The gender gap in Africa’s business sector is both wide and multifaceted. While African women are notably entrepreneurial, with many managing successful small and medium-sized enterprises (SMEs), they face disproportionate challenges. According to the World Bank, women-led businesses are more likely to be underfunded than those led by men. Many lack the collateral, networks, and financial literacy required to scale their businesses.

READ ALSO: Bridging the Gender Gap in African Education: Key Strategies for Lasting Change

In the corporate world, the 2023 McKinsey & Company report on women in the workplace reveals that women hold only 24% of board seats across African countries and account for just 18% of executive managers. These figures are alarming, particularly as global studies consistently demonstrate a strong correlation between gender diversity in leadership and enhanced company performance. The absence of women in top decision-making roles deprives Africa’s business sector of the innovation and diverse perspectives that women bring.

Women face significant challenges in accessing financial resources, as traditional banking systems are often structured around male-dominated industries, with women perceived as higher-risk borrowers. In many African societies, cultural norms impose restrictive gender roles, expecting women to balance household responsibilities with work, which limits the time they can devote to their businesses.

Additionally, women in Africa frequently have less access to education and vocational training, which hampers their ability to participate fully in the business world. Skills development programmes are often male-dominated, with fewer opportunities for women to acquire the technical expertise and leadership training necessary to rise to senior positions. Furthermore, gender-based violence and harassment—both in workplaces and during business interactions—discourage women, undermining their confidence and professional growth.

Despite these significant challenges, efforts are underway across the continent to close the gender gap in business. Governments, businesses, and civil society organisations increasingly recognise the need for action and are implementing initiatives to economically empower women.

Several African governments have introduced policies to address gender inequality in the business sector. Rwanda, for example, has established benchmarks for gender equality in leadership roles, with women occupying 51% of parliamentary seats and 30% of ministerial positions. Similarly, countries like South Africa, Kenya, and Nigeria have implemented national gender equality policies and initiatives aimed at increasing women’s economic participation.

Financial institutions, both domestic and international, are increasingly investing in women-led businesses. Initiatives like SheTrades by the International Trade Centre and funds such as the African Women Impact Fund provide women entrepreneurs with greater access to financing, training, and networking opportunities. Venture capitalists and angel investors are also showing greater interest in women-led startups. In Kenya, for instance, initiatives such as Women in Technology Kenya and African Women in Technology offer platforms for women entrepreneurs in the tech space to pitch ideas, gain mentorship, and secure funding.

Mentorship and role models are critical for fostering women’s leadership in business. Programmes like the African Women’s Entrepreneurship Programme (AWEP) and the Women’s Investment Club provide invaluable support by connecting women with experienced mentors, professional networks, and educational resources. Corporate Africa is also acknowledging the value of boardroom diversity. Companies such as Safaricom, Zenith Bank, and AngloGold Ashanti have made significant progress towards achieving gender balance in senior leadership.

Bridging the gender gap in Africa’s business sector will not happen overnight, but the progress being made suggests a brighter future. Increased participation of women in the economy will accelerate the continent’s journey towards achieving the United Nations Sustainable Development Goals (SDGs). The key to sustained progress lies in continued advocacy for gender equality, robust public-private partnerships, and dismantling the structural barriers that constrain women’s potential.

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The United Nations estimates that Africa’s population will reach 1.5 billion by 2030, placing significant pressure on transport systems, communication networks, and energy supplies. According to the African Development Bank (AfDB), the continent requires an estimated $130–$170 billion annually in infrastructure financing.

READ ALSO: http://Africa’s infrastructure revolution: Investments shaping the Future of the Continent

Transportation remains one of the most visible and pressing infrastructure challenges. Cities like Lagos, Nairobi, and Cairo, with their large populations, struggle with congestion, inefficiency, and poor-quality roads.

In Lagos, home to over 20 million people, the absence of a comprehensive public transport network results in daily traffic jams and long commutes. In response, the state government introduced the Lagos Bus Rapid Transit (BRT) system in 2008. This affordable and efficient system has improved mobility for millions, addressing the city’s growing transportation demands.

Cities like Addis Ababa in Ethiopia have invested in light rail systems. Launched in 2015, the city’s $475 million light rail project—the first of its kind in sub-Saharan Africa—has significantly enhanced mobility, cutting commute times and reducing congestion. However, challenges persist, particularly in maintaining and expanding the system to cover more areas.

The Digital Revolution and Communication Infrastructure

The digital revolution offers Africa the potential to transform its economies, education systems, and governance. However, communication infrastructure remains patchy, with slow internet speeds, limited broadband coverage, and unreliable mobile networks.

In Kinshasa, Democratic Republic of Congo, internet access is both limited and costly. To address this, governments and private enterprises are investing in expanding digital infrastructure.

Kenya’s “National Optic Fibre Backbone Project” connects rural and urban areas with high-speed internet, boosting education and economic activity. Also, Kenya’s M-Pesa platform has revolutionised financial inclusion, enabling millions of Africans to access banking services via their phones. Its success has inspired similar initiatives in countries like Ghana and Tanzania, improving financial transactions for previously unbanked populations.

