Tag Archives | Kenya
Many JSE companies are seeing Africa as the new frontier and an important source of long-term growth, especially those companies doing business in mature markets. The International Monetary Fund forecast the region to grow at 5.5% both this year and next. By comparison, South Africa’s economic growth rate is forecast at just 2.7%.
Oil bunkering – hacking into pipelines to steal crude then refining it or selling it abroad – has become a major cost to Nigeria’s treasury, which depends on oil for 80% of its earnings. Many local Nigerians would obtain these oils and refine the oil to sell to the local and foreign market to make a living even though they know this is illegal. Nigerians can make $60 (about R523) in a day by oil bunkering.
Due to the long queues at the Beitbridge, Zimbabwe Education Minister, David Coltart has suggested a new border post be considered between South Africa and Zimbabwe. SA Home Affairs Minister Naledi Pandor, is aware of the problem and is working on a solution to improve the situation. The South African Chamber of Commerce has raised concern, but does not feel a new border will solve the current problem.
Cloud computing has generated significant hype in Africa. But with IT vendors pushing the technology case, few companies have taken the time to look at the value it can offer from a business perspective, says Frank Rizzo, partner in Advisory at KPMG. “With services such as Apple iCloud, Microsoft SkyDrive, and Google Drive popularising the commoditisation of cloud computing, we have reached the point where implementation has become a question for the CEO and not the CIO. Cloud computing is not driven solely by technical experts any more but by business leaders who are looking to leverage cloud computing from an overall business perspective,” says Rizzo.
The 2012 Africa Tax Academy took place in Nairobi, Kenya, from 9 to 11 July 2012, followed by a client breakfast with presentations by KPMG professionals from different jurisdictions on 12 July 2012.
Approximately 80 delegates attended the conference from countries such as Kenya, Nigeria, South Africa, Uganda, Rwanda, Sierra Leone, DRC, Malawi, Zambia, Botswana, Ghana, Tanzania, but also from Germany and Switzerland.
This week on Invest Africa, we travel to Kenya, dubbed East Africa’s power house, to explore its growth potential and other pressing challenges the country is facing. Kenya is regarded a regional hub for trade and finance in East Africa, and many large corporations have their Africa headquarters in Nairobi. Continued economic and political transformations are essential in order for Kenya to maintain this status. Kenya boasts advanced markets and high market adoption rates. Technological advances are significant due to the country’s fast adoption of applications.