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Control Risks and Oxford Economics Africa launch the 2024 Africa Risk-Reward Index: Opportunity through transformation

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Control Risks

The report is released at a time when Africa is experiencing a significant generational shift in politics, increased continental connectivity, and the rapid emergence of transformative technologies

LONDON, United Kingdom, September 25, 2024/APO Group/ — 

Leading global specialist risk consultancy, Control Risks (www.ControlRisks.com), and its economics consulting partner, Oxford Economics Africa (www.OxfordEconomics.com), today announced the launch of the ninth edition of the Africa Risk-Reward Index. This authoritative report is designed to provide policymakers, business leaders, and investors with a comprehensive guide to navigating the evolving investment landscape across key African markets.

Download document: https://apo-opa.co/3zu16yU

The report is released at a time when Africa is experiencing a significant generational shift in politics, increased continental connectivity, and the rapid emergence of transformative technologies that could potentially propel its progress. This pivotal moment presents both opportunities and challenges for businesses operating in African markets, but also risks exacerbating fragilities in some African countries.

Africa’s outlook is promising. But understanding the nuanced market dynamics and adopting a long-term perspective will be essential for stakeholders — from policymakers and investors to development agencies and civil society — as they navigate the evolving landscape to successful investment outcomes in 2024 and beyond. For African countries and investors looking to invest or grow their business in Africa, the time is now.

In the ninth Africa Risk-Reward Index, Control Risks and Oxford Economics Africa compare some of the continent’s largest and emerging markets, offering investors a comparative snapshot of market opportunities and risks across Africa in the year ahead.  

The report examines three key themes outlined below, summarising Control Risks’ and Oxford Economics Africa’s views on Africa’s trajectory in the year ahead.

Bridging the generational divide – a new era for African politics

The report’s first theme focuses on how African political leaders are increasingly mindful of their young, growing populations. Recent events have shown that young people are becoming more frustrated with governance, impatient with development, and disillusioned with political establishments. This discontent has manifested in some surprising election results, youth-led protests, and some policy shifts.

Patricia Rodrigues, Associate Director at Control Risks, said, “The 2024 Africa Risk-Reward Index provides crucial insights into the dynamic changes shaping investment opportunities across the continent. As Africa faces a period of significant political and economic shifts, our report highlights both the potential rewards and the risks that investors must consider. This year’s edition emphasizes the importance of understanding the complex interplay between emerging technologies, infrastructure developments and geopolitical influences to make informed and strategic investment decisions.”

In South Africa, the ruling party lost its parliamentary majority in the May 2024 elections. In Senegal, the opposition candidate achieved a resounding victory, further illustrating the changing political dynamics in the region. In Kenya, young people organised nationwide protests that led the president to dismiss the entire cabinet.

Businesses must now operate in a less predictable security and policy environment, as governments strive to balance investment attraction with rising societal demands.

As Africa faces a period of significant political and economic shifts, our report highlights both the potential rewards and the risks that investors must consider

White elephants and lifelines – the megaprojects reshaping the continent

Over the past decade, Africa has witnessed a significant surge in infrastructure investment, with large-scale energy, port, and rail projects taking centre stage. These megaprojects are often seen as catalysts for transformative economic growth, addressing long-standing deficiencies in trade corridors and enhancing connectivity across the continent.

However, these ambitious projects are not without their challenges. Questions about these ventures’ true cost, long-term utility, and the transparency of the deals underpinning them have sparked heated debates across the continent. Many of these megaprojects have been financed through government-to-government agreements, often accompanied by concerns over opaque terms, lack of local involvement, and the potential for unsustainable debt burdens.

Geopolitical dynamics also play a significant role in shaping Africa’s infrastructure landscape. While China has historically dominated infrastructure investment on the continent, other global powers are increasingly vying for influence. The US, Gulf countries, and other geopolitical actors are stepping up their efforts to fund and develop critical infrastructure projects in Africa, driven by competition for access to natural resources and strategic positioning in the global economy.

This has resulted in a more complex and competitive environment, where African governments and businesses alike have to carefully navigate competing interests and align their infrastructure needs with their long-term goals.

