| Africatime
Wednesday 26 April 2017
(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 affect millions of people, and it will be one of the most important issues of the 21st century," he said, adding that the comprehensive approach of China means that the aspirations and development strategies of...
(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 operating in Kenya, where the London-based business sees Africa’s highest number of individual transactions. “In the next two years we should be doubling our volume every year,” Ahmed said in Kenya’s capital, Nairobi. The continent accounted for half the company’s...
(Xinhuanet 04/19/17)
Some 600,000 Namibians have either received or will receive rice donated by China amid food shortages as a result of three-year-old droughts in the country, said a senior Chinese Embassy official on Tuesday. Li Nan, charge d'affaires of the Chinese Embassy in Windhoek, said China has donated 4,000 metric tons of rice to the southwestern African country. "All the rice has been well received, transported and distributed smoothly. More than 595,000 beneficiaries living in the rural areas all over the...
(New Era 04/18/17)
Swakopmund-based mining company Gecko Namibia is being investigated by police in the Erongo Region for alleged illegal mining at the Cape Cross salt pans, about 45 kilometres from Henties Bay. According to papers seen by New Era the area in question belongs to companies Cape Cross Salts (CCS) and Cape Cross Salt Investments (CCSI). However, none of the two companies are extracting the salt for several years now due to disputes, with the latter being accused of dubiously acquiring a...
(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...
(Reuters (Eng) 04/07/17)
Access to off-grid solar energy in rural areas of Africa goes beyond lighting up homes - it also enables people to connect to the wider world and boosts their economic prospects, said the head of one of the continent's biggest solar companies. Azuri Technologies' entry level solar system - for which customers pay a one-off installation fee, then use scratch cards or mobile phone payments to top up on a weekly or monthly basis - provides eight hours of lighting...
(The Namibia Economist 04/06/17)
It is disappointing (though unsurprising) and speaks volumes that despite the direct involvement of the Secretary to Cabinet in this fracas, the Government and Cabinet have remained completely numb on this matter and have proceeded as if nothing untoward has happened. It is abundantly clear that my earlier warning fell on deaf ears. That being said, I trust this matter has now reached the stage where the Bank of Namibia has shown that it is incapable (for whatever reason) of...
(Financial Times 04/04/17)
Countries should develop policies to attract labour-intensive production leaving China. China’s initial wave of investments in Africa focused on natural resource extraction. Their demand for metals and energy was so large that it actually boosted global commodity prices overall, which in turn accelerated growth across the African continent. These times of China propping up global commodity prices are now over, as it has built up excess capacity in many sectors and now faces slow investment growth. This lower demand has...
(Xinhuanet 03/24/17)
Namibian research firm IJG Securities said Friday that they expect further contractions in the construction sector in 2017 and beyond. The research firm said in a report that 2017 was off to a slow start with only 231 building plans having been approved in the first two months while 48 were completed, the lowest numbers in the last seven years. "As a leading indicator for economic activity in the country this implies that the whole economy could remain under pressure...
(Agence Ecofin 03/20/17)
At the Africa CEO Forum which opened this morning in Geneva, AFD Group – in partnership with the European Union – unveiled the “African Renewable Energy Scale-Up facility”, designed to boost private sector investment in on–grid and off-grid renewable energy production in Africa. In order to meet Africa’s constantly increasing energy requirements, support must be provided for mass development of the renewable energy technologies – especially solar energy – that will play such a key role over the coming years,...
(Voice of America 03/18/17)
Each year, the University of Southern California hosts the African Global Economic and Development Summit, bringing delegations from Africa to meet with business leaders, government officials and others in the U.S. But this year, the African summit has no Africans. All were denied visas. Visa issues are not uncommon for people traveling from African nations. During her prior three summits, Mary Flowers saw a high percentage of her attendees unable to attain visas. "Usually we get 40 percent that get...
(The Namibian 03/17/17)
JUST HOW lavish the pay and perks of political office bearers and parastatal bosses are was definitively established to some extent this week. And the emergence of this information was always going to cause uproar, especially as the President reminded Namibians over the weekend of prevailing economic hardships, and as society continues to grapple with stubborn wage and wealth inequalities. It is against the backdrop of these inequalities that the salaries of politicians and those of state-owned enterprises' bosses have...
(The Wall Street Journal 03/15/17)
Ndalo Media founder Khanyi Dhlomo and Mara Group founder Ashish Thakkar on where the potential is and what’s blocking it How is innovation in Africa different from innovation in Silicon Valley? And how can innovation in Africa be encouraged? Dan Keeler, frontier-markets editor of The Wall Street Journal, discussed those questions with Khanyi Dhlomo, founder and chief executive of Ndalo Media, a publisher based in South Africa, and Ashish Thakkar, founder of Mara Group, a pan-African investment group with operations...
(The Namibian 03/14/17)
The Social Security Commission invested N$150 million with the SME Bank last year and The Namibian understands that they want part of it back. The Bank of Namibia took control of the SME Bank two weeks ago after alleged suspicious investments in South Africa, involving N$200 million, were uncovered. Some of the ousted SME Bank executives, who have hired lawyer Sisa Namandje to demand that the Bank of Namibia reinstate them, said there was a run on the bank, and...
(Reuters (Eng) 03/13/17)
The United Arab Emirates, one of the Middle East's largest economies, wants to expand trade ties with faster growing nations in Asia and Africa, a senior official said on Sunday. Rich Gulf Arab states are looking at ways to diversify their economies, including who they trade with, after more than two years of depressed oil prices forced a rethink of government spending. The pace of economic growth in Asian and sub-Saharan African economies has made them ideal partners, Abdullah al-Saleh,...
(The Independent 03/06/17)
Th term was coined by sceptical officials, worried about the importance given to Commonwealth trade deals ahead of Brexit negotiations. Plans by government ministers to boost trade links with African Commonwealth countries are being internally branded “empire 2.0” by sceptical officials who are worried about the importance being placed on such deals ahead of the UK’s negotiations of leaving the European Union (EU). International Trade Secretary Liam Fox is expected to promise to build better links with the whole of...
(New Era 03/03/17)
Windhoek-The Government of Japan early this week signed a food aid grant of N$ 4.7 million with Namibia in support of Namibia’s efforts to tackle food insecurity caused by the persistent droughts. Namibia has been facing persistent drought for three consecutive years in a row. Signing on behalf of Namibia, the Deputy Prime Minister (DPM) and Minister of International Relations and Cooperation Netumbo Nandi-Ndaitwah explained the severe scarcity of water caused by low rainfall in recent years has negatively affected...
(Bloomberg 03/03/17)
Polar Star Management Ltd., which runs one of the best-performing African and Middle East hedge fund over the past five years, plans to start a private-equity unit that will invest in agriculture to exploit rising demand for food. The Cape Town-based firm plans to use its own money to buy small farms and processing companies in South Africa this year, then increase efficiency through consolidation and better management, said Murray Derksen, a director at Polar Star. It aims to raise...
(Xinhuanet 02/23/17)
The Hospitality Association of Namibia said Thursday that 2016 will go down in history as one of the most successful and positive tourism years for the country. According to a statement the association sent out, tourism accommodation properties recorded nearly 60 percent occupancy across the country and throughout the year. Lodges, tented lodges and guest houses seem to be the most popular accommodation facilities throughout Namibia, but hotels fared almost equally well, the statement said. Although the submissions are not...

Pages