World
SADC Scribe Calls for Scaling up Sustainable Development in Southern Africa
By Kester Kenn Klomegah
Southern African Development Community (SADC), an organization made up of 16 member states, was established in 1980.
It has as its mission to promote sustainable and equitable economic growth and socio-economic development through efficient, productive systems, deeper cooperation and integration, good governance and durable peace and security so that the region emerges as a competitive and effective player in international relations and the world economy.
In September 2013, Ms Lawrence Stargomena Tax began as the fourth Executive Secretary of the organization. According to the official information, her second term of office ends in August 2021.
As Executive Secretary, her key responsibilities include engaging all the members as an economic bloc, overseeing and implementing various programmes and projects in the Southern African region.
She has a diverse employment career, including holding a top position as the Permanent Secretary at the Tanzanian Ministry of Foreign Affairs and East African Cooperation from 2008 to 2013, thereafter appointed as the Executive Secretary of the Southern African Development Community (SADC) at the 33rd Summit of the Heads of State and Government held in Lilongwe, Malawi.
In this insightful and wide-ranging farewell interview with Kester Kenn Klomegah in May, Executive Secretary Lawrence Stargomena Tax discussed the most significant achievements and challenges in deepening cooperation and promoting socio-economic development as well as peace and security, and further makes suggestions for the future of Southern Africa. Here are the interview excerpts:
What would you say, in a summarized assessment about your work, especially achievements and challenges, during your term of office as Executive Secretary of the Southern African Development Community (SADC)?
The Southern African Development Community (SADC) Secretariat is the Principal Executive Institution of SADC, and the SADC Executive Secretary leads the SADC Secretariat as mandated by Articles 14 and 15 of the Treaty establishing SADC.
Functions of the SADC Executive Secretary include overseeing: strategic planning for the Organisation; management, coordination and monitoring of SADC programmes; coordination and harmonization of policies and strategies; mobilization of resources; representation and promotion of SADC; and promotion of SADC regional integration and cooperation.
Achievements: SADC has recorded numerous achievements since its establishment, some of which were recorded during my term of office, from September 2013 to date 2021.
The functions of the Executive Secretary notwithstanding, the recorded milestones are a result of collective efforts by the Member States, the Secretariat, and other stakeholders, as well as teamwork by the staff of the secretariat.
Eight (8) years is quite a long time, as such several achievements and milestones were recorded during the eight years of my tenure in office, allow me to highlight some of the key ones as follows:
Consolidation of democracy, and sustenance of peace and security in the region. The SADC region remains stable and peaceful, notwithstanding, isolated challenges. This is attributed to solid systems and measures in place, such as our regional early warning, preventive and mediation mechanisms, which facilitate timely detection and re-dress of threats and challenges, and effective deployments of SADC electoral observation missions.
Examples during my tenure of office, include SADC preventive mission to the Kingdom of Lesotho, SADC peace and political support to the Democratic Republic of Congo, SADC mediation in Madagascar, SADC facilitation in Lesotho, and effective deployment of electoral observation Missions to the SADC Member States. To mitigate and address threats posed by cybercrime and terrorism, cybercrime and anti-terrorism strategy was adopted in 2016. The strategy is being implemented at regional and national levels.
In the historical-political space, the Southern African Liberation struggles were documented through the Hashim Mbita Publication, a publication that comprehensively and authentically documents the struggles in the three SADC languages, English, French and Portuguese. The Publication enables all, especially the youth to understand and appreciate the history and the Southern African Liberation.
Forging a long-term direction of SADC through the adoption of the SADC Vision 2050, which is transposed on the Regional Indicative Strategic Development Plan (RISDP) 2020-2030. Vision 2050 sets out the long-term aspirations of SADC over the next thirty (30) years, while the RISDP 2020-30 outlines a development trajectory for the Region for ten (10) years to 2030. Vision 2050 is based on a firm foundation of Peace, Security and Democratic Governance, and premised on three inter-related pillars, namely Industrial Development and Market Integration; Infrastructure Development in support of Regional Integration; and Social and Human Capital Development. This also goes hand in hand with frontloading of Industrialization that aims at transforming SADC economies technologically and economically. Industrialization remains SADC main economic integration agenda since April 2015, when the SADC Industrialization Strategy and Roadmap 2015-2063 was approved.
