AnGoLA - GLOBAL BUSINESS WORLDWIDE LTD · mineral-rich Angola, ravaged by civil war until 2002 but...

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S1 www.fortune.com/adsections S2 www.fortune.com/adsections SPECIAL ADVERTISING SECTION I T WASN’T LONG AGO THAT AFRICA’S place in the news was as a beleaguered continent steeped in poverty, corrup- tion, and civil strife. These days however, while it is still not without its challenges, the diverse and resource-rich landmass can boast a lot more good news, with world- class economies, best practice initiatives, and a wealth of investor-friendly states ready to partner resource-hungry nations. From billion-dollar, fiber-optic submarine cables for better and emerging technologies, to new and upgraded roads, railways, air- ports, and harbors, African countries are counting on joint ventures and public-private partnerships to build their infrastructure and develop their economies to be able to be more competitive, attract more investment and join the 21st century. What comes across from African nations like the ones featured in this report is a sense of maturity, of learning from others’ mistakes, of consultation and best practice adoption, of careful investment, and of the right conditions being put in place to create open and free markets. More importantly, the focus appears to be on ploughing the revenues from oil, diamonds, cocoa, or whichever cash crop back into the economy to grow other more sustainable sectors, such as tourism— while building up education, health, housing, and job creation. For recent entrants to the global stage, like Cape Verde—until not so long ago an isolated outpost of West Africa, but with promising tourism and logistical potential—development will take time. For mineral-rich Angola, ravaged by civil war until 2002 but with hec- tares of unexplored land, oil wealth is finally creating the conditions for new investment across the board, with the best probably yet to come. Senegal is pumping millions into the development of Port of Dakar thanks to a lucrative partnership with DP World Dakar, to develop the Port of the Future, and become the shipping hub for the region. Ghana, already the world’s second-largest cocoa producer, and now realigning itself as a commercial oil exporter, is building up communities and listening to farmers to ensure everyone benefits. The reality of Africa today is a dynamic and busy continent, where new openings offer high returns and a sustainable future. A HUGE GLOBAL OIL PRODUCER located on the South Atlantic coast of West Africa, Angola is the land of plenty, not just in Africa but in the world, with dia- monds, gold, fisheries, forests, farmland, 16% of the world’s water resources and, of course, oil. Since ending almost three decades of civil conflict with a peace agreement in 2002, the country has made great strides to move on and learn from developed economies how it can best allow investors to take advantage of the riches it has, with attractive incentives and far-reaching government reforms, including a new constitution that was implemented in January 2010. On the back of oil profits received in recent years, President José Eduardo dos Santos’s government is investing heavily in new infra- structure and transport projects. Foreign direct investment is due to rise more than 50% this year. The country’s GDP grew by 5.9% in 2010, largely because of the oil and gas, which contributes 38.9% to the economy, and a booming services sector, which contributes 30.4%. Angola boasts a credit rating of B++ and a much-anticipated stock exchange is due to open soon, with more than 30 companies already expected to sign up. Oil production is set to reach two million barrels per day this year, with several major new projects coming on-stream. In 2012, Angola will have one of the world’s largest economic growth rates at 10.5%, ex- ceeded only by the economies of Niger (15.4%) and Iraq (12.6%), according to the International Monetary Fund’s World Economic Outlook. As a country that is effectively being rebuilt, there are enormous investment openings in the infrastructure and transport sectors. Development is taking place in the provinces, with the government keen to connect the country’s 18 million people, and there is a useful network of airports all over the country. Angola successfully hosted the Africa Cup of Nations last year, which saw transport upgrades and stadiums constructed through public-private partner- ships (PPPs). NEW PORT INCREASES COMPETITIVENESS Due to the tremendous trade potential and the need for another deepwater port near the productive agricultural and water-rich area of Kwanza Sul, the Ministry of Transport is pushing ahead with plans for a new seaport in Porto Amboim. This will add to the exist- ing eight seaports in its network. Situated south of the capital Luanda, in a town with a popula- tion of 65,000, Porto Amboim is set to become one of the most competitive ports in the region, with the potential to boost the economies of Angola and its neighbors by offering access to the ex- ploration of minerals in virgin territory and the export of established commodities, like bananas, cotton, rice, wood, beef, and coffee. “The port, which will create 120 direct jobs initially, and nearly four times that number indirectly, will be a logistical platform for the center of Angola and the rest of Africa,” says Armando Ferramenta, president of the administrative council of Porto Amboim. In trAnsItIon AnGoLA Africa’s road Map to sustainability the Pearl of Africa The emerging market is reinventing itself as all market sectors modernize to meet 21st century standards—from transport infrastructure to energy production. One of the most resource-rich countries in the world, Angola is growing fast, thanks to business-friendly policies and infrastructural developments. www.globalbusiness.uk.com SPECIAL ADVERTISING SECTION José Carvalho da Rocha Minister of Telecommunications Américo António dos Santos General Director, ITEL ITEL Bairro das CTT’S, Km 7, Luanda, Angola | Tel: + 244 923 471 150 | www.itel.co.ao Creating the best communicative minds in Angola Invest in the National Institute of Telecommunications as it strives to become a reference for companies looking for well trained and business-ready telecoms staff. PORTO AMBOIM • AMBOIM • KWANZA SUL • ANGOLA • Tel: +244 923 471 150 • WWW.PORTOAMBOIM.COM SAIL INTO A NEW BUSINESS VENTURE Joint ventures and partnerships are being sought for Angola’s Port Amboim, currently under construction. Walter Fernandes®_Score Media Luanda Bay, Angola

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I t wasn’t long ago that africa’s place in the news was as a beleaguered continent steeped in poverty, corrup-tion, and civil strife. These days however, while it is still not without its challenges, the diverse and resource-rich landmass can boast a lot more good news, with world-class economies, best practice initiatives, and a wealth of

investor-friendly states ready to partner resource-hungry nations. From billion-dollar, fiber-optic submarine cables for better and

emerging technologies, to new and upgraded roads, railways, air-ports, and harbors, African countries are counting on joint ventures and public-private partnerships to build their infrastructure and develop their economies to be able to be more competitive, attract more investment and join the 21st century.