Emerging technologies – supercharging economic development

The advent of artificial intelligence (AI) is poised to unlock new opportunities for innovation across Africa. AI applications in agriculture, climate adaptation, healthcare, and education offer the potential to accelerate economic growth. However, African governments risk lagging their global counterparts in regulating these technologies. Countries like Morocco, Rwanda, and South Africa are taking proactive steps, but others may adopt a more cautious approach, leading to a fragmented regulatory landscape.

Jacques Nel, Head of Africa Macro at Oxford Economics Africa, added, “The 2024 Risk-Reward Index reveals a continent in flux, where significant shifts in political landscapes and economic conditions are reshaping the investment environment. This year’s report highlights the dual nature of Africa’s growth prospects – offering substantial opportunities while also presenting considerable risks. Our insights aim to equip stakeholders with the knowledge needed to make strategic decisions and utilize all the continent has to offer for sustainable growth.”

Investment Landscape Outlook

The 2024 Africa Risk-Reward Index continues to provide a grounded, long-term perspective on investment opportunities and challenges across major African economies. The report examines the shifting economic and political dynamics that are reshaping the continent’s risk-reward profile and offers actionable insights for stakeholders seeking to make informed decisions in this complex environment. African countries are at the intersection of global competition for resources, new trade corridors, and digital innovations. This index serves as a valuable tool for those looking to navigate the continent’s diverse markets and capitalize on emerging opportunities.

Methodology 

The Africa Risk-Reward Index is defined by the combination of risk and reward scores that integrate economic and political risk analysis by Control Risks and Oxford Economics Africa.  Risk scores from each country originate from the Economic and Political Risk Evaluator (EPRE), while the reward scores incorporate medium-term economic growth forecasts, economic size, economic structure, and demographics.  

For details on the individual risk and reward definitions, please contact us at:

communicationsEMEA@controlrisks.com or africa@oxfordeconomics.com 

To request a copy of the report please contact: tracy.walakira@apo-opa.com 

Distributed by APO Group on behalf of Control Risks Group Holdings Ltd.

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Africa’s Grid Constraints Come into Focus as Regional Markets Push Toward Integration

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4 days ago

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June 26, 2026

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Africa

Regional power pools are advancing and renewable pipelines are growing, but the regulatory and financial architecture needed to connect them remains the continent’s most critical infrastructure gap – an issue central to the Power Africa Today conference at AEW 2026

CAPE TOWN, South Africa, June 25, 2026/APO Group/ –Africa’s electricity demand is projected to nearly double to 2,291 TWh by 2050, requiring an estimated $30 billion in transmission and grid infrastructure investment to unlock and integrate new generation capacity. Yet across the continent, grid systems are struggling to keep pace with rapidly expanding supply pipelines and rising demand.

In Nigeria, repeated nationwide grid collapses as recently as February 2026 underscore the fragility of aging transmission infrastructure. In East Africa, tower failures along the 428 km Loiyangalani-Suswa line temporarily stranded output from Lake Turkana Wind Power – Africa’s largest wind installation. Meanwhile, demand growth pressures are accelerating across North Africa, where electricity consumption is expected to rise by around 50% by 2035, driven by urbanization, desalination projects, and climate-related temperature increases.

Despite these constraints, generation investment continues to accelerate across Africa, particularly in renewables, gas-to-power and hybrid systems. However, without equivalent investment in transmission and interconnection, much of this new capacity risks being underutilized or stranded. This growing imbalance between generation and grid capacity is driving a sharper focus on system-wide planning and regional market design – issues that will be central to the newly launched Power Africa Today conference at African Energy Week 2026. The platform will bring together policymakers, utilities, investors and developers to explore how regional interconnection, cross-border trading frameworks and financing structures can better align generation growth with grid expansion.

Power Markets Experiment with Reform

Alongside infrastructure challenges, Africa’s electricity sector is undergoing gradual – but uneven – market reform. Most countries still operate vertically integrated systems dominated by state utilities, but a growing number are introducing competitive frameworks to attract private capital and improve efficiency.

Zimbabwe opened its electricity market to full private participation across generation, transmission and distribution in 2025, targeting $9 billion in new investment. South Africa is advancing one of the continent’s most ambitious grid expansion programs, with plans for 14,500 km of new transmission lines and 133,000 MVA of transformer capacity by 2034, alongside mechanisms designed to crowd in private financing. Kenya, meanwhile, has introduced open access regulations enabling independent power producers to wheel electricity directly to multiple off-takers, reshaping how generation assets interface with the grid.

