Month: January 2020

Barrick Gold Corporation is back to business with Tanzania, after signing an agreement with the government of Tanzania earlier today in the commercial city, Dar es Salaam.

According to a statement from Barrick, the agreement formalizes the establishment of a joint venture between Barrick and the government and showcasing the government full visibility of and participation in operating decisions made for and by the North Mara, Bulyanhulu and Buzwagi mines.

Barrick finds the latter a rather pioneering move that would take its policy of partnership with its host countries to a new level.

Further, the agreement has ratified the creation of Twiga Minerals Corporation (of which initial establishment began last year), the management company jointly owned by the government and Barrick, overseeing the miner’s local operations.

The corporation is now owned 84 per cent by Barrick and 16 per cent by the government. Also, the deal provides for a 50/50 …

Africa’s e-commerce giant, Jumia is taking bold steps to revitalize its profits after experiencing a hard turn in 2019, e-commerce giant co-founder, Jeremy Hodara revealed to Reuters.

According to Hodara, Jumia (which is listed at New Stock Exchange) current focus is on capitalizing its payments and infrastructure network and boost revenue from services for third-party sellers on its online marketplace.

The company managed to attain a $ 4 billion peak value, before plummeting in shares by almost 70 per cent since its initial public offering (IPO) in April 2019.

“We’re going to be extremely disciplined and very focused on our path to profitability,” Hodara told Reuters on Tuesday.

READ:More people in East Africa are embracing Ecommerce

In November 2019, Jumia pulled out in Cameroon and Tanzania, as well as holding its food delivery in Rwanda, thus—still Jumia’s chief has not revealed if the company plans to shrink its market …

The Opportunity2030 study shows that Kenya is ripe as a market that can easily accelerate its economic growth going by the needs it has…

South Africa’s power cuts cost the national economy up to $8.3 billion, South Africa Council for Scientific and Industrial Research (CSIR) research findings reveal.

READ:Eskom, BRICS bank sign $180 million renewable energy deal

According to a report by Reuters, CSIR highlighted that the power crisis which escalated last year is predicted to persist for the coming two to three years.

The state-owned utility Eskom which supplies 95 per cent of the nation’s power was forced to implement intense power cuts across the country in 2019 when its vital power plants were devastated by floods.

The state power utility cut 6,000 megawatts from the national grid, disrupting power supply to businesses and households.

Further, the power cuts are one of the biggest challenges facing President Cyril Ramaphosa as he tries to revive investor confidence in Africa’s most industrialized economy.

According to Reuters, Ramaphosa has promised to break up Eskom to …

Belfast-based Lagan group will develop the Kampala Industrial Business Park.

The announcement was made at the UK-Africa Investment Summit in London, which is being hosted by the UK government.

Ugandan President Museveni and other African leaders from 20 other countries attended the summit, hosted by Prime Minister Boris Johnson.

The UK Government confirmed it would loan £185 million to Uganda to help build $246 million of infrastructure for the 2,200 acre Industrial Business Park, located on the outskirts of Kampala.

Also Read: Uganda Umeme secures $70m loan for investment

The construction work, which began two weeks ago, is expected to last around 42 months.

The Department for International Development in London claimed the Kampala project, could eventually create up to 200,000 jobs in Uganda. It also said with staff, materials and equipment being sourced in Northern Ireland it will boost the construction sector in the country.

Lagan Group chairman Kevin …

The UK-Africa Investment Summit held on Monday saw attendance from dignitaries and delegates from 16 African countries, including President El Sisi of Egypt and Boris Johnson British Prime Minister.

During his opening speech, Prime Minister Johnson said “Look around the world today and you will swiftly see that the UK is not only the obvious partner of choice, we’re also very much the partner of today, of tomorrow and decades to come,”

He referred to Africa as a booming continent with “staggering levels of growth”

Also Read: Seven African climate-resilient projects get ACCF funding

This was the first UK-Africa Investment Summit hosted by the UK Government. It was attended by the foreign secretary, Dominic Raab, the international development secretary, Alok Sharma and Prince Harry.

A plenary panel discussion on ‘Sustainable Finance and Infrastructure – Unlocking the City of London and UK financial services for growth in Africa’ was discussed by …

The African Climate Change Fund (ACCF) has given the African climate-resilient a serious boost of $4.7 million to finance seven new project proposals.

According to African Development Bank (AfDB) press release, the project funding is parallel to its  2013 – 2022 strategy  and Climate Change Action Plan 2016 -2020, which are full of top-notch projects addressing climate change challenges.

In that context, AfDB highlighted that the projects on the table were fenced around collaboration with other key placers such as local Non-Governmental-Organizations (NGO’s) operating within the regions, the projects are as follows.

Syntropic agriculture as strategy to foster resilience, climate adaptation and recovery of vulnerable communities living in degraded marine and coastal ecosystems in Mozambique: This project will improve the environmental resilience and economic sustainability of smallholder families in Zambezia Province using scaled-up “gender-oriented eco-governance productive model”; it will be implemented by ICEI, a non-profit organization, and ORAM, …

Zimbabwe is ready to host the Sixth Africa Regional Forum on Sustainable Development (ARFSD) Minister said.

The forum will be held in Victoria Falls in February from 24 to 27 under the theme ‘2020-2030: A Decade to Deliver a Transformed and Prosperous Africa through the 2030 Agenda and Agenda 2063.” said Sekai Nzenza, the acting Labour, Public Service and Social Welfare Minister Zimbabwe.

“The Forum gives Zimbabwe an opportunity to showcase itself, especially that the country is really open for business and also what the country can offer in terms of tourism. It is also a great opportunity for the country to establish strategic alliances on Sustainable Development Goals (SDGs) as we continue to reengage with the rest of the world,” said Ms Nzenza.
She said Zimbabwe is fully committed to achieving the sustainable development goals agenda and the 2063 African Union Agenda.

Also Read: Zimbabwe is open for business,

Social entrepreneurs have improved about 622 million lives around the world over the past 20 years, a new report released on Friday shows.

The Schwab Foundation Report for Social Entrepreneurship shows how social entrepreneurs can influence at scale, contribute to sustainable development goals and modify the systems in which they operate.

More than $6.7 billion projects and products have been distributed by the social entrepreneur. The report found that these projects have enhanced livelihoods by increasing healthcare access, improving education outcomes and providing clean energy solutions.

Also Read: Nairobi among hot spots for social entrepreneurs-poll

It has also alleviated more than 192 million tonnes of carbon dioxide which is equivalent to taking around 40.7 million passenger vehicles off the road for a year.

“This report challenges the notion that models of social innovation can be dismissed as small, isolated islands of success amidst our overwhelming global challenges. Consider the combined …

Investment in South Africa remains low despite positively changing direction two years ago after the election, Danesh Ranchhod vice president and executive director of the Franklin Templeton Markets Equity said.

“The past two years have seen some change in direction; these include a new president with better intent, an election and subsequent change in cabinet ministers as well as an attempt to change the boards of weak state-owned institutions. While these remain positive developments the deterioration in the economy and state institutions still require serious attention,” said Ranchhod.

Also Read: South Africa’s business confidence index plummets

He said South Africa has endured several years of weak economic growth, state-owned entity mismanagement, rampant corruption and a policy stall. Which he said that much of it originated and accelerated under the previous leadership with proof pointing to middlemen and government officials who mismanaged state entities.

The Franklin Templeton Markets Equity said it …