What comes across from African nations like the ones featured in this report is a sense of maturity, of learning from others’ mistakes, of consultation and best practice adoption, of careful investment, and of the right conditions being put in place to create open and free markets. More importantly, the focus appears to be on ploughing the revenues from oil, diamonds, cocoa, or whichever cash crop back into the economy to grow other more sustainable sectors, such as tourism—while building up education, health, housing, and job creation.

For recent entrants to the global stage, like Cape Verde—until not so long ago an isolated outpost of West Africa, but with promising tourism and logistical potential—development will take time. For mineral-rich Angola, ravaged by civil war until 2002 but with hec-tares of unexplored land, oil wealth is finally creating the conditions for new investment across the board, with the best probably yet to come. Senegal is pumping millions into the development of Port of Dakar thanks to a lucrative partnership with DP World Dakar, to develop the Port of the Future, and become the shipping hub for the region. Ghana, already the world’s second-largest cocoa producer, and now realigning itself as a commercial oil exporter, is building up communities and listening to farmers to ensure everyone benefits.

The reality of Africa today is a dynamic and busy continent, where new openings offer high returns and a sustainable future.

A huge global oil producer located on the South Atlantic coast of West Africa, Angola is the land of plenty, not just in Africa but in the world, with dia-monds, gold, fisheries, forests, farmland, 16% of the world’s water resources and, of course, oil.

Since ending almost three decades of civil conflict with a peace agreement in 2002, the country has made great strides to move on and learn from developed economies how it can best allow investors to take advantage of the riches it has, with attractive incentives and far-reaching government reforms, including a new constitution that was implemented in January 2010.

On the back of oil profits received in recent years, President José Eduardo dos Santos’s government is investing heavily in new infra-structure and transport projects. Foreign direct investment is due to rise more than 50% this year.

The country’s GDP grew by 5.9% in 2010, largely because of the oil and gas, which contributes 38.9% to the economy, and a booming services sector, which contributes 30.4%. Angola boasts a credit rating of B++ and a much-anticipated stock exchange is due to open soon, with more than 30 companies already expected to sign up. Oil production is set to reach two million barrels per day this year, with several major new projects coming on-stream.

In 2012, Angola will have one of the world’s largest economic growth rates at 10.5%, ex-ceeded only by the economies of Niger (15.4%) and Iraq (12.6%), according to the International Monetary Fund’s World Economic Outlook.

As a country that is effectively being rebuilt, there are enormous investment openings in the infrastructure and transport sectors. Development is taking place in the provinces, with the government keen to connect the country’s 18 million people, and there is a useful network of airports all over the country. Angola successfully hosted the Africa Cup of Nations last year, which saw transport upgrades and stadiums constructed through public-private partner-ships (PPPs).

new port increases coMpetitiVenessDue to the tremendous trade potential and the need for another deepwater port near the productive agricultural and water-rich area of Kwanza Sul, the Ministry of Transport is pushing ahead with plans for a new seaport in Porto Amboim. This will add to the exist-ing eight seaports in its network.

Situated south of the capital Luanda, in a town with a popula-tion of 65,000, Porto Amboim is set to become one of the most competitive ports in the region, with the potential to boost the economies of Angola and its neighbors by offering access to the ex-ploration of minerals in virgin territory and the export of established commodities, like bananas, cotton, rice, wood, beef, and coffee.

“The port, which will create 120 direct jobs initially, and nearly four times that number indirectly, will be a logistical platform for the center of Angola and the rest of Africa,” says Armando Ferramenta, president of the administrative council of Porto Amboim.

In trAnsItIon

AnGoLA

Africa’s road Map to sustainability

the Pearl of Africa

The emerging market is reinventing itself as all market sectors modernize to meet 21st century standards—from transport infrastructure to energy production.

One of the most resource-rich countries in the world, Angola is growing fast, thanks to business-friendly policies and infrastructural developments.

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José carvalho da rochaMinister of Telecommunications

américo antónio dos santosGeneral Director, ITEL

ITEL Bairro das CTT’S, Km 7, Luanda, Angola | Tel: + 244 923 471 150 | www.itel.co.ao

Creating the best communicative minds in AngolaInvest in the National Institute of Telecommunications as it strives to become a reference for companies looking for well trained and business-ready telecoms staff.

PORTO AMBOIM • AMBOIM • KWANZA SUL • ANgOLA • Tel: +244 923 471 150 • WWW.PORTOAMBOIM.COM

SAIL INTO A NEW BUSINESS VENTURE

Joint ventures and partnerships are being sought for Angola’s Port Amboim, currently under construction.

Walte

r Fern

ande

s®_S

core

Media

Luanda Bay, Angola

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tion (UNESCO). This means the Angolan institution will be one of UNESCO’s main partners in the implementation, dissemination, and promotion of messages about sustainability, through the Planet Earth Institute, a new institution that will continue the work initiated by the Planet Earth international committee.

The UNESCO Planet Earth Institute will work in partnership with the national committees of Planet Earth in more than 80 countries and with international partners in search of information about the state of the planet and solutions that lead to sustainable develop-ment. The new partnership follows its active role in promoting sustainable development by supporting various initiatives related to economic promotion, appreciation of culture, support for education, and environmental protection. In 2009, UNESCO awarded BESA the distinction “Bank of the Planet” in recognition of its support for activities related to sustainability.

Since it was established in 2001, BESA has been honored by pres-tigious international institutions, both for its financial performance and the role played in supporting and promoting sustainable development, and for activities leading to its involvement with the community.

In 2010, in addition to being named Official Bank of Planet Earth UNESCO, BESA was recognized for his performance with the award Best Trade Finance in Angola 2010, by Global Finance magazine. “The growth and development of nations is built with the cooperation of all, individual persons and companies alike,” Sobrinho has said. “BESA has set out to consolidate ideas and to support projects, so that together and in permanent dialog, we may find solutions, open up new possibili-ties, and put forward propositions that will contribute to the economic and social progress of the Republic of Angola.”

hi-tech futureAngola is also investing heavily in information and communications technology (ICT) and already has the third largest sub-Saharan mobile market on the continent in revenue terms. Penetration is currently 70%, offering enormous potential for growth in mobile, as well as broadband.

