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2023 Africa Investment Forum Market Days: Highlights Special

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The Africa Finance Corporation says it has exceeded 30 member states, representing more than half the continent after Burkina Faso, Morocco and the Democratic Republic of Congo became members of the development institution. Joining CNBC Africa for more is Samaila Zubairu, President and CEO of the Africa Finance Corporation.

Burkina Faso

Burkina Faso, DRC and Morocco become newest members of AFC

Content provided by APO Group. CNBC Africa provides content from APO Group as a service to its readers and does not edit the articles it publishes. CNBC Africa is not responsible for the content provided by APO Group.
African Union Member States (55) reporting COVID-19 cases (4,812,313), deaths (130,025) and recoveries (4,351,816) by region: Central (172,873 cases; 2,781 deaths; 159,001 recoveries): Burundi (4,650; 6; 4,198), Cameroon (77,982; 1,270; 72,926), CAR (7,085; 97; 6,665), Chad (4,927; 173; 4,742), Congo (11,658; 153; 10,591), DRC (31,386; 782; 27,654), Equatorial Guinea (8,476; 113; 8,146), Gabon (24,365; 150; 21,791), Sao Tome and Principe (2,344; 37; 2,288) Eastern (647,406; 12,678; 536,199): Comoros (3,949; 146; 3,719), Djibouti (11,523; 153; 11,354), Eritrea (4,022; 14; 3,812), Ethiopia (270,944; 4,139; 235,850), Kenya (170,041; 3,124; 116,018), Madagascar (41,184; 828; 40,028), Mauritius (1,356; 17; 1,181), Rwanda (26,878; 352; 25,542), Seychelles (11,145; 40; 9,936), Somalia (14,647; 768; 6,717), South Sudan (10,688; 115; 10,514), Sudan (35,289; 2,600; 27,949), Tanzania** (509; 21; 178), Uganda (45,231; 361; 43,401) Northern (1,453,109; 43,808; 1,276,107): Algeria (128,198; 3,586; 89,292), Egypt (259,540; 14,950; 190,254), Libya (184,815; 3,116; 171,279), Mauritania (19,407; 462; 18,377), Morocco (518,458; 9,135; 506,443), Sahrawi Arab Democratic Republic (739; 46; 691), Tunisia (341,952; 12,513; 299,771) Southern (2,066,519; 64,531; 1,933,721): Angola (33,607; 745; 27,529), Botswana (56,313; 831; 50,494), Eswatini (18,587; 672; 17,855), Lesotho (10,825; 326; 6,434), Malawi (34,323; 1,154; 32,598), Mozambique (70,697; 835; 69,232), Namibia (54,268; 807; 50,053), South Africa (1,654,551; 56,293; 1,551,520), Zambia (94,430; 1,275; 91,443), Zimbabwe (38,918; 1,593; 36,563) Western (472,406; 6,227; 446,788): Benin (8,058; 101; 7,893), Burkina Faso (13,424; 166; 13,248), Cabo Verde (30,122; 261; 28,163), Côte d&#39;Ivoire (47,195; 301; 46,591), Gambia (5,990; 178; 5,767), Ghana (93,775; 784; 91,853), Guinea (23,110; 161; 20,840), Guinea Bissau (3,760; 68; 3,511), Liberia (2,179; 86; 2,033), Mali (14,262; 516; 9,559), Niger (5,409; 192; 5,080), Nigeria (166,254; 2,071; 156,546), Senegal (41,296; 1,138; 39,932), Sierra Leone (4,140; 79; 3,128), Togo (13,432; 125; 12,644)Distributed by APO Group on behalf of Africa Centres for Disease Control and Prevention (Africa CDC).
Media files

Coronavirus: African Union Member States reporting COVID-19 cases as of 29 May 2021, 9 am EAT

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The Nigeria Sovereign Investment Authority, the OCP of Morocco, and key operators in the Nigerian oil and gas value chain have executed five agreements in Morocco to create a clear path for the second phase of the Presidential Fertiliser Initiative. In the first phase of the project, $1.4 billion will be invested to build a fertiliser plant in Akwa Ibom state. Managing Director and CEO of NSIA, Uche Orji joins CNBC Africa for more.

NSIA partners Morocco’s OCP & key stakeholders to develop $1.4bn fertilizer plant

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Intra-African trade and investment possibilities is a topic of many policy and diplomatic meetings, but has COVID-19 thrown a spanner into the growth prospects for Africa? Youssef Amrani , Moroccan Ambassador to South Africa joins CNBC Africa for more.

Ambassador Youssef Amrani on how Morocco is responding to the COVID-19 crisis

RABAT (Reuters) &#8211; The coronavirus crisis is expected to expand Morocco’s informal economy of people who work for cash, reducing tax revenue and leaving many without social protection, the head of the state planning agency and economists said.



More than a third of Moroccan workers are already in the informal economy, doing manual or domestic labour, driving taxis or selling in the streets, accounting for 14% of gross domestic product, according to the agency.



