Through a comprehensive approach that includes regulatory overhaul, grassroots support to its citizens, infrastructure expansion, and strategic partnerships with the private sector, Nigeria is recalibrating the use of its vast natural gas reserves.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“Nigeria’s motorists can buy petrol at N1,000 per liter or equivalent gas per Standard Cubic Meter at N200,” says H.E. Bola Ahmed Tinubu, President of The Federal Republic of Nigeria.
</blockquote>



<blockquote class="wp-block-quote is-style-plain is-layout-flow wp-block-quote-is-layout-flow"></blockquote>



Beneath Africa’s soil, a natural gas reserve of over 800 trillion cubic feet can be found, from North Africa’s deserts to the verdant plains of the sub-Saharan region. Nigeria holds the largest reserve of this resource with a sheer volume of approximately 280 trillion cubic feet, ranking ninth globally and making it one of the few nations in the world that have the potential to drive the global shift from coal and oil to cleaner energy.



The West African country is now tapping into its natural gas reserve, 76% of which remains undeveloped, to promote economic growth, energy security, and global competitiveness.



In 2023, President Bola Ahmed Tinubu’s administration introduced the Presidential Compressed Natural Gas Initiative (Pi-CNG) to drive CNG adoption and ease Nigeria into a cleaner energy era. The initiative converts cars to be able to run on CNG with conversion discounts for e-hailing drivers and the deployment of bi-fuel buses and CNG tricycles.



Over US$200 million has already been invested across the value chain of the scheme since its launch. In its drive to boost a gas-powered economy, the federal government has hosted the first-ever CNG Stakeholders and Investors’ Forum with a target to achieve conversions of one million vehicles to gas by 2027.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/12/Tuk-Tuk-CNG-1024x683.jpeg" alt="" class="wp-image-63889" style="width:594px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/12/Tuk-Tuk-CNG-1024x683.jpeg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/12/Tuk-Tuk-CNG-300x200.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/12/Tuk-Tuk-CNG-768x512.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/12/Tuk-Tuk-CNG-1536x1025.jpeg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/12/Tuk-Tuk-CNG.jpeg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>


The Nigerian Independent Petroleum Company (NIPCO) supports the initiative through its ‘Switch to CNG’ campaign, driving a nationwide impact into transitioning to natural gas. A game changer for the country’s economy, the introduction of natural gas is already easing the financial burden of fuel prices on Nigerians.



<blockquote class="wp-block-quote has-medium-font-size is-layout-flow wp-block-quote-is-layout-flow">
An increasing emphasis on private sector-led endeavors characterizes the president’s approach to maximizing Nigeria’s gas potential.
</blockquote>



“Nigeria’s motorists can buy petrol at N1,000 per liter or equivalent gas per Standard Cubic Meter at N200,” says H.E. Bola Ahmed Tinubu, President of The Federal Republic of Nigeria.



“Our administration’s Presidential Initiative on CNG Initiative is a flagship program by which we are actively supporting a private-sector-led rollout of critical gas infrastructure to drive innovation and industrialization in Nigeria.”



The president’s CNG initiative aims to create 25,000 jobs and attract $2.5 billion in investment by 2027. Increasing domestic market growth, the nation’s transition to CNG will reduce dependence on imported refined petroleum products.



Another initiative by the federal government is the Ride Share Compressed Natural Gas (CNG) Conversion Incentive Program which aims to provide accessible and affordable transportation for Nigerians. Simultaneously, the Nigerian National Petroleum Company Ltd has commissioned 12 Compressed Natural Gas stations in Abuja and Lagos to reduce transportation costs for Nigerians.



“We know that transportation is responsible for about 14-15% of what an average family spends,” notes Michael Oluwagbemi, Project Director and CEO of the Presidential CNG Initiative.



“CNG for the rideshare industry will mean our young people going to work, school, church, and mosque will be able to afford transportation. CNG is not just a revolution; it is about looking inward for the first time in a long time to use [natural] resources.”



Nigerians seeking credit to convert their cars or build solar systems to power their homes can apply for credit at the Nigerian Consumer Credit Corporation (CREDICORP), which has introduced the Credit Access for Light and Mobility (CALM) Fund.


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="957" height="598" src="https://cms.forbesafrica.com/wp-content/uploads/2024/12/CNG-vehicle-957x598-1.jpg" alt="" class="wp-image-63887" style="width:662px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/12/CNG-vehicle-957x598-1.jpg 957w, https://cms.forbesafrica.com/wp-content/uploads/2024/12/CNG-vehicle-957x598-1-300x187.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/12/CNG-vehicle-957x598-1-768x480.jpg 768w" sizes="auto, (max-width: 957px) 100vw, 957px" /></figure></div>


Providing the foundational structure and guidelines to plan and implement natural gas projects, Tinbu’s administration has launched policy directives that focus on the monetization of Nigeria’s gas resources and the timely execution of projects. The directive aims to compress project contracting cycles from 36 months, at present, to less than six months, increasing the efficient delivery of gas-related projects.



“Nigeria’s gas deposit translates to over US$800 billion and when this is fully harnessed, it will impact our economy directly. We have only accessed a paltry 1.7%, and this shows we are still yet to fully take advantage of this sector,” says Hon. Obongemem Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas).



An increasing emphasis on private sector-led endeavors characterizes the president’s approach to maximizing Nigeria’s gas potential.



“The president strongly believes that private sector-led growth enabled by clear and inclusive government policies is the most enduring path to prosperity for all Nigerians,” says Olu Verheijen, Special Advisor to the President on Energy.



“We will sustain our engagements and collaboration with key investors to ensure we attract not only capital but also the capabilities this sector requires to catalyze job creation, productivity, and income growth across multiple sectors.”



The government’s fiscal incentives to deepen Compressed Natural Gas (CNG) and Liquified Petroleum Gas (LPG) penetration are designed to ease the impact of the removal of fuel subsidies on transportation costs and enable the removal of petroleum and diesel. It also aims to contribute to stabilizing the price of cooking gas in the market and support the transition to clean cooking.



Nigeria’s transition to natural gas is complemented by the government’s focus on improving the nation’s energy infrastructure. The Ajaokuta–Kaduna–Kano (AKK) gas pipeline project, one of these key infrastructure projects worth $2.8 billion, transports natural gas from the southern to the central part of Nigeria.



Natural gas creates multifaceted economic opportunities in Nigeria from supporting gas-fired thermal power plants as the primary fuel for the nation’s electricity generation to supporting industrial growth and improving the living standards of Nigerians. Natural gas also serves as feedstock for industries, especially in petrochemicals, fertilizers, and methanol production, while boosting manufacturing and agro-industries through affordable energy and feedstock.



Beyond its large reserves, Nigeria boasts a strategic export capacity to diversify foreign exchange earnings from natural gas. The nation’s gas exports surpassed 29 billion standard cubic meters in 2023, while the country earned N1.677 trillion in the first quarter of 2024 with natural gas exported to Spain, France, and Belgium.



Emitting less carbon dioxide and other pollutants, natural gas is considered a cleaner fossil fuel and serves a larger purpose of protecting the environment.



“In a world where the environment is crying out for help, where climate change is an undeniable reality, our decision to adopt CNG technology is not just commendable; it is essential,” remarked Zacch Adedeji, Chairman of the Presidential CNG Initiative Steering Committee, adding that in the next three to five years, Nigeria would be saving US$3 million to US$5 billion that the country was spending on Premium Motor Spirit (PMS).



As a signatory of the World Bank’s Global Gas Flare Reduction Partnership principles for global flare-out by 2030 and a country that has ratified the Paris Climate Change Agreement, Nigeria has vowed to remove all flares by 2025 to reduce environmental damage.



Being more efficient and economical, the use of natural gas is supporting large corporations reduce their energy costs.



“Nigerians should see the big picture on the CNG rollout that this is about the future of our children and our country. It’s about making efficient use of the resources that we have, and increasing our energy competitiveness,” notes Toyin Subair, Special Assistant on Special Duties and Domestic Affairs.



“The top ten largest companies in Nigeria don’t use petrol and diesel. They use gas which is why they are making significant profits.”



Nigeria’s vast reserves of natural gas are the cauldron in which its industrial future is being sculpted, shaping a nation ready to lead Africa’s energy transformation.

Leading Image – President Tinubu 30 CNG buses

Nigeria Unleashed: An Emerging Energy Powerhouse

As Lesotho celebrates the 200th anniversary of its founding, it presents investors with a stable, growing market rich in opportunities across tourism, agriculture, and renewable energy, backed by improved infrastructure and investor-friendly policies.  



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“The Bicentennial is a moment of national pride and reflection, celebrating the resilience of the Basotho people. We are commemorating it by investing in heritage and cultural projects that showcase our rich history.” H.E. Sam Matekane, Prime Minister of Lesotho 
</blockquote>



In 1824, King Moshoeshoe I laid the first stones of what would become Lesotho, a nation forged from his vision of unity and strength, where valleys and peaks became both home and refuge for the Basotho people. Now, two centuries on, the bicentennial is a solemn, vital pause—a chance to trace the long path they have walked, a path carved through resilience, wisdom, and an unbroken commitment to sovereignty.&nbsp;&nbsp;



As the “water tower” of Southern Africa, Lesotho holds the unique potential to become a Hydro Nation, with&nbsp; rivers flowing from its highlands offering an immense source of&nbsp; renewable energy. “Lesotho is in a position to establish a sustainable renewable energy and water economy,” says His Majesty King Letsie III of the Kingdom of Lesotho. “Our priority is to satisfy the deficit in our domestic energy demand and to export clean energy and high-quality water to the region. Our goal to fully meet the commitment of the Paris Accord well in advance of 2050 will be attained with the potential of Lesotho being among the first countries in Africa to be a fully carbon neutral electricity generator.”&nbsp;&nbsp;



The country has abundant highland water resources that feed major rivers like the Orange River. The Lesotho Highlands Water Project (LHWP), one of Af rica’s largest inf rastructure undertakings, exports vast amounts of water to South Africa, generating significant revenue for Lesotho while powering the nation’s hydroelectric energy production. “Lesotho has a competitive advantage of having an abundance of water because of the altitude of our location. There is a very high rainfall in the mountains. We also have wetlands, which we refer to as our natural dams,” says Tente Tente, CEO of the Lesotho Highlands Development Authority.&nbsp;&nbsp;&nbsp;



Beyond its abundant water resources, the Southern African nation is known for its rich mineral deposits. “A 145-carat diamond is one of the nine large diamonds we discovered this year. The value of such a diamond can reach up to $40 million,” notes Motooane Thinyane, CEO of Letšeng Diamonds. Beyond diamonds, Lesotho holds untapped potential for other mineral resources, including clays, limestone, and coal, signaling opportunities for diversified mineral exploitation that could further support the nation’s economy.&nbsp;&nbsp;



>>>>>>>>><a href="https://cms.forbesafrica.com/wp-content/uploads/2024/12/ONLINE-PENRESA_FORBES-2024-LESOTHO_28pags-v_ok-1.pdf">Download Report here</a>&lt;&lt;&lt;&lt;&lt;&lt;&lt;&lt;



<div data-wp-interactive="core/file" class="wp-block-file aligncenter"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://cms.forbesafrica.com/wp-content/uploads/2024/12/ONLINE-PENRESA_FORBES-2024-LESOTHO_28pags-v_ok-1.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of ONLINE PENRESA_FORBES 2024 LESOTHO_28pags v_ok (1)."></object><a id="wp-block-file--media-e9813f2d-1080-4e90-bb3b-912558d40c2f" href="https://cms.forbesafrica.com/wp-content/uploads/2024/12/ONLINE-PENRESA_FORBES-2024-LESOTHO_28pags-v_ok-1.pdf">ONLINE PENRESA_FORBES 2024 LESOTHO_28pags v_ok (1)</a><a href="https://cms.forbesafrica.com/wp-content/uploads/2024/12/ONLINE-PENRESA_FORBES-2024-LESOTHO_28pags-v_ok-1.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-e9813f2d-1080-4e90-bb3b-912558d40c2f">Download</a></div>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="591" height="591" src="https://cms.forbesafrica.com/wp-content/uploads/2024/12/LESOTHO-MPU-NEW_2024_25-2.jpg" alt="" class="wp-image-63870" style="width:381px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/12/LESOTHO-MPU-NEW_2024_25-2.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2024/12/LESOTHO-MPU-NEW_2024_25-2-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/12/LESOTHO-MPU-NEW_2024_25-2-150x150.jpg 150w" sizes="auto, (max-width: 591px) 100vw, 591px" /></figure></div>


The nation has made remarkable progress in inf rastructure, with improved roads and communication networks that enhance connectivity and support economic activities. “We are upgrading our existing road network from 10,000 to over 15,000 kilometers, while changing our existing gravel roads to asphalt roads. On the aviation side, we’ve got an international airport which we plan to strategically grow from servicing flights between Lesotho and South Africa to feeding into a regional hub,” notes Hon. Neo Matjato Moteane, Minister of Public Works and Transport. In education, investments have fostered a more skilled workforce, while advancements in healthcare have strengthened the well-being of the population.&nbsp;&nbsp;



The monarchy of Lesotho plays a pivotal role in shaping the nation’s identity and governance, with King Letsie III serving as a symbol of continuity and unity. Complementing the monarchy is the Prime Minister, who guides the government and implements policies aimed at enhancing population welfare and economic growth with a robust financial sector. “Lesotho has a very strong financial sector in terms of balance sheets. We don’t have banks that can go under tomorrow. The regulator is very close to the banks, and banks are well capitalized and the liquidity is good,” notes Nkau Matete, Managing Director of Nedbank.&nbsp;&nbsp;



Investors should consider Lesotho for its strategic location within southern Af rica, granting easy access to the Southern Af rican Development Community market, while offering a politically stable environment that supports foreign direct investment. “Our tax regime, compared to our neighbors like South Africa, is much better because it’s 10% for manufacturing and 25% for normal tax. Investors can engage in setting up infrastructure for the tourism sector, such as resorts and high-altitude training centers for athletes,” says Hon. Mohlomi Moleko, Minister of Natural Resources. As it looks ahead, Lesotho stands at a crucial moment in its history, ready to embrace a future filled with promise while honoring the richness of its past.&nbsp;&nbsp;

LESOTHO COVER (1)

Lesotho: The Water Tower of Southern Africa 

<blockquote class="wp-block-quote is-style-default is-layout-flow wp-block-quote-is-layout-flow">
“We must all act in harmony to move our country forward and achieve the much-needed economic transformation. Indeed, our best years as a nation are truly within our reach. The will, courage, energy and faith we garner for our transformation will secure us the success we all desire to achieve,” says H.E. Hakainde Hichilema, President of Zambia.
</blockquote>



On October 24, 2024, Zambia celebrates its diamond jubilee in honor of its independence, under the theme, 60 Years Strong: Honouring Our Heritage, Embracing the Future.



As a large, landlocked country with an estimated population of about 21 million people in 2024, as per Worldometer, from 72 ethnic groups, Zambia is steeped in history dating back to the African Stone Age. This while standing proud as one of Africa’s most stable countries with consistently peaceful transitions of power.



Sharing borders with eight countries, namely Angola, Botswana, Democratic Republic of the Congo, Malawi, Mozambique, Namibia, Tanzania, and Zimbabwe, Zambia is also the continent’s biggest copper producer as well as one of the world’s richest countries in terms of natural resources.



The US$259 million Kazungula Bridge, a road and rail bridge over the Zambezi River linking Zambia and Botswana, was inaugurated in May 2021. The bridge has boosted trade and tourism in Southern Africa and provided cross-border cooperation and the regional infrastructure development needed in order to facilitate intra-African trade in the Southern African Development Community (SADC).