By addressing the supply-side constraints as part of the implementation of the SADC industrialization strategy, cross border trade continues to grow, and the business environment has been improving, where the cost of doing business has been declining steadily and gradually. In addition, values chains were profiled, specifically in three priority sectors, namely mineral beneficiation, pharmaceutical and agro-processing, and a number of value chains have been developed and are being implemented. The Industrialization Strategy has also recognized the private sector as a major player in SADC industrialization and regional integration as a whole.
The adoption of the SADC Simplified Trade Regime Framework in 2019, which has contributed to the enhancement of trade facilitation, and adoption of the SADC Financial Inclusion and Small and Medium Enterprises (SMEs) Strategy that has enhanced financial inclusion in the Member States. Ten Member States have so far developed financial inclusion strategies, and there has been an 8 per cent improvement in financial inclusion to a tune of 68 per cent.
Introduction and operationalization of the SADC Real Time Gross Settlement System (RTGS), a multi-currency platform, which went live in October 2018. All Member States except Comoros are participating in the SADC-RTGS and a total of 85 banks are participating in the system. The SADC-RTGS has enabled the Member States to settle payments among themselves in real-time compared to previously when it used to take several days for banks to process cross border transactions. As of December 2020, 1,995,355 transactions were settled in the System, representing the value of South African Rands (ZAR) 7.81 Trillion.
Approval of the establishment of the SADC Regional Development Fund in 2015 which aims at mobilizing funds for key infrastructure and industrialization projects.
Realization of targets set in the SADC Regional Infrastructure Development Master Plan (RIDMP) that was approved in 2012, including the establishment of One-Stop Border Posts which entails joint control and management of border crossing activities by agents of the adjoining countries, using shared facilities, systems and streamlined procedure. These include:
One-Stop Border Posts at Chirundu Border between Zambia and Zimbabwe, and Nakonde -Tunduma border between Tanzania and Zambia; a third One-Stop Border Post, about to be operationalised is at Kazungula Border between Botswana and Zambia, where the road-rail bridge has been completed.
Cross-border infrastructure projects, both hard and soft, that have facilitated assimilated, cost-effective, unified and efficient trans-national infrastructure networks and services were developed and are being implemented. These projects include cross-border transmission links in the several Member States using optical fibre technology, thereby, allowing landlocked Member States such as Botswana, Eswatini, Lesotho, Malawi, Zambia and Zimbabwe to connect to the submarine cables on either or both the east and west coast of Africa. Five (5) Member States (Botswana, Eswatini, Namibia, South Africa and Tanzania) have achieved the 2025 SADC Broadband Target to cover 80% of their population, and eight (8) Member States, namely Angola, Botswana, Eswatini, Mauritius, Mozambique, Namibia, South Africa, Tanzania, have put in place National Broadband Plans or Strategies.
The installation and commissioning of more than 18300 Megawatts (MW) between 2014 and 2020 to meet the increasing power demand in the region. Connecting the remaining three (3) mainland Member States namely Angola, Malawi and the United Republic of Tanzania to the Southern African Power Pool remains a priority, and to this effect, the Zambia-Tanzania Interconnector is at the construction phase.
The adoption of the Regional Water Climate Change Adaptation Strategy and Flood Early Warning System in 2015. This has contributed to improvements in climate and weather forecasting, whereby a Southern African Regional Climate Outlook Forum has been established. The forum provides a platform for the Member States to review and discuss the socio-economic impacts and potential impacts of the climate outlook, including on food security, health, water and hydropower management, and disaster risk management.
The adoption of the SADC Disaster Preparedness and Response Strategy and Fund (2016-2030), which has contributed to the enhancement of regional disaster management and responses capacity.
A number of administrative milestones were also recorded during my tenure of office, including, institutional reforms, policy reviews, change management towards enhanced cooperate governance and effective delivery. Among others, the SADC Organization Structure was reviewed and streamlined in 2016 to deliver on the technological and economic transformation of the region, in line with the SADC Industrialization Strategy 2015-2063; and a number of policies and strategies, and guidelines were developed to enhance cooperate governance and change management.
