Global demand for critical minerals is projected to grow three-fold by 2040, highlighting a strategic opportunity for African producers to increase output and the development of untapped mineral deposits. A shift in focus by global players towards African projects has created an opportunity for the continent to leverage new and existing regulations to attract foreign investment in mining.

The Critical Minerals Africa (CMA) 2024 Summit – taking place November 6–7 in Cape Town – will host a ministerial panel session, discussing policy frameworks, regulatory reforms and best practices to help African critical mineral producers attract investments and meet global demand.

Rising demand has not only highlighted an opportunity for African producers to raise output, but redirect capital towards undeveloped segments of the domestic mineral market. Policy is already being leveraged to achieve this. Notably, Tanzania will end the export of unprocessed lithium from 31 May 2024. The strategic policy aims to attract investments across the midstream sector in a bid to add value to Tanzania’s lithium resources. Similar policies have been implemented in Zimbabwe, Mali and Ghana, and have already led to the development of infrastructure across the mining value chain.

Zimbabwe has attracted over $1.2 billion in new investments in its lithium industry between 2021 and 2023, including a $300 million investment made by Zhejiang Huayou Cobalt into a 450,000 metric ton lithium processing plant at Arcadia Mine in 2023. In Ghana, Australian firm Atlantic Lithium announced a $185 million investment into a lithium processing plant at the Ewoyaa Lithium project in 2023. China’s Ganfeng Lithium has increased its stake in phase one of Mali’s Goulamina Lithium project and will start production at the project’s spodumene mine this year.

In addition to export restrictions, the implementation of regulation has streamlined investments in African minerals, enhancing investor certainty and clarifying contractual terms for foreign companies. Examples include Zambia’s Mineral Regulations Commission Bill of 2023; Angola’s Privatization Program; Mali’s Mining Code of 2023; the Democratic Republic of Congo’s New Mining Code of 2018, and many more. These policies have improved the enabling environment for investment and are poised to attract a fresh slate of regional and global mineral companies.

The adoption of investor-friendly policies has already proven instrumental in attracting capital to African mining projects and the CMA 2024 ministerial panel will further unpack the role policy plays in turning ambition into action. Titled, Empowering Africa’s Critical Minerals Industry for Global Leadership, the CMA panel will connect African projects with global investors by providing deep insights into attractive policies, national objectives and strategic regulatory practices.

Distributed by APO Group on behalf of Energy Capital&Power.

Organized by Energy Capital&Power, CMA is the largest gathering of critical mineral stakeholders in Africa. Taking place from November 6 – 7 in Cape Town, the event positions Africa as the primary investment destination for critical minerals. This year’s edition takes place under the theme Innovate, Enact, Invest in African Critical Minerals to Sustain Global Growth, connecting African mining projects and regulators with global investors and stakeholders to untap the full potential of the continent’s raw materials. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

Ambassador at Large and Special Envoy for Energy Security at the Czech Ministry of Foreign Affairs Vaclav Bartuska will participate as a speaker during this year’s Angola Oil&Gas (AOG) 2024 conference and exhibition.

Bartuska’s participation at AOG 2024 – taking place October 2-3 in Luanda under the theme Driving Exploration and Development Towards Increased Production in Angola – is expected to drive efforts towards economic diversification and multilateral development.

Organized by Energy Capital&Power, AOG is the largest oil and gas event on Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the ANPG; the African Energy Chamber; and the Petroleum Derivatives Regulatory Association, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

With the governments of the Czech Republic and Angola having recently met to increase cooperation in the areas of aviation and transport, healthcare, smart agriculture, mining and geological exploration, the two countries are well-positioned to benefit from mutual cooperation, investment protection and promotion.

Key topics of the meeting, which included the President of Angola João Manuel Lourenço and the Prime Minister of the Czech Republic Petr Fiala were economic cooperation, support for Czech exports and investments and defense-industrial cooperation. It was noted during the meeting that the Czech Republic is interested in participating in the Lobito rail corridor project – a 1,300km railway from the port of Lobito to Angola’s border with the Democratic Republic of Congo.

