Malawi’s current economic difficulties require a combination of immediate response measures and urgent reforms to address longstanding macroeconomic imbalances including persistent and large fiscal deficits, balance-of-payments challenges, unsustainable debt, and price instability, which have weighed on the country’s economy in recent years, according to the latest World Bank Malawi Economic Monitor (MEM).

The MEM provides a semi-annual analysis of Malawi’s economic and structural development issues, and this 19th edition, entitled The Urgency of Reforms: Malawi’s Path to Economic Stability reveals that Malawi is set to have the weakest macroeconomic fundamentals among its neighbors, with minimal improvement in living standards in recent years. The World Bank’s economic growth projection for 2024 has been revised downwards to 2.0 percent, which is lower than the 2.6 percent population growth. GDP growth, therefore, is expected to decline in per capita terms. Moreover, the El Niño-induced drought in January and February worsened the near-term growth outlook. Given the grain deficit in the country, shortage of food stocks within the region, and little recent progress in expanding irrigated maize production, increased grain imports are urgently needed.

The coming months will be critical for Malawi to ensure that planned macroeconomic reforms are implemented and fiscal adjustment measures remain on track. Fiscal consolidation and debt restructuring remain vital for the country’s efforts to restoring fiscal and external sustainability – as it remains on a path towards having one of the highest fiscal deficits relative to GDP across all Sub-Saharan African countries this year. As domestic debt stock continues to rise, interest payments have become the largest single expenditure item in the national budget, consuming 32 percent of revenue or 6.7 percent of GDP, crowding out productive investment and social spending.

“The Government of Malawi started implementing important fiscal and public financial management reforms, including the agreement on a four-year Extended Credit Facility (ECF)-supported program at the end of 2023 which was a significant milestone. These efforts, however, represent the start of a reform process, not its conclusion. A sustained reform and modernizing agenda is required to rebalance the economy towards faster, more inclusive, and more resilient growth. Policymakers also need to focus on increasing investment in priority sectors, of agriculture, energy, mining, and tourism,” says Firas Raad, World Bank Country Manager for Malawi.

This MEM’s Special Topic, “Malawi’s Social Protection System Adapts to Mounting Risks”, highlights the vulnerability of the country to climate change and other shocks, including extreme weather events such as cyclones, floods, and droughts, which have had immense negative social and economic impacts. The lack of savings and other coping mechanisms among the poor and vulnerable has increased the burden of these shocks so that for every three Malawians who escaped poverty between 2010 and 2019, four more fell into poverty due to weather-related shocks. Malawi’s shock responsive social protection system, however, has played a key role in shielding households from the different crises and extreme weather events, but further efforts are needed to meet the challenges associated with rapid population growth and the intensifying effects of climate change. The linkages between disaster risk financing and adaptive social protection systems developed over the last decade are world-class innovations aimed at building resilience and shielding the most vulnerable communities from the devastating impact of climate shocks. Institutional fragmentation, however, remains a challenge. The social protection policy framework remains incomplete, and the sector relies on an excessively low national budget allocation with 95 percent of its resources provided by donors. Reforms should emphasize sustainable financing and prioritize the progressive expansion of coverage and benefit levels.

“Malawi’s social protection system has evolved dramatically over the last two decades, beginning as a collection of fragmented, small, and exclusively donor-financed initiatives, to a coherent set of programs, some of which cover large sections of the population. The efforts to make Malawi’s social protection system more responsive to shocks have demonstrated the potential both to provide immediate relief to households in the face of crises and to build long-term resilience among the households and communities. Therefore, establishing a financing framework to gradually formalize social protection as a standard expenditure item in the national budget is a right way for sustainable support,” says Robert Chase, World Bank Practice Manager for Social Protection and Jobs, Eastern and Southern Africa Region.

The MEM outlines urgent actions required to rebalance the economy and enable faster, more inclusive growth. They include: i) restoring macroeconomic stability through fiscal consolidation, external debt restructuring, and containing the growth of domestic borrowing, ii) bolstering food security, building resilience, and protecting the poor to alleviate food insecurity, and iii) strengthening the agriculture production and reforming the system of price controls to avoid distortions that discourage production and exports.

Distributed by APO Group on behalf of The World Bank Group.

