Major International Business Headlines Brief::: 29 May 2023

Mon May 29 12:08:53 CAT 2023

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Major International Business Headlines Brief::: 29 May 2023 

 <https://www.nedbank.co.zw/> 

ü  Namibia: High Performing Organisations Are the Foundation of Our
Prosperity

ü  South Africa: Presidency Responds to Electricity Minister's Role

ü  Botswana President Launches Another Attack Against De Beers

ü  Kenya: Free Wi-Fi Will Boost E-Commerce, Spur Jobs Creation, President
Ruto

ü  Nigeria - New Government Must Ensure Shell's Sale of Its Niger Delta Oil
Business Does Not Worsen Human Rights Abuses

ü  Congo-Kinshasa: Congolese Leader Tshisekedi Seeks to Improve Minerals
Deal On China Trip

ü  Ghana: Absa Bank MD Honoured At CEO Summit

ü  Ghana: Greater Accra Regional Minister Suspends Construction of Fuel
Station

ü  Ghana: Approval of Ghana's IMF Bailout in 10 Months Is Quickest On Record
- President

ü  Africa: At the 7th African Leadership Forum - Africa Must Develop Agric
to Drive Trade - President

ü  Africa: Current African Leadership Can't Develop Continent

 <https://www.cloverleaf.co.zw/>          

on Namibia: High Performing Organisations Are the Foundation of Our
Prosperity

Our country is going through a period of transition following one of its
most challenging periods.

Covid-19 really put us on the back foot. Globally, every nation had to deal
with the socio-economic fallout from this devastating pandemic.

Thankfully, Namibia's economy is seeing the first shoots of recovery, which
is positive news.

This cautious recovery can be attributed to the resilience of us as
Namibians across every level of society and in every region.

We are survivors, and we persevere.

Our strong institutions are another reason we as a nation have been able to
pick ourselves up and move forward after the severe economic knocks we took
while simultaneously dealing with a social and health emergency.

GOALS

The United Nations Sustainable Development Goals (SDGs) has 17 goals, with
Number 16 focusing on peace, justice, and strong institutions.

Africa's Agenda 2063 has seven aspirational points, and its 'Third
Aspiration' focuses on an Africa of good governance, democracy, respect for
human rights, justice and the rule of law.

There is a good reason why this development goal has been included in the
SDGs and Agenda 2063's third aspiration, which focuses on good governance.
Without strong institutions, the rule of law, peace, and good governance,
Namibia would not be in its present position.

Every nation demands a lot from its institutions. They need to be robust,
resilient, and, most importantly, there for its citizens.

Therefore, our ministries, SOEs, and local and regional governments need to
be High Performing Organisations (HPOs).

There are many definitions of HPOs in respect of for-profit companies.

One definition is "a high-performance organisation gets better results than
competitors through innovation and sales. Its business leaders are
forward-thinking and constantly seek to improve their innovation strategy."

I strongly believe the same rules can, should and need to apply to
government institutions.

Although the government does not pursue profit, we are constantly looking to
'upgrade' and improve the lives of every Namibian, something we have been
doing consistently for more than 33 years as the government.

MEETING THE MOMENT

The Covid pandemic underlined the importance of HPO institutions.

We would not have been able to implement emergency initiatives, offer
financial assistance to those who needed it most, or build mobile health
facilities as and when required.

Over many years, our government has put in place mechanisms to enable our
ministries to quickly and efficiently change their operating structure and
practices to meet needs, just as was necessary during the pandemic.

Our organisations focus on long-term success, while delivering actionable
short-term goals.

We have created flexible, citizen-focused organisations, and our highly
effective teams deliver results for all Namibians.

PROSPECTS

As we nurture the seeds of recovery, having HPOs in place is even more
essential as Namibia is on the cusp of an oil and green hydrogen gas boom.

Namibia is well positioned to avoid the 'resource curse' that has befallen
other nations.

Not only can our country embrace best practices, but everything ranging from
our Constitution to our esteemed institutes and our deep-rooted need to care
for and protect our fragile environment and ecosystem means we, as a nation,
can prosper from oil and gas.

