Year: 2020

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. (hummingbirddental.ca)

Lagan …

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 …

Rwanda launched a campaign to collect one million smartphones to increase access to phones. With the country’s smartphone penetration at 20 per cent according to officials, connect Rwanda aims to increase the access of the devices.

Around 1.6 million Rwandans own smartphones out of the 10 million Rwandans who own mobile phones this is according to Statistics from the ministry of information and communication technology (ICT) and innovation.

“The Connect Rwanda campaign is aimed at increasing smartphone ownership in the country. To date, phone penetration stands at 79.8 per cent, but smartphone penetration is still low at 14.6 per cent,” said Paula Ingabire, Rwanda’s ICT and innovation minister.

Also Read: Ghanaian digital payments company partners with Visa targeting 180M Africans

She added that smartphones are critical to helping Rwandans gain access to online services and information.
She said that Rwanda has digitised several services and many businesses are going e-commerce …

The Tanzanian government has found itself within mining dispute after three mining companies operating in the country, over various mining disputes.

The three have engaged the government in among other disputes a breach of international laws and mining licenses.

Winshear Gold Corporation

Canadian miner, Winshear Gold Corporation was the first miner to serve notice of intent to the Tanzanian government on January 10, which is in accordance with the 2013 Agreement for the Promotion and Reciprocal Protection of Investments (Bilateral Investment Treaty – BIT) was delivered to the Attorney General of Tanzania.

According to the company’s statement, the dispute develops out of certain acts and omissions of the United Republic of Tanzania in breach of the BIT and international law, relating to the Company’s investment in the SMP Gold Project located in Tanzania.

The gold miner commenced exploration activities on the SMP Gold Project in 2006. Successfully the company via …

South Africa is set to increase its tourist arrivals from India, according to Tourism Minister Mmamoloko Kubayi-Ngubane.

Kubayi-Ngubane has hailed as a resounding success her two-day market roadshow to Mumbai in India from January 14 to 16, the tourism department said in a statement.

The roadshow was characterised by “robust engagement” with tour operators, destination management companies, film producers and potential investors.

South Africa increased its efforts to unlock market opportunities for the realisation of the country’s 2030 target of doubling international tourist arrivals from 10.5 million to 21 million.

Also Read: South Africa’s miners decry power crisis crippling business

“India remains one of our key trading partners and [a] priority market for driving arrival numbers to South Africa. We will continue to invest in our marketing and engagement efforts, both with our trade partners and travellers, while providing diversified tourist products,” Kubayi-Ngubane said in the statement.

With the forecasted …