Thursday 19 April 2018
(AFP (eng) 03/28/18)
Mozambique's renewed efforts to solve its spiralling "secret debt" crisis have again collapsed, leaving the country struggling to recover its reputation as one of Africa's potential growth hotspots. Last week, Finance Minister Adriano Maleiane flew to London to present creditors with a long-awaited restructuring plan for the $2.2-billion (1.77 billion euros) debt that Mozambique has defaulted on since last year. Maleiane presented options including a massive write-down, low interest rates until 2023 and a partial swap for a local long-term debt. All his proposals were dismissed by the Global Group of Mozambique Bondholders, which says it represents most of the holders of the Eurobond debt and commercial...
(AFP (eng) 03/21/18)
Forty-four African countries have signed an agreement establishing a free trade area seen as vital to the continent's economic development, the head of the African Union said Wednesday. "The agreement establishing the CFTA (African Continental Free Trade Area) was signed by 44 countries," said Moussa Faki Mahamat, chairperson of the AU commission. The creation of a free trade area -- billed as the world's largest -- comes after two years of negotiations, and is one of the AU's flagship projects for greater African integration. However, the agreement will still have to be ratified at a national level, and is only due to come into force in 180 days. The full list of countries which did not sign the agreement is...
(AFP (eng) 02/19/18)
About 224 million people are suffering from malnutrition across Africa as climate change and conflicts heighten food insecurity across the continent, a top UN food agency official said Monday. The official, speaking at a conference on Africa organised by the UN's Food and Agriculture Organization (FAO), said the situation was a "cause of concern" as the continent's population was expected to reach 1.7 billion by 2030. "Under-nourishment appears to have increased from about 21 percent to nearly 23 percent between...
(Xinhuanet 11/17/17)
Sino-African relations have entered a new development stage of win-win cooperation, according to the fifth Biennial Conference of China-Africa Industrial Forum (CAIF) that opened here Thursday. Supporting Africa's industrialization and capacity cooperation are of vital importance in the next five years and Sino-African trade is likely to total 180 billion U.S. dollars in 2017, said CAIF secretary general Cheng Zhigang in the opening speech. Sino-African economic and trade cooperation has great potential, said Cheng. China has been Africa's largest trading...
(Reuters (Eng) 11/14/17)
KIGALI (Reuters) - The global airline industry has $1.2 billion blocked in nine dollar-strapped African countries, the International Air Transport Association (IATA) said on Monday. The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced government revenue and caused chronic dollar shortages and immense pressure on local currencies. The fiscal slump has meant governments have not allowed foreign airlines to...
(Reuters (Eng) 10/31/17)
HARARE (Reuters) - Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth. Nigeria and South African are the biggest economies in Africa south of the Sahara, but both nations have been clouded by political uncertainty linked to the tenure of their leaders. The IMF said a...
(AFP (eng) 10/18/17)
Rent-a-room giant Airbnb said Tuesday that it had provided accommodation for 1.2 million visitors to Africa over the last year -- double the previous year as tourism expands across the continent. The website now offers more than 100,000 accommodation options in Africa, global public affairs director Chris Lehane said on a visit to Johannesburg. "It's an incredibly rich and diverse continent, an incredibly dynamic place, certainly a big part of our future," Lehane told AFP. Airbnb was founded in 2008...
(APA 10/16/17)
APA-Dakar (Senegal) - The president of the African Development Bank, Akinwumi Adesina, will deliver the Norman Borlaug Lecture on Monday 16 October as part of the World Food Prize events taking place from October 16 to 20, 2017 in Des Moines, Iowa, USA. The Norman Borlaug Lecture under the title: “Betting on Africa to Feed the World”, will be held on World Food Day, October 16, in conjunction with the annual World Food Prize celebration. AfDB President Adesina will receive...
(AFP (eng) 10/10/17)
Economic growth in sub-Saharan Africa is set to accelerate to 3.4 percent next year, the International Monetary Fund said Tuesday, citing Nigeria's recovering oil and agricultural sectors. The IMF said in its latest World Economic Outlook report that the region would grow by 2.6 percent this year after 1.4 percent in 2016. "Growth is expected to rise gradually," it said, while noting that the rate would be uneven and "barely above population growth". GDP in the west African powerhouse Nigeria...
(Reuters (Eng) 10/05/17)
NAIROBI (Reuters) - Hilton Worldwide Holdings Inc. (HLT.N) plans to spend $50 million over the next five years to add 100 hotels to its chain in Africa, it said on Thursday, joining other chains keen to tap growing business and international travel on the continent. One property will open in the Kenyan capital Nairobi by the end of this year and another in the Rwandan capital Kigali in 2018, it said in a statement. There was 11 percent growth in...
