The Ethiopian Securities Exchange (ESX) will receive founding members of the upcoming capital market until the end of December. As per the plan ESX will have about 50 members including foreign investors and local players, who will be mainly financial institutions. Public enterprises will take a quarter shares on the secondary market trading platform, while the balance will be open for private sector actors and foreign investors. In the past three months roadshow events have been carried out in Ethiopia and abroad that will be continuing in the coming weeks. The new company is expected to have one billion birr paid up capital on its inception.
France lost Africa. Macron just can’t accept it
There’s no way to put a good face on it: Paris has been unceremoniously dumped by Niger
In a wide-ranging interview last weekend that aired as much of France was conveniently glued to the Paris Saint Germain vs. Olympique Marseille football match, President Emmanuel Macron was asked about his recent bad breakup. He was only too happy to spill all his feelings about the relationship, like he was talking with Oprah Winfrey rather than TV news anchors.
He said that France was ending its military cooperation with Niger and repatriating France’s ambassador to Niamey and around 1,500 troops. It’s about time, since he was already dumped a month ago and Niger has been threatening to get France’s tent off its lawn.
France’s military presence in some of its former African colonies, including Niger, was to combat terrorism, he said, adding that without France’s presence, “most of these countries would have already fallen prey to territorial caliphates and jihadists.”
Indeed, thank goodness for France, whose anti-terrorist mission was such a resounding success that the UN’s own peace operations advised the Security Council in May 2023 that “insecurity in the tri-border area of Burkina Faso, Mali and Niger continues to grow.” ‘Rampant jihadists are spreading chaos and misery in the Sahel’, a headline in The Economist read in April, while the Wilson Center reported that same month that “The Sahel Now Accounts for 43% of Global Terrorism Deaths.” All of that was going on right under France’s nose.
Rather than Macron’s suggestion that France has helped prevent these nations from becoming caliphates, there’s actually stronger evidence to suggest that’s precisely the direction they were heading under French oversight. If Macron is talking about Boko Haram, then the solution was not to invade and destabilize Libya, because Boko Haram has since benefited from looted Libyan weapons and, in 2016, Washington officials were warning of Boko Haram fighters joining up with ISIS in Libya. That’s two years after France started Operation Barkhane, its effort to combat Islamist insurgents in the Sahel. A lot of good that was doing. The French must have been imposing the same brand of modern-day French discipline that results in kids across France periodically acting out over some issue du jour and smashing up cities.
Either Macron is caught in an illusion or he thinks that the French and African people are – or that they are at least clueless enough to think that things were looking up for these countries right up until Paris was sent packing. If that was the case – if the lives of the locals were truly improving – then where are the masses in the streets protesting in opposition to France’s withdrawal?
Macron was also careful to stress that France was only there at the behest of these countries. But what if they had dared to say ‘non’, particularly in the wake of the chilling effect of the French-led NATO intervention and coup d’état in Libya that led to the death of its leader, Muammar Gaddafi, in 2011? With these Francophone African nations serving as Paris’ stockrooms for everything from critical uranium that powers its nuclear plants to black gold that fuels French industry, is it any wonder that the leaders of these countries, until now, just happen to be excessively accommodating to these French interests – lest they find themselves ‘Gaddafi’d’.
But already, with the changes in management of these countries, the French press and industry representatives have been actively wondering about the fate of French companies in the Sahel. Paris has long maintained enough control to at least keep the resources flowing. But if France ever had any concern for the locals beyond that, it would have shown it by now.
But Macron didn’t stop there with the spin. “We are not responsible for the political life of these countries,” he said. In that case, why is France constantly trying to dictate to African nations who they should or shouldn’t be partners with, most recently pressuring them to ditch Russia and China?
And why did Macron push for African countries, uninterested in playing the West’s anti-Russian sanctions game, to take a side in the Ukraine conflict during a visit to Cameroon over the summer, if he believed in staying out of African political life? And if France is so hands-off with Africa’s internal affairs, why did Burkina Faso just a few days ago accuse Paris of blocking military supplies to the landlocked country when it’s supposed to be fighting the same insurgencies that Paris claims it had been there to help quash?
Or why did Macron attempt to revamp his African strategy in February by rebranding French military bases as ‘academies’, and having a European team collaborate with ‘civil society’ players in Africa? Nothing says non-interference like funding NGOs inside foreign countries.