Bridging the Power Gap

Energy deficits present another major hurdle for African cities. According to the International Energy Agency (IEA), over 600 million Africans lack access to electricity. In Nigeria, Africa’s largest economy, energy shortages impede growth. The Nigerian government is exploring private sector participation to address this, focusing on building and maintaining power plants, improving distribution, and transitioning to renewable energy sources.

Renewable energy is gaining traction as a sustainable solution. In Kenya, the government has embraced a “green energy” agenda, investing in large-scale geothermal and wind projects. Meanwhile, South Africa’s renewable energy program is widely considered a success, with the country increasing its renewable energy share of the electricity mix to over 20%. Off-grid solar initiatives in Uganda and Zambia have empowered households and businesses, unlocking economic potential in previously underserved areas.

In conclusion, while African cities face significant infrastructure deficits, there is a growing momentum towards finding innovative solutions that can address transportation, communication, and energy challenges. By embracing smart technologies, strengthening partnerships, and prioritizing sustainability, African cities have the potential to leapfrog traditional development models and create better, sustainable urban spaces for future generations.

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The global fintech market, currently valued at USD 294.74 billion, is projected to experience substantial growth. By 2024, it is expected to reach USD 340.10 billion and further expand to USD 1,152.06 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 16.5% over the forecast period. As of 2023, North America dominates the global market with a notable share of 34.05%.

READ ALSO: http://Fintech in Africa: The next Big Revolution in Global Africa?

Fintech companies operating in the business-to-business (B2B) sector offer diverse financial technology services, tools, and solutions, primarily delivered via the cloud. This enables businesses to integrate and leverage financial technologies without the need for costly in-house development.

In Africa, the fintech digital assets market is projected to grow by 9.01% between 2024 and 2028, reaching a market volume of USD 56.47 billion by 2028. The sector is experiencing rapid expansion; as of 2021, fintech companies constituted nearly half of Africa’s 5,200 tech startups.

The African creative economy, too, has witnessed remarkable growth in recent years. The rising global demand for African creative products has directly contributed to economic development, particularly through the generation of new employment opportunities.
Fintech solutions are central to promoting financial inclusion and economic empowerment in Africa. However, their impact extends beyond these areas. They foster a sense of self-identification with African narratives, enabling young Africans to express themselves in unprecedented ways within a digital landscape rich with opportunities.

The creative economy is a treasure trove of potential, not only for Africa but also for the world at large. It holds the promise of ushering in more progressive development across the continent. According to Douglas Kendyson, the Founder and CEO of Selar.co, ‘The Creative economy is really big, we are barely scratching the surface in this sector, and the possibilities are limitless. We need more platforms that facilitate the activities of young Africans in the creative economy.’

FinTech solutions are also driving growth in sectors such as mobile gaming, facilitating digital payments, and supporting the distribution of African creative products to wider markets. All these form an ecosystem of productivity that enhances the standard of living in this modern age and propels humanity further to greater heights.

The future of Africa’s creative industry is bright, fueled by the digital spark of Fintech. As financial inclusion and empowerment take root, African creators will rise, their talents reaching the world stage. This is the story of a continent finding its voice, empowered by innovation and ready to claim its rightful place in the global creative landscape.

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High-Profile Strategic Alliances

One of the standout partnerships in 2024 is between Africa’s largest telecommunications company, MTN Group, and global technology giant, Huawei. This alliance focuses on advancing 5G technology across the continent. According to the International Telecommunication Union (ITU), 5G deployment in Africa is projected to generate USD 15 billion in economic value by 2025, enhancing connectivity and digital transformation.

Another notable alliance is the collaboration between Africa’s top agribusiness, Olam Group, and the African Development Bank (AfDB). This partnership aims to boost agricultural productivity and sustainability through technology and investment. The World Food Programme (WFP) reports that such initiatives are crucial for achieving food security and supporting smallholder farmers, who make up 60% of Africa’s agricultural workforce.

Key Statistics and Reports

• Investment in Technology: The MTN-Huawei partnership has resulted in the deployment of over 1,000 5G base stations across major African cities by mid-2024, enhancing internet speeds and accessibility (Telecoms.com).
• Agricultural Impact: The Olam-AfDB alliance has facilitated the development of 500,000 hectares of farmland and introduced innovative farming techniques, which have increased crop yields by 20% (AfDB Annual Report 2024).
• Energy Sector: The strategic partnership between TotalEnergies and the African Union’s Africa50 Fund has led to the development of several large-scale renewable energy projects, providing sustainable power to over 2 million households (Africa50 Energy Report 2024).

Challenges and Future Directions

Despite their success, strategic alliances in Africa face several challenges, including regulatory hurdles and political instability. However, the emphasis on sustainability and technological advancement is likely to drive continued growth. For instance, the partnership between the African Union and various international stakeholders is working towards creating a more favourable business environment through policy reforms and infrastructure development.

The future of strategic alliances in Africa appears promising, with increasing interest from global investors and stakeholders. The focus on sectors such as technology, agriculture, and renewable energy aligns with Africa’s broader economic goals and offers opportunities for further growth and collaboration.

