Saturday 19 August 2017
(Xinhuanet 08/09/17)
The United States Trade Representative (USTR) on Wednesday affirmed the commitment of his country to Africa and saw "great potential to grow and deepen trade relationship." Robert E. Lighthizer expressed this in opening speech of the ministerial plenary as part of the 16th Forum of the Africa Growth and Opportunity Act (AGOA), on Wednesday here in Togolese capital Lome. "The United States is committed to Africa. We see great potential to grow and deepen our trade relationship, with the goal of establishing a true partnership for the future", Lighthizer said. "By lowering barriers and tackling other constraints that impede trade and investment, we are poised to see U.S.-Africa trade flourish", he said, underscoring that "much...
(Xinhuanet 08/03/17)
Trade between China and Africa reached 85.3 billion U.S. dollars in H1, surging 19 percent year on year as the two sides strengthened cooperation in a wide range of areas, official data showed Thursday. The data reversed the negative growth trend since 2015, according to Gao Feng, spokesperson with the Ministry of Commerce. During January-June, Chinese imports from Africa, including minerals, agricultural products and fruits, amounted to 38.4 billion U.S. dollars, jumping 46 percent from the same period last year, while exports gained 3 percent to 47 billion U.S. dollars. Transport equipment has become a bright spot in China's exports to African countries, with that of ships, trains and aerospace equipment up 200 percent, 161 percent and 252 percent respectively,...
(Bloomberg 08/02/17)
Julien Ochala can’t live without his morning cup of Joe. But not just any coffee will do. For the past five years, the 37-year-old physiology lecturer at King’s College London has visited the same store every week to grab a pack of his beloved Kenyan brew. And he’s not put off by the cost: at 37 pounds a kilogram ($22 a pound), it’s more than double a similar supermarket product. "I take Kenyan coffee every morning," said Ochala, who buys...
(Bloomberg 08/01/17)
British American Tobacco Plc faces a formal probe by the U.K.’s Serious Fraud Office following reports that the maker of Dunhill cigarettes bribed African government officials to influence tobacco legislation. BAT said Tuesday it is running its own investigations, via external legal advisers, into allegations of misconduct and is cooperating with the U.K. prosecutor. A BBC report two years ago said BAT had a lobbyist arrange bribes totaling $26,000 for three public officials in Rwanda, Burundi and the Comoros Islands...
(APA 07/28/17)
Sierra Leonean President Ernest Bai Koroma will on Friday commission a landmark solar energy project of the Ministry of Energy Rural Renewable Electrification Project and funded by the UK. The Energy ministry said in a statement on Thursday that the project, which involved the installation of Solar Mini Grids in 54 Community Health Centres across the country, was part of a larger project designed to benefit over half a million Sierra Leoneans. Electrification of community health facilities is crucial in...
(Reuters (Eng) 07/28/17)
Barclays reported a 1.2 billion pound ($1.57 billion)attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group, and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group to 15...
(AfricaNews 07/27/17)
At a time when Africa is going through a difficult situation, the blue economy is emerging as a stepping stone to relaunch the continent in the right economic direction. But this type of economy is seriously threatened by “predators” who do not hesitate to plunder resources. The “cancer of illegal fishing” costs Africa about $ 1.6 million annually based on Economic Commission for Africa’s estimates. This and more on this week’s edition segment on Business on the Morning Call with...
(Reuters (Eng) 07/20/17)
JOHANNESBURG (Reuters) - Africa's major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related drought wilted crops last year. Poor business confidence in South Africa and foreign exchange restrictions in Nigeria have also hampered growth. "We expect that African monetary policy is entering a widespread...
(Bloomberg 07/19/17)
Vodacom Group Ltd. sees the expansion of mobile-banking services into new markets in sub-Saharan Africa as a top priority following a shareholder vote to rubber stamp its purchase of a 35 percent stake in Safaricom Ltd., Kenya’s biggest company. “We will use Safaricom to enter other markets where neither Vodacom nor Safaricom are,” Chief Executive Officer Shameel Joosub said in an interview at the wireless carrier’s annual general meeting in Johannesburg on Tuesday. The two businesses have a combined 30...
(Xinhuanet 07/17/17)
Africa is making progress towards the establishment of a trade zone by Oct. 30 that will cover approximately half of the continent's member states. The Common Market for the Eastern and Southern Africa (COMESA) Director of Trade and Customs, Francis Mangeni, said in a commentary published in the Star Newspaper on Monday that so far 19 of the 26 countries involved have signed the agreement. "Three outstanding annexes had meant the tripartite agreement was not complete and this was advanced...
