African leaders on Wednesday laid out the continent’s vast potential and invited global investors to seize investment opportunities.
Speaking during the 2022 Africa Investment Forum Market Days being held in Abidjan, Cote d’Ivoire’s economic capital, the leaders vowed to continue working to strengthen the economic resilience of their countries against external shocks.
The three-day forum has drawn project sponsors, investors, and heads of state from around the world to participate in boardroom sessions that could lead to transactions worth billions of dollars.
President of Cote d’Ivoire Alassane Ouattara expressed the hope that Market Days 2022 would break the $100 billion threshold in investment interest. Vice President Tiemoko Meyliet Koné delivered his remarks.
Ouattara acknowledged the wave of threats African countries continue to face, including the Covid-19 pandemic, the war in Ukraine and the impacts of climate change. The Market Days 2022 theme, Building Economic Resilience Through Sustainable Investments, reflects these realities.
‘Immediately following the challenges of the pandemic, African countries are once again facing external shocks because of the war in Ukraine, with heavy economic, financial and social consequences,’ Ouattara said.
The current crisis makes us even more vulnerable to food insecurity, Ouattara said. ‘This is paradoxical for a continent that has 60% of the world’s arable land and abundant and youthful manpower.’
African Development Bank Group President Dr. Akinwumi Adesina gave a preview of the three-day event, saying, ‘You are in the right place: Africa! In the next 72 hours, we will have curated several investment-ready projects for you as investors. These range from renewable energy hydropower, gas infrastructure, railways, road, and water transport.’
Other priority investment sectors for 2022 include agriculture, health, mining, fertilizer manufacturing, port infrastructure, and urban green transport. The Africa Investment Forum is an initiative of the African Development Bank and seven partners.
The African leaders present had the opportunity to pitch their countries as investment destinations. They included Ethiopia’s President Sahle-Work Zewde; Ghanaian President Nana Akufo-Addo; President Emmerson Mnangagwa of Zimbabwe; Vice President of Liberia Jewel Howard Taylor; Tanzania’s Vice President Philip Mpango; José Ulisses Correia e Silva, Prime Minister of Cabo Verde; and Prime Minister Patrick Achi of Cote d’Ivoire.
A common thread in their remarks was the existence of a gap between perception and reality in terms of Africa’s investment risk.
President Mnangagwa spoke about what he termed Zimbabwe’s peculiar circumstances. ‘There are a lot of misperceptions about Zimbabwe just because we have chosen to be ourselves.’ He assured investors, saying: ‘For those who want to make money, Zimbabwe is open to business.’
For Adesina, the perception gap is not borne out by data. He pointed out that Moody’s Analytics research indicates Africa has the lowest default rate on infrastructure projects among the world’s regions – 5.5% – compared to 12.9% in Latin America, 8.8% in Asia, and 5.9% in Western Europe. ‘Africa is not as risky as you think,’ Adesina said. ‘Perception is not the same as reality.’
President Akufo-Addo said that Africa’s promising future should make it very hard to overlook its opportunities. ‘There are problems but look beyond the challenges to what the future holds,’ he urged. He pointed to the continent’s demographic dividend and abundant arable land as causes for optimism.
One of the key themes of the Africa Investment Forum is women as investment champions, a topic that President Sahle-Work Zewde addressed at length. ‘We must accelerate women’s digital literacy as a matter of urgency given the enormous potential of e-commerce and digital finance. Otherwise we risk deepening yet another gap in the gender digital divide,’ she said.
Africa Investment Forum Market Days 2022 will feature boardroom sessions that also promote sectors where Africa has a comparative advantage, such as music, film, fashion, textiles, and sports.
The event will also cover potential investment and development in areas such as food security, environmental, social, and governance (ESG) investing, and emerging technologies including the internet of things and blockchain. Click here for the full agenda.
Since its inception in 2018, the Africa Investment Forum platform has mobilized investment interests in excess of $100 billion. It is an initiative of the African Development Bank; Africa 50; the Africa Finance Corporation; the African Export-Import Bank; the Development Bank of Southern Africa; the Trade and Development Bank; the European Investment Bank; and the Islamic Development Bank.
