As the global climate emergency intensifies, the question arises: Can Africa pursue economic development without relying on fossil fuels?
Many African countries are heavily dependent on oil and gas exports, yet the continent bears the brunt of climate change impacts, despite contributing only 3% of global CO2 emissions. The need for decarbonization is clear, with South Africa leading the way after securing $8 billion in loans for its energy transition at COP26. However, power cuts have posed challenges to the country’s industrialized economy.
NJ Ayuk JD, Director General of the African Chamber of Energies, emphasizes that an effective energy transition must consider natural gas. African voices need to be amplified in climate conferences, and African leaders must take decisive action. The African Energy Chamber aims to play a pivotal role in fostering an African energy pact.
Gabon’s Investment Plan at Crans Montana Forum
Gabon recently unveiled its strategic plan to attract foreign investors at the 37th Crans Montana Forum in Brussels. In an effort to mitigate the economic impact of the Covid-19 crisis, Gabon seeks to boost its revenues from oil and gas production while advancing its digital transition and creating more job opportunities.
Ghana’s Railway Development
Ghana is revitalizing its colonial-era railway network. After completing the Manso-Huni Valley section in July 2022, Ghana and the African Export-Import Bank (Afreximbank) announced an agreement to construct a 299 km railway line connecting Manso-Huni to the port of Takoradi. This strategic corridor is expected to significantly enhance trade and contribute to Ghana’s economic development.
