Year: 2020

One of the biggest issues in many African countries is economic inclusion. Regardless of whether we are talking about development, sustainability or natural resources, finding equilibrium between economic growth and social development has been a challenge for both governments and foreign investors alike. One of the most successful ways to create and sustain this equilibrium is through entrepreneurship.

With the majority of African nations diversifying from traditional sources of income, entrepreneurship is increasingly seen as a key to economic growth. FurtherAfrica spoke to Bako Ambianda, a rising star of African entrepreneurship. Born in Cameroon, the son of a politician, Mr. Ambianda started his first small business in Cameroon when he was only 18 years old and never looked back. Today he is the Chairman and CEO of Labacorp Group, an African holding company that he founded, with a diverse portfolio in key economic sectors including renewable energy, …

South African Airways (SAA), one of Africa’s iconic airline, which currently operating under-loss, could resort in cutting-routes to save the state-owned flag carrier, SAA rescue team revealed.

Several news outlets, including Bloomberg, noted that SAA administrators have defended their decision to cut-routes, even after several objections from South African President Cyril Ramaphosa, the government and labor unions.

According to a report by Reuters, under South African company law, the business rescue team is entitled to take decisions that are deemed necessary to turn a distressed company around, independently of government. In theory, it could ignore the government’s objections.

Bloomberg reported that South African Airways will halt service to nine international cities, including Hong Kong and Sao Paulo, and cease all local services except those between Johannesburg and Cape Town.

The move is “in the best interests of SAA,” joint administrators Les Matuson and Siviwe Dongwana said in an emailed statement …

Canada, the world’s second largest country and the fastest economy among G7 has set aside $10 million for developing African women, and slated potential investment agreement with Ethiopia.

The $10-million contribution is to the African Union Commission for gender equality and women empowerment.

The Canadian Prime Minister (with his first visit to Ethiopia) spent the first full day of a three-day trip to Addis Ababa meeting with some of the African Union’s heaviest performers in a series of one-on-one on the sidelines of the union’s 33rd sessional meeting in Addis Ababa.

READ:Ethiopian Airline’s CEO reveals new airport underway

Canada and Ethiopia

According to the Canadian media, Global news, Trudeau said Canada and Ethiopia are about to start negotiating a Foreign Investment Protection Agreement.

Also, the Canadian Trade Minister Mary Ng, who is in Africa with a trade delegation of Canadian companies, wouldn’t say how long those negotiations could take …

Uhuru and Trump agreed to commence talks leading to a trade pact between Kenya and the US.…

Ahead of this week’s African Union meeting (Feb 9-10), more than 25 organisations, networks and community resistance groups from Africa and around the world have called on African governments to prevent the proliferation of coal, oil and gas in Africa and to ensure efforts to address fossil fuels match those which have helped reduce the danger from nuclear weapons, Power Shift statement reveals.

According to the statement, the communique signed by the group criticized the deliberate proliferation of coal, oil, and gas in Africa, contrary to scientific evidence and highlighted the contradiction between planned fossil fuel expansion and globally agreed climate targets.

They also condemned the way some African governments were avoiding scrutiny from civil society groups and even violently targeting environmental activists and human rights defenders in some places.

Representatives from the different NGO groups who attended an Africa Energy Leaders Summit on Climate Change, Energy, and Energy Finance …

The European Union (EU) is set to provide over $57 million as development aid to Tanzania, marking a return of EU in the Tanzanian development landscape after the partner’s relations were married two years ago over human rights and rule of law concerns.

According to The Citizen, the EU Head of Delegation to Tanzania Manfredo Fanti revealed the release of the funds yesterday at State House, in Dar es Salaam, during a meeting with the Tanzanian President John Magufuli.

It was the first major funding announcement by the EU bloc which in December 2018 withheld 96 million in annual financial support to Tanzania amid a diplomatic fallout.

The EU is Tanzania’s biggest development partner, receiving over $100 million every year.

Also, the EU Deputy Head of Delegation, Emilio Rossetti revealed to The Citizen that the planned disbursements were assessed and finally approved in December 2019 after technical discussions.

“The implementation …

Qatar Airways is in talks to buy a 49 per cent stake in RwandAir, its chief executive said.

Qatar Airways is also interested in doubling its holding in LATAM Airlines Group to 20 per cent with an objective of having equal stake with Delta Air Lines in LATAM.

Although no details have yet been revealed, like the amount of money Qatar airways is spending on the stake, the purchase will mean the government of Rwanda will remain with a controlling stake of 51 per cent in the airline.

Industry analysts say for both airlines the deal is a win-win situation and that owning shares in a growing African airline like RwandAir will act as a springboard for Qatar Airways into the African aviation market.

Also Read: RwandAir face competition from Kenya’s budget carrier

Qatar Airways acquiring a stake in RwandAir would widen its reach and potentially help the Airways bypass …

Audit firms in Uganda are still producing poor audit reports that are tarnishing the image of local audit firms, a survey by the Institute Certified of Public Accountants of Uganda (ICPAU) on the quality of audit firms has shown.

To reverse the poor auditing situation, the ICPAU –which is the steering committee on audit, says the audit firms must put in measures that will enable them to conduct proper auditing and produce quality reports.

Presenting the committee’s survey results during the accountants’ Practitioners’ Forum the managing Partner of Jim Roberts & Associate, Mr Julius Tumuhimbise said the Institute’s Audit Quality Review team had made several revelations within the ongoing fourth audit quality review cycle during which a total of 181 audit firms were surveyed.

“We found out there is lack of partner input; limited appreciation of technical and documentation requirements; failure to devote sufficient time and attention to planning the …

Provide young people with new skills that will meet the needs of a 21st-century labour market, African Development Bank report urges.

African Development Bank President Akinwumi Adesina said the youth must be prepared for the jobs of the future not the jobs of the past.

“Given the fast pace of change, driven by the 4th industrial revolution – from artificial intelligence to robotics, machine learning, quantum computing – Africa must invest more in re-directing and re-skilling its labour force, and especially the youth, to effectively participate,” the Bank president said.

Also Read: Ride the wave of the African Continental Free Trade Area, urges Adesina

According to the African Economic Outlook report, two-thirds of Africa’s youth are either overeducated or undereducated.

Youth unemployment is rising annually with 12 million graduates entering the labour market each year and only 3 million of them getting jobs therefore, youth unemployment must be given top …

President Nana Addo Dankwa Akufo-Addo yesterday gave a go-ahead for the construction of two solar power plants in Kaleo and Lawra, under the 17MW peak solar power project.

According to Ghana’s president, the project confirms the commitment of his government to diversify Ghana’s energy generation portfolio and in the long run, help increase the renewable energy component of the energy mix and contribute to the fight against the effects of climate change.

The €22.8 million 17MW solar power project is being funded by the German Government’s Development Bank, KfW. There is still ongoing construction of the Pwalugu Multipurpose Dam and Irrigation Project.

He said that the project will see to the construction of a 4MW peak project in Lawra and a 13MW peak project in Kaleo.

Also Read: Burkina Faso benefits from $53 million AfDB funding for solar energy

“This will help Ghana avoid an estimated 7,400 tons of carbon …