Ghana’s strategic investments and innovative initiatives in digitalization and infrastructure have propelled it to the forefront of African economic growth and stability.&nbsp;



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“Ghana has long been a beacon of democracy on the African continent, and it is our collective duty to safeguard this reputation.&#8221; H.E. Nana Addo Dankwa Akufo-Addo, President of Ghana 
</blockquote>



Ghana’s strategic investments and innovative initiatives in digitalization and infrastructure have propelled it to the forefront of African economic growth and stability.&nbsp;&nbsp;



Ghana is a thriving African hub for innovation and economic growth. Known for its stability and active political processes, the country has drawn foreign direct investment and developed as a pioneer in a range of disciplines, including digitization and technological advancement. The partnership between the government and private sector has borne fruit in terms of substantial development, setting Ghana apart as a model for other African nations.&nbsp;&nbsp;



In the face of global economic problems, Ghana’s economy has shown remarkable endurance and progress. According to Deputy Minister of Finance Stephen Amoah, “Ghana’s GDP growth rebounded to 3.2% in the first half of 2023, driven by strong growth in services and agriculture.” This recovery finds its roots in Ghana’s bold economic strategies, which have helped it steer investments toward key sectors. The administration has prioritized&nbsp; infrastructure development and fiscal discipline, leading to increased economic stability and investor confidence.&nbsp;&nbsp;



Amoah emphasizes that infrastructural development, particularly in Accra, is a key driver of this expansion. “If you move around Accra, you see a lot of development going on,” he adds, underlining the need for both public and private investments. These actions have not only led to more money circulating in the economy but also created a lot of work opportunities, which have uplifted the standard of living for many Ghanaians.&nbsp;&nbsp;



Ghana’s commitment to digital transformation is evident through various initiatives aimed at enhancing connectivity and digital services. Harkirit Singh, CEO of Ascend Digital, outlines their pivotal role in this transformation. “We have revitalized the whole national backbone, going from Accra to Bawku, and made significant investments in national data centers in Accra and Kumasi,” Singh says. These efforts have been crucial in providing reliable and high-speed connectivity to government institutions and the public.&nbsp;&nbsp;



Ghana’s vision of becoming a digital-ready nation involves creating a robust infrastructure that supports economic growth and provides opportunities for all citizens. “The opportunities are here to build further solutions that’ll help Ghana succeed,” says Samson Djaba, CEO of Lightwave eHealthcare Solutions.&nbsp;&nbsp;



Ghana leads Africa in financial inclusion, thanks to its extensive digitization of public services. The introduction of mobile money and other fintech solutions has transformed the industry to such an extent that it makes the services of financial institutions accessible to many. This advancement is elaborated by Nicolas Bourg, Chairman of Telecel, who says, “The success of mobile money applications and other fintech solutions in Ghana demonstrates the country’s capacity for innovation and market responsiveness.”&nbsp;



Digitalization has greatly improved the ability of financial services to take place. This also implies that it is a lot easier for transactions to occur, leading to a positive effect on Ghana’s economy because of formalization. The majority use of digital payments and online banking services has made financial inclusion a practical matter for many Ghanaians, which in turn leads to growth and stability in the economy.&nbsp;



The mining industry is particularly important to Ghana, particularly small-scale production. According to Edward Nana Yaw Koranteng, CEO of the Minerals Income Investment Fund (MIIF), “Small-scale mining contributes up to 40% of Ghana’s total gold output.” This sector not only supports the economy but also provides significant employment opportunities across various regions in Ghana. Efforts to formalize and support small-scale mining operations are essential for sustainable growth. Initiatives aimed at providing training, resources, and financial support to small-scale miners help enhance their productivity and ensure environmentally responsible practices.&nbsp;



A critical objective for Ghana is for the country to become Africa’s first digitally ready nation, with 24/7 access to services for all citizens. Singh sees a future in which Ghana serves as a model for digital change across the continent. He adds, “Our goal is to build a nationwide digital infrastructure that supports economic growth and provides opportunities for all Ghanaians.”&nbsp;



Ghana’s progress toward digitization and economic growth is a result of the government and private sector’s coordinated efforts. “Ghana will continue to be a shining star, not just in Africa, but beyond,” says Victor Yaw Asante, MD/CEO of FirstBank Ghana. The country’s strategic investments and creative efforts are laying the path for a bright future. 



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Accra Skyline

Ghana’s Journey to Becoming Africa’s Digital and Economic Beacon

Maximizing its potential in renewable energy and the automobile industry, Morocco is poised to solidify its position as a hub for sustainability and innovation.



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“Morocco has today become an inevitable destination in the global market,” says His Majesty Mohammed VI, King of Morocco.
</blockquote>



Inside its labyrinthine medieval cities and bustling urban centers filled with colorful souqs that vie for the attention of its visitors, Morocco also holds a distinct allure for investment.