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Understanding Regulatory Sandboxes

Regulatory sandboxes are frameworks set up by regulatory authorities that enable businesses, particularly startups and technology firms, to test new products, services, and business models in a controlled environment. This regulatory flexibility helps mitigate risks associated with innovative ventures while ensuring consumer protection and market integrity. Initially pioneered in the UK in 2015 by the Financial Conduct Authority, the core objective is to allow for experimentation. According to a report by the World Economic Forum, regulatory sandboxes are designed to address the gap between rapidly evolving technological advancements and existing regulatory frameworks.

The Rise of Regulatory Sandboxes

The concept of regulatory sandboxes gained traction with the UK’s Financial Conduct Authority (FCA) launching its sandbox in 2016. Since then, over 30 countries have implemented similar initiatives.

The FCA sandbox has been instrumental in the success of numerous fintech startups. For instance, Revolut, a fintech company that graduated from the FCA sandbox, has achieved a valuation of over £25 billion, illustrating the sandbox’s impact on scaling innovative solutions. Data from the FCA indicates that 60% of companies that have completed sandbox trials have successfully transitioned to full regulatory approval.

According to the Global Financial Innovation Network (GFIN) 2023 report, the FCA’s sandbox has facilitated over 300 firms, showcasing its significant role in driving innovation. The PitchBook 2024 report reveals that sandbox participants have experienced an average increase of 40% in investment compared to non-participants.

The Monetary Authority of Singapore (MAS) has also seen success through its sandbox. Grab a prominent ride-hailing and fintech platform, benefited from the MAS sandbox, contributing to its significant expansion across Southeast Asia.

Growth of Regulatory Sandboxes in Africa

In Africa, the trend gained momentum around 2018, with countries like Kenya, Nigeria, and South Africa leading the charge. One of the regulatory sandboxes in Africa then was launched by the Central Bank of Kenya in 2019. By 2023, the sandbox had facilitated numerous fintech startups, driving innovation in digital payments and blockchain technology. Since then, several other African countries have adopted similar frameworks. As of 2024, over 10 African nations have established regulatory sandboxes, reflecting a growing recognition of their potential to stimulate innovation.

Impact on Innovation

1. Encouraging Entrepreneurial Ventures
   Regulatory sandboxes provide startups with a platform to test their innovative ideas without the immediate burden of stringent regulatory compliance. The Harvard Law School report from 2022 highlights that 68% of sandbox participants saw an increase in venture capital investment following their sandbox participation. This uplift in funding is crucial for nascent companies aiming to scale their operations.
2. Accelerating Product Development
   By providing a controlled environment for testing, sandboxes enable faster iteration and refinement of products. A study by Deloitte in 2023 revealed that companies participating in sandboxes reduced their time-to-market by an average of 30%. This acceleration is attributed to the ability to test and iterate in real time with regulatory feedback.
3. Enhancing Regulatory Adaptation
   Sandboxes facilitate a collaborative approach between innovators and regulators. According to a McKinsey report published in 2023, 75% of sandbox participants reported improved regulatory relationships, which has led to more adaptive and forward-thinking regulatory frameworks. This collaboration ensures that regulations evolve in tandem with technological advancements.

Challenges and Future Directions

While regulatory sandboxes have demonstrated substantial benefits, they are not without challenges. Issues such as the limited scalability of sandbox-tested innovations and the potential for regulatory arbitrage need addressing. The OECD 2023 report suggests that ongoing evaluation and refinement of sandbox frameworks are crucial for sustaining their effectiveness.

Looking ahead, the integration of advanced technologies such as artificial intelligence (AI) into sandboxes is expected to drive further innovation. The McKinsey report anticipates that AI-driven sandboxes could revolutionise product testing and regulatory compliance in the coming years.

Regulatory sandboxes have undeniably transformed innovation by providing a supportive framework for experimentation and development. Their impact is reflected in increased investment, accelerated product development, and improved regulatory adaptability. As the global adoption of sandboxes continues to grow, their role in shaping the future of innovation remains pivotal. For stakeholders and policymakers, understanding and leveraging the benefits of regulatory sandboxes will be crucial in fostering a dynamic and resilient innovation ecosystem.

The post The Impact of Africa’s Regulatory Sandboxes on Innovation appeared first on African Leadership Magazine.

Notably, this resurgence has spurred a wave of youthful entrepreneurs, fortifying Africa’s economic fabric. The continent is witnessing the rise of a new generation, brimming with fresh energy and reinvigorated ideals, poised to propel Africa towards a promising future. Delving deeper into this narrative unveils a compelling story of how Africa has become a magnet for entrepreneurs, an epicentre for innovation hubs, and a cradle for noteworthy commercial triumphs.

The Evolution of the Startup Ecosystem: The African continent offers a fertile ground that nurtures burgeoning aspirations, especially among the younger populace. This unparalleled expansion has transformed Africa into a nucleus of innovation. Several pivotal factors have precipitated this change, including a burgeoning youthful demographic, remarkable technological advancements, and an escalating appetite for tech-driven solutions. Renowned studies affirm that nations like Nigeria, Kenya, Ghana, and South Africa have evolved into crucial epicentres, fostering optimal ecosystems that significantly drive business development and innovation.

These ecosystems encompass tangible products such as food, energy, construction materials, medicinal resources, and water. Simultaneously, they also encompass ecosystem services, preserving hydrological cycles, purifying air and water, and sustaining agricultural pollination. Human-induced activities threatening these ecosystems underscore the importance of restoration efforts to maintain their integrity, thereby bolstering the support framework for prospective business owners.

