Africa

1. Protesting taxes
2. Making a commitment
3. Slower startup growth
4. Getting greener
5. The year ahead

Also, some of the best journalism we read elsewhere in 2024.

Hello! Welcome to the last edition of 2024 for Semafor Africa. It’s been another incredible year of scoops, big interviews, and vital impact for our stories. We published well over 300 stories and sent more than 140 newsletters to your inboxes. We appreciated all your feedback and are especially grateful to you for sharing our work with friends, family, and colleagues.

Looking through some of our biggest stories by month (further down in this edition) reminds me just how varied our work is and how it reflects a fast-changing continent. Alexis, Alexander, Martin, Muchira, and myself feel very fortunate to have been able to bring you these stories in our newsletters three times a week all year.

We won’t be publishing again till Jan. 2, 2025, when we’ll share our Year Ahead edition. Do let us know if you have any unusual or overlooked predictions for 2025!

We look forward to being back in your inboxes in the New Year.

🟡 Follow us on social media here and come and join our 125,000 WhatsApp followers! And if this email was forwarded to you, sign up here to get it in your inbox too.

Kenyan Gen Z’s political awakening

This was the year in which a youth movement exploded onto Kenya’s political scene, forcing significant concessions from the government. Nationwide protests from June to August were triggered by the government’s introduction of unpopular tax hike proposals in the 2024 Finance Bill, which lays out the government’s fiscal plans for the year. It reflected the challenges faced by African governments trying to balance revenue generation with discontent felt by citizens hit by high inflation.

The demonstrations led by Gen Z and millennial protesters prompted a violent police response and the deaths of 60 people. It also forced the withdrawal of the bill, and the promise of government reforms by President William Ruto. The president completely overhauled his cabinet, incorporating allies of opposition leader Raila Odinga and, more recently, those of his predecessor Uhuru Kenyatta.

The protests highlighted the power of social media and technology in political mobilization on the continent. Protesters deployed AI chatbots, TikTok live streams, X Spaces and walkie-talkie apps to share information and rally around key issues.

— Martin K.N Siele

China focused on green energy deals

China committed more than $50 billion to Africa over the next three years as it made green infrastructure deals the focus of its engagement with the continent. Beijing has forged partnerships with African countries in supply chains for critical minerals required to develop green technologies including electric vehicles.

Chinese President Xi Jinping announced the commitment in Beijing at the triennial Forum on China-Africa Cooperation (FOCAC) summit in September. The $50 billion in financing was up from a $40 billion commitment made at the last FOCAC held in Senegal in 2021, but down from the $60 billion committed in 2018.

This year, China also deepened its business and economic interests in Eswatini in a sign that Taiwan’s last African ally is pivoting towards Beijing. And Chinese online retailer Temu made a high profile entry into the Nigerian market.

— Alexis Akwagyiram

Another slow year for startup funding

African startups are on course to raise $2.2 billion this year, 25% lower than they did in 2023. The estimate by fundraising tracking platform Africa: The Big Deal underscores the continuation of a funding winter of sorts in the venture capital sector.

In the first nine months of 2024, Kenyan startups raised the most on the continent with $437 million, taking up nearly a third of the total within the period. Nigeria, Egypt and South Africa made up the top four destinations for startup capital in Africa as usual, but the year has also seen $50 million or more invested in startups in Ghana, Tanzania, and Benin.

Two recent deal closures by Nigeria’s Moniepoint and Tyme in South Africa have minted two new billion-dollar startups, giving an underwhelming fundraising year an optimistic end. Both companies are in the business of digital financial services, further evidence of the fintech sector’s status as the preeminent recipient of investor interest in Africa.

— Alexander Onukwue

Growing renewable energy capacity

Sub-Saharan African countries are set to continue ramping up renewable energy generation in 2025, as part of a trend the International Energy Agency forecasts will see almost 90 gigawatts of new renewable capacity being added to the region by 2030. The IEA notes that keeping up with the pace of renewables expansion will also require African nations to announce enhanced ambitions in 2025. South Africa is the continent’s leader in renewable energy expansion, accounting for 40% of the projected capacity, mainly through solar power generation.

Hydropower projects in Ethiopia, Tanzania, and Angola are set to contribute a combined output of 13 gigawatts by 2030, while solar PV installations in Nigeria and Kenya will account for 17 gigawatts. The IEA said challenges in realizing these projections will include “policy uncertainty” and “high offtaker risks,” plus low grid availability and reliability.

— Muchira Gachenge

African economies in 2025

Sub-Saharan Africa’s economy is expected to grow by 4.2% in 2025, improving on this year and 2023, according to the International Monetary Fund’s forecast. It follows the gradual easing of weather shocks and “supply constraints,” the IMF said.

Double-digit growth will be posted in South Sudan — where the economy declined by over 26% this year because a key pipeline was ruptured in its war-torn neighbor Sudan, cutting exports of oil, South Sudan’s main source of revenue.