On August 24, 2021, H.E. Hakainde Hichilema, described as a businessman, farmer and politician, was sworn in as Zambia’s new president, giving rise to a new dawn for the country and a vision of economic transformation.



He also unveiled the new Green Economy and Environment ministry, emphasizing his administration’s commitment to the mitigation of climate change in the country, continent and the world.



In March 2022, a giant wind-solar hybrid plant was announced which has seen developer and energy group, Chariot build a 430MW project to power copper and gold extraction mining operations.



Zambia is ensuring it is tackling climate change at an institutional level while diversifying its economy and scaling up community-led projects. In 2023, the president approved plans related to the construction of a 71-megawatt hybrid renewable energy project in the Chibombo district.



The 2024 budget has allocated substantial resources to agriculture to bolster initiatives such as irrigation development, fertilizer subsidies, and research and development.



One of Africa’s fastest-growing economies, Zambia’s economy is projected to grow at 4.5% in 2024 aided by strategic interventions in agriculture, tourism, mining, manufacturing, energy and transport sectors while the focus on the rehabilitation and upgrading of existing roads will open and secure further trade corridors with neighboring countries.



Zambia’s dedication to promoting a favorable business environment has saw it score 67 points in the ease of doing business index in 2020, ranking it among the top 10 African economies according to the Doing Business 2020 report published by the World Bank Group.



The country is projecting itself to become a business haven for the continent’s start-ups, with the government’s commitment to building Zambia and helping it to become a technologically-driven economy and business hub.



<a href="https://cms.forbesafrica.com/wp-content/uploads/2024/10/PENRESA_FA-Zambia_16Pgs-vONLINE_7ok.pdf">>>>>>>>>>Click here to download full report&lt;&lt;&lt;&lt;&lt;&lt;&lt;&lt;&lt;&lt;&lt;</a>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="591" height="591" src="https://cms.forbesafrica.com/wp-content/uploads/2024/10/ZAMBIA-MPU-NEW_2024-3.jpg" alt="" class="wp-image-63427" style="width:361px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/ZAMBIA-MPU-NEW_2024-3.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/ZAMBIA-MPU-NEW_2024-3-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/ZAMBIA-MPU-NEW_2024-3-150x150.jpg 150w" sizes="auto, (max-width: 591px) 100vw, 591px" /></figure></div>


<div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://cms.forbesafrica.com/wp-content/uploads/2024/10/PENRESA_FA-Zambia_16Pgs-vONLINE_7ok.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of PENRESA_FA Zambia_16Pgs vONLINE_7ok."></object><a id="wp-block-file--media-ce90e1c9-1288-4f0b-81e9-eda738d2689e" href="https://cms.forbesafrica.com/wp-content/uploads/2024/10/PENRESA_FA-Zambia_16Pgs-vONLINE_7ok.pdf">PENRESA_FA Zambia_16Pgs vONLINE_7ok</a><a href="https://cms.forbesafrica.com/wp-content/uploads/2024/10/PENRESA_FA-Zambia_16Pgs-vONLINE_7ok.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-ce90e1c9-1288-4f0b-81e9-eda738d2689e">Download</a></div>

Zambia leading image – Victoria-Falls-amazing-view

Zambia: Driving Change And Connection

Boasting an abundance of natural resources, a young workforce, a growing middle class, and a government-incentivized investment climate, Ghana is positioned as a premier investment destination in Africa. 



For generations, Ghana’s mineral wealth flowed outward, with a stream of gold, manganese, and bauxite feeding the industries of countries all across the globe. In recent years, however, the nation’s mineral resource stewardship has taken a novel shift, with a focus on adding value to its raw natural resources before they reach the global market. The establishment of a 400kg-capacity gold refinery through a public-private partnership in 2024 and the planned construction of a US$450 million manganese refinery this year, marks a bold stride towards this commitment. 



The latter is expected to raise Ghana’s revenue from manganese from the current 27% to nearly 40%, while creating 400,000 jobs for the youth. Large-scale salt mining is another positive development in the country’s economy. “We have a salt mine that is slated to become the biggest salt-producing facility in Africa. We are expanding its capacity from 650,000 metric tons of salt per annum to one million metric tons this year and to two million metric tons by 2027,” says Daniel McKorley, Executive Chairman of McDan Group. With increased demand for renewable energy sources, Ghana’s possession of copper and rare earth elements will also propel the nation to the forefront of the green mining revolution. 



Eliminating tariffs on most traded goods and encouraging regional value chains, the advent of the African Continental Free Trade Area (AfCFTA) has the potential to impact Ghana’s mining industry and other sectors. Ghanaian businesses will benefit from increased market access through the initiative, which will create a market of over 1.2 billion people and a combined GDP of US$3.4 trillion. As the designated host of the AfCFTA organization that will oversee the implementation of the agreement, Ghana plays a prominent leadership role in the initiative, one that is amplified by its strategic location within Africa. “Ghana is centrally located in Africa. It serves as a significant conduit for exports for a number of landlocked countries,” says Sam Aidoo, Executive Director of GCB Bank.  



<a href="https://cms.forbesafrica.com/wp-content/uploads/2024/10/PENRESA_FORBES-2024-GHANA_38pags-v_10-ONLINE.pdf">Download the full report here</a>



<div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://cms.forbesafrica.com/wp-content/uploads/2024/10/PENRESA_FORBES-2024-GHANA_38pags-v_10-ONLINE.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of PENRESA_FORBES 2024 GHANA_38pags v_10 ONLINE."></object><a id="wp-block-file--media-b8f1d595-8a8c-4068-bf58-e86a5c962b30" href="https://cms.forbesafrica.com/wp-content/uploads/2024/10/PENRESA_FORBES-2024-GHANA_38pags-v_10-ONLINE.pdf">PENRESA_FORBES 2024 GHANA_38pags v_10 ONLINE</a><a href="https://cms.forbesafrica.com/wp-content/uploads/2024/10/PENRESA_FORBES-2024-GHANA_38pags-v_10-ONLINE.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-b8f1d595-8a8c-4068-bf58-e86a5c962b30">Download</a></div>



As one of the top recipients of foreign direct investment in West Africa, Ghana focuses on continuously improving investors’ experiences by streamlining bureaucratic procedures and offering tax incentives. Julie Essiam, Commissioner General of the Ghana Revenue Authority, says, “Ghana offers a welcoming environment for investors through several key structures. There are temporary taxation arrangements. Foreign investors can benefit from a tax rebate program offering around 5%. Manufacturers located in special economic zones such as the Accra-Tema zone enjoy significant tax breaks, with rates around 25%.” In 2019, Ghana conducted a year-long program dubbed ‘The Year of Return’ that focused on providing investment opportunities to welcome back the diaspora, boosting tourism, and attracting investment. “We have made great efforts to mobilize diaspora investment. Diaspora investors are seen as a source of stable capital, less likely to repatriate funds during periods of economic volatility,” says Alex Dadey, Executive Chairman of KGL Group. 



Building on this collaborative momentum, Ghana fosters a strong partnership with the private sector, leveraging the sector’s capital, expertise, and technology to accelerate the development of needed infrastructure and the provision of service delivery in the country. 



“The future is positive. The key lies in creating a level playing field for investors. This will unlock a domino effect, with increased investment leading to job creation, tax revenue growth, and a thriving economy. However, taking the first step is essential,” notes Mahesh Melwani, Joint MD of Melcom. This commitment to collaboration extends beyond infrastructure projects and reflects a broader national commitment to stability. 



The country has a long history of peaceful democratic transitions, making it a reliable and predictable environment for businesses to invest. Kosi Yankey Ayeh, CEO of Ghana Enterprises Agency, says, “Ghana is a beacon of democracy and stability. We’ve done pretty well as a nation. I think that successive governments and everyone have ensured that we are able to maintain stability through a peaceful transition of power with the future in mind.” From its supportive government policies to its dynamic market and focus on innovation, Ghana stands out as an attractive destination for investors seeking long-term success.

Kwame Nkrumah Circle Interchange in Ghana, Africa. Shot with a drone

Ghana: The Beacon of Democracy Part 2- West Africa’s Investment Powerhouse 

Publicly listed on the Botswana Stock Exchange, ABSA Bank Botswana is transforming Botswana’s digital banking sector and supporting the Southern African country to diversify its economy.&nbsp;



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<h2 class="wp-block-heading" id="h-botswana-has-maintained-a-triple-a-rating-in-credit-for-many-years-which-many-countries-can-only-aspire-to-get-keabetswe-pheko-moshagane-managing-director-of-absa-bank-botswana"> “Botswana has maintained a triple-A rating in credit for many years, which many countries can only aspire to get.” &#8211; Keabetswe Pheko-Moshagane, Managing Director of ABSA Bank Botswana </h2>
</blockquote>



Reimagining the way business owners operate across Botswana, ABSA Bank introduced Mobi&nbsp; Tap in 2023, a software application that turns smartphones into point-of-sale machines to accept card payments. This means a simple tap on the phone to complete transactions effortlessly. The initiative aims to support the growth of small enterprises, businesses, and entrepreneurs, as the bank plans to broaden the software application across different sectors. “I would say we have successfully achieved our target when every taxi driver in the country can just tap their phones&nbsp;



for transactions,” says Keabetswe Pheko-Moshagane, Managing Director of ABSA Bank Botswana. The bank aims to reach all merchants in urban and rural areas, from street vendors to taxi drivers, to create a cashless society through an affordable digital payment system.&nbsp;



Evolving into a large financial services company, ABSA Bank emerged in Botswana’s banking industry in 1950. The bank is currently engaged in supporting Botswana develop its capital market with a focus on the country’s pension fund. “We have seen our government taking an initiative to repatriate the pension fund, increasing the threshold that is sitting in the country from the current 30% compared to the 70% offshore. To facilitate the economy and create liquidity in the market, we will, in a phased approach, see that increasing up to 50%. We are designing different instruments that can facilitate the investments of these funds as they come back into the country,” says Pheko-Moshagane.&nbsp;



Botswana largely relies on the extraction of diamonds for foreign exchange earnings and its government revenue. As the nation seeks to diversify its economy to other potential sectors, ABSA has devised key support areas to realize this target, including providing access to finance to other sectors, human capital development, and support to SMEs. “The important question is: how do we build the right credit appetite into other sectors beyond diamond? We have been the pioneers of value chain financing through a product called Enterprise Supply Development. We have disbursed over a billion pula to our SMEs, specifically in the diamond sector. My vision is to take the same model and replicate it in other sectors as I rally behind the government’s vision of diversification,” says Moshagane.&nbsp;



The bank’s F.G. Mogae Scholarship, named after the late Botswanan President, aspires to increase the nation’s human capital in various industries.&nbsp;&nbsp;



Perhaps one of the most unique services of ABSA Bank is its financing model that pivots from traditional lending, supporting SMEs who are often challenged with a lack of financial resources. “Commercial banks request SMEs to present a financial statement to secure a loan. We would rather look at the potential SMEs have to access the market. If they show a case that they’ve got a market that is ready to undertake their product, we will finance them,” says Moshagane. Beyond financial resources, the bank focuses on providing value addition to SMEs through training on topics ranging from strategies to market products to navigating tax obligations.&nbsp;&nbsp;



ABSA Bank invariably follows a self-espoused approach to corporate social responsibility, one that resonates with the age-old adage of ‘teaching a man to fish’. “We have launched a product called ‘SHE Account’ for women entrepreneurs, which stands for See, Hear, Empowered. The account offers training in how to run businesses, free access to an office-like setup in one of our service centers, and access to our Relationship Managers (RMs) that help entrepreneurs build their business case up until they can access finance,” says Moshagane. The bank also prioritizes financing initiatives that have the potential to influence positive social change and environmental sustainability.&nbsp;



Botswana’s economic and political stability as well as its global rating in the banking industry prompts investment. “Botswana has maintained a triple-A rating in credit for many years, which many countries can only aspire to get,” says Moshagane, reflecting on the nation’s stability in finance management and robust infrastructure as some of the opportunities for investors. “We are here to empower Africa’s tomorrow together, one story at a time. Your story matters, and we want to help write every chapter with you. That is why you should partner with ABSA.”&nbsp;

Keabetswe Pheko-Moshagane – CEO of ABSA Bank

Leading the Digital Banking Space in Botswana 

From soil to success, NARDI’s triumph has played a key role in the enhancement of Botswana’s agricultural renaissance.&nbsp;



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<h2 class="wp-block-heading" id="h-now-is-the-time-to-invest-in-botswana-s-agricultural-sector-and-partner-with-nardi-for-impactful-growth-professor-julius-r-atlhopheng-ceo-of-nardi-headshot-provided">“Now is the time to invest in Botswana’s agricultural sector and partner with NARDI for impactful growth.” &#8211; Professor Julius R. Atlhopheng, CEO of NARDI (headshot provided) </h2>
</blockquote>



At the forefront of Botswana’s agricultural landscape stands the National Agricultural Research and Development Institute (NARDI), a beacon of innovation and progress under the leadership of Professor Julius R. Atlhopheng. From pioneering research to sustainable practices, NARDI’s endeavors are reshaping the agricultural sector while fostering inclusive growth and economic development.&nbsp;



Atlhopheng commenced the discussion by reflecting on NARDI’s inaugural year, emphasizing the importance of laying robust foundations for sustainable growth. “We focused on establishing a performance management system to optimize human capital and foster a culture of excellence within NARDI,” he explains. Additionally, NARDI prioritized financial sustainability and stakeholder engagement, recognizing them as fundamental pillars for driving meaningful change. “The development of an investment policy and a knowledge management policy was crucial in ensuring efficient operations and fostering collaboration with stakeholders,” he adds.&nbsp;



In its formative year, NARDI also prioritized technology transfer and commercialization frameworks to enhance the agricultural sector’s commercial viability. Atlhopheng stressed the need for an integrated approach, saying, “We developed an integration framework to align&nbsp;



research and development efforts with technology transfer and commercialization initiatives, promoting synergy across all functions.”&nbsp;&nbsp;



As NARDI enters its second year, Atlhopheng outlined plans to revamp systems for enhanced service delivery and align policies and strategies with the institute’s overarching goals. “We are updating our policies and strategies to ensure alignment with our vision and foster greater coordination among stakeholders,” he says. This strategic realignment aims to maximize NARDI’s impact and efficacy in driving agricultural transformation across Botswana.&nbsp;



NARDI’s commitment to agricultural commercialization includes a wide range of methods targeted at increasing Botswana’s agriculture sector’s economic viability. Building on Atlhopheng’s emphasis on inclusion, the institution has implemented adapted programs to meet&nbsp;



the diverse requirements of many social groups. A critical component of this strategy is offering aid and resources to small-scale farmers and underprivileged groups, encouraging them to actively participate in commercial agricultural activities.&nbsp;



NARDI provides farmers with the information and resources they need to increase production and improve crop quality via targeted capacity-building efforts and access to cutting-edge technologies. This includes research into seed technology, organic fertilizers, and precision agriculture, which not only improves yields but also lowers input costs and environmental effects. NARDI advocates for the use of sustainable farming practices, which not only increases the profitability of agricultural businesses but also ensures the long-term viability of Botswana’s agricultural industry.&nbsp;



In addition to assisting individual farmers, NARDI promotes the development of agricultural value chains and agribusinesses, therefore offering new opportunities for economic growth and&nbsp;



employment creation. By establishing linkages between farmers, agro-processors, and other value chain partners, the institution promotes agricultural product commercialization and market reach. This includes programs aimed at improving post-harvest handling and processing&nbsp;



procedures, as well as attempts to establish market ties and promote value-added goods.&nbsp;



Furthermore, NARDI is actively involved in technology transfer and commercialization initiatives, which help to accelerate the movement of research discoveries and breakthroughs from the lab to the market. The institution promotes the adoption of new technologies and creative practices that improve agricultural production and competitiveness in collaboration with the private sector and industry stakeholders. This includes activities to create and promote agricultural innovations, including improved crop types, pest and disease control solutions, and sustainable farming methods.&nbsp;



NARDI is a beacon of excellence in agricultural research and development, positioned to drive dramatic change in Botswana’s agricultural environment. With an unrelenting dedication to quality and a holistic approach to agricultural development, NARDI is ready to lead Botswana into a new age of agricultural prosperity.&nbsp;

Professor Julius R. Atlhopheng – CEO – NARDI

Botswana’s Transition to an Agricultural Powerhouse

A leader in Botswana’s diamond industry, Debswana has fuelled national growth through smart mine solutions, 5G-ready operations, and significant community investments across its mining sites. 



