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The Pharm Access Project, funded by FCDO and implemented by FSD Africa and PharmAccess, aims to strengthen the data analysis capabilities of Ghana's National Health Insurance Agency (NHIA). The project focuses on improving health finance systems and supporting Ghana's roadmap for Universal Health Coverage (UHC) through better operational data and provider/payer relationships.

The Risk, Resilience and Regulatory Lab (R3LAB) is a collaborative platform for African insurance regulators aimed at improving supervisory skills and fostering innovation. It provides capacity-building programs, peer exchange, and learning toolkits to address regulatory gaps. A key output includes 'insurance innovation portraits' for eight countries, which identify barriers to innovation and propose action plans based on six assessment areas, including infrastructure, finance, and the regulatory environment.

The document examines the 'digital geopolitics' affecting the Southern African Development Community (SADC) region, contrasting the commercially-driven US model, the state-centric Chinese model, and the human-centric EU model. It warns that without strategic agency and home-grown innovation, Africa risks 'digital recolonisation' or the adoption of 'authoritarian tech'. The authors recommend that SADC and the African Union (AU) harmonise data sovereignty frameworks, strengthen rights-centred implementation, and increase influence in international standard-setting bodies like the ITU to ensure digital transformation aligns with African contextual needs.

The paper examines the 'digital Grand Canyon' in Africa, identifying infrastructural, financial, and regulatory barriers to internet connectivity. It highlights the disproportionate impact of the digital divide on women and youth and proposes a combination of top-down government strategies and bottom-up market initiatives to foster inclusion. The authors argue that the AfCFTA framework should be used to harmonise digital trade rules, encourage diverse infrastructure financing, and implement comprehensive digital upskilling to ensure the continent's participation in the 4th Industrial Revolution.

The GCF is implementing a four-pillar operational framework to enhance coordination with other climate funds. Key achievements include the establishment of a joint steering committee for the Long-Term Vision (LTV) with the GEF, the fast-track reaccreditation of nine entities with the AF, and the development of a joint GCF-GEF pavilion for COP 26 and COP 27. The report details specific funding proposals and readiness grants that demonstrate national programming coherence, as well as ongoing technical dialogues to harmonize results indicators and impact measurement methodologies across funds.

The report identifies a significant gap between the climate goals of WAEMU member states and their financial capacity to implement them. While there is interest in green bonds, the market is hindered by underdeveloped regional financial infrastructure, a lack of technical expertise in green eligibility and reporting, and a dominance of sovereign debt that crowds out corporate issuers. The document recommends strengthening regulatory frameworks, providing technical assistance for project pipeline development, and utilizing risk-mitigation tools like guarantees to attract a more diverse investor base beyond commercial banks.

The paper identifies a critical lack of robust climate risk data and analysis in Africa, which may lead to incorrect asset valuations and increased financial stability and sovereign risks. It proposes a six-category framework for climate risk information—data, analysis, disclosure and reporting, targets, risk management, and capacity-building—to help financial decision-makers close these gaps. While all four studied countries have initiatives for disclosure and reporting, South Africa shows the most comprehensive approach, covering five of the six categories. The author recommends that countries integrate financial sector transformation into their Nationally Determined Contributions (NDCs) and expand climate risk mapping to include public financial institutions.

The report finds a massive gap between Africa's annual climate finance needs (USD 277 billion) and actual flows (USD 29.5 billion). While international public finance dominates, private sector contribution is low at 14%. Finance is heavily concentrated in a few countries and sectors, with energy receiving the most investment, while agriculture, forestry, and other land use (AFOLU) remains underfunded. The report recommends scaling up concessional finance, improving data tracking, and catalyzing private investment to meet 2030 goals.

The Fund for Nature (TFFN) is a financial instrument designed to provide market-rate project-level debt to nature-based carbon projects, primarily in Sub-Saharan Africa. By offering an alternative to the common practice of pre-selling carbon credits at steep discounts to corporate buyers, TFFN aims to increase the revenue captured by local project implementers and communities. A central innovation of the fund is the development of a standardized, open-sourced Simple Agreement for Future Offtake (SAFO), which serves as a bankable document to secure future carbon credit supply and act as collateral for debt. The fund targets the agriculture, forestry, and blue carbon sectors, specifically focusing on afforestation, reforestation, and revegetation (ARR) and reducing emissions from deforestation and forest degradation (REDD+). A pilot fund of USD 50-70 million is envisioned, with the potential to scale as voluntary carbon markets are projected to grow significantly by 2030.

The document argues that Africa faces an annual financing gap of over $100 billion to preserve its natural capital, which is critical for global climate and biodiversity goals. It proposes a 'triple bottom line' approach—combining financial returns, environmental impact, and community benefits—applied through landscape financing, restorative agriculture, and sustainable supply chains. The paper identifies green bonds, carbon credits, and impact investing as key financial mechanisms and calls for stronger regulatory frameworks, such as the adoption of Taskforce on Nature-related Financial Disclosures (TNFD) guidelines, to attract private capital and prevent 'nature-washing'.

