerships. The city has emerged as a vital hub for business deals thanks to its diversified economy, favourable business environment, world-class infrastructure, and strategic location that serves as a gateway to international markets.”



<figure class="wp-block-pullquote"><blockquote>“The launch of The Deals Hub underlines Dubai’s growing position as a leading capital of the global economy and reflects the emirate’s continuing success in attracting foreign investment and supporting business expansion.”<cite>H.E. Abdul Aziz Al Ghurair, Chairman of Dubai Chambers</cite></blockquote></figure>



His Excellency added: &#8220;The Dubai Business Forum creates a unique platform for investment agreements and business deals that will unlock exciting opportunities and promote sustainable economic growth. The launch of The Deals Hub underlines Dubai’s growing position as a leading capital of the global economy and reflects the emirate’s continuing success in attracting foreign investment and supporting business expansion.”



The Dubai Business Forum is set to play a pivotal role in achieving the objectives of the Dubai Economic Agenda (D33), which was launched in January by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The ambitious agenda features 100 transformational projects aimed at doubling the size of the emirate’s economy over the coming decade and consolidating Dubai’s position among the top three cities around the world.



The Deals Hub will host a full spectrum of agreements including major partnerships, joint ventures, and mergers and acquisitions; IPOs, large investments, and fundraising rounds; government contracts, cross-border trade agreements, and memorandums of understanding.



Underlining Dubai’s growing position as a leading capital of the global economy, the Dubai Business Forum will attract key stakeholders in sectors including technology, retail, finance, travel, hospitality, real estate, and healthcare. The landmark event will feature insightful discussions and interactive sessions aimed at shaping the future of global business, creating a dynamic platform for connecting key stakeholders and accelerating the growth of trade and investments.



The event is fully aligned with Dubai Chambers&#8217; strategic priorities, which include attracting international companies and investments to the emirate, supporting the expansion of local companies in global markets, and further enhancing Dubai’s favourable business environment.&nbsp;



The Dubai Business Forum will be hosted at Madinat Jumeirah on 1-2 November under the theme &#8216;Transforming Economic Power: Dubai and the Future of Global Trade.&#8217;



To register for the event, please visit <a href="https://register.dubaibusinessforum.com/">register.dubaibusinessforum.com</a>



<figure class="wp-block-image size-large is-resized"><img decoding="async" loading="lazy" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/DBF_logo_centeredEN-820x482.jpg" alt="" class="wp-image-427839" style="width:267px;height:157px" width="267" height="157" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/DBF_logo_centeredEN-820x482.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/DBF_logo_centeredEN-300x176.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/DBF_logo_centeredEN-153x90.jpg 153w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/DBF_logo_centeredEN-768x452.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/DBF_logo_centeredEN.jpg 1304w" sizes="(max-width: 267px) 100vw, 267px" /></figure>

FILE PHOTO: Emirates Boeing 777 planes at Dubai International Airport

Dubai Chambers unveils ‘The Deals Hub’ to unlock global trade and investment opportunities during Dubai Business Forum

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/image_processing20230621-1568716-nf84zy-820x410.jpg" alt="" class="wp-image-427703" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/image_processing20230621-1568716-nf84zy-820x410.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/image_processing20230621-1568716-nf84zy-300x150.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/image_processing20230621-1568716-nf84zy-160x80.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/image_processing20230621-1568716-nf84zy-768x384.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/image_processing20230621-1568716-nf84zy.jpg 900w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Deputy President, Mr Paul Mashatile</figcaption></figure>



JOHANNESBURG, SEPTEMBER 2023 – South African Deputy President, Mr Paul Mashatile, is scheduled to speak at Africa Oil Week (AOW) on Tuesday 10 October, in Cape Town.



The gathering is the continent’s leading event in the upstream oil-and-gas energy space, and it sees representatives of more than 25 African governments coming together with energy policymakers, financiers and dealmakers to share insights and to map a sustainable roadmap for the development of Africa’s natural resources.



Deputy President Mashatile’s attendance at the continental showpiece comes at a time when energy is a primary concern of national policymaking in South Africa and elsewhere on the continent.



Announcing Deputy President Mashatile’s participation, Yemi Ibidunni, Event Director of event organiser Hyve Events said that the presence of a government representative as senior as Mr Mashatile confirmed the importance the South Africa’s government attached to oil and gas planning.



“There have been exciting offshore discoveries in South African territorial waters, which may herald a new dawn for the country’s oil and gas sector,” says Ibidunni. “At the same time, there have been significant discoveries in Namibia and elsewhere in Africa. This emphasises the importance of Africa’s government and business leaders coming together to discuss partnerships for energy security while enhancing regional economic development.’



Ibidunni said AOW provides the ideal platform to facilitate such discussions, as well as enabling deals, and positioning the continent as a stable destination for international investment.



This year’s AOW takes place at the Cape Town International Convention Centre 2 in Cape Town, from October 9 – 13, with the theme “Maximising Africa’s Natural Resources”.



AOW will connect&nbsp;more than 50 ministers&nbsp;and&nbsp;government leaders,&nbsp;125 expert speakers,&nbsp;and 1500 senior delegates&nbsp;across five days of industry-leading insight and elite networking opportunities, designed to drive deals and investments for the betterment of the continent.

image_processing20230621-1568716-nf84zy

SA Deputy President Mashatile to speak at Africa Oil Week

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/CMA_Logo_jpg_image-transformed-1-820x547.jpeg" alt="" class="wp-image-427296" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/CMA_Logo_jpg_image-transformed-1-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/CMA_Logo_jpg_image-transformed-1-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/CMA_Logo_jpg_image-transformed-1-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/CMA_Logo_jpg_image-transformed-1-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/CMA_Logo_jpg_image-transformed-1-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/CMA_Logo_jpg_image-transformed-1-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Africa stands to witness impactful economic growth through the development of local mineral value chains.



As efforts to transition to a clean energy future intensify, so does the demand for critical minerals. The World Bank posits that to meet the rise in global demand and avoid the worst impacts of climate change, the production of these minerals will need to increase 500% by 2050. For mineral-rich Africa, a unique opportunity has emerged for countries to capitalize on increased global investment to stimulate sustainable economic growth. However, to maximize the value of the continent’s mineral industry, focus needs to be redirected towards local value chains. &nbsp;&nbsp;



Africa is home to over 30% of the world’s mineral reserves, with almost every single country on the continent rich in at least one critical mineral – resources which are essential for the development of green energy technologies such as electric vehicles, solar and wind installations, batteries and renewable power systems. The Democratic Republic of Congo (DRC) hosts over 70% of the world’s cobalt production; Zimbabwe holds the world’s largest reserves of hard rock lithium; Mozambique is the world’s third-largest producer of graphite; while South Africa accounts for 75% of the world’s supply of Platinum Group Metals. Additionally, Namibia is rich in uranium ore; Gabon in manganese; and Guinea in bauxite, while Zambia is the largest exporter of unrefined copper.



The resources are there, but the value? That comes with the market. Africa stands to earn a great deal more from its mineral resources through the development of competitive value chains. Downstream investments unlock job opportunities, advancements in infrastructure and skills transfer, and are poised to establish Africa as a global hub for critical minerals. Economic benefits such as the development of associated industries and strengthened fiscus will shortly follow, enabling countries to drive long-term and sustainable economic growth.



While some African countries have seen substantial success in the extraction of critical minerals, domestic markets are modest at best. Apart from South Africa, which invested heavily in beneficiation in the late 1990s, many countries continue to export the majority of their raw mineral resources. Current estimates show that up to 70% of mined minerals are exported to Europe or Asia for refining. However, many countries are eager to reserve this trend in an effort to enhance value addition, stimulate industrialization and beneficiation, and ultimately, advance economic growth. &nbsp;



To this effect, several policies have been implemented aimed at supporting the development of the domestic mineral value chain. Zimbabwe implemented a national ban on the export of unprocessed lithium resources earlier this year, with Namibia implementing a similar ban just six months after. More recently, Ghana announced the approval of the country’s Green Minerals Policy, effectively banning the exportation of unprocessed mineral resources in an effort to retain value and bolster domestic supply chains. Unfortunately, these policies will fail to bear fruit unless backed by sizeable investments in processing and manufacturing facilities. Critics have also posited that without clear strategy and diversified ownership structures in place, these policies could actually serve as deterrents to foreign investment while creating export bottlenecks.



So, what now? By putting in place favorable investment environments, governments will incentivize increased private sector participation in the mining industry. Private players and capital will lead to job creation and economic growth, infrastructure development and downstream expansion, as well as technological innovation and expertise. By incentivizing and supporting private investment, countries stand to benefit from a more diversified and robust industrial base. There has already been some progress in this area. Since implementing its ban, Zimbabwe has seen two lithium processing facilities reach completion: a $300 million plant located near the Arcadia Lithium Mine and a dual lithium plant at the Bikita mine.&nbsp;



However, investments need to go beyond mineral processing, or countries risk falling back into export-driven trends. Global management consulting company McKinsey &amp; Company explains that historically, supply chains have taken preference over value chains in Africa, leading to siloed operations in which responsibilities are distributed to optimize individual steps. In other words, capital is injected into the logistics and commercial aspects (mining, processing, rail and shipping) rather than the comprehensive market (manufacturing and assembly, research and development, product design and engineering, and more). Recent developments aim to address this nexus however.



