Growth through sustainable development
Recent disruptions in the global food supply chains have highlighted Africa's urgent need to become self-sufficient in food production. Traditionally, the continent has turned to small-scale community-based agricultural projects as a means to meet its food needs. But feeding a population of more than 1.2 billion people requires more than communal farming; it calls for a paradigm shift toward agriculture on an industrial scale. Our milestone tenth edition of Africa Focus opens with an article exploring obstacles to large-scale farming in Africa and how they may be overcome to secure funding required for such agricultural megaprojects.
While Angola has entered an ambitious plan to diversify its economy, it remains heavily dependent on its oil & gas industry. Hydrocarbon revenues are crucial for funding Angola's commitments under the Paris Agreement, but also for diversifying the country's economy and improving the livelihoods of its citizens. Our second article looks at the latest developments in Angola's oil & gas sector, including increased M&A activity and a three-well offshore exploration project at a depth of 3,628 meters (11,903 feet) below mean sea level—a new world record water depth set in 2021.
Africa is home to many of the world's most biodiverse regions, including eight of the 36 recognized global biodiversity hotspots. The Congo rainforests have also overtaken the Amazon as the most significant carbon sink on Earth. Our third article highlights the scale of the challenge of biodiversity protection in Africa and options to fund it.
Trade ties between Africa and the United States are seeing something of a revival as the US seeks to revitalize its economic engagement on the continent. The US African Growth and Opportunity Act (AGOA) is one such pivotal agreement that is due to go before the US Congress in 2025.
Africa holds a remarkable 30 percent of the world's mineral reserves, yet it only accounted for less than 10 percent of global mining exploration spending and less than 5 percent of the sector's global revenue in 2022. Many of Africa's minerals are vital for reducing carbon emissions and transitioning to renewable energy. Developing these reserves sustainably is crucial for Africa's economies. Our final article examines how mining companies across Africa continue to find financing for the development of their projects.