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“Over 55 years, we have not just mined diamonds, we’ve mined possibilities, and growth for the people of Botswana.”  Andrew Maatla Motsomi, Managing Director of Debswana



As Debswana Diamond Company celebrates its 55th anniversary, its path demonstrates the transforming impact of diamond mining in Botswana. Under the direction of Managing Director Andrew Maatla Motsomi, who took over in June 2022, the firm has continued to prosper, preserving its position as one of the world’s leading diamond producers in value and volume.&nbsp;



Andrew Motsomi’s broad career spans three decades, including major posts at the Reserve Bank and the Bank of Botswana, where he eventually served as deputy governor. His international experience includes a special assignment at the International Monetary Fund in Washington, D.C., which reflects his extensive knowledge of economic growth and policy. Motsomi’s academic achievements include a Bachelor’s degree in Economics and Accounting, a postgraduate Diploma in Economic Development and Planning, and a Master’s Degree in Economics, as well as executive programs from top global schools. 



Debswana’s success is based on its operational excellence and use of cutting-edge technologies. “Debswana operates some of the best mining equipment and technologies globally,” Motsomi says. This dedication to technological innovation is exemplified by deploying the Huawei-enabled smart mine solution at the Jwaneng mine, the world’s first 5G-ready smart diamond mine. This system, which has been in operation since December 2021, improves safety and production by automating and monitoring mining activities in real-time. The eLTE 4G private network is now operational across all Debswana mines, including Orapa, Letlhakane, and Damtshaa, providing the steady and dependable connectivity required for contemporary mining operations.&nbsp;



Debswana has been bold in adopting technology over the years, having been the first mining company to set up and operate an automated, fully integrated sorting house over two decades ago.&nbsp;



Debswana’s contribution to Botswana goes well beyond mining. It has been at the heart of the country’s economic growth, contributing significantly toward GDP, foreign exchange reserves, and government revenues. The money earned from diamonds has helped in the construction of schools, hospitals, roads, and other amenities. “Earnings from diamonds, mainly from Debswana, have been key in advancing critical infrastructure, job creation, education, and healthcare services in Botswana,” says Motsomi.&nbsp;



The company’s dedication to community development is substantial and dates back to the early 1970s, when the company started its community donations program, as it was called back then. Since 2019, Debswana has committed over P200 million (US$14.9 million) to clinics, classrooms, roads, and sports development, amongst others. It has introduced over 1,800 female students to STEM, resulting in a new generation of innovators. Debswana has also designated more than 54,500 hectares in Orapa and Jwaneng as biodiversity sanctuaries, providing habitat for thousands of plant and animal species. “Our hospitals in Orapa and Jwaneng care for more than 200,000 patients annually,” Motsomi says, emphasizing the company’s all-encompassing commitment to community welfare. 



Sustainability is important to Debswana’s business strategy. The corporation is concentrating on human elements in safety, mine closure planning and restoration, conservation tourism, and strengthening its social and governance systems. “Debswana will maximize opportunities for sustainable investments, ensuring that sustainability remains integral to our business strategy,” Motsomi says. This commitment guarantees the firm retains its social license to operate and satisfies stakeholder and consumer expectations for diamond equality.  



Debswana celebrates its 55th anniversary by reflecting on its important achievements and milestones. The corporation intends to connect with the community and stakeholders through a variety of activities, emphasizing its historical contributions to Botswana’s growth. “We will be sharing Debswana’s story with Batswana and encouraging them to share their diamond stories,” Motsomi says. This commemoration is about more than simply reflecting on the past; it is also about drawing inspiration for future strategic directions.&nbsp;



Debswana’s journey demonstrates the prospects of locating key investment hubs in Botswana. “Botswana provides peace and stability to its nationals and investors; hence, it is the right time to invest in Botswana,” Motsomi says.&nbsp;



As Debswana journeys into the future, it does so with a legacy of success and innovation that blazes with the luminosity of Botswana’s diamonds and the unbreakable spirit of its people.&nbsp;
</blockquote>

Andrew Maatla Motsomi, Managing Director of Debswana

Five Decades of Diamond Innovation and Transformation 

Access Bank Botswana pioneers inclusive finance while empowering communities with innovative solutions. The bank drives sustainable growth, prioritizing trade, SMMEs, women’s banking, and social impact across the country. 



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“The warm reception from the market and stakeholders is humbling yet motivating whilst paving a path for growth and partnership.” Shepherd Aisam, Managing Director of Access Bank Botswana



Access Bank Botswana stands out in the financial services sector, not just in Botswana but across Africa, due to its commitment to social impact, sustainability, and the empowerment of local businesses and communities. Sheperd Aisam, the Managing Director of Access Bank Botswana, embodies this vision through his passionate leadership and dedication to creating lasting positive&nbsp;



change through transformational and long-term partnerships. With a career spanning over two decades in the financial services sector on the African continent, Aisam brings a wealth of experience and a passion for sustainable development that is evident in every initiative the bank undertakes.&nbsp;



At the heart of Access Bank Botswana’s operations is a profound commitment to improving the lives of Batswana at the core, underpinned by wealth creation, growing wealth, preserving wealth, and leaving a lasting impact. Aisam articulates this vision clearly: “In Africa, we should consider articulating our vision more profoundly by uplifting dignity, poverty alleviation, and wealth creation. These concepts guide our efforts in providing affordable housing products,&nbsp;



agribusiness, education sector expertise, and healthcare sector solutions to name a few.” The bank’s initiatives aim to empower Batswana at each level of the ecosystem, with a particular focus on SMMEs to facilitate trade, payments, collections, and capital raising, supporting sectoral growth.&nbsp;&nbsp;



One of the bank’s significant projects in 2024 is the launch of its home-grown, tailor-made, and affordable housing proposition. Aisam elaborates, “We are dedicated to creating housing&nbsp;



solutions that demonstrate we understand that the housing market in the lower end of the spectrum is underserved.” This initiative not only addresses the housing deficit but also uplifts&nbsp;



communities by providing stable living conditions.&nbsp;&nbsp;



Aisam speaks passionately about the bank’s initiatives to support women, recognizing their crucial role in societal development. “Statistically, women are an anchor in our African communities and more so on financial literacy,” he explains. “By focusing on women-led businesses and financial inclusion, we can drive substantial economic growth.”&nbsp;



Access Bank Botswana prides itself on being a truly indigenous African bank, uniquely positioned to understand and meet the needs of African clients. “We are an African bank that understands the needs of Africans,” says Aisam. “This gives us a distinctive edge in delivering relevant and innovative financial solutions.” &#8211; The bank’s focus on innovation is evident in products like the N’Stakolle Loan and the Salary Advance Loan (digital nano-loan products). These are not only first to market but best in the market and offer unprecedented convenience and accessibility to customers.&nbsp;



One of the bank’s flagship programs, Access Closa, exemplifies its commitment to financial&nbsp;



inclusion. “Access Closa connects with individuals in remote areas, bringing banking services&nbsp;



to their doorstep through over 1,000 agents,” Aisam explains. This initiative ensures that even&nbsp;



the most underserved populations can access financial services, thereby promoting economic&nbsp;



participation and growth.&nbsp;



Access Bank Botswana is part of a larger network that spans continents, including offices in the UK, Hong Kong, and Dubai. This global presence enhances the bank’s ability to facilitate trade and support clients across multiple markets. “Our goal is to create a seamless trade ecosystem that connects Botswana with the world,” Aisam notes. “We support our clients in accessing international markets, thereby driving economic growth and development.”&nbsp;



Access Bank Botswana, under the leadership of Aisam, stands as a beacon of positive change in the realm of finance. The pledge to uphold principles of dignity, social impact, and sustainability elevates the bank as a trailblazer in the industry. By promoting women’s empowerment, driving innovative trade practices, and fostering inclusivity, the bank not only transforms the financial landscape of Botswana but also contributes to the broader economic growth of Africa.&nbsp;
</blockquote>

Sheperd Aisam, Managing Director of Access Bank Botswana

In Innovation, Social Impact, And Financial Inclusion 

Penresa had an insightful conversation with His Excellency Dr. Mokgweetsi Eric Keabetswe Masisi, President of the Republic of Botswana, discussing the nation’s unparalleled management of its diamond deposits, elevating it to an upper-middle-income status, and its commitment to sustainable energy, among other ongoing initiatives.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“I don’t know of any country that presents the geopolitical stability that we do. Stability comes along with predictability.” H.E. Dr. Mokgweetsi Erickeabetswe Masisi, President of Botswana
</blockquote>



Your Excellency, may you kindly elaborate on your government’s policies and legislation aimed at strengthening Botswana’s economy?



The fundamental prerequisite for success is good governance, and we plan to maintain and build upon the successes of my predecessors. Our commitment is to respond to emerging dynamics,&nbsp; one of which is opening up the economy for fair competition. The role of government is succinctly defined as that of a fair, dependable, predictable, and trusted facilitator for business and investment. We focus on fair distribution of our budget for infrastructure, providing a stable and reliable healthcare system, telecommunications, clean water, waste management, and education. Our policies include promoting enhanced trade, incentivizing key sectors of the economy, and encouraging both domestic and global private sector investment, as we seek to pivot our economy to depend less on natural resources, with emphasis on knowledge and intellectual capital.



What opportunities in the country do you see for investors?



I don’t know of any country that presents the geopolitical stability that we do. Stability comes&nbsp; along with predictability. Stability is not just political. It is also economic and financial. We have a financial model and system that allows any investor, with whatever currency that is tradeable, to bring it into our economy with minimal bureaucracy. We see ourselves as a strategic conduit in the International Financial Service Centre system. Additionally, financial resources are legally



<blockquote class="wp-block-quote is-style-default has-medium-font-size is-layout-flow wp-block-quote-is-layout-flow">
“Botswana’s story is an amazing one with an economy on an upward trajectory of 1.9 % in the fourth quarter of 2023. Further to this, Standard &amp; Poor’s credit rating for Botswana stands at BBB+ with a stable outlook.” H.E. Dr. Mokgweetsi Erickeabetswe Masisi, President of Botswana
</blockquote>



regulated. Our tax regime of 22% for companies has the potential to be reduced to 5% or even 0% in special economic zones for five years. Look at the state of our infrastructure, security and personal safety, and the skill base of our people, which make Botswana’s business environment competitively compelling. Our warm international relations with other SADC countries and our unwavering commitment to the ideals of the African Continental Free Trade Area Agreement have great potential to expand our small market of 2.65 million people to over 389.4 million people, even up to 1.5 billion. Lastly, our infrastructure provides opportunities for massive investment. Botswana’s current budget for infrastructure totaling P21 billion (US$1.5 billion) is the largest ever since independence. This is for the 2024-2025 financial year alone.



Could you please share insights into your environmental protection initiatives aimed at mitigating the effects of climate change?



Botswana boasts a long history of environmental protection stewardship, reserving 40% of its land mass for wildlife and environmental conservation, as well as implementing appropriate policies to manage waste disposal. We invest in relevant technologies to offset the impact of



negative environmental hazards. We also adhere to regional and international protocols. We have also put together an integrated resource plan that manages and limits the development of any energy source that could result in pollution. More importantly, we have ramped up and continue to review plans to further elevate the net contribution of solar energy as a proportion of our total



energy production. Additionally, we’re investing in the knowledge and innovation space as we strive to build our capacity to produce storage for batteries for solar generation. We have the ingredients, but we are still looking for investors, innovators, and creators so that we can be a solution provider, not only to Botswana but the world. We will continue to invest in research and development to ensure we meet the targets of the Paris Agreement, which aims to limit global



warming to 1.5-2ºC compared to pre-industrial levels.



What makes the people of Botswana unique?



Botswana is a young country with a small population of about 2.6 million people, young also in that we only gained our independence in 1966. We are a youthful population, with young people



under 35 years constituting approximately 60% of our country’s population. However, as a democracy, we are the oldest and arguably the most successful democracy in Africa. Being a Motswana means that you are the embodiment of a certain compendium of values, including a commitment to peace and harmony, consultative dialogue, democracy, and looking out for others. Batswana are unique because they abhor violence, bullying, autocracy, and anything



that abuses trust. Batswana are unique because they embrace other nationalities. I am proud to be a Motswana and would not trade that for anything.



What would you like people to know about Botswana’s history?



Botswana has a rich history that is worth reading, and when you do, you will find values that any peace-loving person globally associates with. Botswana is built on principles of peace and dialogue. We are of the strong conviction that it is always better to jaw-jaw rather than war-war. You find this in our idiomatic expressions, and the narrative of our history is replete with examples of leaders who sought to venture out and speak on behalf of their people and others so that there is peaceful coexistence, social harmony, and non-discrimination. For a very long time, we stood out as an oasis of peace at a time when the Southern African region was reeling under the yoke of apartheid, where racial discrimination and subjugation were institutionalized. We have never experienced war, whether civil or external. We have no known enemies. We intend to have none. Botswana’s story is an amazing one, with a GDP on an upward trajectory of 1.9% in the fourth quarter of 2023. Further to this, Standard &amp; Poor’s credit rating for Botswana stands at BBB+ with a stable outlook. Furthermore, Moody’s credit rating for Botswana was last set at A3 with a stable outlook.



Why would you say that Botswana is the diamond of Africa?



The reason I would say, without an iota of doubt, that Botswana is the diamond of Africa is not only because we are home to the continent’s and the world’s richest diamond deposits, but because we have also managed them exceptionally well. We have not allowed diamonds



to cause us any harm as a people. Our diamonds are for development. We have institutions of governance and robust management controls that, for decades, enabled Botswana to comply with Best Principle Practices. Proceeds from our diamonds go toward national development for the benefit of our people, in terms of impact and wealth. They are mined out of a governance system and structure that is clean and organic in the same way as diamonds themselves were made over 3.3 billion years ago. That is the reason why our diamonds are valuable; they were formed before the dawn of the human race. Our diamonds do not belong to political leadership or any particular



group or tribe; they belong to every Motswana, and that is why we promulgated legislation that promotes mineral wealth for all. Diamonds belong to the state. That is to say, there are no private mines in Botswana. These diamonds are what make us what we are. I know of no country in the world that has used its resources and benefits from diamonds as prudently, as frugally, and as effectively for its people and development as Botswana. So, this title, that Botswana is the diamond of Africa, is most apt. I might even suggest that Botswana is the diamond of the world.



What is your vision for the country’s future?