On a three-day visit to Luanda in June, Hamadoun Touré, Sec-retary General of the International Telecommunication Union, said: “The Union is willing to cooperate with the Angolan government, so we have to analyze the broadband plans together.”

Angola’s Minister of Telecom-munications, José Carvalho da Ro-cha, takes up the story. “We invited Mr. Touré to see the efforts we have made to promote development of the sector, including InfraSat, the Angolan satellite telecommunica-tions company, which has received a distinction for its technological engagement of services to clients. We also discussed undersea fiber-optic cables and legislation being brought in that will allow a more open market. The state has invested around $800 million since 2006 in building the infrastructure sector to support different telecommuni-cations services to a high quality and with affordable prices.

“We have been working on three major areas; one is legislation that will balance the players in the market and ensure they provide

high quality services. Now we are creating the conditions that will allow those policies to be implemented. We are drawing up the Law of Telecommunications and Electronic Services, and in the mean-time, working on infrastructure to integrate services and technolo-gies with people. They want data services, voice technology, and video running on their handsets.”

The Ministry is also working with the Ministry of Higher Educa-tion and the Ministry of Technology to build a new generation of tech-savvy experts. “We want the universities to find solutions and develop the software that we will need for the future,” Minister Carvalho da Rocha says.

Launched in 1990, the Angolan Institute of Telecommunications (ITEL) will be providing some of these future stars. Directing the focus of its work to training professionals, ITEL offers free entrance to students, who are selected through a test.

As ITEL’s general director Américo António dos Santos says: “Students are given skills that will enable them to develop innovative projects new to the ICT industry. Most of our students are allocated to

international companies who come looking for new recruits. Our students are good professionals who are well prepared and trained to be able to respond to the challenges of the ICT industry. ITEL, which has won three CISCO awards and is present in South Africa and Brazil, is looking for private investors and to be a reference

for companies looking for telecoms and IT staff. “Partnerships with private companies are always very interest-

ing,” dos Santos says. “Private companies offer ITEL laboratories where the students can prepare for the real world of corporations.”

There are many other Angolan success stories. Net One, for example, is a company that started operations in 2010 in order to provide low-cost and high-quality Internet services across Angola. It has a primary local investor (MS Telecom) and an investor from

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“It will bring more investments to the region, which means the population at large will have access to education, technical, and academic courses, health, jobs, and sustainable development. The harbor is seeking exchanges in technologies and expertise with other ports in the country and a protocol has been signed between the directors to share experiences and training so that we can modernize together.”

Minister of Transport Augusto da Silva Tomás has provided ideal conditions to generate the investments needed. Porto Amboim has already received $75 million to develop a structure large enough to receive four ships simultaneously and plans to build a dry port of 70 hectares to stock materials and com-modities, as well as a cruise terminal for tourists.

award-winning, sustainable banKingNamed by Citibank as one of the best entry points for investors look-ing for gains in the overlooked Angolan market, Banco Espirito Santo Angola (BESA) is flanked by an international network and local expertise, and an ideal partner for investors.

“BESA is one of the fastest-growing banks of the last decade,” says CEO Álvaro Sobrinho. “And, with a very specific strategy, BESA has had much higher levels of growth than those of Angola. It has developed long-term projects and invested in infrastructure. The banking sector is extremely innovative in Angola, with service levels

that can easily be compared to Europe. Due to the lack of certain regulations, it cannot offer all the services available in Europe, but it benefits greatly from the influence of foreign banks, receiving a lot of technologi-cal know-how.”

The main challenge this year will be controlling inflation, which is still in double-digits, Sobrinho says. “The only way to combat this is to stimulate competition by having more players and a freer market with

more licensing processes, and to give them not only financial incen-tives, but also structural incentives. Employment is very important for economic development—there must be companies and they must be profitable,” he says.

“Although there are no reliable statistics, the number of ordinary people using the banking system is very low, so there is huge potential to grow. The capital market can play an important role and finance the market directly. You can create debt through the stock exchange, so it is imperative we have one. Without it, secondary capital cannot be commercialized. The whole economy benefits from the stock market.”

On a visit to Angola in July as part of a three-nation tour of Africa, Germany’s Chancellor Angela Merkel spoke of the impor-tance of Angola as a partner, citing energy, technology, equipment for schools and universities, and raw materials’ development as potential areas of investment. There was, she said, the possibility of “good economic development” on the back of oil production and rising oil prices. Speaking during the visit, Angola Vice President Fernando da Piedade dos Santos assured investors they would enjoy the protection of investments and private ownership in Angola as well as a healthy climate of competition.

“This visit makes clear that Western and European powers can see our potential,” Sobrinho continued. “Angola is a new country in terms of its market.”

The services offered by banks in Angola have been a great suc-cess already, he noted. “The issuance of credit cards gives credibility to the system, and international rating agencies, who used to see Angola as problem, are giving us healthy ratings. Other countries must understand the process of development in Angola and see that corruption is not something that can be erased overnight; it is a gradual process. We need to show the world that Angola is different from the usual perception. It is a country of thinking people.”

Demonstrating its sound ethics, BESA is dedicated to both excel-lent customer service and social responsibility. “BESA operates on the three pillars of human resources, sustainability, and profitability,” Sobrinho says. “It is the only bank that offers shares of profits with its workers. The work is always done in teams so the success rate is very high.”

Such innovation recently earned Sobrinho a nomination for President of the Planet Earth Institution in London for the bank’s performance in sustainable development; he is the only African banker to have obtained this international recognition.

Last year, BESA was appointed Official Bank of Planet Earth UNESCO for the next ten years, following its cooperation with the United Nations Educational, Scientific and Cultural Organiza-

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“angola is a new country in terms of its market and western powers can see that.”

Álvaro Sobrinho, CEO, BESA

armando ferramentaPresident of the Administrative Council, Porto Amboim

Augusto da Silva TomásMinister of Transport

angola is undergoing major infrastructural development.

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Israel (LR Group). The company offers diverse services that have been designed based on market research and is looking to bring new innovations to the country.