The North African country encourages foreign investment through its six special economic zones, implementing incentives that range from tax exemptions to subsidies for investment-related expenses.



Since the early 2000s, Morocco has introduced three national industrial policies that supported the financing of physical infrastructures in key sectors and the development of the manufacturing sector. One of these policies, the nation’s Industrial Development and Investment Fund, has supported the modernization and development of the industrial sector’s capacity to substitute imported products.



“We have proven as an African country that we can transform, create and manufacture a platform which can compete against other countries in the world and deliver high standard quality products,” says Minister Ryad Mezzour, Ministry of Industry and Trade.



Indeed, Morocco’s products have become globally competitive with the automotive industry gaining traction in recent years. Gradually shifting from assembling vehicles to full-fledged production, the country is now leading the African automotive industry with a production capacity of 700,000 vehicles a year. The sector boasts a high export turnover that surpassed $US 8.7 billion during the first eight months of 2023.



“Morocco has been successful in automobile production and aerospace manufacturing. Today, automotives stand out as one of the highest export value products for the country,” says Tarik Hamane, Acting CEO of MASEN. The automotive sector is supported through free trade agreements signed with the European Union and the United States.



In tandem with its automotive industry success, Morocco is becoming an important player in the production of low-carbon energy to mitigate climate change and build resilience against volatile and expensive energy prices. As one of the first countries in Africa to align economic development with environmental protection, Morocco is proactively engaged in solar and wind energy production, with its Noor-Ouarzazate concentrated solar power complex being the largest in the world.



“Today, the spotlight is on the competitiveness of Morocco’s green energy. In a world transitioning to decarbonization, Moroccan production gains a distinct competitive advantage,” says Mohcine Jazouli, Minister Delegate to the Head of Government. Ranked ninth in cobalt production globally, the element used in the production of batteries for energy storage and wind energy, Morocco also exerts a considerable influence in promoting green mobility through its support to the supply chain.



Internationally, Morocco benefits from opportunities arising in the reconfiguration of global value chains. As manufacturers in Europe broaden their supplier base to diminish supply chain risks, Morocco’s proximity to the continent and its macroeconomic performance have made the country a destination of choice for numerous multinationals to set up plants.



“We are very well connected to different continents, we have a strong banking system, we have stability, we have a young population and the private sector is the main actor in Morocco,” says Mohamed Laghrari, CEO of Al Hoceinia Holding.



Morocco demonstrated its strong commitment to ongoing investment reforms with the introduction of a new investment charter in December 2022. “While direct incentives are crucial, especially in the context of fierce international competition, Morocco’s new investment charter goes beyond framing the main areas of improvement in the business environment and embodying the state&#8217;s commitment to supporting investors, considering them as key agents in the economic revival of the Kingdom. This strengthens investors&#8217; confidence in the Moroccan state as an economic partner,” says Jazouli.



A one-stop shop for investors, the simplification of administrative procedures and the creation of a national investment fund, the new charter contributes to elevating Morocco’s business environment.



The country’s preferential trade agreements with over 60 countries benefit investors by placing a legal framework for investment and reducing trade barriers. The Moroccan government continues to expand its collaborations with other countries.



At the end of 2023, His Majesty King Mohammed VI of Morocco and His Highness Sheikh Mohamad bin Zayed Al Nahyan, President of the United Arab Emirates signed 12 Memoranda of Understanding (MoU), focusing on investment projects and socio-economic development initiatives across diverse sectors.



Morocco’s selection for high-profile international events is also indicative of the country’s favorable standing and its infrastructure capacity that is on par with developed countries.



“Morocco’s stability and strong economic performance has convinced the IMF and the World Bank to organize their annual meetings in Morocco and, more recently, the FIFA Executive Committee to entrust the Kingdom with co-hosting the 2030 World Cup alongside Spain and Portugal,” says Jazouli.



With its potential to contribute to the global transition to renewable energy and its expanding role in the automotive industry, among others, Morocco is charting a course toward global influence.



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Turbine Green Energy Electricity Technology Concept

Morocco: Unlocking Opportunities At The Crossroads Of Continents

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“Changing the economic future of Kenya demands making growth and the creation of opportunities our number one priority.” H.E. William Ruto, President of the Republic of Kenya
</blockquote>



As the fourth largest sub-Saharan economy and the third fastest-growing GDP in the region, Kenya has positioned itself as a major economic power in sub-Saharan Africa. Over recent years, Kenya has adapted its economy to become a manufacturing, logistics, and technology hub.



This diversification forms a solid platform from which the government can generate cross-border economic growth over the coming years. As a land of endless opportunities, one of the main advantages Kenya enjoys is its strategic location in East Africa, serving as a gateway to the African market with a population of over 1.4 billion people. The African Continental Free Trade Agreement (AfCFTA) ensures that Kenya is now better positioned than ever to take advantage of the vast opportunities that the African market has to offer.



