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African governments owe three times more debt to Western banks, asset managers, and oil traders than to China, and are charged double the interest, according to research released today by Debt Justice. Western leaders through the G7 have attributed the failure to make progress on debt restructuring to China, [1] but the data shows that this is mistaken. Just 12% of African governments’ external debt is owed to Chinese lenders compared to 35% owed to Western private lenders, according to the calculations based on World Bank data.

Africa’s consumer boom has been financed mostly by income generated from the export of natural resources. However, many of the region’s economies are based on commodity exports, making them beholden to the ups and downs of global commodity prices. 

We have included and developed such an approach in the form of a wide selection of our publications, analyses, and reports on Foreign Direct Investment in the Subsaharan African countries, and through the example of Zambia. We have also analyzed the strategy pursued by the alliance of Western-based investors and their respective States in the European Union, the United States, and the International Banks. Their main concern is to limit and contain the presence of China in Africa.

Therefore, they devised a strategy to work together to reschedule the external debt of Zambia while advancing their pions in the mining industry within the regions surrounding and peripheral to Zambia such as the Lobito Corridor Project.

More details in each article are presented and listed below.

AFRICA TODAY in the VACUUM of LOCAL INVESTMENTS, ALIENATION of its OWN NATURAL RESOURCES, and DEPRIVATION of its HUMAN CAPITAL

by Said El Mansour Cherkaoui Ph.D.

In this article, we are offering you a mosaic of analyses that have pieces presenting each aspect of how this combination of opportunities and turf fighting is taking place around the mining sector in Central and Southern Africa. Africa has a number of challenges, including: 


Natural resources

Africa is home to 30% of the world’s mineral reserves, 40% of the world’s gold, and the largest cobalt, diamonds, platinum, and uranium reserves. However, Africa is still one of the world’s poorest continents.


Human resources

Africa has a young and dynamic workforce, with more than 12 million young Africans entering the labor market annually. However, only 30% of them are able to find a job.


In 2010, the International Monetary Fund believes growth in sub-Saharan Africa will be 1 percentage point above the global average, and puts eight African countries in its top 20 fastest-expanding economies. Oil-rich Angola and Congo Republic will lead the charge with growth rates of more than 9 and 12 percent respectively, both beating China, according to the IMF’s most recent projections.


Dollar crisis

Africa is facing a dollar crisis, which is hindering the flow of foreign investment into its companies.


Access to energy

In 2022, 600 million people in Africa, or 43% of the continent, lacked access to electricity.


In 15 resource-intensive sub-Saharan African countries, mining contributes about 10% to GDP. In most of these countries, mining exports represent 50% of total exports, so many of the mineral-rich economies of Africa risk continuing to be dependent on mining. Mining has also led to the development of urban centers, such as Tororo, Kasese, Mombasa, and Kakamega. 

In South Africa, mining accounts for up to 60% of exports. The country’s mining sector contributes about 8% to the gross domestic product. 

Africa has a large amount of mineral reserves, including: 

  • Metals: Gold, diamond, cobalt, bauxite, iron ore, coal, and copper
  • Green minerals: Lithium, manganese, nickel, and graphite
  • Oil and natural gas: 8% and 7% of the world’s reserves, respectively

Some of the major mining countries in Africa include the Democratic Republic of Congo, South Africa, Namibia, Zimbabwe, Botswana, Congo-Brazzaville, Gabon, Guinea, and Sierra Leone. 

In 2022, Africa accounted for less than 10% of global mining exploration spending and less than 5% of the sector’s global revenue. However, the need to secure new sources amid sanctions on Russia has increased the risk appetite for major miners. 

Already in 2021, investment flows to Africa reached a record $83 billionEuropean investors remain the most important source of FDI stock in Africa, but the relative share of Africa’s FDI stock originating from Europe declined over the past decade, while Asia’s share increased.

The study also covers U.S. FDI in Africa.

European investors are the largest holders of foreign assets in Africa. The United Kingdom ($65 billion) and France ($60 billion) are the largest holders. 

The United States is the largest investor in Africa by project numbers. However, in terms of capital, the US trails the UAE, France, and India. 

