GE reinforces commitment to Africa
GE, which has operated in Africa for over 100 years, committed at the 2014 event to invest $2 billion in facility development, skills training and sustainability initiatives across Africa by 2018.
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Two years ago, the first US–Africa Business Forum drew the attention of the world to the promise of Africa. Governments and organisations discussed and debated opportunities in infrastructure, innovation and workforce development and together committed more than US$33 billion in deals, investments, and financing to accelerate African growth.
GE, which, has operated in Africa for over 100 years, committed at the 2014 event to invest $2 billion in facility development, skills training, and sustainability initiatives across Africa by 2018.
Ahead of the second US–Africa Business Forum, GE says significant progress had been made against those commitments, as well as several new initiatives.
The President and Chief Executive Officer (CEO) of GE Africa, Mr Jay Ireland, said: “meeting Africa’s needs takes leadership and cooperation. This week’s U.S.-Africa Business Forum signals the strong commitment by both African and US companies and governments to collaborate for economic growth. GE is proud to remain a steadfast partner in Africa's sustainable growth and will continue to invest in people and infrastructure across Africa."
Building infrastructure
Africa is home to 12 of the world's 20 fastest-growing economies and its manufacturing, services and technology sectors are fuelling markets around the globe. Improving access to core infrastructure will equip more Africans to tap its vast potential.
GE's installed base across Africa totals more than 93 gigawatts of power. It has added approximately 11 gigawatts to the grid since 2014, and 2.74 gigawatts are currently under development by GE in Power Africa projects
The American company said it had spent US$15 million over the past two years on projects representing roughly 2GW of power in Nigeria and Ghana.
“Today, we are excited to announce the signing of the Power Purchase Agreement (PPA) and related agreements for the Ghana 300 Bridge Project, which will power the equivalent of 700,000 homes in Ghana,” the president said in a statement.
GE also spelt out a list of interventions it has made in African countries, including Egypt, Algeria, Nigeria, Kenya and Ethiopia.
“Through partnership agreements in Nigeria, Kenya, Ethiopia, Ghana, and Angola, we support their development agendas in power generation, healthcare, and transportation. We were even named one of Nigeria’s most strategic investors this year,” Mr Ireland stated.
Localised solutions
The company also announced that it was working with partners in Africa to drive sustainable development and solve local challenges by investing in technology, building capital markets and developing technical skills within communities.
GE launched its first Africa-based innovation centre in South Africa in 2016. It employs more than 4100 workers across 35 countries in Africa.
In 2015, GE saw US$6.4 billion in revenue across the continent and since the US–Africa Business Forum in 2014, GE has received over US$11 billion in orders.