The African Development Bank is working on the African Green Minerals Development Strategy, a policy guide for how African countries can strategically exploit their green mineral resources for industrialization. The strategy hinges on four pillars: advancing mineral development and investment; developing human and technological capacities; building key value chains through the African Continental Free Trade Agreement; and promoting mineral and environmental stewardship. The strategy reiterates the role cross-border collaboration and streamlined policies play in strengthening local value chains in Africa while drawing attention to the need for investments in skills and technology, product manufacturing and intra-African trade. This strategy is a crucial first step towards creating strong mineral value chains in Africa. Now, what’s left is alignment, and bringing capital and buyers to the African market.



The Critical Minerals Africa (CMA) summit provides a platform where investors, consumers and producers connect. Taking place in Cape Town from October 17-19 &#8211; con-currently with the continent’s biggest energy event: African Energy Week – CMA 2023 stands at the intersection of energy and mining, and represents the African critical minerals dealmaking space. The event convenes governments and the private sector, fostering engagement on a bilateral and multilateral level under efforts to advance critical minerals production and processing while planning strategic roadmaps for minerals and energy security. By linking global consumers and producers, CMA 2023 brings capital and buyers to African projects, and will serve as a catalyst for the development of local supply and value chains in Africa’s mineral hotspots.



Tickets are now available at <a href="http://www.criticalmineralsafrica.com">www.criticalmineralsafrica.com</a>.



For more information about speaker opportunities, contact <a href="mailto:speak@energycapitalpower.com">speak@energycapitalpower.com</a>.



For more information about sponsorship, contact <a href="mailto:sales@energycapitalpower.com">sales@energycapitalpower.com</a>.



For information about any strategic objectives you may have, contact <a href="mailto:james@energycapitalpower.com">james@energycapitalpower.com</a>

CMA_Logo_jpg_image-transformed-1

From Mine to the African Market: Enhancing Value through Local Mineral Chains

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AIIB-Cote-dIvoire_Inclusive-Connectivity-and-Rural-Infrastructure-Project_1200x628px_2-820x429.jpg" alt="" class="wp-image-427211" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AIIB-Cote-dIvoire_Inclusive-Connectivity-and-Rural-Infrastructure-Project_1200x628px_2-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AIIB-Cote-dIvoire_Inclusive-Connectivity-and-Rural-Infrastructure-Project_1200x628px_2-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AIIB-Cote-dIvoire_Inclusive-Connectivity-and-Rural-Infrastructure-Project_1200x628px_2-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AIIB-Cote-dIvoire_Inclusive-Connectivity-and-Rural-Infrastructure-Project_1200x628px_2-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/AIIB-Cote-dIvoire_Inclusive-Connectivity-and-Rural-Infrastructure-Project_1200x628px_2.jpg 1200w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



The future is bright for Côte d&#8217;Ivoire and there is a noticeable social and economic shift underway.



Economic growth in the West African country averaged a blistering 9% between 2012 and 2015, with 7% growth from 2016 to 2019. Despite the deleterious effects of the COVID-19 pandemic, average growth is expected to surge to 7.7% from 2021 to 2025. Private investment is expected to rise through mid-decade, accompanied by a significant drop in poverty. Through it all, infrastructure development is expected to play a key role in raising prosperity in the country.



But the widespread optimism across Côte d’Ivoire and Africa is dulled by the shadow of huge disparities across the rural-urban and northern-southern divides and ever-present climate change. Rural connectivity is critical to enhancing accessibility and reducing the divide. With an underdeveloped rail network, the road network carries most of the traffic in Côte d’Ivoire and is crucial not only for access to basic services but also to support access for agricultural products to the international markets and to support growth. At the same time, with Côte d&#8217;Ivoire’s high climate vulnerability means its &nbsp;road network often experiences extensive damage from heavy precipitation. Climate change threatens to widen the urban-rural infrastructure gap, with ramifications for the entire country’s development.



To support the country’s needs for connectivity and climate-resilient infrastructure, the <a href="https://www.aiib.org/en/index.html">Asian Infrastructure Investment Bank (AIIB)</a> signed a loan with the Republic of Côte d&#8217;Ivoire for EUR187.4 million (USD200 million) &nbsp;for the <a href="https://www.aiib.org/en/projects/details/2023/approved/Cote-d-Ivoire-Inclusive-Connectivity-and-Rural-Infrastructure-Project.html">Inclusive Connectivity and Rural Infrastructure Project</a>. The Government of Côte d&#8217;Ivoire and the World Bank are co-financing the Project.



The Project is a milestone: It marks AIIB&#8217;s inaugural infrastructure venture in both Côte d&#8217;Ivoire and Sub-Saharan Africa, enhancing its involvement on the continent.



“AIIB is actively intensifying its efforts as we recognize the significant potential for sustainable energy and connectivity infrastructure to support sustainable growth in our African members, while contributing to global climate mitigation efforts and increased connectivity between Africa and Asia,” said Suzanne Shaw, Infrastructure Sector Economist at AIIB.



AIIB to date&nbsp;has&nbsp;nine&nbsp;previous projects in Africa, in Côte d&#8217;Ivoire,&nbsp;Egypt and Rwanda. <a href="https://www.aiib.org/en/projects/list/year/All/member/Egypt/sector/All/financing_type/All/status/All">In Egypt</a>, AIIB has financed infrastructure projects in transport, water and energy sectors and&nbsp;supported an&nbsp;<a href="https://www.aiib.org/en/projects/details/2019/approved/Egypt-National-Bank-of-Egypt-On-Lending-Facility-for-Infrastructure.html">on-lending facility through the National Bank of Egypt</a> to on-lend to&nbsp;sub-projects in the infrastructure sector. <a href="https://www.aiib.org/en/projects/list/year/All/member/Rwanda/sector/All/financing_type/All/status/All">In Rwanda</a>, through the Crisis Recovery Facility, AIIB is financing an on-lending facility to support small&nbsp;and&nbsp;medium-sized&nbsp;enterprises as part of pandemic recovery efforts. In 2022, &nbsp;AIIB supported Côte d&#8217;Ivoire <a href="https://www.aiib.org/en/projects/details/2022/approved/Cote-d-Ivoire-Strengthening-of-Vaccination-and-Health-Systems-under-the-COVID-19-Strategic-Preparedness-and-Response-Project.html">to strengthen its vaccination and health systems through the same Facility</a>. &nbsp;



The Côte d&#8217;Ivoire Inclusive Connectivity and Rural Infrastructure Project addresses 11 underserved regions in the country’s north and involves upgrading and climate-proofing rural roads to improve access to schools, health services and rural markets. The Project will also develop climate-resilient infrastructure in the agri-logistics chain, a key component of economic activity in the northern regions which depend heavily on agriculture. Women, in particular, stand to benefit as they are disproportionately affected by the poor quality of roads and infrastructure, which limit their access to education, health care and active economic involvement.



Shaw notes that, “As a development partner, AIIB places high importance on aligning investments with the development priorities of its Members while adhering to the Bank’s commitment to sustainability.” &nbsp;



Through the Project, 7,000 kilometers of rural roads will be developed and 15,000 kilometers maintained, granting dependable all-weather access to around 3.67 million individuals . Together with the development of climate-resilient agri-logistics infrastructure, the Project will strengthen the economic activity and trade connectivity of the regions, creating stronger links with Asia.



The undertaking involves the country’s prime cotton and cashew-producing areas. Combined, these agricultural products represent about 50% of exports to Asia. The aim is to curtail post-harvest losses, decrease transportation costs and alleviate bottlenecks in transporting agricultural goods, notably with Asia. Noteworthy is Côte d&#8217;Ivoire&#8217;s consistent trade growth with Asia, averaging around 12% annually.



“Investments which enhance trade connectivity within and outside the African region facilitate international movement of goods, technology and people, which is crucial to remain competitive and achieve growth in the globalized world”, said Shaw.



According to Shaw, the Project will also support capacity building of private sector entities to position them to play a larger role in long term road infrastructure development and maintenance, to continue the works and remain active beyond the life of the project.



In addition to the Project’s connectivity benefits, it is also considered ‘green infrastructure’. All key thoroughfares within the Project regions will be made resilient against climate-related challenges. Notably, 51% of the loan, roughly USD102 million, is dedicated to climate adaptation financing.



Furthermore, the Project includes measures to mitigate the effects of climate change through nature-based solutions in road infrastructure development, such as tree planting, while incorporating climate resilience into road safety, road asset management, and road maintenance planning and execution. The initiative demonstrates AIIB&#8217;s&nbsp; commitment to advancing sustainable practices and aiding Members in fulfilling their Paris Agreement pledges.



“Connectivity and green infrastructure are important pillars for achieving sustainable economic growth in Africa,” said Shaw. “Enhancing energy access, increasing low-carbon energy-related infrastructure, and fostering e-mobility, are key&nbsp; green infrastructure areas with significant potential&nbsp; to build sustainable growth in Africa. Investments in these areas can deliver local environmental improvements and/or contribute to climate action, supporting development with sustainability at its core.”



Through its work in Côte d&#8217;Ivoire, AIIB seeks to further explore <a href="https://www.aiib.org/en/about-aiib/who-we-are/infrastructure-for-tomorrow/connectivity-and-regional-cooperation/index.html">connectivity</a> and <a href="https://www.aiib.org/en/about-aiib/who-we-are/infrastructure-for-tomorrow/green-infrastructure/index.html">green infrastructure</a> needs in the emerging economies of Africa. AIIB also hopes &nbsp;its participation in infrastructure financing in Africa can serve to attract private-sector interest in infrastructure investments in the region.