Technological Advancements: The linchpin of Africa’s advancement lies in technology. Its pivotal role is irrefutable in propelling the entrepreneurship landscape forward. Consequently, nations across our continent have made substantial investments in Internet infrastructure, embracing technology as a fundamental enabler.

This concerted effort has empowered countless young individuals to focus on developmental initiatives, enabling Africa to regain its footing among global contenders despite prevailing challenges like civil unrest, which often deters investments. The pervasive use of mobile devices has revolutionised business interactions, connecting millions of individuals to diverse enterprises. Industries such as education technology, healthcare, and finance have experienced significant transformations, facilitated by technological breakthroughs.

Notably, mobile payment systems have democratised financial inclusion, empowering marginalized communities previously excluded from traditional banking systems. Regional initiatives like Equity Bank have specifically targeted small-scale entrepreneurs, predominantly urban dwellers, thus amplifying the impact of technological advancements on Africa’s innovation drive.

Innovation Hubs: Key innovation centres such as Nairobi, Lagos, Kigali, Kampala, and Addis Ababa are pivotal catalysts in reshaping their respective nations and, by extension, the African continent. Notably, Nairobi’s iHub, Lagos’ CcHub, and Cape Town’s Silicon Cape have been instrumental in fostering corporate growth and importing crucial business concepts, creating a conducive environment for entrepreneurial blossoming.

Looking ahead, these trailblazing entrepreneurs will mentor future African business enthusiasts, cultivating tech clusters across the continent. These innovation hubs serve as epicentres offering co-working spaces, access to funding, mentorship, and essential resources, acting as incubators for revolutionary ideas.

Business Success Narratives: The tales of triumph are a testament to the visible outcomes of Africa’s entrepreneurial spirit. Countless individuals have shattered barriers, achieving remarkable success, serving as beacons of hope for future generations. Visionaries like Strive Masiyiwa, the founder of Econet Wireless, have revolutionised the telecommunications sector, while also spearheading groundbreaking technological advancements that fuel philanthropic initiatives. Additionally, figures like Ngozi Okonjo-Iweala, with her visionary leadership as the Director-General of the World Trade Organization, actively advocate for showcasing Africa’s potential on the global stage.

Entrepreneurship’s Role in Driving Economies: The clarion call for mobilisation to propel African economies underscores the pivotal role entrepreneurs play in fostering progress. Beyond bolstering GDP, entrepreneurs are pivotal in creating over a million jobs for young Africans and fostering collaborations with international investors. However, this potential can only materialise if African governments create conducive environments and collaboration opportunities, encouraging entrepreneurs to invest in their craft. Recognising the indispensable role of these entrepreneurs will be pivotal for African governments in steering the continent towards prosperity. Africa’s governments must enact policies that support businesses while making substantial investments in education and skill development. Africa’s remarkable progress, though not on par with the Asia-Pacific region, has seen poverty levels decline by nearly one-third since the 1960s. This surge in prosperity across 43 out of 49 African countries offers invaluable lessons and benchmarks for addressing common obstacles like enhancing government accountability and improving the investment climate.

Looking Ahead: The African continent is on the cusp of significant strides across various sectors, unlocking vast opportunities to play a pivotal role on the global stage. The transformative trajectory of the business and entrepreneurship landscape underscores Africa’s potential. This resounding evidence, combined with the right attitude and resources, positions Africa to assert itself globally. As Africans continue to break barriers, the future heralds boundless opportunities and the promise of an even brighter tomorrow.

The post The ever-evolving Africa’s Business ecosystem appeared first on African Leadership Magazine.

Dr Hussein Ali Mwinyi, a visionary and outspoken leader of Zanzibar, reveals his passion for Zanzibar, the discovery of oil and gas, and how to grow the island nation’s economy without harming the environment in an interview with a team from the African Leadership Magazine UK, led by its publisher, Dr Ken Giami. He emphasises the tactics required for the development of blue tourism as well as what distinguishes Zanzibar as a premium tourist destination. He spoke out over the African Free Continental Trade Agreement, or AfCFTA. Dr. Mwinyi discussed his vision for Zanzibar’s youth and what they must do to be relevant on the continent.

The excerpt

Thanks so much, Your Excellency, for having us, African Leadership Magazine. We see you as one of the few African leaders who has a clear vision. And we’ve selected you for this African Leadership Legacy series. And you come from a rich history of patriotism, leadership, and service to the nation, right from your father. And we see that there’s a clear path, from your policies to your pronouncements. Can you tell us a bit about what growing up was like for you? What are some of those experiences that moulded you into who you are today?

As you correctly said, I’m coming from a political family. My father has been the president of Zanzibar as well as Tanzania, so I’ve grown up surrounded by political activities. So after having completed my studies, I was asked to run for parliament through my father’s constituency. So it was for that reason that I developed an interest in politics. And that is the reason that I decided to pursue the political area. And that’s the reason that I’m here today.

And, as President, you’ve been a major proponent of attracting investment, tourism, and trade to Zanzibar. What are some of the things you’ve done to create the right business environment to attract capital investment and tourism?

