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="(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

Under the guidance of President John Pombe Joseph Magufuli, Tanzania is scheduled to become a middle income nation by 2025. The Development Vision 2025 is focused on creating peace and stability, freedom from corruption, investment in the education of the Tanzanian people and a competitive and sustainable economy. The key to Magufuli’s Vision is industrialisation. “There is no economy in the world that can thrive without industrialisation and we are just beginning,” states Mr Subhash Patel, Chairman of the Motisun Group. Magufuli’s Vision of an industrialised nation is well underway.



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2019/06/tz.png" alt="" class="wp-image-40875" width="481" height="638" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/06/tz.png 588w, https://cms.forbesafrica.com/wp-content/uploads/2019/06/tz-300x398.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/06/tz-226x300.png 226w" sizes="(max-width: 481px) 100vw, 481px" /><figcaption><a href="https://www.forbesafrica.com/wp-content/uploads/2019/06/PENRESA_FORBES-TANZANIA_2019-40pags-vok.pdf">Download the special </a><a href="https://www.forbesafrica.com/wp-content/uploads/2019/07/PENRESA_FORBES-TANZANIA_2019-40pags-vok_FORBES_Plus.pdf">report </a><a href="https://www.forbesafrica.com/wp-content/uploads/2019/06/PENRESA_FORBES-TANZANIA_2019-40pags-vok.pdf">here</a></figcaption></figure>



The
construction of Tanzania’s US$14.2 billion Standard Gauge Railway, stretching
2,561 kilometres connecting Dar es Salaam port to its land-locked neighbours,
is an infrastructure project that will enhance trade opportunities for
Tanzania. “Projects such as the SGR could help lower transport costs and
improve economic activity from a reduction of production and operational costs,
lower cost of consumer goods and increased transit of goods passing through
Tanzania to landlocked countries,” says Faraj Abri, director of ASAS. This will
increase relationships with East African countries and strengthen all economies
of the region.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> “As a country, our vision is clear. My administration is determined to make sure that Tanzania achieves its development aspiration of being a middle-income country by 2025 as stated in the National Development Vision. I insist to my government officials and the people that our Vision can be achieved with close collaboration of the public and private sector. As you have seen, I am pioneering the undertaking of major reforms to create more favorable investment environment to ensure that private sector drives our future growth.” <cite> H. E. President John Pombe Joseph Magufuli </cite></blockquote>



The
Tanzania Port Authority is working toward this same agenda with the
construction of the Dar es Salaam Maritime Gateway Project (DMGP), which “will
support the financing of crucial investments in the Port with the aim of
improving its effectiveness and efficiency for the benefit of the public and
private stakeholders,” says Eng. Deusdedit C.V Kakoko, Director General of TPA.
In conjunction with the DMGP, TICTS is working to expand the additional
capacity that will be needed at Tanzania’s ports. Chief Executive Officer,
Jared Zerbe, states: “The assistance and cooperation received from the
government of Tanzania, TPA and our customers using the port have been the
source of growth.” 



In
addition to opening new doors for local and international trade, Tanzania has
signed a groundbreaking contract with Egypt to build a new 2,115 MW
hydroelectric power station. In an effort to decrease reliance on fossil fuels,
the Rufiji Hydro Plant will be the largest in East Africa and is invaluable to
Tanzania’s transformation. “The national target for the energy sector is to
make sure that we reach 5,000 MW by 2020 and at least 10,000 by 2025.
Construction on the 2,115 MW Rufiji Hydro Power Plant Project has just begun
and this will greatly help us meet our target,” says, Hon. Medard Kalemani,
Tanzania’s Minister of Energy.



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accessible and reliable energy sources will aid the
Finance and ICT sectors in their dedication to the Vision 2025 to create
financial inclusion and reliable communication services for the Tanzanian
people. As the economy of Tanzania inevitably improves, a system must be in
place for its people to benefit from it. Abdulmajid Mussa Nsekela, Managing
Director of CRDB Bank states, “In line with the financial inclusion framework,
we have developed a digitalisation strategy roadmap, which is aimed at ensuring
all Tanzanians and residents have proximity to affordable superior financial
services.” Other banking entities such as Stanbic approach inclusivity in a way
that allows ease of use and convenience. Kenrick Cockerill, CEO of Stanbic Bank
Tanzania says, “We have an ecosystem approach to our clients, which means we
like to bank entire communities and not just individual clients, which enables
us to offer more seamless transactability across all the players in the
ecosystems and value chains that we are supporting.“