However, the crisis is expected to expand this informal economy as people lose their jobs in companies and consumers seek the cheaper goods and services provided by workers who are not registered with the state’s pension fund.



Morocco, with 16,047 coronavirus cases, last month allowed cafes, restaurants and other services to resume activity at half capacity except in provinces where infections remain high. Last week, it extended an emergency decree giving local authorities leeway in taking restrictive measures until Aug. 10.



Unemployment is expected to surge to a rate of 14.8% in 2020 from about 9.2% before the pandemic, the agency said.



Fatima Hamdane, 53, who lost her job as a worker at a car parts manufacturing plant&nbsp;in Casablanca, said she would work as a cleaner even if her employer did not pay social security duties. She has diabetes and has already skipped medical checks because of her hard financial situation.



“I knocked on many doors, but couldn’t find a job,” she said. “Most have rejected me because of my age.”



Ahmed Lahlimi, the planning agency chief, told Reuters that while the number of people moving into the informal economy was expected to grow, the agency did not have any updated figures estimating the extent of the problem.



The informal economy already costs the state 34 billion dirhams ($3.4 billion) in annual tax losses, Finance Minister Mohamed Benchaaboun said.



Morocco’s fiscal deficit stood at $2.3 billion at the end of May with revenue down and spending up because of the crisis. It is expected to widen to 7.5% of gross domestic product in 2020 from 4.1% last year while the economy is expected to shrink by 5%, according to the government’s reviewed budget.



The Confederation of Moroccan Enterprises, a business group, says the informal economy puts 2.9 million jobs at risk in formal companies by undercutting their costs. In May, it recommended offering tax incentives to make more companies register officially.



“In the past, the state has tolerated the informal economy in times of social tensions such as during the 2011 pro-democracy protests,” said Rachid Awraz, of the Moroccan Institute for Policy Analysis.



But, in the long run, it leaves workers without social protection and prey to poverty in addition to its low added value for the economy, he said.



Labour Minister Mohamed Amekraz did not answer Reuters requests for comment.

1280px-Weekly_Market_Zawiya_Ahansal_Morocco_June_2019

Crisis-hit Moroccans join ‘informal economy’ as job market shrinks

Rabat (Reuters) &#8211; Morocco’s economy is expected to contract by 13.8% in the second quarter under the impact of the coronavirus lockdown, the state planning agency said on Sunday.



It said the economy was expected to shrink by a further 4.6% year-on-year in the third quarter as restrictive measures are loosened.



The economy grew 0.1% in the first three months of this year, it said.



Both domestic and foreign demand are expected to improve in the third quarter after taking a hit in the previous three months.



The central bank forecasts economic growth at -5.2% in 2020 against +2.5% last year.

morocco-africa-village-mountains

Morocco’s economy to contract 13.8% in Q2, 4.6% in Q3 – planning agency

RABAT (Reuters) &#8211; Moroccan airline Royal Air Maroc plans to cancel some air links, cut jobs and may sell 20 aircraft to secure state aid it needs to cope with the coronavirus crisis, a source from within the company said on Friday.



A government aid package for the state-owned carrier will be revealed in the upcoming review of the 2020 budget, the source said, but it will be conditional on spending cuts. The timing of the review is not yet known.



RAM said in May it may seek a state loan guarantee to help cover expenses as it struggles with $5 million in daily losses caused by the pandemic.



It resumed domestic flights on June 25 but international air traffic in and out of Morocco remains suspended.The government has also asked public administrations to freeze hiring for 2021 to help preserve cash and cushion the economy from the fallout from the pandemic.

Royal_Air_Maroc_Boeing_787-9_Dreamliner_CN-RGZ_departing_JFK_Airport

Morocco’s RAM to axe routes, may reduce fleet to secure aid

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The Covid-19 pandemic is throwing up new challenges to Africa&#8217;s baking sector, with warnings from the IMF that the pandemic&#8217;s largest threat to banks being related to their loan portfolios. Similarly, Moody&#8217;s changed its outlook for the banking systems for Nigeria, Morocco and South Africa to negative from stable. Adesola Adeduntan, Managing Director and CEO of First Bank of Nigeria and Subsidiaries joins CNBC Africa to discuss the future of banking.

Adesola Adeduntan on COVID-19 & the future of banking in Africa

By Emma Rumney



JOHANNESBURG (Reuters) – The expansion of South Africa’s auto industry is central to the government’s economic development strategy but the coronavirus crisis has forced carmakers into survival mode and could push ambitious growth plans out of reach.



Industry officials say the government needs to defer some tax payments for the auto industry and relax the criteria for investment incentives and allowances, or the pandemic could deal the sector a permanent blow.



Before the crisis, the government had crafted a plan to supercharge the sector to help revive the country’s struggling economy and form a beachhead for expansion within Africa, the world’s last major untapped market for new cars. [nL8N21S590]



But a five-week lockdown has brought a manufacturing and retail industry that accounts for almost 7% of South Africa’s gross domestic product and 30% of its manufacturing output to a virtual standstill.