As the first female Executive Secretary, since I joined the SADC Secretariat, Gender mainstreaming and Women empowerment were among the areas that I paid dedicated attention to. In this regard, all policies that were developed during my tenure mainstreamed gender and engendered women empowerment. A SADC Framework for Achieving Gender Parity in Political and Decision-Making positions was developed and provides strategies, and guidelines for strengthening the implementation of the SADC Protocol on Gender and Development in order to ensure that at least 50 per cent of all decision-making positions at all levels would be held by women by 2030, and progress is encouraging.
The Region also continued to intensify the fight against HIV and AIDS, TB and Malaria. To this effect, harmonized minimum standards for the prevention, treatment and management of the diseases were developed to promote health, through support for the control of communicable diseases; and preparedness, surveillance and responses during emergencies.
Here are the challenges: Challenges are expected in any organization, the most important thing is to address them timely and effectively. Challenges that I encouraged included:
A multi-cultural operating environment. This needed a high level of patience, and approaches that will facilitate inclusiveness and ownership. The challenges sometimes affected speed in terms of delivery, as one had to get a clear understanding of the issues at hand and devise appropriate problem-solving approaches.
Another problem is balancing diverse interests by the Member States. Sixteen (16) Member States is not a small number, each will have its own priorities and interests, which sometimes are not necessarily the same across the region or regional priorities. This needs one to be analytical and a quick thinker, applying negotiation and convincing skills.
The Region has also experienced a multiplicity of natural disasters with varying frequency and magnitude of impact, which sometimes occurred at an unprecedented scale, for example, Tropical Cyclone Idai with its devastating impacts, including loss of lives, displacement of people, and massive destruction to properties. In response, SADC strengthened the regional disaster preparedness and response coordination and resilience-building mechanisms, and more efforts are ongoing in this area.
The tail-end of my term of office encountered challenges associated with the COVID-19 pandemic, which still remains a major concern and a challenge globally, and in almost all SADC Member States. On the response side, SADC has exhibited determination, solidarity and has undertaken several coordinated regional responses and put in place various harmonized measures to fight the pandemic and mitigate its socio-economic impacts. These include regulations for facilitation of cross border movement of essential goods, services and transport, which were speedily developed and adopted, and were also harmonized at the Tripartite level bringing on board the Common Market for Eastern and Southern Africa (COMESA) and the East African Community (EAC).
These measures contributed to the containment of the spread of COVID-19 and facilitated the continuity of socio-economic activities and livelihood of SADC citizens. The SADC Secretariat also carried out an in-depth assessment of the socio-economic impacts of COVID-19 on SADC economies. The assessment revealed a number of sectoral impacts. Based on the assessment, measures to address the challenges have been put in place at national and regional levels, and at the SADC Secretariat.
Whereas the region has progressed in terms of its objectives, it is yet to achieve its ultimate goal of ensuring economic well-being, improvement of the standards of living and quality of life for the people of Southern Africa. Achieving this aspiration remains a challenge to be progressively tackled to the end.
The southern African region is unique in terms of stability and investment climate, but there are also differences in political culture, policies and approach toward development issues. How did you find “a common language” for all the 16 SADC leaders?
The common language of SADC revolves around basic tenets which include history, values and common agenda. Historically, the region has common principles and values. Dating back to the migration era, you will note that some of the parts of the SADC region are inhabited by the Bantu people who share some cultural similarities. Politically, the region united and stood in solidarity against colonialism a resolve that led to the liberation struggle that brought the Member States together (resulting in the formation of the Front Line States, then the Southern Africa Development Coordination Conference) to fight and break from colonialism.
In terms of values, SADC believes in mutual respect and equality. Although the Member States differ in size, wealth or development, they treat each other as equal sovereign states. Secondly, Member States make decisions through consensus, without anyone imposing on the other.
Lastly, SADC, like any other organization has a common agenda as spelt out in its Treaty, Article 5, which, among others, aims at “promoting sustainable and equitable economic growth and social-economic development that will ensure poverty alleviation with the ultimate objective of its eradication, enhance the standard and quality of life of the people of Southern Africa and support the socially disadvantaged through regional integration.” Based on the common agenda, a vision, and policies and strategies have been developed to guide the implementation and realization of the common agenda.