Botswana is marching forward with a lot of energy and vigor. We are transitioning from a resource-based economy to a knowledge-based economy. We want to trade with our intellectual capital because we are acutely aware that our natural endowments, such as our mineral wealth,



are finite. Our mental capacity, energy, and zeal to solve global problems, combined with a well-structured and managed country that attracts the world’s best minds to generate, register, and patent their solutions in Botswana, is the way to go. I am really glad we are making headway and we continue to attract conferences, meetings, institutions, and the best minds to come and locate in Botswana and thrive. Throughout the remainder of my presidency, this is the direction I want to take my country. I trust that those succeeding me in our democratic system will sustain the trajectory of our country toward prosperity.

President of Botswana approved

Botswana’s Extraordinary Journey to Prosperity

Cornerstone Developments is transforming Ghana’s real estate with energy-efficient, high-end residential properties.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“Ghana is a very safe place to be, and investing in Cornerstone  Developments is a great investment for anyone looking to bring their money into a thriving, emerging market.” Joe Leslie Obeng-John, CEO and Managing Director of Cornerstone Developments
</blockquote>



In the landscape of Ghana’s real estate sector, Cornerstone Developments Limited has emerged as a premier player, delivering high-quality, luxury properties that set new standards in



the industry. The company, led by CEO and Managing Director Joe Leslie Obeng-John, has built



a strong reputation for excellence over the past decade, with projects that not only elevate the local market but also attract significant interest from international investors.



Obeng-John’s entry into the real estate industry was motivated by a desire to close the gap in luxury lodgings in Ghana. After going to Ghana in 2000, he observed a shortage of high-end residential options. “When I came out looking for somewhere to stay other than a hotel, the offerings at the time were quite limited,” he says. This understanding, along with his expertise in property development in London, prompted him to form Cornerstone Development.



Cornerstone’s portfolio includes a range of notable projects that have made a significant impact on Ghana’s real estate market. The company’s first major project, East Legon townhouses, marked the beginning of its commercial real estate journey in 2013. Since then, Cornerstone has developed over 10 projects, including Noble Square, Nyla Court, Nissi Place, Altitude Residence, and Aura Cantonments. These developments have added over 500 units to the market, primarily focusing on residential properties ranging from multi-unit complexes to individual luxury homes.



One of the company’s main projects, Ava Residence, is now being built in Accra’s airport residential neighborhood. With almost 12 stories, Ava is poised to revolutionize luxury living in Ghana. Although the project is still ongoing, 80% of apartments have been sold out, demonstrating the company’s repute.



Cornerstone Development’s dedication to excellence has not gone unnoticed. The firm has won several honors, including the renowned Ghana Industry CEO honors and the African Arabian Property Awards. Obeng-John owes the company’s success to its meticulous attention to detail, both during and after construction. “For us, it’s not just about creating projects, it’s about what we do after they’re completed. We manage all of our projects and find long-term tenants for our investors, which distinguishes us from other developers,” he says.



In addition to luxury, Cornerstone Developments is committed to sustainability. Obeng-John is deeply involved in every aspect of the company’s projects, from selecting energy-efficient materials to implementing green technologies like solar water heaters and water recycling systems. “For us, it’s very important to try and build efficient homes. We always use low energy- consuming lights and appliances to ensure we’re delivering a better performing product in the space,” he says.



Ghana’s real estate sector is thriving, and Cornerstone  Developments is at the forefront of that expansion. With an emphasis on quality, luxury, and sustainability, the firm is not only changing the face of Ghanaian real estate, but also setting new standards for the sector. Obeng-John says, “Ghana is a very safe place to be, and investing in Cornerstone Developments is a great investment for anyone looking to bring their money into a thriving, emerging market.”



<figure class="wp-block-embed is-type-wp-embed is-provider-cornerstone-developments wp-block-embed-cornerstone-developments"><div class="wp-block-embed__wrapper">
<blockquote class="wp-embedded-content" data-secret="gEqXW5spxt"><a href="https://cornerstonedevelopments.com/">Home</a></blockquote><iframe loading="lazy" class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; visibility: hidden;" title="&#8220;Home&#8221; &#8212; Cornerstone Developments" src="https://cornerstonedevelopments.com/embed/#?secret=gduvakBAR1#?secret=gEqXW5spxt" data-secret="gEqXW5spxt" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
</div></figure>

Joe Leslie Obeng-John, CEO and Managing Director of Cornerstone Developments Limited

Redefining Luxury Living in Ghana’s Thriving Real Estate Sector

<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<h2 class="wp-block-heading" id="h-our-commitment-is-to-respond-to-emerging-dynamics-one-of-which-is-opening-up-the-economy-for-fair-competition-h-e-dr-mokgweetsi-eric-keabetswe-president-of-botswana">“Our commitment is to respond to emerging dynamics, one of which is opening up the economy for fair competition.” H.E. DR. Mokgweetsi Eric Keabetswe, President of Botswana</h2>



The 1960s marked a turning point in Botswana’s history as the country discovered diamonds that would make it one of Africa’s wealthiest in the course of a few years. Over the past six decades, the southern African country produced some of the ten largest diamonds in the world, the latest of which was a massive 2,492-carat diamond &#8211; the second-largest diamond in the world. But Botswana knows ‘diamonds are not forever’ and is pivoting away from relying on the mining industry to a knowledge-based economy, valuing human creativity and innovation. The shift is expected to expand the nation’s GDP from 4.7% to 5.3% by 2036, backed by an Indigenous Knowledge System policy and strategy that the country is currently



developing. President Mokgweetsi Masisi’s government has set its sights on education and skill development, implementing initiatives to improve funding and equip its workforce with relevant skills. “In the past five years, we’ve made significant investments in our education sector. We’re also introducing progressive legislation that will create a conducive environment for Botswana to support and facilitate innovation and embrace technology,” says Diane Mongudi, Acting CEO of the Botswana Digital and Innovation Hub.



According to the 2022 Global Innovation Index, Botswana has climbed the ranks to become the fifth most innovative country on the African continent. The country aspires to become an innovation hub in the region, supporting ICT companies, entrepreneurship, and digitalization, undertaking a significant initiative towards digital governance. In a commitment to enhance citizen access to services, the government has allocated over US$11.8 million to facilitate the online migration of 400 government services. To date, over 170 services have been successfully transitioned to online platforms. “Investing in Botswana offers a wealth of incentives. Lower taxes make it an attractive option, and you can freely repatriate your profits. We also boast an innovation hub with tax holidays ranging from five to ten years, depending on your chosen sector. Doing business in Botswana is now remarkably easy. Company registration takes just two days with a streamlined process. We’re a peaceful country with a strong record of good governance. This stability is especially evident this year, even with national elections approaching in October,” says Serty Leburu, Executive Director of the Botswana Accountancy College.



Botswana envisions an economic leap through the implementation of its Vision 2036 agenda, aspiring to join the ranks of high-income countries in the next 12 years. This transformation plan fuels investment in growth sectors like tourism, agriculture, and technology. Further solidifying this vision, the nation announced a massive 33% increase in infrastructure spending for 2024/25, focusing on water, transport, and energy.



<a href="https://cms.forbesafrica.com/wp-content/uploads/2024/10/PENRESA_FORBES-2024-BOTSWANA_32pags-v_16-1.pdf" target="_blank" rel="noreferrer noopener">Download full report here</a>
</blockquote>



<div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://cms.forbesafrica.com/wp-content/uploads/2024/10/PENRESA_FORBES-2024-BOTSWANA_32pags-v_16-1.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of PENRESA_FORBES 2024 BOTSWANA_32pags v_16 (1)."></object><a id="wp-block-file--media-ea524f7f-85db-4e37-bd13-cdd4aeea3a21" href="https://cms.forbesafrica.com/wp-content/uploads/2024/10/PENRESA_FORBES-2024-BOTSWANA_32pags-v_16-1.pdf">PENRESA_FORBES 2024 BOTSWANA_32pags v_16 (1)</a><a href="https://cms.forbesafrica.com/wp-content/uploads/2024/10/PENRESA_FORBES-2024-BOTSWANA_32pags-v_16-1.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-ea524f7f-85db-4e37-bd13-cdd4aeea3a21">Download</a></div>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="591" height="591" src="https://cms.forbesafrica.com/wp-content/uploads/2024/10/BOTSWANA-MPU-NEW_2024-1-1-1.jpg" alt="" class="wp-image-63243" style="width:371px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/BOTSWANA-MPU-NEW_2024-1-1-1.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/BOTSWANA-MPU-NEW_2024-1-1-1-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/BOTSWANA-MPU-NEW_2024-1-1-1-150x150.jpg 150w" sizes="auto, (max-width: 591px) 100vw, 591px" /></figure></div>


In a strategic move to increase domestic production and self-sufficiency, the Botswana government implemented import restrictions on fresh produce in December 2021.



Recently extended to 2025, this policy aims to nudge the population towards entrepreneurship, particularly in agriculture. The government is further supporting this shift



by providing assistance to smallholder farmers. By fostering local production, the country aspires to meet its own food needs and potentially become a future exporter of agricultural goods. This ambition aligns with the country’s pride in being land-linked, not landlocked. Botswana strategically leverages its geographic position to not only benefit its own economy but also contribute to regional development. “Given the recent launch of the African Continental Free Trade Area, we can now envision Africa as a unified trade zone.



This represents a massive market with a combined GDP of US$3.4 trillion, which Botswana is strategically positioned to tap into,” says Andrew Madeswi, CEO of the Botswana Vaccine Institute.



Botswana has a well-deserved reputation as one of Africa’s least corrupt nations. President Masisi has made tackling corruption a cornerstone of his administration. He has implemented a multi-pronged approach, focusing on transparency, accountability, and strengthening the rule of law. This includes promoting ethical leadership and bolstering anti-corruption institutions to create a more robust system for combating graft. Masisi has also shown commitment to environmental conservation and sustainable development. He has supported initiatives to protect Botswana’s natural resources, preserve biodiversity, and mitigate the impact of climate change.
</blockquote>

Gaborone Central Business District

Botswana: Africa’s Best-Kept Secret

Boasting over three decades of service in the food and agriculture industry, Olam Agri processes and manufactures food items that support the growth of the agriculture sector in Ghana.&nbsp;


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="382" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Olam-Agri-Logo-CMYK-1-1024x382.jpg" alt="" class="wp-image-62692" style="width:526px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Olam-Agri-Logo-CMYK-1-1024x382.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Olam-Agri-Logo-CMYK-1-300x112.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Olam-Agri-Logo-CMYK-1-768x286.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Olam-Agri-Logo-CMYK-1-1536x573.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Olam-Agri-Logo-CMYK-1-2048x764.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>


<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “We ensure a consistent and high-quality product and contribute to the growth and prosperity of local agricultural communities.” Amit Agrawal, Country Head of Olam Agri 
</blockquote>



Amidst the ever-pressing demand for high-quality food, Olam Agri is playing a crucial role in the food supply chain across continents, producing grains, oilseeds, edible oils, and rice, among others. The firm’s perennial service has spanned over three decades, with strategic investments in Ghana, Cote d’Ivoire, Nigeria, Cameroon, and Senegal. In Ghana, Olam Agri is engaged in the production, processing, distribution, and export of agricultural products and food items to international markets. “We source rice locally from Ghanaian farmers. We ensure a consistent and high-quality product and contribute to the growth and prosperity of local agricultural communities,” says Amit Agrawal, Country Head of Olam Agri.&nbsp;



After sourcing agricultural products locally, Olam Agri processes grains, rice, and cotton and manufactures value-added products such as flour, pasta, semolina, fortified rice, and animal feeds. The firm transports and distributes these products while deriving cost advantages and managing risks. “We invest in state-of-the-art facilities and leverage our grain processing and nutrition expertise to enhance food security, meet the rising demand for protein and carbohydrates, and create value for stakeholders along the value chain,” Agrawal says. “We are also expanding our capabilities in the natural fiber sector, such as rubber processing and cotton, to drive sustainable agricultural development in Africa.”&nbsp;



The Country Head emphasizes that the company’s diverse portfolio spanning multiple agricultural value chains, including rice and wheat milling, allows it to stay resilient against changing market fluctuations and shifting customer preferences. “Our diversified approach not only spreads risk but also enables us to capitalize on emerging opportunities and adapt quickly to evolving market dynamics,” Agrawal says.&nbsp;



A few years back, Olam Agri in Ghana launched its locally grown and sourced rice brand – Mama Gold, to support the development of rice farming in Ghana and the government’s initiative to boost domestic rice production and processing to promote self-sufficiency as well as improve the country’s foreign exchange potential. “We connect Ghanaian rice farmers to local millers, a critical pillar of our integrated value chain approach to enhance market access and reduce post-harvest losses. Our strategy involves increasing our upport for local paddy farmers by providing them access to modern agricultural techniques, high-quality seeds, and training programs,” says Agrawal. One of the milestones Olam Agri has achieved in Ghana’s agriculture industry is the introduction of fortified rice. “We are the first to introduce a fortified rice brand to the Ghanaian market, enriched with essential vitamins and minerals. This can help combat prevalent nutrient deficiencies, particularly among vulnerable populations,” notes Agrawal.&nbsp;



The firm prioritizes investments in processing facilities, agronomic research, and farmer support programs through its corporate social responsibility projects that contribute to Ghana’s socio-economic development. Rural communities where Olam Agri operates benefit from the firm’s social welfare and economic empowerment programs, which include farmer training, access to finance, and investment in social inf rastructure. “Our “Grains of Friendship” initiative aims to educate bakers on flour production, quality control, and best baking practices to enhance their understanding for better productivity. We initiated “My Healthy Baker” with healthcare experts in our commitment to baker well-being. This program offers free health screenings for over 1,100 bakers and staff in Ghana, with 15 screening sessions conducted since its launch,” says Agrawal.&nbsp;



In response to the pernicious environmental consequences of agriculture, such as deforestation and soil degradation, Olam Agri accords an important value to sustainability. “By implementing techniques such as crop rotation, agroforestry, and integrated pest management, we minimize environmental impact while optimizing yields and ensuring the long-term viability of farming landscapes,” Agrawal says.&nbsp;



Earlier in 2024, Olam Agri was recognized as the Top Employer in Ghana for the 4th consecutive year, demonstrating its compliance with international standards not only in food production but also in human resource management. Olam Agri’s successful track record and longevity in the Ghanaian market demonstrate the firm’s commitment to delivering value and driving sustainable growth.&nbsp;

Amit Agrwal, Country Head of Olam Agri (1) 1

Rethinking the Agribusiness Industry in Ghana

<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="724" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Logo-Ghana-National-Gas-Company-1-1024x724.jpg" alt="" class="wp-image-62687" style="width:502px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Logo-Ghana-National-Gas-Company-1-1024x724.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Logo-Ghana-National-Gas-Company-1-300x212.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Logo-Ghana-National-Gas-Company-1-768x543.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Logo-Ghana-National-Gas-Company-1-1536x1086.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Logo-Ghana-National-Gas-Company-1.jpg 1600w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>


Ghana National Gas Company excels in constructing and operating natural gas infrastructure, ensuring steady supply, promoting sustainability, and fostering community development.&nbsp;



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“We are committed to enhancing lives through our energy solutions, ensuring Ghana’s industrial growth and environmental responsibility.” Dr. Ben K.D. Asante, CEO of Ghana National Gas Company 
</blockquote>



Under the leadership of CEO Dr. Ben K.D. Asante, Ghana National Gas Company, or Ghana Gas, is making progress in the energy industry. Dr. Asante’s goal for the firm is clear and ambitious, motivated by a dedication to corporate success, employee advancement, and community benefit. “Our core motivation lies in making a tangible difference,” he adds, emphasizing a comprehensive approach to growth and development. Ghana Gas’ principal mandate is to construct, own, and operate the natural gas infrastructure required for the collection, processing, transportation, and sale of natural gas and its by products. The company’s activities work on a 24-hour basis, ensuring a steady supply of goods such as lean gas, LPG, condensates, and pentane. “We perform operations and maintenance regularly, adhering to stringent health, safety, security, and environmental standards,” Dr. Asante says.&nbsp;