“Those plans will be impacted massively,” said Mike Mabasa, chief executive of the National Association of Automobile Manufacturers of South Africa (NAAMSA). “Particularly for the short to medium term, that plan is completely out of the window.”



South Africa has put its so-called automotive masterplan at the heart of attempts to revive growth through industrialisation after years of stagnation and to bring unemployment down from almost 30%.



The plan aims to boost growth and create jobs by more than doubling the industry’s annual production to 1.4 million vehicles by 2035 and raising the proportion of auto components made locally to 60% from 39%.



The new scheme comes after a series of auto industry development plans and will be supported by investment and tax incentives that have been in place in some form for years.



They include a tax-free cash grant starting at 20% of the value of qualifying investments, rising to 25% for component makers, and a tax perk related to vehicle production, known as the vehicle assembly allowance.



SCANT RESPONSE



Mabasa said NAAMSA has asked the government to relax the minimum plant production capacity threshold of 50,000 cars a year needed for the investment incentive as carmakers believe it’s too stringent given the fallout from the crisis.



As part of series of requests on behalf of the industry, NAAMSA has also asked the government to use 2019 production numbers and targets for 2020’s vehicle assembly allowance, as output is likely to take a major hit this year.



The sector had some relief with the easing of the country’s lockdown on May 1 as it allowed auto manufacturers to return to 50% capacity. But it has had scant response from the government to its calls for specific financial help, besides requests for more information.



The Department of Trade and Industry did not respond to requests for comment.



Most of South Africa’s automakers referred Reuters to NAAMSA for comment.



NAAMSA represents 41 firms – including BMW, Ford, Mercedes-Benz, Isuzu, Nissan, Toyota and Volkswagen &lt;VOWG_p.DE&gt; – which make some 600,000 vehicles a year in South Africa and export about 65% of them.



Mercedes-Benz South Africa said it was not possible to predict the impact of COVID-19 on the 2035 industry targets.



“We have constructive relationships with our key stakeholders in suppliers and the government, and are confident that we will be able to find solutions to maintain the competitiveness of the automotive manufacturing sector,” its corporate affairs manager, Thato Mntambo, told Reuters.



SMALL FIRMS VULNERABLE



NAAMSA’s Mabasa warned that if carmakers struggle for liquidity in the crisis they may be unable to fulfil export orders, worth $9 billion a year across the industry. Local component makers focused on autos could also suffer badly.



Industry officials said the damage could be permanent and open the way for upcoming rivals such as Morocco and more established centres like Thailand to steal market share.



Andrew Kirby, chief executive of Toyota South Africa, said last month that the risk to the country’s role in global auto industry supply chains stemmed mostly from the vulnerability of its smaller component manufacturers.



If either vehicle makers or parts manufacturers cannot deliver their products, international customers will rapidly take their business elsewhere, industry officials said.



Renai Moothilal, executive director of the National Association of Automotive Component and Allied Manufacturers, said there was a strong possibility smaller firms would not survive and that would be disastrous for the government’s drive to boost local output and double employment in the sector.



He said levers the government could pull included levy waivers and support for utility and wage bills, but without help it was not hard to see how an industry that has already lost much of its business case might contract rather than expand.



“Once global companies move export contracts, and invest in tools of production in another destination, the costs sunk into that move make it improbable that they would want to bring it back to South Africa,” Moothilal said.



HITTING RESET BUTTON



NAAMSA’s Mabasa said the overseas headquarters of some local component manufacturers had already indicated they could shift production to divisions outside South Africa.



About 90% of the business of one local supplier, SP Metal Forgings (SPF), is in the automotive sector. Chief executive Ken Manners said the initial three-week lockdown alone had probably cost it 12% to 15% of annual turnover.



Another local component supplier, Pressure Die Castings (PDC), said it was expecting to lose 15% of its turnover for at least three months from the start of the lockdown.



“If we were only in (auto) manufacturing, we probably would have closed the company,” said Graham Smith, managing director of PDC, which supplies components to several industries.



The car sector will benefit from some economy-wide tax measures already announced, such as deferred payments on a carbon tax, but the demands on South Africa’s strained public finances are huge, with many key industries in trouble.



With the country’s debt rating now firmly in junk territory and an economic contraction inevitable, there are questions over how it will even pay for measures already announced.



Meanwhile, the risk of a return to a more expansive lockdown looms and demand for vehicles at home and abroad has plummeted.



IHS Markit senior analyst Walt Madeira said car production will fall too. It forecasts global light vehicle sales will drop to 69.6 million units this year from 89.7 million in 2019, with a 20% decline in South Africa. (https://tmsnrt.rs/2WbOIfb)



And any change of tack by carmakers at the top of the production pyramid will ripple through the industry.