(AFP (eng) 09/29/17)
Government shutdowns of the internet have cost sub-Saharan Africa about $237 million since 2015, according to a study released Friday, as authorities increasingly implement planned disruptions. At least 12 countries have had internet shutdowns, often before elections or when protests erupt, with mobile internet networks most recently suspended in Togo during opposition demonstrations. "Internet disruptions, however short-lived, undermine economic growth, disrupt the delivery of critical services, erode business confidence, and raise a country’s risk profile," the CIPESA report said. The Collaboration on International ICT Policy for East and Southern Africa (CIPESA) released its...
(Bloomberg 09/27/17)
Studio 189, a label founded by actress Rosario Dawson and fashion executive Abrima Erwiah, is reinvesting in its African roots. It’s hard enough to build a fashion brand, let alone an empire. Rare is the person who makes a mission of using fashion to build communities. Such is the case with Studio 189, a label founded by longtime friends Abrima Erwiah (formerly a marketing executive at Bottega Veneta) and Rosario Dawson (an enduring star most recently seen in Netflix’s Marvel...
(Reuters (Eng) 09/26/17)
Israel’s Elbit Systems Ltd said on Tuesday it won a contract worth $240 million to provide a wide array of defense electronic systems to an unnamed country in Africa. The contract, which will be carried out over a two-year period, is comprised of Directed Infra-red Counter Measure (DIRCM) systems to protect aircraft from shoulder fired missiles, based on passive infrared systems, and includes missile warning systems, radio and communication systems, land systems, mini-unmanned air systems and helicopters upgrade.
(Voice of America 09/25/17)
African first ladies and activists hailed progress that some governments on the continent are making on gender equality. They met on the sidelines of the United Nations General Assembly in New York. “We used to have 23 percent female representation in parliament but, with the stroke of a pen it went up to 48 percent. So, we managed to double our female representation with that decision,” said Namibia’s first lady Monica Geingos at a roundtable invitation-only event co-hosted by the...
(Macauhub 09/21/17)
The Mozambican government remains committed to its goal of bringing electricity to the whole country by 2030, the Minister of Mineral Resources Leticia Klemens said on Wednesday in Maputo. The minister, who spoke at the presentation of the portfolio of projects of the National Energy Fund (Funae), stressed that the government has been intensifying efforts to bring the electricity supply to rural areas of the country. Quoted by Mozambican newspaper Notícias, Klemens said private entities “now have more room to finance renewable energy projects in Mozambique, thus opening the way for the investment to stop being just public.” As an example of private sector involvement, she cited the agreement signed last May between Funae
(Macauhub 09/21/17)
The United Kingdom’s exit from the European Union is an opportunity to make more investments in Mozambique and will not have a negative impact on bilateral trade relations, the British Minister for International Trade said on Wednesday in Maputo. Minister Liam Fox, who travelled to Mozambique as part of a tour of some southern African countries, said that what worries potential British investors is the guarantee of macroeconomic stability and a stable legal framework. The SADC Sugar Producers Federation last...
(Macauhub 09/19/17)
The Mozambican Energy Fund (Funae) on Tuesday is scheduled to present a portfolio of renewable energy projects worth an estimated US$500 million to help ensure that by 2030 the Mozambican population has full access to electricity, according to a statement issued on Monday in Maputo. The statement cited by Mozambican state news agency AIM said the project portfolio provides for electrification through the use of solar and hydro sources, covering the provinces of Maputo, Gaza and Inhambane (south), Sofala, Manica, Tete and Zambézia (central Mozambique) and Nampula, Niassa and Cabo Delgado
(Macauhub 09/19/17)
The governments of Mozambique and Malawi have decided to expand the Nacala Development Corridor, which includes a railway line that crosses the two countries linking Moatize, in Tete province, to the port of Nampula, in Nampula province, under a agreement signed on Friday in Maputo. The agreement, which provides for additional funding of US$2.5 billion for development of the corridor, will allow the corridor to evolve, “as well as fostering economic growth by promoting and coordinating economically viable businesses in...
(Macauhub 09/19/17)
India’s decision to freeze imports of some types of pulses to protect local production prices has meant that a number of farmers in Mozambique have run out of markets to export their produce, according to Mozambican newspaper Notícias. The newspaper wrote that more than 300 tonnes of Boer beans produced in the current agricultural campaign in the districts of Ancuabe, Montepuez, Chiúre, Balama and Namuno, in the south of the Mozambican province of Cabo Delgado, run the risk of deteriorating...
(Macauhub 09/19/17)
Mozambique’s banking sector has become reliant on loans to the public sector to maintain growth due to the economic environment created by the state’s financial default in 2016, according to consultancy BMI Research. In a note on the financial sector sent to analysts, the Fitch group consultancy adds that this is because “the government has increasingly been kept away from international markets following the disclosure of hidden debts and subsequent financial default.” With limited access to external financing, the government...

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