The company’s infrastructure development is robust, with a focus on market diversification and expansion. “Our business development encapsulates daily operations, regular&nbsp; maintenance, and occasional expansion,” Dr. Asante says. This comprehensive approach ensures that Ghana Gas remains a reliable provider of natural gas for both power and industrial applications, supporting the nation’s energy needs.&nbsp;



A cornerstone of Ghana Gas’s operations is sustainability. Dr. Asante highlights the company’s role in reducing Ghana’s carbon footprint by substituting liquid fossil fuels with natural gas. “Using gas for power generation significantly cuts down CO2 emissions,” he says, pointing out that natural gas produces about 1.2 million tons of CO2 per year compared to 8.3 million tons from liquid fuels.&nbsp;



Environmental responsibility extends beyond emissions reduction. Ghana Gas employs measures to capture fugitive emissions and prevent gas leaks, utilizing advanced leak detectors at all processing sites. “Our existence as a company is an environmental safeguard,” Dr. Asante asserts, underscoring the importance of sustainable practices in all facets of their operations.&nbsp;



One of Ghana Gas’s major initiatives is the development of a second gas processing facility. This plant, which is expected to be completed in the first quarter of 2026, will expand the company’s ability to manage growing gas output. “This second plant will boost our power generation and expand industrial applications of gas, including mineral processing and residential heating,” Dr. Asante says. The project also seeks to create nitrogenous fertilizers and compressed natural gas, which will help with agricultural expansion and greener transportation.&nbsp;



Ghana Gas is deeply invested in community development. Through a comprehensive corporate social responsibility program, the company has made substantial contributions to healthcare, education, water and sanitation, and sports infrastructure. “We strive to be good corporate citizens, starting with project- affected communities and extending our support to other regions,” Dr. Asante says.&nbsp;



Innovation is at the heart of Ghana Gas’s operations. The company leverages scientific knowledge for practical applications, promoting secondary uses of gas beyond power generation. “We need to find innovative ways to use gas as a transition fuel to complement renewable energy,” Dr. Asante says, highlighting initiatives like carbon capture and the use of gas for vehicular transport.&nbsp;



Building local intellectual capital is crucial for sustaining the industry. Dr. Asante, who also serves as a university professor, is dedicated to training young engineers and technicians. “Since 2017, our plants and pipelines have been operated by Ghanaians, thanks to our focused training programs,” he says. This emphasis on local expertise not only reduces operational costs but also ensures long-term industry sustainability.&nbsp;



Ghana Gas actively seeks private sector participation and foreign investment. “Our plans are publicly shared to attract potential partners,” Dr. Asante says. One notable partnership is the collaboration with local and foreign companies for the second gas processing plant. “This project exemplifies successful public-private partnerships,” Dr. Asante says, demonstrating the benefits of collaborative efforts in achieving significant milestones.&nbsp;



As Ghana positions itself as a leader in West Africa’s energy industry, Dr. Asante remains confident about the country’s future, stating, “I have high hopes that Ghana will become energy independent and a pivotal energy supplier in the region.”&nbsp;

Dr. Ben K.D. Asante, CEO fo Ghana National Gas Company (1)

A New Era for Ghana’s Economy

Goldkey, a subsidiary of CH Group, keeps redefining excellence in Ghana, driving growth from Accra and beyond.&nbsp;


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="250" height="149" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/ch-group-logo-250.png" alt="" class="wp-image-62682"/></figure></div>

<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="708" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/BLUE-BPS-1997-1024x708.png" alt="" class="wp-image-62683" style="width:588px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/BLUE-BPS-1997-1024x708.png 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/BLUE-BPS-1997-300x207.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/BLUE-BPS-1997-768x531.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/BLUE-BPS-1997-1536x1062.png 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/BLUE-BPS-1997-2048x1416.png 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>


In Ghana’s real estate realm, few names shine as brightly as Goldkey, a subdivision nestled within the esteemed CH Group. CH Group stands tall as a diverse conglomerate, with investments spanning from oil and gas to property, environmental endeavors, and burgeoning fields like finance and technology.&nbsp;



Under the leadership of Kwaku Bediako, Chairman and Founder of CH Group, the conglomerate embodies a dedication to top-notch quality and pioneering progress throughout its activities. Under the guidance of Bediako, CH Group has cemented its position as a powerhouse in Ghana’s business landscape. Its diverse portfolio encompasses a spectrum of industries, each segment meticulously curated to dominate its respective market. From Base Energy’s exploration endeavors in the oil and gas sector to Goldkey’s pioneering role in real estate development, CH Group’s subsidiaries exemplify a commitment to quality and distinction.&nbsp;



Kwaku Bediako’s leadership ethos resonates throughout CH Group, infusing each subsidiary with a sense of purpose and vision. Mariolla Baffour Asare, Managing Director of Goldkey, acknowledges Bediako’s profound influence, saying, “Meeting Kwaku Bediako for the first time was truly inspiring; I was amazed by the depth of his vision for Goldkey and the entire Group. I knew very quickly that I wanted to join the group because of its exciting road map.”&nbsp;



Ghana’s property market has experienced significant growth over time, with companies like Goldkey playing pivotal roles in shaping the nation’s urban environment. Established in 1997, Goldkey stands out as one of Ghana’s foremost real estate firms, boasting a rich history of remarkable structures that have reshaped Accra’s skyline. Asare underscores Goldkey’s dominance in the industry, saying, “Across all the sectors we operate in, we hold a commanding position in the market. This is a testament to our thoughtful and strategic approach to business.” This commitment to excellence is evident in Goldkey’s extensive portfolio, which includes the largest commercial portfolio in the country and substantial land holdings in prime locations within Accra. 



The company’s commitment to green building standards has gained them distinction, including the IFC’s coveted EDGE Champions award. “Every aspect of our buildings, from&nbsp;



the choice of tiling to roofing, is meticulously chosen with sustainability in mind,” says Asare.&nbsp;



This dedication to environmental stewardship not only meets worldwide standards but also assures the long-term value and resilience of Goldkey’s assets. 



Goldkey’s premier endeavor, Cantonments City, showcases its dedication to fostering community growth. This versatile development revamps the conventional work-play-live concept, culminating in a vibrant urban hub that fosters both economic prosperity and communal unity. “Cantonments City embodies a vision of a city where one can seamlessly integrate work, residence, and leisure, revolutionizing Accra’s landscape,” says Asare. “Once completed, it will be the largest development of its kind right at the heart of Accra.”&nbsp;



As Ghana’s economy continues to grow, Goldkey remains optimistic about the opportunities that lie ahead. Goldkey’s dedication to superior quality, creativity, and societal accountability highlights its transformative impact on Ghana’s property industry. With ongoing expansion and forays into fresh endeavors, investors can trust in Goldkey’s commitment to excellence and contribution to national development.&nbsp;

Mariolla Baffour Asare, Managing Director of Goldkey

The Journey of a Real Estate Powerhouse

Lightwave eHealthcare Solutions has revolutionized Ghana’s healthcare by networking all government hospitals and health centers in the republic, digitizing all  patient medical records, and implementing a real-time early warning system to combat communicable diseases. 


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="401" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Lightwave-Logo-Outline-2-1-1024x401.png" alt="" class="wp-image-62642" style="width:542px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Lightwave-Logo-Outline-2-1-1024x401.png 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Lightwave-Logo-Outline-2-1-300x117.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Lightwave-Logo-Outline-2-1-768x301.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Lightwave-Logo-Outline-2-1-1536x601.png 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Lightwave-Logo-Outline-2-1-2048x802.png 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>


<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“The digitization of hospital records has started through the Lightwave Health Information Management System. We started with the teaching hospitals, and we plan to work in a phased approach to cover every health facility in Ghana. I am sure this will be a welcome innovation for all.” H.E. Nana Akufo-Addo, President of Ghana 
</blockquote>



Samson Djaba (MIS, PMP. CPIC), CEO of Lightwave eHealthcare Solutions, embodies a unique blend of Ghanaian heritage and global expertise. From the bustling streets of London to the vibrant landscapes and corporate corridors of the United States, and back to his native Ghana, he is committed to bridging the gap between cutting-edge technology solutions and the pressing health needs of developing countries.&nbsp;



Djaba was born in Ghana but spent most of his academic years in the UK. He embarked on an academic and professional path that eventually formed his goal to transform healthcare in his own nation. Djaba crossed the Atlantic with his wealth of knowledge and skills after his post-graduate course at the London School of Economics and Political Science to the United States, where he began a long career with prestigious / Fortune 500 companies such as Telecoms &#8211; AT&amp;T, T Mobile, Financial &#8211; JP Morgan, Bank of America, Technology &#8211; McKesson, Lockheed Martin, Healthcare &#8211; Blue Cross Blue Shield of Florida, Kaiser Permanente, and the Centers for Disease Control and Prevention CDC, to mention a few.&nbsp;



Djaba’s interest in leveraging technology to enhance healthcare delivery was awakened while working at these respected organizations, notably at the CDC just after the SARS pandemic. He was stationed at the National Centre for Preparedness and Control of Infectious Diseases, under the auspices of the Division of Global Migration and Quarantine. He reflects on his experiences, saying, “I saw the critical role of health care in ensuring economic prosperity and protecting public health.” The U.S. government’s proactive actions to tackle infectious illnesses have inspired me and given me a strong sense of purpose. 


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="990" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/President-Nana-Akufo-Addo-1-990x1024.jpg" alt="" class="wp-image-62643" style="width:356px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/President-Nana-Akufo-Addo-1-990x1024.jpg 990w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/President-Nana-Akufo-Addo-1-290x300.jpg 290w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/President-Nana-Akufo-Addo-1-768x794.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/President-Nana-Akufo-Addo-1.jpg 1044w" sizes="auto, (max-width: 990px) 100vw, 990px" /></figure></div>


Djaba set out on a quest to deliver transformational healthcare solutions to Ghana, motivated by his international experiences and a desire to contribute to the development of his own country. His concept centered on the creation of a complete electronic medical record and patient management system, along with a unique integration of the country’s Disease Surveillance Unit’s disease protocols into the application (the first of its kind anywhere in Africa), in partnership with Ghana’s Ministry of Health.&nbsp;



“Our goal was to usher in a new era of healthcare delivery by digitizing all healthcare facilities in Ghana and establishing a seamless network for the exchange of patient information,” Djaba says. Previously, healthcare data was mostly in paper format, resulting in inefficiencies, inaccuracies, and delays in patient treatment. “Our goal was to use technology to overcome these hurdles and transform the healthcare sector.”&nbsp;



The deployment of Lightwave’s Health Information Management System (LHIMS) represented a watershed moment in Ghana’s healthcare history. Djaba points out, “Our system empowers healthcare professionals with real-time access to comprehensive patient records, enabling informed decision-making and enhancing patient safety.” Lightwave eHealthcare Solutions has improved care coordination in Ghana by digitizing medical information and developing a network of networked healthcare institutions.&nbsp;



Speaking recently during an event held to mark National Health Insurance Scheme (NHIS) Active Month in Tamale in the Northern Region, Vice President Mahamudu Bawumia made the following comments., “Going forward, medical records and the history of patients can be gathered under a single database, which can be accessed by any networked hospital when the patient visits. This digitization effort has increased efficiency, effectiveness, and productivity in service delivery in our health facilities. This is very, very major. What Ghana is doing, we would be the first country in Africa to do it. And in the world, there are only three countries that have done this network. This is taking place under the Lightwave project.”&nbsp;



Looking ahead, Djaba hopes to broaden Lightwave’s products to include national efforts like digital identity systems and integrated pharmacy networks. He highlights the necessity of using technology to address new healthcare concerns and improve service delivery. “Ghana’s pioneering efforts in healthcare digitization position it as a leader in the region,” Djaba says. “Our goal is to not only advance healthcare within Ghana but also to serve as a model for other African nations seeking to embrace digital innovation.”&nbsp;

1X1A0966

Ghana’s Healthcare Evolution

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



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“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. 



<div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://cms.forbesafrica.com/wp-content/uploads/2024/08/PENRESA_FORBES-2024-GHANA_36pags-v_09-ONLINE.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of PENRESA_FORBES 2024 GHANA_36pags v_09 ONLINE."></object><a id="wp-block-file--media-1830c3d6-7524-45ea-b612-69217e740dec" href="https://cms.forbesafrica.com/wp-content/uploads/2024/08/PENRESA_FORBES-2024-GHANA_36pags-v_09-ONLINE.pdf" target="_blank" rel="noreferrer noopener">PENRESA_FORBES 2024 GHANA_36pags v_09 ONLINE</a><a href="https://cms.forbesafrica.com/wp-content/uploads/2024/08/PENRESA_FORBES-2024-GHANA_36pags-v_09-ONLINE.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-1830c3d6-7524-45ea-b612-69217e740dec">Download</a></div>



<a href="https://cms.forbesafrica.com/wp-content/uploads/2024/08/PENRESA_FORBES-2024-GHANA_36pags-v_09-ONLINE.pdf">Download Full report here</a>

Accra Skyline

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

Ascend Digital pioneers Ghana’s digital revolution, revolutionizing the sphere with initiatives like the Rural Telephony Program, elevating connectivity from Accra to rural Bawku, and envisioning Africa’s borderless digital future.