“We’re not there to participate in coup d’états or to interfere,” Macron said. That may be true when Paris likes the guy in charge and wants him to stay there to protect French interests. Otherwise, it’s pressure on France’s ECOWAS (Economic Community of West African States) pals to do a counter-coup, as Macron appeared to suggest during a speech to French ambassadors. “If ECOWAS abandons [Nigerien] President Bazoum, I think that all the presidents of the region are more or less aware of the fate that will be reserved for them,” Macron declared, as president of the country that has literally overthrown African leaders in the past.
Macron didn’t have anything to say about the role of Paris’ Washington allies, who trained the Nigerien coup leaders both in-country and in the US, and whose troops not only remain in Niger but have resumed intelligence and reconnaissance missions, according to the Pentagon earlier this month.
While Macron seethes at Russia for replacing France, how does he reconcile the fact that Moscow hasn’t also ‘replaced’ Washington? Is he going to accuse Moscow and Washington of colluding now, too? Maybe these African countries haven’t yet figured out exactly what they want, and with whom, although Burkina Faso, Mali, and Niger have already teamed up for their own anti-terrorism missions in a mutual defense pact. That, too, is being ‘blamed’ on Russia. In any case, sticking to the same broken relationship with Paris clearly wasn’t working.
And it looks like Macron, having been dumped, is caught somewhere between the denial and acceptance stages of grief.
Santrofi release live LP – Deep into Highlife
This record captures the amazing live energy of Santrofi, a young 7 piece band from Ghana with a mission to bring Highlife back. For this record they are backed by Berlins finest 14 piece brass band: the Omniversal Earkestra. Over 25 great musicians on stage all playing their hearts out, all captured on this live LP.
The album documents the grande finale of the ‚Deep into Highlife‘project taking place 2021/22 in Ghana and Germany. The project started off in Accra with Highlife shooting stars Santrofi inviting numerous artists on stage for a series of concerts and jamsessions. The guests included Highlife legends A.B. Crentsil (RIP) and A.K. Yeboah, but also newcomers like Camidoh, Black Sherif or drill rapper Yaw Tog from Kumasi.
In May/June 2022 Santrofi brought the ‚Deep into Highlife‘experience to Germany. The lineup featured two special guests: The guitar band legend A.K. Yeboah, a pioneer of Ghanas Highlifescene and father of famous guitar ace Kwame Yeboah. And Ghana drill pioneer Yaw Tog from Kumasi known as ‚young bull‘by his fans back home.
The final concert of the tour took place at Kulturbrauerei in Berlin on June 2nd 2022. For this very special event Santrofi was backed by Berlin’s finest brass unit the Omniversal Earkestra. The band is a 14 piece brass collective making waves recently with their ‚Le Mali 70‘album which took them on a recording trip to Mali.
The album features live versions of some of Santrofi’s most popular songs backed by the Omniversal Earkestra who wrote horn arrangements for this special session. It also features ‚Suru nipa‘an original composition by A.K. Yeboah in which the singer gives invaluable advice to his audience: „Don’t be afraid of ghosts, be afraid of humans“. And a version of Yaw Tog’s single ‚Sei mu‘.
Turkish delight
Born in Izmir/Turkey Berk Baran Ambassador of the Republic of Türkiye to Ethiopia and permanent representative to the African Union he served in Turkish Embassies in Nicosia, Zagreb, Moscow and Kiev. He also served in Permanent Mission of Turkey to UN Office at Geneva as Minister-Counsellor, Deputy Permanent Representative. As of 15 March 2023, he took office as the Ambassador of the Türkiye to Ethiopia and Permanent Representative to the African Union. Capital caught up with him to talk about the two countries bilateral relations and Türkiye-Africa Business and Economic Forum. Excerpts:
Capital: What are the key areas of cooperation and collaboration between Türkiye and Ethiopia, and how have they evolved over time?
Berk Baran: Türkiye has long-standing historical and cultural relations with the Ethiopia, dating back to 19th century. The first diplomatic contact between Türkiye and Ethiopia was in 1896 with the exchange of delegations during the rule of Sultan Abdülhamid II and Emperor Menelik II. Following the opening of the first Ottoman-Turkish Consulate General in Harar in 1912, the first Embassy of the Republic of Türkiye in Sub-Saharan Africa was opened in Addis Ababa in 1926. Ethiopia opened its Embassy in Ankara in 1933.