“Net One is a fixed operator that offers a product with a very flexible service as it works with radio waves. This way people can always receive a signal, whether they are in the interior provinces or the coastal areas,” says a Net One spokesperson. “We use 4th Generation (4G) WiMax technol-ogy developed by Intel. Net One chose this technology because it has stability in the market and has been in operation for a consider-able period of time. The technology is a tripod in the development of Angola because copper is very expensive to access in diverse locations and the radio base is much easier. Angola is a market that is still virgin.” Net One works with the fiber-optic cable that links An-gola with Europe by Angola Telecom. An exit signal is also in place via satellite from London by MS Telecom to ensure backup if one of the systems fails.

affordable technologYNowadays, Net One offers a modem for just $50, which breaks down the barriers and makes technology affordable for the customer.

“We are focused on quality, and Internet provision is a long-term project,” the spokesperson continues. “The modem does not need a technician to install it: the client can do it and register it himself. It was developed in partnership with the providers in order to decrease costs and sell it at a lower price.”

Net One appreciates the sup-port received from LR Group. A distinguished international group with an extended knowledge in the international technology and telecommunications market used by others, LR Group has consolidated expertise in the African market. The company has also received support from local companies.

Meanwhile, the goals to broaden the customer base are being achieved earlier than planned, with Net One managers convinced it will be the leading company in the fixed telephone market and Internet in Angola within five years.

“Net One will be present throughout the country in every province and will contribute to the development of the country and in parallel grow itself,” the spokesperson says. “Angola is a country that offers great opportunities and international investors should be present in Angola, not only in Luanda but within the whole country. Investors should develop reliable sources in terms of finding informa-tion about the country, real information, because even nowadays, one can find a great amount of distorted information about Angola on the Internet and elsewhere.

“Angola is a stable, secure country, which has rules that are fol-lowed and a great domestic market which is ascending in terms of numbers. Investors should seek long-term investment options.”

Indeed, according to ANIP, the national agency of private invest-

ment, confidence in the Angolan economy has already strengthened. “The volume of non-oil investment reached $3.3 billion in 2009, allowing the creation of almost 28,000 jobs, 23,042 of which were for Angolans,” says Aguinaldo Jaime, coordinator of ANIP. “PPP arrangements are a key factor in our economy and will be the model followed for all the strategic sectors.

“Angola wants to revitalize the privatization process and will do so once the Stock Exchange Market has been established. The gov-ernment knows it cannot be present in all aspects of the economy, so is creating the foundations for the private sector to invest.”

a new realitY Since the end of the civil war in 2002, Angola’s progress on economic reconstruction and development has been nothing but impressive. On the back of growth in the energy and mining sectors, the country recorded double-digit economic growth from 2003-2008. In November 2009, the country signed an IMF Stand-By Arrangement loan of $1.4 billion to rebuild its international reserves.

Although the global financial crisis and lower oil prices slowed this significant growth, ANIP was still able to approve private invest-ment projects amounting to more than $1.4 billion at the height of the downturn in 2009.

Visitors to Angola today will see a new country, a safer, more dy-namic country, that is politically, militarily, and economically stable and open for business.

The new Angola is determined; just three years after the peace agreement, the country was able to reorganize and start the recon-struction process, thanks to billions of dollars in credit lines from

China, Brazil, Portugal, Germany, Spain, and the E.U., which helped rebuild public infrastructure.

Less than a decade on, Angola is on course to become one of the world’s most prosperous countries.

Luanda is a bustling city with a great development potential. Several new buildings are under

construction, with cosmopolitan restaurants and bars offering varied and sophisticated local and international dishes. There are plenty of good business hotels and facilities. The provinces of Angola, a country that spans 1.2 million square kilometers, are also develop-ing and benefiting from investor incentives that include generous tax breaks according to location.

Angola used to be self-sufficient in agricultural products but nowadays imports a wide range of products that, under the right circumstances, it could produce itself. It boasts abundant forest resources, especially in North Kwanza and Cabinda, with potential for wood production and transformation.

The Atlantic waters are wonderfully rich in fishing resources, while the mining sector (petroleum, diamonds, and other minerals) reveals strong growth perspectives that will certainly stimulate the advent of both upstream and downstream industries.

The political and economic stability has opened up new and excellent opportunities for investment in the country, and it is keen to progress. The new reality that Angola presents to the world is that of a country working together today, to grow together tomorrow.

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“our students are professionals who can respond to the challenges of the ict industry.”

Américo António dos Santos, General Director, ITEL

Álvaro sobrinhoChief Executive Officer, BESA

Cape Verde has coMe a long waY in recent years. From an isolated, under-developed country off the coast of West Africa, it is now making a name for itself as a tourism hotspot, thanks to its beaches, water-sports, carnivals and music festi-

vals, good nightlife, charming towns, interesting wildlife, and good weather. It is also a haven for affordable luxury real estate.

Thanks to solid, long-term policies introduced by the business-friendly government—Prime Minister José Maria Pereira Neves won a consecutive five-year term this year—the country enjoys a per-capita income higher than most other African nations. It has sought closer economic ties with the U.S., E.U., and Portugal and is seen as a credible investment destination. Now, Cape Verde is actively seeking partners to help build the infrastructure needed to cope with the rising number of tourists while encouraging growth.

“First of all, our objective is to transform the country into a service provider center,” says Minister for Environment, Rural Development and Marine Resources, José Maria Veiga. “We have nine inhabited islands and airports on all of them, except Brava and Santo Antão. We are modernizing all these airports, four of which are international, which is a huge challenge.

“We are investing in roads and telecommunications, as well as urbanization in order to enhance our tourism potential. We are building schools everywhere. Partnerships are crucial. To achieve them, you need shared interests, a good image, and credibility. Credibility is our oil and gold, and we are keen to keep it that way.”

For an archipelago like Cape Verde, which spans 4,033 square kilometers and has a spread-out population of 512,600, reliable and cost-effective sea and air transport is crucial. There are regular flights to and from the major islands, Santiago, Sal, and São Vice-nte, with flagship carrier, Cabo Verde Airlines (TACV) flying daily in-ternational flights from Lisbon to Sal or Praia, the capital, and once a week from Amsterdam, Munich, Paris, Las Palmas, Fortaleza in Brazil, and Boston. The airline is currently undergoing privatization.

Mário Paixão Lopes, chairman of the national airports manage-ment company, ASA, which manages all air traffic and terminals and is in charge of airport-related infrastructure, says: “ASA is

investing around €40 million up to 2013 to develop our infrastructure.