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In addition, East Africa is also the fastest-growing region on the continent. &#8220;With DRC joining the East African community, the market is sizable and new opportunities arise. Kenya may not prosper and grow further by just sitting in Kenya, so many companies are now looking into the neighboring markets,&#8221; says Manoj Shah, Owner of Osho Chemical Industries.



With the recent election of His Excellency President William Ruto, the nation is marked by a transformative period with new milestones to push forward Kenya&#8217;s development. Although the Kenya 2030 Vision was enacted by the previous government, it will be enhanced with the new presidency’s measures to create an even stronger, industrializing, middle-income nation. President Ruto is keen on attracting Foreign Direct Investment by enacting business-friendly policies. As part of his manifesto, Kenya Kwanza Plan, the President focuses on five pillars of the economy including agriculture, Micro Small, and Medium Enterprises (MSME), affordable housing, healthcare, and the digital economy. “We intend to give comfort to investors through credible and effective institutions and reactivate our dormant Central Depository investor accounts,” the President confirms.



Kenya boasts a dynamic and thriving private sector, driving economic growth and employment. &#8220;Kenya is privileged to be a private sector-led economy. The Kenya Private Sector Alliance (KEPSA) plays a big role to ensure the interlock between the private sector, government, and development partners,” explains Carole Kariuki, CEO of KEPSA.



The country’s Vision 2030 emphasizes six priority sectors important for the nation&#8217;s growth, one of which is manufacturing. “We have agreed that we need to increase the contribution of manufacturing to GDP from 7.5% to 20% by 2030. That is a threefold increase in growth which is very ambitious,” states Anthony G. Mwangi, CEO of the Kenya Association of Manufacturers.



As a country where only a small portion of the population earns enough to afford a mortgage, Kenya is also working to curb the issue of housing deficits. “We want to build fantastic world-class housing estates at affordable pricing. If you look at Vision 2030, current and previous governments, have been working on infrastructure. It means that people can live a bit farther and get quality housing,” notes Andrew Muthee, CEO of AMG Realtors. Given that there is a growing trend for urbanization and a demand for housing, there’s a vast potential for the real estate industry to thrive in the Kenyan market. “We have a good relationship with Kenya. We know that the country is the best place for investment. It is the economic heart of Africa,” notes Gong Yuxian, General Manager of Avic International Real Estate Kenya.



Sectors poised for exponential growth and investment opportunities are aligned with President



Ruto’s five pillars, where his manifesto priorities agriculture, micro, small and medium enterprises, housing and settlement, healthcare, as well as the digital superhighway and the creative economy, which include software engineering and artificial intelligence.



In Kenya, ICT has been established as the key to growth. As such, President Ruto plans to lay 100,000 kilometers of internet fiber nationwide over five years to ensure Kenya stays on this upward trajectory. Through investments of US $400 million, nurturing ICT talent, supporting education in technology fields, and lowering the cost of the internet, Kenya is poised to be Africa’s new digital hub and a hotspot for ICT. Meanwhile, its tech ecosystem offers an attractive space for entrepreneurs and investors.



President Ruto has stated that one of his government’s central concerns will be climate change and renewable energy, areas in which Africa has the potential and opportunity to lead the world. Kenya’s development is supported by its progress in its energy sector which has a dual objective of providing affordable and dependable power to all and driving Kenya&#8217;s shift towards a low-carbon economy.



“We are looking at the energy transition for the future because our company’s target is to reach full decarbonization by 2050. Based on this target, ENI Kenya and Kenya have found a way to work together because Kenya also plans to have a 32% reduction of its greenhouse gas emission by 2030,” notes Enrico Tavolini, Managing Director of ENI Kenya. As the country continues its journey towards becoming a middle-income nation, its boundless potential and endless possibilities wait to be tapped by potential investors.

Aerial,View,Of,Nairobi,Skyline,With,Light,Trails,During,Sunset

KENYA: Creator Of Opportunity

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“We are committed to a modern Botswana that is not only open to but is also able to compete with the rest of the world” – H.E. Dr Mokgweetsi Eric Keabetswe Masisi, President of the Republic of Botswana
</blockquote>



In less than four decades after its independence, Botswana has quickly climbed the ranks from a poor country to an upper middle-income country, proving to be a development success. Setting out a compelling vision for the nation, the government has now introduced Vision 2036, placing strategies to take Botswana even further from an upper middle-income country to a high-income country. “Our National Vision 2036 is anchored on four pillars of sustainability–economic development, human and social development, sustainable environment and governance, and peace and security,” says His Excellency Dr. Mokgweetsi Eric Keabetswe Masisi, President of Botswana. “If you look at the Standards and Poor rating, I think the short-term rating is A2 and the long-term investment is triple B plus. Botswana has been growing for about 5% per annum over the last 30 years and the employment market has grown by about 10% over the last 30 years,” says Reinette Van der Merwe, CEO of First Capital Bank.



