Month: October 2019

Uganda oil firms which abandoned oil infrastructure projects following tax payment disagreements with the Uganda Revenue Authority, now say they are keen to resume operations.

The companies have caved in to pressure and proposed fresh dialogue to resolve the current standoff with the government, after a month of suspending all technical activities in Uganda’s budding oil and gas sector.

British multinational Tullow, French oil major Total and China National Offshore Oil Company (CNOOC), the joint venture partners in Uganda’s oil development, are expected to present their new position which will form a basis to start fresh negotiations.

“The idea is that we need to have continued communication with the authorities to understand each other. We respect the frustrations of government and we believe they can imagine our situation. We have spent a lot of money already, $3.2 billion jointly with our partners,” said Total E & P general manager …

Increased gold export in recent months has strengthened the Ugandan shilling, helping ease inflationary pressure from imported goods.

The Uganda Bureau of Statistics reported that the annual headline inflation had slowed to 1.9 per cent in the month of September compared to 2.1 per cent registered in August, which is largely attributable to a stronger shilling.

Data from the Bank of Uganda shows that the shilling which was trading at 3,765.6 against the dollar in May, has remained stable at just over the 3,600 units for the months of August and September.

Since May, Uganda’s earnings from gold exports have been increasing from $78.7 million to $97.3 in July.

Dr Fred Muhumuza, a development economist, says the shilling which had been destined to reach the 4,000 units to the dollar mark, is now gaining strength thanks to Uganda’s gold exports.

Also Read: Tanzania state gold-miner quest for the local market

Toyota South Africa announced an R454m investment in the production of the Hiace Ses’fikile minibus vehicle in Durban.

The Hiace Ses’fikile minibus serves South African taxi industry which has grown to R90 billion. It is the most popular mode of transport in South Africa catering for over 15 million daily commuters and employs over 600,000 people.

Toyota’s investments entail expanding the existing production facility in Durban making its investment in Hilace since 2012 to more than R1 billion.

Speaking at the launch of the facility, trade and industry minister Ebrahim Patel said the automotive industry should prioritise local production of vehicles in line with the automotive master plan that the government unveiled in 2018.

By 2035, Toyota’s master plan seeks to achieve 1% of global vehicle production, which will increase its production from 600,000 units to almost 1.4 million units per year.

Also Read: Ugandan based motorcycle hailing SafeBoda gets

Across East Africa, Tanzania is strategically positioning itself as the next Sub-Saharan powerhouse, with the potential to draw billions, revitalize its economy and strive to industrialize Tanzania.

The third Tanzania Oil and Gas Congress, went a step further to explore crucial aspects within the extractives industry, such as sectorial collaboration for successful oil and gas projects, updates on Tanzania’s projects and global market overviews and short-term demand and supply in Tanzania.

The congress brought forth strategic players from top-notch oil and gas industry spheres, who have been leveling the playing field for the past two days.

It goes without saying: Tanzania oil and gas landscape, is yet to see vital potential investments and operational improvement on domestic consumption and exportation of natural gas as well as oil exploration.

In that context, Tanzania stands to draw potential investors and elongate standing development strategies, not only via the extractive industry but mirroring …

The African Development Bank (AfDB) has approved the financing of Kenya’s north link road which when combined with the current section will make it the longest expressway in the country.

The total project cost is €257.68 million, of which €178.02 million (69%) will be financed by the Bank Group, while 12% will come from Africa Growing Together Fund, set up by the Bank and the People’s Bank of China in 2014. The remaining 19% will be financed by the Kenyan government.

The five-year project will convert the 84km Kenol–Sagana–Marua Road in central and eastern Kenya from a two-way single carriageway into a dual bypass and is due for completion in 2025. The new road will enhance traffic flow between the port city of Mombasa and major centers like Nairobi. It will also ease transport between Nairobi and the Mount Kenya region; and ultimately Ethiopia.