“It’s like pushing a big reset button and nobody is quite sure what that means,” SPF’s Manners said. “It’s very worrying in terms of what our businesses are going to look like in six months.”



(Reporting by Emma Rumney; Editing by David Clarke)



This article was first published on Sharenet <a href="https://www.sharenet.co.za/views/views-article.php?views-article=414382">https://www.sharenet.co.za/views/views-article.php?views-article=414382</a> and is republished with its permission.



For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a>

SA’s auto industry ambitions threatened by COVID-19

Media Release



For immediate release



31 March 2020 &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp;



Sanlam announces new leadership in its most
key positions



New independent non-executive Chair of Sanlam
Board



New Sanlam Group Chief Executive Officer



New Sanlam Group Financial Director



Bellville – Sanlam today announced that the
Sanlam Board has approved new appointments in three of its most senior
positions in the diversified financial services group.



The Sanlam Board has approved that:



Mr Elias Masilela be appointed as independent
non-executive Chair of the Sanlam Board with effect from 10 June 2020;



Mr Paul Hanratty be appointed as Group CEO
from 01 July 2020; and



Ms Abigail Mukhuba be appointed as Group
Financial Director from 01 October 2020.



Each of the appointments was made following
rigorous and thorough Board processes with internal and external candidates for
each of the three key positions as well as the requisite approvals from the
Prudential Authority.



Sanlam views leadership succession as
important and takes a proactive stance when it comes to leadership transition.
Vacancies in the most senior positions have created the opportunity to find the
best available candidates as well as advancing the Group’s transformation
agenda at the most senior levels in the organisation.



New independent non-executive Chair of Sanlam
Board



Mr Masilela, who already serves as a Board
member, is the former Chief Executive Officer of the Public Investment
Corporation (PIC). He currently serves on a number of company boards and
co-owns and co-manages a consultancy focused on strategy, economics and
business development.



Mr Masilela succeeds Dr Johan van Zyl as Board
Chair. Dr Van Zyl’s departure as Board Chair in June 2020 was announced in
March 2019.



Mr Masilela’s extensive network of key
stakeholders in both the private and public sectors in South Africa and beyond
is viewed as valuable to Sanlam’s existing strategy of becoming the leading
financial services company in South Africa and the rest of Africa.
Notwithstanding the key contributions made by Sanlam’s businesses outside South
Africa, the company still generates some 60% of its earnings within South
Africa.



Mr Sipho Nkosi, Chair of the Sanlam
Nominations Committee of the Board commented:



“We have followed the same thorough process as
with each key appointment within the organisation in the interest of good
corporate governance. The Committee recommended the appointment of Mr Masilela
as an independent non-executive Chair of the Board and the Board’s decision is
unanimous.



“The Board looks forward to Mr Masilela’s
leadership at Board level as he directs the Board’s strategic deliberations on
key matters going forward. The Board also wishes to express its gratitude to Dr
Van Zyl who served for a period of three years as Chair of the Board.”



In accepting his new role, Mr Masilela
commented:



“The financial services sector in South Africa
is a significant contributor to economic stability and growth in the country.
Sanlam has consistently achieved market related performance and, when measured
against its peers, can demonstrate that it is a leading contender.



“The Sanlam Group has a clear and focused
business strategy to unlock value for its stakeholders. Given where we are in
the business cycle, management will do the necessary shifts in emphasis to the
Group’s strategy. It will remain the responsibility of the Board to hold
management accountable for the implementation of the Group&#8217;s strategy, in order
to achieve our business objectives and oversee consistent adherence to sound
corporate governance practices.”



Dr Van Zyl steps down as Chair of the Board
but will continue to serve as a non-executive director on the Board in the
interest of continuity at Board level. Dr Van Zyl represents the interests of
Sanlam’s largest shareholder Ubuntu-Botho Investments, along with Dr Patrice
Motsepe and Dr Rejoice Simelane.



New Sanlam Group Chief Executive Officer



Mr Kirk, the current Group CEO, will remain
available to the organisation after Mr Hanratty takes over as new Group CEO in
July. He will fulfil various responsibilities, including support to Mr
Hanratty, until 31 December 2020 when his five-year contract at Sanlam ends.



The Board’s decision is that Mr Hanratty will
commence duties as Group CEO on 1 July 2020. However, in light of the very
challenging times that South Africa is facing in dealing with the Covid-19
crisis, Mr Kirk will continue to play an important role at an ASISA industry
level, working with the Government in addressing these challenges. He will
continue in a leadership role in the Group through these times and be available
until 31 December 2020, as the situation normalises, fulfilling various
responsibilities, as well as supporting with the handover to Mr Hanratty.



The appointment of the new Group CEO follows
rigorous deliberations by a special ad hoc Board Committee led by Dr Shirley
Zinn, a seasoned Human Resources professional who is an independent
non-executive director on the Sanlam Board. The Committee was also assisted by
relevant external service providers to find and evaluate appropriate internal
and external candidates.