“In the first half of this year, passenger traffic rose 13%, confirming the trend of growing international and domestic arrivals. We have seen impressive growth in the number of flights (4.4% international, and 30.9% domestic), while cargo flights grew at 17%.

“Cape Verde’s political stability is seen as a crucial factor of competitiveness in the tourism sector. It is also the first and only African country to receive a Civil Aviation Category 1 certificate. That means a lot to us and will increase investor confidence.”

ASA has implemented new equipment for passenger control, protection of cargo, and passenger activity, and its level of service in safety and security is now in line with that of Europe and the U.S. It is also improving services, by guaranteeing flight information, flight safety, and flight operations in the region. “These developments will be beneficial for TACV. With the expansion of our facilities and the increased influx of tourists, the airline will experience a boost in activities,” Paixão Lopes says.

CAPE VErDE

Building CredibilityThe fast-growing African archipelago calls on investors to help it build much-needed transport and tourism infrastructure.

José Maria VeigaMinister for Environment, Rural Development and Marine Resources

Aeroporto Internacional Amílcar Cabral - Ilha do Sal - Cabo VerdeTel.: +238 241 14 68 |+238 241 25 37 | www.asa.cv - [email protected]

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International Cocoa Council for 2010/11, explains why this is. “We normally make a conservative forecast. We are working with some very large international clients and financial institutions, so you have to be sure the forecast will be met,” he says.

“The reason for these interventions is that we are focusing on increasing productivity of the independent farmers. We provide them with techniques they can apply to increase productivity and the fer-tilizers to help them optimize their crop. Diseases are a big problem for every agricultural sector, so we work with the farmers to cushion the effects of disease. We are aiming to create capacity among them by offering more thorough training.”

The CEO is also tasked with keeping the cocoa in the country. “Last year, we had a severe amount of cocoa smuggled to Ivory Coast. To prevent this, we need to give the farmers a good price for their produce and at the same time boost production.”

As well as cocoa, other cash crops like coffee, shea nut and cashew nuts all come under the Cocobod umbrella and are grown and exported through an efficient, well-organized system. Cocobod deals with representatives of the Farmers’ Association on a national level to address problems, needs and wishes, and finalizes the producer price.

“We have the Cocoa Marketing Company (Gh Ltd.) to do the exports, which is very positive,” Fofie says. “In Ivory Coast, for example, there are a lot of individual producers trying to market their own cocoa. Through our structure, we have built up an im-mense reputation amongst the banks. Last year, we were able to raise around $1.2 billion to buy cocoa; this year is predicted to be

even higher. These amounts show the credibility and trust Cocobod has gained in the financial sector over the years. The system has improved the welfare of the rural communities.”

Ghanaian cocoa beans, known for their high quality, have become the benchmark for the industry, which means the investors keep coming to build their processing plants, and the customers keep buying. “The E.U. accounts for more than 70% of our exports, followed by Japan, and we are also exploring the BRIC economies,” Fofie says. “In terms of partners, we have been with Cadbury [now part of Kraft Foods] for more than 100 years. They helped this industry get off the ground and provided scholarships to farmers to learn about harvesting and best practice techniques.”

using oil to deVelop faster Since the first cargo of crude oil was lifted from the Jubilee Field in January 2011, Ghana has been adjusting to its status as commer-cial oil producer and the wealth that brings. For Minister of Energy Joe Oteng-Adjei and the government in general, the oil money is best used to help Ghana develop faster.

“We have other assets, like gold, timber and cocoa, so what we are expected to do is to hasten the pace of infrastructure develop-ment,” the Minister says. “In a country like ours, if you want people to come in and get involved in other sectors, the basic infrastructure should be there: roads, trains, water supply, good schools, good universities, good health care.

“There should be an available electricity supply and telecom-munications so that no one in any part of the country has any

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EnJoYing growth that is expected to reach 14% this year thanks to newly mobilized oil resources, Ghana is now one of the most tempting investment destinations in the world. With around $30 billion worth of consumption and production taking place,

it is on course for continued prosperity. As well as a booming services sector, which makes up more than

half of national output and is supported by strong ICT, transport and storage, and financial services sectors, the country has a wealth of natural resources and a business-friendly climate. This year’s budget, drawn up by Minister of Finance and Economic Planning Kwabena Duffuor, will focus on the six pillars of education, health, energy, roads and transportation, water resources works, and hous-ing, as well as the private sector, to create a sustainable economy

that will yield jobs and keep business confidence high.

President John Evans Atta Mills’s gov-ernment, which came to power in 2009, is doing well. As Minister Duffuor says: “We came in at a time when the government was borrowing from the banks at a rate of 25%. That rate is now 12%. Our national reserves stood at $2 billion: now the figure is up to $5 billion.

“We are seen as an oil and gas exporter, but having learned from other countries that have been in the same position, we started looking at the non-oil sectors seriously. We pushed resources at the industrial and manufacturing sectors, and the agricul-tural sector, which is still the backbone of the economy. The oil will run out eventually, but fertile land will always be there.”

Parliament recently passed an oil revenue bill to ensure the money is handled properly. “Ghana has been the black star of Africa, and right now, it is rising again,” Minister Duffuor says. “The economy is booming and this is the time investors should move in. We can benefit from the fruits of the economy together.”

In 2010, the total estimated value of agricultural output was $8 billion, and growth in the sector has averaged more than 6% in the last three years. Cocoa in particular is the mainstay of the Ghanaian economy, accounting for 40% of agricultural exports and 12% of the GDP. This year, the government-controlled Ghana Cocoa Board (Cocobod) predicted that output will reach around 850,000 tons—the highest in the country’s history.

Tony Fofie, chief executive of Cocobod and chairman of the

GHAnA

An African success storyA stable, progressive country that enjoys a strategic location in West Africa with easy access to sub-Saharan markets, Ghana is a hotbed of investment opportunities.