Canon (www.Canon-CNA.com) concludes the ‘Women Who Empower’ initiative with an exclusive media event at Lagos, Nigeria on July 24; 15 participants from WISCAR (Women in Successful Careers) showcase their creativity in an exhibition.

Canon, a global leader in imaging solutions, successfully concluded “Women Who Empower,” an initiative in collaboration with WISCAR (Women in Successful Careers). A month-long program, which aimed to empower women in the print and imaging sectors, culminated in an event held on July 24th at Radisson Blu Ikeja, Lagos was attended by participants, and guests including media, industry leaders and senior executives from Canon and WISCAR.  

The program consisted of three modules: printing, photography, and content creation, each designed to equip the 15 participants with valuable skills and knowledge. The content creation curriculum was led by Canon Ambassador, Nigerian cinematographer&director, Daniel Ehimen. The photography curriculum and the printing module was led by Emmanuel Oyeleke, Nigerian Lifestyle photographer, and a Canon ambassador.

As demonstrated by Canon’s various diversity and inclusivity programs, this initiative also aligns with its corporate philosophy ‘Kyosei,’ which means living and working together for the common good.

Mrs. Amina Oyagbola, Founder&Chairperson WISCAR said, “Our partnership with Canon has been a resounding success, empowering women in the print and imaging industries. This collaboration serves as a powerful blueprint for partnerships that break down barriers, drive meaningful change, and pave the way for a more inclusive future in the print and imaging industries. At WISCAR, we believe in the transformative power of empowering women and girls, and this partnership aligns perfectly with our values of inspiring, educating, and mentoring women to reach their full potential. By working together, we have made a tangible impact on the lives of women in Nigeria, and we look forward to continuing this important work, creating a ripple effect of positive change that resonates throughout the industry and beyond.”

Somesh Adukia, Managing Director- Canon Central&North Africa, added, “Canon is guided by an unwavering commitment to diversity, equity, and inclusion. These core values are not just aspirations, but the very foundation upon which we build a thriving and innovative future. We believe in creating an environment where everyone can thrive, and collaborating with partners like WISCAR reinforces this commitment. Together, we are shaping a more inclusive and groundbreaking future in the imaging industry.”

The event culminated in a captivating portfolio exhibition, where participants brought their remarkable achievements and newfound skills to life. The exhibition captivated audiences with its blend of evocative photographs, rich in storytelling and dynamic video content, each a vibrant reflection of the participants’ unique talents and passions.

Among the many talented individuals, two standout participants received special recognition for their exceptional dedication, creativity, and progress. Joy Ngwolo and Obianuju Lilian Ikegbune were honored for their outstanding contributions to the program.

Joy Ngwolo a PR professional and photographer, reflecting on her journey, shared: “Prior to ‘Women Who Empower’ photography classes, my camera skills were limited by a basic understanding. The program’s comprehensive training has been transformative, equipping me with a solid grasp of photographic techniques and the science behind them. The resulting improvement in my image quality is remarkable. I highly recommend these classes to anyone seeking to elevate their photography to the next level. I’m incredibly grateful to Canon&WISCAR for this invaluable experience.”

Obianuju Lilian Ikegbune expressed her gratitude, stating, As a Public Relations and Marketing Communications Strategist, I was drawn to the Canon x Wiscar Women Who Empower Program for its focus on empowering women in the thriving creative industry. I gained valuable knowledge on storytelling techniques like the ‘rule of thirds,’ camera handling fundamentals, and key considerations for brand storytelling, which will undoubtedly set me apart in the professional arena. I am incredibly grateful to Canon and WISCAR for offering this program, the chance to learn from industry leaders like Emmanuel and Ehimen, and the opportunity to connect with a network of fellow creatives.”

Led by renowned Nigerian cinematographer, director, and Canon Ambassador Daniel Ehimen, spearheaded an intensive content creation course, equipping participants with essential videography skills. The course delved into the fundamentals of videography, camera mastery, the art of storytelling, and provided invaluable hands-on experience with personalized feedback.

Renowned Nigerian lifestyle photographer and Canon Ambassador Emmanuel Oyeleke led a captivating photography course, focusing on the core principles of photography with a storytelling emphasis. Participants actively engaged in numerous sessions and practical exercises, gaining a thorough understanding of photography fundamentals, and solidifying their behind-the-lens capabilities. Expanding participants’ knowledge base further, Emmanuel also led a comprehensive printing workshop. This session explored various printing solutions for photography portfolios and delved into the intricacies of photo studio setups, ensuring participants are well-equipped for all aspects of their photographic journey.

