Africa Digest : Trends and issues in business Vol. 22

Abstract

The Africa Digest is a e-newsletter scanning the key trends in the macro-environment and industry to promote knowledge and raise understanding of business in Africa. This issue explores: 1. Developments in Aquaculture - Food security is a serious global challenge. Despite Africa’s agriculture potential, the continent imports immense amounts of food: between US$35 and US$41 billion annually. Aquaculture is one sub-sector that receives increasing attention. In addition to ocean fishing, inland fisheries and fish farming are increasingly important sources of protein. However, demand still outstrips supply by a significant margin. 2. Developments on China in Africa - The outbreak of Covid-19 impacted the increasingly uneasy partnership between China and Africa. The pandemic severely negatively impacted those dependent on China as a source and market of goods and services. China remains Africa’s largest trade partner and is a major investor on the continent. 3. Developments in the Financial Services Sector - The financial services sector in Africa is increasingly active. Restructuring is on the rise. A small number of larger banks recently announced pan-African aspirations. A number of small banks are disappearing, while mobile money presents a real and rising threat to conventional retail banks. Global financial services companies have identified Africa as a growing and lucrative market, and are now targeting Africa. 4. Trends in Investment and Economics - The Covid-19 impact on the economies and societies of Africa is disastrous. Many countries have moved into recession. South Africa expects its economy to contract at a 7% rate.