As such, Bartuska’s participation at AOG 2024 is poised to give a new impetus to the relations between the Czech Republic and Angola while providing opportunities for the countries to advance strategic partnerships and drive a new generation of economic ties between Europe and Africa.

For more information about AOG 2024, visit www.AngolaOilandGas.com.

Distributed by APO Group on behalf of Energy Capital&Power.

Invest Africa (www.InvestAfrica.com), a leading pan-African trade and investment platform, will host the 10th annual Africa Debate on 6th June at the Guildhall, London, under the theme of “Africa’s role in a changing global order.” The Africa Debate is London’s leading Africa-focused investment forum. 

Throughout the conference speakers will discuss and debate the continent’s trade and investment landscape, as well as its leadership position on the international stage. Programme highlights will include Samaila Zubairu, President and Chief Executive Officer, Africa Finance Corporation; Dr Akinwumi Adesina, President, African Development Bank Group; The Rt Hon Andrew Mitchell MP, Deputy Foreign Secretary and Minister of State (Development and Africa), Foreign, Commonwealth&Development Office; H.E. Dr Musalia Mudavadi, Prime Cabinet Secretary and Cabinet Secretary, Ministry of Foreign and Diaspora Affairs, Republic of Kenya; H.E. Dr Leila Benali, Minister of Energy Transition and Sustainable Development, Kingdom of Morocco; Diana Layfield, Chair, British International Investment; Kanayo Awani, Executive Vice-President, Intra-African Trade Bank, Afreximbank; and Idris Elba, Actor, Filmmaker, Musician, Entrepreneur, and Activist; amongst other leaders from government and private enterprise. 

Africa Finance Corporation (AFC) is Headline Partner for the Forum, with other partners including Absa, Afreximbank, Africa HR Solutions, Arise IIP, Brand South Africa, Crown Agents Bank, DLA Piper, Embassy of the Kingdom of Morocco in the United Kingdom, Genesis Energy Group, IPT Africa, Moody’s Ratings, Plantations et Huileries du Congo, Standard Chartered, and Xcalibur Smart Mapping.

Samaila Zubairu, President and Chief Executive Officer, AFC said: “AFC is proud to once again be the Headline Partner for The Africa Debate, London’s leading Africa-focused investment forum. As the continent’s leading infrastructure solutions provider, AFC is committed to advancing Africa’s crucial role on the global stage – working with governments, private sector, and other investors to finance projects that drive rapid industrialisation on the continent and directly facilitate intra- and extra-African trade. We look forward to this milestone 10th edition of The Africa Debate – a staple on the calendar for Africa-focused investors and businesses alike.”

Chantelé Carrington, Chief Executive Officer, Invest Africa said: “Africa has long been heralded as the world’s final frontier for substantial growth and investment, but the actual influx of long-term investment has seldom mirrored this optimistic rhetoric. The continent has also contended with the hierarchical structures of the global order. However, perhaps more than ever before, African leaders are leveraging shifting global power dynamics to redefine their roles, and global leaders are awakening to the imperative of engaging more consistently – and substantively – with the continent. At The Africa Debate, we will explore these dynamics, including the continent’s role in everything from the global energy transition to global AI governance.

To attend the 10th edition of The Africa Debate and wider programme register here (https://apo-opa.co/3VlbHEp), use the discount code TAD_20 on the Last Minute Delegate ticket to save 20%. 

Distributed by APO Group on behalf of Invest Africa.

About Invest Africa (www.InvestAfrica.com):
Invest Africa is a leading pan-African business platform that promotes trade and investment across the continent. With over sixty years of experience, our network is made up of more than 400 multinational corporations, private investors, fund managers, family offices, government bodies, policy makers and entrepreneurs. Together they share our desire to build opportunity across the African continent. As the trusted entry point into Africa, we support and connect business and investment through a unique range of services, from leading business conferences and bespoke trade and investment missions to sector-specific event programmes and consultancy projects. For more information: www.InvestAfrica.com.