Kweku a. awotwiChief Executive, Volta River Authority

GRIDCo, Ghana Grid Company Limited P.O. Box CS 7979, Tema, GhanaTel:+233 30 701 1185 | Fax:+233 302 676 180 | [email protected] www.gridcogh.com

Backbone to Power Delivery

GRIDCo

Lighting up West Africa

As the backbone of power delivery across Ghana, GRIDCo is an industry pioneer and leader in West and Sub-Saharan Africa. The fast-growing company is extending its reach to position itself at the heart of the emerging West African energy market.

Ghana Cocoa BoardN-41 Kwame Nkrumah Avenue, P.O.Box 933, Accra, GhanaTel: +233-302- 661 752 / 661 757/661 872 Fax: +233-302-667-104Email: [email protected] Website: www.cocobod.gh

Ghana’s premium product, cocoa represents 12% of GDP, so is of vital importance for the development of the economy. But it is not just at home that this high quality is recognized—Ghanaian cocoa is used as a benchmark for excellence throughout the global cocoa industry and the Ghana Cocoa Board works to maintain this standard.

Poised to Maintain Ghana’s Premium Quality Cocoa’’

Ghana is cocoa, cocoa is Ghana

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constraints.”It is also important, the Minister notes, that the local people

do not feel disenfranchised. “Prevention is better than cure,” he says. “Yes, our oil is offshore, but we are building communities and creating jobs and will provide people with the basic infrastructure to allow them to add value and be valuable to the industry.

“We are adding about 700 communities to the national education system and are aiming to electrify these communities so the area can open up and industries can move in and set up at any time. Once the people are employed and working, they have no reason to start problems and destroy their own country.”

As a vital component of Ghana’s industrial and socioeconomic development, the energy sector has been undergoing a number of developmental initiatives to improve operational efficiency and sup-ply security, and the Energy Minister is keen for Ghana to become a power hub for the sub-region. The current target is to increase the supply from 2,000 to 5,000 mega watts within five years.

“The policy is to use more renewable energy, and we look at hydropower as a renewable resource. Once we are done with that, we will move to the policy that by the year 2020, 10% of our gen-eration capacity should be from renewable energy: more specifically, solar and wind.”

lighting up west africaOne of the key players in the energy sector, Ghana Grid Company Ltd. (GRIDCo) was established in 1997 to develop and promote competition in Ghana’s wholesale power market by providing trans-parent, non-discriminatory, and open access to the transmission grid for all participants, particularly power generators and bulk consum-ers. Often cited as the backbone of power delivery because they run the grid, GRIDCo has about $1 billion of planned developments in the pipeline as it strives to get an electricity supply to 85% of the country by 2015.

“We have around 60% electrification, so closing the gap is achievable,” Charles A. Darku, GRIDCo’s chief executive says. “We need to push the grid into rural areas as far as possible. “The

government is creating an enabling environment for private capital to come in and create independent power producers. By separating GRIDCo from the Volta River Authority (VRA)—Ghana’s leading elec-tricity producer—the government created a level playing field where private investors can come and compete with the VRA. Because of

the current gap between demand and supply, there is room for the private sector to move in. We need to jointly move fast to avoid having shortages in the future.”

GRIDCo is working actively with the West African Power Pool (WAPP) to ensure funding for a number of improved cross-border connections. “Our main goal, of

course, is to ensure the national grid works well, but we also want to see Ghana’s grid serving as a hub around which the West African grid is developed. Ghana has been doing cross-border trade of electricity for 40 years now, through Togo and Benin in the east, and Ivory Coast in the west. The WAPP connections would ensure an increase in electrical power flow between Togo and Benin, but would also connect us to Nigeria, and head north to Burkina Faso, Mali, and Niger.

“We are focused on exporting electrical power. We could use gas to generate electricity, which significantly decreases the production costs. Gas also provides a more direct impact on the local economy than oil. Oil is essentially going to be exported and won’t bring the enormous opportunities for secondary industries and the spin-off effects that gas will, in gas-fired power plants, the petrochemical industries, and fertilizer plants, for example.”

Ghana’s gas discoveries have also been of great interest to the Volta River Authority, the entity tasked with electricity generation, who see it as a cheaper and cleaner alternative to crude oil for run-ning their machines. It can also be procured on a long-term basis, thereby avoiding the price volatility associated with crude.

“At the last count, we estimated that the use of gas would save us between $9 and 10 million a month per machine, and we oper-ate five machines,” says Kweku A. Awotwi, VRA’s chief executive. “We started to receive gas from the West African Gas Pipeline last year, when we started buying around 30 million cubic feet a day. This has now gone up to 90 million, although it fluctuates because the project we have identified has not been fully commissioned yet.

“To produce Ghanaian gas, the country would need to develop its gas infrastructure. The Bulk Oil Storage and Transportation Company Ltd. (BOST) has been given the mandate to develop this on land, but na-tional or international entities are needed to develop it offshore.”

The VRA chief points to outdated systems as an impediment to growth. “There has not been enough investment made in the past few decades to keep up with the economy’s fast growth,” he says. “Parts of our system are 40 years old and need replacing. We have enough generation on the residential side, but when it comes to big industry, the

system lacks the capacity to provide sufficient electrical power. That is despite the fact that over the next few years, around 1,000 mega watts will be added. At the current growth rate, we will need much more.”

The solution, Awotwi says, is to put in place the right regulatory framework. “Make the industry as transparent as possible and create an attractive investment climate. The framework should make clear to investors what they would need to do, and what they will get in return. Investment can be in any form, as long as it happens.

“We are primarily looking into PPPs, because this lowers the risk for interested parties. They will work with a state-owned company that has a long experience in the market and can be assured of gov-ernment support. Ghana is stable, the economy is growing robustly, and the electricity supply is the second-highest in sub-Sahara Africa at 60%. Within the next five years, there will be a lot of facilities created to boost this percentage further. From an investment point of view, Ghana is a good place to come.”

partnerships sought Meanwhile, as the largest oil licensed oil trader in Ghana, SAGE Petroleum Ltd. has seen a turnover of $330 million since it was established in 2009. The company is aiming to become a major player in the West African market and is looking for partnerships and investment for help.

