The West African Development Bank (BOAD) (www.BOAD.org), organized a high-level workshop on climate finance in Cotonou, in partnership with the European Union. The event brought together key public and private stakeholders from across West Africa with the aim of standardizing the feasibility studies for climate projects and enhancing the mechanisms to replenish the Climate Study Fund (CSF).

The Climate Study Fund, established by decision No. 069 of the WAMU Council of Ministers on 22 September 2023, aims to address the growing challenges WAEMU countries face in the fight against climate change. During the seminar, discussions highlighted the need to accelerate climate investments and increase climate finance mobilization.

The Vice-President of BOAD, Mr. Moustapha Ben-Barka expressing his appreciation for the initiative stated: “the Cotonou Declaration marks a decisive turning point towards a climate-resilient economy, reaffirming our collective commitment to sustainable development across the WAEMU region’’.

Standardization and funding mechanisms

The seminar successfully introduced a baseline sectoral framework for conducting climate project feasibility studies. This structured approach will simplify the mainstreaming of climate co-benefits and Sustainable Development Goals (SDGs) into projects throughout the region. In parallel, participants explored various avenues to replenish the funding mechanisms of the Climate Study Fund, focusing on innovative financing solutions suited to regional contexts. This will enable better structuring of climate-related projects and guarantee their long-term sustainability.

Tangible results for the future

The Cotonou Declaration formalizes the outcomes of this seminar and will be presented to the Finance Ministers of member countries, with a view toward adoption at the Conference of Heads of State. This document will serve as a strategic roadmap, ensuring the sustainable financing of climate project studies at the regional level.

Distributed by APO Group on behalf of Banque Ouest Africaine de Développement (BOAD).

 For further information, please contact:
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About the West African Development Bank (BOAD):
The West African Development Bank (BOAD) is the common development finance institution of the member countries of the West African Monetary Union (WAMU). It is an international public institution whose purpose, as provided under Article 2 of its Articles of Association, is to promote the balanced development of its member countries and foster economic integration within West Africa by financing priority development projects. It is accredited to the three climate finance facilities (GEF, AF, GCF). Since 2009, BOAD sits as an observer at the UNFCCC and actively participates in discussions on devising an international climate finance system. As of January 2013, it has been home to the first Regional Collaboration Centre (RCC) on Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. Since 15 October 2023, the Bank has been co-chairing alongside Bancoldex, the International Development Finance Club (IDFC), which brings together 26 national, regional and multilateral development banks from around the world.

In recent talks between Angola’s President João Manuel Lourenço and African Development Bank Group (www.AfDB.org) head Dr Akinwumi Adesina, the two leaders discussed a wide range of measures introduced by the Angolan government to rapidly transform the economy.

The reforms include diversifying away from oil, promoting private sector, tackling the country’s debt burden, reduce poverty, achieving food and energy security, and creating youth employment. The leaders met on Friday 20 September, in the Angolan capital Luanda.

Terming the reforms as bold, Adesina told President Lourenço, “What you have done to reduce public debt is impressive. You moved from 119% of GDP in 2020, to an expected 58% of GDP this year below, despite significant external shocks.” 

He also pointed to the positive outlook of the country’s economic performance saying, “even though your GDP growth is estimated at 2.7% this year, it is projected to rise to 4.3% in 2025 because of the structural reforms and diversification agenda you are implementing.”

Stressing the importance of maintaining the momentum for reform, Adesina announced that the African Development Bank will support Angola’s request for a two-year budget support operation of about $160 million for 2024, with a second tranche scheduled for 2025.

President Lourenço said in addition to promoting a private sector driven economy and diversifying away from the oil sector, his government is working to create decent jobs for youth. He has made human capital and skills development one of the three pillars of his government’s National Development Plan 2023-2027. 

Angola has one of the world’s fastest growing populations, with half of its 35 million people being youth. 40% of its youth are unemployed. About 550,000 new workers join the labor force every year, requiring a concerted effort to created decent jobs at comparable pace.

President Lourenço welcomed the Bank’s offer to work with his government to design and co-finance a comprehensive initiative to avail capital to young entrepreneurs as the Youth Entrepreneurship Investment Banks which the Bank has successfully helped to establish in countries such as Liberia and Ethiopia.

The Bank recently approved $124 million for a youth project in Angola, locally known as CRESCER, which brings together the financial sector and the entrepreneurial associations to find tailored solutions for young entrepreneurs.

