Tuesday 25 July 2017
(Reuters (Eng) 07/20/17)
JOHANNESBURG (Reuters) - Africa's major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related drought wilted crops last year. Poor business confidence in South Africa and foreign exchange restrictions in Nigeria have also hampered growth. "We expect that African monetary policy is entering a widespread and protracted period of policy easing. This will provide a boost to growth," said John Ashbourne, Africa analyst at Capital Economics. Ghana, which agreed a three-year fiscal discipline deal with the International Monetary Fund in...
(Bloomberg 07/19/17)
Vodacom Group Ltd. sees the expansion of mobile-banking services into new markets in sub-Saharan Africa as a top priority following a shareholder vote to rubber stamp its purchase of a 35 percent stake in Safaricom Ltd., Kenya’s biggest company. “We will use Safaricom to enter other markets where neither Vodacom nor Safaricom are,” Chief Executive Officer Shameel Joosub said in an interview at the wireless carrier’s annual general meeting in Johannesburg on Tuesday. The two businesses have a combined 30 million mobile-banking customers, giving them “a very sizeable platform on the continent,” he said. Vodacom’s purchase of the Safaricom stake from U.K. parent company Vodafone Group Plc gives the South African company access to the fast-growing M-Pesa platform, which processed...
(Angola Press(En) 07/18/17)
Two agreements, namely on the establishment of the France Development Agency (AFD) in Angola and another one relating to the financing of water projects, were signed last Friday, in Luanda. The first agreement was signed by the Finance minister, Archer Mangueira, and by the French ambassador, Silvain Itté. This agreement is aimed at enabling the AFD to officially in Angola and work in financing projects linked to the areas of waters, energy and agriculture. The second agreement was signed by...
(Angola Press(En) 07/18/17)
Young people, women and former combatants in the eastern Lunda Sul Province will benefit from the allocation of diamonds areas for them to explore through co-operatives, disclosed last Saturday, in Mona Quimbundo commune, Saurimo Municipality, the C.E.O of the public National Diamonds Company (Endiama), Carlos Sumbula. Speaking in the end of an assessment visit he paid to a fish farming project centre located in Mona Quimbundo and financed by Catoca Mining Society, Carlos Sumbula revealed that the diamonds exploration areas...
(Xinhuanet 07/17/17)
Angolan Vice President Manuel Domingos Vicente said his country thanks China for its support of Angola's rebuilding and economic development. Vicente made the remarks while meeting with visiting Chinese State Councilor and Defense Minister Chang Wanquan, in Luanda on Thursday. The vice president said the two countries enjoy a firm foundation for bilateral friendly cooperation, which is important to maintaining global peace and stability. He said Angola highly values the Belt and Road Initiative proposed by China, and stands ready to coordinate development with China under the initiative so as realize common development and benefit the two peoples.
(Xinhuanet 07/17/17)
Africa is making progress towards the establishment of a trade zone by Oct. 30 that will cover approximately half of the continent's member states. The Common Market for the Eastern and Southern Africa (COMESA) Director of Trade and Customs, Francis Mangeni, said in a commentary published in the Star Newspaper on Monday that so far 19 of the 26 countries involved have signed the agreement. "Three outstanding annexes had meant the tripartite agreement was not complete and this was advanced...
(Voice of America 07/12/17)
Angola is preparing for a historic election that will see its longtime leader, President Jose Eduardo dos Santos, step down after 38 years in power; but, as the southern African nation prepares to vote, analysts inside and outside the country say they are keeping a close watch not on the ballot — but on the balance sheet of the state-run oil company, Sonangol. The August election is a fairly straightforward two-way race between the long-time ruling party and established opposition...
(Bloomberg 07/10/17)
Many cell phone companies are rethinking their headlong rush into the continent. Only Orange is staying the course. Back when African countries were auctioning off mobile licenses by the boatload to serve the region’s young, tech-savvy population, investing in the continent’s fast-growing economies seemed like a no-brainer. Some of the world’s biggest wireless carriers rushed in. Now they’re wondering if they made a mistake. Increasing government and regulatory scrutiny, as well as a lack of expansion opportunities in sub-Saharan Africa,...
(Agence Ecofin 06/28/17)
In Angola, the kwanza will not be devaluated, any soon at least. This was announced by the governor of the Central Bank of Angloa, Valter Filipe da Silva, at the end of joint session of economic commission and the commission for the real economy of the council of ministers. The governor explained that inflation which exceeded more than 40% has considerably decreased over the past months. "That is why we understand and will continue to reaffirm that at this moment...
(AFP (eng) 06/12/17)
German Chancellor Angela Merkel will on Monday meet African leaders in Berlin on initiatives aiming to reduce the poverty and conflict driving a mass migrant influx to Europe. The idea is to team up African nations willing to reform with private investors who would bring business and jobs to a continent where instability or graft often scare off foreign companies. Merkel is hosting the initiative as part of Germany's presidency of the Group of 20 powerful economies, whose leaders meet in the northern port of Hamburg a month later. Invited to Berlin are Egyptian President Abdel Fattah al-Sisi and the leaders of Ghana, Ivory Coast...