Under the theme “Sustainable Growth in a Challenging World”, AIIB is holding its <a href="https://bit.ly/3Ed0cFu">first Annual Meeting in Africa on September 25-26, 2023</a>, in the Egyptian city of Sharm El Sheikh. Registration to attend in-person will be closed at 11:59 p.m., September 10, 2023 (GMT+8). AIIB’s Annual Meeting program provides a rich variety of engaging sessions that explore the latest trends and issues relevant to sustainable growth and infrastructure connectivity.



“Our cooperation across various fronts in Africa is in its nascent stages,” said Konstantin Limitovskiy, Vice President of Investment Operations at AIIB. “Our team expects to build strong relationships with infrastructure players in Côte d&#8217;Ivoire and Africa and explore new opportunities in the sector to expand connectivity and resilience en route to a cleaner, greener and sustainable planet. Exciting opportunities abound. Our work has only just begun.”

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AIIB Expands Investment in Africa with First Sub-Saharan Infrastructure Project

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<figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="619" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Photo-of-Hanjo-Fourie-Sep-2020-619x800.jpg" alt="" class="wp-image-427157" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Photo-of-Hanjo-Fourie-Sep-2020-619x800.jpg 619w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Photo-of-Hanjo-Fourie-Sep-2020-232x300.jpg 232w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Photo-of-Hanjo-Fourie-Sep-2020-70x90.jpg 70w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Photo-of-Hanjo-Fourie-Sep-2020-768x992.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Photo-of-Hanjo-Fourie-Sep-2020.jpg 878w" sizes="(max-width: 619px) 100vw, 619px" /><figcaption class="wp-element-caption">Hanjo Fourie, Head of Santam Agri Underwriting and Technical</figcaption></figure></div>


Cape Town, 28 August 2023: South Africans are always happy to welcome the summer season, but for the commercial agriculture sector, the transition to summer also ushers in one of the biggest natural risks that farmers face – hail – causing billions of rands in losses every year.



The South African hail season typically begins in October and runs till March, says Hanjo Fourie, head of Santam Agri Underwriting and Technical. In terms of the crops that are most affected by hailstorms he explains: “Most of the summer grain production areas of the country are at risk of hailstorms affecting crops like maize, sunflower, beans and wheat. The fruit production areas of the Lowfield, Western-, and Northern Cape are also at risk, especially during the first part of the summer season and in April during the change over from summer to autumn.”



Underscoring the magnitude of the risk to not only farmers but also insurers, he goes on to explain that high-value crops like fruit and grain under irrigation’ insured values per hectare are high, and the risk is concentrated to a relatively small area, which increases the possibility for larger claims. Fourie elaborates that the percentage of crop loss is highly dependent on the growth stage of the crop when a hailstorm occurs. “Crops like soya beans, dry beans and sunflower can easily suffer 100% damage during early vegetative growth stages, while maize are more sensitive during the flowering stages of the crop,” he explains. On the main summer crops like maize, soya beans, dry beans, sorghum, and sunflower a sliding scale was implemented which will increase damages progressively from 60% damage to 85% damage., where 85% damage get 100% compensated. The sliding scale will support farmers with replant cost, especially where high percentage damages occurred.



Indicating the severity of this and other crop risks – Santam paid out over R1 billion in crop claims in 2021.



In terms of managing damaged crops in the aftermath of a destructive hail event, Fourie advises that maintaining farming practices is essential for the recovery of the crops. “It’s important to perform normal farming practices after suffering hail damage to enhance the recovery of the crop.” Hail, although significant, is not the only summer season risk that crop farmers have to contend with. “From a production point of view hail, fire and frost are the biggest risks to consider. Hail particularly poses a big risk to grain and fruit production in various areas. But later in the season when the crops are ready to harvest, fire poses a greater risk – it’s vital that farmers included fire damage in their crop insurance policies,” he urges.



Another serious risk to contend with this summer, particularly for summer grain farmers, is locusts.



Crops like maize, soya beans, grain sorghum and sunflower are expected to suffer significant locust damage. In 2021/2022, more than 23 million hectares of land were affected by locust outbreaks; it was the worst outbreak in 25 years.



He reassures farmers that, locust damage is still included in Santam’s cover, amongst others.



Production risks, such as the ones listed above, can negatively impact a commercial farm’s profitability, its liquidity, and even the sustainabilty of its operations. But Crop insurance is an ideal instrument for farmers to mitigate these production risks, says Fourie. There are three key strategies that modern farmers typically evaluate during the decision-making process: reduce the probability of the occurrence of a possible contingency, transfer the risk utilising insurance, or mitigate the impact of production risks, if they do occur. Most producers make use of risk transfer, using crop insurance to hedge against product risks.



The current landscape means that farmers are already contending with higher input costs like diesel, fertilizer, and pesticides among others. This increases the cost of production for farmers which makes it even more important to mitigate production risks. To ensure there is a return on capital invested, and thereby the sustainability of the operation secured, the impact of production risks must be managed sufficiently.



However, farming businesses cannot produce any return without taking on risk, asserts Fourie. “Producers must evaluate the cost of risk transfer versus the impact of risk exposure on capital. The impact of the risk on the producer’s income and ability to tolerate risk are often influenced by the farmer’s risk profile,” he says.



Additionally, working out how much cover a farming operation will need in a year can be challenging. Fourie offers up best practice advice in this regard: “A good method of ensuring a sufficient amount of hail cover, for instance, is purchased to protect the farm’s balance sheet, is for farmers to use their long term produced yield over time as a benchmark. Crop insurance cover is structured in a way that the farmer can decide how much cover he/she needs to mitigate their risk. A good practice is to make crop insurance part of the input cost budget, rather than insuring selectively by trying to read the season for the possibility of hail. Nature is unpredictable and we’ve seen too many farmers get caught with insufficient cover,” warns Fourie.

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HAIL, LOCUSTS AND FIRE – THE BIGGEST RISKS FARMERS FACE THIS SUMMER

<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="800" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/1000060445.png" alt="" class="wp-image-427010" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/1000060445.png 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/1000060445-300x300.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/1000060445-90x90.png 90w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/1000060445-768x768.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></figure>



Lithium is the new oil. Due to its conductive and light characteristics, ‘white gold’ is a prominent material used to create rechargeable batteries in most electronic devices. With a changing world focused on ‘green’ and sustainable practices to remove fossil fuels, lithium is the desire of many major manufacturers. But much like oil and gas, this metal comes with its own set of hold ups.&nbsp;



Refining and mining processes make extraction and reuse of this material tainted with dirty practices. Pollutants and toxic chemicals are required in the mass refinement of critical minerals. The largest producer, China, has commandeered vast amounts of land to keep up with the world’s demand, and dispose of the waste. They have cornered the market with their natural deposits of rare earth metals, and their threshold to refine these alloys is unmatched. But competition is necessary in an industry needing change.



<a href="https://www.americanresourcescorp.com/">American Resources Corporation</a> is a solution to create a competitive, American critical mineral refining and recycling industry. The company has a long track record of building up sustainable mining and refining businesses based in the United States. During the financial crisis of 2008, American Resources Corp. turned distressed coal mines into financially successful and environmentally sustainable factories. Since then, the company invested in the industry of rare earth metals. Leveraging technology developed by <a href="https://www.purdue.edu/newsroom/releases/2021/Q1/american-resources-engages-engineering-and-manufacturing-expert-to-advance-u.s.-based-rare-earth-element-purification-facility.html">Purdue University</a> and <a href="https://www.proactiveinvestors.com/companies/news/940815/american-resources-taps-ex-eli-lilly-executive-to-design-and-build-its-rare-earth-facilities-940815.html">Eli Lilly</a>, the pharmaceutical giant, <a href="https://www.americanresourcescorp.com/">American Resources Corporation</a> built its main tool in expanding American critical mineral refining: <a href="https://www.reelementtech.com/">ReElement Technologies</a>.



<a href="https://www.reelementtech.com/">ReElement Technologies</a> focuses on ‘clean’ refinement and recycling of rare earth and critical metals in an economical way. The company not only extracts and refines metals from virgin ore, but also batteries, magnets, and ‘black mass’. ‘Black mass’ refers to the waste caused by crushing and shredding end-of-life batteries. ReElement’s technology can extract <a href="https://www.einpresswire.com/article/649284437/reelement-technologies-produces-ultra-high-purity-99-99-battery-grade-lithium-from-lfp-manufacturing-waste">>99% pure lithium ready for use in batteries</a> from this e-waste. Their novel application to a longstanding and commercial technology uses sophisticated practices to extract the desired metals of lithium, cobalt, manganese, and nickel. There was never a need for innovation in refinement, but with other countries looking to the future, America is forced to play catch-up in this new industry.



China is the most prominent miner and refiner of lithium, alongside other rare earth and critical metals. Not only do they mine 50% of the world’s deposits, they also refine almost 90% of all metals for use. It’s no secret that the People’s Republic has become dominant with many natural deposits of these metals located in their country. They make phones, batteries, cars, and all other devices that most Americans use daily. The ‘Made in China” etching shines on most electronic devices all over the world. But consumers rely upon <a href="https://www.statista.com/statistics/271748/the-largest-emitters-of-co2-in-the-world/">one of the worst polluters </a>to support the rollout of green technology.



