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IOL News
4 days ago
- Business
- IOL News
Let the Soil Speak: A Decade of African Dignity and Development
When the morning sun gilds the rooftops of Abidjan, it doesn't just mark a new day, it signals another chapter in Africa's quiet but determined rewriting of its destiny. In a continent too often narrated in shadows, Akinwumi Adesina, President of the African Development Bank (AfDB) has, over the past decade, spoken in light. At what may be his final annual gathering with the press in his role as AfDB President, Adesina was not merely closing a chapter; he was bequeathing a manifesto. This was no hollow valedictory, it was a clarion, a drumbeat echoing across the savannahs and capitals alike: Africa's development must be pursued with pride. Pride, not as pomp, but as purpose. The Measure of a Legacy When Adesina took the helm of the AfDB ten years ago, he did not walk into a vacuum. The Bank was a reputable institution, yes, but it lacked teeth in a global financing order that often read Africa as an afterthought. He sharpened those teeth. From a capital base of $93 billion (R1.67 trillion), the Bank under his leadership now commands $318 billion (R5.7 trillion), not as mere digits, but as vessels of life, infrastructure, light, and opportunity. But as any African griot will tell you, you can't measure the rain only by how full the river runs, you must ask the farmer if the harvest came. And so, Adesina pointed not to balance sheets but to the 565 million lives touched by the Bank's "High 5s": to light up and power Africa, feed Africa, industrialize Africa, integrate Africa, and improve the quality of life for the people. From building a Bridge to electrification in forgotten corners of Kenya, the High 5s did more than build. They restored dignity. He recalled a Kenyan woman who was asked what she thought of the Bank. She responded that she did not know the President, nor the Board. Her words were unfiltered truth: 'I don't know the African Development Bank. I just know that we were in darkness, and now we have light.' In that single sentence lies the poetry of true development, when institutions disappear, and transformation becomes a lived reality. The Sweat of Leadership Adesina, charismatic yet grounded, spoke of the grey hairs earned during this journey. Not signs of aging, he insisted, but "battle marks from pushing against the tide of global indifference." There is a tendency in international circles , often housed in glass towers far from dust and poverty, to measure leadership in conferences attended or communiqués issued. Adesina reminded us that African leadership, the kind that makes a dent, is measured in calloused hands, sleepless nights, and the refusal to accept mediocrity cloaked as realism. He did not do it alone. "This is not the story of one man,' he said. 'It is the chorus of a continent refusing to be pitied and choosing instead to be proud.' A New Horizon: The 2025 Elections As the 2025 AfDB Annual Meetings return to Abidjan from May 26 to 30, the institution stands at a new crossroads. With the baton soon to be passed, one of the most closely watched contenders is Swazi Tshabalala, a strategic mind from South Africa whose pitch to BRICS AFRICA CHANNEL earlier this year was clear: 'Lift Africa.' Her agenda is as pragmatic as it is aspirational: transform the Bank into a high-performance, digitally-enabled machine of delivery; unlock large-scale infrastructure as a foundation of continental competitiveness; fuel regional integration through private sector mobilisation and financial innovation. In her vision, the AfDB becomes less a financier of projects and more a conductor of Africa's symphony of progress. Her leadership plan is not one of wishful thinking. It is laced with the hard language of execution, efficiency, and outcomes. Tshabalala is betting on Africa's potential ,not just as a narrative but as capital. And her candidacy may well signal the continued Africanisation of African solutions. Telling Africa's Story - Our Way Adesina ended his remarks not with a conclusion, but with a challenge. 'You, the media, are not bystanders. You are amplifiers. You shape the world's imagination of Africa.' In that statement lies a deeper truth: Africa is not lacking in achievements , it is underserved by storytelling. Too often, the continent is misreported, or underreported, or worst, told through the eyes of those who never smelled the red earth or heard the morning prayers from a Nairobi slum or a Cape Flats mosque. The narrative is not just about changing perceptions. It is about reclaiming ownership. As the old isiZulu proverb goes, 'Until the lion learns to write, every story will glorify the hunter.' The Road Ahead Africa's journey, to paraphrase Achebe, is not a sprint , it is a long walk across dry rivers, with dreams tucked into every blister. And yet, the vision that leaders like Adesina, and perhaps Tshabalala, are planting is one that does not merely dream. It builds. So, when we speak of legacy, let us not mistake it for nostalgia. Let it be active , a verb, not a noun. A call to pick up the tools and shape a continent worthy of its children. The African Development Bank, as it sets sail into its next decade, must remain both shield and spear. It must deflect the cynicism of old powers and pierce through the bureaucratic fog that often slows our stride. For if a woman in a Kenyan village can remember the gift of light, surely the world can remember to look again, not at Africa's problems, but at its progress. With pride. * Ayanda Holo is the President of TV BRICS AFRICA and a writer whose work on development, diplomacy, and dignity has been featured across global media. He was reporting from Abidjan during the 2025 AfDB Annual Meetings ** The views expressed do not necessarily reflect the views of IOL, Independent Media or The African.