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial inclusion is made even more possible through
mobile money transactions, which rely upon a stable telecom sector in order to
function effectively. TCRA works to ensure access to reliable, affordable and
secure communication services for Tanzanians and foreign investors alike.
“Ninety-four percent of the population is now covered by mobile networks,” says
Eng. Kilaba. These coverage and technological goals are shared with Tigo, the
fastest growing telecom company in Tanzania. Managing Director Simon Karikari
says, “We pride ourselves in being committed to Tanzania as a country. We have
been here for 25 years and our determination is for long term growth and
potential of this country. We continue to invest in the latest technology such
as 4G+ because we believe data is the future.”



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With this level of investment in the infrastructure,
communication, technology, energy, and finance sectors, the Vision 2025 is on
schedule to become a reality, placing Tanzania on the map as a middle income
country, and surely as the guiding light for other African nations to follow
their example.

image1

FOCUS ON TANZANIA: Investing In The Future: Tanzania’s Blueprint To Become A Middle Income Nation

“The Kingdom of Eswatini
continues to use its resources and capabilities to expand investment
opportunities for both foreign and local business, as part of our national
strategy for socio-economic growth. We spare no effort in our drive to access
and secure international markets for our products as we see this to be a
crucial link to the global economy.” His Majesty King Mswati III



<a href="https://www.forbesafrica.com/wp-content/uploads/2019/03/PENRESA_FORBES-2018-ESWATINI-COVER-v13.pdf"></a>


<figure class="wp-block-image"><a href="https://www.forbesafrica.com/wp-content/uploads/2019/04/FA-2018-ESWATINI-32pags-FORBES-ONLINE-VERSION-vok.pdf"><img loading="lazy" decoding="async" class="alignnone wp-image-39919" src="https://www.forbesafrica.com/wp-content/uploads/2019/03/ESWATINI-MPU-NEW1.jpeg" alt="" width="480" height="480" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/03/ESWATINI-MPU-NEW1.jpeg 480w, https://cms.forbesafrica.com/wp-content/uploads/2019/03/ESWATINI-MPU-NEW1-300x300.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/03/ESWATINI-MPU-NEW1-100x100.jpeg 100w, https://cms.forbesafrica.com/wp-content/uploads/2019/03/ESWATINI-MPU-NEW1-150x150.jpeg 150w, https://cms.forbesafrica.com/wp-content/uploads/2019/03/ESWATINI-MPU-NEW1-80x80.jpeg 80w" sizes="(max-width: 480px) 100vw, 480px" /></a>
<figcaption><a href="https://www.forbesafrica.com/wp-content/uploads/2019/04/FA-2018-ESWATINI-32pags-FORBES-ONLINE-VERSION-vok.pdf">Download the report </a></figcaption>
</figure>


On April 19, 2018,
Eswatini celebrated its golden jubilee since independence, and King Mswati
III’s 50th birthday, with the King’s announcement that the nation
would be adopting its pre-colonial name. In doing so, he confirmed the nation’s
commitment to a new beginning; a mission previously kick-started by his 2017-2022
Vision focusing on making Eswatini a first world nation by driving ICT,
tourism, agri-processing, manufacturing, energy and mining sectors. In alignment
with the spirit of the Vision and in an unprecedented fashion, a new prime
minister was then appointed a few months later, via a three-day People’s
Parliament, Sibaya. Prime Minister, Ambrose Dlamini’s private sector mindset has
been key in providing the appropriate shift required by the NDP and in putting
together a new cabinet whose policies and reforms are driven by the provision
of an innovative enabling business environment for investors and SMEs. “The
private sector prioritises efficiency. Fifty percent of the assets under our
supervision are going to provide the environment to attract FDI,” states
Sandile Dlamini, CEO of Financial Services Regulator Authority (FSRA). &nbsp;New legislations have since been set up to
ensure rapid company registration and trading licences through e-platforms. “We
have the basic economic infrastructure needed to attract international
investment,” elaborates Dumisani J. Msibi, Group Managing Director of Fincorp.



Initiatives to spur the
growth of ICT have been crucial in leading the way to rapid economic growth. “We
need to invest in ICT, because it is going to be the engine for social-economic
growth and key to growing national GDP,” explains Petrus Dlamini, MD of EPTC. The
banking sector has partnered with fintechs to upgrade expertise and innovation.
“The banking sector is a catalyst and big contributor to the GDP,” adds Fikele
Nkosi, Nedbank’s MD. 