Therefore, notwithstanding some differences in political culture, national policies and approaches towards development issues, the history of the region, the shared principles and values embraced by the organization, and its common agenda have always enabled the Region and the Member States to find a common ground, language and interest as a region, that is for all the 16 SADC Member States and SADC Leaders.
You have always advocated for an increased economic partnership and for sustainable development in the region. Do you agree that there is still insufficiently developed infrastructure in the industrial sector and other sectors in the region? How can the situation, most probably, be improved in the long term?
SADC recognises that a seamless and robust infrastructural network will create the requisite capacity for sustained economic growth, industrialisation and development. Measures to enhance infrastructure in the industrial sector and other sectors are in place and being implemented as part of the SADC industrialization Strategy 2015-2063, and the SADC Regional Infrastructure Development Master Plan of 2012. It should however be noted that while steady progress is being recorded, investments in these areas require substantial resources and partnership between Public and Private Sectors. Estimates by the African Development Bank (AfDB), published in its African Economic Outlook of 2018, reveal that Africa’s annual infrastructure requirements amount to $130bn – $170bn, with a financing gap in the range of $68bn–$108bn. SADC, therefore, invites investors from within and outside the region to partner in these strategic areas for mutual benefits.
SADC has also established the Project Preparation and Development Facility (PPDF). The purpose of the PPDF funding is to enhance delivery on infrastructure development in the SADC Region, by bringing projects to bankability and as such facilitate investments by the private sector and/or cooperating partners.
SADC is also in a process of operationalizing the SADC Regional Development Fund that will, among others, mobilize funds for key infrastructure and industrialization projects.
How do you assess the economic potential in the region? What foreign players have shown keen interest and/or already playing significant roles in SADC? Within the context of AfCFTA, what may further attract them?
The SADC region is endowed with diverse natural resources, including almost all of the key minerals for feed-stocks into regional manufacturing, agriculture, construction, power and other sectors.
The Region has been cooperating with both the private sector and international cooperation partners to implement its various policies and strategies to ensure that the region benefits from its own economic potential. Entering into force of the AfCFTA provides an opportunity to SADC in collaboration with the Common Market for Eastern and Southern Africa (COMESA) and the East African Community (EAC) to expedite the operationalization of the COMESA-EAC-SADC Tripartite Free Trade Area as a necessary pillar for the AfCFTA, and thus expanded cross-border and international investments and trade.
In spite the degree of development complexities, you have SADC in your heart. Do you feel you have left something undone for the region? What are your last words, expert views and suggestions for ensuring sustainable social and economic growth in the region and for the future of SADC?
SADC is about cooperation and regional integration, and this is a continuous process, not an event. With the progress made, the gains need to be sustained, while at the same time accelerating and deepening integration progressively in areas that are either ongoing or yet to be embarked upon, including taking a bold decision and establishing the long-overdue SADC Customs Union and expeditiously operationalize the SADC Development Fund.
Here are my last words. I call upon SADC to remain focused and bring about the envisaged sustainable social and economic growth for the benefit of SADC citizens, in line with the trajectory set by SADC Vision 2050 and Regional Indicative Strategic Development Plan 2020-30, as supported by the SADC Industrialization Strategy and Roadmap 2015 – 2063, and the SADC Regional Infrastructure Development Master Plan 2012. Member States should continue implementing these initiatives.
World
Russia-Africa Dialogue: Untapped Prospects for Economic Cooperation
By Kestér Kenn Klomegâh
At the St Petersburg International Economic Forum 2026, the traditional “Russia-Africa Business Dialogue”, which was initiated in 2016, will deliberate aspects of forging economic cooperation between Russia and African countries. For a decade since its creation, this platform has practically discussed most pertinent roadblocks, highlighted the economic sectors, and outlined the prospects. The significant issues have also been treated at the first and second Russia-Africa summits.
As Moscow prepares to hold the next Russia-Africa summit in October, it is quite clear that Russia has still not worked out financial mechanisms to support its investments across Africa. Generally, the federal strategy for this area has been mapped out, Russian investors understand where to invest in Africa, but lacks extremely the financial motivation and approach to integrate young people into the business environment. Other constraining factors include a lack of financial support instruments the suitable environment for experience sharing and collaboration. At the same time, there are reports that point to a broad range of factors that hinder the development of youth entrepreneurship.