Emmanuel Egyei-Mensah, CEO, says: “We are a small, young company that decided to integrate into the downstream petroleum sector. We have a company called Aspen Petroleum that does the

distribution into Mali, Burkina Faso, and Niger. In Ghana, we went further downstream. We have a sister company called Cardinal Petroleum that has an interest in oil marketing companies. They provide oversight and management and consulting services to be able to compete with the multinationals. We have created a channel where quite a lot of our product goes to the Cardinal companies, which is one of the reasons we have grown so fast over the last one and a half years. Also, myself and other people in the company have great experience in the sector. We have used this, and the network that comes with it, to our advantage.”

State-owned aluminium smelter, Volta Aluminium Company Ltd. (VALCO), is at the cornerstone of Ghana’s industrialization and works with some of the largest aluminium companies in the world. The discovery of gas and the fact that bauxite, one of the country’s many resources, is the main ingredient in aluminium has sparked renewed optimism in VALCO, says CEO Charles Mensa.

“The smelter provides the raw materials for other manufacturing sectors of the economy, creating a ripple effect, leading to economic growth,” he says. “The number one impact is job creation. With 40% capacity, we employ about 1,000 workers and supply raw materials to around 15 local companies.” He adds: “Partnerships are critical for the country. Not only do they bring financial strength, but they also bring technology.”

In terms of ICT, Ghana boasts good infrastructure, a well-regulat-ed, private-led competitive market, and a strong legal system. The priority now is to develop policies to harness ICT’s full potential, and deliver cost-effective telecoms to the population at large.

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“we could use gas to generate electricity, which would significantly reduce costs.”

Charles A. Darku, Chief Executive, GRIDCo

VALCOVolta Aluminium Company LimitedHeavy Industrial Area, Smelter Site,

P.O.Box CO625, Tema, GhanaTel:+233 303 200 048 / 204 203

Fax:+233 303 200 [email protected]

The Flagship oF ghana’s indusTrializaTion

www.valcoTema .com

SAGE, the power driving Ghana forward

Powering innovation and fueling Ghana’s economic engine, SAGE Petroleum Ltd. is the country’s largest oil trading firm. The industry leader is seeking major international partners who share its ambition and vision as it expands its existing business and moves into lucrative new energy areas like the offshore support services sector.

P.O. Box CT 4377, Cantonment, Accra, GhanaTel: +233 302 241 642 | Fax: +233 302 242 062

[email protected] | [email protected] www.sagepetroleumgh.com

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“Ghana has six major alliances/telecoms operators with a tel-ephone penetration of 74.2% and increasing broadband capacity,” Haruna Iddrisu, Minister of Communications, says. “ICT is available in all parts of the country, but there is a digital deficit in the rural areas. We are using a universal access fund to correct this. We offer international quality and there are mobile services offered by some of the largest companies in the world.”

In Ghana, Vodafone is the only operator providing mobile, fixed lines, Internet, voice, and data, and has “huge potential to take over the market,” according to Vodafone Ghana’s CEO Kyle Whitehill.

“Ghana must be the only mar-ket in the world where MTN, Tigo, Airtel, and Vodafone are present,” he says. “MTN and Tigo currently have 80% of the market, so you would expect Airtel and Vodafone to attack aggressively to increase their market share. It is important that we are the only one in the market with a fixed-line network. Our strategy is very clear: We will be hugely competitive in consumer mobile voice, but data and fixed broadband will be the key to our success.”

Being a strong and admired European brand, Vodafone entered the market quickly and is now the fastest-growing operator. “This is a classic 80 “high-end”-20 “low-end” market in terms of revenues,” Whitehill notes. “We are only present in Egypt and Ghana at the moment, and in South Africa, DRC, Mozambique, and Tanzania

through Vodacom. But through brand recognition, it has been well received. We have a powerful competitor in MTN that has a much more significant presence, although we are easily reaching double- digit growth rates on an annual basis.”

Enjoying its 19th year of business in IT products distribution, solutions, and training, Intercom Programming and Manufacturing Company Ltd. (IPMC) is one of West Africa’s largest IT companies, with a workforce of more than 400 and a presence in 19 loca-tions. With $5 million worth of local IT inventory and a $25 million

turnover, the company is facilitat-ing the growth of IT infrastruc-ture. It serves as many as 8,000 businesses in the region and is supported by more than 50 sup-pliers globally. The challenge, says IPMC’s CEO Amar Deep S. Hari, is that IT skills are generally not of a high international standard.

“Western governments recognize this so we have received a $1 million grant from the Dutch government to develop 20 high skill set professionals over the next two years.”

Lifestyle brands are also on the rise in Ghana. Legacy Group, for example, offers expertise in property, hospitality and tourism, and fi-nancial and advisory services. Part of the Legacy Group, the Labadi Beach Hotel in Accra is one of Ghana’s most comfortable and luxuri-ous five-star hotels — the perfect place to stay, hold conferences, unwind and indulge.

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“our strategy is very clear; data and fixed broadband will be the key to success.”

Kyle Whitehill, CEO, Vodafone Ghana

Located MidwaY between North America and Europe, Port of Dakar is using its strategic geopoliti-cal advantage to become West Africa’s premier ship-ping center. With its billion-dollar “Port of the Future” project taking shape, that will see capacity rise to at

least a million containers a year when it opens in 2012, excitement is building in the Senegalese capital.

“The arrival of DP World Dakar (DPW Dakar) has very much improved the loading and unloading of containers. The average time taken for the whole mooring process in West Africa varies between 35 and 40 minutes, whereas in Dakar it takes just 17 minutes. It’s an achievement we are very proud of,” says Minister of Maritime Economy Khouraïchi Thiam.

“Dakar is a full port that, while it may not have reached the dimensions of Le Havre, Bordeaux, or Rotterdam, is respectable by African standards. We are doing everything we can to catch up with the major ports of the world; indeed, the port, airport, and customs provide most of the country’s revenue. Senegal, through Port of Dakar, which has undeniable advantages as to its geographical position and its exceptional nautical conditions, can reasonably claim to play a leading role in the sub-region regarding transhipments. Beyond the physical attributes and geography, Port of Dakar offers the political stability of Senegal, the knowledge of port personnel, and good basic equipment. As Mali’s natural gateway to the Atlantic Ocean, it also gives particular importance to the transit towards that country.

“Opportunities for international partners are multiple, through the simple fact that large facilities, such as the container termi-nal and the logistical platform for Jetty 2, have now been completed.”