IOL News
7 days ago
- Business
- IOL News
AfDB cuts Africa's 2025 growth forecast on trade tariffs uncertainty
Africa's economic output is expected to grow by 3.9% this year, the African Development Bank said in its annual African Economic Outlook report on Tuesday, quickening from last year's pace of 3.3%. Africa's economic output is expected to grow by 3.9% this year, the African Development Bank said in its annual African Economic Outlook report on Tuesday, quickening from last year's pace of 3.3%. However, this year's forecast, which covers economies of all its 54 member states, represents a 0.2 percentage points downgrade from the bank's initial forecast, the development lender said during its annual meeting in Ivory Coast, mainly due to the shocks caused by new trade tariffs imposed by the US. The bank, which is Africa's biggest development lender with $318 billion (R5.7 trillion) in capital, also cut its initial 2026 growth forecast by 0.4 percentage points to 4.0%, citing the same uncertainty from trade tariffs. "Since January 2025, the world has experienced additional shocks, exacerbating an already complex global macroeconomic landscape," the AfDB said in the report. "These shocks include a plethora of new tariffs imposed by the United States and retaliatory measures announced and implemented by its trading partners." The turmoil is likely to curb global demand due to the resultant economic slowdown, curbing Africa's exports to the rest of the world, the AfDB said. "The fluidity of the situation and evolving uncertainty means that the growth impact will depend on the decision of the 90-day pause of "Liberation Day" tariffs announced by the United States," the lender said. Although the U.S. accounts for just 5% of Africa's annual global trade, the continent has already been impacted by a drop in prices of commodity and the downward revaluation of financial assets, the AfDB said. The projected growth in the region for this year will be supported by a growth rate of more than 5% in 21 economies, the AfDB said, with Ethiopia, Niger, Rwanda, and Senegal growing by at least 7%, the lender said in the report. REUTERS
The Citizen
22-05-2025
- Business
- The Citizen
Is Transnet another Eskom? Government to offer financial support
Transnet's profits declined from R5 billion in 2019 to a net loss of R5.7 billion in 2023, and in 2024, it carried a staggering debt burden of R120 billion. Which means it was R1 billion per month to service its debts. Many state-owned enterprises (SOEs) rely on the government as a constant safety net, stepping in with financial support whenever things fall apart, just like teenagers counting on their parents to fix their mess. But unlike some parents, who eventually say 'enough is enough' and teach tough love, the government keeps bailing SOEs out. Will it ever stop? How else will SOEs learn to stand on their own? The cash-strapped logistics company Transnet is increasingly resembling Eskom — South Africa's bulk electricity supplier — as it continues to rely on government financial support. ALSO READ: Budget 3.0: not austerity budget, but a redistributive budget Transnet to be bailed out Finance Minister Enoch Godongwana delivered the third budget speech on Wednesday in Cape Town, where he said little to nothing about lending a hand to struggling SOEs. The only struggling SOE he mentioned was Transnet, which government is considering providing financial support to. 'The government will also consider government guarantee support to Transnet, to enable the entity to refinance maturing debt, and to enable the execution of its capital investment programme,' said Godongwana. The South African Broadcasting Corporation (SABC) is another struggling SOE that the public expected the minister to mention after it reported being technically insolvent. Transnet in trouble Moody's Ratings Agency recently reviewed Transnet for a downgrade last week, as it believes the cash-strapped entity might run out of money within the next three months. This view supports the notion that the government should provide additional support to the embattled entity. This additional support can be used to refinance upcoming debt maturities and secure funds for its expanded capital expenditure programme. 'We believe the government remains supportive of Transnet and will provide additional guarantees or other assistance to prevent default on its upcoming debt maturities. However, the lack of a formal announcement so far creates uncertainty and heightens default risk,' said Moody's. Recovery plan Transnet's profits declined from R5 billion in 2019 to a net loss of R5.7 billion in 2023. In 2024, it carried a staggering debt burden of R120 billion, which means it was R1 billion per month to service its debts. Therefore, the company had to develop a recovery plan, which CEO Michelle Phillips believed would meet its 170 million tonne target by the end of its financial year. In 2024, she said she has always been clear that Transnet, under her leadership, will never ask the government for a bailout. 