Well, as you know, investment is very important for any country’s growth. In Zanzibar, being an island, we are surrounded by the ocean; we don’t have much land. And for that reason, agriculture would not be big in this area because of the scarcity of land. We don’t have minerals. And since we are surrounded by the ocean, we thought the ocean should be our plant. And for that reason, we came up with a policy of blue economy to try to utilise the ocean resources in a sustainable manner for the economic growth of the country. And we put up a lot of policies, particularly policies that came up with incentives for those who would bring their capital here. So that is the reason that we have the blue economy as the main policy for our country’s economic growth. But also, because tourism contributes about 30% of our GDP, we had no option but to look into how to implement strategies and policies that would attract more tourism, particularly around fisheries. Because the majority of Zanzibaris are employed in fisheries,

It’s a bit tricky for the blue economy. Yes, you’re known for being the major pusher for the blue economy. How does that feel? What does it cover? Who are the people invited to participate? Who are the investors?

The blue economy has several sectors. Among them is tourism, which is the biggest for Zanzibar because, as I said earlier, it contributes 30% of our GDP. But fishing, as I said, is an important sector. We also have oil and gas. Zanzibar has discovered some gas, and we are hoping to start to exploit that in the near future because we have good reserves around, I would say, 3.2 trillion cubic feet already discovered. So, we are going to also be involved in oil and gas, but being an island, we are definitely required to have a major port here. I mean seaport, and we are now planning to come up with a multipurpose port in a place called Manga Pwani. And this port will be a transshipment hub. So rather than having a port that will only cater to Zanzibar, it will be a port that caters to the region. You know, containers and other cargo would be coming from Zanzibar and going to these other ports around here, like Mombasa, Da er salaam, the euro, and as far as Durban in South Africa. That’s the intention. And I think we are on the right track. So those are the main sectors of the blue economy. But we also have, together with those, marine transport and trade. Yeah, so if we are to be a hub for transshipment, it means you will need to have a lot of smaller vessels that will be plying around here. So marine transport and marine trade will be two of the major sectors of the blue economy.

Let me take you to the tourism side. As the major contributor to the GDP, it would be right to say that Zanzibar is more interested in the quality of tourism than the volume of tourists. Can you throw more light on that?

Yes, you’re not wrong. Because of the small size of Zanzibar, you don’t want mass tourism. And because mass tourism also has an impact on the climate, it has an impact on, you know, environmental changes. So, our tourism policy in Zanzibar is what we call high-value, low-volume. You know, you get very wealthy individuals to come to Zanzibar in small numbers. But we’re getting even more resources and revenues from mass tourism. And that’s the idea of having high-class hotels for high-wealth individuals with low volumes. This is good, not only from the point of view of revenues but also for sustainability because we need to preserve the environment. So, the smaller the number, the better for the environment.

I like the fact that you mentioned that it helps with sustainability. And I’m excited because, very recently, you were nominated to receive the Global Water Price Change Prize for your investment in water for sustainability’s sake. How do you feel about this hour? I want to congratulate you, but I also want to know how you feel. And what are some of the investments in water that you have embarked upon?

Being an island, we do not have enough water resources. Soit’s very important for us to utilise what we have in the best way possible. So, I’m happy that we have collaborated with partners in the Global Water Partnership, which is being led by the former president of Tanzania, and the South African part of the Global Water Partnership. And we had come up with a strategy for Zanzibar. And that strategy is what gave us the award—that we had come up with a good strategy and that we are now going to look for funding to make sure that we utilise what we have sustainably. And in that way, I can tell you one thing. We rely on groundwater here in Zanzibar. Yeah. And it’s quite costly. So, we need to have the resources, and we need to make it sustainable. There’s a lot of research in that area. There are a lot of policies and strategies. And this is what gave us the award, because we had implemented a very good strategy towards water sustainability, etc.

Well, again, congratulations. It’s a worthy award. And let me move on to peace and tourism. We know that where there is no peace, there is no security. And, of course, that goes to Unity. You’ve been known as a leader who has forged a very united front, not just locally in Zanzibar but across the nation, the union, and also across the region. What was driving your approach to sustaining peace, security, and unity?

As you said, without peace and security, there’ll be no development and no prosperity, because everything depends on peace and security. And it is for that reason that, when we came into power, the first thing we decided was to formulate a government of national unity. The aim was to bring all players to the table so that we could achieve stability in the country. And I’m happy to say that since we created the Government of National Unity, Zanzibar has been quiet, stable, and very peaceful. And it gives us now the room to use the developmental strategies that we have. I’m glad to say that so far, we have been working hard to make sure that we create strategies and policies and implement different infrastructure projects so that we gain the prosperity that people are looking for. And all this is because of the stability that we have in the country.

Again, I must commend you. It’s not every day you see that. We see you as a leader who is very strategic and very visionary. In your strategic development plan for 2026, Vision 2030, And we also realise you recently set up, in December, what you call the Presidential Delivery Bureau. This speaks to a leader with vision. What are some of your larger visions for Zanzibar? And of course, for the region going forward?

