Category Archives: African News

African Business News

Mauritius: Country with Highest Millionaire Growth in Africa.

The Oberoi Mauritius

A new analysis from AfrAsia has it that Mauritius is fast rising and has the highest increasing number of millionaires in Africa although South Africa remains the lead country for highest number of millionaires. According to the report, the country experienced an exponential rise in per capita wealth – estimated at around 20 per cent and had the highest wealth per capita in Africa for the year 2016. The estimated value per capita for Mauritius was $25,700 followed by South Africa at an estimated $11,300.

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Lack of skilled power and the cost it has on doing business

Globally, education is famed as a vital basis for economic growth. Ethiopia, a country praised for robust economic growth to take itself out of poverty to become middle income status country, is also striving to invest on quality education. At all levels quality education results a more efficient skilled and productive working force which in turn brings up overall economic development enhancing living standards of people.

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Well-Managed Development Of Natural Resources In Ghana Will Spur Employment And Growth.

Alumni of Australian funded mining course studies in West Africa have met in Accra to share knowledge and understanding of current challenges and opportunities in the region on attracting responsible mining investment and sustainable development. Ghana’s Minister of Lands and Natural Resources was present as a speaker and also Mr Henry Antwi, Head of Mining and Metals at Oman Oil Company, and Dr Kojo Busia Coordinator African Minerals Development Centre. During the minister’s speech, he mentioned that “Investing in West African mining for sustainable regional development.” Mr Andrew Barnes, Australian High Commissioner also mentioned at the forum that, “Australia is pleased to support development of the necessary skills in Ghana through our various scholarship programs and exchanges. Through their studies and experiences in Australia, Australian alumni bring cutting edge knowledge and skills to their jobs in the mining industry to the huge benefit of their countries.” The session focused on areas such as investment promotion, regulatory frameworks and incentives, political risks, social license to operate, local content, and transparency of information.

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PwC records highest level of confidence among CEOs in Africa

PwC (www.PwC.com) research across the continent shows that 91% of CEOs are confident about their own companies’ growth prospects in the medium term. “This is the highest level of confidence since we started our research on CEOs in Africa in 2012,” Hein Boegman CEO for PwC Africa said this while speaking on challenges and opportunities facing Africa’s CEOs at a press briefing held by PwC at the World Economic Forum on Africa 2017 in Durban, South Africa. Conversely, CEOs are concerned about uncertain economic growth and the impact this will have on their business as they anticipate growth prospects. “The returns for doing business on the continent are high, but so are the risks. Africa’s CEOs are operating in difficult times – infrastructure on the continent remains a challenge, finding and retaining the right talent for their businesses, dealing with many of the hurdles that come with working with governments, and managing growth plans across the continent,” Boegman added. Additionally, Dion Shango, CEO for PwC Southern Africa said “It is no longer enough for business leaders to steer their organizations through a complicated and challenging environment – they will need to adapt swiftly to change.”

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ACF 2017 to provide US$7million funding for renewable energy projects

ACF2017

Access Power (www.Access-Power.com), a developer, owner and operator of power projects in emerging markets, and its strategic partner EREN RE has announced an extension to the deadline for applications to the 2017 Access Co-Development Facility ‘ACF’ competition – the third edition of the Company’s funding and support platform for renewable energy projects in Africa to win US$7million. The deadline for applications is the 12th May 2017.

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The Big Barrels: African Oil and Gas and the Quest for Prosperity

NJ Ayuk, the founder and CEO of the pan-African Centurion Law Group and an outspoken champion of African entrepreneurship and leadership, has described the need to change the narrative on energy in Africa through the launch of Big Barrels. Big Barrels: African Oil and Gas and the Quest for Prosperity will officially launch at the Africa Oil & Power (www.africaoilandpower.com) conference in Cape Town on June 5-7, 2017. The book can be pre-ordered on Amazon for delivery after May 31, 2017.

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Will South Africa remain Africa’s leading FDI destination?

Africa presents a mixed foreign direct investment (FDI) picture – EY Africa Attractiveness report. Egypt, Kenya, Morocco, Nigeria and South Africa (the key hub economies) collectively attracted 58% of the continent’s total FDI projects in 2016. Investment from the Asia-Pacific region into Africa hit an all-time high in 2016. According to EY’s (http://EY.com) latest Africa Attractiveness report, heightened geopolitical uncertainty and “multispeed” growth across Africa present a mixed FDI picture for the continent.

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Consolidation of the fintech ecosystem in Africa, Good or Bad?

Fintech Africa

‘Mobile money’ used to be a catch-all phrase, describing everything from consumer wallets to building agent networks, lending, and international remittances.

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10 Finance Enterprises to Compete for Innotribe’s $10,000 Start-up Challenge.

SWIFT Innotribe which launched in 2009 as an innovation hub to connect people, ideas, and networks, has 10 startups to compete in the 3rd edition of the Startup Challenge for Africa.

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UNWTO Commission for Africa analyses the potential of Chinese tourism in the continent

The capital city of Ethiopia, Addis Ababa, has recently hosted the 59th Meeting of the UNWTO Commission for Africa. Held between 18-21 April, the Commission included a High-level Meeting on Chinese Outbound Tourism to Africa, where regional representatives debated the potential that the sector brings to the continent.

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