'In my tenure at Transnet, we were always very clear that we would not approach government for a bailout to ensure that we are never a drain on the fiscus.' ALSO READ: 'It's been two and a half years, and the case hasn't started': Transnet corruption trial to start in 2026, 70 witnesses to testify What went wrong? Transnet's challenges are due to a lack of maintaining infrastructure, failure to invest or under-investment in necessary infrastructure and not focusing on generating revenue. Moody's acknowledged that Transnet's operational performance has improved under the recovery programme launched at the end of 2023. However, progress remains slower than planned, to some extent due to the continued high occurrence of theft, vandalism, and adverse weather conditions. However, Transnet's debt burden remains excessively high, resulting in unsustainable interest payments. Bailouts result in poor service delivery In late 2024, the Standing Committee on Appropriations was informed by Treasury that poor service delivery was attributed to the decision to bail out struggling state-owned enterprises (SOEs). SOEs have received R456.5 billion of taxpayers' money in bailouts for nine years. By the end of the current financial year, this amount is expected to increase to R520.6 billion. The bulk of that money went to Eskom. By the 2025/2026 financial year, the power utility would have received R496 billion in bailouts since 2008/2009. The power utility is owed billions by private and public entities, municipalities, and government departments. Government guarantee or bailout In the budget speech, Godongwana did not specify whether Transnet will receive a government guarantee support or a bailout in this current financial year. In 2023, the Government awarded Transnet a R47 billion guarantee as part of its involvement and commitment to the recovery and transformation of the SOE. 'The R47 billion is a guarantee which will merely allow Transnet to borrow more money,' said Phillips. What is Transnet? Transnet is the largest freight logistics chain in South Africa, delivering goods. The entity delivers thousands of tons of goods throughout the country, via its pipelines and to and from its ports. It moves cargo onto ships for export while unloading goods from overseas. There are Transnet Freight Rail, Transnet Rail Engineering, Transnet National Ports Authority, Transnet Port Terminals, and Transnet Pipelines. In 2023, it was estimated that Transnet's performance would negatively impact South Africa's economy, with studies estimating a loss of around 5% of GDP. This translates to a potential GDP loss of approximately R353 billion, or around R1 billion per day, due to inefficient logistics and increased transport costs for businesses. NOW READ: Are threats against Transnet over? CCMA sends revised offer to halt strike
The Citizen
15-05-2025
- Health
- The Citizen
Billions' worth of weight loss and diabetes medications reached SA shelves and patients in 2024
International tracking data revealed the monetary value of the prescription meds distributed in South Africa. The staggering cost of prescription medications distributed in South Africa has shed light on the nation's physical and mental well-being. Data shows that USD2.28 billion worth of prescription medications – R41.3 billion based on this week's exchange rate – were distributed in South Africa in 2024. Physical health is tied to mental health, with a previous government study stating that 16% of the population was suffering from mental health issues. Ozempic and diabetes The list of the top 20 medications distributed in the country accounted for R5.7 billion of the total, with the remaining pharmaceutical treatments amounting to R35.6 billion. The figures were shared with The Citizen by IQVIA, a leading international healthcare data and analytics firm. Medications for diabetes and weight loss made up roughly 30% of the top 20 medications, with HIV-related medications accounting for a further 20%. At least R3.4 billion worth of diabetic or weight loss medications reached shelves and patients, with top-seller Ozempic accounting for R636 million of that figure. The remaining leaders of prescription medications were for cancer treatments, antibiotics, renal care and arthritis. The Human Sciences Research Council (HSRC) stated in 2024 that over 50% of South Africans were overweight or obese. 'Carrying excess weight poses a number of health risks. It increases the dangers of high blood pressure, high triglyceride levels, coronary heart disease, stroke, type 2 diabetes, osteoarthritis, sleep apnoea, and respiratory problems,' stated the HSRC. Counselling before meds Psychologists have illustrated the link between physical and mental well-being, stressing that alternatives to medications exist. 'We do know that Ozempic works on that addictive part of the brain, and we do have a big eating issue in South Africa,' said counselling psychologist Ereen Mitchell. 'We have a lack of understanding of what is good for us in terms of food and people get frustrated at the lack of information, which leads to a reliance on medications,' Mitchell told The Citizen. The Florida-based psychologist said she takes a holistic, multidisciplinary approach with her patients, working with their doctors to ensure the patients are honest about their intake. 'We see how the patient can set out a better eating plan and a better lifestyle and what can be achieved in steps,' Mitchell said, adding that it was one part of a larger treatment method. When considering medication, Mitchell said it was dependent on the individual and is designed to be a short-term approach, but adds that patients are prone to not sticking to their prescriptions. Only when symptoms severe Like Mitchell, Dr. Donny Fick from Meldene Medicross said medication for mental health conditions is typically considered when symptoms are moderate to severe, or when the patient's safety is at risk. 