Yes, we have those policies in place. And we have the Zanzibar 2050 vision; we have Paddack, which is the Zanzibar de la Development Plan, a five-year plan; and we have formulated the Presidential Delivery Bureau in order to make sure that we deliver and not just have policies and strategies, but we actually deliver on the ground. Yeah, so that’s the reason we have those in that setup. Now, it’s quite important to have vision because you have to dream that, in the next 50 years, where do you want Zanzibar to be? And since you asked me where I’m visualising Zanzibar, as I told you earlier, I want Zanzibar to be a hub—a hub for everything, a hub for transshipment. Because, as you know, we are surrounded by the ocean, we can create a good port here. We want to be a hub for logistics, rather than people going all the way to Dubai or China. Why not have a logistics centre in Zanzibar? That’s the vision that we have. Well,

That’s a powerful vision, and it aligns again. Last year, we realised that the number of air passengers in Zanzibar had increased dramatically. It means something is happening here. I flew from Germany to Zanzibar. This is my first time. I was excited. The roads are clean. And what would you say to our other African brothers? How would you sell Zanzibar? I want to be one of your ambassadors to attract visitors here. What should be the USP? What should we tell them about Zanzibar?

We have the best tourist destination in Zanzibar. And our tourism here relies on two major areas, unlike most tourist destinations, where they have a single area. In Zanzibar, we have what we call-ocean tourism,” or rather, coastal tourism. Yeah, because of the beautiful sea that we have and because of the white, sandy beaches that we have. That is one that you cannot find in many places, I can tell you that. But on the other hand, Zanzibar has history; we have heritage; you know, this is what gives us an advantage over other areas like the Maldives and others here; when you come to Zanzibar, you can enjoy the history, the culture of the people here, the heritage that we have, you know, Stone Town, and so on. So, in a nutshell, I would say we are offering the best tourist destination in the region. But for those who are interested in investment, Zanzibar offers the best incentives when it comes to investment. So, if you come to Zanzibar and want to invest in any of the sectors that I mentioned, you are likely to have the best tax incentives compared to most of the other areas in the region.

Wow. It’s a beautiful feeling. And you have made me a believer in Zanzibar today. Zanzibar has been described as a crossroads of cultural influence, where Africa meets Arabic history with some Indian flavour that is odd with European thought. It makes Zanzibar a confluence of thoughts. How have you been able to harness international partnerships with this level of history and heritage for the benefit of Zanzibaris?

Like I said, in the history of Zanzibar, there used to be Europeans here. And then there used to be Arabs. But then, after our revolution, we were a country that embraced all the other people from everywhere—you know, Europeans came; Indians, as you said, came. So, most of the time, Zanzibar is a multicultural area, you know, so we have all those cultures together. And I think it gives us a unique position in the region.

Also, everybody feels at home. Yes, we see you as a statesman, not just for Zanzibar but for your vision and your strategic leadership. And I’m excited; it’s already been noticed internationally, like the UN awards you’ll be receiving. And you have a view that is highly respected in Africa. I can tell you that because I’ve been privileged to move around. What’s your vision for African leadership? What do you think of the leaders of Africa? What’s your take on African leaders?

Well, the most important thing, as we’ve said earlier, is peace and security. I think all African leaders should thrive to make sure that our continent is peaceful and stable, both politically and economically. That is the only way we will prosper. And I’m glad that the African Union now comes with a lot of political and economic policies, like the free continental trade area, that will make a huge difference when we actually implement those policies. And the only way we can do that is, first of all, that we must have security; all of the continent has to be secure, stable, and political, and then we must make sure that we have the necessary infrastructure. You know, it’s very difficult now to send anything from Zanzibar or Tanzania to any African country; we would rather send it to Europe because it will be faster and cheaper. Yeah. So it’s the infrastructure that we need to make sure that we create, and then I think Africa will prosper.

Last question for you, Your Excellency. I see a lot of young people around you and your government. And on social media spaces, you’re one leader that has a lot of youth support, who we know used to always attack their leaders. How have you been able to draw the youth close? What are your programmes for young people and also for women, who are the other minority groups in Africa?

Well, I’m a believer in youth, and I think, given the chance, they can do wonders. And that’s the reason I accommodated a lot of youth in my cabinet. There are a lot of youth in different positions in the government, and women as well. There are a good number of women who are actually doing a tremendous job. So, I believe that we can do a lot by using the youth in government in other areas, but also, because of the demography and the population that we have in Zanzibar and in Tanzania in general, the majority are youth, we need to have a special type of strategy to make sure that we are responsive to their needs. You know, they have a lot of needs, including education, employment, and so on. So sometimes it’s difficult to absorb all the graduates into government; we need to make them able to be self-employed. You know, so it is these strategies that we’re coming up with to make sure that they employ themselves; we make sure that they are able to get a good education so that they can, you know, have prosperity in their lives. So it is necessary because of the demographic.

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Well, the answer is not far fetched because Twain truly saw the beauty, splendour and allure that Mauritius radiates which stands it out among others.

Due to its exceptional natural endowments, a discussion about Mauritius will normally bring up the use of descriptive adjectives to portray the African country whose beauty and hospitality have placed it as one of the top tourist destinations in the world.

Mauritius is highly rated in terms of wildlife tourism, outdoor adventure, fine dining, and luxurious resorts.

In Mauritius, at different fun spots, one is expected to be greeted with sights of rare exotic animals which includes; birds, giant tortoises etc, and opportunities for hiking, horseback riding and kitesurfing among others.

