| Africatime
Saturday 29 April 2017
(AfricaNews 04/28/17)
Sub-Saharan Africa’s growth is showing signs of recovery this year after a tumultuous period in 2016. The World Bank estimates that GDP growth will rise to 2.6 percent in 2017 compared to 1.3 percent last year and rise further to 3.2 percent in 2018 and 3.5 percent a year later. “Sub-Saharan Africa is projected to grow at a moderate rate of 2.6 percent in 2017, and somewhat improve towards three percent in 2018. This timid recovery is certainly better than the 1.6 percent we had in 2016, the lowest in a decade, but it is still below population growth in Africa,” said Albert Zeufack, Africa region chief economist at World Bank. Sub-Saharan Africa is projected...
(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 use, the consumer behaviours driving increased smartphone adoption and the role of mobile brands, mobile operators and m-commerce in creating a synergy of an enhanced customer experience. This year’s Mobile Africa Study was carried out in 15 African countries which...
(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...
(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 East African 04/06/17)
RwandAir CEO John Mirenge has been sacked. Mr Mirenge was dropped as boss of the Rwandan airline Wednesday, following a Cabinet meeting chaired by President Paul Kagame. Col. Chance Ndagano has been named the new chief executive. Other appointments include Lt Col Sylvere Munyaneza who has been named the deputy CEO in charge of operations and Makolo Manzi who will now serve as deputy CEO in charge of corporate affairs. The appointments come barely a day after RwandAir launched a...
(Xinhuanet 04/04/17)
Rwandan national carrier RwandAir will introduce a four times weekly service between Kigali and Harare staring on Wednesday (April 5), Zimbabwe's Civil Aviation Authority (CAAZ) said Tuesday. This follows the airline's announcement in January this year that Harare will be among six new African and international destinations it planned to start servicing in 2017. The flights also commence after Zimbabwe's tourism minister Walter Mzembi met RwandAir officials in Kigali on the sidelines of an African Union summit last year and...
(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...
(The East African 04/03/17)
I&M Bank Rwanda shares closed at Rwf105 ($0.12) per share on Friday, on their first day of trading. The initial public offering price a week ago stood at Rwf90 ($0.11). Just over 100 shares were traded on the Rwanda Stock Exchange amid supply concerns as investors in the primary market held on. At the close of the debut trading, the bank's market value reached Rwf52.5 billion ($63.6 million). I&M Bank Rwanda is a subsidiary of the Nairobi Securities Exchange-listed I&M...
(Tanzania Daily News 03/30/17)
Over 7,000 households in Tanzania, Rwanda and Burundi are set to benefit from 80 megawatts of electricity from the Rusumo Falls hydro-electric project along Kagera River whose ground-breaking ceremony is set for today. Tanzania’s Minister for Energy and Minerals, Prof Sospeter Muhongo and his Rwanda and Burundian counterparts are expected to grace the ground-breaking event scheduled at the Tanzania-Rwanda border. Each partner state will have a share of 26.6MW to be connected to their national power grids. The project is as well meant to strengthen the regional power interconnections between the three countries, which are also member states of the East African Community (EAC). Apart from the 7,000
(The New Times 03/28/17)
The National Bank of Rwanda has announced indefinite suspension of licensing of new forex bureaus, in a move the bank said would ensure a vibrant and dynamic foreign exchange market in line with current economic developments. The suspension takes immediate effect, according to a statement dated March 22 issued by John Rwangombwa, the Governor of the National Bank of Rwanda. This means that over the freeze period, there will be no new entrants into foreign exchange market till the suspension...
(Xinhuanet 03/20/17)
The World Bank Group President Jim Yong Kim is expected in Rwanda on Tuesday. During his visit, from March 21-22, Kim is expected to meet with Rwandan President Paul Kagame to discuss the east African country's development achievements, innovations and the progress made in fostering private sector growth and development, according to a statement issued by the World Bank office on Friday in Kigali. Kim will also hold meetings with private sector leaders and visit human development and other projects...
(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 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...
(Agence Ecofin 03/14/17)
In Rwanda, the National Agricultural Exports Board (NAEB) announced an increase of 64% of the minimum price guaranteed to coffee-growers. Indeed, the kilogram of the crop will be now sold at 246 Rwandan francs against 150 Rwandan francs previously. According to Pie Ntwari, head of public communication and relations at the NAEB, the decision to increase the price by the government aims to encourage coffee farmers and subsequently boost its production. Besides increasing output, the official believes the measure will also help produce coffee of higher quality.
(Xinhuanet 03/13/17)
Rwanda and Sao Tome and Principe have signed five agreements aimed at enhancing cooperation ranging from agriculture to tourism. The agreements are on cooperation in areas of agriculture, animal resources, tourism trade, air transport, and visa waiver. Rwanda's foreign minister Louise Mushikiwabo, and her counterpart Urbino Botelho signed the agreements on behalf of their respective countries, following talks in Kigali aimed at strengthening relations between the two countries. A statement released Sunday said both sides pledged to implement the agreements aimed at consolidating bilateral relations as well as promoting South-South Cooperation and strengthening African solidarity.
(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,...

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