Mutual high-level visits, the inauguration of Turkish Airlines’ direct flights to Addis Ababa as of April 2006; the establishment of the first TIKA (Turkish Cooperation and Coordination Agency) Office in Addis Ababa in 2005, first in Africa and development aid programs towards Ethiopia have been significant steps which have contributed to the development of our bilateral relations.
Our relations are currently progressing in a positive direction in many ways not only with Ethiopia, but also with other African countries. Our long presence in Addis Ababa, being the political capital of Africa, helps us strengthen our ties with the continent as well.
The trade volume between Türkiye and Ethiopia was US$ 70.8 million with Ethiopia in 2003, while this figure reached to US$ 763.2 million in 2022.
Türkiye has been providing substantial number of undergraduate, graduate and doctorate scholarships to Ethiopian students for twenty years. This also helps not only the business and commercial relations, but also people-to-people relations to strengthen.
Capital: How do you view your country’s role in supporting Ethiopia’s economic development and infrastructure projects?
Berk Baran: Being at the crossroad of Europe, Asia and Africa, Türkiye’s policy of opening up to Ethiopia is not just the reflection of a transient economic expectation. On the contrary, it is the product of a process with strong historical and cultural aspects. It is, foremost, the expression and natural result of the firm feelings of friendship and partnership between Turkish and Ethiopian people.
Türkiye’s priority to engage with Ethiopia has helped facilitate the growth of business and trade relations. Turkish SMEs have particularly started to invest as Ethiopian markets have become more accessible.
The Turkish image and presence have been enhanced by the engagement of private companies, NGOs, and Turkish schools.
Turkish companies have been undertaking major infrastructure and superstructure projects. Our investors have also founded companies producing a wide range of products such as food items, clothes, cables, furniture to electronics in Ethiopia.
In addition, Türkiye has helped to create a significant number of jobs in Ethiopia, unlike some other foreign investors who bring their own workers to Ethiopia.
In order to develop our economic and trade relations Türkiye-Ethiopia 8th Session of the JEC was held in Ankara on 14 January 14, 2021.
Capital: Can you provide insights into the current state of Turkish investments in Ethiopia and the potential for future economic partnerships?
Berk Baran: Ethiopia is an important destination for Turkish investments. Turkish investments in Ethiopia are diversified; covering textiles, construction materials, hygienic products, beverages, leather, cables and furniture. Starting from 2006 to 2023, there are a total of above 200 Turkish owned foreign direct investment projects in Ethiopia.
The capital of those projects is above 10 Billion Ethiopian Birr.
On the other hand, Turkish companies have been investing in construction sector in many different projects including water well drilling.
We are aware of the future investment opportunities in the Ethiopian textile, leather products, fertilizer production, mining as well as the banking sectors.
In banking, for instance, Türkiye has significant know-how and prominent banks, which are strongly positioned in foreign markets. So, we believe that our banks will be able to play important roles in Ethiopian economy, which will contribute to the development of Ethiopia’s banking infrastructure.
Moreover, there is great potential waiting to be tapped in the agriculture and agro-processing sector and we are ready to support Ethiopia’s efforts to diversify its economy beyond coffee.
We do our best to encourage Turkish companies to do business within a win-win understanding in Ethiopia via establishing joint ventures with the Ethiopian private sector in these sectors.
Capital: Could you give detailed information about Türkiye-Africa Business and Economic Forum? And why is this forum important for future economic partnerships between Türkiye and Ethiopia?
Berk Baran: Economic cooperation and trade relations are one of Türkiye’s priorities in the continent. To promote trade relations between Türkiye and African countries, Türkiye organizes Türkiye-Africa economic and business forums periodically in partnership with the African Union in order to regulate and develop trade relations between Türkiye and the continent.
The Foreign Economic Relations Board (DEİK), is set to host the Türkiye-Africa IV. Business and Economic Forum (TABEF) in Istanbul on October 12-13, 2023. The event will be graced by the presence of the President of the Republic of Türkiye, H.E. Recep Tayyip Erdoğan, and the President of the Comoros Union State, who also serves as the Chairperson of the African Union, H.E. Azali Assoumani. With 152 Business Councils spread across the world, DEİK is committed to develop Türkiye’s intercontinental trade and investment through its commercial diplomacy initiatives, and it has now turned its attention to Africa.
