2025 was another volatile year, from both a geopolitical and markets perspective. Africa was no exception, with elections in both Tanzania and Uganda following a broader global trend of a rollback in democratic space and freedoms. The rules-based order that has governed trade is changing fast, and the re-emergence of direct competition between the world’s largest economies, particularly in the areas of manufacturing, technology and security, is shaping new realities on the ground in Africa, from new gas pipelines and data centres to mineral rights and defence agreements. Despite the uncertainty and upheaval, this environment is creating new investment opportunities for those who can move quickly, execute effectively and partner well.

It was encouraging to see most African economies showing resilience against this backdrop of global uncertainty, with reductions in inflation and borrowing costs, and a strengthening of local currencies seen across most major African economies. This provides further evidence of the important role Africa can play for investors seeking portfolio diversification, due to high regional growth rates, attractive risk-adjusted returns and low correlation to global markets. We hope that the macroeconomic gains made in 2025 can be sustained into 2026 and translate into meaningful improvements in livelihoods, employment opportunities and industrial activity across the continent.

At the time of writing, the ability to sustain these gains remains to be seen, with global fuel prices recently soaring by almost 50% as a result of the war in Iran and the associated disruption to shipping and supply routes. This acts as a timely reminder that sustainable energy is not just critical for addressing climate change challenges on the continent, but also a powerful lever in tackling the complex and often interlinked challenges of industrialisation, energy security and cost of living. Following these oil and gas price spikes, we are seeing heightened interest in sustainable energy solutions across all of our priority markets amid growing recognition of the imperative of energy sovereignty.

With over 30 years of leadership in the climate and renewable energy space, we expect that Camco and Spark will continue to play a critical role in financing the energy transition in the region, and look forward to the challenges and opportunities that 2026 will present.