On agriculture, the Angolan leader and the Bank Group president agreed that with 35 million hectares of fertile land and water supply, the country should transform its sector to achieve food security and create jobs for youth and women.

“Angola has no business spending $2 billion per annum importing food. It should and can be totally self-sufficient and even become a net exporter,” said Adesina.

The African Development Bank has a portfolio of $212 million currently invested in the sector and is finalising a further investment of around to step up agricultural production in the easter region of Angola. $100 million. The Bank pledged to help Angola scale up fertiliser use and domestic production, and work with the country towards the establishment of Special Agriculture Processing Zones operating in 11 other African countries.

In addition to agriculture, “Angola is sitting on a gold mine of clean hydro energy,” said Adesina, “you have 1.5GW of unused clean hydro energy and by 2027 you will have 3.5GW. With investment from the private sector, the country can provide power solution to Zambia, Namibia and South Africa.”

Angola is working to attract significant private sector investment and will present projects worth nearly $2 billion at this year’s Africa Investment Forum, to be held in Morocco’s city of Rabat from 4 to 6 December.  

Adesina thanked Angola for its support for the Bank, including the General Capital Increase and the Bank’s campaign for rechanneling of the IMF’s Special Drawing Rights through multilateral development banks. Angola is also one of the few regional contributors to the Bank’s concessional window, the African Development Fund, having provided about 6.5 million Euros to each of the Fund’s last three replenishments.

During his visit, the Bank Group president also met with Angola’s Finance Minister Vera Daves De Sousa and the Minister for Planning Victor Hugo Guilherme. He later toured the Bank’s $90 million funded Luanda Science and Technology Park.

Adesina was accompanied by the Director General for Southern Africa Region Leila Mokaddem, the Country Manager for Angola and Sao Tomé Principe Pietro Toigo, the Executive Director for Angola, Mozambique, Namibia and Zimbabwe João Luis Ngimbi and Modibo Toure, Bank Group President’s Special Envoy for Shareholder Relations in Africa.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contact:
Communication and External Relations Department
email: media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

A high-powered delegation of Ghana energy leaders will showcase a range of significant investment opportunities in the booming African oil-and-gas territory, in what has been described as “a game-changing moment for the sector” at the forthcoming AOW Investing In African Energy (www.AOWEnergy.com) event. 

His Excellency Herbert Krapa, Minister of Energy, Republic of Ghana and Ghana National Petroleum Corporation CEO Joe Dadzie will provide invaluable insights into Ghana’s burgeoning oil and gas sector, and host private meetings with interested operators in an exclusive showcase titled “Why Ghana matters: A New Era of Exploration”. 

The engagements are expected to be among the most promising at the event, which has million-dollar networking opportunities as one of its unique selling points. AOW describes itself as “the meeting place for the global community of African energy stakeholders committed to enabling a prosperous energy outlook for Africa”. 

West Africa has long been one of the continent’s hottest regions for oil and gas exploration. Recent discoveries in Cote d`Ivoire surrounding the Calao and Baleine basins have emphasised the region’s importance. Now, ongoing discoveries in the Tano basin off Ghana have become a focus for industry experts. 

“It is no surprise that Ghana is one of the hottest topics in the African oil and gas narrative,” says Yemi Ibidunni, Event Director for AOW. “The industry has matured rapidly since discoveries in the Jubilee field in 2006, with upstream and downstream development. Now, new offshore finds have boosted interest in Ghana’s prospects. We are proud to be hosting a session to delve into what makes Ghana an attractive investment and exploration destination.” 

Key topics to be covered in the session will include: the resurgence of interest in the Tano Basin, and how recent discoveries are reshaping the West African oil-and-gas landscape; open-acreage offshore opportunities, and the potential for future discoveries; and a first look at the hugely anticipated Volta and Keta basins, and their significance to African exploration. 

AOW is acknowledged as the premier meeting point for the global private sector and balance-sheet holders with the capital and technology to drive major projects. The exclusive Ghana Showcase will give attendees the chance to engage with key Ghana energy stakeholders, gain strategic insights, and stay ahead of the curve on upstream trends and opportunities in the territory.  

“In particular, this session will offer an in-depth look at the re-emergence of the Transform Margin as one of Africa’s most promising areas,” says Sinclair. “This event promises to be a game changing moment for the industry, given Ghana’s huge potential.” 