Waste has poisoned the environment, and many experts believe we are in a race for the survival of our species. The conductive abilities of lithium and other rare earth materials offer many solutions to alternative energy, but current practices for dumping these materials hinder progression.



A multitude of toxins, pollutants, and other suspicious chemicals are used to refine and recycle materials like lithium and cobalt. When used properly, these materials need to be scrapped, but the toxic e-waste pollutes the environment. The debris contaminates all aspects of <a href="https://www.sciencedirect.com/science/article/abs/pii/S0956053X14003675">the Earth from the air to the soil</a>. These methods require stadium-sized factories in vast, open spaces. With the ReElement technology, this past approach of refining is no longer needed with the use of chromatography.



The science is rooted in the ability to extract minerals within a mixture, with its origins beginning in the art world. ReElement is able to pull each metal out at different times without any e-waste. Every outcome of the refinement process can either be sold, recycled, or stored for later use. The technology doesn’t rely on dumping the material into the environment once the metal is extracted. ReElement focuses on circular economic practices to ensure that all materials are used again once the metals are removed. This novel application to this longstanding technology diversifies the supply chain of critical mineral refining and recycling, but more is needed to break away from the East Asian monopoly on material mining.



Numerous reserves of lithium and rare earth metals are being discovered in Africa. Countries such as Zimbabwe, Ghana, and Namibia have become significant exporters of lithium. China developed a multitude of refining plants on the continent to help extract more of the material. However, many of the metals are removed from the country without any local support. Although China has created infrastructure in these nations, the practice has begun to frustrate many of the local governments––<a href="https://www.law.co.zw/download/base-minerals-export-control-actchapter-2101/">instituting laws banning the export of their materials</a>. Africans want their hard work to be compensated, and American Resources Corp wants to help.



Currently, the company plans an expansion into South Africa and western Africa. <a href="https://www.americanresourcescorp.com/">American Resources Corporation</a> has signed an offtake agreement with partners within the South African nation to <a href="https://www.reelementtech.com/about">purchase 6% of the lithium spodumene ore</a>. Arrangements are set for the delivery of material back to the United States to be refined with ReElement’s technology. However, <a href="https://www.americanresourcescorp.com/">American Resources Corporation</a> wants to reinvest its tools into these local communities. The technology is incredibly versatile and modular, which can drive growth anywhere it is established. This idea isn’t a new play in the American Resources Corp. handbook.



American Resources Corp. thrives on turning distressed liabilities into profitable, environmentally sustainable assets. From their start in East Kentucky and West Virginia, <a href="https://www.americanresourcescorp.com/">American Resources Corporation</a> created innovative assets out of different mines and plants. The company thrives off competition, and America needs to be competitive in this race for critical and rare earth metals.



Within the past four years, the American government has incentivized companies to enter into the sustainability sector. The Biden-Harris administration implemented <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/11/06/fact-sheet-the-bipartisan-infrastructure-deal/">the Infrastructure and Jobs Act</a> and the<a href="https://www.whitehouse.gov/cleanenergy/inflation-reduction-act-guidebook/"> Inflation Reduction Act</a>, which have pushed for a domestic transition into ‘greener’ energies, but might have been overzealous. It’s difficult for American companies to enter the market. Many firms don’t have the proper capabilities to deal with such high demand, which will force them to rely on Chinese companies. <a href="https://www.reelementtech.com/">ReElement Technologies </a>offers a panacea to the reliance on China. Americans can move the supply chain back to the country with the use of ReElement’s innovative refining platform.



There was never a need for innovation in critical mineral refinement and recycling. In the past, the world wasn’t oriented toward consumerist habits involving these metals. Technology was limited, but an explosion of innovation led the world away from fossil fuels to mineral dependence. From cars to cellular devices, lithium, and other rare earth metals are in high demand. The Economic World Forum claims the world will need <a href="https://www.weforum.org/agenda/2022/07/electric-vehicles-world-enough-lithium-resources/">2 billion tons of lithium by 2050</a> to get everyone driving electric vehicles. Sadly, by 2025 the International Energy Agency (IEA) claims the <a href="https://www.iea.org/commentaries/electric-cars-fend-off-supply-challenges-to-more-than-double-global-sales">supply will be ‘stretched too thin’</a>. Without the ability to more efficiently refine and recycle these critical metals, the world ceases to evolve. With the use of ReElement, America can once again lead the world in innovation and keep up with the demand, while creating a more competitive industry.

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American Resources Corporation: Innovative technology to keep up with the demand for ‘White Gold’

Considered the most entrepreneurial continent in the world, Africa is also home to the highest proportion of women entrepreneurs globally, with 58% of the continent’s self-employed population being women, who contribute some 13% of Africa&#8217;s total GDP. According to the 2022 Mastercard Index of Women Entrepreneurs, South Africa is one of only 12 economies across the globe where women&#8217;s entrepreneurial activity rates increased during the previous year, despite the impact of Covid19. “The growth of this sector and its potential has not gone unnoticed by Access Bank, and we are committed to advancing entrepreneurship – especially ‘Womenpreneurs’ – to continue encouraging what Access Bank South Africa sees as the country’s economic backbone,” says Sugendhree Reddy, CEO of Access Bank South Africa.



It was with this in mind that two large and well-loved local brands &#8211; Jacaranda FM and Access Bank South Africa came together to provide a broad platform to businesswomen in South Africa in the form of a competition called “Womenpreneur – Her Perfect Pitch” offering prizes to the value of approximately R2 million in business assistance during Women’s Month, August 2023.



Deirdre King, Managing Director at Jacaranda FM emphasises the importance of women supporting and learning from one another. Deirdre encourages businesswomen to uplift and inspire their peers while confidently claiming their rightful space in the entrepreneurial space. “This campaign drives tangible business and marketing assistance, layered with access to mentorship for the finalists. Last year, our finalists shared that the transfer of knowledge and experience from women leaders within Jacaranda FM and Access Bank was the most coveted part of this magnificent prize,” says King.



This high-profile event shows both brands’ commitment to women in the entrepreneurial space in South Africa, with ‘Womenpreneur &#8211; Her Perfect Pitch’ offering priceless and life-changing business experience for the winners.



The entrants’ experience will encourage other women to reach for the stars, while enabling Access Bank to tap into a diverse pool of talented and driven female entrepreneurs, potentially identifying promising investment opportunities or forging long-term business relationships.



<h2 class="wp-block-heading" id="h-crossing-the-great-divide">Crossing the great divide</h2>



The bank&#8217;s commitment to nurturing the growth of local businesses and contributing to economic development in South Africa is seated in the knowledge that the country is “talent-rich but fiscally needful”, according to Sugendhree.



The WEF’s 2022 Gender Gap Report noted that it would take a shocking 151 years to close global economic gender gaps without a massive and speedy change.



“Solutions must come from the corporate and private sectors who have the wherewithal to advance female employment, and we believe that creating opportunities like ‘Womenpreneur – Her Perfect Pitch’ are important stepping stones to generating enthusiasm among entrepreneurs and providing a platform for finance and business knowledge,” says Reddy



<h2 class="wp-block-heading">&nbsp;HOW TO ENTER</h2>



<ol type="1">
<li>Head on over to <a href="https://southafrica.accessbankplc.com/womenpreneur/" target="_blank" rel="noreferrer noopener">https://southafrica.accessbankplc.com/womenpreneur/</a> to enter electronically from 1 to 31 August 2023.</li>



<li>Complete the form and upload your documents.</li>



<li>If you are successful, you will be notified that you are in the Top 30 Womenpreneurs and invited to a breakfast networking event with a special guest speaker.</li>



<li>The Top 10 successful women will be invited to the judging event that will take place on 19 October in the pitching den.</li>
</ol>



Winners will be announced at a gala event to be held in November, Jacaranda FM and Access Bank South Africa are looking forward to seeing the pitches of the special and vital part of the South African economy, Womenpreneurs.

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Women get opportunity to pitch their plan and close the pay gap

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Without wanting to stimulate undue concern businesses should seriously consider the potential of future pandemic outbreaks and prepare ahead to build up their operational resilience. This is a strong, and well-qualified message from Carla Jordan, CEO of corporate underwriter Emerald Africa, a underwriting managing agent within Santam Specialist.



Through its alliance with Munich Re and its AA-rated security with New Reinsurance Company Ltd (NewRe), which is owned by Munich Re, Emerald is now launching a stand-alone Non-Damage Business Interruption solution covering disease outbreaks for the South African corporate sector.



Recent statistics produced by independent data modellers, such as Airfinity, substantiate the reason for the launch, in August 2023, of Emeralds first-to-market pandemic product domestically. “What this data tells us is there is an approximately 25-30% chance of another pandemic of the same or greater magnitude than Covid-19 within the next 10 years. That percentage jumps to over 50% within 25 years.”



International Health Regulations empower the World Health Organisation to act as the pre-eminent global body for surveillance of disease outbreaks and their potential implications on public health.&nbsp; Should a disease outbreak develop into an extraordinary event, which is considered a public health risk internationally, the WHO will declare a Public Health Emergency of International Concern (PHEIC), prompting member states to initiate their public health response. This framework forms the basis for the policy’s triggers.



