Monday 26 June 2017
(Agence Ecofin 06/17/17)
Senegal is considering helping Gambia face the power crisis which it currently experiences. SENELEC, Senegal’s power utility is currently looking at exporting its power surplus to Gambia, the country’s minister of power, Thierno Alassane Sall, said. “As we speak, we have an excess output of 200MW which is not being used. We even negotiated with a neighboring country (Mali, editor’s note) to which will be sold 20MW. And there is another neighbor which is landlocked and just comes out of a crisis. We are looking at how to provide it more power,” the minister said. The power crisis which Gambia currently faces threatens even drinking water supply to its populations. A situation which is quite...
(APA 06/16/17)
The sector regulator the Public Utility Regulatory Authority (PURA) of the Gambia government has announced the liberalization of licenses to allow private television stations to operate in the country. This was after a review of TV licensing to provide for migration from analogue to digital technology, as instructed by the Ministry of Information and Communications Infrastructure. A press release from PURA, seen by APA on Friday, announced the new government is now accepting applications for license to operate private televisions in the country. This is in contrast to the former government of Yahya Jammeh which delayed granting license...
(APA 06/16/17)
The Management of the closed Daily Observer newspaper have resorted to negotiations with the Gambia Revenue Authority (GRA) over the company's tax payment default allegedly since 2004, amounting to D17 millions (about $377,777), a senior reporter of the newspaper told APA on Friday. According to the anonymous source, the negotiations have been going on since Thursday, and that the dialogue is expected to reach an agreement to allow the company resume operations and pay the tax areas by installments. The...
(Agence Ecofin 06/14/17)
The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and Agib Bank Ltd have entered into a Joint Strategic Collaboration to finance private sector entities in The Gambia. On behalf of the CEO of ICD, Mr Khaled Al Aboodi, Mr. Mohammed Alammari, Director of Internal Audit at ICD signed the financing agreements for the amount of USD5 million. with Mr. Muhammed Jah, Chairman of Agib Bank. The collaboration will focus on...
(APA 06/14/17)
Gambia's Interior Minister Mai Ahmed Fatty has disclosed that negotiations are at an advanced stage for The Gambia to source electricity supply from Senelec, the national electricity company of Senegal. Fatty spoke to reporters in Banjul at the end of a day-long cabinet meeting. Speaking on behalf of the Information minister who is out of the country, Fatty announced that the government is working on normalising the erratic water and power supply being experienced at the moment in most parts...
(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...
(Graphic Online 06/06/17)
The cedi outperformed the US dollar but tumbled against the euro and the British pound in the week ending June 2. The dollar was weighed by multiple negative sentiments, prompting it to slip against a basket of currencies on the international forex market. The cedi exchanged GH¢4.29 per dollar with a year-to-date depreciation of 2.20 per cent in the week under review. The British pound, however, outstripped the local currency despite its fluctuation on the international forex market. The local...
(The Point 06/02/17)
The minister of agriculture, Omar Jallow, has said the focus of the new government is to rebuild the agriculture sector to make farming a commercial venture by making it competitive and rewarding as a business. Agriculture is the highest contributor to the Gambia's gross domestic product (GDP) and 70 per cent of the population depends on it for their livelihood. However, the sector has suffered "a devastating, depleting effect" under the government of Yahya Jammeh, according to the agriculture minister...
(Daily Observer 06/02/17)
The director general of The Gambia Livestock Services has unveiled that plans are in the offing to construct over 100 boreholes in a bid to provide watering points for livestock across the country. Dr. Duta Fofana, who was speaking in a recent meeting between staff of the Ministry of Agriculture and livestock dealers in the West Coast Region, said a sum of US $45 million has been earmarked for this ambitious project. He pointed out that so far there are...
(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...
(Xinhuanet 05/18/17)
In order to revive Gambia’s weak economy, which was shunned by investors during president Jammeh’s rule, Caira-based lender African Export Import Bank (Afreximbank) said it will invest up to $500 million in the country. This was announced by the bank’s president, Benedict Oramah on Monday after meeting with President Adama Barrow. According to the executive, the facility will be invested in tourism, infrastructure and agriculture. However, though he did not say when the financing would be released, he affirmed that...
(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...
(Reuters (Eng) 05/10/17)
Gambia's central bank governor and three other senior bank officials who served under ex-strongman leader Yahya Jammeh were dismissed from their positions on Tuesday, the governor and government officials said. Jammeh fled the tiny West African nation in January as a regional military force prepared to intervene and remove him after he rejected his election defeat to opposition figure Adama Barrow. Barrow's government accuses Jammeh of committing fraud on a massive scale during his 22-year rule, including siphoning off tens...
(Graphic Online 05/08/17)
Ghana is wooing the Japanese business community to partner government in the country’s infrastructure development. “We invite them; we invite investors, we invite financiers, we invite concessioners, transaction advisors and consultants to take opportunity to discuss any area of interest for a win-win situation. “We particularly wish to invite our friends from Japan to look favourably to Ghana and partner government in the country’s infrastructure development to the mutual interest of the two countries,” the Minister of National Security, Mr...
(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...
(Bloomberg 05/02/17)
Saudi Aramco is seeking to boost its fuel-trading volume by more than a third as the world’s biggest crude exporter expands its capacity to refine oil to grab a bigger share of growing markets in Asia and Africa. Aramco, as Saudi Arabian Oil Co. is known, is building refineries in the kingdom and in Asia to help it increase sales and purchases of gasoline, diesel and other products to more than 2 million barrels a day, said Ibrahim Al-Buainain, chief...
(Business Day Ghana 04/27/17)
There are currently 960 million mobile subscriptions across Africa – an 80 percent penetration rate among the continent’s population. Internet penetration is at 18 percent with 216 million internet users, according to the latest Jumia mobile trend report for Africa. The 2017 edition of the African Mobile Trends Paper is the third white paper presentation from Jumia delving into mobile trends across Africa and specifically Nigeria. The study takes a look at the how the market has democratised mobile internet...

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