BUSINESS

Francophone West African countries to withdraw foreign reserves from France

The end is near for one of the most contentious legacies of French colonialism in Africa. The eight-member nations of the West African Monetary Union have “unanimously” decided to end the policy of keeping their foreign reserves in the French Treasury President Patrice Talon of Benin has announced that the foreign reserves of the West African CFA franc, the currency …

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MoneyGram awards outstanding migrant entrepreneurs

The 1st European MoneyGram Migrant Awards to honour migrant entrepreneurs for supporting local economies & reinforcing integration in Belgium, France, Germany, Italy, Spain and the UK, took place on 7 November 2019 at the Claridge in Brussels. Several representatives of MoneyGram such as Michael Schütze, Head of MoneyGram Europe, Grant Lines, Chief Revenue Officer and prominent guests participated at the award ceremony, including Christos Stylianides, European Commissioner …

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Why agribusiness is Africa’s new investment frontier

Africa’s agribusiness sector is expected to reach $1 trillion by 2030, so there is certainly cause for optimism. Consumer demand for food in Africa is growing at an unprecedented rate. But what is fuelling this growth? Mariam Yinusa and Edward Mabaya, Principal Economist and Manager, respectively, in the Agribusiness Development Division of the African Development Bank (AfDB), explain. In the …

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Time to Invest in Africa is Now, Tony Elumelu tells global investors in Paris

Tony O. Elumelu, Founder of the Tony Elumelu Foundation (TEF) and Chairman, United Bank for Africa (UBA) and Heirs Holdings opened the “Ambition Africa” conference organised by the France Invest Africa Club in Paris, France, on 30 October. In his opening address, Elumelu urged French investors to look to Africa for long term investment opportunities. The French Minister of Economy …

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African Bank announces new capital record of $208 billion

The African Development Bank Group (AfDB) on Thursday announced the largest capital increase in its history, with an almost 125 percent jump from $93 billion to $208 billion. AfDB President Akinwumi Adesina hailed “a historic day” for the bank and “a day of joy for Africa” at a press conference in Côte d’Ivoire’s economic capital city of Abidjan. “This general …

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Bazaar Berlin features exhibitors from more than 60 countries

The international fair for Crafts Fair, Design, Natural Goods and Fair Trade Products takes place in Berlin from 6 to 10 November. Around 40,000 visitors are expected at the Berlin Exhibition Centre for the annual sales exhibition. From 6 to 10 November, around 500 exhibitors from all over the world will present their products at Bazaar Berlin. From sustainable furniture …

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Job opportunities for 10 million youth in Ethiopia

Over 10 million young people are expected to access dignified and fulfilling work opportunities in Ethiopia by 2030.   This follows the launch of an initiative, Young Africa Works in Ethiopia, by Mastercard Foundation that will seek to create employment opportunities for the youth in partnership with Ethiopia’s Jobs Creation Commission (JCC). Mastercard Foundation has committed an initial US$300 million …

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Social entrepreneurs gather in Africa to address global problems

German business software giant SAP partners with Social Enterprise World Forum 2019 to discuss the role of technology in connecting social enterprises to talent and markets Social enterprises play a critical role in addressing many of the world’s socio-economic challenges by uplifting communities, accelerating progress and creating job opportunities – and technology plays a key role in helping to increase …

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It’s getting easier to do business in Africa, but there’s room to do more — Analysis

Clearly, Africa’s strong reform drive is cause for celebration. The sober truth, however, is that the world’s most difficult places for businesses are still largely found in Africa, argue Hafez Ghanem and Sérgio Pimenta of the World Bank and International Financial Corporation, respectively, in this opinion piece. Togo, a small country in West Africa known for its glimmering phosphate reserves …

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Nigeria guarantees highest returns on investment in Africa – Minister

Despite economic slowdown, Nigeria still guarantees highest return on investment in Africa, the Minister of Finance, Budget & National Planning, Mrs Zainab Shamsuna Ahmed, has said. The minister made this disclosure while addressing a special plenary at the just concluded 2019 Annual Meetings of the International Monetary Fund and the World Bank Group in Washington DC, United States. While speaking …

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Maisha Business: Project to support African women entrepreneurs in Europe launches

An initiative to promote African women entrepreneurs in Europe will launch in the German commercial city of Frankfurt/Main on 25 October. Maisha Business Women in Europe (MBWE) will offer women with refugee experience the opportunity to develop their entrepreneurial ideas and market their products and services. According to Virginia Wangare Greiner, one of the directors of the empowerment project, MBWE …

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Rwanda blazes trail in Africa as smartphone maker inaugurates factory in Kigali

A private company, Mara Phones, has opened a smartphone manufacturing plant in Kigali, blazing a trail in Africa in the local production of electronic goods. Rwanda’s President Paul Kagame Monday inaugurated what is being described as Africa’s “first high tech smartphone factory” in the country’s capital city. He commended the drive towards affordable smartphones and underlined the need to boost …

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