Every aspect of society will be touched and transformed.

Education, technology, infrastructure, healthcare, manufacturing and climate
mitigation activities will all benefit from the potential of oil and
hydrogen gas investments through companies like Shell and Hyphen Energy.

This is a bright, reassuring and positive prospect for our nation.

With our HPOs, the checks and balances are already in place to ensure every
Namibian will benefit.

Namibia will become a high-performing nation.

Saara Kuugongelwa-Amadhila is Prime Minister of Namibia

-Namibian.

South Africa: Presidency Responds to Electricity Minister's Role

The Presidency has moved to clarify some of the frequently asked questions
on the role of the Minister in the Presidency responsible for electricity.

On the question on role of the Minister in the Presidency, the Presidency
noted that the appointment follows the announcement by President Cyril
Ramaphosa during his 2023 State of the Nation Address (SONA), on his
intention to appoint a Minister of Electricity to coordinate government's
response to the electricity crisis as a national priority.

The Presidency highlighted that several government departments and agencies,
as well as Eskom, are involved in implementing the Energy Action Plan [and]
the Minister "will ensure strong coordination of this plan from the centre
of government".

To achieve this, it said, the President has tasked the Minister with
overseeing all aspects of the electricity crisis response, including the
work of the National Energy Crisis Committee (NECOM).

The Minister's primary responsibility is to ensure full implementation of
the Energy Action Plan within the next twelve months, the Presidency said.

"In short, the Minister will be expected to coordinate the numerous
departments and entities involved in the crisis response; work with the
Eskom leadership and management to turn around the performance of existing
power stations; ensure that new generation capacity is procured on an
expedited basis; and take the lead in communicating to the public on the
energy crisis," the Presidency explained.

What powers and functions have been assigned to the new Minister?

Regarding the powers and functions that have been assigned to the new
Minister, the Presidency referred to Section 97 of the Constitution which
states that:

"The President by proclamation may transfer to a member of the Cabinet -

(a) the administration of any legislation entrusted to another member; or

(b) any power or function entrusted by legislation to another member."

The President has signed a proclamation that transfers to the Minister of
Electricity certain powers and functions entrusted by the Electricity
Regulation Act (Act No 4 of 2006).

Specifically, this relates to all powers and functions contained in Section
34(1) of the Electricity Regulation Act, which were previously entrusted to
the Minister of Mineral Resources and Energy.

"Section 34(1) of the Electricity Regulation Act empowers the Minister to
issue a determination that new generation capacity is needed in order to
ensure security of energy supply. This includes the amount of new capacity
that must be procured; the type of capacity (for example, wind or solar PV);
and the manner in which it must be procured.

"This provides the Minister with a powerful tool to address South Africa's
current energy shortfall, by directing the actions that are required to
build new generation capacity," the statement said.

What powers and functions remain with the Minister of Mineral Resources and
Energy and the Minister of Public Enterprises?

On the question regarding the powers and functions remain with the Minister
of Mineral Resources and Energy and the Minister of Public Enterprises, the
Presidency explained that Minerals Resources and Energy Minister will in
terms of Section 34(2) of the Electricity Regulation Act continue to be in
charge of the procurement process of new generation capacity, "which is
carried out by the Independent Power Producer Office (IPP Office)".

It reiterated that the IPP Office will remain responsible for implementing
various initiatives outlined in the Energy Action Plan, and matters related
to energy policy generally, including long-term energy planning, regulation,
fuel price determination, petroleum and gas policy, pipelines and licensing
thereof, will remain with Mineral Resources and Energy Minister.

"In terms of the Eskom Conversion Act, the Minister of Public Enterprises
remains the shareholder representative for Eskom. This includes appointing
the Eskom Board, and overseeing the restructuring of Eskom into three
separate entities for generation, transmission and distribution. The
Minister's current focus is on completing the establishment of the National
Transmission Company of South Africa, as a crucial step in the wider reform
of the energy sector.

