African Growth, Jobs Hinge on More Savings, Ecobank Boss Says

H.E. Wamkele Mene of the AfCFTA Secretariat and Jeremy Awori, Group CEO of Ecobank, discussed strategies for managing debt, expanding access to capital, and fostering stability at the Bloomberg Africa Business Summit 2025 in Johannesburg, South Africa. The conversation was moderated by S’thembile Cele.

Lagardère Travel Retail has expanded its operations in Africa by entering the Rwandan market, marking its presence in eight countries across the continent. The company is introducing a diverse retail offering that is locally driven, aiming to cater to the unique preferences of Rwandan consumers and travelers. This move signifies Lagardère's commitment to growth in the African travel retail sector, which has been identified as a significant area for expansion.

Jon Moore, CEO of BloombergNEF, emphasized Africa's crucial role in the global clean energy transition at the Bloomberg Africa Business Summit 2025 in Johannesburg. He highlighted the increasing demand for critical minerals such as lithium and cobalt, which are reshaping trade, investment, and supply chains. This discussion underscores the continent's potential to become a key player in the clean energy sector as the world shifts towards sustainable energy solutions.

Bloomberg's Arijit Ghosh, Managing Editor for Africa, introduced the inaugural Africa’s Startups to Watch list at the Bloomberg Africa Business Summit 2025 in Johannesburg, South Africa. This list highlights early-stage ventures that are driving innovation, investment, and impact across key sectors in Africa. The event gathered influential entrepreneurs and investors to discuss the continent's potential for growth and development.

Jeremy Awori of Ecobank, Kenny Fihla of Absa, Roosevelt Ogbonna of Access Bank, and Sim Tshabalala of Standard Bank discussed the transformative impact of technology and governance on African banking during the Bloomberg Africa Business Summit 2025 in Johannesburg, South Africa. The panel, moderated by Jacqueline Simmons, highlighted the evolving landscape of banking in Africa and the need for adaptation to meet future challenges.

Absa Group Ltd. is actively pursuing opportunities outside South Africa as part of a strategic initiative to expand its presence across Africa. This move aims to enhance the bank's competitiveness on the continent and capitalize on emerging market trends.

According to three leading bankers, African nations are facing significantly lower credit ratings compared to similar sovereigns globally. This disparity results in billions of dollars in additional debt-service payments, which hampers essential economic growth across the continent. The high borrowing costs are described as 'scandalous' and highlight the urgent need for reforms in the financial landscape of Africa.