20 YEARS, 25 COUNTRIES AND STILL GROWING...

On the occasion of our 20th anniversary, we would like to thank our customers, founders, shareholders, regulators and the communities in which we operate. Through your support and confidence, we are now the leading regional bank in Africa, with a presence in more African countries than any other bank.

BENIN • BURKINAFASO • BURUNDI • CAMEROON • CAPE VERDE • CENTRAL AFRICAN REPUBLIC

CHAD • CONGO • CÔÔTE D'IVOIRE • DEMOCRATIC REPUBLIC OF CONGO • GAMBIA • GHANA

GUINEABISSAU • GUINEA • KENYA • LIBERIA • MALAWI • MALI • NIGER • NIGERIA • RWANDA SAO TOME e PRINCIPE • SENEGAL • SIERRALEONE • TOGO

www.ecobank.com United Kingdom IC PuBlICATIonS, 7 ColdBATh SquAre, london eC1r 4lq. Tel: +44 20 7841 3210 Fax: Admin +44 20 7713 7898 editorial: +44 20 20 7841 3211 e-mail: icpubs@africasia.com Website: www.africasia.com

France IC PuBlICATIonS, 609 BAT A 77 rue BAYen 75017 PArIS Tel: +33 1 44 30 81 00 Fax: +33 1 44 30 81 11 e-mail: info@icpublications.com Website: www.icpublications.com

Group Publisher: Afif Ben Yedder directeur de la publication

Editor: Anver Versi (a.versi @africasia.com) Art Director: Jason Venkatasamy (jason@africasia.com)

Associate Editors Tom Nevin, Stééphane Vigouroux, Géérard Choisnet, Hichem Ben Yaiche, Féériel Berraies Guigny

Correspondent-at-large Stephen Williams

Editorial Assistant Carole Lambert Correspondents in Africa Barnabas Thondlana, Leo Odera Omolo, Blamuel Njururi, Herald Tigama, Pini Jason, Rob Rose, John Ansah, Derek Otieno, Chris Ndivanga, Masupu Rakabane Special Correspondents Milan Vesely, Moin Siddiqi, Dr Karamo Sonko, Neil Ford, Franççois Misser, Graeme Ewens, Pini Jason, Eluem Izezi, Jennie Street, Paul Michaud,

Publisher Omar Ben Yedder (o.benyedder@africasia.com)

Development Director Patricia Bonnin

International Relations Director Myriam Karbal

Marketing Director Malek Bey (m.bey@africasia.com)

Advertising Sales Directors Alya Assad Medrine Chitty Arthur Jones Saliba Manneh Nick Rosefield Special Projects Consultant: Monique Butt

Events Director Isabelle Dana (i.dana@africasia.com)

Production Manager: Michael Messam (m.messam@africasia.com)

Subscriptions: IC Publications PO Box 2068 Bushy, Herts, WD23 3ZF Telephone: +44 20 8950 9117 Fax: +44 20 8421 8155 icpublications@alliance-media.com www.africasia.com/subs

See pages 46 & 79 for subscription offer details

Printers: Headley Brothers Ltd, The Invicta Press, Queens Road, Ashford, Kent, TN24 8HH.

All pictures AFP unless indicated. registered with the British library. ISSn 0141-3929 ©2008 IC Publications Ltd.

Member of The Audit Bureau of Circulations.

N° DE COMMISSION PARITAIRE 0310 K 89343 Mensuel: Novembre 2008 Déépôôt léégal

Contents

November 2008 ISSUE 347 WWW.AFRICASIA.COM

14 Cover Story The Global Finance Crunch

Editorial 13 Reminder – government is a public servant

Cover Story The Global Finance Crunch 15 Can Africa Survive? 16 From hobgoblin to fairy godmother 17 Turmoil to hit energy build? 20 High-tec rescues gem cutters 22 Anatomy of the global crisis

View from the City 26 Private Equity flocking to Africa

Trends 28 What will Obama do for Africa?

Event 47 2008 African Banker Awards

Letter from East Africa 50 When it pays to be poor (sometimes!)

Special Report Energy 32 Credit Crunch shadow over African boom 34 North Africa: targeting European markets 36 Gulf of Guinea: Changing fortunes 38 East Africa: joining the party 40 CDMs: Africa’s energy development lifeline

Media 52 More local content, broadcasters told

Topics 54 How big a hole has Mbeki left? 62 Jumping the technology gap

2010 World Cup Watch 64 Blatter finger-wagging causes offence

Spotlight 66 Pirates rule the waves

Countryfiles 68 South Africa: Sasol hit with huge fines 71 Kenya: Nairobi’s housing boom 72 Malawi: Mutharaika’s reforms find favour

Reviews Books/Music 70 Oil and Politics in the Gulf of Guinea 72 The Vodoun Effect