The ‘Women Who Empower’ campaign marked a significant milestone in empowering women in the printing and imaging sectors. As Canon continues to champion diversity and inclusion, initiatives like ‘Women Who Empower’ demonstrate the power of partnerships in driving positive change. With plans for future collaborations and programs, Canon remains committed to its mission of empowering individuals and communities through innovation and creativity.

Canon which has more than 63% of women occupying leadership roles in the Middle East and Africa HQ, has been championing empowerment initiatives for many years as demonstrated by its various diversity and inclusivity programs.

Distributed by APO Group on behalf of Canon Central and North Africa (CCNA).

Media enquiries, please contact:
Canon Central and North Africa
Mai Youssef
e. Mai.youssef@canon-me.com

APO Group – PR Agency
Rania ElRafie
e. Rania.ElRafie@apo-opa.com

About Canon Central and North Africa:
Canon Central and North Africa (CCNA) (www.Canon-CNA.com) is a division within Canon Middle East FZ LLC (CME), a subsidiary of Canon Europe. The formation of CCNA in 2016 was a strategic step that aimed to enhance Canon’s business within the Africa region – by strengthening Canon’s in-country presence and focus. CCNA also demonstrates Canon’s commitment to operating closer to its customers and meeting their demands in the rapidly evolving African market.

Canon has been represented in the African continent for more than 15 years through distributors and partners that have successfully built a solid customer base in the region. CCNA ensures the provision of high quality, technologically advanced products that meet the requirements of Africa’s rapidly evolving marketplace. With over 100 employees, CCNA manages sales and marketing activities across 44 countries in Africa.

Canon’s corporate philosophy is Kyosei (https://apo-opa.co/3Sl8PFH)– ‘living and working together for the common good’. CCNA pursues sustainable business growth, focusing on reducing its own environmental impact and supporting customers to reduce theirs using Canon’s products, solutions and services. At Canon, we are pioneers, constantly redefining the world of imaging for the greater good. Through our technology and our spirit of innovation, we push the bounds of what is possible – helping us to see our world in ways we never have before. We help bring creativity to life, one image at a time. Because when we can see our world, we can transform it for the better.

For more information: Canon-CNA.com

African countries rich in critical minerals are intensifying collaboration with international stakeholders to boost investments across the critical mineral value chain. In line with its commitment to promote international collaboration to ensure the development of responsible, diversified and secure supply chains, the Critical Minerals International Alliance (CMIA) is returning to this year’s Critical Minerals Africa (CMA) Summit as a partner. Olimpia Pilch, CMIA’s Chief Operating Officer (COO), will discuss the importance of collaboration between African critical mineral producers and global stakeholders to navigate industry challenges and maximize opportunities.

The Critical Minerals Africa 2024 summit on November 6 – 7 serves to position Africa as the primary investment destination for critical minerals. The event is held alongside the African Energy Week: Invest in African Energy 2024 conference (http://apo-opa.co/3Yjtg9M) on November 4 – 8, offering delegates access to the full scope of energy, mining and finance leaders in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

African countries are leveraging technologies and the expertise of international partners to enhance critical mineral exploration, reserves, and production for GDP growth. In July 2024, the Democratic Republic of Congo (DRC) – which holds the world’s fourth-largest copper reserves – resumed operations at its 140,000 tons per annum Kipushi Mine (http://apo-opa.co/3Somgob) in partnership with Canadian firm Ivanhoe Mines, 30 years after the project was put on hold. Ivanhoe Mines is upgrading the mine’s concentrator to increase output to 960,000 tons per annum, boosting the DRC’s copper production.

“Partnerships with international markets is enabling African countries to enhance their critical mineral value chains. As Africa seeks to untap the full potential of its critical minerals for economic growth, partnerships with the global community is crucial to access funding and technological expertise required for infrastructure development and optimal mineral production,” stated Rachelle Kasongo, Project Director at CMA organizer, Energy Capital&Power.