Eswatini’s E240 million
Royal Science and Technology Park was conceived and launched with the aim of
providing a location for governments, universities and private companies to
collaborate in advancing innovation, development and commercialisation of
technology through a one stop facility. “Using technology to enable people to
do business is the future of the industry,” asserts CEO of Standard Bank,
Mvuseleo Fakudze.



Opportunities abound within
Eswatini, with trade and touristical routes literally pushing Eswatini’s
boundaries via railway tracks, the King Mswati III International Airport and
new highways. Hon. Ndwandwe, Minister of Public Works and Transport elaborates:
“Considering Eswatini’s land-locked status and strategic location between
Mozambique and South Africa, the transport sector plays a pivotal role in
ensuring accessibility and efficient movement of goods and services within the
region, strengthening a regional logistics-hub position for the country.” Huge
investments have been made to connect Eswatini to Mozambique and South Africa.
“Geographically, we have an advantage, because to the south of this country you
have one of the biggest cargo ports in Africa,” explains Stephenson Ngubane,
CEO of Eswatini Railways. &nbsp;On the other
hand, major construction company, Inyatsi, is currently building a strategic
highway connecting South Africa through to Mozambique via Eswatini’s airport.
“Infrastructure drives the growth in any country and Eswatini has always been
on the forefront of road development,” declares Group CEO of Inyatsi, Tommy
Strydom. 



Also crucial to national
growth and development is the government’s prioritisation of its energy sector,
aiming to be power sufficient by 2034 by harnessing the nation’s vast resources
for renewable&nbsp; energy, such as biomass,
bagasse, hydropower, solar and wind. CEO of Eswatini’s Energy Regulatory
Authority (ESERA), Vusumizi N. Mkhumane confirms: “We want to improve our power
producer base, having a more cost-effective power delivery.”



As the nation’s largest
industry and fourth-largest sugar producer on the continent, sugar cane grew
735,000 tonnes of sugar in 2017/18 alone. In order to support and sustain its
sugar belt, and other crops, the government has implemented climate adaptive initiatives:
Komati Downstream Development Project (KDDP), Lower Usuthu Smallholder
Irrigation Project (LUSIP), as well as LUSIP II which will enlarge available
irrigated farmland for local smallholders. Samson Sithole, CEO of ESWADE
states: “We have the opportunity at ESWADE to move people from traditional
agriculture to commercial agriculture; we want them to produce and to feed the
world.”



Key to the nation’s
ability to fulfil its vision is its highly educated population, and its
commitment to progress and ancient customs. But ultimately, according to Prime
Minister Dlamini, “peace and stability is the main glue that holds us together
as a nation and has allowed business to flourish.”

LEN_7013-EDIT_web

FOCUS ON ESWATINI: A Global Fortress of Innovation and Tradition

Zambia is boosting
economic transformation in order to fulfil its Vision 2030 target of becoming a
middle-income nation. Through its Seventh National Development Plan, the five-year
plan currently underway (2017-2021), it aims at building a strong and
diversified economy through the implementation of growth reforms and fiscal
consolidation, with an in-depth focus on private sector investment in
infrastructure and agricultural development. “The prospects of going forward
are huge,” states Dr Denny H.Kalyalya, Governor of the Bank of Zambia. “For an
investor looking for good returns, a peaceful and liberal environment, Zambia
is the place to be.” 



<figure class="wp-block-image"><a href="https://www.forbesafrica.com/wp-content/uploads/2019/02/FA-2018-ZAMBIA-28pags-FORBES-vok-DIGITAL.pdf"><img loading="lazy" decoding="async" width="960" height="960" src="https://www.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP.jpeg" alt="" class="wp-image-39218" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP.jpeg 960w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP-300x300.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP-100x100.jpeg 100w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP-600x600.jpeg 600w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP-150x150.jpeg 150w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP-768x768.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP-80x80.jpeg 80w" sizes="(max-width: 960px) 100vw, 960px" /></a><figcaption>Download the report for free from <a href="https://www.forbesafrica.com/wp-content/uploads/2019/02/FA-2018-ZAMBIA-28pags-FORBES-vok-DIGITAL.pdf">here</a>.</figcaption></figure>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“By 2030, we want to see a Zambia where every citizen has access to safe clean water, food, decent housing, electricity, quality education and health services and decent jobs. In pursuit of this vision, we need to transform into a smart Zambia.” <cite> President Edgar Chagwa Lungu </cite></blockquote>