(Bloomberg 07/10/17)
Many cell phone companies are rethinking their headlong rush into the continent. Only Orange is staying the course. Back when African countries were auctioning off mobile licenses by the boatload to serve the region’s young, tech-savvy population, investing in the continent’s fast-growing economies seemed like a no-brainer. Some of the world’s biggest wireless carriers rushed in. Now they’re wondering if they made a mistake. Increasing government and regulatory scrutiny, as well as a lack of expansion opportunities in sub-Saharan Africa,...
(APA 07/07/17)
Sierra Leone will receive a $30 million International Development Association (IDA) credit from the World Bank Group to support the financing of government’s development programmes articulated in the agenda for prosperity and the President’s recovery priorities, the Bank announced on Thursday. It said the Sierra Leone First Productivity and Transparency Support Credit (PTSC-I), approved by the Bank Group Board on June 30, 2017, was aimed at supporting the government’s efforts to achieve sustainable and inclusive economic development through increasing productivity...
(APA 07/05/17)
The first ever toll road under construction in Sierra Leone will be the cheapest in terms of charges in the whole world, a government official has said. Mohamed Sahid Koroma, head of the Toll Road Sensitisation process in the Ministry of Youth Affairs, in an exclusive interview with APA defended the pricing list released by the government and the Chinese firm constructing the road. Advertisment End of break ads in 29s You can close Ad in 4 s There has...
(APA 06/23/17)
Sierra Leone's Vice President Victor Bockarie Foh has called on the private sector to take advantage of the opportunities created by the government. Inaugurating the Call To Business (ACTB) Savings and Loans Limited at the company's head office in the west end of Freetown on Thursday, Mr. Foh described it as a "success story." He attributed this success to the efforts of the government. "Being cognisance of this, since he assumed office in 2007, President Ernest Bai Koroma and his...
(APA 06/23/17)
The parliament in Sierra Leone has ratified a revised power purchase deal reached with the Swiss energy producer Addax in 2011. Parliament in a statement on Wednesday said the amendment was warranted by changing circumstances. Addax Bio Energy is a Swiss owned company which engages in the production of palm oil and sugar cane, from which it produces bio energy. Its deal with the Sierra Leone government is aimed at providing alternative sources of energy to address the country’s huge...
(APA 06/21/17)
Sierra Leone has increased its Monetary Policy Rate by 1 percent from 12.00 percent to 13.00 percent, as it opts to maintain a tight monetary policy against the growing influence of inflation. The Bank of Sierra Leone (BSL), in its latest Monetary Policy Statement published on Wednesday, also increased the Standing Deposit Facility from 6.50 percent to 9.00 percent, and the Standing Lending Facility jumped from 13.00 percent to 16.00 percent. The bank said the decision was taken in the...
(APA 06/21/17)
Poverty is the leading factor fueling teenage pregnancy in Sierra Leone, a new report has revealed. The findings by the National Commission for Children (NCC) are part of its annual report officially released on Tuesday under the theme: “Reintegration of teenage mothers into formal school system. According to the report, over 70 percent of teenage mothers lack education on sexual and reproductive health before they got pregnant. Only 10.5 percent reported having used any form of contraceptive up to three...
(APA 06/19/17)
The National Council for Technical Vocational and Other Academic Award (NCTVA) in Sierra Leone has announced new stringent measures designed to counter examinations malpractice. NCTVA is the country’s highest national examinations body and it conducts exams at the level of college, Polytechnic, Vocational and some secondary schools, as opposed to the regional West African Examination Council (WAEC), which conducts exams for Junior and Senior Secondary Schools. Amidst concern of the widespread existence of malpractice, the NCTVA is worried that this could compromise the quality of its certificate, Mohamed Jalloh, Director of NCTVA, said on Monday in an interview. His comments followed massive clamp down by government on a string of exams malpractice...
(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...
(APA 06/12/17)
The Sierra Leone government has signed a US$17m road construction project, the Sierra Leone Roads Authority (SLRA) announced in a statement on Monday. The 46km road is the second and final phase of the Sierra Leone leg of the Trans-Africa road project. This road will run from Bo to Bandajuma in the south of the country, linking Sierra Leone to Liberia on its southern flank. The OPEC Fund for International Development, the African Development Bank and the government of Sierra...

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