China is the world’s largest investor in Africa in terms of total capital. Between 2014 and 2018, China invested more than $72 billion in Africa. 

European countries are the largest holders of foreign assets in Africa. The United Kingdom and France are the largest holders, with $65 billion and $60 billion respectively. 

Other major investors in Africa include: 

United States, Japan, China, Australia, Netherlands, Belgium, Germany, Luxembourg. 

Some of the sectors that receive the most investment in South Africa include Financial, Mining, Manufacturing, Transportation, and Retail. 


This is not professional financial advice. Consulting a financial advisor about your particular circumstances is best so contact us

Contact the Author for public speaking, advising, or consulting engagement, please send an email to: saidcherkaoui@triconsultingkyoto.com


Some of the top African countries with the largest foreign investments include: 

Here’s some information about FDI in Africa by country: 

According to UNCTAD, European investors are the largest holders of foreign assets in Africa. The top three countries are: 

  • United Kingdom: $60 billion
  • France: $54 billion
  • Netherlands: $54 billion

Other countries with large foreign investments in Africa include: 

  • South Africa: $9 billion
  • Ethiopia: $3.7 billion
  • Senegal: $2.6 billion
  • Morocco: $2.1 billion
  • Democratic Republic of Congo: $1.8 billion
  • Ghana: $1.5 billion
  • Uganda: $1.5 billion
  • Tanzania: $1.1 billion

In 2021, South Africa was the main recipient of Foreign Direct Investment (FDI) in Africa

China is the world’s largest investor in Africa in terms of total capital. Between 2014 and 2018, 16% of FDI into Africa came from China. The United States and France held 8% of the total FDI.  From 2016–2020, China invested more than $71 billion in greenfield FDI in Africa.  China is the largest investor in Africa in terms of total capital. Between 2014 and 2018, China invested more than $72 billion in Africa, creating over 137,000 jobs. Nigeria is one of China’s largest investment partners in Africa. 

United States – In 2022, the United States invested $46.17 billion in Africa.  The United States is the largest investor in Africa by project numbers. In 2023, the US contributed 13% of Africa’s total investment.  The US has invested $46.17 billion in Africa in 2022. This is a rise from 2020 when the US invested $44.81 billion.  The US has also helped close over 800 trade and investment deals with 47 African countries, worth over $18 billion. The US private sector has also closed deals worth $8.6 billion.  The US has also provided humanitarian assistance to Africa. In 2022, USAID provided over $6 billion in humanitarian assistance. In the past decade, the US has generally allocated around $8 billion annually to Africa. 

The US has also invested in South Africa. In 2022, the US invested $7.4 billion in South Africa, which was an 11.9% increase from 2021.  This was an increase of 11.9% from 2021. The US has invested in manufacturing, finance, insurance, and mining in South Africa. 

European investors are the largest holders of foreign assets in Africa. The United Kingdom, France, and the Netherlands are the largest holders of FDI stock in Africa.  The EU is Africa’s largest trading partner, followed by China.

United Kingdom – In South Africa, the United Kingdom accounts for three-quarters of the total FDI. 

France – France holds 8% of the total FDI in Africa. 

African Countries Recipients of Foreign Direct Investments

Egypt – In 2021, Egypt received $5.1 billion in FDI.

Nigeria – In 2021, Nigeria received $4.8 billion in FDI. 

Zambia – After two years of negative FDI, Zambia received $116 million in 2022. 

Mining Indaba is Africa’s premier mining event and one of the largest mining events in the world.  Some of the largest mining companies in Africa include BHP Billiton, Rio Tinto, Anglo-American, Xstrata, and Barrick. 

  • Egypt: $11 billion
  • South Africa: $9 billion
  • Ethiopia: $3.7 billion
  • Senegal: $2.6 billion

To contact the Author for public speaking, advising, or consulting engagement, please send an email to: saidcherkaoui@triconsultingkyoto.com

To contact the Author for public speaking, advising, or consulting engagement, please send an email to: saidcherkaoui@triconsultingkyoto.com

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