"This division of responsibilities will allow the Minister in the Presidency
responsible for Electricity to apply a dedicated focus to the immediate
crisis response, while other functions remain with the relevant Ministries,"
the Presidency explained.

How will this support the implementation of the Energy Action Plan?

Explaining the support on the implementation of the Energy Action Plan, the
Presidency emphasised that the President has appointed the Minister in the
Presidency responsible for Electricity to ensure tight overall management of
the electricity crisis response with a single point of authority and a
single line of reporting, "both of which are essential to achieving rapid
progress on the plan".

It explained that the current assignment of powers aims to empower the new
Minister to direct and coordinate the implementation of the Energy Action
Plan, without disrupting the routine work of government or requiring changes
to personnel and institutions.

Through the National Energy Crisis Committee (NECOM), the Presidency said,
Minister in the Presidency responsible for Electricity will oversee
implementation of the plan announced by the President in July 2022, and
ensure that all government departments and agencies, as well as Eskom,
implement the actions for which they are responsible.

-SAnews.gov.za.

Botswana President Launches Another Attack Against De Beers

Gaborone — Botswana President Mokgweetsi Masisi has again criticized a
54-year-old partnership with world-leading diamond producer De Beers, saying
his country will not back down on demands for an improved deal.

Under the current arrangement, due to expire next month, Botswana gets 25%
of rough diamonds mined under its partnership with De Beers, and the company
gets the rest. Negotiations on a renewal of the pact, in which Botswana is
seeking a higher stake of the profits, are underway.

The stones are mined by Debswana Diamond Company, in which the two partners
own equal shares.

Botswana provides De Beers with 70% of its rough diamonds.

Not 'until death do us part'

Since February, Masisi has ramped up the pressure on the diamond giant.
Speaking in Mmadinare, northeast of the capital, Gaborone, on Thursday, he
did not mince words.

"This is not [about] 'until death do us part' or a permanent agreement,"
Masisi said, speaking in the local vernacular, Setswana.

He hinted that the negotiations might stall.

"It is either we accept the situation as it is and continue getting
leftovers, or alternatively we dig in and, no matter how tough it is, demand
what is ours, even if we lose through litigation," Masisi said.

No comment could be obtained from De Beers. The company has previously
indicated it was confident a deal would be fleshed out, while acknowledging
some complexities.

With Botswana due to hold its general election next year, Masisi said he
would be willing to lose over the sensitive issue.

"I am not scared," he said. "Yes, we are politicians and always lobby for
votes, but if it means losing as a result of this issue, let it be."

The current negotiations began in 2018 and were to end in 2021 but were
extended until June 30, 2023, because of the pandemic.

Masisi said trade in all rough diamonds mined in Botswana could net up to
$15 billion a year, but under the De Beers deal, the country gets "only $7
billion, or $8 billion if we are fortunate."

Also, he noted, the current agreement restricts Botswana to trading only in
rough diamonds. He said the country wants to be involved in the diamond
value chain, which includes not just mining but also sorting, cutting,
polishing, jewelry creation and sales.

Masisi said involvement in the value chain could earn Botswana nearly $100
billion, which is why it wants a better deal with De Beers.

The president said he finds it strange that if there is a deadlock in
negotiations, the matter is referred to courts in England for arbitration.

"People cannot do what they want with our diamonds, leaving us in poverty,
yet they get rich," he said. "The $7 billion that we get ... yet we can get
close to $100 million. No, no."

Masisi said that if Botswana reached a favorable deal with De Beers, poverty
in the country could be eradicated in the blink of an eye.

"We have been shortchanged with our resources through these agreements, but
now we can read, and our eyes are open," he said.

Negotiating tactics

Belgium-based diamond expert Hans Merket said Botswana's continued threats
to pull out of the De Beers deal had left the industry skittish.

"It is hard to tell if the long-standing deal between Botswana and De Beers
is in jeopardy," he said. "As this continues to drag on and as we continue
to hear strong statements from the Botswana side, many people in the diamond
industry are clearly getting nervous.

"But the general expectation is that this is still part of the negotiating
tactics to get a better deal rather than to risk breaking it. Common sense
reasoning is that both De Beers and Botswana need each other to divorce."