Dr Zinn commented:



“The Committee considered applications from
several internal as well as external candidates. Shortlisted candidates
submitted impressive proof of experience as well as sets of key strategic
priorities to ensure the Sanlam Group’s growth trajectory into the future.



“In the end, the Committee was guided by
evidence of significant experience to successfully manage a complex financial
services business. Experience and insight into the broader financial services
sector, including peers, was also considered. Given Sanlam’s scale and relative
diverse business activities, the Committee recommended to the Board that Mr
Hanratty be considered to be appointed as new Group CEO.”



Under Mr Kirk’s leadership the Sanlam Group
has achieved many accolades. Sanlam has achieved the clear leadership position
amongst insurance groups operating in South Africa and on the African
continent. Key to this was progress on implementing the Group’s profitable
growth strategy over the past few years and the completion of the Saham transaction
in Morocco. This transaction has cemented Sanlam’s position as having an
unparalleled footprint across 32 countries on the African continent.



Mr Hanratty, a qualified actuary, has served
on the Sanlam Board as a non-executive director since 3 April 2017. Before he
was appointed to the Sanlam Board in 2017, he held key leadership positions at
Old Mutual.



Commenting on his appointment, Mr Hanratty
said:



“Leading an organisation of this scale is
certainly an honour. Over the last two decades or so Sanlam has successfully
demonstrated that it is able to consistently unlock value for shareholders and
the rest of its stakeholders.



“Significant shifts in the operating
environment in both South Africa and elsewhere in our key markets may result in
increased challenges to Sanlam achieving its business objectives. In
successfully meeting these objectives, we’ll be guided by the Group’s existing
strategy and we’ll consider the necessary shifts where required and relevant. I
look forward to working with Sanlam’s Group Executive Committee as well as its
various stakeholders.”



New Sanlam Group Financial Director



The third key appointment that the Group
announced, is that of Ms Abigail Mukhuba as Group Financial Director.



Ms Mukhuba joins Sanlam from leading mining
company African Rainbow Minerals where she has held the position of Finance
Director since 2017. She qualified as a Chartered Accountant in 2005 and holds
an MBA (UCT), M Com (RSA and International Tax) (RAU), B Com (Hons) (RAU), B
Compt (UNISA). She has held several senior finance positions at KPMG Inc., BMW
SA and Exxaro Resources Limited.



She has over 15 years’ experience in the
financial reporting and tax specialist environment in both the automotive and
mining industries. She is a pioneer in her field and is a fervent supporter of
women empowerment.



Ms Mukhuba takes over from Mr Wikus Olivier
who has been acting as the Chief Financial Officer (CFO) since July 2019 when
Mr Heinie Werth, former Sanlam Finance Director was appointed as Chief
Executive Officer of Sanlam Emerging Markets, the business cluster that is
responsible for Sanlam’s businesses across 32 countries in Africa, as well as
the Group’s other emerging markets businesses in India, Lebanon and Malaysia.



In announcing Ms Mukhuba’s appointment, Mr
Kirk commented:



“We thank Wikus for his stellar contribution
as acting CFO and are pleased that he remains with us in a Group Exco position.
Over this period, we have had the opportunity to explore the market for the
best skills available as well as making progress in advancing Sanlam’s agenda
of appointing black professionals at the most senior levels in the
organisation. We are delighted to bring Ms Mukhuba on board and wish her every
success as part of our dynamic team.”



Commenting on her appointment, Ms Mukhuba
said:



“Joining the Sanlam Group as Finance Director
is certainly an honour and it comes with significant responsibility as we work
towards ensuring the organisation’s financial health to the benefit of all
stakeholders. Sanlam is at an inspiring juncture in its history as it has
successfully established itself as a major player in financial services – both
in South Africa and its key markets. It is working towards unlocking value from
existing key investments while carefully navigating its future over the medium to
longer term.”



Mr Wikus Olivier who has been acting as the
Chief Financial Officer (CFO) since July 2019 has been appointed as the Group’s
Chief Executive: Strategic Projects. Mr Olivier took over the acting position
when Mr Heinie Werth, former Sanlam Finance Director, was appointed as Chief
Executive Officer of Sanlam Emerging Markets. He will ensure a successful
transition and thereafter take responsibility for a portfolio of important
change projects at Sanlam.



Ends



Notes to editors



Short Profile on Mr Elias Masilela



Mr Masilela (age 56) is the Executive Chairman
of DNA Economics, Commissioner of the 1st &amp; 2nd National Planning
Commission.



He holds a BA Degree Social Science with the
University of Swaziland, MSc in Economic Policy and Analysis with Addis Ababa
University as well as several professional certificates with Harvard
University.



Mr Masilela serves as Board Chair of several
influential entities in South Africa, including Capital Harvest and the
National Task Force on Impact Investing in South Africa.



Other Board memberships include Multichoice
Group, Multichoice SA, Alternative Prosperity Holdings, Future Planet Capital
in London and Strate.