Zambia is leveraging funding and industry experience of UAE-based global mining firm International Resources Holding (IRH) – which acquired a 51% stake in Mopani Copper Mines (http://apo-opa.co/3y2o6Ez) in a $1.1 billion deal in March 2024 – to increase the project’s output from 72,694 metric tons in 2022 to 200,000 metric tons within the next three years. IRH’s contribution in the Mopani project is crucial in moving Zambia closer to its target of increasing copper output to 3 million tons by 2032 from 2.2 million tons in 2021.

Meanwhile, Zimbabwe is expanding its lithium industry through partnerships with Chinese investors and mining companies including Sinomine Resources and Zhejiang Huayou Cobalt. In April 2024, Chinese mining firm Rwizi Rukuru completed a lithium processing plant in Mutoko (http://apo-opa.co/3yafkEu), advancing Zimbabwe’s agenda to value-add its lithium resources. Another Chinese company, Shengxiang Investments, finished constructing a lithium facility in Goromonzi (http://apo-opa.co/3YdkCJW) in March 2024.

During CMA, Pilch will discuss the impact of geopolitics on Africa’s critical mineral sector, expanding on last year’s discussions. She will participate in high-level panel discussions highlighting how global trends are driving investments in Africa’s critical mineral industry.

Distributed by APO Group on behalf of Energy Capital&Power.

Global investment firm Premier Invest entered into a partnership with energy major Shell last month to facilitate financing for oil and gas projects across Africa. Through this strategic collaboration, the two companies will work together to identify and co-finance transactions in the region, aiming for substantial returns while benefiting local communities and economies.

Premier Invest has joined the African Energy Week (AEW): Invest in African Energy conference – November 4-8 – as a silver sponsor in line with efforts to champion energy investment in Africa. The company’s Managing Partner Rene Awambeng is also speaking at the event, providing insight into how this partnership and other initiatives led by Premier Invest will advance project development in Africa.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

Africa currently receives less than 5% of global energy-related investment, which hinders the implementation of large-scale energy projects across the continent – especially in oil and gas. The lack of foreign direct investment further impedes the development of infrastructure for refining petroleum products and expanding power generation and distribution capacity. Premier Invest aims to address these challenges by offering key financial advisory services including strategic and M&A advisory, capital markets support and restructuring. The company serves as an advisor for leaders in business and government, with a focus on local expertise and global reach.

As the continent witnesses increased M&A activity, particularly in its upstream sector, the company’s role as a financial advisor is imperative. In the first two quarters of 2024, significant oil and gas acquisitions targeted southern African assets, emphasizing frontier exploration and LNG projects. Notable deals include international oil company Azule Energy’s acquisition of a 42.5% interest in Namibia’s Block 2914A; Abu Dhabi National Oil Company purchase of a 10% equity stake in Mozambique’s Area 4; and Canadian independent Renaissance Africa Energy’s acquisition of interests in Shell Petroleum Development Company in Nigeria. These transactions reflect a broader trend of increased M&A activity in Africa’s upstream sector, where companies seek to leverage the continent’s hydrocarbon resources for energy security and economic growth. Premier Invest fits into this dynamic space by providing essential financial advisory services to facilitate these transformative transactions, thereby contributing to the continent’s energy development and economic growth.

In May, the company signed a six-month agreement with Gabon Oil Company (GOC) to raise $1.2 billion to acquire Gabonese oil producer Assala Energy and its assets from US equity firm Carlyle. This acquisition would mean that GOC would take ownership of assets including seven onshore production licenses, a pipeline network and the Gamba export terminal in Gabon. This is significant as it will enhance Gabon’s energy infrastructure and production capabilities and give GOC greater responsibility and control over Gabonese assets.

“Premier Invest’s strategic partnership with Shell and GOC is a leap forward for Africa’s energy landscape. By championing investments in African energy projects, the company is not only addressing the continent’s critical need for financial resources but also driving sustainable economic growth. Its role as a financial advisor is vital in unlocking Africa’s vast energy potential, ensuring energy security and long-term prosperity,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

During AEW: Invest in African Energy 2024, Premier Invest will leverage its participation to connect with African leaders, industry stakeholders and global energy players. This engagement will provide opportunities to discuss collaborative projects and share insights on advancing Africa’s energy sector. AEW: Invest in African Energy 2024 serves as a platform for Premier Invest to showcase its vision for the continent’s energy future and explore strategic partnerships that can drive progress and innovation.

Distributed by APO Group on behalf of African Energy Chamber.