Infrastructure and ICT



‘Smart Zambia’ sees ICT as
a key driver of socio-economic development and an essential tool to achieving
Vision 2030’s goal. In 2018, the government launched a US$280 million project
will add 1,009 communication towers to the hundreds already built and boost
mobile penetration rates to 94%. “We believe it’s an enabler of business and
commerce. We want to make sure that our service provision is on the back of
ICT,” clarifies Hon. Brian Mushimba, Minister of Transportation and
Communications. Support for technology is also strong in e-government, with an
agenda aimed at modernising and automating payment and revenue collection
processes. “The government agenda to come up with smart cities is going to help
create demand for the ICT sector and is going to transform the culture of the
nation in ICT,” declares Hai Telecommunications Managing Director, Samson
Longwe. 



The Green Revolution



President Lungu’s ‘green
revolution’ is key to driving Zambia’s economy, contributing approximately 70%
to its GDP and 10% to its economic growth. “This creates a lot of employment
for our women and the youth,” affirms Michael Katambo, Minister Of Agriculture.
“For production to be enhanced, the government is targeting all farmers and
trying to get them to access financial institutions, so that they can access
loans and buy small-mechanised equipment.” In an attempt to liberalise
production of staple crops, including rice, millet and cassava, Zambia is also
offering zero corporate tax for the initial five years from the first year
profits that are made in the agricultural sector.



Building Electrical Alternatives



Hydropower constitutes 95%
of the nation’s total power supply, however Zambia is intent on increasing the
diversification of its energy sources to make its energy markets more
competitive. “Ideally, we want to be the net exporter of electricity because as
a landlinked country, it’s easy for us to import and export electricity,”
claims Hon. Matthew Nkhuwa, Minister of Energy. “We want to build
interconnectors for our neighbouring countries, so in the event that there may
be a shortage, power can be tapped from alternative grids.” In late 2018,
Zambia and Angola signed a US$5 billion deal to construct an oil pipeline that
will pass through the two countries. 



Geo-Location



On top of all this,
Zambia’s breathtakingly beautiful and alluring geo-location has the enormous
potential to become, according to Hon. Charles Banda, Minister of Tourism and
Arts, “ one of the top five destinations in the world.” Managing Director of
Zambia Airports Corporation Limited, Fumu Mondoloka confirms: “We are
conveniently positioned to be the aviation and tourism hub we want to be.” 



Industrialisation and Diversification



Key to Zambia’s path to
macro-economic and peaceful stability is the nation’s industrial agenda.
Privatisation and strong mineral prices have boosted the country’s mining
activities over the past few years and the government has consequently invested
heavily in building its private sector and other industries. “It is vital to
structure an effective fiscal regime for the mining sector to ensure that
Zambians benefit from the mineral wealth our country is blessed with,”
emphasises Zambia’s Minister of Finance, Hon. Margaret Mhango Mwanakatwe.
Furthermore, US$21.7 million have been invested in various Multi Facility
Economic Zones and Industrial Parks in the country in order to create a
platform for Zambia’s economic development by attracting FDI through robust
policy and incentives, emphasising industrialisation and diversification. Zambia’s
promoter of trade and investment, Zambia Development Agency (ZDA), recorded
US$3.9 billion of projected investment in 2018 in a number of sectors of the
economy with a focus on diversification. Hon. Dora Siliya,&nbsp; Minister of Information states: “I think
diversification opens up whole new opportunities in tourism, agriculture, ICT
and the energy sector.” There is no doubt that Zambia is in the process of unlocking
its enormous potential to become a regional hub in a number of sectors. As Vice
President, Hon. Inonge Mutukwa Wina affirms: “To business people and investors
alike, the certainty of peace, tranquillity and unity in diversity are
combinations that make Zambia stand out in the eyes of the commercial world.”

