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Journal of African Business Issue 4

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Welcome to Journal of African Business, your guide to business and investment on the continent. The fourth edition of Journal of African Business is the second issue of this magazine to be published as a quarterly. The first two journals were published as annual publications in 2020 and 2021. The Journal of African Business covers a wide range of subjects within the broader economic sectors: energy; mining and exploration; trade; finance; technology and tourism. In addition to this, special features on topical matters are included, along with country profiles.


NEWS FROM ALL AROUND AFRICA Recent investments, expansions and milestones. CREDIT: Pexels by Perry Tintin GHANA AND SCOTLAND BUSINESS LEADERS AGREE TO NETWORK National Theatre, Ghana. Credit Kojo Nana on Unsplash Africa Scotland Business Network has signed its first intra-African partnership agreement with UK Ghana Chamber of Commerce. UKGCC and ASBN have signed the agreement to crosspromote each other’s organisations for intra-African and international trade and relations within Ghana, Scotland and with their networks across the world. Under the partnership, UKGCC and ASBN will also work to ensure increased brand awareness and leverage from this to deliver reputation value and credibility, thus enhancing the value of their brands and those of their internal member companies. To achieve these objectives, both organisations have committed to focus on five key sectors: energy, healthcare, agriculture, technology and training education. ASBN has been commissioned to produce an Africa- Scotland Economic Impact Report for Scottish Development International (SDI). The report, the first of its kind, will showcase the impact and successful business activity of Scottish firms in Africa. Africa Scotland Business Network will be working with 25 Scottish companies featuring in the report including ASBN member companies Craig International, Ascensos, Riiot Digital, Workstreme, Abergower, SAFER Training and Solariskit. SOLAR PROJECTS ARE SHINING IN NAMIBIA Solar projects are moving ahead in Namibia with the support of the Development Bank of Namibia. So far, the DBN has made funding available across Namibia for renewable projects to the value of N.2-billion. One example of this is the 18.5MW solar plant to be located at Kokerboom in Keetmanshoop. This plant is to be constructed and operated by Alpha Namibia Industries Renewable Power Limited (ANIREP), while an offtake agreement has been signed with Dundee Precious Metals Tsumeb. A consortium known as Anirep Aussenkjerr Solar One received N3-million in financing from DBN for the construction of the 20MW Khan solar plant, where NamPower has signed a 25-year offtake contract. The company is made up of two local companies, ANIREP (which is listed on the Namibian Stock Exchange) and Aussenkjer Energy Investments. The Development Bank of Namibia (DBN) has funded renewable projects in the country to the value of N.2-billion. Credit: ANIREP 4

NEWS AFRICA ON THE RADAR FOR WORLD-LEADING BLOCKCHAIN RESEARCH INSTITUTE With the unique capabilities of blockchain technology set to average, only 11% of executives have a good understanding revolutionise transparency, record-keeping, efficiency and of blockchain, with only 4% having had hands-on experience the effectiveness of transactions in the business world, with the technology. As a result, companies have limited boardrooms across Africa are beginning to incorporate the knowledge of how blockchain can be used in their organisation. technology and applications such as Web3.0, decentralised Despite this, research shows a clear appreciation among finance (DeFi), and the metaverse in discussions around business leadership for the significant role that blockchain corporate innovation and digital strategy. will play in the transformation of traditional industries and But while conversations around this technology are business models.” becoming popular among board members, more needs to be To enhance knowledge and understanding of blockchain, and done to enhance executive-level knowledge, understanding its applications towards driving sustainable development on and buy-in of blockchain technology and its applications the continent across multiple industries, the Standard Bank for businesses in traditional African industries such as Group has partnered with Canada-based Blockchain Research mining, agriculture and manufacturing. This is according to Institute (BRI) to expand its research capabilities to Africa. Ian Putter, Head of the Blockchain Centre of Excellence at In doing so, the organisation seeks to bring together top Standard Bank Group and Regional Director of the Blockchain industry leaders, academics, policymakers, entrepreneurs Research Institute Africa. and researchers from across the continent, to collaborate He explains, “Peer-reviewed research has found that, on on ground-breaking research on blockchain technology in an effort to bridge the gap between its technological functionality and real-world needs of the market. In support of these goals, BRI Africa hosted an online seminar where global experts discussed real-world applications for blockchain technology beyond crypto assets and unpacked opportunities for collaboration with BRI Africa Ian Putter (above), Head of the Blockchain Centre of Excellence at Standard Bank Group and Regional Director of the Blockchain Research Institute Africa. TALK360 RAISES -MILLION FOR AFRICAN EXPANSION International calling app Talk360 has secured -million in funding as it prepares to launch a new pan-African payment platform in 2022. The seed round of funding was led by leading African venture capital investor HAVAÍC, 4Di Capital and several prominent fintech angel investors. The company intends to expand its calling business, build an African payment platform and open its payment platform to other merchants. While the Talk360 app is seeing rapid growth on the continent, with a growing number of paying users, accessibility has been an issue for 500-million underserviced people. Users either don’t have online banking to buy Talk360 airtime, or their local currencies or payment methods are not supported. The new payment Co-founders of Talk360, Hans Osnabrugge and Dean Hiine. platform aims to address inaccessibility by providing users with the option to buy products and services using any currency and more than 160 payment methods. It will also be opened to other service providers. Talk360 was co-founded in 2016 by South African venture builder Dean Hiine and Dutch entrepreneurs Hans Osnabrugge and Jorne Schamp. With offices in South Africa, the Netherlands, India and Nigeria, it connected more than two-million people in 2021. The angel investors include several unicorn founders and executives such as Gaston Aussems (ex-Mollie), Robert Kraal (ex-Adyen), Gabriel de Montessuss (President WorldPay International) and Marnix van der Ploeg, ex- and EQT (African Media Agency). UNITED PLANS TO LINK MORE AFRICAN CITIES WITH WASHINGTON A range of flights have resumed to Cape Town in South Africa and a new direct flight has been the Namibian city of Windhoek. KMIA is a short hop from several entrances to the iconic Kruger added to take European tourists directly to the Kruger National Park. In addition, United National Park, South Africa’s biggest game and nature reserve. Airlines has announced that it has applied to fly directly from Washington to Cape Town. Mbombela, the capital of Mpumalanga Province in South Africa and the host of KMIA, KLM Royal Dutch Airlines will take on additional flights from Amsterdam to Cape Town from becomes Eurowings Discover’s seventh African destination. The newly-created leisure line has November 2022, lifting the total number of flights to Cape Town to 10 per week. This year is established or planned flights from Frankfurt to Mombasa, Zanzibar, Mauritius, Windhoek, the 30th anniversary of KLM Royal Dutch Airlines flying between Amsterdam and Cape Town. Victoria Falls and Kilimanjaro. United Airlines is another airline that resumed flying to Cape Town after a halt caused by Covid-19 restrictions. There are United’s 787-Dreamliner flies the Cape Town – Newark route. three weekly flights between New York’s Newark Airport and Cape Town, and a further seven to and from Johannesburg. United Airlines has also made an application to the US Department of Transportation for three weekly nonstop flights to be granted between Washington DC and Cape Town. United intends for the service to begin in November 2022, if approved. United’s Washington Dulles Airport hub caters to more than 230 daily flights to nearly 100 destinations, including more than 10 world capitals and new services that have recently come online to Accra, Ghana, and Lagos, Nigeria. Eurowings Discover, a new division of Lufthansa that was launched in 2021, will fly to Kruger Mpumalanga International Airport (KMIA) from November 2022, with a short stopover in 5

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