This week, Kigali played host to the Africa Food Systems Summit which reportedly attracted more than 3,000 participants from around the world.

Last week 79% of you who participated in our Africa Trivia were on point. But we warn you, the questions may get harder! This one is in honor of all the folks around the world working on Africa’s agriculture solutions! 

Africa Trivia 

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Graphic of the Week 

Wooing Africa: Beijing’s Bold Move. 

Chinese Loans to Africa, $Bn

China hosted leaders from 50 African nations in Beijing this week for the 2024 Forum on China-Africa Cooperation.

The goal? 

• Deepening ties amid strained relations with the West. 

• Discussions focused on agriculture, security and industrialization, President Xi pledged $50B for Africa. 

• China is shifting from large infrastructure projects to smaller, targeted investments and boosting African imports. 

• Last year, China loaned Africa $4.61B, its first increase since 2016.

The Big Picture: China continues to be Africa’s top trading partner and outpaces the U.S. and Europe in influence.

• Youth Approval: A survey of 5,604 young Africans found 82% view China positively, thanks to affordable goods and infrastructure projects. 

• U.S., U.K., EU Lag Slightly: The U.S. is liked for financial aid but lacks China’s hands-on investment. 

• The Concerns: Critics point to China's exploitation of Africa’s resources and growing debt from infrastructure projects. Plus, China’s 2021 pledge to buy $300B of African goods remains unfulfilled.

TL; DR

• Angola: China and Europe compete for Angola's trade (Reuters).

• China: 50 African leaders attend the China-Africa summit in Beijing (The Washington Post) and Xi Jinping pledges $50B to boost China-Africa ties and renewable energy (Bloomberg).

• Climate: African nations lose up to 5% of GDP annually to climate change (africanews).

• Egypt: Non-oil sector grows after three+ years (Reuters); interest rates may stay high amid subsidy cuts and inflation (Bloomberg).

• Ethiopia: Capital Market Authority launches Regulatory Sandbox to drive financial innovation (UNDP).

• Ghana: Gov't to hike cocoa prices by nearly 45% (Reuters); commercial creditors back $13B eurobond exchange (Bloomberg).

• Kenya: Country faces high borrowing costs, fiscal uncertainty amid stalled IMF funding and continued tax backlash (Bloomberg).

• Libya: Oil output to resume (Bloomberg) as UN facilitates talks over Central Bank standoff (Bloomberg).

• Mpox: UNICEF seeks 12 million mpox vaccine doses (Reuters).

• Nigeria: Dangote refinery starts gasoline production (Bloomberg).

• Senegal: President Faye to call elections for majority to push anti-corruption reforms (Bloomberg).

• South Africa: TotalEnergies exits (FT); bonds deliver 14.8% returns outperforming all other emerging marketings (Bloomberg); business confidence hits two-year high (Bloomberg).

• Tanzania: China, Tanzania and Zambia to rehabilitate TAZARA railway (Reuters).

• Tunisia: Opposition candidate arrested pre-election (FT).

• Uganda: IMF denies Uganda final payout (Bloomberg).

• Zambia: University partners with South Korea to use AI in malaria fight (CIO Africa).

The SDGs in Africa

Are We There Yet? The Road to 2030

The 2024 UN report shows that the world is behind on Sustainable Development Goals, with only 17% of targets on track and nearly half deteriorating since 2015.

• The Overall Gap: Poverty and hunger are worsening.

• But in Africa, there are a few bright spots.

• Moderate Progress towards sustainable agriculture across sub-Saharan Africa.

• Female Leadership Progress: Sub-Saharan Africa showed a significant improvement in gender equality in leadership roles with an 11.3% increase in female managers from 2000 to 2022, reaching 38% and outpacing global growth!

Let's see what commitments are made for Africa this month at the United Nations Global Assembly in New York, the 2024 Report has some clues about what to expect.

Business & Finance in Africa 

SA Bonds Lead Global Surge

14.8% returns make South African bonds the best-performing in emerging markets. Foreign inflows hit $1.3B, the highest since 2019.

What’s behind it: Improved electricity supply and political stability boost confidence. U.S. rate cuts could further drive gains while investors eye the October budget policy statement for fiscal clarity.

Tinubu’s Reforms: Bold but Aimless

Tinubu's reforms—naira liberalization, subsidy cuts and oil boosts—are bold but his efforts lack a clear growth strategy, a point well articulated by Ken Opalo recently. The highlights:

• Non-oil growth fell from 3.6% to 2.8%, while transportation shrank 9.1%—clear signs of ineffective reforms.

Ken and I are both still bullish on Nigeria! If you have seven minutes, it’s a worthy read.

Africa's Food Crisis: A Call to Invest

Despite falling commodity prices, global food costs remain higher than pre-pandemic levels. In Africa:

• More than 50% of the population lacks sufficient food.

• Nearly 1 in 3 children in sub-Saharan Africa are stunted.

The Africa Food Systems Forum 2024 held in Kigali, Rwanda, this week gathered more than 3,000 government, business leaders and farmers. The U.K. Government committed $33M at the summit. I am hoping a few more commitments were unveiled at the summit!

In the Tech Space: AgriFood Tech is the 4th largest startup sector in Africa and since 2019, $881M has been raised by AgriFood Tech startups. Digital advancements in marketing, production and financing have boosted agriculture, though more so in North, West and South Africa.

Explorations in Africa

A Rare Cosmic Find

Scientists unveiled the Nqweba Meteorite in South Africa’s Eastern Cape, following a fiery event on August 25, 2024.

• Residents across three provinces reported a bright fireball and explosive sound.

• The find: Nine-year-old Eli-ze du Toit discovered the 90g, 5cm meteorite, still warm when she picked it up.

Africa Trivia Answer

Answer: 52%
Surprising Fact: While 52% of the continent’s population make their living from agriculture, it accounts for only 35% of GDP.  

Thanks for reading. Reach out to us at [email protected]. This week’s contributors include Andrew Larsen, Shaynerose Magabi, Ruth Ayalew and Mary Ann Achieng. See you next week