World
Rwanda Embracing Solar Energy

By Kester Kenn Klomegah
ARC Power, a British Startup, is currently helping Rwanda, a member of the Southern African Development Community (SADC), with Solar Business Parks alongside its roll-out of solar mini-grids – a collection of solar-powered commercial units – the latest energy initiative to light up Rwanda.
Rwanda is increasingly adopting solar energy due to its affordability and easy accessibility to electricity for use in both urban and rural community.
ARC Power designs, develops and installs large scale, off-grid AC power generation and distribution systems (ARCs) that become the hub of the community and empower families and small businesses to thrive.
ARC Power was set up in 2016 in recognition of the increasing demand for affordable, reliable and clean power across Rwanda’s distributed population. It is currently seeking new investment and sponsorship partners to support its growth and be part of the rapidly emerging mini-grid market in Africa.
In this interview, Karl Boyce, Chief Executive Officer of ARC Power, talks about the advantages using solar power and efforts toward providing solar equipment for generating electricity for residential and industrial buildings, and the possibility to expand such technical services to the southern African region.
Here are the interview excerpts:
How did you come about the unique idea to establish Arc Power to help with electricity in Rwanda? What were some of the motivational or driving factors?
I had been working in Rwanda for many years and had seen the country really progressing, but still being held back by lack of access to power. I spent a lot of time in rural communities and there are aspirational people there, but they are limited by what they can do in terms of economic development as power is such an important factor almost all of the time.
Since its establishment, what would you say are some of the marked achievements with the project (operations) in the country?
We have built a great team in Rwanda, made up of more than 95% local staff, and throughout the Covid-19 lockdown, we managed to keep every single one employed, despite not being able to install more mini-grids for a big part of 2020.
Our first pilot cluster of villages is Murama in Bugesera District. It had little in the way of commercial operations there and was predominantly households with subsistence farmers. Since we installed power there, we have seen new houses being built, new businesses opening and now, with our first Solar Business Park, we will see even more economic improvement in the community, which is great.
Do you focus on providing solar panel system for usage at both domestic and industry? Assessing the population, how many people have access to power now?
We are certainly providing power generation from our ARCs for both domestic and industrial users. We have designed them to accommodate both types of demand and are receiving more enquiries from industrial users, looking for standalone systems, which we will be providing in parallel to our community-based mini-grids.
Currently, just over 50% of the population in Rwanda has access to electricity, but only 15% if through off-grid and mainly from Solar Home system. The government has set aside 300,000 connections (households and businesses) to have access through mini-grids and currently only about 3,000 have been connected, so there is a long way to go yet.
Rwanda government is interested in nuclear plants for generating energy. Do you think the country is ready for that, in terms of finances and experts/specialists, left alone the risk and disposal of nuclear waste?
This will take many years and such a large amount of investment. Frankly speaking, I do not see it would be feasible. The country needs power now if it is to continue on the development trajectory. Rwanda has the opportunity to develop 100% energy access with decentralised power through solar mini-grids, harnessing the power from the nuclear reactor in the sky – the Sun. It is much safer, more environmental-friendly and cost-effective way to generate power than nuclear, hence why several countries in Europe are de-nuclearising.
What are your views about the investment opportunities for investors in Rwanda and its neighbouring southern Africa countries?
I have invested in Rwanda for almost 15 years now and am a strong advocate of the country in terms of the investment climate there, particularly with the zero tolerance to corruption which makes it much easier to do business and mitigate risk. I feel there are so many investment opportunities in this region as Africa is the final frontier market and has so many opportunities to become a world leader in terms of sustainable development.
The fact that it lacks traditional infrastructure such as national grids in many countries, actually provides an advantage as those countries can leapfrog the cumbersome infrastructures with rapidly deployed, decentralised power in the same way that the mobile markets in Africa leapfrogged traditional landline, which other developed countries already had.
What advice would you offer to potential investors who are considering pursuing business, say, in southern Africa?
I think the most important thing is ensuring that you understand the specific country well as each one is quite different in terms of company law, structure and general process of operating. I know how important it is to have strong relationships in any country, especially where one invests, both at local and central government level, in addition to potential collaborative partnerships in the private sector.
What challenges still remained to overcome in your company’s operations? Is doing business in the sphere of energy competitive there?
Our biggest challenge is always the timing of funding and regulatory processes with the government. We have built a very efficient team to roll out our ARCs and mini-grids rapidly now at a highly competitive cost per connection, but our frustrations are usually centred around delays as a result of funding timescales or approvals required to install in Rwanda, as this is a relatively new sector.
Entrepreneurship is very challenging. What keeps you personally motivated working for this Arc Power? What is your future vision for Arc Power?