Merket said that because of Botswana's prominent role in the sector, the
value chain can be affected by protracted talks.

"Botswana is the largest diamond-producing country by value, and Debswana
accounts for over 90% of that production. So we are talking about roughly
25% of the total world diamond production value," he said.

"It is clear that any troubles with that supply would be felt globally, all
the more given that diamond production from Russia, the other big producer
country, is increasingly cornered following Western sanctions in the light
of the war in Ukraine," he said.

Botswana is second only to Russia in global diamond production. However,
buyers have been shunning stones mined in Russia following Moscow's 2022
invasion of Ukraine.VOA.

Kenya: Free Wi-Fi Will Boost E-Commerce, Spur Jobs Creation, President Ruto

Nairobi — The Government is committed to delivering 25,000 free Wi-Fi
hotspots across the country.

President William Ruto said this will help micro, small and medium-sized
enterprises to engage in e-commerce.

The President said the free wireless network will also give young Kenyans
the opportunity to explore online job opportunities.

"There are millions of online opportunities our youth can exploit."

He spoke on Friday during the Madaraka Day SMEs, Cooperatives, Trade and
Revenue Expo at Embu University Grounds.

President Ruto also launched the Embu University Free Wi-Fi.

Present were Deputy President Rigathi Gachagua, Cabinet Secretaries Simon
Chelugui, Moses Kuria, Eliud Owalo, Zacharia Njeru and Embu Governor Cecily
Mbarire among other leaders.

-Capital FM.

Nigeria - New Government Must Ensure Shell's Sale of Its Niger Delta Oil
Business Does Not Worsen Human Rights Abuses

Nigeria's new government, which will be sworn in on 29 May, must ensure that
Shell's planned sale of its operations in the Niger Delta, does not lead to
a further deterioration in human rights in a region blighted by decades of
oil pollution.

Amnesty International has documented grievous and enduring human rights
abuses resulting from oil contamination in the area, where Shell has
operated since the 1950s. Amnesty International is concerned that the
proposed sale will deny people already harmed access to adequate remedy, and
potentially expose many more to future abuses.

A new report issued today, Tainted Sale?, recommends a series of safeguards
and actions to help protect the rights of people potentially affected by
Shell's planned disposal of its onshore oil interests in the Niger Delta,
reportedly for about US$3 billion.

Mark Dummett, Amnesty International's Head of Business and Human Rights,
said: "For decades spills have damaged the health and livelihoods of many of
the Niger Delta's inhabitants. Shell should not be allowed to wash its hands
of the problems and leave. Shell has earned billions of dollars from this
business and it must make sure that its withdrawal does not have negative
human rights and environmental consequences.

Shell should not be allowed to wash its hands of the problems and leave.
Mark Dummett, Amnesty International's Head of Business and Human Rights

"By exercising appropriate oversight of Shell's sale, Nigeria's incoming
administration has a unique opportunity to demonstrate its determination to
uphold and protect the human rights of its citizens, including their rights
to an adequate standard of living, clean water, and health. We are also
calling for effective remedy for people whose rights have long been abused.

"We urge the new government, under President Bola Tinubu, to ensure Shell's
sale does not end or limit the company's liabilities. As a condition of
sale, it should require Shell to provide a full assessment of all existing
pollution in the delta, ensure it has provided satisfactory remediation for
any damage, and that local inhabitants' concerns about the sale process are
fully appraised and addressed.

"The government should consider requiring Shell to act as a guarantor to
ensure any purchaser is capable of making good and remediating damage caused
by any future spills and that any buyer is committed to transparency,
environmental compliance, consultations with communities, and limiting
greenhouse gas emissions.

"Of course, rather than finding buyers and wringing the last drops of oil
from a region so long blighted by the industry, the better option would be
remedying the harms caused, and phasing out production.

"The Intergovernmental Panel on Climate Change forecasts that without
accelerating the phasing out of fossil fuels worldwide, global temperatures
will rise by more than an agreed limit of 1.5C versus pre-industrial levels.
After decades of exploitation, retiring production in the Niger Delta would
be a step in the right direction."