Jordan explains that factors such as climate change, deforestation, urbanisation and greater global mobility are all increasing the frequency of disease outbreaks that may develop into a significant global threat<s>.</s> As was revealed during the Covid-19 pandemic, the economic impact of a pandemic is devastating, which exacerbates the already vulnerable South African society, where employers and employees, and society at large, have been heavily burdened by load shedding, riots, and devastating floods.”



The need for a risk transfer solution to mitigate a future pandemic outbreak has, therefore, never been more crucial. After the peak of the Covid-19 pandemic passed, a vast number of global court cases debated whether Covid-19 loss claims constituted a direct physical loss under a commercial insurance policy. In most SA cases the courts’ rulings went against the insurance industry resulting in insurers excluding, from their policies, any cover related to pandemic-induced non-physical damage, to ensure their risk appetite is not curtailed or impaired.



&#8220;This unfortunate but necessary decision has left corporate SA without cover against the next pandemic,” says Jordan, “and, as the research and history shows, there will definitely be more such outbreaks in the future.”



With that in mind, Emerald’s&nbsp; Pandemic Protection cover is a facilitator for insurers and clients to better forward-manage risk in the next pandemic.&nbsp; Hans Schollenberger, Executive Head: Underwriting and Risk for Emerald says that corporate SA’s survival through such an event will depend on such a policy.&nbsp; “Business SA should be asking itself whether, without such a policy,&nbsp; it can manage the negative economic impacts, which include loss of gross profits or earnings; the wage roll; debt obligations; employee benefits; cash flow; and contingent loss from suppliers and customers.. The likely answer is no!”



This is where the ‘parametric ‘part of the policy comes in. Parametric solutions are popular because they respond to variables, be that how much cover an organisation wants or can afford, and their planned strategic response to mitigate risk.&nbsp; “We are very strong on risk benefits,” says Schollenberger. “This includes companies doing everything they can to slow the spread of a pandemic, such as encouraging vaccinations and abiding by regulations.



“The period of the insurance policy is typically 12 months, paid annually, and claims must be submitted as a sworn affidavit by two company directors. Once approved, the claim pays out within 30 days, providing the insured with much needed liquidity to ensure the business can remain a going concern, and thereby avoiding long claims adjustment processes.



“How much cover to buy is, therefore, of key importance,” says Schollenberger. “In terms of pricing it may make sense, for example, to have 10% self-retention as a company and buy 90% cover. However, Emerald recognises that each organisation is unique unto itself, which is why our offering&nbsp; accommodates the extent and will of an organisation’s capacity to invest in their resilience against a future pandemic.”

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Unique Business Interruption policy covers corporates’ future pandemic losses

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The Choppies Big Birthday Bonanza competition commenced in 2003 as an appreciative gesture to the company’s loyal customers in countries where Choppies operates .The core mandate of the competition is to thank customers for their unwavering support to the company since its inception 37 years ago in Botswana in the small town of Lobatse.



The competition, arguably the biggest in Botswana has seen over 200 plus lucky customers walking away with brand new cars since 2003. An edition of cash prizes was introduced in 2018 where in addition to 10 brand new Toyota Etios cars, 40 lucky customers walked away happy with P25,000.00 each . The competition got bigger and better as cash prize winners increased in quantity and weekly and monthly draws were held to get more customers to win big with Bonanza.



As Choppies we are always delighted and privileged to serve the 188 million consumers who walk through our doors every year. Our success is deeply intertwined with the livelihoods of individuals and businesses in our communities.



Bonanza is another noble form of corporate responsibility that Choppies undertakes to serve its customers and Batswana at large. The competition is not only centred on appreciating customers but also rewards the efforts of staff in each competition edition. Choppies staff has walked away with brand new cars and cash prizes throughout the years.



In the spirit of celebrating our birthday this year, Choppies has once again launched its 20th edition of the Choppies Big Birthday Bonanza .5 customers will walk away with 5 Brand new Nissan Navara bakkies, 96 customers will win P 15,000.00 each, lucky customers will win P2, 000.00 Choppies gift vouchers monthly and P1, 500 gift vouchers weekly (P500 for three customers per week).



The competition would not be possible without the support of choppies trusted suppliers who continuously render their support on an annual basis.



The tag line for this year’s bonanza competition is #20 YEARS OF BONANZA.

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Choppies Big Birthday Bonanza Turns 20

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/AOG-President-podium--820x546.jpeg" alt="" class="wp-image-426560" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/AOG-President-podium--820x546.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/AOG-President-podium--300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/AOG-President-podium--135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/AOG-President-podium--768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/AOG-President-podium-.jpeg 1024w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Now in its fourth edition, the Angola Oil &amp; Gas conference builds on its success as a premier investment platform to attract a fresh slate of capital into the country’s oil and gas industry.



Angola is on the precipice of becoming a regional hub for oil and gas owing to sizeable developments across the entire energy value chain. From exploration campaigns to downstream refining facilities to regional distribution systems, the southern African country is making great strides towards maximizing its oil and gas for the betterment of the regional population. While progress has been made to date, efforts to strengthen the hydrocarbon value chain, bolster diversification and stimulate the development of the entire economic landscape have identified an investment gap in the country, with foreign capital essential for meeting Angola’s development objectives.



Stepping into this picture, the country’s premier event for the oil and gas sector, the Angola Oil &amp; Gas (AOG) conference – the 2023 edition of which is set to take place from September 13-14 – unites Angolan policymakers and energy companies with global investors, providing a platform where potential investors are directly connected with Angolan opportunities. The event capitalizes on its position as the official meeting place for the Angolan energy sector to showcase investment opportunities; identify key areas with potential for growth; offer insights into regulatory procedures and fiscal terms; while addressing environmental and social concerns. The event serves as a catalyst for investment in Angola at a time when capital is needed most.



But why Angola and why now? Since initial discoveries of oil and gas in 1955, the country has made considerable efforts to position itself as the premier destination for large-scale oil and gas investments. The revelation of sizeable hydrocarbon deposits quickly attracted a strong slate of players, and now, the country boasts a highly competitive assortment of both Angolan and foreign oil and gas firms. Global energy majors to the likes of TotalEnergies, Chevron and ExxonMobil are active while independents such as Azule Energy – a joint venture between bp and Eni – Afentra, Somoil and many others continue to spearhead development – most of which will be represented during this year’s event. Despite this pool of oil and gas players, the country’s attractiveness for new investment is only growing.



On the oil front, while Angola has positioned itself as the biggest producer in Africa, efforts to unlock the potential of untapped acreage in the Kwanza, Namibe and Lower Congo basins have opened up lucrative opportunities for upstream players. Recently implemented tax incentives and emerging partnership opportunities are enticing E&amp;P companies worldwide. Additionally, Angola’s national concessionaire the National Oil, Gas and Biofuels Agency (ANPG) is poised to launch its next licensing round this year, with 12 blocks on offer in the onshore basins of Lower Congo and Kwanza. The round represents part of the country’s six-year licensing strategy launched in 2019. AOG 2023 will connect E&amp;P companies looking at investing in Angolan exploration with the relevant policymakers through dedicated upstream panels and investor forums. The ANPG is a partner of the event, and is inviting interested players to participate in this important forum.



Downstream, the government plans to establish the country as a regional hub for oil and gas, advancing energy security and industrialization through refining, distribution and export investments. Three refinery developments are underway – Lobito, Soyo and Cabinda – as well as the construction of regional pipeline systems and domestic manufacturing facilities. To consolidate the country’s regional stronghold, further investment is needed in downstream facilities. Angola’s Oil Derivatives Regulatory Institute and National Oil Company Sonangol are also partners of AOG 2023, advancing opportunities for downstream dialogue and deals.



Angola’s natural gas industry represents one of the fastest growing sectors in the country. Objectives to monetize resources require sizeable investments across various fields including upstream E&amp;P; Liquefied Natural Gas; power generation; and more. AOG 2023 features gas-focused panel discussions aimed at showcasing investment opportunities, addressing challenges to development and triggering new partnerships and financial commitments. The country has 11 trillion cubic feet of proven natural gas reserves, most of which remain untapped. Investing in Angolan gas is investing in the sustainable development of the country, and the AOG 2023 conference is the place to sign deals.



Meanwhile, the AOG 2023 program goes beyond oil and gas to cover key industries such as critical minerals, renewable energies and power and technology. Under the theme, ‘Energy Security, Decarbonization and Sustainable Development,’ the event aligns closely with the national agenda to diversify the Angolan economy, trigger a just and inclusive energy transition while prioritizing energy security through low-carbon hydrocarbon developments. As such, the event integrates the energy and mining sectors of Angola, serving as a bridge between policymakers and investors. AOG 2023 is the gateway to a lucrative energy market.&nbsp;&nbsp;



Speaking during last year’s edition, Angola’s Minister of Mineral Resources, Oil and Gas Diamantino Azevedo stated that, “We can contribute towards and improve the infrastructure in our country, and we can also be the principal actors of the so-called energy transition, which may be spearheaded by our hydrocarbon industry. I would like to assure you that investing in our country will result in win-win relationships and I would like to invite you to come back to Angola.”