The Türkiye-Africa IV. Business and Economic Forum, expected to be attended by high-ranking dignitaries such as Turkish Minister of Trade Prof. Dr. Ömer Bolat, Albert Muchanga, the Commissioner for Economic Development, Trade, Industry, and Mining at the African Union Commission (AUC), Nail Olpak, the President of DEİK, Fuat Tosyalı, the Coordinator President of DEİK/Türkiye-Africa Business Councils, Dr. Amany Asfour, the Acting President of the African Business Council (AfBC), and Ministers of Economy, Trade, and Finance from African countries, as well as H.E. Emine Erdoğan, our First Lady.
The main theme of Türkiye-Africa IV. Business and Economic Forum is “Addressing Challenges, Unlocking Opportunities: Building Stronger Türkiye-Africa Economic Partnerships.” Priority sectors include energy, infrastructure, agriculture, agribusiness, healthcare, tourism, and digital marketing.
Capital: Could you please inform us about the events that will be organized within the scope of the forum?
Berk Baran: During the first day of the forum, there will be panels on “Collaboration in Genetic Industry Production between Türkiye and Africa: Ensuring Sustainability in the Supply Chain,” “Digital Transformation in Africa: Enhancing the Ecosystem of Digital Technologies,” and “Assessing Health Technology: Ensuring Sustainability in the Healthcare Sector and Exploring New Innovative Prospects.”
Simultaneously, there will be Government-to-Business (G2B) sessions focusing on “Opportunities in Infrastructure Investment: Energy, Telecommunications, and Transportation Networks,” “Africa’s Food Security Strategy Policy: Implementing the African Agenda 2063 – Commitments of the Malabo Declaration,” and “Unveiling Tourism and Digital Marketing Technologies: Transforming the Tourism and Hospitality Sector.”
On the second day of the forum, there will be discussions on ” Türkiye -Africa Women Leadership Dialogue”, “Opportunities under the Türkiye and Africa Continental Free Trade Area (AfCFTA)”, and “Investment in Africa, Trade Financing, and Banking Relations with Türkiye.” Additionally, there will be a presentation on “Free Zones and Opportunities.” Throughout the forum, panels, G2B, and B2B meetings will occur simultaneously.
In the “Türkiye-Africa Women Leaders Dialogue” event, both Turkish and African businesswomen will share their experiences in reshaping the landscape of the business world. They will engage in discussions regarding potential areas of collaboration and strategies to promote increased participation of women in leadership positions.
As part of the forum, there will be a panel titled “Opportunities under the Türkiye and Africa Continental Free Trade Area (AfCFTA)” to evaluate the impact of the AfCFTA agreement on Türkiye’s exports. With the participation of the Secretary-General of the African Continental Free Trade Area (AfCFTA), the panel will discuss how AfCFTA is expected to increase intra-Africa trade by 50% and generate an additional US$ 76 billion in income for the world. It is expected that Africa, the world’s largest global free trade zone, will create a free trade market with a population of 1.3 billion and a trade value of US$ 3.4 trillion.
Regarding the panel titled “Investment and Trade Financing and Banking Relations with Türkiye”, Turkish companies have been achieving increasingly successful outcomes in Africa in recent years. Trade and investment financing remains a significant challenge when engaging in business with the African continent. This panel will address important solution proposals aimed at improving access to trade and investment financing by tackling these challenges. Decision-makers responsible for critical projects and investments in Africa will engage in discussions and consultations with financial institutions, alongside representatives from the Turkish and African private sectors, with the goal of exploring concrete business partnerships that will contribute to Africa’s development.
Under the Forum’s program, thematic panels, B2B Bilateral Business Meetings, B2G Meetings and a fair consisting of stands of Turkish and African firms will be organized.
Capital: Which countries and international organizations will participate in the forum and how many participants do you expect?
Berk Baran: The Türkiye-Africa IV. Business and Economic Forum is expected to host over 3,000 participants, including representatives from the African Development Bank (AfDB), the African Export-Import Bank (Afrieximbank), the Turkish Export Credit Bank (Türk Eximbank), international and regional financial institutions, non-governmental organizations (NGOs), chambers of commerce and industry, DEİK/Türkiye-Africa Business Councils Presidents and their counterparts, relevant associations, professional organizations, and entrepreneurs in both Türkiye and Africa, diplomatic mission representatives in Türkiye, as well as media organizations from Türkiye and across the African continent. In Africa, participants are anticipated to come from all countries including Türkiye.
Capital: What is required to participate in the The Türkiye-Africa IV. Business and Economic Forum, what is the registration process?
Berk Baran: All Ethiopian business people can participate in the forum. There is no need to pay any fee to register in the Forum, it is completely free.
