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Sep
06
2024
By The African Mirror
Barloworld Equipment unveils state-of-the-art Botswana facility

Barloworld Equipment unveils state-of-the-art Botswana facility

BUSINESS
CELEBRATING six decades of partnership with Botswana, Barloworld Equipment Southern Africa inaugurated a cutting-edge dealership facility in Phakalane. This significant investment underscores Barloworld's commitment to delivering exceptional customer service, fostering local economic growth, championing sustainability, and further strengthening its enduring legacy in the nation. Since 1964, Barloworld Equipment has been a steadfast partner in Botswana's growth, supporting key industries and contributing to the development of its infrastructure. This new facility marks a new chapter in this journey, further enhancing its capacity to serve customers across mining, construction, energy, and transportation. "This milestone underscores our commitment to Botswana," said Andronicca Masemola,…
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Aug
28
2024
By ADRIAN SAVILLE
South Africa’s new pension rules: Australia, Chile and Singapore show how personal savings can grow the economy

South Africa’s new pension rules: Australia, Chile and Singapore show how personal savings can grow the economy

BUSINESS
UP until now, South Africans have been allowed to withdraw their entire pension or provident fund when leaving a job. This has left many with no savings at all when they get to retirement age. But a new system, due to come into effect on 1 September 2024, will introduce a form of enforced saving. The new regime will ensure that a significant portion of retirement savings will be retained and only accessible on retirement. This change will have profound implications for individuals – as well as the country’s economic future. That’s because savings have an enormous impact on a…
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Jul
21
2024
By The African Mirror
South Africa’s new govt focuses on inclusive economic growth

South Africa’s new govt focuses on inclusive economic growth

NEWS
SOUTH Africa’s President Cyril Ramaphosa has placed inclusive economic growth at the heart of the programme of the government of national unity, which was put together by nine political parties following the May 29 national and provincial elections. At a speech to mark the opening of Parliament and the beginning of the tenure of the term of the 7th administration, Ramaphosa said in addition to inclusive economic growth, the other two strategic priorities are to: -        Reduce poverty and tackle the high cost of living. -        Build a capable, ethical and developmental state. Ramaphosa…
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Jul
12
2024
By ASTRID R.N. HAAS
African urbanisation: what can (and can’t) be learned from China about growing cities

African urbanisation: what can (and can’t) be learned from China about growing cities

AFRICITIES
THE economic growth paths of Asian and African countries have often been compared. China, with a gross domestic product per capita of US$251 in 1987, was poorer than most African countries at the time. Uganda’s GDP per capita was US$392, Zambia’s US$319 and Ghana’s US$354. Yet today China has a GDP per capita of US$6,091 and it is the world’s second largest economy. In Uganda, it is still only US$964. Asia and Africa have urbanised at similar speeds. Africa is undergoing the fastest urban transition the world has experienced to date with projections that nearly 1 billion more people will…
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Jul
05
2024
By LITE NARTEY
Africa doesn’t have a choice between economic growth and protecting the environment: how they can go hand in hand

Africa doesn’t have a choice between economic growth and protecting the environment: how they can go hand in hand

SPECIAL FEATURES: ANALYSIS
HEATHROW Airport in the UK currently uses more energy than the entire West African country of Sierra Leone. Despite Africa accounting for less than 4% of all global greenhouse gas emissions, many of its countries face significant threats from climate change, including increased droughts, floods, heat waves and potential crop failures. Climate change costs the continent US$5 billion to US$7 billion yearly, a figure projected to reach US$50 billion by 2030. Estimates suggest its impact could push 50 million Africans below the poverty line, while 100 million are at risk of being displaced. At the same time, around 600 million…
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Jun
20
2024
By PRITISH BEHURIA
Mauritius’ next growth phase: a new plan is needed as the tax haven era fades

Mauritius’ next growth phase: a new plan is needed as the tax haven era fades

BUSINESS
MAURITIANS will head to the polls by November 2024 and politicians are considering the economic direction of the island country. For the last two decades, the country’s economic growth has depended heavily on its offshore sector – the provision of financial services by banks to foreign firms. As an isolated country located in the southwestern Indian Ocean, Mauritius has linked itself to global financial sectors by easing the flow of capital into and out of its economy. It has signed double taxation avoidance agreements with other countries, and its capital gains taxes are attractively low. Through double taxation avoidance agreements,…
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Jun
17
2024
By EMMANUEL AMEYAW
Ghana’s economic crisis was caused by government borrowing – the central bank did the best it could: economist

Ghana’s economic crisis was caused by government borrowing – the central bank did the best it could: economist

BUSINESS
GHANA is going through its worst economic crisis in a generation. The past two years have seen record-high inflation in the country. Ghana’s central bank (the Bank of Ghana) has been criticised in some quarters for its role in the country’s economic malaise, which has hit the profitability of Ghanaian banks. The Conversation Africa’s Godfred Akoto Boafo speaks to economist Emmanuel Ameyaw about monetary policy decisions made by the central bank during this period. What was the Bank of Ghana’s role in the inflation rate crisis? In 2002, Ghana’s parliament enacted the Bank of Ghana Act 612, Section 33(2), granting…
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May
30
2024
By The African Mirror
AfDB aims to boost infrastructure funding as African growth accelerates

AfDB aims to boost infrastructure funding as African growth accelerates

BUSINESS
AFRICA'S economic growth is set to accelerate to 3.7% this year and 4.3% next from 3.1% in 2023, African Development Bank (AfDB) President Akinwumi Adesina said, expressing hope that the bank can boost infrastructure investment with IMF help. "African economies are experiencing great resilience despite the challenges posed by climate change, geopolitical tensions, global inflation, rising debt, among others," Adesina told the annual meeting of the bank. In the past nine years the bank has invested over $50 billion in infrastructure projects on the continent, he said. Adesina said two weeks ago that the International Monetary Fund had approved multilateral…
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May
10
2024
By BEDASSA TADESSE
US-Africa trade deal turns 25 next year: Agoa’s winners, losers and what should come next

US-Africa trade deal turns 25 next year: Agoa’s winners, losers and what should come next

SPECIAL FEATURES: ANALYSIS
THE African Growth and Opportunity Act (Agoa) is a landmark piece of trade legislation enacted by the United States in 2000. Its goal is to promote economic growth, development and poverty reduction in sub-Saharan Africa by providing qualifying countries with duty-free access to the US market for over 6,500 products. By eliminating import tariffs and quotas, Agoa aims to stimulate trade, attract foreign investment and foster economic integration between the US and African nations. Agoa has made strides in boosting exports from eligible African countries to the US. Between 2001 and 2021, the annual value of US imports from Agoa-eligible…
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Mar
26
2024
By BONFACE ORUCHO, BIRD STORY AGENCY
Cultural wealth can drive economic growth in African cities

Cultural wealth can drive economic growth in African cities

NEWS
WITH the right policies, African cities hold immense potential to drive significant economic growth by capitalizing on their rich cultural heritage and harnessing the creativity of their youthful populations, according to a new report. “Africa’s urban landscapes are not just repositories of heritage and tradition; they are dynamic centres of innovation, awaiting the right policies to support unlocking their full potential,” the report finds. Titled 'African Alternatives: The Future of Creative Cities,' the report is published by the World Cities Culture Forum, a network comprising local governments and cultural sector leaders from 44 global cities. Through interviews with over 150…
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