Botswana’s rich mineral resources are often credited for its strong economic performance, with 80% of export earnings coming from diamond mining. “Botswana is significantly endowed with mineral wealth, whether you&#8217;re talking about base metals like nickel or copper, precious metals, coal, not just thermal coal, but also metallurgical coal, which is used in steel making,” notes Matome Tsholetsa Malema, CEO of Minerals Development Company Botswana. The nation has been working on a project that aims at establishing a mineral exploration fund to drive more benefits from mining.



Botswana has made use of its wealth to build a robust social welfare system in the country, providing free education to its citizens and availing reliable health care. The mere existence of diamonds, however, is not the secret to Botswana’s miraculous growth. Oduetse Motshidisi, CEO of Non-Bank Financial Institutions Regulatory Authority says the role of Botswana’s institutions made the definitive difference in the country’s success. “Our institutional strength and legitimacy assures that there is proper governance, rule of law and most importantly, stops corruption and other activities that are harmful. The institutional structure and the resilience of those institutions and their ability to withstand challenges and threats makes a great difference,” he says.



Apart from mining, Botswana also relies on tourism and agriculture. Combining a land of rugged and untamed beauty, pristine landscapes, spectacular wildlife and river deltas, the country is truly a place of enchantment. “We have a strong heritage and culture, not just heritage sites to visit. We have a culture that is inclusive and convenient for investors and tourism. We have a history of prudent management of our natural resources,” says Hon. Philda Kereng, Minister of the Ministry of Environment, Natural Resources Conservation and Tourism. In terms of the agriculture sector, the government has introduced different programs that are geared at supporting people cultivate their land and promote food security. “Early this year, we imposed a two-year import ban on horticultural products. Now tomatoes, ginger, garlic, potatoes are locally produced and it is encouraging how people have responded to the ban,” states Fidelis Molao, Minister of Minister of Agriculture, Development and Food Security. “The agricultural sector currently contributes 2% to the GDP. The sector is undergoing transformation and there are a lot of opportunities. We are targeting communities who seem to be low on the economic ladder because agriculture is a major employer for these groups of people,” mentions Professor Julius R. Atlhopheng, CEO of National Agricultural Research and Development Institute.



Botswana has a business landscape that is remarkably friendly. The government has been providing incentives for investors with a focus on the export sector. “We allow investors a 99-years land lease. We also allow investors to continuously train their teams with a training rebate of 200%. Any raw materials or machineries we need to start businesses are imported duty free,” notes Lonely Mogara, CEO of Special Economic Zones Authority.



“We&#8217;ve run prudent macroeconomic policies over the years such that we can run deficits that are sustainable in the medium to long term. We have been able to build a buffer of foreign exchange reserves,” says Andrew Maatla Motsom, Managing Director of Debswana Diamond Company, explaining that the government is committed to building a knowledge economy, providing opportunities for investment in digitalization.



Digitalization expanded significantly during the COVID-19 pandemic with the government functioning online, and the education sector delivering much of the curricula and teaching through digital technologies.



“We are working very hard to bring down the cost of data in this country. We are now second after Morocco in terms of reaching the target for 2% of gross national income,” says Hon. Thulagano M. Segokgo, Minister of Minister of Communications, Knowledge and Technology. This successful practice in digitalization has expanded to the investment sector. “We have set up an online business registration system, which is linked to people’s IDs. We have also ratified the Trade and Industrial Development Act, which established the One Stop Service Centre for all investment authorisations. We’re granting permanent residence to investors who have value. We have decentralised the visa issuance to our embassies across the world, so they can do it instead of us,” states Hon. Mmusi Kgafela, Minister of Investment, Trade and Industry.



Botswana holds access to international markets through the Southern African Development Community (SADC), the African Growth and Opportunity Act (AGOA), the EU and SADC economic partnership agreements and the African Continental Free Trade Area Agreement. This is one of the many appealing elements of Botswana as a business destination for foreign investors. “As a foreign company, we have easy access to our funds with no restrictions, and the government is the least corrupt government in Africa. The government facilitates everything and things get done in the right manner. We pay our investors dividends with no issues,” says Naseem Lahri, Managing Director of Lucara Diamond. “We have a very good system and structure in place. Everything works in this country. The laws and the systems are much more business friendly in the region,” adds Ramachandran Ottapathu, CEO of Choppies.



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Gaborone, South East, Botswana 27 April 2017 aerial panorama of  Main Mall

Botswana: A Hidden Gem Of Africa

Do African Infrastructure Developers Hold The Key To Solving The Continent’s Infrastructure Paradox?