Historically, Russia–Africa relations have evolved through distinct phases after phases. The latest phase began from the first Russia-Africa summit through the second, and is currently moving to the third summit in October. As part of the strategic preparations, Tanzanian President Samia Suluhu Hassan was the guest of Vladimir Putin in the Kremlin. Russia and Tanzania have had good relations, but it has been more than a century since the last state visit of a Tanzanian leader to Russia. From the historical records, Mwalimu Nyerere visited in 1969. As a result, Samia Hassan’s official working visit had a special historic significance for the bilateral relations. “We see this as a very positive sign,” noted Putin. Further to that, Samia Hassan was decorated with an honorary doctorate degree (Doctor Honoris Causa) at the Russian Peoples Friendship University, expressed gratitude for the political solidarity, and underlined Russia for the great contribution which it provided during the African political liberation in the 60s.
Tanzania’s Distinctive Profile
Sergei Kiriyenko, the Deputy Chief of Staff of the Presidential Administration who oversees the department, visited Tanzania after the November 2025 elections. In addition, Putin’s aide Yuri Ushakov called Tanzania “one of the key partners on the African continent,” recalling that it is home to approximately 70 million people. Samia’s visit to Russia is a victory for Russian diplomacy in Africa, as Tanzania is one of those allies that strengthen Moscow, says Andrey Maslov, Director of the HSE Centre for African Studies. According to the expert, cooperation is based on mutual benefit, and Tanzania does not require assistance. The country is among the continent’s economic leaders, distinguished by high growth rates, a stable political system, and a friendly attitude towards Russia. Russia’s interest in Tanzania is largely due to its geographic location and access to the Indian Ocean. The port of Dar es Salaam is considered a key transport hub in East Africa, serving transit routes to the East African Community (EAC) countries, along with the Kenyan port of Mombasa. Given Tanzania’s population, the EAC’s combined market represents over 300 million people, and the potential for expanding trade lies primarily in agricultural products, fertilisers, and basic industrial goods.
Africa’s participation at the St Petersburg 29th forum is very unique, with the majority from East and Southern Africa. The Director General of the Tanzania Investment and Special Economic Zones Authority (TISEZA), Gilead J. Teri, noted that the Tanzanian delegation has a unique opportunity to advance its agenda and strengthen bilateral relations. The forum gave a powerful boost to trade and economic cooperation. Tanzania presented its investment potential to the Russian business community. Therefore, it could be said that bilateral relations between Russia and Tanzania are flourishing and developing dynamically today.
Eastern and Southern Africa’s Dimensions
While it envisages strengthening ties in a broad range of fields, targeting the Eastern and Southern regions by utilising Tanzania as the gateway, Russia shows that the key partners in that part of Africa. Russia’s attributes for raising investment relations are clear: stability, untapped resources and human capital.
Putin’s meeting with Tanzania’s Samia Hassan, aiming at lifting up bilateral cooperation, which symbolises a new qualitative stage or a new chapter in the relations between Russia, Tanzania and the entire SADC. “Africa is an important partner for Russia, a participant in the emerging and sustainable polycentric architecture of the world order. Our relations with the states of that continent are valuable in their own right and should not be subject to the fluctuations on the international arena,” Foreign Minister Sergey Lavrov also said long time ago at the Russia-Africa civil/public gathering held in 2018, in attendance was Stergomena Lawrence Tax, who headed the Southern African Development Community (SADC).
“We are aware that our African friends hold the same views. Relying on the accumulated experience of productive cooperation, Russian diplomats seek to pursue a consistent policy for deepening the range of Russia-Africa relations,” he added. Lavrov said it is necessary to maximise the potential of public, cultural and business diplomacy in the interests of strengthening and expanding the mutually beneficial ties between Russia and African states while invariably adhering to the principle of African solutions to African problems, formulated by the Africans themselves.
Stergomena Lawrence, however, observed that Russia has not been that visible in the region as compared to China, India or Brazil. But it is encouraging that Russia has made the decision to reposition itself as a major partner with Southern Africa. She expressed gratitude that Russia has launched a plan aimed at improving direct trade with the continent/region beyond the traditional sectors like mining, seeking to invest in areas like agriculture, industrial production, high technology and transport.
