| Africatime
Wednesday 22 February 2017
(Xinhuanet 02/22/17)
Africa Energy Indaba, the continent's premier energy event, kicked off in Johannesburg on Monday with the aim of finding solutions to the continent's energy future. The three-day conference is being attended by the governments' representatives, business and funders. The meeting seeks to unleash the continent's potential by coming up with an energy mix to develop Africa. Dr. Garth Strachan, Deputy Director General and Head of Gas Industrialization Unit in South Africa's Department of Trade and Industry said the recent discoveries of gas in Mozambique, Angola and Tanzania provides a huge opportunity for the continent. He said there is a need for the countries to work together to tap benefits from the gas for the good...
(AFP (eng) 02/15/17)
Sub-Saharan Africa, where more than a half billion people live without electricity, trails the world in government policies that promote sustainable energy, according to a new World Bank report Wednesday. Much of the rest of the world, however, has made strides toward making energy broadly available, developing renewable power sources and increasing efficiency, the inaugural Regulatory Indicators for Sustainable Energy report said. In a survey of 111 countries, the World Bank found that through 2015 nearly 80 percent had begun to adopt policies to expand electrical grids, connecting them to solar and wind generation, and to help make electric utilities creditworthy and financially viable while keeping energy prices down. More than a third of countries, home to 96 percent of...
(Standard Digital 02/09/17)
Hundreds of business and political personalities yesterday attended a German-African economic summit in Nairobi, where German Minister for Economic Cooperation and Development Gerd Mueller talked about his “Marshall Plan” for Africa. The plan is “with Africa, not for Africa,” Mueller (pictured) said, stressing that it would be based on cooperation between equals rather than the principles of traditional development aid. The plan, which Mueller presented to the German parliament’s development committee on Wednesday, is based on fair trade conditions, investment...
(Bloomberg 02/06/17)
Prem Watsa’s Fairfax Financial Holdings Ltd. is expected to raise about $500 million for its new African investment fund, attracting less than its original goal as investor interest in the region proved weaker than anticipated, according to people familiar with the matter. The Toronto-based insurer sought to raise as much as $1 billion at $10 a share for Fairfax Africa Holdings Corp. in an initial public offering on the Toronto Stock Exchange, according to a regulatory filing in December. Fairfax...
(Xinhuanet 01/28/17)
The African Union (AU) has been endeavoring to ensure robust, resilient and long-lasting economic transformation of Africa through promotion of infrastructure and energy development on the continent, noted Elham Mahmood Ibrahim, AU Commissioner for Infrastructure and Energy. Speaking at a press conference Friday ahead of the 28th AU leaders' summit here, the commissioner said the pan-African bloc has scored achievements in its flagship projects and programs on the development of energy, transport as well as in the information and communication...
(Bloomberg 01/27/17)
Barclays Africa Group Ltd. was targeted by protesters who entered one of its branches on Thursday and demanded the bank pay back money from a bailout provided to a company it bought before the end of apartheid. Demonstrators linked to the youth league of South Africa’s ruling African National Congress gathered outside the branch in Durban on South Africa’s east coast, Johannesburg-based Barclays Africa said in an e-mailed response to questions. Police ensured customers and staff were protected during the...
(Xinhuanet 01/26/17)
Adopting African Continental Free Trade Area (CFTA) has been named a major task for the African Union (AU) this year as the 30th session of its Executive Council opened on Wednesday. In her remarks at the opening of the meeting, Nkosazana Dlamini-Zuma, Chairperson of the AU Commission, called for member countries' commitment to meeting the first target in Agenda 2063 of commencing the CFTA by end of 2017. She underlines the need "to do what needs to be done on...
(Cnbc Africa 01/24/17)
While Brexit and the U.S. election dominated headlines in 2016, the African continent witnessed major changes of its own. Its two largest economies were destabilized, with Nigeria being driven into recession and the South African political elite grappling for power. Conflict continued to make news, with the continuation of people trafficking across the Mediterranean and violence in South Sudan bubbling over. Macroeconomic concerns Growth in Sub-Saharan Africa fell to 1.5 percent in 2016 according to the World Bank, which deemed...
(Agence Ecofin 01/06/17)
Indian firm Aaviskaar Venture Management Services (AVMS) has announced plans to raise between $100 million and $150 million for Africa investments. “We will start the fund-raising around the middle of 2017 and we expect to close it in 2018,” said Vineet Rai, founder of Intellecap-Aavishkaar group. The new African fund will focus on investing on African low-income groups, especially in the agriculture, finance and financial technology sectors. “We will use the sow-tend-reap strategy of multiple round investing and will be...