As much as we can continue to describe the beauty called Mauritius, the purpose of this piece is to present a two-in-one discourse to highlight some of the top-rated tourist attractions in the country while also bringing to the fore some of the numerous investment opportunities that abound therein.

One of the leading sectors in Mauritius is its tourism sector and over the years, it has blossomed and contributed massively to the country’s gross domestic product and enhanced its development.

Here are some breathtaking sites to visit when in the beautiful country.

1. Chamarel

The village of Chamarel is the most visited natural site in Mauritius as it is home to the highest waterfall and the famous seven-coloured earth.

The seven-coloured earth of Chamarel is a unique marvel which is composed of distinct colours of dunes while the over 100 meters waterfall ends up in a huge natural pool.

Depending on the climate and the time of day, the land of Chamarel takes different shades due to the cooling land of volcanic origin at different temperatures.

2. Port Louis

When you think of local culture, Port Louis is the place to be on Mauritius island.

The city has some of the most beautiful monuments in the country such as the statutes of some of its founders, the racetrack of Champ De Mars as well as the Aapravasi Ghat, it is a UNESCO-classified World Heritage Site.

Another attraction of Port Louis is its famous lively and colourful market sometimes called the “bazaar” for its active atmosphere.

3. Flic en Flac

Flic en Flac is a small tourist coastal village on the west of Mauritius island.

It has one of the most beautiful beaches in the country- the beach of Flic en Flac which happens to be the longest and most spacious beach on the island and it is acclaimed to be one of the most popular tourist sites in the country.

4. Le Morne

This high mountain lake, roughly 1800 feet above sea level, is a sacred Hindu site. The site has a temple dedicated to Lord Shiva and the local belief is that the lake water is holy water from the Ganges River in India.

Mauritius Hindus make a pilgrimage here during Maha Shivaratri, walking from their homes.

5.

Black River Gorges National Park

This is a natural park blessed with dense forestation and is home to over 300 species of plants and shrubs.

The park houses one of the rarest birds in the world, the Pink Pigeon.

To preserve its value, the park is only visited by walk.

These tourist sites mentioned earlier are just few among the many tourist attractions available on the beautiful island of Mauritius which every visitor should endeavour to visit to catch a glimpse of what the island presents.

Away from that, Mauritius is a well-developed nation whose identity does not revolve only on tourism , rather it has other sectors also experiencing growth and contributing meaningfully to development. As a result of its development, the country appeals to foreign investors from across the world.

One of the topmost reasons why Mauritius is appealing to foreign investors is the government regulations that have made it easy for foreigners to move into the country and invest. It’s almost Needless to say, the ease of doing business here is seamless.

Mauritius also has the most open, competitive and lowest tax economies in the world. The foreign investor is allowed to invest in any sector of the economy subject to the provisions of the Non-Citizen Property Restriction Act, 1975.

Based on these, with a business environment that is efficient, transparent and effective, a stable political environment, well-developed infrastructure and a growing economy, investing in Mauritius is now the way to go!

Here are some of the sectors in the country where there abound various investment opportunities that could be tapped into.

I. The Real Estate Sector

Mauritius Non-Citizen Property restriction act generally restricts non-citizens from acquiring real estate but through the Integrated Resort Schemes (IRS) and Real Estate Scheme (RES), non-citizens can acquire luxury properties in Mauritius and gain resident or citizen status subject to conditions.

As a top destination for travellers, tourists and foreign investors; the real estate sector offers great opportunities to many that wish to invest and settle in the country.

The government has also taken some measures to ensure the sector meets up to expectations.

Some of the schemes by the government are designed to guarantee a level of comfort and exceptional service in Mauritius.

The real estate programs are located across the country with the majority located in the vicinity of tourist villages spread around the country.

The government of Mauritius expects that tourists’ and foreigners’ coming into the country will tap into the real estate sector where they will be guaranteed returns on investments.

2. The Financial Services Sector

Investing in Mauritius’ financial sector can be a huge opportunity as the country has a well-developed banking system, and a growing insurance and asset management industry.

The financial services sector is a core part of the Mauritius economy and it contributes about 13.1% to the GDP. A breakdown of this includes 6.6% in banking activities and capital markets, 2.1% in insurance activities and 0.6% in financial leasing and other credit-granting activities.

The fast-expanding Mauritian economy presents a lot of opportunities for investment in banking under the following fields:

i. Global Business Banking

ii. Private Banking

iii. Investment Banking

iv. Islamic banking

v. Treasury services

vi. Trade Finance

3. The Construction sector

The sector has been flagged as one of the drivers of the country’s post covid-19 recovery.

With allocations for infrastructure developments in areas such as transportation and housing, the sector remains an attractive investment destination as it continues to grow its contribution to GDP.

For instance, GDP from Construction increased to 7078 MUR Million in the third quarter of 2022 from 5156 MUR Million in the second quarter of the year opening up the sector for more investments.

The sector requires huge financial private investments to make it grow further as it continues to expand.

This is not to say that there are no investment opportunities in other sectors like agriculture, commerce, and others, rather it points out the core areas where the investment opportunities are high in Mauritius.

As a growing economy, various opportunities will continue to open up in the Mauritian economy to aid its expansion for growth and development. Amid the expansion programme, tourists as well as willing investors can tap into the available opportunities which would not only offer returns on investments but also give a fulfilling sense of belonging to as many that build on it.

