Sunday 25 June 2017
(AFP (eng) 06/14/17)
The Democratic Republic of Congo said Tuesday it has asked Chinese and Spanish bidders of a colossal dam project to join forces and submit a joint bid. The request will further delay the huge project, known as Inga 3, that has been planned for around 30 years. The government had said it would award the contract by the end of last year with an aim to launch construction this year. In the running for the deal are two consortiums, one led by the Chinese Three Gorges Corporation and another grouped under Spanish construction company ACS. The Congolese government agency handling the project ADPI asked the two consortiums to present a single, "optimised" offer, but did...
(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...
(Bloomberg 05/23/17)
A revised mining code that the Democratic Republic of Congo’s government will present to parliament is the same draft proposal introduced to legislators in 2015 and opposed by industry, Mines Minister Martin Kabwelulu said. The proposed changes should be presented to parliament this week, but a date has yet to be set, Kabwelulu said Monday by mobile-phone text message from the capital, Kinshasa. “It is the same draft,” he said. A proposed revision of the 2002 mining code was approved...
(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)
Democratic Republic of Congo's government plans to re-introduce legislation in parliament next week to revise the mining code a year after withdrawing it amid fierce opposition from mining companies, the mines minister told Reuters on Friday. The government of Africa's largest copper producer suspended consideration of the revised code in March 2016 due to low commodity prices. Companies said its increased royalties and shortened stability clauses would make their projects unprofitable. Mines Minister Martin Kabwelulu did not say whether the legislation, aimed at boosting government revenues, would be identical to the earlier proposal. Representatives from the industry-led Chamber of Mines could not be
(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...
(Bloomberg 05/08/17)
Rawbank Sarl, the Democratic Republic of Congo’s biggest lender, plans to extend its branch network into all 26 provinces from 12 over the next three years before expanding regionally and eventually listing its shares. "Our first priority is to cover the Congo and then look to expand into the neighboring countries with a listing on a stock market," Chief Executive Officer Thiery Taeymans said in an interview in the capital, Kinshasa. It is considering bordering Republic of Congo as its...
(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...
(AFP (eng) 04/27/17)
There is no tap water, electricity or shops in Lusanga, a Congolese town once known as Leverville where the Dutch-British conglomerate Unilever long ran a profitable palm oil plantation. But the 15,000 onetime workers living on the land recently found new hope in a stark contemporary art centre called the "White Cube" which stands somewhat strangely on the African skyline. Funded in part by chocolate sculptures and aimed at redressing the wrongs of the colonial past, the project seeks to...
(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 04/25/17)
The Democratic Republic of Congo signed a provisional agreement to import power from South Africa that could boost copper production this year by as much as 20 percent, according to the country’s chamber of mines. Congolese state-owned power company SNEL proposed importing 200 megawatts from South African utility Eskom Holdings SOC Ltd. at meetings in Johannesburg on April 20 and April 21, said Ben Munanga, chairman of the energy commission at the chamber. Eskom has 1,000 megawatts available for export...
(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...
(Bloomberg 04/19/17)
A dispute between state-owned Gecamines and its joint-venture partner at a Congolese cobalt mine that supplies Glencore Plc threatens to halt the supply of as much as 4 percent of the metal within two months. Jersey-registered GTL, a joint venture between Gecamines and closely held Groupe Forrest International, has processed the hill of mine waste that looms over the southern Congolese mining town of Lubumbashi since 2001, producing as much as 5,000 metric tons of cobalt a year. The state-owned...
(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...

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