BUSINESS - The African Mirror

Jul

06

2020

Why Africa must invest in digital agriculture

BUSINESS

BAN KI-MOON and PATRICK VERKOOIJEN AFRICA is feeling the economic blow of COVID-19 before the impact of the disease itself. For while the continent of 1.2 billion people has registered fewer than 3% of the world’s coronavirus cases so far, the economic fallout has been severe. Lockdowns, the collapse in oil and commodity prices and the breakdown of many supply chains are punching huge holes through national budgets. This in turn has limited the ability of governments to meet people’s immediate health and survival needs. With a continent-wide recession looming and the UN predicting a “hunger pandemic” in the wake…

Apr

14

2022

By The African Mirror

How organisations perpetuate patterns of inequality: a South African case study

BUSINESS

THE continued institutional reproduction of inequality is a matter of growing concern in vast parts of the world. This concern manifests differently in different regions. It is evident in protests, uprisings and unrest. Our research asks how and why inequality manages to be reproduced, and what role organisations play in maintaining exploitative labour practices. To answer these questions, we zoomed in on a particular case of conflict in South Africa: the 2012-2013 farmworker strikes in the Western Cape, where protests turned violent over a protracted period. Author JOHN LUIZ, Professor of International Business Strategy & Emerging Markets at the University…

Apr

13

2022

By The African Mirror

South Africa’s Capitec profit surges 84% as COVID woes ease

BUSINESS

CAPITEC BANK reported an 84% rise in its annual profit, joining a slew of South African lenders who benefited from an upswing in performance as the impact from the COVID-19 fallout eases. South African banks took massive hits to their profit in recent years, mainly due to large credit impairment charges related to the health crisis and associated government lockdowns. Lenders are now returning to pre-pandemic levels of performance as restrictions ease. Profit at Capitec, the country's largest retail bank by customer numbers, surpassed 2019 levels in the year ended Feb. 28. Its headline earnings per share - the main profit…

Apr

13

2022

By The African Mirror

Uganda seeks investors to revive copper mine

BUSINESS

ELIAS BIRYABAREMA UGANDA said it was inviting expressions of interest from investors to restart a vast copper mine in the country's west that also holds significant cobalt deposits. The Kilembe mine, which sits on the foothills of the ice-capped Rwenzori mountains on the border with the Democratic Republic of the Congo, is estimated by government geologists to contain about 4 million tonnes of ore that is 1.98% copper and 0.17% cobalt. "We have invited companies to express their interest in partnering with the government through a mineral production sharing agreement," Uganda's finance and mining ministers said in a joint statement.…

Apr

12

2022

By The African Mirror

Ghana to issue $3.24 billion in bonds in second quarter, central bank says

BUSINESS

GHANA plans to issue 24 billion cedi ($3.24 billion) in bonds in second quarter according to a government debt issuance calendar published by the central bank. It said 20 billion cedi would be used to roll over maturing bonds, while the remaining 4.5 billion is fresh issuance to meet the government's financing requirements. Ghana's economy is currently facing a raft of financial woes including rampant inflation, a depreciating currency and a heavy debt burden. Its credit ratings have recently been downgraded for reasons including concerns for the country's access to international capital markets. The calendar showed that the government plans…

Apr

19

2022

By The African Mirror

Tunisia’s foreign currency reserves rise to $8 billion

BUSINESS

TUNISIA'S foreign currency reserves rose to $8 billion, or 130 days' worth of imports, boosted by a rise in remittances from workers abroad and a $700 million loan from the Africa Export Import Bank, central bank figures showed. Last week Tunisia's reserves were equivalent to 115 days of imports. Tourism revenues from the beginning of this year until April 10 also increased 48% compared with the same period last year, to reach 600 million dinars ($200 million). Tunisia, which is experiencing a severe financial crisis, is hoping that remittances from workers abroad and the vital tourism sector will help prevent…

Apr

19

2022

By The African Mirror

Egypt’s unemployment rate at 7.4% in 2021

BUSINESS

Egypt's unemployment rate reached 7.4% in the year 2021 with a decrease of 0.5% from 2020, the state's statistics agency CAPMAS said.

Apr

19

2022

By ANNE MIMAULT

Burkina Faso mines chamber promises extra security

BUSINESS

THE president of Burkina Faso's mines chamber said extra measures would be taken to increase security and help to avoid further suspensions after Russia's Nordgold shut down a gold mine in the insurgent-hit country earlier this month. Nordgold called force majeure on its Taparko mine on April 9, citing the deteriorating security situation in the West African nation where Islamist militants have gained ground and escalated attacks in recent years. Taparko's closure prompted a meeting on April 14 between the head of the army and the mines chamber. "Measures will be taken and strengthened on all aspects... to give us…

Apr

18

2022

By The African Mirror

Digital banking is the in-thing – but it excludes many users in Tanzania and Senegal

BUSINESS

ACROSS countries in Africa, only 33% of adults have an account at a bank or another financial institution. Among the women, this rate is only 27%. Financial services like accounts, credit cards and retirement plans allow people to protect their savings, earn interest, borrow for big expenses like a house or medical bills, and even start their own businesses. This is why financial inclusion is mentioned in eight out of 17 of the Sustainable Development Goals. But opening and maintaining these kinds of accounts can be difficult when banks are difficult to reach. To solve this, some have proposed using…

Mar

02

2021

By The African Mirror

Banks urged to steer clear of East Africa oil pipeline financing

BUSINESS

NITA BHALLA MORE than 260 charities on Monday urged banks not to finance a $3.5 billion oil pipeline in East Africa, concerned the project could lead to the loss of community land and livelihoods, environmental destruction and surging carbon emissions. France's Total and China National Offshore Oil Corporation are due to start work soon on a 1,445-km (900-mile) pipeline from western Uganda through neighbouring Tanzania to the Indian Ocean port of Tanga. About two thirds of the pipeline's cost will be financed by debt, and a Ugandan unit of South Africa's Standard Bank Group , Japan's Sumitomo Mitsui Banking Corp and the…