Tag Archives | Mozambique
Africa Brief: Ghana plans oceanic terminal for imported LNG, Prosecutors Face big test as Ruto appears before ICC and more
In this Africa Brief: Ghana plans to build a floating liquefied natural gas (LNG) terminal off its Atlantic Ocean coast to receive imported gas that would be used to produce up to 1.500MW of electricity by 2016, a senior energy official said in Nairobi yesterday. Kenya’s deputy president appeared before the International Criminal Court (ICC) yesterday charged with co-orchestrating a post-election bloodbath five years ago, a case that will test the stability of a country seen as vital to security in East Africa. Grindrod is already considering a third phase expansion of its car terminal at Maputo port in Mozambique, which is a growing competitor to Trans-net’s car facility in Durban… and more.
Healthy populations with access to high-quality health services lead longer and more productive lives, resulting in stronger and more financially secure families, communities, and countries. At KPMG, we are passionate about finding a solution for effective delivery of healthcare, to all people, across the continent.
In this Africa Brief: East African countries are grappling with the challenge of how to fast-track training of oil and gas engineers after unexpected and continuing discoveries have positioned the region as a future global oil hot spot…Nigeria’s securities regulator was investigating pan-African lender Ecobank International over an alleged misstatement of its 2012 performance, a source at the Securities and Exchange Commission (SEC) said on Friday Nigeria’s SEC held meetings with Ecobank’s board of directors on August 6 to discuss the issue, which was raised by a suspended former head of finance at the bank, the source said, but did not elaborate as to what the bank was accused of misstating…
Although ratifications are a necessary step to securing women’s rights in Africa, major challenges remain in relation to the deeply embedded social and cultural norms of African culture.
Africa Brief: Fewer dollars as Angolan oil firms pay some suppliers in kwanzas, Food retailers’ premium drops to three-year low and more…
A foreign exchange law in Angola has halved the value of dollars auctioned by the central bank since June as the country considers letting its currency trade on international markets.
Africa Brief: Violence in Egypt knocks markets, Ghana’s consumer price inflation, oil thieves in Nigeria and more
Egyptian shares have slumped after police moved to disperse two anti- government sit-ins in Cairo, leaving at least 13 dead. The benchmark EGX 30 index retreated 1.1 percent to 5585.12 at 11.11am in Cairo. The death toll reported by the Health Ministry was disputed by the Muslim Brotherhood, which claims hundreds were killed by security forces…
More than 4 500 Chinese had left Ghana since a crackdown on illegal mining began last month, with the illicit industry having drawn scores of Chinese to the country an official said on Friday Ghana Immigration Services spokesman Francis Palmdeti said that between June 1 and July 3, a total of 571 Chinese had been arrested or had voluntarily turned themselves over to immigration authorities in Ghana.
Africa’s economies have been expanding robustly as new discoveries of coal, oil and gas look set to create substantial business opportunities and transform the continent’s economies. The continent not only is a major producer of diamonds, nickel and uranium, but also holds 40% of the world’s gold, 60% of cobalt and 90% of its platinum reserves. Africa’s growth, however, results from more than a resource boom, having been supported (amongst other factors) by external trends such as its’ increased access to international capital and ability to forge economic partnerships with foreign investors.
Mozambique is viewed to be one of the African countries that will be most able to boost its share of foreign direct investment inflows to the continent over the medium-to long-term. Apart from the large-scale expansion of coal production, natural gas exploration activities and plans to build LNG plants have helped to boost foreign investment.
Following on from our previous post, Country Focus Seminar: Mozambique, we take a look at some of the challenges and opportunities cited by Miguel Alvim, Advisory Managing Partner at KPMG Mozambique.
On 20 June 2013, KPMG hosted the Africa Exchange’s Mozambique Country Focus Seminar in Johannesburg, South Africa. His Excellency H.E. Fernando Fazenda of the High Commission of the Republic of Mozambique to South Africa set the scene for the discussions, noting that Mozambique has various investment opportunities and is open for business. In addition to the opportunities that abound in Mozambique, Fazenda noted that there are potential challenges facing those wanting to invest in the country.
Kenya may face a “spike” in petrol costs and a shortage next month because of a dispute between fuel retailers and the country’s only refinery, the head of a leading fuel and oil retailer, Vivo Energy Kenya, has warned. Ten fuel-marketing companies have refused to adhere to a rule that they purchase 40% of their fuel needs from the 50-year-old refinery, the Oil Industry Supply Co-ordination Committee said in a letter sent to Kenya Petroleum Refineries Limited (KPRL).