Bara Sady, general manager of Port of Dakar, has worked at the Port for more than 20 years. “It’s very motivating, because there is always something to do, you have to think ahead of the game, and be innova-tive,” he says. “At the same time, it’s excit-ing because you always have to make choices. The key is to have a clear conscience, knowing that you did what needed to be done.”

On a professional level, Sady says, it is a huge responsibility. “More than 90% of Senegal’s foreign trade goes through the Port, so we have to ensure there is no major failure to obstruct port activity.”

safe and coMpetitiVeThe general manager points to Dakar’s stance as the most westerly point on the African coast as another major advantage. “Transit time is typically two to three days less from Dakar to Europe than other ports. We are also one of the few ports with direct access to the ocean 24 hours a day, 365 days a year. This is very important for maritime operators as they don’t have to worry about tidal conditions. Finally, our linear docks are more than 10 km long, with an average depth of 8 to 12 meters. It is also important to note that we are one of the least expensive ports in the sub-region. “All these factors differentiate our port, but we also want to be innovative and offer competitive tariffs.”

For better security, Sady has invested in a state-of-the-art radar system and adapted the port to international standards. “We have taken the initiative in terms of quality, and certified our vessel-han-dling processes. Operators like DPW Dakar have helped us implement video surveillance. It is only through partnerships like this that we can succeed and we are ready to receive world-class operators and vessels that can trust us to develop their business.”

To conclude, Sady says: “The importance of a port is not defined by its cargo volumes, but by its efficiency, the quality of its service, and the number of containers that can be handled per hour. This type of quality can only be obtained through the certification process, which allows us to have full traceability on what is being done.”

sEnEGAL

Port of the Future shapes Up Dakar is pulling out the stops with billion-dollar investments that will help it become the shipping hub of West Africa.

bara sadyGeneral ManagerPort of Dakar

Recentdevelopmentprojectsinclude:•RehabilitationoftheMoleIIjetty•Extensionofthecontainerterminal•Constructionofadistributionplatform•Constructionofsurroundinghighway•ConstructionofdryportinMali•Constuctionofaharborstation

PortAutonomedeDakar21,BlddelaLiberation,POBox3195Dakar,SenegalTel:+221338494545Fax:+221338233606Email:[email protected]:www.portdakar.sn

AnambitiononthemoveAssuring90%ofSenegal’sinternationaltrade,PortofDakarcontinuestoexpandanddeliveraworld-classservice.

For more information and investment, Contact: The Chief Executive, Volta River Authority Electro-Volta House28th February Road, P.O. Box MB77, Accra-Ghana Tel: +233 302 664 941-9 | Fax: +233 302 662 610Email: [email protected] | web: www.vra.com

Volta RiVeR authoRitySpearheading Ghana’s socio-economicdevelopment through sustainable energy supply

For 50 years, the Volta River Authority (VRA) has been the sole provider of electrical power for industrial, commercial and domestic use in Ghana. Starting with a generation capacity of 588MW from the Akosombo Hydroelectric Dam, today, the VRA supplies 2,000MW power from a hydro-thermal mix.

To maintain this leadership, VRA is expanding its thermal generation capacity to take advantage of the Ghana gas and also introducing renewable energy into its portfolio to ensure reliability, sustainability and competitiveness in the West African market.

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showing his dedication to building up Senegal’s future in every sense, President Abdoulaye Wade has initiated several key infrastructure projects for the country since he came to power in 2000.

“There is no development without infrastructure. Infrastructures are like the foundation for a home:

they must be strong to last long, so I decided to invest heavily,” he says.

Therefore, despite being a developing nation, Senegal has a well-organized infrastructure. It has a railway system that provides links to all the major cities and an international airport that is a hub for West Africa, serving more than 24 global airlines and handling 1.5 million passengers a year.

The Port of Dakar, which serves 90% of the country’s interna-tional trade, as well as the landlocked countries of Burkina Faso, Mali, and Niger, is continuously being upgraded and developed, with a new, 40-hectare container terminal currently under construction.

Part of the “Port of the Future” project, the terminal will be built by international contractors Dubai Ports World (DPW). Slated to cost more than U.S.$0.6 billion, its expected outcomes are exponential growth of traffic beyond 1.5 million TEU, promotion of the Port of Dakar’s activities performance, transfer of know-how from DPW, and improvements to the port’s finances and activities.

A new and exciting business complex on the site of Dakar’s Leopold Sedar Seng-hor airport is also in the pipeline. Spanning around 800 hectares when completed, the sustainable urban project features capacity for accommodations, infrastructure, and services for the establishment of headquarters of large multinational companies who wish to develop platforms for their regional operations from Dakar, as well as offices and upscale amenities.

“This will become West Africa’s premier business complex, where we will have foreign banks, insurance companies, mul-tinationals, and so on,” says the President. “We have a Saudi partner who will fund this huge project, which amounts to U.S.$1 billion.“We are also building the new Blaise Diagne International Airport—the most beautiful in Africa, which is large enough to receive the new Airbus A380.” As well as improving service levels and developing exports, the new airport, due to be completed at the end of the year, will play a leadership role in the region.

cultural parKAmong the other projects being planned is a toll highway between Dakar and Diamniadio, which will serve the new airport, and a

Chinese-funded cultural park in Dakar. The delightful project, which will

include a Grand National Theater, green spaces, monuments, museums, the Na-tional Library, and a School of Architec-ture, will greatly improve urban mobility, the President believes. “The park, with its infrastructure, green spaces and pedes-trian crossings, should transform the city

and provide a pleasant Dakar at the heart of the urban city,” he says.

the Building of a 21st Century nation Senegal’s President Wade is passionate about infrastructure and is championing a list of exciting and futuristic projects.

abdoulaye wadePresident, Senegal

plans for dakar’s new school of architecture

ARTP (Posts and Telecomunications Regulatory Agency)VDN, BP 14130 Dakar Peytavin, SenegalTel: +(221) 338690369 Fax: +(221) 338690370Email: [email protected] Website: www.artp.sn

Posts and Telecommunications Regulatory Agency

Together, let’s bridge the digital divide

“infrastructures, like the foundations of a home, must be strong to last.”

Abdoulaye Wade, President, Senegal