Insights from those with experience suggest that technology might make projects more successful.&nbsp;David Pilling, writing in the&nbsp;<a href="https://www.ft.com/content/58536842-4856-4476-bdb1-58bb2d629486" target="_blank" rel="noreferrer noopener">Financial Times</a>&nbsp;last month, notes that investment into African infrastructure projects was steadily rising prior to COVID-19.&nbsp;



According to research published by the Infrastructure Consortium for Africa, average annual funding between 2013 and 2017 stood at&nbsp;US$77 billion – double the annual average between 2000-06. Yet these impressive figures still fall short of closing a funding gap of some&nbsp;US$70 billion, which many countries may find difficult to fill given surging debt levels and COVID-pressed public finances. But could an uptick in investor appetite provide the answer? As the African Infrastructure Investment Managers (AIIM) note, the misperception of risks can create attractive returns for the more discerning investor.&nbsp;&nbsp;



Should investors be willing to deploy capital in search of higher yields, Africa may present a more compelling investment case than many “safer” markets back home. A report by McKinsey &amp; Company from 2020 referred to an African “infrastructure paradox”, where although funding&nbsp;a large pipeline and a need for spending exist in equal measure,&nbsp;not enough money is being spent to close the gap. The consultancy says that most infrastructure projects fail to reach financial close, with fewer than 10% of projects achieving this milestone and 80% failing at the feasibility and business-plan stage. It concludes that although there is significant scope for governments to collaborate with local development-finance institutions and international financial institutions, there remain significant challenges for the long-term economic potential of the continent.&nbsp;&nbsp;



But there are many who appear to take a different view.&nbsp;<a href="https://qz.com/africa/2018764/africas-telecom-sector-is-seeing-a-boom-in-investment/" target="_blank" rel="noreferrer noopener">US-owned Africell</a>, the telecommunications company which has 12 million mobile subscribers across Africa, has just secured a&nbsp;US$105 million loan facility from a group of financiers to build a new mobile network in Angola. The investment is likely to catalyse Angola’s fintech sector. Similarly, the G7 and American administration announced a new global infrastructure initiative&nbsp;this month,&nbsp;<a href="https://www.atlanticcouncil.org/blogs/new-atlanticist/a-hidden-key-to-the-g7s-infrastructure-ambitions-blue-dot-network/" target="_blank" rel="noreferrer noopener">The Blue Dot Network</a>, which aims to encourage development by certifying public-private investments into global infrastructure.&nbsp;It is hoped that the initiative will incentivise emerging countries to enact regulatory reforms to attract global private capital.&nbsp;



Another supporter is Mirco Martins, an Angolan entrepreneur and founder of Mavah SGPS, who is also involved in a number of privately held companies and entrepreneurial ventures&nbsp;across the continent. Martins believes that the right interventions could unlock up to&nbsp;US$550 billion to be invested in African infrastructure. Martins, who started his career as an engineer at BP, has worked across the continent for several decades. His projects today focus mainly on infrastructure,&nbsp;agro-processing, energy&nbsp;and health. He argues that rapid infrastructure development will drive and sustain economic transformation in Africa, leading to lower transport and communication costs, enabling countries with suitable&nbsp;agro-ecological conditions to produce high-value products. This will be achieved in tandem with closing the internet connectivity and access gap with advanced economies, allowing more African countries to enter service export markets.&nbsp;&nbsp;



Martins, who has been working on an infrastructure project in Uganda for the last four years, has first-hand experience of large-scale infrastructure in Africa. As a result, he cautions against the conventional wisdom that feasibility studies for projects in Africa would&nbsp;be cumbersome to complete. “I’ve been working on an infrastructure project in Uganda for the past three and a half,&nbsp;almost four years, and it’s unbelievable what you can do. We managed to do all the feasibility studies over 92&nbsp;kilometres&nbsp;of road by using or deploying drones. A study that could take you six months you reduce to three&nbsp;months, just by using technology. This means you’re reducing costs in communication, in transport, etc.”&nbsp;&nbsp;



Given that McKinsey highlights weak feasibility studies and business plans as root causes of the African infrastructure paradox, Martins’ insights might just persuade sceptical investors to change their minds. As one African finance ministry notes in the McKinsey report, “private sector players generally do not invest sufficient time and effort in developing a strong feasibility study” and that capacity inadequacies and limited dedicated funding often stop the projects at this crucial phase. If technological innovations were rolled out more broadly, could many of the 80% of projects that fall at the feasibility stage flourish further down the line? With institutions such as Qatar’s investment fund recently announcing a US$2 billion infrastructure pot for sub-Saharan Africa, there are many who appear to believe that the opportunities outweigh the risks when it comes to African infrastructure. Investor confidence certainly holds the key to closing Africa’s funding gap, but it is the success stories from the continent itself that will be integral to generating that confidence in the first place.