Mr Masilela was previously, Chief Executive
Officer of the Public Investment Corporation (PIC), Head of Policy Analysis at
Sanlam, Acting Deputy Director General for Economic Policy in the National
Treasury, Director of Research at the Central Bank of Swaziland.



Previously, he was a member of the Boards of
the South African Reserve Bank, the Government Employee Pension Fund, the
Airports Company SA, Absa Financial Services, Eskom Pension and Provident Fund,
as well as the UN Global Compact Board &amp; Chairman of the (UNGC) SA Local
Network. Until recently, he was Chairman of Economic Research Southern Africa
and member of the Avior Capital Markets Board, Absa Asset Management and the
V&amp;A Waterfront.



Mr Masilela founded several strategic
initiatives such as the Financial Sector Charter Council, Social Security and
Retirement Reform, United Nations Global Compact Africa Implementation Agenda
for the Social Development Goals and the Ratepayers Association network in
Swaziland, amongst others.



He has published and lectured widely. He is a
public speaker and commentator.



Mr Masilela is also an acclaimed author,
having achieved the Top 40 of Alan Paton Award in 2007 (Number 43 Trelawney
Park; kwaMagogo). His most recent book is entitled LARRY – Simply Larry,
September 2018.



Short Profile on Mr Paul Hanratty



Mr Hanratty (aged 58) had a long and
successful career with Old Mutual in South Africa and the United Kingdom (UK).



He holds B.Bus.Sc (Hons) degree from the
University of Cape Town and became a Fellow of the Institute of Actuaries (FIA)
in 1987. He completed the Advanced Management Programme (AMP) at Harvard
University in 2002.



Mr Hanratty joined Old Mutual in 1984 on
graduating from UCT. He went on to hold various roles before being appointed
CEO of Old Mutual South Africa in 2006. As CEO, he helped the organisation
navigate the global financial crisis (GFC) and strongly developed Old Mutual’s
presence in the rest of Africa. In 2009 he assumed a broader role within Old
Mutual PLC (London) with responsibility for Old Mutual’s insurance and asset management
businesses in US, UK, Scandinavia, Europe, South Africa, Africa and other
emerging markets. He was responsible for reshaping this portfolio of businesses
and transforming the strategic and financial profile of these businesses in the
years following the GFC.



He was appointed Chief Operating Officer of
Old Mutual PLC &nbsp;in 2011 and then became a board member as Group Chief
Operating Officer in 2013. In this final role, he drove business performance
and key acquisitions internationally, while also serving on the board of
Nedbank.



Aside from serving on the Sanlam board since
April 2017, he is a non-executive director of MTN where he chairs the finance
committee and is on the audit and risk committees, and of an Ardonagh
subsidiary, a private markets UK insurance broker where he chairs the
&nbsp;risk and audit committee. He is also Non-Executive Chairman of IDM, a
digital financial services group in which he is an investor.



Mr Hanratty is known as a seasoned, highly
experienced, high profile, credible and well-regarded figure in South African,
broader emerging markets and international insurance circles. He boasts a
revered track record of growing and turning around insurance and asset
management business. He has extensive mergers and acquisitions experience.



Short Profile on Ms Abigail Mukhuba



Abigail Muelelwa Mukhuba (aged 40) has is
currently Financial Director of African Rainbow Minerals, a leading mining
company with a market value of R35 billion with some 28 000 employees.



As Financial Director at African Rainbow
Minerals her key responsibilities include:



Efficient and optimal capital allocation
across the group



Managing and maintaining an effective asset
management strategy



Being accountable for overall financial
reporting, group governance and risk management and technology and information



Advising the CEO on all strategic matters
across areas of accountability



Providing motivational and inspirational
leadership to the team and organisation at large, as well as guidance and development
to maintain high performing teams



Actively participating in all strategic
discussions and decisions at board and related committee and executive meetings



Presenting the group’s financial performance
at relevant forums



Leading the controlling and analysing of all
relevant business issues



Continuous improvement culture: evaluate
potential deviation in trends, support and monitor operational effectiveness
programmes, best practice implementation and continuous improvement practices



Adoption of innovation and technology to
enable the business to maximise stakeholder returns



Her key achievements to date are developing a
formalised capital allocation model framework to guide business decisions on
efficient ways of allocating capital across the group. She also implemented a
business continuity programme across most of the group entities.



In terms of her new responsibilities as Group
Financial Director at Sanlam, she brings technical financial reporting and
associated governance capabilities. She strongly believes in living and
displaying personal responsibility for her contribution to achievement of the
company’s strategy. Given her overall risk management as well as technology and
information management experience, she is provided with a holistic view of the
organisation which allow for improved business decision making.



She speaks English (fluent), Tshivenda
(fluent), IsiZulu (moderate), SeSotho (moderate) and Afrikaans (basic).



