Even as the African continent experiences unprecedented growth, geopolitical forces such as the possible escalation of the Israel-Hamas war and the invasion of Ukraine by Russia continue to cast shadows on the global economy – and Africa is no exception. To explore the opportunities and challenges facing those seeking to build and manage their wealth in Africa in the coming year, Bank One will host a webinar tomorrow entitled ‘Is your financial future 2024-ready?’
Following the success of the latest webinar by Bank One’s Elite Offshore banking team on labour mobility in Africa, held in the first half of the year, this webinar will bring together subject-matter experts to share their insights and strategies with those seeking to build and manage their wealth while looking to make the most of this exciting new chapter in the continent’s growth story.
How the global and African economy is expected to shape up in 2024
One of the expert speakers of the webinar is Manisha Dookhony, Senior Advisor, Namibia Investment Promotion and Development Board. As a market reform expert with a very keen sense of the investment climate across Africa, Manisha will provide insights on how key economies in Africa are likely to perform next year, and the head-winds and tail-winds they might be expected to face in view of the global economic climate. Manisha cautions that, particularly for investors across Southern and Eastern African regions, inflation, especially imported inflation, is a pressing factor, while the expectation for 2024 is that global inflation is likely to go down quite significantly. This in turn will have the effect of an easing on the monetary policy, such that interest rates will go down on savings and investments with investment costs also reducing, particularly for those actively taking loans and credit for potential investments, she explains.
She highlights: “The region as a whole continues to benefit from increased demographic dividend which means that consumption is going to increase or remain high. The other element we need to look out for is all the new development happening in the space of critical raw material and mineral exports and processing. While the overall prices are not likely to go up, there is a lot of development in that space that would make it interesting for investors eyeing the minerals sector, not necessarily mining but the longer value chain of these minerals.”
Potential impact of global risks and opportunities on African markets
Stephanie Kimani, Strategy and Transformation, I&M Bank Kenya, will be another key speaker at the webinar. With East Africa being a shining star in Sub-Saharan Africa and showing amongst the fastest growth on the continent in recent times, Stephanie will comment on whether this stellar growth is expected to continue even against the otherwise challenging macro-economic factors affecting global and African economies. It may be noted that I&M Bank is present in key East African economies such as Kenya, Uganda, Tanzania, Rwanda and Mauritius through its affiliates, subsidiaries and JV investments.
She comments: “The past few years have been eventful, putting the resilience of businesses and consumers to the test. As 2024 approaches, readiness to capitalise on the most advantageous prospects will be crucial in navigating emergent risks.”
Essential strategies to build wealth in a dynamic financial environment
Bank One’s Head of Personal Financial Services, Bhavya Shah, will share his perspective on how those seeking to build and manage their wealth in Africa are entering a complex financial landscape amid geopolitical changes, uncertain economies, and unpredictable markets. He will specifically comment on how careful financial planning can help them achieve their goals as they get closer to 2024. He will also discuss the specific banking solutions that Bank One provides to help Africa-facing investors manage their finances seamless across borders.
He notes: “This has been a challenging year on several fronts and 2024 promises to remain quite tricky as well – although some of these risks have now receded and there are selected new opportunities emerging. I look forward to the panel discussion with Manisha and Stephanie on key themes and strategies to make 2024 work out better for you!”
Join the talk on outlook, opportunities and challenges in Africa@2024
Whether you are an investor in Africa, a member of the African diaspora, an expat looking to move to Africa, or already living in Africa and seeking to address your financial needs, this webinar is for you. Join us to learn from subject-matter experts as they explore what’s on the horizon and equip you with the knowledge and tools needed for a successful financial journey in 2024.
Date: 23 November 2023
Time: 15:00 WAT / 17:00 EAT / 18:00 MUT
Register here: https://events.teams.microsoft.com/event/adf736c7-8f09-4396-b151-2a81169dbebd@7c54d0ee-8451-4e92-b9f6-86a9cca01ef6/registration
Discover Bank One Elite Offshore Banking: https://bankone.mu/en/elite-banking-offshore/