The report examines how global shocks have exacerbated chronic fiscal and current account imbalances in five Sub-Saharan African nations. It highlights severe liquidity and solvency risks, particularly regarding external debt in Ethiopia, Ghana, and Kenya. The authors argue that while some countries used debt monetization and financial repression to manage short-term costs, these practices inhibit long-term financial market development and fuel inflation. The document recommends strengthening public debt management, diversifying funding sources, and transitioning toward market-conform policies to avoid debt distress and encourage private sector credit.

The report assesses the private debt landscape in Africa, noting that while the market is growing, it remains heavily dominated by Development Finance Institutions (DFIs) and Multilateral Development Banks (MDBs), primarily in hard currency. It highlights a significant gap in local institutional investor participation due to regulatory constraints, risk aversion, and a lack of local currency vehicles. The study provides detailed analysis of focus markets—Nigeria, Kenya, Ghana, and Morocco—and uses South Africa as a reference for a more developed financial sector. Key recommendations include the introduction of credit enhancement facilities, improved data transparency, and the creation of local currency investment vehicles to reduce foreign exchange risk for borrowers and attract domestic pension funds.

The document challenges the belief that social grants create a 'culture of dependency' or discourage labour market participation in South Africa. By reviewing international and local evidence, it argues that cash transfers often facilitate job searches, stimulate local economies, and empower women. The authors advocate for a UBIG indexed to the upper-bound poverty line, funded through progressive taxation, as a means to eliminate poverty while supporting inclusive economic growth.

The research argues that a universal basic income grant (UBIG) in South Africa could move beyond immediate poverty relief to dismantle structural poverty by improving labour market participation, health, women's empowerment, and social cohesion. Drawing on local and international evidence, the authors contend that a UBIG funded through progressive taxation would stimulate local economies via multiplier effects and increase human capital. The paper emphasizes that for a UBIG to be effective, it must be unconditional, universal, and integrated with quality public services, rather than serving as a replacement for them.

The report analyzes how the informality of artisanal and small-scale gold mining (ASGM) in Burkina Faso, Mali, and Niger facilitates illicit financial flows (IFFs) and fuels regional conflict. It examines the legal frameworks, the scale of gold smuggling—particularly to the UAE—and the ways non-state armed groups exploit mining sites for funding and recruitment. The document highlights a 'vicious circle' where state absence and corruption drive miners toward informal or militant-controlled sites, while recommending simplified formalization, tax harmonization, and multi-level governance to stabilize the sector.

The document analyzes China's strategic efforts to increase its presence in West Africa, contrasting the deep, multi-sectoral engagement in Ghana with the more recent and technology-focused growth in Senegal. It attributes these differences to the length of diplomatic relations and the lingering influence of former colonial powers, particularly France.

The policy brief examines the role of nuclear science and technology in Africa's development and the necessity of integrating women and youth into the field. It highlights that while women currently represent only 30% of experts and trainees, frameworks like Agenda 2063 and the Maputo Protocol provide a basis for their inclusion. The document identifies challenges such as a lack of sustainable human resource development and the need for updated expert databases. It recommends enhancing STEM education, increasing government commitment, and leveraging the roles of the African Commission on Nuclear Energy (AFCONE) and the International Atomic Energy Agency (IAEA) to foster a more inclusive nuclear sector.

The AfCFTA aims to create a $3.4 billion economic bloc to foster structural transformation through agricultural upgrading, light manufacturing growth, and the deepening of regional value chains (RVCs). While initial tariff offers show potential for significant gains, the document notes that the liberalisation of services has lagged, with a new deadline of December 2023. Implementation is supported by mechanisms like the Afreximbank Adjustment Fund and the Pan-African Payment and Settlement System, though the authors highlight a critical weakness in accountability: private parties cannot access the AfCFTA's dispute settlement mechanism. The brief concludes that while the project is long-term and potentially 'oversold' to the private sector, it remains a vital instrument for overcoming the limitations of smaller regional economic communities.

The document examines the transition from paper-based to electronic timber tracking in Tanzania via the Timber Tracker system. It finds that while the system has increased royalty revenues and reduced opportunities for bribery and document forgery during transport, corruption risks persist in the initial harvest permitting phase. The report highlights the importance of government buy-in and provides recommendations for expanding the system's coverage and improving technical capacity.

FSD Africa's Capital Markets team works to address financing gaps in Africa by developing enabling policies, market infrastructure, and innovative financial products. The report highlights the mobilization of approximately GBP 320 million through bond issuances, including pioneering green and gender bonds in countries like Nigeria, Kenya, and Morocco. It details the Africa Regulatory Support Programme (ARSP) and the African Local Currency Bond Fund (ALCB Fund) as key mechanisms for reducing currency risk and increasing private sector investment. Moving forward, FSD Africa is concentrating its efforts on five priority countries—Ethiopia, Ghana, Kenya, Morocco, and Nigeria—with a strong emphasis on green capital markets and natural capital finance.