African Infrastructure 2

Driving Economic Transformation In Africa Through Infrastructure Development

<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“Gabon has the potential to pilot real innovation and redefine how governments and the private sector collaborate to create sustainable growth. We want to create the long-term potential for our people to innovate, to allow them to compete, not just with each other or with their neighbours on the African continent, but globally. I firmly believe that these ideas are the bedrock of a development model for the third millennium, a model that the entire world recognises as necessary.” His Excellency President Ali Bongo Ondimba</blockquote>



<div class="wp-block-image"><figure class="alignleft size-large is-resized"><a href="https://www.forbesafrica.com/wp-content/uploads/2020/02/FA-2020-GABON-Online.pdf"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2.jpg" alt="" class="wp-image-42796" width="225" height="225" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2-80x80.jpg 80w" sizes="auto, (max-width: 225px) 100vw, 225px" /></a><figcaption>DOWNLOAD THE REPORT HERE </figcaption></figure></div>



Gabon is one of
the top ten oil producers in sub-Saharan Africa. With current production rates
hovering around 200,000 bpd, the hydrocarbon sector has been a pillar of the
country’s economy for over five decades, and remains an unparalleled driver of
growth. However, since 2009, Gabon has been diligently focused upon
modernising, transforming and diversifying its economy through its implementation
of its Strategic Plan for an Emerging Gabon (PSGE), which, powered by
significant public and private investments, has seen strategic infrastructure
put into place. Recently, a US$350 million debt finance from the Emerging
Africa Infrastructure Fund (EAIF) was secured to develop new deep-sea
facilities at the Owendo port in the outskirts of Libreville. This will boost
the terminal’s general cargo capacity, doubling the port’s current capacity. Furthermore,
works are underway for the construction of a new international airport in
Libreville, with completion scheduled for 2022 and aims at serving as a major
regional hub, connecting Gabon and surrounding countries with the whole
continent, as well as UAE, China, India and the Americas. 



The PSGE relies
upon three major pillars to enhance diversification: Industrial Gabon, Green
Gabon, and Services Gabon.“We have embarked on a significant effort to
modernise and diversify the economy through the PSGE,” states Prime Minister
Julien NkogheBekale. “We intend to put Gabon on a sustainable path with the
establishment of these foundations for sustainable development.”



Industrial Gabon



Industrial
Gabon strives to diversify through local processing of the country’s resources
such as wood, mining and agriculture. Gabon has also established an open
investment climate for investors through the Special Economic Zones (SEZ) that
have been established in the country, such as the one in Nkok. The zone’s main
function is to develop various industries, most notably the wood processing
industry, to promote investment. SEZs offer a unique fiscal status providing a
stable and competitive economic climate for foreign investors and prospective
companies.“We have a one-stop shop here,” says Gabriel Ntougou, CEO of ANPI. “It
is the right time, the grounds are there. Gabon is a land of opportunity.” The
expansive acreage, modern port and tax breaks are attractive to foreign investors
and create favourable circumstances across all sectors. 



In terms of
mining, Gabon is seeing impressive growth as well. As the country focuses on
the plentiful resources of manganese and other minerals, there are
opportunities for mining support companies to provide heavy equipment to aid in
mining processes. Firms have also obtained exploration licenses for iron ore,
copper, gold and even diamonds. Gabon has also invested in the construction of
a hydroelectric barrier designed for supplying energy in two transformation
factories of manganese which generate 10% of the annual production. Moreover,
Gabon has reinforced the governance of its mining sectors, namely by the
revision of the Mining Code in order to change the business sector to attract
more investors. 



The forestry
industry especially is seeing huge industrial growth. Minister of Forests, Oceans, Environment and Climate
Change, Hon. Prof. Lee
White, says, “The fact that we banned the export of raw wood means that all
timber has to be transformed. We shifted from an exporting industry to a
transformation industry.” As a result, new opportunities are born for timber
processing companies. 



Green Gabon



With forests
covering &nbsp;87% of Gabon’s area, placing
conservation efforts is also at the forefront of the PSGE’s goals. The country
is attempting to increase the revenue of the forestry sector while keeping
practices environmentally sustainable and avoiding species destruction. The
sector creates 17,000 jobs and more than 60% of output&#8211;excluding oil. Hon. Prof.
Lee White says, “The vision is to increase the contribution of the forestry
sector to the Gabonese economy, yet preserving the forests. We have made a
commitment with the Paris agreement to reduce our CO2 emissions, and forests
play a critical role as an absorber of CO2. To achieve that ambition, we have
to give value to the forests.”



Services Gabon



Gabon is
building on the digital revolution as it becomes a high value-added services
centre. In the realm of the digital financial economy, Gabon utilises
technology to maintain one of the best rankings of financial inclusion in the
region. Nicholas Achiri Asangwe, Managing Director of Ecobank Gabon, explains,
“The widespread use of mobile phones means that Ecobank is empowering the
Gabonese to conduct their banking transactions from their mobiles wherever and
whenever they want. We are making banking accessible, convenient and affordable
to everyone in Gabon.” 