A long record of environmental damage and abuses

For more than 20 years Amnesty International and partner organizations have
conducted research in the Niger Delta. It has demonstrated that Shell's
operations have come at the cost of the human rights of people living there.

Hundreds of spills a year from poorly maintained pipelines and wells, along
with inadequate clean-up practices, have led to widespread oil
contamination, including of groundwater and drinking water sources,
agricultural land and fisheries, and damaged the health and livelihoods of
many inhabitants.

The impact of the pollution can be devastating. In 2019, an academic study,
found that oil spills occurring within 10km of a mother's place of residence
in the Niger Delta doubled neonatal mortality rates and impaired the health
of surviving children.

Mark Dummett said: "Shell must take its own steps to ensure effective remedy
for people whose human rights have been impaired by this devastating
pollution, and that its divestment plan does not worsen the plight of the
Niger Delta's inhabitants."

"Shell must take its own steps to ensure effective remedy for people whose
human rights have been impaired by this devastating pollution.Mark Dummett,
Amnesty International's Head of Business and Human Rights

"International standards, under the UN Guiding Principles on Business and
Human Rights, are clear that Shell has a responsibility to conduct a human
rights due diligence process on its decision to transfer assets. This
responsibility is independent of any steps Nigeria's government will take."

Shell disputes allegations that it has acted irresponsibly in the Niger
Delta, and says it complies with regulations. It has previously pointed to
improvements that it says it has made in recent years in response to
preventing and cleaning oil spills, investments in infrastructure, oil
anti-theft measures, and increased transparency in its reporting of spills.

Shell is not uniquely responsible for the devastating oil pollution that
blights the Niger Delta. There are other actors, including the federal and
state authorities. They too have an obligation to ensure that Shell's
divestment does not lead to further human rights harms.

Background

The Shell Petroleum Development Company of Nigeria Limited - Joint Venture
(SPDC JV) is one of Nigeria's largest oil producers.

Shell was the majority owner of this business for many years, but its main
shareholder is now the state-owned Nigerian National Petroleum Corporation,
which holds 55%. The rest is owned by subsidiaries of international oil
companies. Shell, through its wholly-owned subsidiary the Shell Petroleum
Development Company (SPDC) Limited owns 30%, the French company Total has
10%, and the Italian company Eni 5%.

Importantly, through SPDC, Shell is the operator for the SPDC JV, which
means it operates and maintains the wells, pipelines and other facilities
needed to produce and transport the oil. The partners fund the operations
and maintenance in proportion to their share in the joint venture.

During the past decade, the SPDC JV has sold much of its business, including
oilfields, to several much smaller Nigerian-owned companies.

Shell now intends to sell both its stake in SPDC JV and its operating
subsidiary in a deal involving its staff, facilities and infrastructure.
This includes 263 producing oil wells, 56 producing gas wells and a network
of 3,173km of pipelines.

Following an election on 25 February, the inauguration of Nigeria's
president-elect, Bola Tinubu, 71, of the ruling All Progressives Congress
party, is due to take place on Monday.

0-AI London.

Congo-Kinshasa: Congolese Leader Tshisekedi Seeks to Improve Minerals Deal
On China Trip

The president of minerals-rich Democratic Republic of Congo, Felix
Tshisekedi, is in China where he is likely to push to formally overhaul and
seal a $6 billion infrastructure-for-minerals deal with Chinese investors.

Tshisekedi is expected to meet President Xi Jinping on Friday to review and
sign several key trade deals.

Most of the DRC's mining industry is under Chinese control, and Tshisekedi's
visit comes as the two countries look to resolve mining disputes that have
threatened to sour diplomatic relations.

The Democratic Republic of Congo is the world's largest producer of battery
material cobalt.

Tshisekedi has said a previous minerals-for-infrastructure joint venture was
poorly negotiated.

Ahead of his trip, the Congolese leader instructed his government to move
ahead with talks on the infrastructure-for-minerals deal with Chinese
counterparts.

