(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 develop capital markets that would have allowed them to raise more money in their own currencies, investors say. United Nations trade body UNCTAD estimates that Africa's external debt stock rapidly grew to $443 billion by 2013 through bilateral borrowing, syndicated...
(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 as 60 billion rand ($4.5 billion), said Evan Walker, a money manager at 36one Asset Management in Johannesburg, although the valuation could also be as low as 40 billion rand depending on how much debt Steinhoff puts into the vehicle...
(Reuters (Eng) 05/17/17)
Gay and lesbian Africans who fled abuse in their home countries face a "culture of disbelief" which makes their experience of seeking asylum in Britain traumatic, a Nigerian lesbian, gay, bisexual, transgender rights (LGBT) campaigner said. Aderonke Apata, 50, who fled persecution in Nigeria, said the practice of assessing Africans' sexual orientation claims based on Western standards was problematic. "They expect an LGBT person to have used sex toys, to go to gay clubs," Apata, an asylum seeker who founded African LGBT charity, African Rainbow Family, told the Thomson Reuters Foundation. Apata has been trying to claim asylum in Britain for 13 years, but her case was refused several times after a judge ruled that she was pretending to be...
(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 feed a global trade in donkey hides that’s fueled by soaring demand in China, where the skins are used to manufacture a gelatin believed to have anti-ageing and libido-enhancing properties. The gelatin, known in China as e’jiao, is so popular...
(Reuters (Eng) 05/13/17)
Tackling climate change in Africa could help resolve multiple problems ravaging the continent, from drought to refugees and violence, the head of the African Union said on Friday. The mix of global warming with economic woes and political conflicts keeps peace from taking hold, said Moussa Faki Mahamat, the Union's new chairman, at Chatham House, an international think tank. "There is a link between climate change and prosperity, as well as peace, on the continent," Mahamat said in French with an interpreter. "Africa is among the least polluting continents, and yet it is the continent that suffers most," he said. Mahamat, the former foreign minister of Chad, was chosen to chair the 55-member, Addis Ababa-based organization in January. In Africa's...
(Xinhuanet 05/10/17)
Zambian President Edgar Lungu reaffirmed his government's commitment to consolidating existing bilateral relations with Togo for mutual benefit Tuesday. Lungu made the remarks while visiting a steel manufacturing plant with Togolese President Faure Gnassingbe in Kafue district, about 44 km south of Lusaka, Zambia's capital. Lungu said his government was willing to work with the Togolese government at bilateral and multilateral levels to enhance cooperation in order to attain the goals set out in the African Union (AU) Agenda 2063, along with national development.
(Fox News 05/10/17)
After five years of no major attacks on merchant vessels, piracy around the Horn of Africa seemed to be on hiatus. Acts of piracy in those treacherous waters have fallen sharply since 2012, according to statistics released by the United States Navy. The Navy credits aggressive patrolling by international forces and increased vigilance by the commercial shipping industry for the decrease. However, in the past month, Somali pirates have intercepted five ships, raising concerns that piracy has returned to the Indian Ocean, beginning with the kidnapping of a Sri Lankan crew from the Aris 13 oil tanker on March 13th (they were later released without a ransom). Nobody thinks the problem will end until a stable government is restored in...
(Graphic Online 05/05/17)
Ghana and Togo have resolved to deepen co-operation, as well as strengthen the ties of friendship that exist between them in the sectors of security, immigration, agriculture and water, health, trade, digital economy, environment, energy, transport and the issue of maritime borders. A communiqué issued at the end of the official visit of President Nana Addo Dankwa Akufo-Addo, to Togo noted that, together with President Faure Gnassingbe, both leaders have indicated their willingness to activate “the High level permanent joint Commission of cooperation between the two countries.” On Wednesday, May 3, 2017, the two leaders visited the Joint Border Post at Noepe and Akanu.
(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 the “agripreneur.” Agricultural economist Paul Makube, with South Africa’s First National Bank, told VOA it makes sense to talk about farming when discussing building competitive markets, and boosting innovation and technology. “For business to prosper, you need a situation where...
