Tag Archives | World Economic Forum
Very few Africans make use of formal financial services. In fact, only 24% of adult Sub-Saharan Africans had a bank account in 2012, while the global average was 50%, says the Global Findex Database. In the following countries less than 10% had an account that year: Sudan, Senegal, DRC, Central African Republic, Chad, Niger, Madagascar and Mali.
We are one world; we are affected by the wellbeing of our neighbours and our business partners… The stories of human suffering coming out of West Africa are staggering. The human cost of this strange disease, immense. The fall-out of the epidemic is not just health-related. It is also economic.
As the leaders of today’s finance functions continue to work hard to boost their relevance and value to the business, they are shifting their focus outward to those financial management activities that contribute the most to better business decisions that improve the bottom line. Their biggest challenges lie in creating the efficiencies needed to gather and process basic financial data and continue to deliver traditional finance outputs while at the same time redeploying their limited resources to enable higher value business decision support activities.
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.
In spite of the high inequalities existing between countries in Africa, inclusive growth was still possible with cooperation and integration of trade, the Chief Economist, African Development Bank, AfDB, Mthuli Ncube, has said. Mr. Ncube, who was speaking during one of the private meetings marking the opening of the 24the World Economic Forum
Raw wealth no longer defines national success: countries must aim for prosperity, inclusively. Government and business need to work together to achieve this.
The unprecedented abundance of investment grade opportunities in Africa, together with maturing investment motives signify great potential for inclusive growth on the continent
As the foremost gathering on the continent, it’s unsurprising that the WEF has the power to draw such luminaries to serve as co-chairs. Let’s take a brief look at each of the above to provide you with a little more background on the individuals who will be chairing the Abuja conference…
A very important topic coming out of Davos earlier this year is all about ‘Inclusive Growth’–in other words, economic growth in Africa that benefits many…
The 24th World Economic Forum (WEF) on Africa is to be held in Abuja, Nigeria, on 7 – 9 May 2014. Nigeria, sub-Saharan Africa’s second-largest economy and the continent’s most populous nation, with over 160 million inhabitants, is a fitting host for this year’s conference.
Competitiveness in the context of the global marketplace is an expression of the combined environmental, economic and social qualities of a country for the facilitation of economic development.
Information and communications technologies (ICTs) offer a means of substantially improving productivity and efficiency across a broad number of economic sectors for companies, as well as both developed, and developing countries.
Nigeria is set to host the 2014 World Economic Forum (WEF) on Africa in Abuja on 7 – 9 May. This will be the 24th such gathering. Described as the foremost gathering on the continent, this gathering of the World Economic Forum on Africa will bring together regional and global leaders to discuss “innovative structural reforms and investments that can sustain the continent’s growth while creating jobs and prosperity for all its citizens”.
Improved infrastructure is absolutely vital to Africa’s economic and social development. National leaders appear to be aware of this – at the African summit of the World Economic Forum (WEF) held in Cape Town in May 2013, the general sentiment was one of unprecedented collaboration.
Africa Brief: Africa must join hands in fighting red tape, Nigeria hands power to private buyers and more…
If African countries do not work together to resolve impediments such as bureaucratic red tape and lack of infrastructure, growth will continue to be constrained, Shoprite Holding’s chairman Christo Wiese said. The search for higher yield has consumer-facing players turning their attention to Africa as the next hot ticket.
During the 23rd World Economic Forum on Africa, held earlier this year, regional and global leaders from business, government and civil society engaged in discussion around unlocking and delivering on Africa’s promise and potential. We believe that the continent will continue to show prominence as a key destination for foreign direct investment (FDI) in coming years, with Yunus Suleman, Chairman of KPMG Africa, reiterating: “Africa will continue to be one of the largest FDI destinations and will retain its position of having at least six of the fastest growing countries in the world!”
One of the key challenges facing the country’s development and progress is corruption. According to the Transparency International 2013 Global Corruption Barometer, Kenya is perceived as the 4th most corrupt nation globally.
In May 2013, South Africa played host to the 23rd World Economic Forum on Africa (WEF Africa). The theme of the conference was “Delivering on Africa’s Promise”. The conference saw key players and investors from all over the world convene to discuss a sustainable path of growth and development for the continent. The summit sought to address three key themes, Accelerating Economic Diversification, Boosting Strategic Infrastructure and Unlocking Africa’s Talent.
Nigeria’s foreign currency reserves would probably keep expanding while facing risks from lower-than-projected oil output and falling prices. Oil production in Africa’s biggest producer fell to 1.81 million barrels a day in March, the lowest level since September 2009.
Foreign Direct Investment (FDI) into Africa is on a path of continuous growth according to the Africa Emergence: Rise of the Phoenix report. Growth in the region, to date, has been referred to as only the “tip of the proverbial iceberg”. Our own Yunus Suleman added that the continent has much more to offer, and that Africa is set to hold its title as one of the largest FDI destinations and one of the fastest-growing economies.
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.
Following on from Rapelang Rabana and Anne Githuku-Shongwe, fellow panelist Aminata Niang represents an agricultural concern that is far from traditional, but should come as no surprise by now. Tambaroua Business Farming in Mali is a trendsetting company, primarily focused on agribusiness, that specialises in ‘precision farming’.
The centralisation of policy decisions in most African countries adds to this, leaving local municipalities out of the loop despite the impact of mega-infrastructure in their area. More comprehensive national development plans will be needed to ensure that the people on the ground enjoy the benefits of economic growth as they were envisaged in the AMV. Boylan suggests tying small business investment to PPP development to promote projects and encourage local participation.
At the end of two days of wide-ranging analysis of various issues facing Africa today, delegates of the World Economic Forum will gather for a final session aptly titled “Facing Africa’s Future”. In the course of chairing the discussion amongst a diverse panel of contributors, Chairman Eric Kacou (co-founder of Entrepreneurial Solutions Partners in the USA) will seek to crystallize the way forward for Africa – at least as far as it has been articulated at the Forum.
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.
The New Vision represents a major paradigm shift in the way agriculture is viewed, from seeing it in philanthropic terms to approaching it as a market investment. Seen in this way, actors in the food system are required to collaborate to develop new solutions and leverage investments …
Founded on the principle that agriculture is central to sustainable development, the New Vision for Agriculture was launched in 2011 as a benchmark for agricultural transformation in developing countries worldwide …
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”.
REACT – the Renewable Energy and Adaptation to Climate Change Technologies – calls for innovative business models to bring sustainable technologies to rural consumers in response to the following challenges …