The Diaspora Exerts a Mixed Influence on African Economies
But with better governance, deregulation and greater stability, the hundreds of millions of Africans toiling abroad could fuel a development boom of truly epic proportions. So large and important is Africa’s diaspora that the African Union officially declared it the continent’s “sixth region” after East, West, North, Central and South. The clearest impact of Africans […]
The Withering of the State has Led to the Blossoming of South Africa’s Underworld
Last year Gold Fields announced it would start building a solar plant to help power South Deep, one of the largest gold mines in the world. Soon afterwards, the South African mining firm got messages from several self-styled “business forums”, a euphemism belying their real interest: extortion. The forums demanded a cut of the contract […]
Kampala could Soon Dislodge Nairobi as the Financial Capital of Eastern Africa
This is according to the sixth edition of the 2022 Absa Africa Financial Markets Index (pdf) released by Absa Bank and the Official Monetary and Financial Institutions Forum (OMFIF), a London-based think tank. Uganda trounced all regional peers this year to emerge as a leader in terms of growth of foreign exchange markets, macroeconomic opportunities, […]
Driving Tech Ecosystems in Africa Forward, with Zanzibar Serving as a Key Part of that Story
The founders of more than 50 tech start-ups across Africa have joined forces through Pando DAO, an autonomous organisation with a mandate to develop the continent’s tech ecosystem. It is also a community partner of Silicon Zanzibar, a government-led initiative to turn the island into a hub for tech talent and companies. The founding members […]
The Frustrations Caused by Ghana’s Cost of Living Crisis
Traders in Ghana’s capital Accra closed their stores and businesses in a three-day protest over the soaring cost of living, as the West African country battles the economic fallout from the Ukraine war. Ghana faces a high debt load and inflation at a historic high of 37 percent in September, while the local cedi currency […]
South Africa Declares Crypto Assets to be a Financial Product
The notice defines a crypto asset as a “digital representation of value” that is not issued by a central bank but can be traded, transferred or stored electronically “for the purpose of payment, investment and other forms of utility.” The declaration, which takes effect immediately, comes in the wake of governments worldwide moving to regulate […]
Developmental Programmes Designed to Accelerate Rwanda’s Digital Transformation
Co-Creation Hub (CcHub), in collaboration with Google, Rwanda’s Ministry of ICT and Innovation, and Mojaloop Foundation, have announced the six startups selected for the second cohort of the Fintech Incubation Programme. The three-month Fintech Incubation Programme is designed to support early-stage technology startups building solutions that are focused on increasing financial inclusion. In the first […]
Kenya is at High Risk of Debt Distress
The country plans to ask China for a longer repayment period on $5bn of loans it used to build a new railway line, transport secretary-designate Kipchumba Murkomen said on Wednesday. Servicing the Export-Import Bank of China (Eximbank) loans, which mature in 15 to 20 years, is choking the economy, Murkomen told MPs at a confirmation […]
The US Clarifies its Stance on Sanctions
US officials have admitted that targeted sanctions against individuals in Zimbabwe could affect investments in that country, but said they were willing “to always speak to businesses or work with those who fear that our sanctions are getting in the way of legitimate business activity”. Sanctions co-ordinator for the US department of state James O’Brien […]
The Horn of Africa’s Emerging Port Infrastructures and their Impact
The port city of Bosaso, located at the north-eastern corner of Somalia, provides a striking example of the interlinkage between security and infrastructure. The city benefited from the civil war that ravaged the southern parts of Somalia in the 1990s and 2000s. It developed into a booming trade centre. But increased violence in Bosaso has […]