Focus on Mauritius: Tourist sites and investments Opportunities

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DJIBOUTI’S STRATEGIC POSITIONING

Although Djibouti is one of the smallest countries in Africa, its strategic geographical location, that is between Africa, Asia and Europe, and its historical links, have served as its advantage, making it a natural investment destination and a centre for global trade.

Djibouti is located at the confluence of the Red Sea and the Indian Ocean. Its historical associations with Europe, the Arabian Peninsula, East Africa and Asia make it a unique crossroads for international culture and trade.

To become a global trade hub, the government of Djibouti put together Djibouti Vision 2035 and is working towards making it a reality. Djibouti Vision 2035 is its flagship national development blueprint for transforming the country into a middle-income economy as well as a regional transport and logistic hub. This has been one crucial decision made by the government for its economic growth. Due to diverse business opportunities in Djibouti, Africa is expected to experience the strongest growth in the gross domestic product (GDP) this year, as projected by the World Bank’s global economic prospects report. In 2020, the country’s growth remained positive at 0.5% after the recovery of key domestic markets. In 2021, the output growth in Djibouti was expected to reach 5.5% and an average of 6.1% a year in 2022 and 2023, which is positive and proves progress.

Between 2016 and 2021, Djibouti Vision 2035 has chalked a great deal of success in various fields, making Djibouti a bedrock of business opportunities. For example, there has been the development of a first-rate ecosystem and a new railway line to Addis Ababa in 2016; the commission of the Doraleh Multipurpose Port in 2017 and 2018; the building of mineral ports in Ghoubet and Tadjourah in 2017; the creation of the Djibouti International Free Trade Zone in 2018; an agreement between Air Djibouti and Ethiopian Airlines and the port of Djibouti January 2021; and a $350 million agreement with the China Merchants Group to re-develop the old Port of Djibouti in 2021. Other areas being developed include the tourism sector; fishing, including untapped marine resources and artisanal fishing; an undersea telecommunications infrastructure; new digital and service industries; geothermal, solar and eolian energy.

For example, Djibouti’s development in transport by improving and expanding infrastructure and transport networks has gradually boosted its commerce. Although Djibouti’s ports are among the most sophisticated in the world, it is envisioned that trade through these ports will rapidly grow as the country’s economy expands with its main trading partner, Ethiopia.

Djibouti Ports

Djibouti’s investment climate has improved over the years. Trade policy reviews, reforms and regulations undertaken in Djibouti have aided in its progress in the business and economic world. Djibouti launched legislative reforms; simplified its investment regime for all investors; implemented various trade facilitation measures, including the modernization and digitization of its customs system and port communities; and established a standards and technical regulations agency.

For example, Djibouti recognizes the essential need for foreign investment to stimulate economic development. Therefore, its foreign investors are encouraged to invest, which makes it an ideal investment and commerce hub. Investors are ensured of 100 per cent foreign ownership in the private sector. Djibouti’s priority sectors for investment include transport and logistics, financial services, energy, and tourism. Although its top investments are in logistics and warehouse as well as salt, there are opportunities in agriculture, animal production, food processing, manufacturing, hospitality and construction. This nation has been blessed with few natural resources such as salt, petroleum, gold, and diatomite.

Djibouti International Free Trade Zone

Also, other ways it attracted its investors include revisions of its Free Trade Zones, adoption of a new commercial code, and increased investment in infrastructure.

Djibouti also offers significant incentives to private-sector individuals and corporate investors. To explore the petroleum field, Djibouti’s location on the Great Rift Valley is a great advantage for its Geothermal energy. In agriculture, although Djibouti’s climate does not favour farming, its has access to marine resources, including fish stocks; hence venturing into fisheries projects and businesses are potential areas to explore.

Djibouti is home to business opportunities for many nations globally. Its investment, reviews, reforms and regulations over the past years have made Djibouti an attractive area for exploring business opportunities and a location that has a lot to offer to many in commerce.

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This was confirmed by the airline’s CEO, Mesfin Tasew earlier in the week.

All commercial flight services to and from Tigray, the northernmost region of Ethiopia, were suspended after conflict erupted in November 2020.

Flight services restarted for a period after government forces captured Mekelle, Tigray’s regional capital, but were stopped again after Tigray forces retook the city.

The plan to resume flights comes a few weeks after a peace accord was reached to end a two-year-long bloody conflict.

Ethiopia’s federal government and leaders in the Tigray region struck a peace accord on November 2 in South Africa followed by an implementation deal signed in Nairobi ten days later.

Mesfin Tasew, the CEO of Ethiopian Airlines, said that “the situation on the ground has improved” and that Ethiopian Airlines has completed preparations to start operations in the region.

According to the CEO, following the peace agreement, the airline dispatched personnel to the Tigray region to assess the safety of airports to accommodate flights.

“They are monitoring the safety of the runways and facilities in the airports in the region as well as the condition of the communication and air traffic services,” said Mesfin.

“We are working closely with the government,” said the official, who added that the start of the flights depends on the approval of the security authorities and civil aviation.

“We can start any day. It could be today or tomorrow. At any time when we are told to start, we will,” he said, stating that the airline is ready.

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