Entrepreneurship is certainly challenging, but seeing a personal vision develop into something tangible and particularly, the impacts of our work on local communities, keeps me motivated personally. As a team, I think everyone in ARC Power shares the same vision and feels like we are all building something sustainable, to be proud of. The vision is to build the best pan-African clean utility business. We started in Rwanda but will be expanding to Malawi next year. We have plans to operate in, at least, four countries in East Africa by 2023.
Despite all you have said above, in what ways would you argue that the region is unique for business? Do you see the Africa Continental Free Trade Area (AfCFTA) as another factor that will attract more foreign investors to Africa?
I have always thought Africa provided the most unique and exciting investment opportunity if the resources can be managed and monetised properly, in a way which would actually benefit the population there, not just foreign owners.
In terms of our sector, Africa is perfectly located with some of the highest irradiation levels to be the global powerhouse of solar power generation. Despite the lack of infrastructure and historical lack of robust business environments in the various countries, this is improving and the Africa Continental Free Trade Area will open up even more opportunities for foreign investors. I think Africa is going to be one of the most exciting places to invest in over the next 5-10 years.
World
Trump’s Tariffs, Russia and Africa Trade Cooperation in Emerging Multipolar World

By Kestér Kenn Klomegâh
With geopolitical situation heightening, trade wars are also becoming increasingly prominent. The 47th United States President Donald Trump has introduced trade tariffs, splashed it over the world. China, an Asian trade giant and an emerging economic superpower, has its highest shared.
South Africa, struggling with its fragile foreign alliances, is seriously navigating the new United States economic policy and trade measures, at least to maintain its membership in the African Growth and Opportunities Act (AGOA) which is going to expire in September 2025.
It is a well-known fact that AGOA waived duties on most commodities from Africa in order to boost trade in American market. The AGOA also offers many African countries trade preferences in the American market, earning huge revenues for their budgets. Financial remittances back to Africa also play mighty roles across the continent from the United States.
That however, the shifting geopolitical situation combined with Trump’s new trade policies and Russia’s rising interest in Africa, the overarching message for African leaders and business corporate executives is to review the level of degree how to appreciably approach and strengthen trade partnership between Africa and Russia.
The notion of a new global order and frequently phrased multipolar world, indicating the construction of a fairer architecture of interaction, in practical terms, has become like a relic and just as a monumental pillar. Even as we watch the full-blown recalibration of power, the geopolitical reshuffling undoubtedly creates the conditions for new forms of cooperation.
In this current era of contradictions and complexities we are witnessing today, we must rather reshape and redefine rules and regulations to facilitate bilateral and multilateral relations between African countries and Russia, if really Russia seeks to forge post-Soviet strategic economic cooperation with Africa.
In fact, post-Soviet in the sense that trade is not concentrate on state-to-state but also private – including, at least, medium scale businesses. The new policy dealing with realities of the geopolitical world, distinctively different from Soviet-era slogans and rhetorics of ‘international friendship and solidarity’ of those days.
Bridging Africa and Russia, at least in the literal sense of the word, necessitates partial departure from theoretical approach to implementing several bilateral and multilateral decisions, better still agreements reached at previous summits and conferences during the past decade.
Understandably Africa has a stage, Russia termed ‘the struggle against neo-colonial tendencies’ and mounting the metal walls against the ‘scrambling of resources’ across Africa. Some experts argued that Africa, at the current stage, has to develop its regions, modernize most the post-independence-era industries to produce exportable goods, not only for domestic consumption. Now the emphasis is on pushing for prospects of a single continental market, the African Continental Free Trade Agreement (AfCFTA).
This initiative, however, must be strategically and well-coordinated well, and here I suggest integration and cooperation starting at country-wide basis to regional level before it broadly goes to the entire continent, consisting 54 independent states.
These are coordinated together as African Union (AU), which in January 2021 initiated the African Continental Free Trade Agreement (AfCFTA). With this trading goals in mind, Africa as a continent has to integrate, promote trade and economic cooperation, engage in investment and development. In that direction, genuine foreign partners are indiscriminately required, foreign investment capital in essential for collaboration as well as their entrepreneurial skills and technical expertise.
For instance, developing relations with Asian giants such China and India, the European Union and the United States. A number of African countries are shifting to the BRICS orbit, in search for feasible alternative opportunities, for the theatrical trade drama. In the Eurasian region and the former Soviet space, Kazakhstan and Russia stand out, as potential partners, for Africa.
Foreign Affairs Minister Sergey Lavrov has said, at the podium before the staff and students at Moscow State Institute of International Affairs in September, that trade between Russia and Africa would grow further as more and more African partners continued to show interest in having Russians in the economic sectors in Africa. This provides greater competition between the companies from Western countries, China, and Russia. With competition for developing mineral resources in Africa, it is easier and cheaper for African colleagues to choose partners.