(BBC News Africa 01/03/17)
An electricity grid for the whole village Problem: A total of 1.3 billion people worldwide currently don't have electricity, according to Yale Environment 360. Getting people in rural areas on to the national grid is proving too difficult and traditional solar panels generate meagre amounts of energy. Solution: Steamaco makes solar and battery micro-grids which can work for a whole village. They are small electricity generation and distribution systems that operate independently of larger grids. How it works: Micro-grids are...
(Voice of America 12/30/16)
2016 was predicted to be a tough year for African economies, and it delivered. Traditional economic leaders faltered this year amid a storm of falling commodity prices, unpredictable and destructive weather like droughts and floods across large swaths of the the continent. Slow economic growth in China, a major investor and trading partner, only added to their challenges. “This year, you’ve seen the two Africas: the commodity exporters going through tough times, while the non-commodity exporters being more resilient,” Nigerian...
(AFP (eng) 12/28/16)
Its lower cost has made it popular in commercial food production, but after being blamed for deforestation in Asia, palm oil plantations are now getting a similar rap in Africa. The sheer scale of land required is having an impact in Gabon, Cameroon and the Congo Basin, environmentalists say. With financing coming from American, European and Asian agri-businesses, palm bunches are cultivated then cut from trees and sent to factories where oil is extracted by hot pressing. But the production...
(The Herald Online 12/27/16)
The end of 2016 provides an opportunity to take stock of Africa’s recent economic performance and future prospects. It’s been a tumultuous year for some African countries largely due to a commodities crisis and a global economic slowdown.Yet there were still pockets of good growth which displayed the huge potential of the African continent. And 2017 looks to be the year the countries hardest hit by the crisis seek to recover from the economic reversals of the past few years...
(Concord Times 12/21/16)
Government of Sierra Leone through the Ministry of Energy has formed and launched an Electricity Offence Committee in order to tackle the rate and spate of electricity theft in the country. The Committee was formed and launched at the Conference Room of the Ministry of Justice yesterday on Lamina Sankoh Street in Freetown. It comprises officials from the Ministry of Energy, Ministry of Internal Affairs, Ministry of Justice, Office of National Security (ONS), Electricity Contractors Association, EDSA, Director of Public...
(The Citizen 12/21/16)
Tanzania is among some African countries which may see a drop in development aid as the US is likely to expand fiscal stance and cut spending during Donald Trump's presidency, a new report shows. The move by the world's largest economy will affect dependent countries such as Ethiopia, Kenya, Tanzania, Nigeria and DRC according to the Institute of Chartered Accountants in England and Wales (ICAEW) latest report released in London yesterday. In its Economic Insight: Africa Q4 2016, the accountancy...
(CNN 12/15/16)
In the sleepy, sun-blasted town of De Aar in central South Africa, a mighty force is stirring. The largest solar plant in Africa, Middle East and the Southern hemisphere was inaugurated here earlier this year, a 175-megawatt facility that spreads over almost 500 hectares. The facility is the brainchild of Solar Capital, led by hotel magnate turned solar evangelist Paschal Phelan, which ploughed $400 million into the venture. The plant supplies power to the National Grid, but when the heat...
(AFP (eng) 12/13/16)
The cocktails keep flowing by the pool on the tourist strip, but in The Gambia's markets many African migrant traders are packing up their businesses and heading home. The international community is piling pressure on President Yahya Jammeh to leave power after 22 years and hand over to opposition leader Adama Barrow, who won an election two weeks ago only for Jammeh to later reverse his original concession of defeat. Of the economy's two main sources of investment from abroad,...
(Reuters (Eng) 12/07/16)
As the darkness falls on the plains around Bunambiyu, a remote village in Tanzania's northern Shinyanga region, Elizabeth Julius switches on her solar lantern to finish sewing clothes for her customers. Not long ago, nightfall would have forced her to close her tailoring shop, or use a smoky kerosene lamp. But with the solar-powered lamp, Julius can now sew for as long as she wants. "Solar energy has entirely changed my life. I use it at work and at home,...
(Awoko 12/06/16)
The Liberia Government has signed agreements with PEC Sierra Leone Limited for the installation of the Advance Metering infrastructure (AMI) smart meters in Liberia starting phase one in early January. The first phase will be the installation of 1000 AMI meters to big customers across Monrovia including, factories, banks, hotels, supermarkets, government buildings and offices and different parastatals. During the signing ceremony, the Commercial Manager for the Liberia Electricity Corporation (LEC), George Tawalah, expressed the challenges they faced with in...
(APA 12/06/16)
The Economic Commission for Africa (ECA) says Africa can yield benefits from commodity-based industrialization and agro-alliance with new policy approaches, according to a statement issued here Tuesday. The ECA has on many editions of its annual Economic Report made a push for the developmental state and a return to planning, arguing that the strong role of the state is key to fostering Africa’s structural transformation. The acting ECA Executive Secretary Abdalla Hamdok spoke on the need for new policy approaches...

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