During the visit to China, the two heads of state will hold talks and attend
the signing ceremony of cooperation documents together, the Chinese foreign
ministry said.

"The Democratic Republic of Congo is an important country in Africa, and the
friendship between China and the Democratic Republic of Congo has a long
history," a Chinese foreign ministry spokesperson said.

The DRC may also seek China's help to fight rebels in eastern Congo.

(with wires)

-RFI website.

Ghana: Absa Bank MD Honoured At CEO Summit

ABSA Bank's Managing Director, Abena Osei-Poku, has won recognition as the
CEO of the Year in the banking sector at the just-ended CEO Summit 2023,
held in Accra.

The summit brings together all the captains of industry, corporate leaders
across the public and private sectors, including government officials, and
other key stakeholders.

The summit also provides a platform for these leaders to interact, share
ideas and listen to new research and emerging trends in their respective
industries. The summit also recognises leaders who have impacted their
sectors in unique ways in the year under review.

Mrs Osei-Poku was lauded for displaying great leadership, innovation and
creativity in the transformation of Absa Bank, which celebrated its third
year of transiting from the Barclays brand to Absa in Ghana last February.

The bank's unvarnished commitment to supporting real sector growth and
projecting a digitally-enabled strategy is creating synergy with clients,
customers and key stakeholders.

Commenting on the recognition, she said, "I want to recognise the bank's
incredible clients, stakeholders, and colleagues for their unwavering
support throughout the years. This award is for them. As a bank, our
strategy remains unchanged - we will continue to find new and innovative
ways to create value for our customers as they navigate the challenges of
the external environment. Our role is to empower them and their businesses
whilst deploying cutting-edge digital technology to create convenience."

-Ghanaian Times.

Ghana: Greater Accra Regional Minister Suspends Construction of Fuel Station

The Greater Accra Regional Minister, Henry Quartey, yesterday ordered the
immediate suspension of the construction of a new fuel station at Ashale
Botwe in Accra.

The construction, being carried out by GOIL PLC, he said would be halted
until thorough due diligence was conducted.

The order by the Minister was in response to protests from residents of
Ashaley Botwe, who expressed concerns about the proximity of the fuel
station to their homes and the potential danger it poses to their lives.

During the protest, residents, wearing red bands to symbolise their
discontent, emphasised that the area was primarily residential and expressed
worries about the narrow road that would hinder safe passage for fuel
tankers to discharge.

"We don't need any fuel station here, we don't need it. This place is a
residential area, our houses are closer to the place and our children pass
here to school. The road is even too small so where will the tanker pass to
discharge, so we don't need the fuel station here," some residents narrated.

In an interview yesterday, Mr Quartey said that the location of the fuel
station posed a significant risk to the community's residents.

He added that the Environmental Protection Agency (EPA) would be contacted
to investigate how permission was granted for such a development in a
residential area.

He explained that, although the government would not stop any citizen or
investor from investing to create jobs, such projects should be undertaken
in consideration of the welfare, security, and wellbeing of the community.

"Taking cognisance of what happened at Atomic Junction, this clearly cannot
hold. I want to, on behalf of Regional Security Council (REGSEC) say that
going forward all works here must be suspended until further notice.

We will also write to EPA to find out how they arrived at granting permits
for something like this to happen here. I am not an expert but this petrol
station cannot be cited here," Mr Quartey added.

-Ghanaian Times.

Ghana: Approval of Ghana's IMF Bailout in 10 Months Is Quickest On Record -
President

President Nana Addo Dankwa Akufo-Addo has stated that Ghana's International
Monetary Fund (IMF) bailout programme which took 10 months to be completed
is one of the quickest to have happened to the country.

"Usually, the negotiations with the IMF take time, in fact, the 10 months
which have been involved in the Ghanaian programme is one of the fastest on
record because there is a whole lot of stuff we had to go through in terms
of change of data, negotiations, and making sure the macro indices you are
looking for are in the right direction," he indicated.

President Akufo-Addo explained that all of these may take time,
nevertheless, it was over and the IMF support programme would reposition the
economy to regain macro stability adding that "economic indicators has
started improving such as inflation and exchange rate."