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="653" height="234" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/ASCEND-DSL_logo_TrueColor-1.jpg" alt="" class="wp-image-62617" style="width:487px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/ASCEND-DSL_logo_TrueColor-1.jpg 653w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/ASCEND-DSL_logo_TrueColor-1-300x108.jpg 300w" sizes="auto, (max-width: 653px) 100vw, 653px" /></figure></div>


<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“Our focus is to ignite and create that space where multinationals can see Africa as a place for the next Industrial 4.0 revolution.” Harkirit Singh, CEO of Ascend Digital Solutions Ltd.&nbsp;
</blockquote>



Ascend Digital Solutions, under the leadership of CEO Harkirit Singh, has been spearheading a remarkable transformation in Ghana’s digital landscape since 2021. Singh, reflecting on his journey, highlights the motivating factors driving the company’s success. “We’ve achieved key transformations as part of delivering the digital agenda,” Singh affirms, emphasizing their commitment to enhancing connectivity and infrastructure nationwide.&nbsp;



One of Ascend Digital’s pivotal initiatives has been the Rural Telephony Program, which aims to deploy a robust mobile network across rural areas. Singh says, “We’re revitalizing and regenerating digital infrastructure, ensuring reliable connectivity from Accra to Bawku.” This initiative addresses connectivity gaps and lays the groundwork for socioeconomic development in remote regions.&nbsp;



Moreover, Ascend Digital has made substantial investments in national data centers, fiber infrastructure, and 4G LTE fixed wireless access networks, positioning itself as a leading provider of connectivity solutions to government agencies. Singh says, “We’ve earned credibility from public institutions, facilitating their digital transformation journey.” By onboarding ministries focused on critical sectors like energy, health, and mining, Ascend Digital is leveraging its data centers and cloud infrastructure to drive efficiency and innovation.&nbsp;



Transforming Digital Infrastructure Across Africa&nbsp;



In a groundbreaking collaboration with AT Ghana, Ascend Digital recently completed the E-Transform program, a monumental effort connecting essential facilities like post offices, police stations, and hospitals across Ghana. Singh says, “This initiative, possibly the largest in West Africa, establishes a robust digital infrastructure extending to rural areas.” With a 100-gig backbone and upgraded data centers, Ascend Digital is poised to advance 4G and 5G services nationwide.&nbsp;



Singh outlines Ascend Digital’s overarching mission: “We aim to be a trusted partner in transforming digital infrastructure across Africa.” The company’s strategy revolves around fostering open-access neutral networks, enabling governments to enhance connectivity and drive digital innovation. “We’re not just building infrastructure; we’re creating opportunities for commercialization,” Singh says, underscoring Ascend Digital’s commitment to fostering collaboration with mobile network operators and internet service providers.&nbsp;



Ascend Digital’s strategic partnership with IUDX marks a pivotal moment in harnessing federated data exchange technology across the African continent. Singh says, “What we want to build up is an African- wide platform to establish autonomous federated databases within the countries, and these databases can interoperate and exchange information across countries.” This vision transcends borders, aiming to create a seamless environment for trade, mobility, and economic transactions. “Our vision is to build up a borderless Africa,” he adds.&nbsp;



The company’s commitment to innovation and excellence hasn’t gone unnoticed. Ascend Digital was honored as one of the ‘Most Innovative Companies to Watch 2023’ and received accolades such as the ‘Promoting Public Sector Digital Inclusion Award’ in Ghana. These recognitions underscore Ascend Digital’s pivotal role in driving the region’s digital transformation and socio-economic development.&nbsp;



Central to Ascend Digital’s mission is providing reliable infrastructure and e-government services. Singh highlights the transformative impact of their services, stating, “Before we took over, the availability in the data center was less than 80%. We now see almost 100% availability of these services.” From birth registrations to e-passport programs, Ascend Digital’s contributions have streamlined essential government services, fostering trust and efficiency in digital infrastructure.&nbsp;



Beyond corporate achievements, Ascend Digital is deeply invested in social responsibility. Singh elucidates their efforts in fostering digital literacy and empowering youth, particularly girls, through initiatives like the Geek Africa program. “We are looking at building more skills and capabilities by encouraging and motivating young people to move into the space of technology,” Singh says. By nurturing talent and promoting inclusivity, Ascend Digital is laying the groundwork for a thriving digital ecosystem.&nbsp;



Ascend Digital is poised for expansion beyond Ghana. Singh reveals, “Our success in Ghana is a blueprint for digital transformation in other markets.” With interest from neighboring countries like Senegal and Mali, Ascend Digital is positioned to replicate its achievements and accelerate digital growth across Africa. “We’re ready to partner with governments to leverage our infrastructure and expertise,” Singh says, highlighting Ascend Digital’s role as a catalyst for digital advancement continent-wide.&nbsp;



Singh discusses Ascend Digital’s joint venture with AT Ghana to develop a nationwide optical fiber infrastructure, extending connectivity to previously underserved areas. He highlights the transformative impact of these efforts, saying, “Now we’re bringing that digital currency into places that were never connected before.” From healthcare facilities to post offices and districts, Ascend Digital is bridging the digital divide and enabling access to essential services.&nbsp;&nbsp;



Laying The Foundation for Economic Growth&nbsp;



Ascend Digital Solutions envisions a future where Africa emerges as a hub for software-centric solutions and high-skilled digital jobs. Singh elaborates on their ambitious plans to establish innovation hubs and software service factories across the ECOWAS region, starting with Ghana. “Our target is to build those factories in the next five years to generate approximately 20 to 30,000 jobs in software services,” Singh says. By creating avenues for upward mobility and economic empowerment, Ascend Digital seeks to catalyze Africa’s transition into the forefront of the global digital economy.&nbsp;



The CEO underscores Ghana’s unique approach to digital infrastructure development, citing initiatives such as the rural telephony program and public-private partnerships for national infrastructure. Singh praises the government’s vision and execution, saying, “The way the government has envisioned and the way it has been able to work to deliver those programs through the private sector allows investors to look and come to the economy, which is open.”&nbsp;



Ascend has further deepened its commitment to collaborations by partnering with the Government of Ghana, Nokia, Radisys, Tech Mahindra, and telecom players in Ghana to launch Africa’s first 4G and 5G shared mobile broadband infrastructure. This new joint initiative called Next Gen InfraCo (NGIC) will deliver affordable 5G mobile services to Ghanaians across the country, with plans to extend this across Africa.&nbsp;



Collaborative efforts between the government and the private sector have led to significant investments in Ghana’s digital infrastructure, laying the foundation for sustained economic growth. Recent developments, including the entry of new players like Telecel and ongoing discussions with investment banks, further exemplify Ghana’s appeal to international investors. Singh says, “That shows international investors who are putting a lot of faith in the policies, a lot of faith in the market that exists in Ghana, and investing in that digital infrastructure that allows the economy to grow.”&nbsp;



Singh articulates his vision for Ghana as the first digital-ready nation, where citizens can access services around the clock. He envisions “a 24/7 economy,” emphasizing the importance of building infrastructure that operates beyond traditional working hours. Ascend Digital has been instrumental in realizing this vision, with initiatives like the rural telephony program and establishing national backbone data centers.&nbsp;



Looking ahead, Singh emphasizes the importance of expanding connectivity to schools, judiciaries, and community centers. He envisions the proliferation of community Internet centers, empowering individuals in digital corridors across Ghana. Ascend Digital remains committed to advancing Ghana’s digital agenda, catalyzing innovation, and driving inclusive growth.&nbsp;



Ascend Digital Solution’s journey under Harkirit Singh’s leadership exemplifies a commitment to excellence and innovation in the digital realm. With a focus on bridging connectivity gaps, empowering governments, and driving socioeconomic progress, Ascend Digital is poised to positively shape Africa’s digital future.&nbsp;

Harkirit Singh, CEO of Ascend Digital Solutions Ltd. (1)

Unveiling Ghana’s Digital Potential

Elevating the potential of the small-scale mining industry and spearheading&nbsp; diversification efforts in the mining sector, MIIF is transforming Ghana’s mineral wealth into economic growth.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“We are one of the fastest-growing soverign wealth funds in the world.” Edward Nana Yaw Koranteng, CEO of Minerals Income and Investment Fund (MIIF)
</blockquote>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="863" height="612" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/miif-logo-11591.png" alt="" class="wp-image-62400" style="width:422px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/miif-logo-11591.png 863w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/miif-logo-11591-300x213.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/miif-logo-11591-768x545.png 768w" sizes="auto, (max-width: 863px) 100vw, 863px" /></figure></div>


A s a sovereign minerals wealth fund, the Minerals Income and Investment Fund (MIIF) manages the Ghanaian government’s equity interest in mining companies and collects mineral royalties from all mining operations. Beyond the mine shafts of Ghana, the institution holds a profound pan-African vision &#8211; to unlock the full mining potential of the continent. “We are one of the fastest-growing sovereign wealth funds in the world,” says Edward Nana Yaw Koranteng, CEO of Minerals Income and Investment Fund (MIIF), a lawyer with an investment banking background that spans over 25 years. “In October 2021, we had about US$195 million in assets under management. We are now working north of US1.5 billion,” he notes.



Ghana’s small-scale mining industry contributes up to a staggering 40% of the nation’s gold output, surpassing the output of some established gold-producing countries in Africa, a sector the CEO says is often challenged by illegal mining activities. “Ghana’s small- scale gold mining sector employs more than 10% of the Ghanaian population, while large-scale mining employs just below 40,000 in total, which makes the formalization of the small-scale sector imperative,” says Koranteng. MIIF recently launched a small-scale gold mining incubation pilot program to support the formalization of the sector and convert small-scale mining entities into medium to large-scale businesses. The support focuses on corporate governance, provision of capital, a gold production traceability mechanism, and access to the market through the MIIF gold trade desk.



The institution is piloting its support program with 10 small- scale miners, developing the blueprint for a larger rollout. “The full implementation can triple the US$2.4 billion annual revenue from small- scale gold mining in Ghana,” says Koranteng. “Illegal mining slashes our small-scale mining revenue by 40%. The program will tackle this by formalizing the sector. With gold found in almost every region in Ghana, this small-scale focus can unlock nationwide development. It will be the most revolutionary support for artisanal mining in Africa’s history.”



In tandem with its resource development efforts, MIlF is implementing a robust strategy to nurture a skilled workforce within the mining industry. “Ghana loses skilled goldsmiths every year with very little growth in the jewelry industry making end of value addition as seen in non-producing gold countries like the UAE, where Ghanaian gold is crafted into high-end jewelry. To counter this, MIIF is constructing a MIIF technical training center at the University of Mines and Technology with a jewelry-making center to capture more value from Ghana’s gold,” notes Koranteng.



While gold remains Ghana’s golden goose, the Western African country is looking to diversify its mining sector. “Gold represents about 90% of our total revenue in mining, but we have other untapped minerals, such as lithium, barite, graphite, copper, cobalt, uranium, iron ore, and industrial salt, in huge commercial quantities,” notes Koranteng. MIIF has invested in the Ada Songhor Pans salt project, Sub-Saharan Africa’s biggest salt project, under the lead of a Ghanaian company called Electrochem. It is simultaneously leveraging its lithium resources to support the Ghana automobile development plan. “Our focus on lithium is to leverage ts industrial importance to support areas such as battery making, research, and to make Ghana the EV hub of sub-Saharan Africa. We plan to leverage the African Free Trade to make us a proper hub for batteries, solar panels, and cars,” Koranteng says. In a different venture, MIIF is investing in newfound graphite deposits discovered in the northern part of Ghana and will look into the value addition of Ghana’s bauxite reserves to help develop the planned Ghana-integrated aluminum development plan.



MIIF focuses on the entire mining value chain, including the capital markets. “We are working on a gold-backed ETF that will be listed on Ghana’s Stock Exchange. We supported the listings of Asante Gold, where we invested over US$40 million, Atlantic Lithium, for which we are investing over US$32 million, and the same shall be done for the Electrochem salt project. Our small-scale mining program also aims to prepare companies for potential stock exchange listings,” Koranteng says. “We have a vision where we see the likes of at least 10 MIIF in other African countries financing major mines through joint ventures and reducing reliance on Western capital. This model empowers African countries to develop their mining sectors and share best practices. MIIF can help African nations establish sovereign wealth funds focused on mining,” he says. MIIF co-invests alongside investors in the mining sector, thereby reducing risk for investors and forging a path towards a more diversified mining sector in Ghana.



No. 1 Rangoon Lane, Cannon House 1st Floor, Cantonments, Accra Tel.: +233-302750660 <a href="https://miif.gov.gh/">https://miif.gov.gh/</a>

Edward Nana Yaw Koranteng, CEO of Minerals Income and Investment Fund (MIIF)

Envisioning a Ghana Beyond Gold

<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1001" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/06/logo-fumba-1001x1024.jpg" alt="" class="wp-image-62290" style="width:248px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/06/logo-fumba-1001x1024.jpg 1001w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/logo-fumba-293x300.jpg 293w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/logo-fumba-768x785.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/logo-fumba.jpg 1056w" sizes="auto, (max-width: 1001px) 100vw, 1001px" /></figure></div>


Modernizing port operations through automation, digitization, and strategic PPPs.



In the realm of maritime infrastructure, few ventures rival the ambition and efficiency exemplified by Fumba Ports Limited. With a background in civil engineering and a master’s degree in Shipping and Trade Finance, Awadh Ali, Projects Director of Fumba Ports, embodies the fusion of expertise required to navigate the complex terrain of port development and operation. He says, “My experience is intertwined between projects and project financing, handling projects from inception to implementation and full operations.”



At the core of Fumba Ports’ operations lies a commitment to revolutionizing port efficiency and customer experience. As the first private port in Zanzibar, licensed under the latest increase in public-private partnership (PPP) projects, Fumba Ports signifies a beacon of progress in Tanzania’s infrastructure development. Ali underscores the significance of this partnership, saying, “Fumba serves as a very good case study for PPP when the government and private sector work together seamlessly.”



The genesis of Fumba Ports stemmed f rom the necessity to alleviate congestion and inefficiencies plaguing the government-owned Malindi Port. Ali says, “Fumba came in to ease pressure on Malindi Port, thus allowing the economy to stabilize.” Through a strategic focus on automation and technology, Fumba Ports has set a new standard for operational efficiency. “We’ve prioritized automation in our operations, allowing us to efficiently process approximately 600 to 700 TEUs to date, with containers cleared in as little as 24 hours,” Ali says.



Beyond operational prowess, Fumba Ports’ vision extends to future expansion and collaboration with the Tanzanian government. Ali envisions Fumba evolving into a fully- fledged port, catalyzing direct cargo flow and reducing transshipment costs. This, he asserts, will invigorate both Zanzibar and Tanzania’s economies, fostering domestic spending and revenue retention.



In the broader context of Tanzania’s investment landscape, Fumba Ports exemplifies the nation’s allure for investors. Ali highlights the government’s proactive stance in facilitating investments, positioning Tanzania as a premier destination for ventures. “Tanzania right now is the number one investment destination, the government is very facilitative. Tanzania is open for business,” he says.

Awadh Ali, Projects Director of Fumba Ports 1

Infrastructure Development in Zanzibar’s Maritime Sector

Zanzibar Multipurpose Terminal is enhancing port efficiency, fostering economic growth, and facilitating trade expansion.



Nicolas Escalin, the General Manager of Zanzibar Multipurpose Terminal (ZMT), embodies a wealth of experience and dedication to fostering maritime excellence. With a journey that spans various continents and roles within the industry, Escalin’s leadership at Zanzibar Multipurpose Terminal marks a significant chapter in his career.



“Zanzibar Multipurpose Terminal operates under an agreement with Zanzibar Port Cooperation, taking charge of port operations since September 18, 2023,” Escalin says. The company’s primary focus is on enhancing productivity, maintaining infrastructure, and modernizing operations. It handles a diverse range of activities, including container, breakbulk, conventional vessels, local vessels, and the traditional sailing vessel, Dhow, which links the mainland to Zanzibar.



Escalin emphasizes the company’s commitment to continuous improvement rather than listing achievements. “Our focus remains on continuous improvement,” he says. “For instance, we’ve upgraded from one part-time mobile harbor crane to two fully operational ones, facilitating round-the-clock operations.” Rigorous training programs ensure skilled personnel manage operations efficiently, while revamped yard operations optimize ship handling and organizational processes. These efforts have led to increased vessel turnaround, signifying progress. A key milestone is the development of an Inland Container Depot (ICD), enhancing import container handling an unstuffing capacity.



As a vital gateway, the Zanzibar Multipurpose Terminal plays a crucial role in stimulating the economy of Tanzania. “By improving port efficiency, we reduce waiting times and associated costs, facilitating business activities,” Escalin says. Efficient operations promote trade, benefiting sectors like agriculture and construction.



Looking ahead, Escalin envisions Zanzibar Multipurpose Terminal at the forefront of Africa’s transformation. “We aim to empower our workforce, enhance port infrastructure, and uphold service quality to attract shipping lines,” he says. The organization strives to be a light of improvement in the region by cultivating local talent and encouraging international collaboration. Zanzibar’s government has ambitious port infrastructure development plans, and the Zanzibar Multipurpose Terminal hopes to be a key component of this journey.

Nicolas Escalin, General Manager of ZMT2

A Spotlight on Maritime Innovation

<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="946" src="https://cms.forbesafrica.com/wp-content/uploads/2024/06/ZPC_LOGO-1024x946.png" alt="" class="wp-image-62288" style="width:322px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/06/ZPC_LOGO-1024x946.png 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/ZPC_LOGO-300x277.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/ZPC_LOGO-768x709.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/ZPC_LOGO-1536x1419.png 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/ZPC_LOGO-2048x1892.png 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>


Zanzibar Ports Corporation is redefining maritime activities in Zanzibar.