The existing section, also funded by …

Zimbabwe expressed concern over the United States’ ban placed on its diamonds to prevent it from being imported over concerns of forced labour.

The US Customs and Border Protection banned targeted products from China, Zimbabwe and the Democratic Republic of Congo (DRC). This has risen suspicion of the blockade being an extension of Washington DC’s trade war with China.

The US said that they issued a Withhold Release Order of the artisanal rough-cut diamonds from Zimbabwe’s Marange diamond field due to evidence of forced labour and the US law prohibits importation of goods made with forced labour.

The Secretary of Information, Publicity and Broadcasting Services Mr. Nick Mangwana responded, “There is virtually nothing like this in our diamond industry. Zimbabwe is replete with a highly qualified labour force which is neither forced nor compelled at any point along the mining and processing value chain.”

He pointed out that Zimbabwe …

Bottom and top hospitality investment markets in Africa as shared by Wayne Troughton of HTI Consulting.

According to Troughton, the hospitality sector continues to attract investments from both international and African investors.

“We are tracking investment from structured funds, predominantly from Europe and the Middle East; an increasing percentage of High Net Worth Individuals from Europe, Middle East, and Africa itself), Owner-operators that invest from Europe, Africa and the USA), as well as Family Offices Middle East, the UK, Europe, and SA.”

In East Africa the top hospitality investments markets are Kampala, Addis Ababa and Dar es Salaam with Nairobi and Kigali ranked at the bottom. Nairobi ranked at the bottom for oversupply while Kigali due to oversupply and limited demand.

Kampala

Troughton said Kampala is one of the next hubs for investments due to its limited branded supply and with the oil prices entering a recovery period; it …

With the ever-increasing need to provide job seekers that are qualified for a specific job, Kenya’s talent recruitment agency BrighterMonday has introduced a new product called ‘Best Match’. Research has shown that there exists a disconnect between job seekers with their skills and the job market keen to bridge skilled labour space.

The product is designed to make the process of finding the best candidates more efficient for human resource professionals, business heads and entrepreneurs looking to hire quality talent.

According to BrighterMonday CEO Emmanuel Mutuma, with increasing market dynamics and competitive job markets, Best Match was designed to cater to growing organizations with limited access to niche talent, those with mass recruitment needs as well as organizations that were not savvy enough to use digital recruitment solutions.

“Employers who use the Best Match product will get up to 10 best matches within the first 7 days of their job …

Recently, there has been a widespread recognition towards agriculture as an engine of growth and poverty reduction in developing countries.  Yet the sector keeps under performing in many parts of our continent and other developing countries.

Globally, women produce 50% of global food products and comprise, on average, 43% of the agricultural labour force in developing countries according to FAO statistics. In African countries, according to the UNDP, the economic and social discrimination against women actually costs Africa USD 105 billion a year or 6% of the continent’s annual Gross Domestic Product(GDP).

In Tanzania, agriculture is a principal source of income and livelihood for about 65% of the population contributing an estimated 30%to the GDP. There is a greater participation of women than men in the sector split 81% and 73% respectively -the number increases to 98% for women in rural areas.

Many of the world’s poorest countries rely on …

The 3rd Oil and Gas Congress took off on 2^nd October, in commercial city Dar es Salaam, drawing in vital players from the Energy arena. The 3rd congress, saw a huge number of investors and technocrats leave with key and crucial messages and new prospects in the industry, including possible missions to embark on oil-discoveries and more gas reserves in Tanzania.

International delegates from top-notch companies in the world: Total, Shell, Equinor, Dodsal and representatives from neighboring countries working with Tanzania, in strategic oil and gas projects, Kenya, Zambia and Uganda, witnessed how Tanzania, is positioning its self to be the next powerhouse in Africa.

During the congress, Tanzania’s Minister of Energy, Hon. Dr. Medard Kalemeni, revealed rather vital information, that could transform the oil and gas landscape in Tanzania.

“Tanzania has not discovered oil yet, but it is developing strategies to embark on discovering oil” the Minister added.…