Interconnected electricity markets are the foundation of Africa’s industrial future

Regional Integration Remains Fragmented

Efforts to connect Africa’s fragmented power systems are progressing, though at different speeds across regions. In Southern Africa, the World Bank’s RETRADE SAPP program, approved in 2025, is deploying $12 million to strengthen renewable integration and transmission capacity across 12 member states. In East Africa, the Ethiopia–Kenya–Tanzania Electricity Highway is now in trial operations at up to 2,000 MW, marking a significant step toward a more interconnected regional grid.

West Africa is also moving toward deeper integration, with permanent synchronization of the West Africa Power Pool expected in 2026. Analysts, including the African Finance Corporation, argue that such synchronization is critical to unlocking large-scale hydropower potential and industrial demand across the region. Longer term, full synchronization between the Eastern and Southern African power pools – targeted for the end of 2026 – could create one of the world’s largest cross-border electricity trading corridors.

Building Bankable Financial Architectures

While interconnection is advancing, infrastructure alone is not enough to create investable electricity markets. Investors consistently cite the lack of standardized offtake structures, creditworthy counterparties, and cross-border payment guarantees as key barriers to scaling capital deployment.

New models are emerging to address these constraints. Africa GreenCo, operating across Zambia, Namibia and South Africa, is helping to aggregate independent power producers under a single creditworthy intermediary, standardizing power purchase agreements and reducing counterparty risk. At a broader level, AUDA-NEPAD estimates that Africa requires around $30 billion in additional investment to complete priority transmission corridors and establish three fully interconnected regional trading blocs by 2030.

“Interconnected electricity markets are the foundation of Africa’s industrial future,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “The question at Africa Energy Week is not whether integration is possible – the evidence is already there. The question is which regulatory frameworks and financial structures will get projects to financial close, and which markets will be ready when capital is looking to move.”

The Power Africa Today conference will run alongside AEW 2026, taking place October 12–16 in Cape Town, and will focus on the regulatory, financial and infrastructural architecture needed to build interconnected electricity markets capable of attracting institutional capital and delivering reliable, cross-border power at scale.

Distributed by APO Group on behalf of African Energy Chamber.

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African Development Bank Group and La Francophonie Sign Partnership Agreement to Promote Youth Employment in Francophone Africa

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June 26, 2026

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The agreement was signed during a meeting between the Secretary General of La Francophonie, Louise Mushikiwabo, and African Development Bank Group President, Dr Sidi Ould Tah in Paris, France

PARIS, France, June 25, 2026/APO Group/ –The African Development Bank Group (www.AfDB.org) and The International Organization of La Francophonie (OIF) on Wednesday entered a strategic partnership to strengthen digital skills, employability, and entrepreneurship of young people and women in five African countries: Benin, Cameroon, Guinea, the Democratic Republic of the Congo and Madagascar.

 

The agreement was signed during a meeting between the Secretary General of La Francophonie, Louise Mushikiwabo, and African Development Bank Group President, Dr Sidi Ould Tah in Paris, France. The agreement will address a major challenge faced by countries in the Francophone world and across Africa: providing young people with access to opportunities offered by the digital economy and fostering the emergence of a new generation of entrepreneurs.

The partnership calls for the implementation of training programs in digital professions and entrepreneurship, in fields such as web and mobile development, cybersecurity, artificial intelligence, and data analysis. Participants will also receive guidance toward employment and self-employment, as well as support for innovation and business creation, notably through training camps, prototyping activities, and partnerships with incubators and accelerators.

The African Development Bank Group and OIF will also work with national authorities in these five countries and training institutions to sustainably strengthen local capacities and promote ownership of the programs by national stakeholders. An initial pilot phase, lasting 12 to 24 months, will be rolled out in the five partner countries, followed by a gradual expansion to other member states depending on the results achieved.

The African Development Bank Group is pursuing a bold agenda based on “Four Cardinal Points” developed by Dr Ould Tah, the third of which is ‘Turning Demographics into a Dividend.’ This is about strategically converting Africa’s rapidly growing and youthful population into a decisive engine of inclusive growth, productivity, and innovation through large-scale investment in human capital—particularly youth and women.