Notes to editors



About Sanlam



Established as a life insurance company in
South Africa, the Sanlam Group has transformed into a diversified Pan-African
financial services group which is listed on the JSE, A2x and the NSX. Sanlam’s
vision is to be the leader in client-centric wealth creation, management and
protection in South Africa, to be a leading player in Pan-African financial
services with a meaningful presence in India and Malaysia and to play a niche
role in wealth and investment management in specific developed markets.



Through its five business clusters – Sanlam
Personal Finance, Sanlam Emerging Markets, Sanlam Investments Santam and Sanlam
Corporate &#8211; the Group provides comprehensive and tailored financial solutions
to individual and institutional clients across all market segments. Sanlam’s
areas of expertise include insurance (life and general), financial planning,
retirement, investments and wealth in both South Africa and selected emerging
markets.



In addition to its South African operations,
the Group has a direct stake in operations based in Namibia, Botswana,
Swaziland, Zimbabwe, Mozambique, Mauritius, Malawi, Zambia, Tanzania, Rwanda,
Uganda, Kenya, Nigeria, India, Malaysia and the United Kingdom. It has business
interests in the USA, Australia, Burundi, Lesotho and the Philippines. Through
the SAHAM Finances holding company, it has direct exposure to insurance
operations in Morocco, Angola, Algeria, Tunisia, Ghana, Niger, Mali, Senegal,
Guinea, Burkina Faso, Cote D’Ivoire, Togo, Benin, Cameroon, Gabon, Republic of
the Congo, Madagascar, Lebanon and Saudi Arabia.



For further information, visit <a href="http://www.sanlam.com">www.sanlam.com</a> or follow us @sanlam



Issued by Sanlam Group Communications



Sanlam Group Communications Contact People



Pearl Majola



<a href="mailto:pearl.majola@sanlam.co.za">pearl.majola@sanlam.co.za</a>



083 286 7476



Allim Milazi



<a href="mailto:allim.milazi@sanlam.co.za">allim.milazi@sanlam.co.za</a>



082 889 5874



Petra Steenkamp



<a href="mailto:Petra.steenkamp@sanlam.co.za">Petra.steenkamp@sanlam.co.za</a>



082 431 7956

Sanlam appoints ex-Old Mutual boss as new CEO

NKC African Economics expects the coronavirus-related knock to economic
growth in Africa’s three largest economies alone to shave off 1 ppt from the
continent’s GDP growth this year, from 3.8% to 2.8%. 



Preliminary estimates point towards the weakest continental growth
since the early 1990s.



The continent’s three largest economies, South Africa, Nigeria and
Egypt – together accounting for just under 60% of African GDP – will see a
significant weakening in economic growth this year. 



This slowdown in economic activity will permeate through the
continent as these countries are salient drivers behind economic growth in
their respective regions.&nbsp; 



In addition to the indirect effects stemming from weakness in the
largest economies, other African nations will also have to deal with a much
more volatile external economic environment. 



The collapse in tourism will weigh on economic growth in many
countries (particularly the island nations, Morocco, Egypt, and Tunisia), while
a reduction in both export demand and commodity prices will weaken fundamentals
in Africa’s more export-oriented economies (most notably the oil producing
nations).&nbsp; 



The escalation in the Covid-19 outbreak in Africa implies there is
a lot more at stake than foregone economic production. 



Most African countries will not be able to effectively implement
the severe restrictions on movement that we have seen globally. The
impracticality of implementing widespread self-quarantine in shantytowns or
informal settlements means that this will not be an option. Mismanagement of
the situation could lead to human costs far exceeding economic losses.



Tourism is a key forex generator and employment creator across the
continent. Severe travel restrictions, border closures and lockdowns in key
source markets will result in a collapse in tourism during the first half of
the year, at least. 



Domestic and intra-Africa tourism have been key drivers behind
growth in overall tourism in recent years, but as more Covid-19 cases are
confirmed on the continent we will see an increase in domestic travel
restrictions and regional border closures. 



The island nations will be hardest hit, but the mainland will feel
the effects in the North (particularly in Tunisia, Morocco and Egypt), South
(Namibia, Botswana), East (Tanzania, Rwanda, Kenya) and West (Côte d’Ivoire,
The Gambia, Cameroon). 



Low barriers to entry have led to tourism becoming a key source of
employment. The island nations in particular are dependent on tourism to
generate employment, most notably the Seychelles (where tourism accounts for
around 44% of formal employment), Cape Verde (39%) and Mauritius (19%). 



Tourism has also become a salient job creator on the African
mainland, and a slump in the sector could result in rapid job losses given the prevalence
of micro- and small-sized enterprises operating in the sector.&nbsp; 



The slowdown in global economic activity will translate into a
reduction in demand, while lower commodity prices will compound this negative
effect on exports. 



Africa’s energy exporters will struggle to come to terms with a
much more hostile external environment. Countries such as Nigeria, Angola and
Gabon are highly dependent on oil exports not only to generate forex but also
to fund government spending. 



