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BUSINESS & DEVELOPMENT

Kenya’s stock market hits 14-month high after Kenyatta’s victory

Kenya’s main stock index rose 2.51 per cent on Monday to a 14-month high, building on gains last week as investors welcomed the re-election of President Uhuru Kenyatta. The NSE-20 index has risen nearly 7 per cent since the election last week’s Tuesday. Kenyatta was declared winner by a clear margin on Friday but his main challenger, Raila Odinga, has …

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Ghana revokes operating license of two banks

Ghana’s central bank has revoked the operating licenses of two distressed local banks and transferred their deposits and selected assets to state-owned GCB Bank in order to protect financial stability, it said on Monday. The liquidation of UT Bank and Capital Bank became necessary in order to protect depositors funds owing to the “severe impairment” of their capital, the central …

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15 selected for Africa’s award for young entrepreneurs

Fifteen young African entrepreneurs have emerged as finalists from a field of more than 800 applicants for the seventh annual Anzisha Prize, Africa’s premier award for her youngest entrepreneurs. Supported by African Leadership Academy (ALA) in partnership with the Mastercard Foundation, the Anzisha Prize celebrates and cultivates the next generation of young African entrepreneurial leaders who are creating job opportunities, …

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Nigeria commissions world’s biggest fertilizer plant

Acting President Yemi Osinbajo on Thursday inaugurated a fertilizer plant built by Indorama Eleme Fertilizer and Chemicals Limited in the southern city of Port Harcourt. The plant, with a production capacity of 1.5 million metric tons of Urea fertilizer, is considered the world’s largest single-train Urea plant. The plant, which has a production capacity of 4,000 metric tons of nitrogenous …

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Mobile phone users in Africa to hit half a billion

Sub-Saharan Africa currently has 420 million unique mobile subscribers with a 43% penetration rate. By 2020, this number is expected to hit over half a billion, making Africa the world’s fastest growing mobile market. This information was released as part of the 2017 Mobile Economy report by the GSM Association (GSMA) trade organisation. According to the data, there were 731 …

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Ethiopia-Djibouti rail line to start full operations in October

The Chinese-built 756 km electrified rail project connecting landlocked Ethiopia to Djibouti will start commercial operations in October, said the Ethiopian transportation minister has announced. Speaking to Chinese news agency Xinhua, Ahmed Shide, Minister of Ethiopia’s Ministry of Transportation, said the Addis Ababa–Djibouti Railway is a showcase of China’s support for Ethiopia’s efforts to transform its economy through infrastructural development. …

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Association of African fruit exporters to Europe launched in Brussels

Afruibana, a group of fruit producers and exporters from Cameroon, Côte d’Ivoire and Ghana that aims to strengthen trade between Africa and EU, has been launched. The body was officially launched in Brussels during Cameroon’s Trade Minister Luc Magloire Mbarga Atangana’s visit to European institutions on 19 July. The association will allow fruit producers on the continent to combine their …

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AFRIKA KOMMT! Training young African managers in German companies

One of the priorities of the German G20 Presidency in 2017 is Africa and the challenges the continent is facing as well as its potential. This potential is also the key focus of the AFRIKA KOMMT! initiative, which 19 leading German companies launched in 2008.  The programme trains future managers and fosters German-African economic relations. Word about the initiative has …

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G20: Success for Africa, failure for climate

Germany has prioritized the achievement of “strong, sustainable and balanced global economic growth” and Africa in its G20 presidency. Did it achieve this? Abu-Bakarr Jalloh reports from Hamburg. Traditionally, G20 leaders focus on issues relating to global economic growth, international trade and financial market regulations. The 2017 Hamburg summit was no different. However, Germany attempted to use its presidency to …

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Nigeria’s Acting President accuses G20 countries of aiding corruption in Africa

Prof Yemi Osinbajo, Acting President of Nigeria, in this opinion piece argues that efforts to create sustainable economic growth in Africa are undermined by corruption facilitated by the legal and financial systems of G20 countries. He calls on the world’s most powerful states to move beyond pledges on Africa and he suggests the concrete steps they should take to help …