About The Africa Debate (www. TheAfricaDebate.com):
The conference is London’s leading investment summit focused on Africa. Now in its 10th year, this edition will focus on Africa’s role in a changing global order, with speakers discussing and debating the continent’s trade and investment landscape, as well as its leadership position on the international stage. The event will convene global businesses, private and public investment bodies, thought leaders, and policy makers for a series of conversations on Africa’s role in the world. For more information: www. TheAfricaDebate.com.

East Africa is fastest growing region, West Africa to pick up, and Southern Africa to record slight increase in growth; Report proposes bold reforms of the global financial architecture, stronger African voice in MDBs.

African economies remain resilient, despite challenges that are testing economies worldwide. According to the latest African Development Bank Group’s African Economic Outlook (https://apo-opa.co/3KrFNjn), 41 countries on the continent are projected to experience stronger growth rates in 2024 than they did in 2023.

The report unveiled at the Bank’s Annual Meetings on Thursday in Nairobi, described Africa’s growth potential as ‘remarkable’. The continent will retain its 2023 ranking as the second fastest-growing region after developing Asia in 2024 and 2025. The theme of the 2024 AEO, “Driving Africa’s Transformation: The Reform of the Global Financial Architecture,” aligns with the Bank’s Annual Meetings’ theme.

African Development Bank President Dr Akinwumi Adesina said while the Bank was proud of the growth projections of many African countries as reflected in the report, it was not blind to the challenges. “Africa’s future is bright, but need to make sure we tackle governance, transparency, accountability, and management of our natural capital. We need to make sure resources are used for the benefit of the people of this continent… The kind of resilience we are talking about cannot happen unless we deal with the issue of climate change.”

He added: “We must make sure we are investing in our young people—in their skills, talents, entrepreneurship, and giving them tools. That is why I am excited about what we are doing with the Youth Entrepreneurship Investment Banks.”

The report warns that Africa is off track to meet almost all of the Sustainable Development Goals by 2030.

It argues that unless corrective action is taken, including to reverse the steepening poverty curve, Africa will be home to almost 9 out of 10 (or 87%) of the world’s extreme poor by 2030.

According to the African Economic Outlook, the rebound in Africa’s average growth includes a rise to 3.7% in 2024 and 4.3% in 2025, exceeding the projected global average of 3.2%. Of this figure, 17 African economies are projected to grow by more than 5 percent in 2024. The number could rise to 24 in 2025, as the pace of growth accelerates.

This growth trajectory is expected to surpass pre-2023 levels, with East Africa leading as the fastest-growing region (up to 3.4 percentage points). Other regions are also projected to witness moderate to robust growth.

In a presentation, Chief Economist and Vice President of the African Development Bank, Prof Kevin Chika Urama, underscored why strategic policies and firm political commitment are key to the effective use of resource wealth for domestic revenue generation.

He also described hard infrastructure, including roads, railways, and bridges, and soft infrastructure, including knowledge and institutional governance capacity, as “two wings of an aircraft”.

“Investing in productive infrastructure is key to accelerating Africa’s structural transformation,” he said.

Growth performance and outlook by region:

Growth prospects vary across Africa’s regions, reflecting differences in economic structure, commodity dependence, and policies.

East Africa, the continent’s fastest-growing region, will see real GDP growth rising from an estimated 1.5% in 2023 to 4.9% in 2024 and 5.7% in 2025. The downward revision of 0.2 percentage point for 2024 compared with the forecast in the January 2024 Africa’s Macroeconomic Performance and Outlook (MEO) (https://apo-opa.co/4bY0sqN) is due to larger-than-expected contractions in Sudan and South Sudan following the ongoing conflict in the former.