(Xinhuanet 06/06/17)
Bank of China opened its Luanda branch in the capital city of Angola on Monday. The branch, the first Chinese bank in Angola, will start banking operations on June 6. Chen Siqing, president of Bank of China, as well as some 300 representatives from the Chinese and Angola political, business and financial circle attended the ceremony. The Bank of China Luanda branch will mainly focus on company businesses and will expand deposit, loan, remittance, international settlement, trade financing, financial markets...
(Angola Press(En) 06/02/17)
The Secretary of State for Agriculture, José Amaro Taty, defended in Luanda the need to create the National Poultry Centre as an added value for the sector. Speaking during a meeting with members of the Angolan National Poultry Producers Association (ANAVI), the official stated that the centre will discipline raw material prices, greatly affected by the action of speculators. "It will allow small producers to have access to production inputs at fair and competitive prices, so that they can produce eggs and meat at fair prices for the population", said Amaro Taty. In turn, the National Director of the Technical Unit for Support to Private Investment (UTAIP) of the Ministry of Agriculture
(Reuters (Eng) 05/22/17)
Countries in sub-Saharan Africa need to get their budgets in order, diversify their economies and look after their poorest people. If they do that, there is no reason why the region cannot have the strong growth needed to meet the aspirations of a young and growing population. That, at least, is the three-pillared prescription from the International Monetary Fund as expressed by one of its top Africa researchers, Celine Allard, in an official IMF blog post and podcast. Allard co-authored...
(Reuters (Eng) 05/19/17)
When rich countries wrote off billions of dollars of African debt in 2005, they hoped governments would think twice about borrowing again in costly foreign currencies. Over a decade later, most sub-Saharan African countries still rely on U.S. dollar-denominated debt to finance their economies. Some investors say this is sowing the seeds of future debt crises if local currencies devalue and make dollar debt repayments more expensive. Aside from South Africa and Nigeria, governments have not yet done enough to...
(Bloomberg 05/18/17)
Steinhoff International Holdings NV plans to list its African assets separately as the acquisitive retailer seeks a new prize for shareholders following this year’s failed merger talks with Shoprite Holdings Ltd. The company said Wednesday it will seek to list businesses including clothing retailer Pepkor and furniture chain JD Group Ltd. on the Johannesburg Stock Exchange, about 18 months after moving its primary listing to Frankfurt from the South African commercial hub. The new business could be worth as much...
(Bloomberg 05/16/17)
When the impoverished West African nation of Niger imposed a ban on donkey exports last year, a small community of traders just over the border in Nigeria was devastated. “Before the ban, you could see thousands of donkeys here,” said Mohammed Sani, a 45-year-old trader in the Nigerian town of Jibiya, as he wiped the sweat off his brow. “Now look at them: there’s no more than 50, crippling the business.” Donkeys are being slaughtered at an alarming pace to...
(Macau Daily Times 05/11/17)
Tax payments in Angola will be able to be made in foreign currency, under an amendment to the General Tax Code approved on Tuesday by the members of the Angolan parliament, Angolan news agency Angop reported. The document, which was discussed at the meeting of parliamentary committees on Constitutional and Legal Affairs and the Economy and Finance, is a government initiative that is justified, according to the Minister of Finance, “due to geopolitical and cyclical factors (…) which forces emerging...
(Macauhub 05/11/17)
Angolan bioenergy company Companhia de Bioenergia de Angola (Biocom) plans to produce 73,000 tonnes of sugar, 17,000 cubic metres of ethanol and 200 gigawatt hours of electricity this year, said the company’s production director, Marcos Brandão. The director of production also told the Angop news agency that the figures for 2017 represent an increase in production compared to 2016, when the company produced 52,000 tonnes of sugar, 14,000 cubic metres of ethanol and 100 gigawatts of energy. To increase production,...
(Voice of America 05/05/17)
As Africa grapples with a severe drought, and famine threatens millions of people, experts at the World Economic Forum on Africa this week in the South African city of Durban say food security needs to be a major part of discussions on advancing the continent economically. The annual World Economic Forum in Switzerland is usually a high-powered event, but at this week’s Africa meeting of the international organization, the continent’s big players are welcoming the humble farmer, now known as...
(Xinhuanet 05/04/17)
The World Economic Forum (WEF) Africa Competitiveness Report 2017 released in Durban Thursday called for urgent policy reforms if the continent intends to create more jobs for its growing young population. According to the report issued at the 27th WEF on Africa, fewer than one-quarter of the 450 million new jobs required in the next 20 years will be created if current policies remain unchanged. The report called for structural reforms in the economies to create more jobs for the...

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