African Development Bank president Akinwumi Adesina speaks during the opening ceremony of the Africa Investment Forum 2022. He noted that Africa has the lowest default rate on infrastructure projects in the world, at 5.5 per cent. PHOTO | COURTESY | AFDB GROUP
By JACKSON MUTINDA
African leaders have said the continent’s investment risk has been exaggerated, making investors hesitant to put their money in its development projects.
Quoting a Moody’s Analytics report on defaults on infrastructure investments, African Development Bank (AfDB) president, Dr Akinwumi Adesina, noted that Africa has the lowest default rate on infrastructure projects in the world, at 5.5 per cent.
“Africa is not as risky as you think. Perception is not the same as reality,” Dr Adesina said at the opening of the Africa Investment Forum in Abidjan, Cote d’Ivoire, on November 2.
The biggest defaulter, according the Moody’s report, is Latin America at 12.9 per cent, followed by Asia at 8.8 per cent, Eastern Europe (8.6 per cent), North America (7.6 per cent), and Western Europe (5.9 per cent).
Recovery from Covid pandemic
“Africa has shown resilient recovery from the Covid-19 pandemic. Foreign direct investment (FDI) declined from $47 billion in 2019 to $40 billion in 2020 because of Covid. Africa recovered in 2021, as FDI rose to $83 billion, doubling the flows in 2020,” he said.
Heads of state attending the forum amplified Dr Adesina’s sentiments. They included Ghana’s Nana Akufo-Addo, Zimbabwe’s Emmerson Mnangagwa, Ethiopia’s Sahle-Work Zewde and Ivorian Vice-President Tiemoko Koné.
The leaders said that having one of the world’s largest young populations, natural resources and renewable energy potential, the continent is the investment frontier in the world.
President Akufo-Addo said the African premium risk has become a huge obstacle to development as it hampers investment. Noting that the global investment environment is difficult, he said Africa has excellent returns on investment and urged businesses to take advantage of the continent’s demographic dividend to foster growth.
Participants pose for a photo at the opening ceremony of the Africa Investment Forum 2022 in Abidjan, Cote d’Ivoire, on November 2. PHOTO | COURTESY | AFDB GROUP
Electric cars
Dr Adesina said the future of electric cars in the world depends on Africa because it has the largest sources of cobalt in the world, with massive sources of lithium in Zimbabwe, Namibia, Ghana, Mali, and Democratic Republic of Congo.
“The African Continental Free Trade Area is the largest free-trade zone in the world, connecting economies worth $3.3 trillion,” he said.
The Africa Investment Forum — Africa’s premier investment marketplace now in its fourth year — helps to connect investors to Africa. The African Development Bank, the Africa Import-Export Bank, the Trade and Development Bank, the Africa Finance Corporation, the Development Bank of South Africa, the European Investment Bank, the Islamic Development Bank and Africa50 support it.
It is aimed at mobilising investments for Africa, and showcase the continent’s bankability to the world.
Investment interests
In four years, it has helped to mobilise $110 billion in investment interests to Africa, said Dr Adesina.
“The $600 million securitised finance to support the cocoa board of Ghana has helped Ghana to grow its cocoa production by one million tonnes, with infrastructure for warehousing and cocoa processing. The landmark $24 billion liquefied natural gas project of Mozambique, which was structured and closed at the Africa Investment Forum, is the largest-ever foreign direct investment in Africa. It will turn Mozambique into the third-largest exporter of natural gas in the world and add $66 billion to its economy,” he said.
The leaders have curated investment projects in renewable energy, hydropower, gas, railways, roads, and water transport, agriculture, health, mining, fertiliser manufacturing, port infrastructure and urban green transport to woo investors.
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Tanzania Confirms Second Marburg Outbreak After WHO Chief Visit
Dar es Salaam — Tanzania’s President Samia Suluhu Hassan has declared an outbreak of Marburg virus, confirming a single case in the northwestern region of Kagera after a meeting with WHO director-general Tedros Adhanom Ghebreyesus.
The confirmation follows days of speculation about a possible outbreak in the region, after the WHO reported a number of deaths suspected to be linked to the highly infectious disease.
While Tanzania’s Ministry of Health declared last week that all suspected cases had tested negative for Marburg, the WHO called for additional testing at international reference laboratories.
“We never know when an outbreak might occur in a neighbouring nation. So we ensure infection prevention control assessments at every point of care as routine as a morning greeting at our workplaces.”Amelia Clemence, public health researcher
Subsequent laboratory tests conducted at Kagera’s Kabaile Mobile Laboratory and confirmed in Dar es Salaam identified one positive case, while 25 other suspected cases tested negative, the president told a press conference in Dodoma, in the east of the country today (Monday).
“The epicentre has now shifted to Biharamulo district of Kagera,” she told the press conference, distinguishing this outbreak from the previous one centred in Bukoba district.
Tedros said the WHO would release US$3 million from its emergencies contingency fund to support efforts to contain the outbreak.
Health authorities stepped up surveillance and deployed emergency response teams after the WHO raised the alarm about nine suspected cases in the region, including eight deaths.
The suspected cases displayed symptoms consistent with Marburg infection, including headache, high fever, diarrhoea, and haemorrhagic complications, according to the WHO’s alert to member countries on 14 January. The organisation noted a case fatality rate of 89 per cent among the suspected cases.
“We appreciate the swift attention accorded by the WHO,” Hassan said.
She said her administration immediately investigated the WHO’s alert.
“The government took several measures, including the investigation of suspected individuals and the deployment of emergency response teams,” she added.
Cross-border transmission
The emergence of this case in a region that experienced Tanzania’s first-ever Marburg outbreak in March 2023 has raised concerns about cross-border transmission, particularly following Rwanda’s recent outbreak that infected 66 people and killed 15 before being declared over in December 2024.
The situation is particularly critical given Kagera’s position as a transport hub connecting four East African nations.
Amelia Clemence, a public health researcher working in the region, says constant vigilance is required.
“We never know when an outbreak might occur in a neighbouring nation. So we ensure infection prevention control assessments at every point of care as routine as a morning greeting at our workplaces.”
The Kagera region’s ecosystem, home to fruit bats that serve as natural reservoirs for the Marburg virus, adds another layer of complexity to disease surveillance efforts.
The virus, closely related to Ebola, spreads through contact with bodily fluids and can cause severe haemorrhagic fever.
Transparency urged
Elizabeth Sanga, shadow minister of health for Tanzania’s ACT Wazalendo opposition party, says greater transparency would help guide public health measures.
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“This could have helped to guide those who are traveling to the affected region to be more vigilant and prevent the risk of further spread,” she said.
WHO regional director for Africa Matshidiso Moeti says early notification of investigation outcomes is important.
“We stand ready to support the government in its efforts to investigate and ensure that measures are in place for an effective and rapid response,” she said, noting that existing national capacities built from previous health emergencies could be quickly mobilised.
The situation coincides with leadership changes in Tanzania’s Ministry of Health, with both the chief medical officer and permanent secretary being replaced.
This piece was produced by SciDev.Net’s Sub-Saharan Africa English desk.
Source: allafrica.com
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