Thursday 29 June 2017
(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...
(Nyasa Times 06/02/17)
The World Bank has painted a gloomy economic outlook for Malawi by revising downwards the country's real gross domestic product (GDP) growth rate to 4.4 percent contrary to Reserve Bank of Malawi estimate of 5.6 percent made in January. World Bank s says t in its latest biannual publication Malawi Economic Monitor (MEC) that the GDP rate will driven by improved conditions in the agriculture sector. The agriculture sector's contribution to GDP--the monetary value of all finished goods and services within a country's border in a year--which has been marginally shrinking in recent years. RBM had projected 5.6 percent GDP growth for this year which raised a lot of questions from economists who argue this is another far-fetched dream as...
(Zambia Daily mail 06/02/17)
Zambia and Malawi have signed a memorandum of understanding (MoU) to promote bilateral co-operation in telecommunications and broadcast services on cross- border frequency co-ordination. Under the MoU, the Zambia Information and Communications Technology Authority (ZICTA) and Malawi Communications and Regulatory Authority (MACRA) will focus on key and diverse issues involving telecommunication and broadcasting such as promotion of expansion of roaming agreements to all operators in both countries. ZICTA acting director general Patrick Mutimushi and MACRA director general Godfrey Itaye signed...
(The East African 06/02/17)
A Malawian bank has bought a majority stake in Barclays Plc's Zimbabwean unit. The move by the First Merchant Bank (FMB) of Malawi ends months of speculation after the British financial institution announced it was disposing of its African assets. FMB Malawi's pursuit of the controlling stake had been facing resistance from the management of Barclays Zimbabwe, which had also tabled a bid to take over the iconic financial institution. However, the deal between FMB and Barclays Plc sailed through...
(Lusaka Times 05/29/17)
Malawi and Zambia has signed a bilateral agreement on One Stop Border Post (OSBP) at Mwami- Mchinji Border whose main objective is to enhance trade facilitation through efficient movement of goods and people within the COMESA and SADC regions. Malawi’s Minister of Industry, Trade and Tourism, Joseph Mwanamveka speaking during the signing ceremony in Lilongwe, said the signing of the Bilateral Agreement will take the two nations a step forward in a bilateral economic relationship. “I am convinced that a...
(Voice of America 05/27/17)
Three years of El Nino-induced drought and flooding left half of Malawi's population dependent on food aid, but this year, the country is reporting a good maize harvest. Malawi’s government banned the export of maize and maize products in 2015 amid food shortages. But now things are changing. Latest crop production estimates by the Ministry of Agriculture show that maize production will rise to 3.2 million tons, up from last year’s 2.3 million tons. The surplus has already sent local...
(Xinhuanet 05/24/17)
Entrepreneurs from East Africa on Tuesday called for increased investments in the power generation so as to develop a strong value-added manufacturing base in the region. Delegates participating in the second high-level East African Manufacturing Business Summit and Exhibition (EAMBS) held in Rwanda's capital city Kigali, said that heavy investments by both private and the public in the energy sector will enhance the production capacity of manufacturing industries in the region. Rwanda hosts the forum from May 23 to 25...
(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...
(AFP (eng) 05/06/17)
The World Bank has resumed direct budget support to impoverished Malawi with an $80-million injection three years after donors pulled out due to a "cashgate" corruption scandal, officials said Saturday. Donors, which provide about 40 percent of Malawi's budget, in 2013 pulled the plug on aid of around $150 million (110 million euros) after British auditors said at least $30 million was stolen from state coffers over a six-month period. The Bank, a major backer of the southeast African country's...
(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...
(Xinhuanet 04/26/17)
The Belt and Road (B&R) Initiative is a golden opportunity to bring about regional integration and sustainable economic growth for Africa, said Berhane Gebre-Christos, special envoy of the Ethiopian Prime Minister, on Tuesday. The special envoy made the remarks at the opening of a seminar organized on the B&R Initiative in Ethiopia's capital Addis Ababa. Welcoming the initiative, the special envoy said he is looking forward to the expected effects of the initiative. "The B&R is a project that will...
(Bloomberg 04/20/17)
WorldRemit Ltd., a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile-payment platforms and expatriates send cash home. The seven-year-old company, in which Facebook Inc.-backer Accel Partners LP invested $40 million in 2014, will this year open a regional office in South Africa, its largest market on the continent in terms of money-transfer value, founder and Chief Executive Officer Ismail Ahmed said in an interview. Another site will start...
(AFP (eng) 04/18/17)
The International Monetary Fund on Tuesday forecast 2.6 percent growth in sub-Saharan Africa this year, aided by a modest recovery in large economies South Africa, Nigeria and Angola. "Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016," the IMF said its latest World Economic Outlook report. A slump in commodity price in 2016 and devastating drought had affected...
(Xinhuanet 04/18/17)
Africa's diaspora is playing a big role in the economic transformation of the continent, the UN said on Tuesday. UN Population Fund (UNFPA) Regional Director Dr Julitta Onabanjo told Xinhua in Nairobi that remittances are important source of income for many African families. "The diaspora therefore complements government efforts to lift many families out of poverty," Onabanjo said on the sidelines of the First Africa-China Conference on Population and Development. Onabanjo said that Africans in the diaspora also bring back...

Pages