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 Africa’s digitization will benefit all, says Berlin business conference

The digitization of Africa benefits European and African companies that aim to invest and create jobs in Africa, was the conclusion of a major conference on the eve of the G20 summit. The German-African Business Day, which took place on Thursday (6 July) in Berlin, brought together leading representatives of banks and businesses, as well as governments and public institutions …

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Bill Gates praises Angela Merkel for putting Africa on G20 agenda

Microsoft founder and philanthropist Bill Gates has praised German Chancellor Angela Merkel’s role in making development and aid for Africa a key topic at the Group of 20 (G20) talks in Hamburg, which begin today (7 July). Speaking to Germany’s “Tagesthemen” news program on Thursday, Gates said that the summit “gives countries the opportunity to push one another and work …

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German-African Business Day holds this week in Berlin

Representatives of businesses, governments, investment organisations and financial institutions from Africa and Europe will gather in Berlin on Thursday, 6 July for the annual German-African Business Day. Under the theme “Empowering Millions: Africa’s Rising Digital Economy”, participants will discuss how to intensify economic ties between Germany and Africa. Organised by Germany’s Federal Ministry for Economic Co-operation and Development (BMZ) in …

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Ghana signs $10 billion deal with China

Ghana has signed a US$10 billion memorandum of understanding (MOU) with China to develop its bauxite industry, the country’s Senior Minister Yaw Osafo-Maafo said on Wednesday. Growth in the West African country slowed sharply in 2014 due to a fiscal crisis and tumbling commodity prices following years of economic expansion at around 8 per cent on the back of gold, …

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Why the G20 Africa ​​initiative is not a quick fix

One key element of the partnership of the world’s leading twenty economies with African states conceived by Germany, which currently holds the G20 presidency, is the Compact with Africa (CWA). Its aim is to promote private investment and investment in infrastructure in the participating countries. Drafts for agreements with five African countries – Côte d’Ivoire, Morocco, Rwanda, Senegal and Tunisia …

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Ethiopia named world’s fastest growing economy

Ethiopia is the fastest-growing economy in 2017, according to the World Bank’s latest edition of Global Economic Prospects. Ethiopia’s GDP is forecast to grow by 8.3% in 2017. By contrast, global growth is projected to be 2.7%. The East African country’s accelerating growth comes on the back of government spending on infrastructure. With a GDP of US$69.22 billion (2016 est.), …

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German Finance Minister on why the G20 Africa Partnership initiative is crucial 

African leaders met with German Chancellor Angela Merkel on 12-13 June in Berlin at the conference G20 Africa Partnership – Investing in a Common Future, where the world’s most powerful economies discussed the initiative to promote increased private sector investment in the continent. The German presidency of the G20 regards the Africa Partnership as one of its important projects. The …

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Nigeria’s acting president signs 2017 budget into law

Nigeria’s Acting President, Prof Yemi Osinbajo, has signed the 2017 Appropriation Bill (also known as budget) into law late Monday. The signing of the record 7.44 trillion naira ($23 billion) budget took place at the presidency in the presence of the heads of the legislature, the minister of budget planning, the finance minister and other top government officials. Osinbajo had …

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Kenneth Gbandi challenges Diaspora on a more active role in African development

The chairman of the Board of Trustees of the Nigerians in Diaspora Organisation in Europe (NIDOE), Kenneth Gbandi, has called on the African Diaspora to become more actively engaged in the continent’s development. Gbandi made the call at the Africa Day Dortmund, organized by the non-governmental organization AfricanTide Union, recently. “For us the time of talking in NIDOE is over, …

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What the G20 Economic Plan for Africa is about

German Chancellor Angela Merkel is meeting African leaders in Berlin today and tomorrow (12-13 June) to discuss migration, poverty and development. Leaders from Egypt, Ghana, the Ivory Coast, Mali, Niger, Rwanda, Senegal and Tunisia will be in attendance at the “G20 Africa Partnership – Investing in a Common Future” conference. The event is one of the activities of Germany’s current …

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