Source: afdb.org
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Tanzania’s opposition party ACT Wazalendo honours veteran politician under new policy
Unguja. Opposition party ACT Wazalendo today officially bids farewell to its former Chairman, Juma Duni Haji, also known as Babu Duni, as part of a new policy designed to honor retired senior leaders at a ceremony held at Kiembesamaki, Zanzibar.
The initiative highlights the party’s commitment to recognizing and supporting individuals who have served with dedication and integrity.
Babu Duni, who stepped down earlier this year, was succeeded by Othman Masoud, now the First Vice President of Zanzibar.
The policy aims to provide ongoing respect and support to retired leaders, ensuring their continued recognition and contribution to the party’s development.
“Recognizing their significant contributions to the development and prosperity of the party, this policy ensures that retired leaders continue to be acknowledged and respected by both the party and the community,” the policy states.
To benefit from this policy, leaders must not have left or been expelled from the party. They must have served the party with honor and dedication. The national leadership committee will determine whether a leader has fulfilled these criteria.
The policy seeks to honor retired leaders, protect their dignity, acknowledge their contributions, leverage their ideas for the party’s growth, and support them to the best of the party’s ability.
In honoring these leaders, the party will provide a vehicle, the type of which will be determined by the national leadership committee. Additionally, they will receive a monthly allowance, with the amount also set by this committee.
Other benefits include health insurance. If a leader does not own a home, the party will cover their rent at a rate decided by the committee.
The leadership committee may also grant special recognition based on the leader’s contributions. Retired leaders will participate in decision-making meetings according to procedures outlined in the party’s constitution.
Depending on the party’s resources at the time, the policy may also apply to retired deputy chairpersons for both the mainland and Zanzibar, the Secretary-General, Deputy Secretary-General for both mainland and Zanzibar, and the party’s Attorney General.
Additionally, leaders, executives, or members with exceptional contributions to the party’s protection, advocacy, and defense may also benefit, as determined by the leadership committee.
Currently, those who are eligible for benefits under this policy include Juma Duni Haji (retired party Chairman) and Zitto Kabwe (retired party leader).Continue Reading
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Tanzania: Exim to Raise Fund for Mental Health Facilities Upgrades
EXIM Bank to raise 300m/- over the next three years for financing essential services and infrastructure upgrades in mental health facilities.
The bank’s Head of Marketing and Communications Stanley Kafu unveiled this when introducing Exim Bima Festival 2024 as a platform for bringing together individuals, organisations and various sectors for raising the funds.
“Exim’s initiative aligns with the government’s broader goals to ensure that every citizen has access to quality healthcare, including mental health services,” he said.
The initiative, which is one of the events for celebrating the bank’s 27th anniversary is scheduled for Wednesday this week in Dar es Salaam.
Mr Kafu highlights that this year’s festival is not only about raising awareness of the importance of insurance in the society but also focuses on enhancing access to mental health services and improving the overall well-being of the nation.
Statistics from the Ministry of Health shows a staggering 82 per cent increase in mental health cases over the past decade.
Mental cases have risen from 386,358 in 2012 to 2,102,726 in 2021, making the need for mental health services more urgent than ever.
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Unfortunately, the country’s ability to address this growing challenge is hindered by a shortage of mental health professionals, infrastructure, medical equipment and essential medication.
For example, out of the 28 regions in the country, only five have facilities that provide adequate mental health services.
The most affected group is the youth aged 15 to 39, who represent the nation’s workforce, underscoring the need for intensified efforts to safeguard this generation for Tanzania’s future well-being and development.
Mr Kafu said by improving mental health services, Exim aims to contribute to the creation of a network of communities that can access care quickly and affordably.
Exim Insurance Department Manager Tike Mwakyoma said they are appreciating the support from partners in the insurance industry, who have stood by them since the last festival.
“Let’s continue this unity for the development of all Tanzanians and our nation as a whole,” the manager said.
Source: allafrica.com
