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BUSINESS & DEVELOPMENT

Experts predict bright economic future for East Africa in new report

As the global recession gathers strength, most African economies are relatively unaffected owing to the strength of economic diversity in some regions. This is according to the Institute of Chartered Accountants in England and Wales (ICAEW) latest report, Economic Update: Africa Q4 2019. The professional accountancy body provides GDP growth forecasts for various regions including East Africa, which is the …

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Is the renaming of CFA franc a prelude to an Ecowas common currency?

Francophone West African countries have decided to rename their common currency CFA franc as the Eco. Côte d’Ivoire’s President Alassane Ouattara announced the decision during a press conference with French President Emmanuel Macron in Abidjan on 23 December, showing that it was a decision jointly reached with France. The currency is used by Benin, Burkina Faso, Guinea Bissau, Côte d’Ivoire, …

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Application for German fellowship for young African professionals opens

Are you a highly qualified young professional and you are not older than 35 years? Do you have several years of working experience, strong leadership qualities and a high level of dedication? Are you from a country in Africa? If yes, then apply until 10 January 2020 for AFRIKA KOMMT! The fellowship programme​ offers the opportunity of a fully-sponsored one-year …

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Uganda, Ghana and Botswana have world’s highest percentage of women-owned businesses, finds study

Third edition of Mastercard Index of Women Entrepreneurs profiles the progress and achievement of women entrepreneurs across 58 societies around the world   The third edition of the Mastercard Index of Women Entrepreneurs (MIWE) has listed three African countries as global leaders in terms of women-owned businesses. Uganda, Ghana and Botswana are ranked as the top three countries with the …

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Germany-based company builds for diaspora Nigerians at home

Millions of Nigerians live and work in the diaspora and they send billions of euros back home annually. In 2018, remittances of Nigerians living abroad amounted to about €20 billion, according to figures released by the Central Bank of Nigeria in March. Most of the funds are sent to friends and relatives for various purposes, with real estate, food, education …

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Merkel warns Germany’s labour shortage could spark exodus of companies

Germany is hoping to recruit qualified workers from outside the EU to prevent companies from moving their business abroad. Berlin is looking to countries such as Mexico, Vietnam and India to fill the gaps. German Chancellor Angela Merkel used her weekly podcast on Saturday to sound the alarm on the country’s skilled labour shortage, saying it could force companies to move elsewhere. …

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Report shows investors’ optimism in sub-Saharan Africa despite challenges

In the largest survey of its kind, The Africa List Business Barometer reveals a high degree of confidence in the business environment across Democratic Republic of Congo (DRC), Ethiopia, Tanzania, Uganda and Zambia, despite ongoing challenges London, 04 December 2019: A survey of over 350 business leaders across five of some of Africa’s fastest growing economies reveals a high degree of optimism …

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Nigeria spent more than $4 billion to import rice, wheat, others in 12 months

No less than N1.3 trillion ($4.3 billion or €3.8 billion) was spent by the Nigeria on the importation of rice, fish, sugar and wheat in the last 12 months, the Central Bank of Nigeria (CBN) said on Tuesday. The bank’s Deputy Governor, Corporate Services, Edward Lametek, spoke at a seminar organised for Finance reporters in Owerri, Imo State. Speaking on …

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Stakeholders discuss future of mobile money platforms in Africa

Stakeholders from 8 African countries deliberate on policies and frameworks to drive innovation, technology and sustainable mobile payment ecosystem Key representatives from over 8 countries in Africa gathered at a workshop organized by Vodacom in Dar es Salaam on Wednesday (21 November) to look into trends and developments shaping the mobile money industry in Africa. Sub-Saharan Africa is home to …

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How Nigerian emerged first Africa Jack Ma Prize winner

Temie Giwa-Tubosun, whose company LifeBank delivers blood to in-need hospitals in Nigeria, took first place in Jack Ma’s inaugural Africa Netpreneur Prize contest on Saturday (17 November) during a five-hour finale taped for TV in Accra, Ghana. Giwa-Tubosun pitched her way to a $250,000 cash prize over the course of eight months, beating out about 10,000 other applicants from 50 of Africa’s 54 …

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European Bank to mobilise €1 billion for women entrepreneurs in Africa

The European Investment Bank (EIB) has launched SheInvest, a new initiative that aims to mobilise 1 billion euros of investment to benefit millions of women across Africa with better access to finance and by making sustainable infrastructure services and products work for them. This initiative was launched simultaneously at the Africa Investment Forum, which took plan on 11-13 November in …

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Jack Ma Foundation awards $1 million to African entrepreneurs

The foundation of Chinese billionaire and founder of the Alibaba Group, Jack Ma, hosted its first annual Africa Netpreneur Prize Initiative grand finale on Saturday in Accra, awarding $1 million in prize money to 10 entrepreneurs from across Africa. The Africa Netpreneur Prize Initiative (ANPI) is a flagship initiative of the Jack Ma Foundation, created by Jack Ma after his first …

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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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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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