Explore-incredible-Lusaka_original

FOCUS ON ZAMBIA: A Beacon Of Peace And Macro-Economical Stability For Africa

&nbsp;“Commitment to the national
constructive dialogue has enabled meaningful progress towards the settlement of
differences and building an effective, lasting and sustainable peace which
provides the necessary environment for the strengthening of national unity,
reconciliation and resumption of the country’s economic growth.” President
Filipe Nyusi



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="554" height="728" src="https://www.forbesafrica.com/wp-content/uploads/2019/01/Cover.png" alt="" class="wp-image-38668" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/01/Cover.png 554w, https://cms.forbesafrica.com/wp-content/uploads/2019/01/Cover-300x394.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/01/Cover-228x300.png 228w" sizes="(max-width: 554px) 100vw, 554px" /><figcaption><a href="https://www.forbesafrica.com/wp-content/uploads/2019/01/PENRESA_FORBES-2018-OK_OK_OK-web.pdf">Download the full report here</a></figcaption></figure>



Mozambique’s economy is on
the rebound; within the first half of 2018, it grew at the rate of 3.2%, inducing
declines in interest rates and the stabilisation of its currency. “The&nbsp; medium-and long-term prospects for the
Mozambican economy are excellent,” states Dr Rogério Zandamela, Governor of the
Bank of Mozambique. “We have already calibrated our instruments to ensure
macroeconomic and financial system stability to provide greater predictability
to economic agents in their decisions to save and invest.” The International Monetary Fund (IMF) has also stated
that in 2019, the Mozambican economy could grow between 4% and 4.7% (higher
than the 3.5% forecast for 2018). The main reasons for this are the
government’s focus on peace, as well as its relaxation of monetary policy and
fiscal consolidation resulting in improved ease of doing business. 



Hydrocarbon research and
production underway in the north of Mozambique are also key to the nation’s
transformation and growth. The recent discovery of enormous reserves of
hydrocarbons is set to position Mozambique as one of the world’s leading
liquefied natural gas (LNG) exporters. The Mozambique LNG Project is Mozambique’s first ever
onshore LNG development and, according to Omar Mithá, Chairman and CEO of ENH,
“is an integrated project: upstream and mainstream, two trains, with a 5.6
million capacity each to produce 12 million tonnes per annum.” The Project will
also initially supply volumes of approximately 100 million cubic feet per day
of natural gas for domestic use in Mozambique, and is expected to have a future
expansion of up to 50 million tonnes per annum. “Our major goal is then to
construct both the offshore developments and the two onshore LNG processing
trains and associated facilities safely, on time and on budget,” explains Steve
Wilson, Anadarko’s Vice President &amp; Country Manager. The South Coral
Project and the Rovuma LNG Project is the first project in the development of
the (approximately) 450 billion cubic metres of gas in Rovuma Basin’s Area 4.
The Plan of Development foresees the drilling and completion of six subsea
wells and the construction of the FLNG.&nbsp; It
is also the first Project Finance ever arranged in the world for a liquefaction
floater. Alessandro Nanotti, General Manager Upstream of Mozambique Rovuma
Venture S.p.A., explains; “The insurance on the project is the largest ever
done on the whole value of the vessel, in which partners will invest seven
billion dollars. The project-financing is the largest ever ensured in Africa
and we believe that we will contribute to the economic recovery of the
country.” 



Abundant natural resource
wealth and the nation’s fertile, arable land, has placed Mozambique on the
foreign direct investment (FDI) map. “Mozambique has vast unexploited mineral resources,
large areas of arable land with ample ground water, 2400 kilometres of
coastline with underexploited marine resources and pristine beaches as
potential leisure destinations,” explains Jose Parayanken, President of
Mozambique Holdings Limited. Mozambique’s
Economic and Social Plan (PES) 2019, reveals that the nation’s commitment to
diversification and inclusive growth will ensure strong performances in mining,
fisheries and agricultural sectors. Its potential in energy generation though
renewables and EDM’s introduction of new technologies aims to electrify the
whole nation by 2025, while improved exchange control, local content law and
Nacala Logistics Corridor are encouraging domestic production, generating jobs
and enhancing income potential. MD
Ramesh, President and Head of Olam in south and east Africa, states: “We are
trying to ensure that farming communities do well and create wealth for
themselves so that they can decide how they can use that wealth.” 



With a favourable trading
environment and current investment in infrastructure, Mozambique is ready to
live up to its full potential at last. “Mozambique has competitive advantages
in terms of position, resources and our people are very determined and work
hard,” declares Samuel Samo Gudo, President of Escopil. “We are now building
strong government institutions which is making Mozambique more sustainable in
the long-run.”

