Just days into the new year, global events have already underscored the pace of change. Venezuela’s oil sector was plunged into turmoil following a United States (US) military operation that led to the capture of President Nicolás Maduro on January 3, while South Africa marked more than 240 consecutive days without power blackouts, a milestone after years of electricity shortages. In East Africa, Ethiopia has begun construction on what is set to become Africa’s largest airport, reinforcing its ambitions as a continental aviation and logistics hub.
Speaking to Channel Africa on Monday, Victor Kgomoeswana, Author of Africa Is Open for Business and Africa Bounces Back, said these developments reflect a broader trend of resilience and momentum across the continent. He noted that despite political shocks elsewhere in the world, Africa continues to attract attention as a growth frontier.
France’s President Emmanuel Macron has called for a renewed push by French companies and financiers into Africa, a move analysts link to growing competition from China, India and Brazil. According to Kgomoeswana, France has lost economic ground in parts of West Africa following diplomatic breakdowns with countries such as Mali, Burkina Faso and Niger. He said Paris now views economic diplomacy as critical to maintaining influence and investment opportunities on the continent.
In contrast, uncertainty looms in Latin America after Washington urged US oil companies to invest heavily in Venezuela despite political instability. Kgomoeswana argued that such moves have unsettled investors, with major firms warning that the environment remains too risky for large-scale capital deployment.
Closer to home, Zambia has opted not to extend its IMF loan programme beyond its current expiry, betting that economic growth and debt restructuring efforts will stabilise public finances ahead of elections later in the year. Ethiopia, meanwhile, has launched a $5 billion airport project capable of handling more than 100 million passengers annually, highlighting long-term planning despite recent internal conflicts.
Uganda and Tanzania are also preparing to ship their first crude oil through the East African Crude Oil Pipeline, a $5 billion project nearing completion. Together, these developments underline why the IMF expects Africa to dominate global growth rankings in 2026, even as geopolitical and climate risks continue to shape the global economy.
–ChannelAfrica–