In Tanzania’s dynamic maritime scene, Zanzibar Ports Corporation (ZPC) stands out as a light of growth and efficiency, driving the development and operation of critical port services in the area. Akif Ali Khamis, ZPC’s Director General, leads these activities, and his innovative leadership has catapulted the business to new heights of excellence. “At ZPC, our mission is clear: to develop and operate port services efficiently with the aim of promoting Zanzibar’s economy,” Khamis says. ZPC was established under the 1997 Act as a reaction to the changing dynamics of global commerce, switching from traditional cargo handling to containerization in the late 1990s. Since then, the corporation has been at the forefront of maritime innovation, orchestrating a holistic approach to port management.


<div class="wp-block-image">
<figure class="alignleft size-full is-resized"><img loading="lazy" decoding="async" width="749" height="716" src="https://cms.forbesafrica.com/wp-content/uploads/2024/06/ZPC-Akif-Ali-Khamis-Director-General-of-ZMT2.jpg" alt="" class="wp-image-62294" style="width:358px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/06/ZPC-Akif-Ali-Khamis-Director-General-of-ZMT2.jpg 749w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/ZPC-Akif-Ali-Khamis-Director-General-of-ZMT2-300x287.jpg 300w" sizes="auto, (max-width: 749px) 100vw, 749px" /><figcaption class="wp-element-caption">ZPC &#8211; Akif Ali Khamis, Director General of ZMT</figcaption></figure></div>


The Malindi Port, a key component of Zanzibar’s marine infrastructure, lies at the heart of ZPC’s activities. Originally built in the 1920s to service a population of 300,000, the port currently faces the needs of a rapidly growing population of about two million. Recognizing the need for growth, ZPC launched the massive Mangapwani Port project, which aims to alleviate congestion and increase capacity to meet rising market needs.



“Our aim is not just to operate facilities, but to ensure they operate efficiently and economically,” Khamis says, underscoring ZPC’s commitment to enhancing service quality while curbing freight costs. This dedication to excellence is evident in the corporation’s strategic partnerships, including the landmark public-private partnership (PPP) venture with Fumba Port. As Tanzania’s first fully private port investment, Fumba Port epitomizes ZPC’s ethos of innovation and collaboration.



Pioneering a new era, ZPC is primed to revolutionize port management through cutting-edge initiatives. As ZPC continues to push the boundaries of port administration, its effect extends well beyond Zanzibar, stimulating ecmionomic growth and encouraging international cooperation. With visionary leadership at the helm and a persistent dedication to quality, ZPC is well-positioned to manage the ever-changing currents of global commerce.

ZMT – MANGAPWANI

Driving Growth and Efficiency in Zanzibar

Spearheading ferry terminal construction for sustainable socioeconomic growth.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/06/zf-devco-logo-03-1024x1024.png" alt="" class="wp-image-62291" style="width:374px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/06/zf-devco-logo-03-1024x1024.png 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/zf-devco-logo-03-300x300.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/zf-devco-logo-03-150x150.png 150w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/zf-devco-logo-03-768x768.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/zf-devco-logo-03-1536x1536.png 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/zf-devco-logo-03-2048x2048.png 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>


ZF Devco stands out in Tanzania’s economic scene for its dedication to long-term development and transformational initiatives. ZF Devco was founded with a strong purpose to drive the expansion of Zanzibar’s Blue Economy and support the implementation of President Hussein Ali Mwinyi’s vision for the future of Zanzibar. ZF Devco is currently implementing the construction of a new Passenger and RoRo Terminal at Maruhubi, adjacent to Stone Town, Zanzibar. According to Jaffer Machano, Director and Co-founder and Chairman of ZF Devco, “Our fundamental goal is to grow Zanzibar’s Blue Economy, thereby improving the quality of life for its people.” This enormous project, carried out under a public- private partnership (PPP) with the revolutionary government of Zanzibar, exemplifies ZF Devco’s dedication to generating long-term development while safeguarding the&nbsp; region’s natural beauty, biodiversity, and cultural heritage.



Reflecting on the company’s major achievements, Machano highlights the successful acquisition of a Concessions Agreement for the ferry terminal project. “Securing the PPP agreement was a significant milestone,” he says. With decades of collective experience in PPP projects, Machano and his team bring unparalleled expertise to steer ZF Devco toward realizing its vision.



Matthew VanderBorgh, the co-founder of ZF Devco, emphasizes, “Our project aligns with seven UN Sustainable Development Goals, underscoring our commitment to sustainability.” By improving ferry infrastructure, ZF Devco not only stimulates economic growth but also encourages equal access to economic activities, environmental protection, and community services for all Tanzanians.



ZF Devco’s mission is consistent with bigger programs such as Silicon Zanzibar, which promotes technological development and industrial diversification in the region. “We aim to be a catalyst for positive change, empowering local communities and contributing to the long-term prosperity of Zanzibar,” Machano says.

together

Tanzania’s Blue Economy Renaissance

KCB Bank Tanzania is a forerunner in the shifting financial landscape, handling dynamic transformations in the banking sector and positioning itself as a leader in the evolving industry. Quote: Embracing ‘For People, For Better’ as our purpose, we’re committed to delivering the best service for our clients by staying connected and fostering closeness.” Cosmas Kimario, Group Regional Businesses Director and MD of KCB Bank Tanzania. 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="173" src="https://cms.forbesafrica.com/wp-content/uploads/2024/06/kcb-logo-1024x173.jpg" alt="" class="wp-image-62215" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/06/kcb-logo-1024x173.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/kcb-logo-300x51.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/kcb-logo-768x129.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/kcb-logo-1536x259.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/kcb-logo-2048x345.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure>



KCB Bank Tanzania has recently achieved remarkable growth, transitioning from a tier-two to a tier-one institution with an asset base exceeding one trillion Tanzanian shillings. Cosmas Kimario, the Group Regional Businesses Director and MD of KCB Bank Tanzania, provides a comprehensive perspective on the bank’s exceptional expansion, groundbreaking transformation, and the evolving dynamics of the Tanzanian banking industry. 



This journey, characterized by deliberate expansions, technological strides, and customer-centric methodologies, not only mirrors KCB’s triumph but also reflects the dynamic shifts within the financial sector of the country.



Kimario underscores KCB’s five-year growth trajectory across diverse metrics, encompassing assets, clientele, and the balance sheet. “Our entire business performance has been growing for the past five years,” Kimario says, citing an annual average growth rate of approximately 15%. This ascendancy, he stresses, is a testament to KCB’s strategic dedication to customer satisfaction, encapsulated in its current theme, ‘For people, for better.’



A pivotal facet of KCB’s strategy involves the expansion of its branch network, albeit with a judicious and tech-savvy approach. “We are selectively looking for strategic locations to put branches,” Kimario says.



Currently operating 17 branches, KCB aims to attain 18 branches by the end of 2024, with locales strategically chosen for their economic potential. Kimario emphasizes the crucial role of technology in improving service delivery. 



“Technology aids us in providing services more efficiently,” he says. “Our growth and our success today are also anchored on the turnaround time on how fast we can serve our clients,” he adds. KCB’s commitment to digital financial services, encompassing channels like Mobi, point-of-sale transactions, internet banking, and mobile platforms, has experienced remarkable expansion. 



KCB is dedicated to social responsibility, evident in its extensive Corporate Social Investment (CSI) endeavors. “But again, as our business continues to grow the businesses, we also must continue to look at our people because we need to create employment. We need to make sure that whoever is surrounding us, we contribute to their welfare,” Kimario says.



“That’s why we engage in numerous CSI activities. For instance, we have the KCB Foundation, which supports various initiatives



An excellent example is the ‘2Jiajiri’ program.” He underscores KCB’s commitment to training 5,000 youth this year, covering diverse fields ranging from brick manufacturing to sewing and mechanical skills.



Looking forward, Kimario radiated optimism about the Tanzanian banking sector’s trajectory, underpinned by the nation’s economic expansion and supportive business environment. The transformative path undertaken by KCB is evident in its current position as one of the leading 10 banks in terms of profitability, with Kimario envisioning KCB ascending the ranks to secure a position among the top five banks in the next three to four years, citing the bank’s robust performance, technological strides, and strategic investments. 



The acknowledgment from the market as the “number one most notable regional bank in the country,” according to Kimario, signifies KCB’s influence and accomplishments in the sector.



A key catalyst for KCB’s expansion is the positive outlook on the Tanzanian economy. Kimario conveys certainty about growth possibilities in all sectors, pointing to the encouraging business atmosphere cultivated by the present government. 



“The ongoing government has established a framework that nurtures business expansion, particularly in the private sector,” Kimario remarks. He underlines the significance of policies favoring private sector development and adherence to regulations and encourages foreign investors to partake in Tanzania’s ongoing prosperity. “The business environment in Tanzania is very conducive for anyone to bring their investments. Good government policies, a stable political system, and a very young, growing population are here to support growth,” Kimario says.



As KCB continues to shape the future of the Tanzanian banking industry, its calculated expansions, technological strides, and strategic investments position the bank as a pivotal player in the evolving financial milieu of the country, promising continued success and resilience in the dynamic landscape of the Tanzanian financial sector.

Screenshot 2024-06-21 at 15.52.34

Tanzania: Uniting People, Fostering Prosperity- KCB Bank’s Path to Tanzanian Excellence

Amidst the current climate in the world, Tanzania stands as a haven of peace and one that consistently upholds national unity and social cohesion.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“We are hopeful that with such unity, we will move to the even higher levels. Let us continue to work hard at it for this to happen,” says H.E. Samia Sululu Hassan, President of Tanzania.
</blockquote>



On April 26, 2024, Tanzania and Zanzibar celebrated the 60th anniversary of the creation of the United Republic of Tanzania through the union of two formerly sovereign States – Tanganyika and Zanzibar.



Under the leadership of the late Julius Nyerere, the first president of Tanganyika – and later on Tanzania – and the late Amani Karume, the first president of Zanzibar, the two countries made a commitment to share their political values and goals.



“The founding fathers of this country set a very strong foundation for peaceful and brotherly coexistence. There are no boundaries when it comes to tribes, religions, or color. This has been one of the greatest achievements made by any African country to sustain this kind of coexistence,” says Abdirahman M Ahmed, Managing Director of Lake Energies.



Through smooth transitions of political power, Tanzania has consistently chosen dialogue, unity, and inclusivity to maintain the country’s stability.



“The world’s shortest war on record was fought between Britain and Zanzibar in 1896, lasting around a mere 45 minutes. Historically, almost every leader of the nation has always preached peace. They have preached ‘Umoja’, which means unity. We are a very peaceful and calm people, which is reflected in our culture, our well-being, and the way we conduct ourselves,” says Hafsa H. Mbamba, CEO of the Zanzibar Commission for Tourism.



The name Tanzania was formed after the historical union of the two countries in 1964. A befitting name; the meaning of the country’s largest city and financial hub Dar es Salaam, translates into ‘home of peace’ in the Arabic language.



“We have more than 100 ethnic groups in Tanzania, which have unique cultures within themselves but we are united by a language which we all speak. We have this sense of being members of a country, not members of an ethnic group,” says Madaraka Nyerere, the son of Julius Nyerere and Chairman of Culture and Development East Africa (CDEA).



Tanzania has never experienced a civil war or any major internal strife since its independence, continuing to promote a culture of peace among its people. “Unlike other countries, it&#8217;s very difficult for someone to ask you what your tribe is in Tanzania. It&#8217;s because the foundation that was built by our founding fathers has made us feel like one. For example, when someone from Kilimanjaro is supposed to start secondary school, they are transferred to other regions, which means they meet with different people. From there, you go to university or national service. While there, you may even find your partner and start a family. That is how the nation is built,” says Nicolaus Shombe, Managing Director of the National Development Corporation.



Tanzania maintains harmony in its political leadership, ensuring that the President and Prime Minister of the country are represented from the Tanzanian mainland and Zanzibar.



“Our leaders have laid a strong foundation to unite the people of the country. We feel that we are more Tanzanians than whatever geographical areas we may be coming from or our religious backgrounds. There is a national unity that has been built on democratic grounds and we have been able to sustain that democratic approach in the way we handle our politics” says Gissima Hanga,



Managing Director of TANESCO.



The current government continues to honor the legacy of peace initiated by the nation’s previous leaders, as Tanzania is often highlighted in the Global Peace Index as one of the safest countries in Africa.



“Our national value is unity and peace. Her Excellency, Dr. Samia Suluhu Hassan has introduced the four Rs, which are pillars for democracy and economic prosperity: reconciliation, resilience, reform, and rebuilding. This means there is no room for friction. Differences are dealt with through reconciliation and reforms focus on development, thinking big, and rebuilding together. Our union is not just a political structure, it is the union of people, which embraces economic and social integration,” says Dr. Venance Mwasse, Managing Director of STAMICO.



Embracing and celebrating tribal diversity and maintaining exemplary social cohesion and national unity, Tanzania continues to be hailed as a beacon of peace in Africa.


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="591" height="591" src="https://cms.forbesafrica.com/wp-content/uploads/2024/05/TANZANIA-2024-MPU-NEW-01-5.jpg" alt="" class="wp-image-61950" style="width:419px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/05/TANZANIA-2024-MPU-NEW-01-5.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2024/05/TANZANIA-2024-MPU-NEW-01-5-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/05/TANZANIA-2024-MPU-NEW-01-5-150x150.jpg 150w" sizes="auto, (max-width: 591px) 100vw, 591px" /></figure></div>


<a href="https://cms.forbesafrica.com/wp-content/uploads/2024/07/PENRESA_FORBES-2024-TANZANIA_40pags_ONLINE-PART-02-v_08-1.pdf" target="_blank" rel="noreferrer noopener">Download full report here</a>



<div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://cms.forbesafrica.com/wp-content/uploads/2024/07/PENRESA_FORBES-2024-TANZANIA_40pags_ONLINE-PART-02-v_08-1.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of PENRESA_FORBES-2024-TANZANIA_40pags_ONLINE-PART-02-v_08-1."></object><a id="wp-block-file--media-d1b0ab4b-efb4-4fdb-a391-cb38a83bb625" href="https://cms.forbesafrica.com/wp-content/uploads/2024/07/PENRESA_FORBES-2024-TANZANIA_40pags_ONLINE-PART-02-v_08-1.pdf">PENRESA_FORBES-2024-TANZANIA_40pags_ONLINE-PART-02-v_08-1</a><a href="https://cms.forbesafrica.com/wp-content/uploads/2024/07/PENRESA_FORBES-2024-TANZANIA_40pags_ONLINE-PART-02-v_08-1.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-d1b0ab4b-efb4-4fdb-a391-cb38a83bb625">Download</a></div>

OPENING PICTURE TANZANIA 2024 (2)

Tanzania – A Beacon of Peace and Unity

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



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“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.