'For mild cases, counselling, therapy and lifestyle changes are usually tried first. In the acute phase of managing stress and anxiety, we use anxiolytics like benzodiazepine,' Dr Fick told The Citizen. 'Note that these are for short-term use and should be prescribed with caution as they are habit-forming,' he added. 'If they need further medical intervention after the acute phase, or longer-term treatment, we will then use antidepressants. Some of those could cause weight gain and a loss of libido,' he explained. Stats 'underestimated' Fedhealth Principal Officer Jeremy Yatt stated that 3991 of their members had a chronic registration for depression and depression with no psychosis. This accounted for 4% of their clients, while a further 2% were registered to receive prescriptions for bipolar mood disorder and generalised anxiety disorder. The scheme also serves a portion of members with other mental health conditions, such as schizophrenia and post-traumatic stress disorder. 'These figures are underestimated, as not all plan options cover out-of-hospital medication for depression, which is not considered a chronic disease list,' Yatt told The Citizen. 'Not all patients seek assistance either and stats show that woman are more likely to register for support for mental health,' he added. Fedhealth paid out R5.8 million for depression medication, with the top three medications being Lexamil, Cilift and Nuzak. Fedhealth showed that admission to wellness facilities costs roughly R28 000 on average, and the average stay for mental health support lasts 10 days. Mental health figures While the rate of admission had dropped between 2023 and 2024, the National Planning Commission stated in 2024 that nearly 16% of the population suffered some sort of mental health issues. Additionally, Discovery Health had previously stated that payouts for mental health-related issues had increased by 224% over a ten-year period. Discovery told The Citizen that 58% of their clients claiming for mental health issues do so for antidepressants, while 22% are on anxiolytics, and 20% take antipsychotics. Of those being treated for depression, 50% take selective serotonin reuptake inhibitors, while 88% of those being treated for anxiety take benzodiazepine derivatives. Alternatives The psychologists suggested counselling, mindfulness practices, yoga or in severe cases psychotherapy, as alternatives to medication. Mitchell suggested sleep, exercise, cognitive behavioural therapies (CBTs), interpersonal therapies and even exposure to hallucinogenic treatments in extreme cases. 'CBTs involve integrating your emotions and your thoughts and evaluating how that alters your behaviour by replacing negative thoughts with more adaptive thoughts,' Mitchell said. On how to avoid prescription medication abuse by a patient, Dr Fick said it was important to closely monitor the situation. 'This is in the hands of the prescribing doctor, not to overprescribe. It is vital to council appropriately and to do regular follow-ups and check-ups,' he concluded. NOW READ: More than half of SA employees diagnosed with mental health issues linked to work
The Star
29-04-2025
- The Star
Cable theft wreaks havoc on SA
Copper cable theft has become a blight on South Africa's infrastructure, affecting essential services that millions rely on. With losses running into billions, the country's rail and electricity sectors are experiencing significant setbacks, leading to frustration among citizens and businesses alike. The thriving illicit market exploits this situation, resulting in the sale of stolen copper to scrap metal dealers both locally and internationally. Recent statistics revealed by Transnet reported an astonishing 1 121 km of stolen cable within a single year. Meanwhile, Eskom, the country's power utility, incurs colossal losses totalling R5.7 billion annually due to copper theft, along with an additional R2 billion to replace the stolen cables. However, recent developments have provided a glimmer of hope. On Thursday, 24 April, the Pinetown Magistrate's Court delivered a significant ruling that may restore public faith in the government's commitment to combat crime. Nqobile Kubheka, a 27-year-old man caught in possession of stolen copper cables belonging to eThekwini Electricity Municipality and Telkom. He was sentenced to three years' imprisonment or a fine of R 20 000. The Hawks from the Durban Serious Organised Crime Investigation arrested Kubheka after receiving a tip-off. This conviction deserves commendation, but many believe it is simply a drop in the ocean when considering the overall scope of the problem. There are big fish involved in the illegal copper trade, those who operate these crimes from the shadows. Stronger intelligence work targeting these ''big fish'' is desperately needed to nip the problem in the bud. Until the root causes are tackled, the criminal cycle is likely to persist. Encouragingly, Transnet is exploring the use of advanced remote satellite technology as an alternative option to operate locomotives. This innovative approach holds the potential to significantly reduce the risk of copper cable theft while providing safer, more efficient transportation services across the country. As South Africa navigates through this maze of criminality, hope remains that innovation, paired with rigorous law enforcement, will stem the criminal tide.