The Executive Board of IMF approved $3 billion Extended Credit Facility for
Ghana, which will end in 2027 and this was as result of assurances from the
country's Creditors Committee under G20 Common Framework which includes
China.

Speaking at the Third Qatar Economic Forum, the President pointed out that
the country had to ensure data provided were accurate, whilst the macro
indices were heading in the right direction.

According to him, now the IMF programme would provide the foundation for
redirecting the economy, repositioning the economy to regain macro stability
that had been lost.

President Akufo-Addo noted that to be able to have better control over
important details like interest rate, inflation and then position the nation
to be able to be back to international capital market which had been source
of funding for the first three or four years of the government.

"The government is undertaking rigorous expenditure rationalisation, prudent
spending to meet conditions set by IMF in order to access second tranche of
the $3 billion bailout in six months resulting in the release of first $600
million to the Bank of Ghana.

"However, subsequent releases will be hinged on meeting certain
conditionality set by the Fund which includes improvement in domestic
revenue mobilisation but global situation has not been kind to incumbent
governments all over the world and we have enough time," President
Akufo-Addo underscored.

The president alluded that the government had 18 months and he would leave
office in January 2025, and 19 months from now to be able with disciplined
approach, implement the IMF programme to reposition the economy to be able
to bring progress, growth, development back and relief back to the
citizenry.

Touching on the benefits of the IMF bailout, President Akufo-Addo hinted
that Ghana would soon return to the International Capital Market.

-Ghanaian Times.

Africa: At the 7th African Leadership Forum - Africa Must Develop Agric to
Drive Trade - President

The President, Nana Addo Dankwa Akufo-Addo has called on African countries
to work together in the development of agriculture to drive intra-Africa
trade for economic growth.

According to him, such a move would also further continental integration and
support in redefining Africa's development narrative.

He said the African Continental Free Trade Area (AfCFTA) could be a key game
changer in advancing Africa's growth if countries commit to its principles.

President Akufo-Addo was speaking in Accra yesterday during the opening
session of the 7th African Leadership Forum.

Organised by Uongozi Institute in partnership with the AfCFTA Secretariat,
the event was on the theme "Promoting Intra-Africa trade to unlock
agricultural potential in Africa."

It was attended by high profile leaders from the continent including former
presidents of Nigeria, Olusegun Obasanjo and Goodluck Jonathan, Dr Jakaya
Mrisho Kikwete, former president of Tanzania and Hailemariam Desalegn Boshe,
former prime minister of Ethiopia.

President Akufo-Addo said the AfCFTA could lead to a US$35 billion increase
in exports and reduce import by US$10 billion dollars, a situation that
would propel reduction in poverty across the continent.

He noted that, the agreement would also help in diversifying economies
across Africa and make them resilient to global shocks and happenings.

Also, the AfCFTA, according to the President, would enhance value addition
on agricultural produce in Africa for more foreign exchange earnings and
help deal with price hikes.

He explained that the relevance and benefits of the agreement required that
African governments put in place coherent and strategic actions to boost
exports and value addition.

President Akufo-Addo further urged for improved investments, especially in
the area of agriculture to drive economic growth, trade diversification and
improve intra-Africa trade.

He said that, currently, over reliance on raw commodities, low production
capacity, existing intra-trade barriers, among others, have accounted for
Africa's three per cent involvement in global trade.

For that to change, he urged for continuous collaboration towards
continental integration and enhanced trading activities between African
countries adding that "We cannot allow our fate to be determined by shocks
from external countries. It is time to define our own narrative."

Secretary General of the AfCFTA, Mr Wamkele Mene, noted that food
insecurity, COVID-19, geopolitical contest, rising cost of food, inflation
and poverty have distorted Africa's goal of ending hunger by 2025.

Presently, he said, about 10 million children in Africa face hunger while
more than 800 million of the African population face food shortage.

However, agriculture and agro-processing, he explained, provides an avenue
to achieve self sufficiency and unlock job opportunities.