The multifaceted structure of AOG 2023 offers delegates a unique mix of networking opportunities and dialogue sessions, ensuring attendees gain relevant insights into the Angolan energy market while connecting with the players and policymakers that will support market entry and expansion. There is still time to secure your participation at the biggest gathering of energy stakeholders in Angola. Visit <a href="http://www.angolaoilangas.com">www.angolaoilangas.com</a> for more information about how you can get involved as a delegate, speaker, sponsor or partner.

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Angola Oil & Gas 2023 Represents a Catalyst for Investment

Whether society has come to terms with it or not, consumers are the driving force of a successful business. From the mom-and-pop shop to the conglomerate, the supply of potential customers is abundant, allowing everyone a slice of the pie. Businesses have the luxury of being able to produce so much, sadly leading to immense waste. This has caused a need for regulators to discover better ways for these producers to squander less. New laws in the United States and European Union incentivize green practices. Yet companies have difficulty complying with these new laws and revert back to old habits like purchasing raw materials instead of recycled ones. Not only does it hurt their environmental, social, and governance (ESG) scores, but it forces them to depend upon expensive outsourcing.



In order for businesses to follow these green rules, they need trustworthy ways to verify the authenticity and ethicality of chosen materials. Manufacturers struggle to ascertain the life cycle of textiles, such as plastics and fabrics. What’s missing in this equation is an accurate device, indicating how many times each substance has been recycled.



Without a transparent way to understand these materials, manufacturers turn toward raw plastics–adding to the infinite wasteland. This slows progress for any company trying to practice true and sustainable business in this current economy, but there is a new solution looking to disrupt and enhance the manufacturing industries.



Security Matters (SMX) LTD (NASDAQ: SMX; SMXWW) is a groundbreaking technology company that delivers the key to ethical and efficient production–both physically and digitally. The physical system marks and detects an invisible molecular tag embedded within a material, which causes no alteration to its structure. The tag is then read by the digital side of the technology to track, verify, grade, and sort the usable materials. This information is entered into a blockchain system online for future storage and reference. When that piece of material is recycled, the system takes into account this change and produces different possible uses of the material in its new state. The journey of a material becomes crystal clear, which the company describes as giving materials memory,



The SMX database provides clear and concise information on the material taking away the need for human auditing and accounting. More than half of companies in the United States <a href="https://sustainabilitymag.com/articles/50-of-american-companies-exaggerate-sustainability-efforts">overstate their green initiatives</a>, and the SMX technology gets rid of the guessing game so everyone has peace of mind.



With a tenured board of directors, led by CEO Haggai “H” Alon, SMX looks to revolutionize the way manufacturing works. The technology was originally created by the Israeli government as a defense mechanism, but soon the applications became limitless. With over 100 patents in various stages, SMX presents companies the ability to combine both climate-economics and circular economy into their business model, the perfect combination to reach their sustainability KPI&#8217;s.



While the company seeks to implement its technology in various sectors, current energy is being invested in the gold market. From mine to shop, SMX wants to deliver transparent and accurate information needed to make sustainable choices. Especially with regard to gold, these challenges of ethicality are filled with ambiguity. With the ability to integrate the technology into any segment of the gold procurement process, SMX can guarantee the origin and state of all gold materials. This means smaller mining companies will have a greater ability to enter their materials into the supply chain. They can compete with larger mines and processing plants, providing their materials to the same audience.



Being able to use recycled textiles, not just as a property, but as a piece of data allows leaders to make sounder judgments and expand their operations. It solves the issue of extra waste due to negligence and greater growth for a company to reuse all of their resources in their own company.  But that isn’t all SMX has to offer.



With SMX’s technology, companies can verifiably show they are working to create more sustainable practices. With new regulations coming out of the United States, European Union, and United Kingdom, and monetary incentives tailored toward higher ESG scores, businesses need a silver bullet to keep them active and competitive. One change these governments seek to make is an increase of circular economies within their countries, and SMX can foster a smooth transition for businesses. Fashion brands won&#8217;t have to worry if their cotton is from an ethical source since the SMX marker within the piece of cotton indicates its life cycle, structure, and origin source. The manufacturer who has to throw away the material they once thought was unusable, now can enter it into the SMX system to see its most appropriate reuse. Linear economies will now become circular.



SMX looks to be a leader through the transition into the 5th Industrial revolution: <a href="https://levity.ai/blog/leadership-ai">the synthesis of human business and intelligent systems.</a> This technology will send reverberations throughout all industries. From cotton to cobalt, and plastic to gold, manufacturing with clear, efficient, and sustainable aims will never be easier. Creating a technology with large scalability will cause many to seek out its use. It’s difficult to believe that a single technology could change industries, but NASDAQ has said that SMX’s technology is a <a href="https://www.nasdaq.com/press-release/smx-to-begin-nasdaq-trading-march-8-upon-successfully-closing-its-business">“segment creator”</a>. SMX encourages all businesses to enter into the circular economy making the obstacles laid out by regulation miniscule.



The world is changing, and with each implementation of technology, industry changes alongside. From Japan to America, companies look to create more sustainable practices that will help create a better future. However, to make those ideas into reality, leaders, and corporations need to start today. In the vein of Fleetwood Mac, CEO Haggai “H” Alon says, “Don’t stop thinking about tomorrow.”

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SMX: The New Technological Answer to Sustainable Business Practices

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/Summit-Photos-2-820x547.jpg" alt="" class="wp-image-426362" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/Summit-Photos-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/Summit-Photos-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/Summit-Photos-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/Summit-Photos-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/Summit-Photos-2.jpg 1095w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via World Bank</figcaption></figure>



The working-age population in Africa is expected to grow by 450 million by 2035. In fact, Africa is the only region in the world where the workforce will continue to grow in the coming decades. By 2075, one out of three people of working age will be African.



How can the continent harness this enormous potential to accelerate economic growth and achieve greater prosperity for billions of people?



One answer is human capital which is key to creating and accessing good quality jobs.



Human capital is the health, education, and skills that people accumulate over their lifetime and which allows them to reach their full potential. With quality education and relevant skills, Africa’s young people can contribute to putting the continent on more inclusive and prosperous growth trajectory. This will require political and financial commitment at all levels, and from all stakeholders.



Over the last 20 years, Africa has made tremendous progress. Over 100 million more children in sub-Saharan Africa are in school. Gender parity in primary education has been achieved. And between 2009 and 2021, education spending in the region has almost doubled.



However, Africa continues to battle a learning crisis. Millions of children are out of school, and most of those in school are falling behind on key learning indicators such as reading, writing and basic math. The percentage of 10-year-olds unable to understand a simple text is projected to be approaching 89 percent after the COVID pandemic.



The current education system is at capacity, and the demand will only increase. Africa will represent over 40 percent of the school-age population in low- and middle-income countries by 2050. The population growth presents significant fiscal pressure on governments including on public service delivery, early childhood development interventions, and sustained investment in accessible and quality education for all, especially for women and girls.



Making bold investments in the continent’s young people is a matter of choices and priorities – not destiny. These large number of young, working-age Africans can be a source of growth and stability – if equipped with the necessary health, education, and opportunities to realize their potential. On the other hand, the same cohort could become a source of instability due to unmet aspirations. The choices African countries make today will determine their future.



Now is the time for Africa to invest in its people, in this unique moment in Africa’s demographic history – countered by fiscal pressures and huge needs of the African people. It will require strong country and regional commitment to the development of human capital. Africa’s leaders recognize this and know that greater progress is possible.



Given this time-sensitive window, African Heads of State are convening at the <a></a><a href="https://www.worldbank.org/en/events/2023/07/25/africa-human-capital-heads-of-state-summit">Africa Human Capital Heads of State Summit</a> on July 25-26 in Dar es Salaam to discuss this agenda as a top of the line priority. 



African leaders know that they will not be able to deliver change without building political momentum in the region. The summit will be vital for ensuring that countries accelerate investments in people and ensure a better future for all.



Human capital is necessary for people to maximize the opportunities of today and the jobs of tomorrow. Healthy, education, skilled and innovative people are better prepared to take advantage of job opportunities and to create jobs for not only for themselves, but also for others in our rapidly changing world.



Every month, 3.7 million young people enter the work force. The onset of digital technology, climate change, and migration have resulted in both disruptions and opportunities in a rapidly evolving global job market. Recently, COVID-19, climate change, and conflict and have increased unemployment globally, particularly for youth. This risks setting back hard-won gains in human capital and will drag down future job prospects.



While all countries require a skilled workforce and robust job creation, 84 percent of the 5 billion people who make up today’s working age population live in developing countries. Too many of them – 7 out of 10 – work in the low-productivity informal sector, earning little and facing significant risks.



There is an imperative to increase job quality in terms of productivity, earnings, and security – especially for women, youth, and the most vulnerable. These groups represent an untapped reservoir that must be leveraged for economic transformation.



Complementing foundational education and skills development with lifelong up-skilling and re-skilling can build the talent needed by employers and the needs of the self-employed.



Since the <a href="https://www.worldbank.org/en/publication/worldbank-africa-human-capital-plan">Africa Human Capital Plan</a> was launched in 2019, the World Bank’s commitments in human development operations in Africa have reached a historic $34 billion, with $11.5 billion new investments championing women and girls. Much of the funds are delivered through the World Bank’s <a href="https://ida.worldbank.org/en/home">International Development Association (IDA),</a> our fund for the poorest countries that provides support to 39 countries in Sub-Saharan Africa – with human capital as one of its special themes. And just in 2023, the World Bank has invested $87 billion globally to support better jobs outcomes, especially for women and youth.