<a href="https://cms.forbesafrica.com/wp-content/uploads/2024/02/REPRINT_PENRESA_FA-2024-MOROCCO-vok_online-1.pdf" target="_blank" rel="noreferrer noopener">Download full report here</a>



<div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://cms.forbesafrica.com/wp-content/uploads/2024/02/REPRINT_PENRESA_FA-2024-MOROCCO-vok_online-1.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of REPRINT_PENRESA_FA-2024-MOROCCO-vok_online-1."></object><a id="wp-block-file--media-79ef287c-d2db-401a-b161-c014b29b9b77" href="https://cms.forbesafrica.com/wp-content/uploads/2024/02/REPRINT_PENRESA_FA-2024-MOROCCO-vok_online-1.pdf">REPRINT_PENRESA_FA-2024-MOROCCO-vok_online-1</a><a href="https://cms.forbesafrica.com/wp-content/uploads/2024/02/REPRINT_PENRESA_FA-2024-MOROCCO-vok_online-1.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-79ef287c-d2db-401a-b161-c014b29b9b77">Download</a></div>


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="591" height="591" src="https://cms.forbesafrica.com/wp-content/uploads/2024/02/MOROCCO-2024-MPU-NEW-01-2.jpg" alt="" class="wp-image-61156" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/02/MOROCCO-2024-MPU-NEW-01-2.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2024/02/MOROCCO-2024-MPU-NEW-01-2-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/02/MOROCCO-2024-MPU-NEW-01-2-150x150.jpg 150w" sizes="auto, (max-width: 591px) 100vw, 591px" /></figure></div>

Turbine Green Energy Electricity Technology Concept

Morocco: Unlocking Opportunities At The Crossroads Of Continents

<blockquote class="wp-block-quote has-text-align-center is-layout-flow wp-block-quote-is-layout-flow">
“We are not merely making policy, but are nurturing a legacy of boundless growth and shared prosperity under BeTA (Bottom-up Economic Transformation Agenda),” says Prime Cabinet Secretary and Cabinet Secretary For Foreign Diaspora Affairs, Dr Musalia Mudavadi.
</blockquote>



Kenya, the largest economy in East Africa, celebrated 60 years of independence on December 12, 2023.



In June, during the country’s Madaraka Day celebrations, which commemorate the day Kenya attained self-rule in 1963 – a day that would prove pivotal in its pursuit of independence, President William Samoei Ruto stated that “every Kenya African understood [the first Madaraka Day] to be the beginning of the hard and noble work of securing and enhancing social and economic freedom as well.”



“For six decades now, the people of Kenya have worked hard, with admirable diligence and unwavering determination, to perfect the political freedom of their nation through sustained socioeconomic progress,” he added.



The country, in which GDP is projected to grow 5.6% in 2023 and 6.0% in 2024, according to an economic outlook published by the African Development Bank (AfDB) earlier this year, is considered “a powerhouse within the East African community”.



This was the sentiment from Dr Musalia Mudavadi, Prime Cabinet Secretary and Cabinet Secretary for Foreign Diaspora Affairs.



“On the global stage, Kenya’s influence has soared, expanding its footprint in international trade, becoming a key member of regional bodies such as the East African Community (EAC), the Africa Continental Free Trade Area (AfCFTA), and forging essential economic partnerships like AGOA with the United States and having an Economic Partnership Arrangement with the European Union (EU),” he tells FORBES AFRICA.



Furthermore, the country is committed to global harmony, underscored by its active participation in the United Nations peacekeeping framework.



“As we celebrate 60 years of independence, these achievements and challenges serve as stepping stones toward a future of even greater promise,” Mudavadi adds.



Solidifying Kenya’s commitment to economic development, in 2022, it exported a total of $7.4 billion, globally.



Approximately, $767 million of this revenue came directly from the country’s 89 Export Processing Zones (EPZs). This year, President Ruto announced new plans to expand this number with an additional five new zones to complement this growth and encourage more foreign investment in the country.



The East African nation’s technology ecosystem also holds immense potential, according to Endeavor Kenya Managing Director, Maryanne Ochola.



“The Kenyan startup ecosystem is nascent and full of promise,” she says, adding, “A number of important events saw Kenya turn the tide. These were the laying of the first undersea internet cable, the launch of M-PESA and the establishment of innovation hubs such as iLab at Strathmore University. These



developments underscore the importance of two key assets – enabling infrastructure and physical spaces for like-minded innovators to convene and exchange ideas.”



Mudavadi also emphasizes “Kenya’s pioneering role in the mobile banking revolution” and concludes: “Our legacy, we hope, will be woven from the threads of unity, determination, the resilient spirit of the African, and a relentless pursuit of a better tomorrow for every African.”



<div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://cms.forbesafrica.com/wp-content/uploads/2023/12/Kenya@60-supplement.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of Kenya@60 supplement."></object><a id="wp-block-file--media-5c8f4b6f-e833-4015-9531-127476a8c9a7" href="https://cms.forbesafrica.com/wp-content/uploads/2023/12/Kenya@60-supplement.pdf">Kenya@60 supplement</a><a href="https://cms.forbesafrica.com/wp-content/uploads/2023/12/Kenya@60-supplement.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-5c8f4b6f-e833-4015-9531-127476a8c9a7">Download</a></div>



<a href="https://cms.forbesafrica.com/wp-content/uploads/2023/12/Kenya@60-supplement.pdf" target="_blank" rel="noreferrer noopener">Download Full supplement here</a>

Aerial view of illuminated city buildings against sky at night,Nairobi,Kenya

Leading With A Legacy Of Economic Transformation: Kenya Celebrates 60 Years Of Independence

<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“I seek a nation founded on justice, peace, prosperity for all, regardless of religion, region, ethnicity, and class,” H.E. Bola Ahmed Tinubu, President of Nigeria.
</blockquote>



A country with over 200 million people, Nigeria boasts a large consumer market and a thriving startup ecosystem. The West African nation has witnessed a consistent rise in the number of its startups from 2019 to 2023, with over 3,360 startups entering the market in 2022. With funds from local and foreign investors, the startups generated US$565 million in 2023, a 216% increase from the value generated in 2019.



Nigeria is making developmental progress on multiple fronts, including infrastructure. Its largest city, Lagos, launched a new electric-powered 13-kilometer-long metro rail service in September 2023. The metro’s blue and red rail lines are expected to ease traffic congestion in Nigeria’s economic hub. The blue line connects Lagos city with Lagos Island, the central hub for most businesses, while cutting-down the two-hour travel time to only 15 minutes.



“We want to make Lagos an African model mega city that is safe, secure, and resilient. We want it to be a pride of Africa. We will ensure that Lagos embodies everything that a mega city, anywhere in the world could be,” says Governor of Lagos state, Babajide Olusola Sanwo-Olu.



Infrastructure is one of the sectors attracting foreign investment as well as manufacturing, oil and gas, and agriculture. After assuming power in May 2023, Nigeria’s President, Bola Ahmed Tinubu has introduced reforms to enhance the nation’s economic growth by removing a decades-long fuel subsidy and boosting tax revenue. Nigeria is expected to benefit from the current global surge in oil prices, given its status as one of the largest oil-producing nations in Africa.



“The president is trying to create an environment where Nigeria is considered a top investment destination. The oil sector has enormous potential. It has been successful over the years but I think there&#8217;s a lot of unlocked potential. It’s a dollar-denominated sector and the export of oil is a significant source of foreign exchange coming into the country,” says Roger Brown, CEO of Seplat.



According to the World Bank, the reforms being undertaken in Nigeria will propel the nation’s growth to an average of 3.4% between 2023 and 2025. The International Monetary Fund has also projected accelerated economic growth in the West African nation, as the country witnesses positive progress in different sectors including service and agriculture.



“If you look at the FAO data, Nigeria is about the 10th or 11th biggest producer of corn in the world. There are about 13 to 14 million metric tons of corn being produced in the country. I am very happy to see the ambition that the country has set to have a one trillion economy in the next seven to eight years, 50 million jobs focusing on agriculture, revamping monetary and fiscal policy, and pulling 100 million people out of poverty. That’ll make Nigeria become a big non-oil exporter and with a good chunk of GDP coming from agriculture,” says Muyiwa Gbadegesin Country Head and Managing Director of Olam Agri.



As President Tinubu pledged during his campaign, Nigeria anticipates a future of renewed hope. The country is focusing on promoting investment as a means to create jobs. The president has introduced different measures, such as liberalizing the exchange rate to address hard currency-related challenges in promoting trade and investment.



“If this economy is going to grow at the level of GDP that the president anticipates, the various sectors of the economy will have to grow. Financing must be provided largely by the banking sector to fuel the growth. When that happens, if you invest in any segment of the financial service sector, then you are going to reap bountifully,” says Adesola Adeduntan, CEO of First Bank.



Nigeria’s National Development Plan has set an ambitious goal to achieve private sector-led economic growth, which will generate 21 million jobs and lift 35 million people out of poverty by 2025. The World Bank projects that if the current reforms continue, Nigeria will be able to improve its business environment and create robust economic growth.


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><a href="https://cms.forbesafrica.com/wp-content/uploads/2023/12/NIGERIA_FORBESAFRICA_2024-vok_v2.pdf"><img loading="lazy" decoding="async" width="591" height="591" src="https://cms.forbesafrica.com/wp-content/uploads/2023/12/NIGERIA-2024-MPU-NEW-01-1.jpg" alt="" class="wp-image-60393" style="width:407px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/12/NIGERIA-2024-MPU-NEW-01-1.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2023/12/NIGERIA-2024-MPU-NEW-01-1-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/12/NIGERIA-2024-MPU-NEW-01-1-150x150.jpg 150w" sizes="auto, (max-width: 591px) 100vw, 591px" /></a></figure></div>


<a href="https://cms.forbesafrica.com/wp-content/uploads/2023/12/NIGERIA_FORBESAFRICA_2024-vok_v2.pdf">Download full report here</a>

An aerial image of the shores of Victoria Island, Lagos

Nigeria: Embracing New Developments For A Brighter Future

<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“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.



<a href="https://cms.forbesafrica.com/wp-content/uploads/2023/07/KENYA_FA_2023_28pags-vJUNE_05-1.pdf" target="_blank" rel="noreferrer noopener">Download full report here</a>



<div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://cms.forbesafrica.com/wp-content/uploads/2023/07/KENYA_FA_2023_28pags-vJUNE_05-1.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of KENYA_FA_2023_28pags-vJUNE_05-1."></object><a id="wp-block-file--media-53824ed1-01dd-4c43-b19a-2577495d50bc" href="https://cms.forbesafrica.com/wp-content/uploads/2023/07/KENYA_FA_2023_28pags-vJUNE_05-1.pdf" target="_blank" rel="noreferrer noopener">KENYA_FA_2023_28pags-vJUNE_05-1</a><a href="https://cms.forbesafrica.com/wp-content/uploads/2023/07/KENYA_FA_2023_28pags-vJUNE_05-1.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-53824ed1-01dd-4c43-b19a-2577495d50bc">Download</a></div>



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

<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“It is our firm belief that domestic and foreign direct investment brings the much-needed capital, technology, management techniques and knowledge of foreign markets,” Hakainde Hichilema, President of Zambia.” H.E. Hakainde Hichilema
</blockquote>



Since the election of His Excellency President Hakainde Hichilema in August 2021, Zambia has become unrelenting in its drive to expand the economy and become a mining and energy hub of Africa. By creating favorable investment policies and business-friendly reforms, Zambia has realigned with international best practices and generated renewed confidence in the investment climate of its mining and energy sectors.



As many nations are facing opportunities in the energy transition, Zambia has worked to position itself to capitalize on the global drive for essential minerals to facilitate these green transitions. These efforts lend to the nation’s dedication to renewable energy resources and have resulted in the ambitious goal to increase Zambia’s copper production to 3 million tons each year. To push this agenda forward, the country’s top copper producer, Canadian First Quantum Minerals (FQM), has finalized a general investment of US$1.35 billion for mining expansion in Zambia, the nation’s largest since the Sentinel project was approved in 2012. This investment includes the US$1.25 billion expansion of the Kansanshi copper mine in Zambia, which was initiated in January 2020.



These investments continue to push forward Zambia’s renewable energy solutions to further support the green transition. Ana Hajduka, founder and CEO of Africa GreenCo, confirms, “Renewable energy in Zambia is an inevitable undertaking owing to the fact that Zambia boasts of significant renewable energy resources such as adequate wind, irradiation, and a well-structured river network backed by good hydrology. This allows Zambia to draw closer to claiming its title as the regional renewable energy trading hub.”



Indeed, around 85% of Zambia’s electricity comes from hydropower, and its potential continues to grow, offering attractive propositions for investors. Zambia boasts the largest hydropower plants, generating almost 2,000 MW combined. Hon. Peter Chibwe Kapala, Minister of Energy, adds, “Renewables are the way forward. By 2030, we should be able to achieve most of the things that are set out in our party manifesto and encourage more private investment.” As the northernmost region of Zambia receives more rainfall, the Ministry of Energy is shifting its focus to emphasize hydropower in the north. Solar energy is another source of renewable energy, as Zambia has solar resources in abundance. Ultimately, the nation’s plan is a balanced and complementary energy mix to eliminate intermittency and offer uninterrupted power generation.



To reach its fullest potential, Zambia relies on its strategic position and interconnectivity with neighboring countries, which offer many opportunities in terms of trade and power generation. Caroline Royer, Managing Director and Country Chair of TotalEnergies Zambia, states, “Some people say that Zambia is landlocked, but others say it is land-linked. There are many countries around and many possibilities.” Victor Mapani, Managing Director of ZESCO, adds that interconnectivity is essential for the energy and mining sectors. He says, “You must have interconnectivity with neighbors, and we are in the center. We are land-linked. If we have interconnections with neighboring countries, we can export and import power comfortably. In terms of hydropower, we want to exploit the hydro potential we have. We are very well



positioned with water and now also centrally located.” Through upcoming Memorandums of Understanding, Zambia is set to interconnect with nations such as the DRC, Tanzania, Zimbabwe, Namibia, and Angola.



<a href="https://cms.forbesafrica.com/wp-content/uploads/2023/04/ZAMBIA_FA_2023_16pags-vok.pdf" target="_blank" rel="noreferrer noopener">Download full report here</a>



<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2023/04/ZAMBIA-MPU-NEW-01.jpg" alt="" class="wp-image-57907" width="282" height="282" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/04/ZAMBIA-MPU-NEW-01.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2023/04/ZAMBIA-MPU-NEW-01-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/04/ZAMBIA-MPU-NEW-01-150x150.jpg 150w" sizes="auto, (max-width: 282px) 100vw, 282px" /></figure>



<div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://cms.forbesafrica.com/wp-content/uploads/2023/04/ZAMBIA_FA_2023_16pags-vok.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of ZAMBIA_FA_2023_16pags vok."></object><a id="wp-block-file--media-2594b3ca-52cd-45bb-84b9-3b76232f0b11" href="https://cms.forbesafrica.com/wp-content/uploads/2023/04/ZAMBIA_FA_2023_16pags-vok.pdf">ZAMBIA_FA_2023_16pags vok</a><a href="https://cms.forbesafrica.com/wp-content/uploads/2023/04/ZAMBIA_FA_2023_16pags-vok.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-2594b3ca-52cd-45bb-84b9-3b76232f0b11">Download</a></div>

Skyline photo of Lusaka city at night

The Mining and Energy Hub of Africa

<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“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.



<a href="https://cms.forbesafrica.com/wp-content/uploads/2023/02/BOTSWANA_FA_2023_44pags-vok_FORBES_online4.pdf" target="_blank" rel="noreferrer noopener">Download Full Report </a>



<div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://cms.forbesafrica.com/wp-content/uploads/2023/02/BOTSWANA_FA_2023_44pags-vok_FORBES_online4.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of BOTSWANA_FA_2023_44pags vok_FORBES_online4."></object><a id="wp-block-file--media-d9faec1a-2aad-4308-b52f-8414d1348d3f" href="https://cms.forbesafrica.com/wp-content/uploads/2023/02/BOTSWANA_FA_2023_44pags-vok_FORBES_online4.pdf">BOTSWANA_FA_2023_44pags vok_FORBES_online4</a><a href="https://cms.forbesafrica.com/wp-content/uploads/2023/02/BOTSWANA_FA_2023_44pags-vok_FORBES_online4.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-d9faec1a-2aad-4308-b52f-8414d1348d3f">Download</a></div>

Category: Africa Undiscovered