MICHAEL FOUNDETHAKIS: Higher commodity prices good news for Africa, but bars remain

Commodity markets have been boosted by the prospects of an improvement to the global postpandemic economy, disciplined global monetary and fiscal policies, the impact of successful vaccine programmes and a general postpandemic increase in investor confidence. Commodity prices have also risen due to the more disciplined operations of the global commodities sector, especially regarding the implementation of environmental, social and governance principles in mining operations.

The EU recently noted that it will look to Africa to help fulfil its energy needs, especially regarding its oil and gas requirements. Countries in Africa, notably Nigeria , Mozambique, Nigeria and Senegal and Morocco are expecting increased demand for their renewable and non-renewable energy sources, though the EU has said it intends to prioritise clean energy sources.

Projects are already in progress to boost continent-wide infrastructure needs. Tanzania's construction of the Standard Gauge Railway Projectis expected to provide a safe and reliable means for efficiently transporting people and cargo to and from the existing Dar-es-Salaam port. Other large projects under way includethe Trans-Maghreb Highway in North Africa, the North-South Multimodal Corridor, the Central Corridor project and the Abidjan-Lagos Corridor Highway project.

The report revealed that development finance institutions are increasingly anchoring the infrastructure ecosystem in Africa, serving a critical function for project finance as investment facilitator and a check on capital, and that local and regional banks, specialist infrastructure funds and private equity and debt are stepping in to collaborate with them.

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