AOW Investing in Africa Energy (https://apo-opa.co/3Bui94i) runs from October 7 – 11, 2024, at the CTICC 2 in Cape Town.  

Distributed by APO Group on behalf of AOW: Investing in African Energy.

Nobody can predict the future; However, modernising payroll gives the space to contemplate a company’s unique workplace evolution.

We are overwhelmed by predictions of the future workplace. Workforces will be more flexible.  Employees will assert their independence. Hybrid and remote working will become the norm. The 9-to-5 grind is coming to an end—or not. There is evidence pointing towards and away from these predictions.

Some companies are trialling 4-day work weeks while others try to lure employees back to the office. Some business models work very well remotely, while others struggle when they don’t have people present. The more we try to unpack the potential futures of the workplace, the more scenarios appear.

“The only thing we can say with confidence is that nobody has the answers,” says Sandra Crous, Managing Director of PaySpace by Deel. “What works for one business doesn’t work for another, which is not what business leaders want to hear. One day, we’ll have the answers. But we’re the ones who need to come up with those answers and put them to the test.”

The certainty of flexibility

With so many contradictions, what is the best way forward? There is a clear answer—automate the tasks that stop HR departments from applying their minds to these crucial questions.

Consider when you go shopping. Which approach is more effective: making a shopping list beforehand or trying to figure it out while you shop? A shopping list is much more efficient and gives you the space to consider other options, such as price differences or taking advantage of a special.

“Our brains can only handle so many things at a given point. If you try to do everything at once, you don’t do anything well. So, are there things that occupy your mind that don’t need to be there? I think this is the real definition of flexibility: it’s not just about choice but removing unnecessary choice,” says Crous.

HR staff are like a busy shopper floundering between necessary and unnecessary choices. They wear many hats, interact with employees and owners, juggle policies and culture, and manage the workforce’s demands. They are also expected to help inform and cultivate a workplace’s future. In order for them to focus on those questions, they need more flexibility and space. How can we create that space?

Flexibility through payroll

The answer lies in automating and streamlining routine yet crucial employee and business touchpoints, and payroll modernisation is the most obvious place to start, says Crous:

“Payroll encompasses a lot: the main examples are remuneration, benefits calculation, leave allocation, budgeting for salaries, and employee loans. Indirectly, payroll relates to talent management and employee wellbeing. On a strategic level, payroll is a big cost to business and a nerve centre between employees and employers. Some payroll tasks are simple yet important, such as providing payslip information so an employee can do things like open bank accounts. Other things become very complicated, like changes to employment laws or managing staff across multiple regions.”

Can payroll help HR prepare for the future workplace? Just like shopping without a list, payroll tasks can overwhelm HR and other departments with routine yet crucial tasks pulling their attention in different directions. However, when payroll services start removing the clutter and demands of payroll through automation, self-service, and enriched integration, it gives HR professionals the flexibility to apply their skills to the changing workplace.

“Nobody can predict what the future of offices will look like,” Crous explains. “Every business must figure that out for their circumstances. But if your HR people are constantly dealing with payroll issues, they don’t have the scope to envision long-term scenarios and feel the pulse of company workforces.”

Nobody has conclusive answers on what tomorrow’s workplace looks like. But we can empower the right people to apply their minds to those questions by removing things that shouldn’t consume their bandwidth. Payroll is an obvious place to start.

Distributed by APO Group on behalf of PaySpace.

ABOUT PAYSPACE:
Architected in the cloud, PaySpace’s proprietary payroll technology is scalable, configurable, highly secure, and easy-to-use allowing anytime, anywhere access to empower payroll and HR teams. It is highly secure and drives operational efficiency, offering self-serve payroll or payroll outsourced to a team of in-house PaySpace payroll experts.

PaySpace was specifically designed to provide multi-country payroll and HR functionality with built-in compliance for organizations of all sizes and industry sectors. It provides a single truth for payroll and HR data – and the tools to make strategic decisions at every level. PaySpace has expanded into 40+ African countries as well as the United Kingdom and the Middle East, with an imminent launch in Brazil.

PaySpace, acquired by Deel in their largest acquisition to date in 2024, will be integrated as Deel’s exclusive payroll calculation engine. This represents an enormous step toward their goal of being the one-stop-shop for all things global payroll&HR.