(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 youth entering the market. African countries have to prioritize improving infrastructure, skills and adoption of new technology and quality of institutions. To improve competitiveness in the short term Africa needs to increase housing construction through investment, better urban planning and...
(Voice of America 05/03/17)
African military expenditures have finally slowed down after more than a decade of steady increases, according to a new report on global defense spending. The main reason, the report found, is a drop in oil prices. “The sharp decreases in oil prices has affected quite a number of African countries, namely South Sudan and Angola. This has kind of driven almost the entire regional trend,” said Nan Tian, a researcher at the Stockholm International Peace Research Institute’s (SIPRI) Arms and Military Expenditure Program, the organization that authored the report. The SIPRI report found military spending in Africa in 2016 was down by 1.3 percent from the previous year and totaled about $37.9 billion. Despite the drop, Africa’s military spending remains...
(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 executive officer of Saudi Aramco’s trading unit, Saudi Aramco Products Trading Co. Owning refineries gives the unit, known as Aramco Trading Co., options for buying and selling fuel that some of its competitors don’t have. “The key is that you...
(Voice of America 04/28/17)
A low-cost and widely available drug could save the lives of 1 in 3 mothers who would otherwise bleed to death after childbirth, according to a new study. Severe bleeding, known as postpartum hemorrhage, or PPH, is the leading cause of maternal death worldwide, killing more than 100,000 women every year. Even for mothers who survive, it is a painful and traumatic experience. The world's poorest countries, especially in Africa and India, are the worst hit. Drug from 1960s But there is new hope. In the 1960s, Japanese researchers developed a drug called tranexamic acid, which works by stopping blood clots from breaking down. But they could not persuade doctors to try the drug for treating PPH. The London School...
(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 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 all countries involved will be...
(AFP (eng) 04/25/17)
Congolese authorities on Monday unveiled a grisly video apparently showing the murder of two UN experts killed last month in Kasai region, an area plagued by violence between tribal militias and security forces. Michael Sharp and Zaida Catalan were kidnapped along with four locals on March 12 while investigating whether a UN arms embargo in Democratic Republic of Congo was being violated. Their bodies were found two weeks later. The two-minute video viewed by journalists on Monday shows a man and woman who resemble Sharp and Catalan surrounded by seven people speaking Tshiluba
(AFP (eng) 04/24/17)
A new malaria vaccine will be tested on a large scale in Kenya, Ghana and Malawi, the World Health Organization said Monday, with 360,000 children to be vaccinated between 2018 and 2020. The injectable vaccine RTS,S could provide limited protection against a disease that killed 429,000 people worldwide in 2015, with 92 percent of victims in Africa and two-thirds of them children under five. "The prospect of a malaria vaccine is great news. Information gathered in the pilot will help us make decisions on the wider use of this vaccine," said Dr Matshidiso Moeti, the WHO's regional director for Africa. The vaccine should be used alongside other preventative measures such as bed nets, insecticides, repellants and anti-malarial drugs, the WHO...
(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)
UN Secretary-General Antonio Guterres, and the chairperson of the African Union Commission, Moussa Faki Mahamat, will convene Wedesday the first UN-AU Annual Conference. The two leaders will look into how to strengthen the partnership between the two organizations to face common challenges and opportunities in the continent, on issues of peace and security, sustainable development and human rights, said Stephane Dujarric, UN spokesman, at a daily briefing. "They will also sign the Joint United Nations-African Union Framework for an Enhanced Partnership in Peace and Security," said Dujarric. It will be the first conference Mahamat will address with the United Nation since he was elected as chairperson of the African Union Commission. Although he had brief talks with Guterres in Addis...
(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 growth in several countries in the region, resulting in 1.4 percent growth of gross domestic product (GDP). Nigeria, the continent's most populous nation and a leading oil producer, was expected to return to growth in 2017 after a challenging 2016...