The Russian Federation’s priorities are also in line with SADC priorities, as evidenced by the priorities of the Foreign Economic Strategy in the region, as indicated below:
Prospecting, mining, oil, construction and mining, purchasing gas, oil, uranium, and bauxite assets (Angola, Namibia and South Africa);
Construction of power facilities—hydroelectric power plants on the River Congo (Angola, Namibia and Zambia) and nuclear power plants (South Africa);
Creating a floating nuclear power plant, and South African participation in the international project to build a nuclear enrichment centre in Russia;
Railway Construction (Angola);
Creation of Russian trade houses for the promotion and maintenance of Russian engineering products (South Africa).
Participation of Russian companies in the privatisation of industrial assets, including those created with technical assistance from the former Soviet Union (Angola).
In the Russian Federation, 10 SADC member countries have their diplomatic offices, namely: Angola, Democratic Republic of Congo, Madagascar, Mauritius, Mozambique, Namibia, South Africa, Tanzania, Zambia and Zimbabwe.
Final Words of Wisdom
In pursuit of following Putin’s policy to strengthen ties with the Global South, including Africa, Russia has to re-strategise and take up the existing critical challenges. Despite a noticeable increase in activity, Russia’s strategy on the continent faces several persistent structural limitations that require thoughtful responses. As geopolitical changes heat up, Russia has to understand the necessity to move ahead, back away from tectonic rhetoric and symbolism of diplomacy. By 2025–2026, the African continent had firmly established itself as a key area of global competition and, simultaneously, one of the most important reserves of economic growth. For Russia, this is important to change the very logic of its African ties. It is logical to walk the talk. In other words, Russia’s relations with African countries have to shift from historical rhetoric to a more practical architecture of interests.
On December 19–20, 2025, the second ministerial conference of the Russia-Africa Partnership Forum was held in Cairo, with the Roscongress Foundation acting as the operator on the Russian side. The conference was attended by the heads of the African foreign ministries and the leaders of the continent’s integration associations. That conference has been defined as a key stage in the preparations for the third Russia-Africa summit, scheduled for October 2026. As noted by Russian Foreign Ministry spokesperson Maria Zakharova, the meeting is intended to “give additional impetus to the development of the Russian-African partnership and the strengthening of its truly strategic nature.”
For Moscow, institutionalising the format is crucial given the overall transformation of global politics. And ultimately, Africa is becoming a space where external players’ ability to not only declare respect for sovereignty but also propose practical mechanisms for cooperation is being tested. Russia’s strategy is built on combining political rhetoric about multipolarity with concrete areas of cooperation—from trade to energy, and food security to personnel training and military-technical cooperation. Economic spheres and building infrastructures are important for Africa, which is ready for foreign investors with adequate funds and not just geopolitical rhetoric. It has to be noted that Africa is a space of competition between external players.
The continent is an arena of intense competition, with China, the European Union, the United States, Turkey, India, and the Gulf states all operating simultaneously, each offering its models of interaction: from large-scale infrastructure financing to military cooperation and religious and cultural influence. African states are becoming increasingly pragmatic and multi-vector—they are consistently expanding their foreign policy space, weighing the conditions, benefits, and political costs.
In such an environment, the sustainability of Russia’s presence is determined by its ability to offer a concrete and replicable set of advantages. Anti-colonial rhetoric and appeals to historical legacy remain important, but they no longer provide a long-term advantage on their own. Each competitive proposition must be backed by institutional support.
At the St. Petersburg forum, there was a genuine international community of like-minded partners practically united by a common goal: networking and developing business cooperation. “The continued participation confirms the demand for building relationships of business trust and confidence with foreign partners from different regions, including the United States, Europe, the Middle East, Latin America, Asia and Africa,” said Alexander Stuglev, Chairman of the Board and CEO of the Roscongress Foundation. The Roscongress Foundation held the 29th St Petersburg International Economic Forum (SPIEF) from 3 to 6 June 2026.
World
CANAL+ Eyes MultiChoice Turnaround as Stocks Debut on JSE
By Adedapo Adesanya
CANAL+ has expressed confidence in its ability to turn around the fortunes of struggling broadcaster MultiChoice as it marks a milestone by becoming the first French company listed on the Johannesburg Stock Exchange (JSE).