Twelve other countries, including Ethiopia, will grow by 6% or more. South Africa and Nigeria — two of the continent’s largest economies — will grow by 1.5% and 3.2% respectively. The projections for both countries imply marginal improvements from recent years in which high unemployment has fueled youth discontent.

Nigeria’s growth outlook is similar to those of the four other oil exporters in sub-Saharan Africa. Only Chad, at 3.8%, is expected to post stronger growth. Equatorial Guinea has the distinction of being the only African country whose economy is projected to shrink next year — by 4.8%.

— Alexander

Weekend Reads 2024

🌍 The sports industry accounts for just 0.5% of Africa’s GDP, and is growing at a much slower pace than the global average. For Worldcrunch, Abdoul Salam Bello analyzed the massive financial potential for sports in Africa, the challenges that have held the sector back, and the opportunities that lie in areas including broadcast rights, branding and endorsements.

🇳🇬 The rise of ‘stunt philanthropy’ content creators in Nigeria coincided with a major economic decline, Jesusegun Alagbe reported for Rest of World. With the country’s poverty rate having increased by nearly 6% in the last two years, Mr Beast-style creators are gaining popularity for giveaways and other charitable acts captured on camera.

🌍 Researcher and author Sara Byala spoke to The Conversation about Coca-Cola’s little-known history in Africa, its evolution, and the company’s massive footprint on the continent. Byala revisits Coca-Cola’s connections to key historical moments and figures, including in apartheid South Africa.

🇸🇩 The smuggling of gold out of Sudan and its laundering in the international market is helping fund the devastating war in the country, John Prendergast wrote in Foreign Affairs. He argued for the United States to take a stronger position, highlighting the alleged roles of players including the United Arab Emirates.

🌍 The experiences of Africa’s young, internationally educated elite were explored by Carey Baraka for The Guardian. He shares stories of globe-trotting lifestyles and the struggle faced by some to fit in both back home and abroad, and how economic disparities impact their lives in many instances.

🇪🇹 Ethiopian Prime Minister Abiy Ahmed’s economic reforms have included floating the country’s currency and opening up markets to foreign companies after decades of state control. But while the changes are meant to turbocharge economic growth, they’ve also resulted in significant challenges for citizens and businesses, writes Liam Taylor for Foreign Policy.

🌍 Africa’s genomics goals — which include improving the ability to detect and track disease outbreaks — are being derailed by brain drain, Paul Adepoju wrote for Devex. Trained scientists are migrating in search of greater economic opportunity abroad, despite being uniquely qualified to help address health challenges on the continent.

Our best read stories in 2024

January: Who was Ghana’s masked presidential contender? A year ahead of the election a mysterious masked candidate had popped up on billboards.

February: The death of Herbert Wigwe, CEO of Nigeria’s largest bank. Nigeria’s preeminent banker died after a helicopter crash in California.

March: Kenya’s UN-backed Haiti mission faces roadblocks. A controversial effort to assist in Haiti ran into the first of many troubles.

April: Africa’s top fintech player readies for IPO. Flutterwave’s CEO told us on stage at our World Economy Summit.

May: East Africa internet outages stirs vulnerability fears. Users in Kenya, Uganda, Tanzania, and Rwanda reported disruption.

June: South Africa’s ANC and DA negotiate coalition roles. Tense negotiations over the eventual government of national unity.

July: Ramaphosa appoints a coalition cabinet. The government of national unity finally forms.

August: More African athletes will switch countries. The success of African athletes representing non-African countries at the Paris Olympics fuels strong debate.

September: African scientists are worried about a different demographic explosion. African countries face a sharp increase in dementia cases.

October: Kamala Harris builds up Africa team. Kamala Harris’ early Africa plans for the White House.

November: Trump’s Africa plans take pragmatic turn. The former president expected to be more transactional with Africa.

December: A Trump White House set to recognize the world’s newest country. Somaliland will be much closer to being recognized by the US under Trump.

Private investment firms are circling a major life insurer, intensifying a race for Americans’ nest eggs, Semafor’s Liz Hoffman scooped.

Prosperity Life, owned by Elliott Management, held sale talks this month with potential buyers including TPG and European investment firm JAB, people familiar with the matter said. Wall Street has been hoovering up insurance and retirement businesses, which generate cash that they can invest for decades.

If you’re enjoying the Semafor Africa newsletter and finding it useful, please share with your family, and friends. We’d love to have them aboard, too.

Let’s make sure this email doesn’t end up in your junk folder by adding africa@semafor.com to your contacts. In Gmail you should drag this newsletter over to your ‘Primary’ tab.

You can reply to this email and send us your news tips, gossip, street food recommendations and good vibes.

— Yinka, Alexis, Alexander Onukwue, Martin Siele, and Muchira Gachenge