Countries including Namibia, Zambia, Botswana and Mozambique are
dependent on mineral exports for the same reasons. 



Generally speaking, countries that have a GDP structure orientated
towards exports will feel the pain of a weaker external environment.



Lower international energy prices will have a detrimental impact
on the continent’s oil exporters, but many other countries stand to benefit. 



A reduction in the oil imports bill will have a favourable impact
on external balances while also containing consumer price inflation. Lower
inflation will support consumer spending at a time when a weak external
environment increases the importance of domestic consumption in driving overall
economic growth.&nbsp; 



The South African economy had already entered 2020 on a very
fragile footing before the dramatic external developments related to the
Covid-19 pandemic. NKC forecasts a 5% real GDP contraction this year. Domestic
policy uncertainty and supply-side constraints have now been accompanied by a
deterioration in global business sentiment and a drop in demand for South
African goods, all weighing on the country’s economic recovery prospects. 



In addition, the three-week long nationwide lockdown, which
commenced on March 27, will result in a collapse in consumer spending. The
outlook could deteriorate further if the lockdown is extended.&nbsp; 



The coronavirus has not as yet, as far as we know, taken
significant hold in Nigeria. However, the weaker external environment and more
specifically, the recent collapse in international oil prices, will have a
marked impact on the economy’s performance this year.



Lower oil prices will result in tighter FX liquidity, rising
inflation, falling investment, lower fiscal expenditure and easing consumption
growth. 



As a result, NKC has revised its growth projection sharply lower
to 1.2% this year, with risks still firmly stacked to the downside. 



A more severe domestic outbreak of Covid-19 would cause
significant disruption to daily economic activity, particularly when
considering the population density in the country’s biggest cities. 



Despite the Egyptian government’s efforts, the number of confirmed
Covid-19 cases continues to rise considerably. 



The president has urged all citizens to stay at home for a two-week
period and a night-time curfew has been declared, while the possibility of a
formal lockdown in some regions is also circulating in local media. 



The fiscal deficit is set to widen significantly over fiscal year
(FY) 2019/20 and FY 2020/21 following the announcement of a stimulus and
bail-out package to the value of approximately E£100bn. 



Government revenues already came in far below budget during the
first half of FY 2019/20 and will take a massive knock during the second half
of the fiscal year, which ends in June. 



Lower economic growth reflects weaker consumption, investment, and
exports. 



The recently announced fiscal stimulus measures, however, should
prevent a collapse in domestic demand. 



The economic impact of the coronavirus epidemic will be
considerable, but the human costs will be higher yet. 



As of end March South Africa remains the hardest-hit African
country from a confirmed-case perspective and the expected economic hardship
reflects this. 



However, South Africa is also arguably the best-placed country on
the continent to deal with the pandemic. While it does have a large
immuno-compromised population due to its struggles with HIV, the country might
be able to leverage its sophisticated private healthcare sector to supplement
inadequate public services. 



Most other African nations will not have this benefit. 



Confirmed Covid-19 cases will undoubtedly increase across the
continent in coming weeks, and timely and effective government responses will
be required to ensure that this does not become another African tragedy.



Jacques Nel – Head of Africa Macro



For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a>

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In his New Year speech, Nigeria’s President, Muhammadu Buhari stated that the revolution in the agricultural sector is already a reality in all corners of the country adding that new agreements with Russia and Morocco will fasten transformation in farming. So what areas should Nigeria prioritise to ensure food security this year? Kola Masha, Managing Director at Babban Gona joins CNBC Africa for more.

This is what Nigeria must prioritise in order to grow its agricultural sector in 2020

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The Basketball Africa League (FIBA) announced cities in Egypt, Senegal, Nigeria, Angola, Morocco and Tunisia as the host and the host city for the first-ever BAL Final Four and BAL Final will be Kigali. Additionally, Nike and Jordan Brand will be the exclusive outfitter of the new professional league featuring 12 club teams from across Africa and scheduled to begin play in March 2020. Amadou Gallo Fall, Basketball Africa League President, joins CNBC Africa for more.

Morocco

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Morocco

2023 Africa Investment Forum Market Days: Highlights Special

2023 Africa Investment Forum Market Days: Highlights Special

Burkina Faso, DRC and Morocco become newest members of AFC

Coronavirus: African Union Member States reporting COVID-19 cases as of 29 May 2021, 9 am EAT

NSIA partners Morocco’s OCP & key stakeholders to develop $1.4bn fertilizer plant

Ambassador Youssef Amrani on how Morocco is responding to the COVID-19 crisis

Crisis-hit Moroccans join ‘informal economy’ as job market shrinks

Morocco’s economy to contract 13.8% in Q2, 4.6% in Q3 – planning agency

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SA’s auto industry ambitions threatened by COVID-19

Sanlam appoints ex-Old Mutual boss as new CEO

Op-Ed: African giants to stumble due to Covid-19 pandemic

Why this athlete won’t let COVID-19 derail her Olympic dreams

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