FOCUS ON MOZAMBIQUE: A Nation Ready For Equitable and Sustainable Take-Off

The following report is published in association with Penresa
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<blockquote>“We are focused on forming our citizens so they can activate their strengths in any part of the world. Having public servants in international organisations and competing with other countries, that is the wealth of a nation. We have to go beyond borders and show others the abilities that we have.” President Teodoro Obiang Nguema Mbasogo</blockquote>
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On 12 October 2018, Equatorial Guinea celebrates its Golden Jubilee since independence; this will provide the nation with the occasion to catch its breath and look back at the incredible milestones achieved during its rapid journey towards modernisation and in becoming a reference point for Africa. Nestled into the western corner of the continent, with a rich bio-diverse tropical mainland and several important fertile volcanic islands, Equatorial Guinea’s economic development picked up speed upon the discovery of oil in 1995. However, it is the peace and political stability that has since ensured that has really distinguished the country. Visionary and long-term President Teodoro Obiang Nguema Mbasogo claims: “As president, I have seriously defended peace, Equatoguineans live harmoniously. In Equatorial Guinea there is no ethnic crisis or discrimination. I think that peace will allow the nation to have an inheritance, a fortune that can secure a promising future for subsequent generations; that is my dream.” It is upon the strength of this vision that the country travels safely forward towards self-sufficiency and economic sustainability.
LNG Megahub
Equatorial Guinea is the richest country per capita income on the African continent, and third largest oil exporter. Crude oil and LNG exports account for 80% of the government’s revenues and 95% of export income. Recently Minister of Mines and Hydrocarbons, Hon. Gabriel Mbaga Obiang Lima, announced government plans to construct a natural gas megahub operating from Punta Europa LNG Terminal on Bioko Island by 2020. The project involves interlinking production, processing and tying-in facilities on- and off shore with the collaboration of local oil and gas companies in the area, and will secure the nation’s role as significant player in global LNG exports. “Mother Nature has provided us with the fortune of having found oil, but what has caused great change and transformation in Equatorial Guinea is not oil but the high political will within the senior management of the state,” declares Prime Minister Francisco Pascual Obama Asue.
Horizonte 2020
The national economic strategy Horizonte 2020 has been responsible for transforming the nation while improving productivity and accelerating economic growth. The plan is divided into two phases; the first phase consisted of building up excellent infrastructure models such as seaports, airports, the new administrative capital Oyala, roadways, buildings while ensuring that everyone is on the electrical grid. The second phase, currently underway, focuses on diversifying the economy by targeting sectors such as fisheries, agriculture, tourism and finance, as well as reinforcing human capital and advancing technological progress.
Equatorial Guinea also continues to successfully work hard at establishing a trustworthy and solid international presence. President Obiang Nguema Mbasogo states: “The new government of Equatorial Guinea occupies relevant positions as a member of the OPEC, non-permanent member of the Security Council of the United Nations and member of the Executive Council of UNESCO. We also collaborate with a number of countries.” The nation will be celebrating its Golden Jubilee in triumph, having drastically improved quality of life for Equatoguineans and set it up for another fifty years exhaustive with possibilities. “For some time now I have observed a small star from the terrace of my house,” relates Minister of Finance, Economy and Planning, Hon. Lucas Abaga Nchama. “Every day I get the feeling that it is closer to me and it shines. Equatorial Guinea is like that star and will be the star that shines in the Gulf of Central Africa because we are laying down the foundations for true growth and development.”
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FOCUS ON EQUATORIAL GUINEA: Reaching Beyond The Horizon: A focus on Equatorial Guinea