Not so long ago, for luxury goods retailers the African market boiled down to a tiny elite, in some cases just a corrupt ruling clique. Not anymore. Although millions of Africans remain stuck in crushing poverty, disposable incomes are on the up. Luxury firms like LVMH, which makes Moet and Hennessy luxury drinks as well as Louis Vuitton handbags, are targeting the burgeoning ranks of what South African retailers call “black diamonds “, or affluent African professionals.
Nedbank Group, which announced on Friday it was entering the Mozambican market, remains on target for a solid financial performance this year. Nedbank, Old Mutual Group’s bank subsidiary, is entering Mozambique by acquiring an initial 36.4% stake in Banco Unico for $24.4m. Nedbank plans to take a majority stake later. South African banks are targeting expansion opportunities elsewhere on the continent in line with strategies to tap faster-growing developing countries.
Continuing from Africa economic prospects: Where to from here, we explore the insights of the IMF’s World Economic Outlook 2013 and the World Bank’s analysis of the issues shaping Africa’s economic prospects …
The IMF’s World Economic Outlook 2013 and the World Bank’s latest “Africa’s Pulse” (a twice-yearly analysis of the issues shaping Africa’s economic prospects) provide the following insights on African economic performance and the outlook for 2014 …
The infrastructure deficit is often noted as having a massive impact on the continent’s development and growth, with infrastructure highlighted as a key area requiring investment. The 23rd World Economic Forum has a central theme of Delivering on Africa’s Promise, and has infrastructure as a dominant and recurring topic for discussion.
Based on the principles of the Spatial Development Initiative (SDI) conceived by the South African government in 1995, resource corridors in Africa are areas in which opportunities (mainly resource-based anchor projects and associated infrastructure) have been identified that can be realised through investments to achieve sustainable development, particularly development brought in other sectors through access to the resource infrastructure.
Diversifying Africa’s resource-dependent economies and speeding up the infrastructure development so vital to its future will be two of the main topics at this week’s World Economic Forum (WEF) on Africa. This week’s event carries the theme “Delivering on Africa’s Promise”.
While African cities do bring with them great economic growth prospects and coordinated development, and urbanisation is often associated with rising incomes and better living standards, lack of resources, inadequate infrastructure and poor planning or management pose enormous challenges …
Africa’s rate of urbanisation and the development of cities has been slow, but the rise of emerging African cities has coincided with the continent’s growth and rejuvenation …
After almost two decades of civil war, Mozambique is rapidly emerging as one of the fastest growing economies in Africa. Economic growth is expected to average around 8 percent over the next few years, inflation is slowing from 8 percent in 2012 to an estimated 6 percent by 2016, and current account deficits are declining as a proportion of gross domestic product (GDP) to around 4.8 percent by 2016.
South Africa, Nigeria and Ghana have over the years been the largest recipients of Foreign Direct Investments (FDI) within the African continent as they jointly accounted for about 50% of the FDI inflow into Africa in 2011.
In the second half of 2012, South Africa experienced a sharp decline of 43.6% in FDI compared to the same period in 2011. Despite the sharp decline in the FDI inflow to South Africa, total FDI to Africa increased by 5% indicating increasing flow of FDIs to the other African countries.
BARCLAYS plans to add branches in Egypt this year as it seeks to expand in that country after rivals from France sold local units. Barclays Bank Egypt will boost its branch network by 10% this year and is preparing to offer Islamic banking services. Barclays Egypt, which started operations in the mid-1800s when the country was under Ottoman rule, controls about 1.2% of the assets of Egypt’s 39 banks, data show. Barclays Egypt makes up about 0.1% of the British bank’s asset base of £1.63-trillion of assets as of June last year, according to calculations based on financial statements. The bank is not planning to issue debt to fund expansion. It also has no plans to sell shares to the public, as the British lender’s units in Kenya and Botswana have done.
Kenya plans to construct a new $300 million (R2.6 billion) fuel pipeline from the port of Mombasa to Nairobi, to replace an older one, and possibly extend it to Uganda. Kenya Pipeline Company said that it was inviting proposals for the design of the 450km pipeline from east Africa’s trade gateway to feed land-locked growing economies, which rely on Mombasa for fuel imports. “The new pipeline is designed to meet petroleum products demand for the region up to the year 2044,” the company said.
The April 2012 World Economic Outlook report published by the International Monetary Fund presented a sturdy but cautiously optimistic future for the various African economies. Sub-Saharan Africa particularly recorded a strong 5 percent growth in 2011 and was one of the regions least affected by the global financial crisis. With the exception of South Africa, limited financial ties to Europe helped shield the region from the financial havoc that tore through Western economies in late 2011.