This, Mr Mene said, reinforces the need to accelerate trade to make Africa a
net exporter and accelerate the removal of barriers to intra-Africa trade to
ensure the free flow of food materials.

"AfCFTA has prioritised agriculture as one of the main sectors.

"We have the capacity to feed ourselves and provide jobs through agriculture
and processing and export to other parts of the world.

"AfCFTA is the right instrument we need to enable the free flow of goods and
services," he added.

On his part, Dr Kikwete tasked African leaders to increase investments in
agriculture to enable the sector take its rightful role in Africa's
development.

As a mainstay of the continent's economy, he said, the required investments
would help in tapping agriculture's potential to achieve development.

-Ghanaian Times.

Africa: Current African Leadership Can't Develop Continent

Our lead story today is an account from the yesterday opening session of the
two-day 7th African Leadership Forum underway in Accra.

The theme of the ongoing event, "Promoting Intra-Africa trade to unlock
agricultural potential in Africa", suggests that it is focused on investment
in agriculture development, adding value to agriculture produce and
enhancing particularly intra-African trade.

The African Continental Free Trade Area (AfCFTA).is then expected to help
change for the better the goings-on in both the agriculture and trade
sectors on the continent.

Our story presents contributions made by three prominent personalities at
the event, namely Nana Addo Dankwa Akufo-Addo, Ghana's President; Dr Jakaya
Mrisho Kikwete, former president of Tanzania; and Mr Wamkele Mene, Secretary
General of AfCFTA.

All these speakers, as expected, talked about the potential of agriculture
and trade to help develop the African continent.

Reading their various contributions, you would agree that African leaders
know the problems confronting Africa and how to solve them. (Kindly read our
lead story).

We think so because this is the 7th edition of such meetings under African
Leadership Forum, said to have been founded by former President Olusegun
Obasanjo of Nigeria in 1988.

A source states that the Africa Leadership Forum (ALF) grew out of the need
to assist in improving the capacity and competence of African leaders to
tackle development challenges confronting the continent.

That the establishment of the Forum was not fortuitous (by chance) but in
response to a number of pressing challenges facing post-independence Africa,
such as the wide-spread and palpable crises of leadership and management
across the continent.

We know the forum organises a wide range of high-level conferences,
seminars, workshops and publications to address the quest for effective
leadership, efficient management and enhancement of leadership skills on the
continent.

We think some Africans like General Obasanjo have good intentions toward the
development of Africa.

There is, for example, the account of how Mr Paul Kagame of Rwanda is
developing his country and we have not forgotten how some other African
leaders, including the late John Magufuli of Tanzania, were and still are
checking the self-centredness, extravagance and opulence of politicians and
other public officials, who also are African leaders in their own right.

The over-riding problem of Africa has to do with its leaders and their
corrupt ways of life and their excuse that their leadership roles allow them
to enjoy all the goodies on the continent without regard or just the
slightest of it for the sufferings of the vulnerable.

For how long has the African Leadership Forum been in existence?

What are its achievements? We accept all its efforts by way of seminars,
workshops and other training sessions, but have they forcefully and
positively impacted African leadership, especially the political?

We can say for sure that nothing would change on the continent for the
better if African political leaders hold on to all the negative attitudes of
theirs, with their cohorts following them.

Africa needs resolute, assertive, selfless, incorruptible,
sensitive-to-the-vulnerable leaders to develop it.

Maybe the Africa Leadership Forum needs to initiate a programme to do peer
review of leadership performance to call African leaders to order, otherwise
it can organise countless events to no avail.

-Ghanaian Times.

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2023

Company

Event

Venue

Date & Time

Africa Day

May 25

Heroes’ Day

Aug 14

Defence Forces Day

Aug 15

Companies under Cautionary

CBZH

GetBucks

EcoCash

TSL

Econet

Turnall

First Capital Bank

ZBFH

Fidelity

Zimplow

FMHL

 <mailto:info at bulls.co.zw> 

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companies typically involve a higher degree of risk and more volatility than
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for guideline purposes only and d from third parties.

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