As far back in October 2010, Russian Foreign Affairs Ministry posted an official report on its website that traditional products from least developed countries (including Africa) would be exempted from import tariffs. The legislation stipulated that the traditional goods are eligible for preferential customs and tariffs treatment.
Thereafter, Minister Sergey Lavrov has reiterated, in speeches, trade preferences for African exporters, but terribly failed to honour these thunderous promises. Notwithstanding the above granting trade preferences, there prevailing multitude of questions relating to the pathways of improving trade transactions, and removing obstacles including those Soviet-era rules and regulations.
Logistics is another torny hurdle. Further to this, Russian financial institutions can offer credit support that will allow to localize Russian production in Africa’s industrial zones, especially southern and eastern African regions that show some stability and have good investment and business incentives.
In order to operate more effectively, Russians have to risk by investing, recognize the importance of cooperation on key investment issues and to work closely on the challenges and opportunities on the continent. On one hand, analyzing the present landscape of Africa, Russia can export its technology and compete on equal terms with China, India and other prominent players. On the other hand, Russia lacks the competitive advantage in terms of finished industrial (manufactured) products that African consumers obtain from Asian countries such as China, India, Japan and South Korea.
Compared to the United States and Europe, Russia did very little after the Cold War and it is doing little even today in Africa. On 27th–28th July 2023, St Petersburg hosted the second Russia-Africa summit. At the plenary session, President Vladimir Putin underscored the fact that there was, prior to the collapse of the Soviet, there were over 330 large infrastructure and industrial facilities in Africa, but most were lost. Regarding trade, Putin, regrettably, noted Russia’s trade turnover with the African countries increased in 2022 and reached almost US$18 billion, (of course, that was 2022).
Arguably, Russia’s economic presence is invisible across Africa. It currently has insignificant trade statistics. Until the end of the first quarter of 2025, Russia still has a little over $20 billion trade volume with Africa. Statistics on Africa’s trade with foreign countries vary largely.
For example, the total United States two-way trade in Africa has actually fallen off in recent years, to about $60 billion, far eclipsed by the European Union with over $240 billion, and China more than $280 billion, according to a website post by the Brookings Institution.
According to the African Development Bank, Africa’s economy is growing faster than those of any other regions. Nearly half of Africa is now classified as middle income countries, the numbers of Africans living below the poverty line fell to 39 percent as compared to 51 percent in 2023, and around 380 million of Africa’s 1.4 billion people are now earning good incomes – rising consumerism – that makes trade profitable.
Nevertheless, there is great potential, as African leaders and entrepreneurial community are turing to Russia for multifaceted cooperation due to the imperialist approach of the United States and its hegemonic stand triggered over the years, and now with Trump new trade tariffs and Washington’s entire African policy.
China has done its part, Russia has to change and adopt new rules and regulations, pragmatic approach devoid of mere frequent rhetorics. It is important discussing these points, and to shamelessly repeat that both Russia and Africa have to make consistent efforts to look for new ways, practical efforts at removing existing obstacles that have impeded trade over the years.
Sprawling from the Baltic Sea to the Pacific Ocean, Russia is a major great power and has the potential to become a superpower. Russia can regain part of its Soviet-era economic power and political influence in present-day Africa.
Certainly, the expected superpower status has to be attained by practical multifaceted sustainable development and by maintaining an appreciably positive relations with Africa. We have come a long way, especially after the resonating first summit (2019 and high-praised second summit (2023), several bilateral agreements are yet to be implemented. The forthcoming Russia – Africa Partnership summit is slated for 2026, inside Africa and preferably in Addis Ababa, Ethiopia.
Kestér Kenn Klomegâh is a frequent and passionate contributor. During his professional career as a researcher specialising in Russia-Africa policy, which spans nearly two decades, he has been detained and questioned several times by Russian federal security services for reporting facts. Most of his well-resourced articles are reprinted in a number of reputable foreign media.
World
Tariff War Threatens Global Economy, US-China Goods Trade By 80%—WTO DG

By Adedapo Adesanya
The Director General of the World Trade Organization (WTO), Mrs Ngozi Okonjo-Iweala, has said the US-China tariff war could reduce trade in goods between the two economic giants by 80 per cent and hurt the rest of the world economy.
President Donald Trump raised tariffs on China to 125 per cent on Wednesday as the world’s two largest economies fought over retaliatory levies.
The American President earlier ramped up duties on Chinese goods to 104 per cent, only to hike them further when China retaliated by raising tariffs on US imports to 84 per cent.
In a social media post announcing the moves, President Trump said China had been singled out for special treatment because of “the lack of respect that China has shown to the world’s markets.”
