Africa

1. Africa’s climate summit
2. S. Africa marks growth…
3. …and Walmart’s launch
4. Malawi prepares to vote
5. New Côte d’Ivoire candidate
6. Kenya’s debt-for-food deal
7. China eyes more oil fields

Rwanda’s annual gorilla-naming ceremony.

African climate summit raises funds

African leaders unveiled efforts aimed at driving nearly $300 billion in investments to power the continent’s green energy transition, but said more was needed to address urgent climate challenges.

Speaking at the second ever African climate summit in Addis Ababa this week, Mahmoud Ali Youssouf, the African Union Commission’s chair, said “climate finance must be fair, significant, and predictable.” He called for the creation of a “genuine fund for loss and damage” — a persistent demand that richer nations provide financial resources for poorer ones that are often more vulnerable to climate impacts. Meanwhile, Ethiopia’s Prime Minister Abiy Ahmed and Kenya’s President William Ruto, who hosted the inaugural summit last year, framed their calls for climate action as economic development agendas.

African banks including the African Export-Import Bank signed an agreement to mobilize $100 billion for “green industrialisation” on the continent during the summit. Two other programs were also launched: the Continental Energy Programme in Africa, to be funded by the European Union, and Engaging for Africa’s Green Energy Transition, backed by Germany’s economic cooperation ministry. Both are part of a broader investment initiative to generate €150 billion ($176 billion) for Africa’s green and digital transition.

— Alexander Onukwue

S. Africa records rapid growth

South Africa’s economy grew at its fastest pace in two years during the second quarter, driven by a rebound in the manufacturing and mining sectors. The continent’s largest economy grew 0.8% in the three months to June, compared with the previous quarter. The growth was larger than the 0.6% median estimate of 13 economists surveyed by Bloomberg.

Goldman Sachs raised its 2025 GDP growth forecast for South Africa to 1.2%, from 1%, following what it referred to as an “upside surprise.” David Omojomolo, Africa economist at Capital Economics, wrote in a note: “We expect further modest GDP growth over the coming quarters, helped by lower interest rates and easing structural constraints.”

​​However, Washington’s imposition of a 30% tariff on South African goods, the highest rate in sub-Saharan Africa, is expected to affect economic performance from the third quarter onwards. President Cyril Ramaphosa said on Tuesday that Pretoria has sent officials to the US to prepare for a fresh round of trade negotiations, its latest attempt to strike a deal with the Trump administration.

— Alexis Akwagyiram

Walmart to open South Africa stores

Walmart, the world’s largest retailer, will this year open its first branded stores in South Africa, setting up a contest with other global outlets in Africa’s most advanced economy.

The US retailer said it will offer “a variety of locally sourced products” — from groceries and apparel to technology — while adhering to “global standards.” Sites for the stores are “in development,” with opening dates to be announced in October, the company said.

Until now, Walmart’s presence in South Africa has been through its ownership of Massmart, a group with a portfolio of four separate retail brands across 300 stores in eight sub-Saharan African countries. By setting up its own stores, Walmart steps into direct competition with Amazon, which launched in South Africa last year, as well as low-cost Chinese online shops Shein and Temu, which already outpace other global retailers in the country.

Voters prepare for Malawi election

No candidate is likely to secure a majority in the first round of Malawi’s presidential polls next week, analysts said following an election campaign dominated by the state of the economy.

President Lazarus Chakwera, seeking a second term in the Sept. 16 election, had vowed to bring down the cost of farming and restart Malawi’s agriculture-dependent economy before taking office in 2020. But his tenure has been marked by skyrocketing prices of fertilizer and maize, a staple food.

Malawi’s “extremely bad” economic state “will influence the electorate’s decision for change or not,” said Hannington Gondwe, CEO of the UK-Malawi Chamber of Commerce. Chakwera faces 16 opposition candidates, including two former presidents. A candidate needs to secure more than half of all votes to win the election.

NVIDIA Head of Sustainability Josh Parker will join the stage at The Next 3 Billion — the premier US summit focused on connecting the unconnected. Semafor editors will sit down with global executives and thought leaders to highlight the economic, social, and global impact of bringing the next three billion people online.

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A new presidential candidate

Côte d’Ivoire’s former First Lady Simone Gbagbo was cleared to stand in next month’s presidential election. The 76-year-old’s inclusion in a list of five candidates came as a surprise following the controversial disqualification of other candidates, raising global concerns about the Oct. 25 vote in Francophone West Africa’s largest economy.

Among those barred were Gbagbo’s former husband, ex-President Laurent Gbagbo, as well as the previous presidential frontrunner, ex-Credit Suisse bank CEO Tidjane Thiam. Simone Gbagbo’s “candidacy is not only politically significant but symbolically powerful in a country where women remain largely underrepresented in national leadership,” the BBC noted. In 2015, the ex-first lady and former MP was sentenced to 20 years in prison over her role in deadly post-election violence in 2010, but she was granted amnesty three years later.

Kenya’s new debt-for-food deal

Kenya is reportedly planning a $1 billion debt-for-food security deal to reduce its spiraling debt burden. Such a deal would likely involve Nairobi replacing costly existing debt with cheaper financing on the condition that it used the savings toward boosting food security, Reuters said, similar to recent debt-for-nature swaps. Kenya has so far managed to avoid a debt default, but given the increasing political pressure faced by President William Ruto’s administration, with a spate of deadly protests against his administration over the last year regarding the cost of living and a proposed tax hike, experts think the government will find it politically challenging to reduce debt levels. The government spends around a third of its revenue on debt interest payments, one of the highest ratios in the world.

China’s latest oil field investment

The value of an oil deal struck between Congo Brazzaville and Chinese company Wing Wah to boost oil production in the African country. Under the agreement, Wing Wah will develop three oil fields to drill 200,000 barrels per day in Congo Brazzaville by 2030. The company already operates in the country, extracting about 45,000 barrels per day from the Banga Kayo onshore field. Italy’s Eni and France’s TotalEnergies are also exploring oil production opportunities in Congo Brazzaville, as the government tries to harness its hydrocarbon reserves to solve economic challenges.

Business & Macro