Growth in Central Africa is forecast to moderate from 4.3% in 2023 to 4.1% in 2024 before improving strongly to 4.7% in 2025. The upgraded forecast is due to expectations of stronger growth in Chad and the Democratic Republic of Congo as a result of favourable metal prices.

Growth is projected to pick up in West Africa, rising from an estimated 3.6% in 2023 to 4.2% in 2024 and consolidating at 4.4% the following year. This is an upgrade of 0.3 percentage point for 2024 over the January MEO 2024 projections, reflecting stronger growth in the region’s large economies—Côte d’Ivoire, Ghana, Nigeria, and Senegal.

In North Africa, growth is projected to decline from an estimated 4.1% in 2023 to 3.6% in 2024 and 4.2% in 2025, with a downward revision of 0.3 percentage point for 2024 from the January 2024 MEO. Except for Libya and Mauritania, growth has been revised downward for all other countries in the region.

Growth in Southern Africa is projected to pick up slightly from an estimated 1.6% in 2023 to 2.2% in 2024 and firm up to 2.7% in 2025. The growth rates for 2024 and 2025 show an upgrade of 0.1 percentage point over the January 2024 projections, mainly reflecting a 0.7 percentage point increase in South Africa’s projected growth. Due to South Africa’s larger weight in the region, the upgraded growth forecast offset the combined effect of downward revisions in Angola, Botswana, Lesotho, Zambia, and Zimbabwe.

African Economic Outlook makes bold proposals to reform the global financial architecture

The African Economic Outlook 2024 calls for an overhaul of the global financial architecture to transform African economies. This includes giving Africa a greater voice in multilateral development banks and international financial institutions, reflecting its growing share of global gross domestic product and rich natural resources.

Adesina said, “Let’s be clear. By seeking to transform the global financial architecture, Africa is just asking for a fair share of access and availability of resources to build on our vast economic opportunities.”

The report highlights the glaring inadequacies of the current global financial system in closing Africa’s financing gap for structural transformation, estimated at US$402.2 billion annually between now and 2030. To rectify these disparities, the report proposes a bold agenda for reforming the global financial architecture, including in the five following key areas:

Leveraging Private Sector Financing: The African Economic Outlook advocates for greater private sector participation to complement public investments, particularly in areas with high social returns such as climate action and human capital development.

Simplifying the Global Climate Finance Architecture: The report calls for streamlining the global climate finance architecture to enhance coordination and facilitate access for African countries, which are disproportionately affected by climate change.

Reforming Multilateral Development Banks (MDBs): The AEO urges MDBs to revise their business models to provide long-term concessional financing at scale, to developing countries, bolstering their capital positions, channeling a portion of IMF’s Special Drawing Rights (SDRs) to MDBs and ensuring a healthy replenishment of the concessional windows of the African Development Bank and the World Bank—the African Development Fund and the International Development Association.

Streamlining Debt Resolution Mechanisms: Recognizing the slow and cumbersome nature of existing debt resolution mechanisms, the African Economic Outlook advocates for reforms to expedite debt workouts and ensure sustainable debt management, including innovative market-based solutions like “Brady bonds,” debt relief for climate purposes, and sovereign debt authority systems.

Enhancing Domestic Resource Mobilization: The report emphasizes the importance of strengthening domestic revenue mobilization through improved tax policies, enhancing efficiency in government revenue collection and utilization, combatting illicit financial flows and tax avoidance, and leveraging Africa’s abundant natural resources.

According to the report, “Domestic resource mobilization is good, but so is the prudent use of such resources. Countries should therefore strengthen capacity to improve public finance management”

Every year, the African Economic Outlook report provides timely evidence and analysis crucial for African policymakers, empowering them to make informed decisions.

2024 African Economic Outlook (https://apo-opa.co/3V6UQny)

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Pictures: (https://apo-opa.co/3KrFNzT)

Media contact:
Emeka Anuforo
Communication and External Relations
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org