In her reaction to the development, the WTO DG said in a statement that, “The escalating trade tensions between the United States and China pose a significant risk of a sharp contraction in bilateral trade. Our preliminary projections suggest that merchandise trade between these two economies could decrease by as much as 80 per cent.”
She said the United States and China account for three per cent of world trade and warned that the conflict could “severely damage the global economic outlook”.
Even as he slapped further tariffs on China, Mr Trump paused higher tariffs on the rest of the world for 90 days, claiming that dozens of countries reached out for negotiations.
Mrs Okonjo-Iweala warned that the world economy risked breaking into two blocs, one centred around the United States and the other China.
“Of particular concern is the potential fragmentation of global trade along geopolitical lines. A division of the global economy into two blocs could lead to a long-term reduction in global real GDP by nearly seven percent,” she said.
She urged all WTO members “to address this challenge through cooperation and dialogue.”
“It is critical for the global community to work together to preserve the openness of the international trading system.”
“WTO members have agency to protect the open, rules-based trading system. The WTO serves as a vital platform for dialogue. Resolving these issues within a cooperative framework is essential,” she added.
World
AFC Tops $1bn Revenue in 2024 Financial Year

By Adedapo Adesanya
Africa Finance Corporation (AFC), the continent’s top infrastructure solutions provider, has announced its strongest financial performance to date, with total revenue for the year ended December 31, 2024 surpassing $ 1 billion for the first time in its history.
This record performance marks a significant milestone in AFC’s mission to close Africa’s infrastructure gap through scalable, de-risked investments that attract global capital and deliver tangible development outcomes.
The corporation posted a 22.8 per cent increase in total revenue to US$1.1 billion and a 22.3 per cent rise in total comprehensive income to $400 million, up from $327 million in 2023.
AFC’s earnings growth was driven by improved asset yields, prudent cost-of-funds management and sustained traction in advisory mandates.
Further significant financial highlights include net interest income up 42.5 per cent to $ 613.6 million; fee and commission income rose to $109 million, the highest in over five years; operating income climbed 42.7 per cent to $709.7 million; total assets reached a record $14.4 billion, a 16.7 per cent year-on-year increase; liquidity coverage ratio strengthened to 194 per cent, providing over 34 months of cover; and cost-to-income ratio improved to 17.3 per cent from 19.6 per cent in 2023.
According to a statement, AFC said throughout 2024 it continued to scale its impact by mobilising capital for landmark projects across energy, transport, and natural resources.
These included the Lobito Corridor – a cross-border railway development spanning Angola, the Democratic Republic of Congo (DRC), and Zambia. AFC led the initiative to secure a concession agreement within one year of the initial Memorandum of Understanding (MoU), an unprecedented achievement for a project of its scale. In the DRC, AFC also invested $150 million in the Kamoa-Kakula Copper Complex, Africa’s largest copper producer and one of the most sustainable globally, thanks to its high-grade ore and renewable-powered smelter.
Other milestones transactions included financing support for the commissioning of the Dangote Refinery, the largest in Africa, and continued progress on AFC-backed Infinity Power Holding’s 10 GW clean energy ambition, with power purchase agreements secured in Egypt and South Africa.
AFC also invested in the 15GW Xlinks Morocco-UK Power Project, providing $14.1 million to support early-stage development of a transcontinental renewable energy pipeline between North Africa and Europe.
AFC strengthened its capital base and expanded its investor network through several landmark funding initiatives. These included a $ 1.16 billion syndicated loan – the largest in its history, a $500 million perpetual hybrid bond issue, and the successful execution of Nigeria’s first-ever domestic dollar bond, which raised $900 million at 180 per cent oversubscription.
AFC also returned to the Islamic finance market after eight years, closing a $400 million Shariah-compliant facility.
The year also saw strong momentum in equity mobilisation, with $181.8 million in new capital raised from ten institutional investors. These included Turk Eximbank – AFC’s first non-African sovereign shareholder – the Arab Bank for Economic Development in Africa (BADEA), and several major pension funds spanning Cameroon, Seychelles, Mauritius, and South Africa. Ratings agencies affirmed AFC’s robust credit profile, with AAA ratings from S&P Global (China) and China Chengxin International, and a stable A3 Outlook from Moody’s.
Speaking on the result, Ms Samaila Zubairu, President & CEO of AFC said, “These results send a clear message that strategic investment in African infrastructure creates lasting value for both beneficiaries and investors.”
“In 2024, we exceeded the billion-dollar revenue mark, delivered game-changing projects, and reinforced our financial resilience—demonstrating the scalability of our unique model that blends purpose with performance to accelerate Africa’s economic transformation,” she added.
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