In partnership, several countries have made progress benefitting millions of people from these investments that they have made:



In Tanzania, <a href="https://projects.worldbank.org/en/projects-operations/project-detail/P169165?lang=en">the Productive Social Safety Net II project</a> has supported <a href="https://www.worldbank.org/en/news/press-release/2019/09/12/five-million-tanzanians-to-benefit-from-improved-safety-nets">over five million Tanzanians</a> through providing job opportunities for their parents and incentives to keep their children in school – and attend health check-ups to strengthen their children’s human capital foundation. The program now covers all villages in the country 



The Democratic Republic of Congo’s (DRC) major education reforms, supported by <a href="https://projects.worldbank.org/en/projects-operations/project-detail/P172341">a World Bank project</a>, have showcased consistent results: an additional 2.3 million students were enrolled in public primary schools in project provinces, in school year 2021-22 and 58,000 new teachers have been hired.



In Nigeria, Edo state saw an opportunity to further the development of its digital education drive and used WhatsApp, among other platforms, to organize e-classes. Through its&nbsp;<a href="https://www.worldbank.org/en/news/feature/2021/12/08/remote-learning-during-covid-19-lockdown-is-preventing-learning-loss-in-nigeria">EdoBEST initiative</a>, more than 11,000 teachers received rigorous training and 7,000 virtual classrooms were created.&nbsp;



<a href="https://www.worldbank.org/en/events/2022/09/20/the-african-centers-of-excellence-a-pathway-towards-sustainable-development">The Africa Centers of Excellence project (ACEs</a>) is the first large scale regional program in the higher education sector in Africa. It addresses higher-level skills and innovative research requirements for the continent’s priority development sectors. The centers, geared towards international standards, deliver quality training that helps to fulfill labor market demands on the continent.



The <a href="https://www.worldbank.org/en/events/2023/07/25/africa-human-capital-heads-of-state-summit">Africa Human Capital Heads of State Summit</a> will conclude with commitments from the participating countries to prioritize investments in people, especially on learning, skills and health. It will be essential to work with all stakeholders to ensure there are sufficient resources to fulfill the aspirations and ambitions of Africa’s young people.

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Unleashing Jobs and Growth through Human Capital in Africa

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<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/0008_Carla-Jordan-Edit-1-1-820x785.jpg" alt="" class="wp-image-426163" width="615" height="589" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/0008_Carla-Jordan-Edit-1-1-820x785.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/0008_Carla-Jordan-Edit-1-1-300x287.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/0008_Carla-Jordan-Edit-1-1-94x90.jpg 94w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/0008_Carla-Jordan-Edit-1-1-768x735.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/0008_Carla-Jordan-Edit-1-1-1536x1471.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/0008_Carla-Jordan-Edit-1-1-scaled.jpg 2048w" sizes="(max-width: 615px) 100vw, 615px" /><figcaption class="wp-element-caption">Carla Jordan, CEO of Emerald SA</figcaption></figure></div>


It has taken Emerald SA, a specialist division of Santam, only 23 years to build the largest and most successful corporate underwriting business in Africa. While the above-average market growth achieved over the past five years may appear to be remarkable, it is not astonishing, “given we work to an ethos of taking opportunities when they present themselves, regardless of the negative triggers in the environment,” says Emerald SA CEO Carla Jordan.



“It may be that on the back of the pandemic, riots, floods and high inflation, insurers have had no option but to push for increased rates and premiums, but we are cognisant of how much our corporate clients can and can’t absorb in terms of increases, and this is where we excel – in finding the balance between rising reinsurance costs and our clients’ changing needs.”



International reinsurers are concerned, and rightly so, given the impending threat of a complete collapse of South Africa’s national power grid. Yet, while not denying that the loadshedding regime rings alarm bells, Jordan says that this, again, presents opportunities for Emerald to deepen its penetration into Africa, particularly tapping into renewable energy programmes .



“Developments and status changes allow us to look for new ways to improve and grow the business and innovate products that respond to Africa’s challenges. For example, our response to COVID-19 was to pilot a policy that will allow clients to recoup costs, or the additional costs incurred by a business during a pandemic/epidemic crisis.”



&nbsp;When their new policy launches in August, it will be a first-to-market offering from Emerald: a fully customisable solution to protect companies against the catastrophic economic effects resulting from a pandemic/ epidemic crisis, such as business interruption and lost revenue – thereby future-proofing businesses against unknowns. “With some 200 epidemic outbreaks and five new diseases being revealed annually, there exists a very real threat to business resilience,” says Jordan. “With this policy, we will be able to structure, price and underwrite cover for our clients that align to their risk strategy, helping them to build financial security.”



This innovative product is demonstrative of the game-changer attitude that Emerald is renowned for. “By working with the extensive Sanlam Pan Africa network, we have a real advantage in that we have the ability to mobilise premiums from up to 36 African nations, which is critical to underwriting multiterritorial pan-African accounts,” says Jordan. Emerald’s business model is a high-premium, low-volume operation, Jordan confirms. “We have the ability to take substantial lead lines and utilise our broad facultative reinsurance relationships to place large capacity behind risks. While certain accounts have many complexities, this model allows us to punch well above our weight.”



It also helps that Emerald has the ability to underwrite risks outside South Africa using a Standard &amp; Poor’s (S&amp;P) AA rating, which is higher than SA’s current sovereign rating of BB-. This has been facilitated by Santam and Emerald entering into a credit wrap agreement with Swiss-based New Reinsurance Company Limited (NewRe), a subsidiary of Munich Re. While Emerald can estimate that it currently accounts for in excess of 30% of the SA corporate property market share, the African market presents a far more diverse range of industries. “Largely, we will continue to focus on mining, heavy industry, ports (both marine and air), telecoms, and the big-scale property market. And again, the renewable energy sector is exciting,” says Jordan. To do this effectively, Emerald will be partnering with local insurers and tapping into global conglomerates that have operations on the continent. “My message is that Emerald is strong, engaged, and delivers as a market differentiator,” Jordan concludes.



For corporate property and affiliated engineering risk solutions, visit santam.co.za/products/specialist/corporateproperty.

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Emerald SA progressively launching new products and business in Africa

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<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/nwu.sdg-1200x628.ch_.23.07.05-02-820x429.jpg" alt="" class="wp-image-426034" width="615" height="322" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/nwu.sdg-1200x628.ch_.23.07.05-02-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/nwu.sdg-1200x628.ch_.23.07.05-02-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/nwu.sdg-1200x628.ch_.23.07.05-02-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/nwu.sdg-1200x628.ch_.23.07.05-02-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/nwu.sdg-1200x628.ch_.23.07.05-02.jpg 1200w" sizes="(max-width: 615px) 100vw, 615px" /></figure></div>


Our world is unrecognisable from that of just a few decades ago and great strides have been made to reduce disparities hampering global growth and prosperity. However, new challenges have arisen and we have yet to find answers to so many vexing questions. These include climate change, poverty and inequality, access to education, and environmental degradation with an alarming loss of biodiversity. These obstacles can sometimes seem insurmountable, but the North-West University (NWU) is geared towards bridging societal divides and tackling these challenges head-on.



One of the ways the NWU is accomplishing this is through its commitment to actively supporting the United Nations’ Sustainable Development Goals (SDGs) through its research and innovation, its support of global citizenship and its multitude of collaborations and partnerships. This is aided by the university’s pledge to educate and create awareness of the needs of society, and by cementing its institutional culture of responsibility and care.&nbsp;



The United Nations’ SDGs were adopted by 193 countries in 2015 and are a shared plan to end extreme poverty, reduce inequality and protect the planet. There are 17 of these goals, which range from ensuring inclusive and equitable quality education and the promotion of lifelong learning opportunities for all, to ensuring sustainable consumption and production patterns, guaranteeing the availability and sustainable management of water and sanitation for all, and protecting, restoring and promoting sustainable use of our various ecosystems.&nbsp;&nbsp;



Since his inauguration as principal and vice-chancellor of the NWU, Prof Bismark Tyobeka has been unequivocal in his support of these objectives, and the university continues to position itself as an integral cog that delivers sustainable solutions to problems both locally and abroad.



It is no simple task, but one the NWU does not shy away from.



“There are no easy answers to these difficult but pertinent questions. However, it is important that we create environments in which discourse thrives to find solutions, in which research is aimed at having a discernible impact and in which teaching and learning goals include delivering graduates with the intent to make a difference. Yes, we face a multitude of challenges, some of great magnitude, but it is our responsibility as an institution of higher education to do everything in our power to promote prosperity in all spheres of society,” explains Prof Tyobeka.



The first SDG is titled “No poverty” and is explained as the endeavour to end poverty in all its forms everywhere. At the NWU, the eradication of poverty is a target that never leaves the university’s sights. It is a mammoth, complex task, but one that permeates every fibre of the university’s make-up.



The NWU has three pillars that support its resolve, namely research, teaching and learning, and its many community engagement initiatives. “By equipping students with the knowledge to conduct research that makes an impact, by collaborating with our communities and by fostering lasting partnerships, sustainable solutions to the problems of poverty are within our reach,” says Prof Tyobeka.