The secondary listing of CANAL+ signals strong international confidence in South Africa’s capital markets and reinforces the JSE’s role as a conduit between global capital and African growth opportunities, it said in a statement.
CANAL+ enhances the JSE’s sectoral diversity and provides local investors with direct, rand-denominated exposure to a globally diversified media and entertainment business with a significant African footprint. CANAL+ listed on the London Stock Exchange in December 2024.
The group’s listing on the JSE aligns with its long-term strategy to expand its presence in high-growth markets, particularly in sub-Saharan Africa, where rising connectivity, a young and growing population (expected to increase by 800 million by 2050), strong GDP growth (4.5 per cent growth expected between 2026 and 2030) and accelerating demand for content and connectivity continue to drive sector growth.
The JSE listing will increase CANAL+ liquidity and enable African investors to benefit from CANAL+ growth.
According to Mr Maxime Saada, CEO of CANAL+ said, “Joining the Johannesburg Stock Exchange is a statement of our ambition and illustrates our belief in Africa’s future and its creative industry.
“We are proud to become the first French company ever to list in Johannesburg and the only global media and entertainment company listed on the exchange.
“Following our listing on the London Stock Exchange 18 months ago, this dual listing reinforces our ambition to be a bridge between Europe and Africa and anchors our dual-continental approach, consolidating our unique position in the global media and entertainment industry,” he said.
He noted that CANAL+ serves more than 40 million subscribers and generates €9bn in annual revenue.
“Africa will be our growth engine for years to come, and we are dedicated to creating value on the continent and sharing it with our African partners, investors and the creative community. By welcoming African investors, we deepen our roots, diversify our investor base and lay the foundation for the next phase of our growth.”
Commenting on the listing, Ms Valdene Reddy, Group CEO of the JSE, said, “We are proud to welcome CANAL+ to the JSE and to mark the first listing of a French company on our exchange.
World
AfDB President Sees More African Nations Regaining Investment-Grade Ratings
By Adedapo Adesanya
The President of the African Development Bank (AfDB), Mr Sidi Ould Tah, says more African countries are likely to regain or achieve investment-grade credit ratings by next year as reforms begin to deliver results and economic growth accelerates.
Several African sovereigns have already been upgraded in recent months, including Nigeria. However, Nigeria is not yet near investment-grade status.
In May, S&P Global Ratings upgraded Nigeria’s sovereign credit ratings to ‘B’ with a stable outlook, citing structural reforms under President Bola Tinubu and key drivers like higher oil production and improved fiscal revenue.
The country is still five notches from investment-grade. Under S&P’s rating scale, the progression follows— B → B+ → BB- → BB → BB+ → BBB- (investment grade).
S&P raised Morocco to investment grade last year and increased South Africa by one level to BB in November. Ghana, Zambia, the Ivory Coast and Kenya have also benefited from positive rating action linked to fiscal, debt and economic reforms.
“We’re quite confident that the continent will continue to grow very strongly and that African countries will be better rated in the coming years,” Mr Ould Tah said in an interview with Bloomberg.
“We’ve seen Morocco receive investment grade during the last few months, and we expect other countries by next year to get toward that,” he added.
The outlook reflects improving fiscal positions and reforms implemented across countries on the continent, even as the conflict in the Middle East threatens to slow economic growth and raise costs for energy-importing nations. Better credit ratings can help countries borrow at lower rates and fund development projects.
The AfDB projects the continent’s gross domestic product expansion will accelerate to 4.4 per cent next year, if the conflict in the Middle East does not extend for a longer period. It expects the continent to slow to 4.2 per cent this year.
The war in Iran has benefited oil producers such as Nigeria, Angola and Gabon, while exerting pressure on the fiscal positions of net energy importers such as South Africa, Kenya, Ghana and Senegal.
Mr Ould Tah said the bank is ready to support countries facing budget constraints and high debt burdens due to the impact of the Iran crisis, including increasing credit lines to them.
“The board of directors of the bank will examine in the coming days how the bank can increase the volume of resources it will provide to its member countries in this specific situation,” he said.
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