Tag Archives | West Africa
At the credit application and processing stage, banks need to invest in systems that allow more efficient and tailored risk profiling. Such a system rewards diligent entrepreneurs with lower lending rates and greater access to capital. Post-disbursement, the establishment of dedicated advisory/support teams can help minimise credit risk and improve credit management by educating and advising SMEs on day-to-day financial management, record keeping and corporate governance. The incremental cost of this will be easily offset by the increased patronage and lower default rates.
Western Union launched Nigeria’s first outbound remittance payment service, which is expected to boost business growth in the country.
Côte d’Ivoire is the largest and historically most diversified economy in the franc zone. Years of domestic conflict damaged the country’s economy and reputation, but the strong-minded foreign policy Côte d’Ivoire launched in late 2011 has helped it to quickly restore its rank as a leading economic power in West Africa.
In recent years there has been a marked upsurge in Burkina Faso’s gold production, fostering hopes that this very poor, landlocked West Africa nation is finally on the road to greater economic prosperity.
Africa Brief: Top gold deposits possible at Congo project, Vodacom office opened in Ethiopia, and more…
Billionaire Dan Gertler’s Moku-Beverendi gold project in northeastern Democratic Republic of Congo may contain as much as 5-million ounces of the metal, his Fleurette Group said. Kibali may eventually produce 550,000oz a year, according to Randgold’s website.
Mining companies operating in Zimbabwe and the main labour union in the industry have reached a deadlock in pay talks for next year after the trade union demanded that wages be more than doubled, two people familiar with the negotiations said.
Africa Brief: Zambia considers $1bn eurobond to plug deficit, Renewable energy adds to CIG’s ‘robust results’ and more…
President Jacob Zuma and his Democratic Republic of Congo counterpart Joseph Kabila have signed a treaty for the construction of the $80bn Grand Inga Project during Mr Zuma’s state visit that is expected to end today.
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.
Nigeria’s insurance industry has witnessed positive changes in recent times, arising from the new reforms embarked upon by the National Insurance Commission (NAICOM), the primary regulator of the Nigerian Insurance Industry. The country’s insurance market is the largest in the West Africa sub-region, however the penetration is currently considered very low when compared with the population of over 165 million people.
Ghana continues to experience impressive and sustained growth across a number of sectors, and for this reason the country appears on our list of key economies in Africa. It is important to note that the country registered one of the highest economic growth rates in the world in 2011.
Africa is home to some the world’s fastest growing economies, many of them buoyed by new oil and gas finds. Ghana is one of these economies. The country discovered its first large-scale, commercially viable oil field in June 2007. The Kosmos Energy team discovered the Jubilee oil field following the drilling of the Mahogany-1 exploration well in Ghana’s deep waters. A string of discoveries in the Jubilee offshore oil field from 2007 onwards has resulted in Ghana’s confidence in a reserve of around 1.5 billion barrels, with a potential upside of 2 billion barrels from adjacent sites.
Africa Brief: Inflationary pressure feared, Togo-Ecobank goes on hiring drive, Famous Brands in Africa and more
Uganda’s central bank held its benchmark lending rate at 11 percent on 2 July 2013, citing renewed inflationary pressure. Policymakers said the bank expected annual core inflation would rise slightly over the next two or three months, before falling back towards its medium-term target of 5 percent.
Accurate short term prediction of iron ore pricing is said to more an art than a science, yet many financial institutions and mining companies are making decision on projects with 10 year development time and 30 year life with this price volatility front of mind.
Africa Brief: Africa experiencing surge in sovereign funds, Zambia, Ghana, Rwanda seals 4G internet deal and more
Africa is experiencing the strongest growth in new sovereign wealth funds in the world as its nations are amassing commodity revenues and foreign-exchange reserves, JP Morgan Asset Management said yesterday. During the past two years, 15 state funds have been set up or are being considered in Africa, the group’s global head of sovereigns Patrick Thomson said.
In a sense such heat-maps already exist. The best known is probably Transparency International’s Corruption Perception Index. This index indicates the perceived levels of corruption in different countries by way of a deeper shade of red. According to this index, the morally “safest” places when expanding into Africa are Botswana (ranked the 30th least corrupt country out of 176 countries), Namibia (58th), Ghana (64th) and South Africa (69th).
Nigeria is the most populous country on the African continent with approximately 150-million people and is the 32nd largest country with the 41st largest economy in the world.
According to the World Bank, Nigeria is classified as a mixed economy, emerging market. Nigeria has reached middle income status, with well developed financial, legal and transport sectors. Nigeria boasts the second largest Stock Exchange in Africa and enjoys an annual economic growth of 7%.
African states benefit financially much less from mining than from oil enterprises in their countries, International Monetary Fund (IMF) adviser Philip Daniel told the Mining Indaba in Cape Town yesterday. Speaking at a panel on Sustainability in mining, he argued that financial Sustainability was a crucial aspect of the debate, and should not be minimised in the larger debate on mining Sustainability.
One of the most potent dangers to West Africa’s stability is the huge surge in drug trafficking and other criminal activity over the past decade. The region has become the conduit for narcotics from Latin America to Europe, while opiates from Afghanistan and Pakistan arriving via East Africa, are sent on to the US from West Africa after being cut and packaged.
When compared with other continents, Africa is not as competitive as it could be in the global mining industry, as more global investment is flowing into South America and China, says global advisory firm KPMG mining in Africa services head Ian Kramer. However, the African mining industry continues to grow significantly in West Africa, as gold projects are being developed in Ghana, Mali, Côte d’Ivoire, Burkina Faso, Guinea and Mauritania.