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‘The Jewel Of Africa&#8217;
“Zimbabwe has lagged behind in many areas as a result of isolation for the past 16, 18 years. Now we are saying to the world: Zimbabwe is open for business,” Zimbabwean President Emmerson Mnangagwa
In January 2018, at the World Economic Forum in Davos, President Mnangagwa announced that Zimbabwe was open for business again, abandoning all isolationist policies in order to revolutionise the nation’s economy and build up the country to its full potential. President Mnangagwa administration’s focus lies in providing a stable political environment, while improving ease of business and reinforcing agricultural, mining, ICT and tourism sectors. “We are re-engaging with the world, making friends and moving towards development,” emphasises Vice President General Constantino Chiwenga. In order to enhance ease of doing business, the government has implemented several legal, institutional and administrative reforms, such as the National Investment Policy while establishing the one-stop shop Investment Centre. Minister of Finance, Hon. Patrick Chinamasa elaborates, “under the new dispensation we are also reforming state enterprises, we believe that any growth must be private-sector-driven.”
AGRICULTURE
Zimbabwe’s agricultural sector accounts for 50 % of employment in the country’s GDP as well as 25 % of total annual exports. The government aims to continue its food self-sufficiency by increasing utilisation of the land and productivity through mechanisation and modernisation of the sector.
MINING
Zimbabwe has the second largest platinum and chrome deposits, and an immense wealth with over 60 minerals and 800 mines with a capacity to earn US$18 billion per annum. The new dispensation is intent on ensuring investor friendly mining policies and consequently has been rapidly growing its economy with mining investors as major players. The recently signed US$ 4.2 billion platinum investment agreement by Karo Resources is the largest investment in Zimbabwe’s mining to date and will directly create 15,000 jobs.
ICT
The development of ICT infrastructure and harnessing of technology-driven innovation in all sectors of the economy has been key to the development of the economy. The National Backbone Optic Fibre Project led to the construction of The TelOne Data Centre, a powerful and reliable information nerve centre that ensures the efficiency and data security of enterprise operations. “We are building an infrastructure that we can then use for everything that requires technology. We think this is important, not only for providing communication platforms for the community, but more significantly for financial inclusion,” explains Minister of ICT Supa Mandiwanzira.
TOURISM
The Zimbabwean National Tourism Master Plan seeks to boost foreign and domestic tourism while leveraging private-sector led investment to maximise the country’s numerous tourist attractions and natural wonders. “Tourism accounts for about 11.9 percent of the national GDP but we think its contribution can grow up to 15 percent,” states Managing Director of Zimbabwe Tourism Authority Dr Karikoga Kaseke. The Ministry of Tourism has allocated a US$15 million Revolving fund to facilitate tourist activities.
UNVEILING THE JEWEL
Zimbabwe’s shift from a closed economy to an open, productive and peaceful one has rapidly had its effect on the country. President Mnangagwa’s vision is optimistic, convincing and transparent. “We have the qualities and the environment in which this country can be a jewel again. We must build the Zimbabwe that we want. Let us be united and peaceful, but let us be honest: hard work is the only key to achieve that vision.”

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FOCUS ON ZIMBABWE: The Jewel Of Africa

The revival of Nigeria’s economy has gained momentum under the guidance of President Buhari’s ERGP programme; its ambitious targets yield results that seem to indicate that they will soon be superseded.
In spite of difficult times, Nigeria has been rated as the top 10 most improved economies in 2016/2017.
“Nigeria is a very resilient country in terms of economy,” states Mr. Venkatapathy Venkataraman Group MD at NIPCO.
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This has been a result of the ERPG programme and its emphasis on industrialisation and diversification policies which boost capital inflows and encourages ease of doing business.
In November 2017 Godwin Emefiele Governor of the Central Bank of Nigeria CBN’s presented Nigeria’s economic outlook for 2018, predicting that national forex reserves will hit US$ 40bn in 2018. In introducing I&amp;E forex the improvement in the ease of doing business is guaranteed.
“The Central Bank of Nigeria (CBN) played an extensive role in ensuring relative price stability and in managing the dearth of foreign exchange,” declares Mr Obeahon Ohiwerei, Managing Director at Keystone Bank.
<a href="http://www.forbesafrica.com/focus/2018/01/19/nigeria-needs-new-national-carrier/" target="_blank" rel="noopener noreferrer">READ: Why Nigeria needs a new national carrier</a>
“If the tight monetary policy continues, and the Central Bank continues to manage the liquidity that makes FX, the economy may grow more than the 1.8% projected,” claims Mr Abubakar Jimoh, CEO at Coronation Merchant Bank.
Although energy sales in Nigeria account for up to 80 percent of all government revenue and more than 90 percent of the country’s exports, Agriculture and ICT sectors have flourished, providing steady growth, employment and investment opportunities.
The ERGP’s shift towards becoming import dependent has been particularly successful in Agriculture. Proforce MD, Mr Ade Ogundeyin declares, “the government is serious and committed about made-in-Nigeria goods. They are saying that if it can be produced in Nigeria you don&#8217;t import it.”
The government&#8217;s intention to use telecoms and ICT for economic development and financial inclusion is auspicious for the industry. Executive Vice Chairman of the Nigerian Communications Commission, Mr Umar Danbatta states that “telecoms contribution to GDP is now close to 10% and has been contributing 1.4 trillion naira to the economy.”
Minister of Power, Works and Housing Hon. Fashola confirms the commitment to IT, “We&#8217;re installing more broadband and connectivity across the country,” which in turn enhances a definite entrepreneurial spirit at play amongst the people.
The government has made it extremely clear that it will be pouring funding into infrastructure. Minister of Power, Works and Housing Hon. Fashola declares, “the investment in infrastructure is driving the value chain of the economic diversification.”
The government’s plans to modernise and restructure the country’s public transport system has proved a great opportunity for investors and the economy.
<a href="http://www.forbesafrica.com/investment-guide/2017/05/01/nigeria-needs-industrialization-now/" target="_blank" rel="noopener noreferrer">READ: Nigeria Needs Industrialization now</a>
Nigeria remains a highly appealing destination for investors. Mr Tunde Fowler, Chairman at FIRS elaborates, “Nigeria is an investor’s heaven with so much potential; from industry to agriculture to telecommunications. There&#8217;s so much room for expansion and the ease of doing business ensures that anyone who has a business, or who intends to start a business, will not have to face any bureaucracy, roadblocks or hindrance.
Nigeria’s government is determined to provide profound and long-term change in economic prosperity and stability; there remains little doubt that it is Nigeria’s destiny to uphold the title of largest economy in Africa for a long time yet.