The success of
the PSGE and the diversification of the economy is a time of exciting transformation
and transition for the country. “Few countries match so many favourable assets
to investment,” claims Fabrice Bonatti, Director General of SOBRAGA.“We have a
stable legal and fiscal framework, an efficient banking system, and a growing
population with one of the highest GDP per capita on the continent.” These
advantages, coupled with the PSGE initiatives, provide Gabon with the promise
and the prospect of a prosperous and paradisiacal future.

Gabon

FOCUS ON GABON: The Emerging Eden of Africa

Shores near Djibouti port

FOCUS ON DJIBOUTI: Strengthening Africa’s Passage To Prosperity

In the past, Ethiopia has been called the Cradle of Mankind, but today it seems Ethiopia is a guiding light for change, shining over all of Africa. 



As new Prime Minister Abiy Ahmed has made incredible moves in gender equality and inclusion with his gender balanced cabinet and appointment of the country’s first female President, Mrs Sahle-Work Zewde, there is also movement to transform Ethiopia into a middle-income nation through the Growth and Transformation Plan by 2025. 



<figure class="wp-block-image"> <a href="https://www.forbesafrica.com/wp-content/uploads/2019/09/FA-2019-ETHIOPIA-36pags-FORBES-vok_FORBES_Sept2019lr.pdf" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)"><img loading="lazy" decoding="async" width="591" height="591" src="https://www.forbesafrica.com/wp-content/uploads/2019/09/ethiopia-cover.jpg" alt="" class="wp-image-41784" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/09/ethiopia-cover.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2019/09/ethiopia-cover-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/09/ethiopia-cover-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2019/09/ethiopia-cover-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2019/09/ethiopia-cover-80x80.jpg 80w" sizes="auto, (max-width: 591px) 100vw, 591px" /><figcaption> Download the special report here</a> </figcaption></figure>



Needless to say, the people of Ethiopia have a renewed hope in what the future has in store.



In 2017, Ethiopia’s GDP expanded by 10.9% and is expected to grow by 8.5%, positioning Ethiopia as one of the fastest growing countries in the world and as a result, it is primed and ready to transform through Foreign Direct Investment. 



As part of the GTP II, Ethiopia is focused on streamlining investment in all sectors and enhancing the economy through the implementation of industrial parks, which will become key players in the country’s future. Ambassador to the United States, Mr Fitsum Arega says, “Industrial parks are enhancing the telecom, service, manufacturing and agriculture sectors by bringing potential for export growth, technology and skills transfer. 



Even more, they create a sustainable business environment, linking local workers to the processing of their products and greatly increasing the ease of investment.” The parks not only make foreign investment easier, but they ensure that the local markets and farmers continue to thrive. 



Many of the new changes and advancements in the country are facilitated by technology, which can be implemented in all sectors, from agriculture to transport. Hon. Oumer Hussen, Minister of Agriculture states, “Farmers always rely on the market. In industrial parks, there is a demand-driven approach for our farmers. That produces a big economic impact and guides them to using modernised techniques.” 



Technological adaptation in the agriculture sector is especially important as 85% of Ethiopia’s workforce are farmers. Hon. Getahun Mekuria, Minister of Innovation and Technology, states, “In the upcoming two years, at least 2-5% of Ethiopia’s GDP should come from technological value addition. We have planned different strategies: one is value addition to agricultural products such as coffee, as well as e-commerce. Another strategy our Ministry is pursuing is embarking on technological products such as drones. We could employ them to transport cargo, medical and pharmaceutical supplies to rural areas.” 



The technology sector is full of opportunity and Ethiopia has a vibrant young workforce to lead it. 



Alongside technology, the telecom industry also has its sights set on the future. The sector has experienced incredible progress in recent years and now has plans for nationwide 4G mobile service, as it strives toward 5G. 



Frehiwot Tamru, CEO of Ethio Telecom, states, “Telecommunication has a significant social, cultural and economic impact on modern society. It is fundamental for the economic development of any nation. I believe that the telecom market reform is to bring about economic growth of the country.” 



Hon. Getahun Mekuria, Minister of Innovation and Technology, adds, “As a government, we see [the telecom sector] as a very good environment for creating jobs and wealth because it will unleash the power of the service industry. The GDP coming from technology will be huge.”



&nbsp;The transportation sector also plays a prominent role in the Growth and Transformation Plan. Tewolde Gebremariam, CEO of Ethiopian Airlines, says “Our ever-expanding freight transport fleet facilitates the export of goods, which has led Ethiopia to stand next to Kenya in horticulture export.” 