Here the SDG of “Zero hunger”, which calls for an end to hunger, the achievement of food security, improved nutrition and the promotion of sustainable agriculture, comes to the fore. Prof Tyobeka says: “A healthy, thriving agricultural sector is integrally linked to the current and future fortunes of the country. Countless areas of our society depend on this sector, and without it pressing matters like food security cannot be addressed. The NWU is injecting its expertise into this sector through applied research that develops innovative methods to ensure food security and safety. In the face of climate change, the university is also examining the contribution of agricultural systems to household food security, as well as to the technical and socio-economic dynamics of food security.”



Each of the United Nations’ 17 SDGs is of cardinal importance and these are but two examples of how the NWU is using its expertise to help achieve every one of them. &nbsp;

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Towards a sustainable future with the North-West University

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<figure class="aligncenter size-medium"><img decoding="async" loading="lazy" width="300" height="300" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/20181017-Pierre-Herben-BW-704x102493-1-300x300.jpg" alt="" class="wp-image-425943" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/20181017-Pierre-Herben-BW-704x102493-1-300x300.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/20181017-Pierre-Herben-BW-704x102493-1-800x800.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/20181017-Pierre-Herben-BW-704x102493-1-90x90.jpg 90w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/20181017-Pierre-Herben-BW-704x102493-1-768x768.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/20181017-Pierre-Herben-BW-704x102493-1-1536x1536.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/20181017-Pierre-Herben-BW-704x102493-1-scaled.jpg 2048w" sizes="(max-width: 300px) 100vw, 300px" /><figcaption class="wp-element-caption">Pierre Herben, Group Head – Carbon Neutrality, Anglo American</figcaption></figure></div>


Much like the roots of a tree, South Africa&#8217;s energy infrastructure is planted where it finds nutrients. Historically, this has been in the Mpumalanga province, where 83% of the nation&#8217;s coal helps fuel a fleet of power plants and significant transmission infrastructure. Yet, across the country, there is also an abundance of renewable resources – plentiful sun and wind. Therefore new ‘roots’ and transmission connecting the western part of the country are key to enable the country’s next economic and social development phase, which will undoubtedly depend on accessing clean, reliable, and affordable energy.



Renewable energy access is not only fundamental to supporting inclusive growth, livelihoods, and better health outcomes in the future – it must also be harnessed now if the country is to escape the grips of the current energy crisis.



South Africa is well-positioned to capitalise on this energy shift. In addition to its wealth of renewable resources and the critical minerals required for the decarbonisation of the global economy, it has a young population that can propel this transition when matched with the right skills and opportunities.



Given that existing energy generating infrastructure is at &#8211; or nearing &#8211; its end of economic lifecycle, combined with national and global imperatives to decarbonize, supplementing existing energy infrastructure with renewable energy is mission-critical to safeguarding the country&#8217;s future.&nbsp;



<h2 class="wp-block-heading" id="h-building-for-now-and-the-future">Building for Now and the Future</h2>



In this regard, I am glad for the progress that government has made to toward liberalising the renewable energy sector to date.



Last year&#8217;s introduction of an &#8220;unrestricted&#8221; licensing threshold for energy projects is a welcome intervention, and equally, plans to update the Integrated Resource Plan (IRP) and to review existing limits on local embedded generation procurement will unlock the potential for rapid expansion of power generation capacity; while policies to enable the energy transition are being addressed by the National Energy Crisis Committee (NECOM).



However, the wheels of government must now turn faster than ever – beyond the energy crisis and toward an energy transition that provides security for growth and prosperity in the long term.&nbsp;



According to&nbsp;Economist Impact (EI)&nbsp;report,&nbsp;Powering Progress: Policy shifts and economic frameworks to enable South Africa&#8217;s energy transition,&nbsp;only well-coordinated, progressive, and fundamental changes to the country&#8217;s energy mix will provide the best route to a prosperous low-carbon future and energy security.&nbsp;



A critical area that needs urgent focus remains grid development, access, and connectivity. This is a crippling issue &#8211; some 6.3GW of renewable energy capacity procured by government through the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), could not find grid access, while a further 7400 MW of renewable energy procured from the private sector could not be allocated (under REIPPP Bid Window 6) due to unavailable grid access.



According to research commissioned by the&nbsp;National Business Institute (NBI), at least 190GW of renewable energy is needed by 2050 to decarbonise the power sector and realise South Africa&#8217;s low-carbon ambitions.



The mining industry has already started doing its part to answer the call for clean energy with a pipeline of over 6.5GW of sustainable energy projects.&nbsp; At Anglo American, together with our partners at EDFR, we have created Envusa Energy, set to deliver 3-5 GW renewable energy ecosystem across South Africa.



This energy ecosystem will meet not only Anglo American’s decarbonisation needs but also help to driver of economic development within South Africa&#8217;s renewable energy sector, supporting the country&#8217;s broader just energy transition.



Across many other industries, companies are on the same path – signalling a commitment to not only making the energy transition real but&nbsp;just and inclusive,&nbsp;too.



To support this future growth, greater grid availability will be critical to delivering renewable energy projects for public and private investments.&nbsp;



There has never been a more important time for the development of public-private partnerships between the government and business, marrying private-sector financing and technical expertise with efficient and simplified government processes to develop much-needed grid connection capacity. This is especially so in areas like the Northern, Eastern and Western Cape regions, which will enable the delivery of utility-scale renewable energy resources.



This decentralisation of energy resources across the country will have several advantages. It will enable access to affordable electricity, build more resilient and energy-secure communities, enable physical and digital infrastructure improvements to meaningfully reduce inequality, and contribute to a business operating environment suitable for attracting investment and economic growth across the country.&nbsp;



<h2 class="wp-block-heading">A people-centric Just Energy Transition</h2>



Given South Africa&#8217;s dependence on fossil fuels, shifting to a low-carbon future presents opportunities and risks for those reliant on carbon-intensive industries. For this reason, a pathway to a successful energy transition must ensure that people and communities dependent on these industries are not left behind.



Achieving this level of the energy transition will entail transformational and systemic change, which no individual, company or entity can deliver alone.&nbsp;



According to the Economist Impact report, as many as a million jobs could be generated through renewable energy projects by 2050 &#8211; more than three times the number of jobs possibly at risk in the transition.&nbsp;



Making this a reality will require unprecedented levels of engagement and collaboration between government, communities, civil society, labour, and business. Working together, a just transition can be realized by building up people’s resilience through progressive skills development and job opportunities created by access to affordable, decentralised, and diverse renewable energy — especially in secondary and tertiary industries.



By moving decisively to address gaps across the country’s energy landscape, South Africa can begin laying the foundation for a sustainable and inclusive energy future.

EnergyTransitionPolicy_Videowall3

Building Better – Renewable Energy for Today and the Future

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ACCRA, 23&nbsp;JUNE 2023:&nbsp;The African Export-Import Bank (Afreximbank) and Ghana Railway Company, the national railway operator of Ghana, have signed a project preparation facility Head of Terms agreement and Pre-Mandate Letter to finance the development and implementation of an integrated 299-kilometer (“km”) standard gauge railway network that connects Ghana’s western corridor to the Port of Takoradi and provides an essential link to external markets.



The Heads of Terms was signed by Mrs Kanayo Awani – Executive Vice President, Intra-African Trade Bank at Afreximbank and Dr Michael Anyetei – Managing Director, Ghana Railways Company Limited. Under the Heads of Terms of the project preparation facility, the Bank will avail early-stage project preparatory funding to finance the preparation of bankable feasibility studies. The Pre-Mandate Letter appoints Afreximbank to perform certain tasks in advance of the project attaining bankability aimed at raising the debt facility amount, currently estimated at US$ 2.1 billion.



Under the terms of the agreements, signed during the Afreximbank Annual Meetings (AAM2023), Afreximbank committed to prescribe financial solutions, including project preparatory support, project financing, syndication and financial advisory services, and risk bearing instruments, to enable the project attain a timeous financial close.



The Bank believes that pursuing railway investments along the continent’s trade corridors would expand existing capacities and create new routes, links and pathways for value-added goods to be transported from manufacturing and processing areas to regional and global markets, thereby promoting intra-African trade within the AfCFTA context. This is evidenced by new mining projects and expansion of existing mining projects being planned in the country that stand to benefit from the project through more efficient and competitive transportation of imports and exports thereby boosting trade, regional integration and overall economic development.



Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said, “The Western Railway Corridor project is a vital transport network for Ghana, and Afreximbank’s support is in line with our commitment to help member countries address key trade-enabling infrastructure bottlenecks through private sector-led investments that will unlock significant pent-up demand for Ghanaian mineral and agricultural commodities in regional and international markets. Am particularly thrilled that in this project, Afreximbank and its partners are pioneering our innovative non-recourse project finance solution premised on freight volumes and not member countries debt-carrying capacity. Such novel approaches present concrete&nbsp;steps Afreximbank is taking towards paving the way for member countries economic transformation. We look forward to rolling out this solution to other member countries across the continent.”



The project, when fully implemented, is expected to reduce transport costs by 30 per cent, increase the safety and reliability of transport services, and stimulate Ghanaian trade and economic growth.&nbsp;&nbsp;About 5,000 jobs are expected to be created directly during the implementation phase, with another 50,000 indirect opportunities created along the railway corridor in addition to the training of 400 citizens of Ghana to participate in all levels of the project implementation. The railway line will also facilitate the export of minerals and commodities resulting in at least US$ 950 million of trade per annum.

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