 

It sees Africa’s growing young population not as a risk, but as a major asset. With the right policies and investments, this potential can create jobs, help small businesses grow, bring more informal businesses into the formal economy, and equip young people with the skills needed for the future. By investing more in education, science and technology, vocational training, entrepreneurship, finance, and digital tools, Africa can help its people drive economic transformation, stay competitive, and build lasting, resilient growth.

The OIF said the agreement marked the first concrete step in its initiative to mobilize innovative and additional funding for its most impactful projects.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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Paddles up! Hong Kong marks 50 Years of international dragon boat thrills

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June 26, 2026

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Hong Kong

HONG KONG SAR – Media OutReach Newswire – 25 June 2026 – With top teams from around the world gearing up for the hotly contested Hong Kong International Dragon Boat Races this weekend (June 27-28), participants and spectators can expect a bumper programme of action, fun and entertainment along the Victoria Harbour waterfront in Tsim Sha Tsui – one of the city’s most vibrant districts known for its iconic skyline views and tourist attractions.

There is much to celebrate. This year marks the 50th anniversary of the Hong Kong International Dragon Boat Races as well as 35th anniversary of both the co-organiser, Hong Kong China Dragon Boat Association, and the sanctioning body, International Dragon Boat Federation (IDBF). The IDBF added to the occasion by announcing earlier this year the relocation of its headquarters back to Hong Kong.

Riding on the wave of excitement, the organiser, Hong Kong Tourism Board (HKTB), extended the annual Hong Kong International Dragon Boat Festival period to 13 days (June 19 – July 1), beginning on the historic Tuen Ng Festival (Dragon Boat Festival) and concluding on July 1, which is the 29th anniversary of the Establishment of the Hong Kong Special Administrative Region (HKSAR).

As the headline international flagship event of “Hong Kong Summer Fun”, Dr Peter Lam, Chairman of the HKTB, said the Festival not only ran over a longer period, but also featured a stronger race line-up and more vibrant entertainment programmes than in previous years, offering an experience found only in Hong Kong for locals and visitors, while showcasing Hong Kong’s position as the Events Capital of Asia.

More than 220 teams from 16 countries and regions will compete for top honours in the world‑renowned setting of Victoria Harbour. This year’s event also introduces the special 50th Anniversary Fishermen Invitational Cup and the 50th Anniversary Championship, paying tribute to the traditional spirit of dragon boat racing.

Visitors will be able to enjoy a series of thematic activities along the Avenue of Stars, including a 22-metre traditional wooden dragon boat, a dragon boat-themed installation in collaboration with the new film Minions & Monsters, live music performances and a line-up of intangible cultural heritage performances, including martial art Wing Chun, Chinese juggling diabolo, traditional musical instruments ruan and guzheng.

Highlighting Hong Kong’s reputation as the birthplace of modern international dragon boat racing, as well as its strengths as a global hub city, the IDBF has taken a significant step in its long‑term global strategy with the formal incorporation of International Dragon Boat Federation Limited in Hong Kong on 29 April 2026.

“Incorporation in Hong Kong is not a conclusion, but a beginning. It anchors our Federation in the city where our international story started and strengthens our ability to serve our members and the global dragon boat family,” said Claudio Schermi, President of the IDBF.

As part of this new chapter, the IDBF has applied for funding under “the Pilot Scheme to Strengthen the Presence of Hong Kong in Asian and International Sports Associations”, which was recently introduced by the HKSAR Government’s Culture, Sports and Tourism Bureau. The Pilot Scheme is an initiative designed to support Asian and international sports associations establishing their headquarters or regional headquarters in the city.

The Dragon Boat Festival has a long and colourful history dating back more than two thousand years. Held each year on the fifth day of the fifth lunar month, the day commemorates the patriotic poet Qu Yuan.

According to legend, Qu committed suicide for his beliefs by throwing himself into the Luo River. The villagers nearby raced out on their dragon boats, banging gongs and drums to scare away fish and other underwater creatures to stop them from eating Qu’s body. The tradition continues to this day, with dragon boat competitions taking place at locations across Hong Kong, each reflecting the unique characteristics of its neighbourhood.

Traditional dragon boat treats feature prominently during the festival, notably zongzi. These glutinous rice dumplings, traditionally wrapped in bamboo leaves and steamed or boiled, are widely available during the festive period.

 

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