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FOCUS ON NIGERIA: Making Nigeria

<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>
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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.”
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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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FOCUS ON GHANA: Welcome to Africa’s Rising Black Star

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In October 2016, President Muhammadu Buhari&#8217;s government unveiled its own roadmap to develop a stable and enabling environment that will maximise investment opportunities in the oil and gas industry and generate increased growth in the Nigerian economy, developed by the Minister of State Petroleum Services, Emmanuel Ibe Kachikwu, as the 7 Big Wins. 
&#8220;Oil and gas still remains a critical enabler for the successful implementation of our budget, as well as the source of funds for laying a strong foundation for a new and more diversified economy,&#8221; notes President Buhari.
The first Win in the roadmap revolves around policy and regulation referring to the government&#8217;s aspiration to develop robust policies and laws to remedy existing challenges in the Industry. The plan is to break the existing Petroleum Industry Act into three bills for easier passage by the National Assembly into laws that focus on the governance of the petroleum industry, the fiscals and the legal.
By 2019, Kachikwu sees Nigeria as a net exporter of petroleum products and value-added petrochemicals achieved by an aggressive revamping of existing local refining capacity and expansion of domestic capacity.
The second Win of the roadmap is the creation of a business environment and investment drive that will accelerate income for Nigeria in the upstream, midstream and downstream sectors of the oil industry. Since Nigeria has not been maximising its yields from all these sectors, the strategy includes a review of existing joint ventures, attracting investment in non-associated gas initiatives and implementing a long-term maintenance programme.
<h3>A GAS REVOLUTION</h3>
A Gas Revolution is emerging in the Giant of Africa and the government&#8217;s third Win identifies its potential of moving from an oil-based economy to a gas-based economy. As the ninth-largest gas reserve holder in the world, the ultimate objective is to develop gas infrastructure, revolutionise gas projects, implement a gas commercial framework and maximise the use of gas to power for economic development.
As its fourth Win, Buhari&#8217;s team intends to enhance the utilisation capacity of local refineries to guarantee the supply and distribution of petroleum products across Nigeria and the African sub-region. Fundamental to the success of this entire roadmap is the establishment of a secure environment.
Essential to attracting investment, the fifth Win focuses on the Niger Delta, an area with 159 oil fields, 275 flow stations, 1,481 oil wells and more than 7,000km of crude oil products, gas pipelines and flow lines. The upsurge of militant attacks on oil and gas installations within the region caused a significant reduction in oil and gas production.
For the sixth Win, Buhari expresses &#8220;there is also a dire need to instill a new culture of transparency and efficiency in the industry, streamline operations along best practices by championing and implementing strategic reforms at every layer of the industry.&#8221; They acknowledge this direction would help to improve production, exploration, local refining capacity and perhaps most importantly, build sustainable partnerships.
The last Win of the roadmap concentrates on Stakeholder Management and International Co-ordination, which essentially aims to eliminate all production obstacles and ensure the visibility of Nigeria in the global oil production.
The roadmap will provide huge investment opportunity in infrastructure development, oil and gas facilities, operations and maintenance across the entire value chain. By focusing on harnessing the full potential of Nigeria&#8217;s people and its bountiful resources, the 7 Big Wins provides a comprehensive roadmap that leads towards a new dawn not only in Nigeria but also for the whole of Africa.

Author: Penresa

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