Other transportation entities, such as the Maritime Authority, are working toward impacting exports, as well. Hon. Dagmawit Moges, Minister of Transport, says, “Lower logistics costs would make our exports more competitive on a global market. The cost of imported items, on the other hand, would decrease, enhancing our country’s purchasing capacity.” 



These advancements in infrastructure will enhance the country’s ability to transport product from farms to markets and beyond. Hon. Jantirar Abay Yigzaw, Minister of Urban Development and Housing, says, “With the construction sector booming, we are planning a number of new projects, like the Grand Ethiopian Renaissance Dam. 



The first railway line connecting Djibouti to Addis is already operational. The construction sector constitutes a notable portion of Ethiopia’s GDP, and the government is committed to increase funding for infrastructure.”



From every direction, Ethiopia is exceeding expectations, strengthening their economy, and breaking boundaries in its improvement of the country, whether that be through its commitment to social change, gender inclusion, or advancements in technology, agriculture or infrastructure. It seems that the Growth and Transformation Plan of 2025 is not just a plan. Becoming a middle-income nation is a certainty. 



&#8211; Matthew Scott Rose

Penresa

FOCUS ON ETHIOPIA: How The Cradle Of Mankind Is Fearlessly Leading By Example

<blockquote>“If we focus on humanity, accountability and the citizenship of the people over the next 60 years, Ghana should become a truly shining example, not only on the continent of Africa but globally.” &#8211; Former Ghanaian President John Kufuor</blockquote>
<img loading="lazy" decoding="async" class="alignleft size-medium wp-image-34036" src="https://www.forbesafrica.com/wp-content/uploads/2017/10/Penresa-Logo-300x300.jpg" alt="" width="300" height="300" srcset="https://cms.forbesafrica.com/wp-content/uploads/2017/10/Penresa-Logo-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2017/10/Penresa-Logo-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2017/10/Penresa-Logo-600x600.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2017/10/Penresa-Logo-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2017/10/Penresa-Logo-768x768.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2017/10/Penresa-Logo.jpg 960w" sizes="auto, (max-width: 300px) 100vw, 300px" />
In 2017, 60 years after Ghana claimed independence, President Nana Akufo-Addo and the NPP political party came into power amidst much rejoicing, optimism and hope around the country. The administration immediately displayed its intention to build a budding economy replete with developed infrastructure and programs to fortify the agricultural, financial and energy sector, focusing all the while upon its large population of youth. “The hope for the youth is very significant” Vice President Mahamudu Bawumia states “which is why we’ve initiated a policy of free secondary school education to prioritize our most important resources, the children.”
<a href="https://www.forbesafrica.com/wp-content/uploads/2019/10/Penresa-Shining-Bright-Ghana-Full-Report.pdf" target="_blank" rel="noopener noreferrer">READ THE FULL REPORT</a>
The industrial policy ‘1-District-1-Factory’ is President Akufo-Addo’s flagship and representative of the administration’s vision and ambition for Ghana. It was launched as a project aimed at creating jobs for the youth and eventually reducing the developmental gaps and rural-urban migration. The idea is to build a factory in each of Ghana’s districts establishing as President Akufo-Addo claims “at least one major industrial project, based on the natural endowment of economic potential of each district.” In this way value will be added to Ghana’s very rich and vast raw materials by processing them on the very land where they grow. This will reduce importation and increase food availability as well as allowing the participation of the private sector.
To promote the growth and development of entrepreneurship and to accelerate youth job creation, President Akufo-Addo has also introduced the National Entrepreneurship and Innovation Plan (NIEP). The government’s approach to stimulate enterprise activities and provide integrated national support for start-ups and small businesses. “There are a lot of unemployed youth who could be employed” states Dr. Aaron Issa Anafure, CEO of SIC Life “not directly by government but with their help, they can fund them to set up their own businesses.”
Ghana’s mission to be a leading entrepreneurial country is dependent on Minister of Finance Ken Ofori-Atta’s major tax reforms. These focus mainly on the abrogation and reduction of the taxes that have been holding back the growth of the private sector. “Ghana represents a pillar of stability in the region and it is our job to let the black star shine again and attract the needed investment to create a region that is both productive and profitable.” Hon. Ken Ofori-Atta states, “We have started the reforms to get the private sector to work again. We aim to provide stable exchange rates, lower interest rates, stable energy supply, a shift in taxation to support growth, while spending in critical areas of the economy.”
Ghana’s efforts to focus on the private sector to boost the economy and financial sector has brought about transparency and accountability. Clearance of goods from Ghana’s ports will be 100% paperless while all internal customs barriers in the country will also be removed to facilitate the movement of goods. Dr Ernest Addison, Governor of the bank of Ghana confirms the positive and swift change taking place, “Ghana is making progress on all fronts, that is politically, socially and economically. One of the few democratically stable African countries&#8230; Ghana has vast potentials of natural resources and investment opportunities, with friendly people and a favourable business climate.”

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