Author: Ken Mutuku

Corruption at Eskom eats South Africa’s economic growth

Countries March 29, 2023

In 1923, South Africa had over 40 municipalities and 18 private companies, each struggling to dominate the industry.
Despite the efforts of the SA government to ensure no severe loss, the power outages alone have caused its economy's GDP to reduce by 1.3%.
Eskom is about $25.6 billion in debt, which stems from its days as Escom.

Eskom's corruption and inability to provide suitable power is plaguing South Africa's economy. The persistent power shutdowns, or load shedding as it is known in South Africa, has significantly hindered the country's economic growth despite steadily leading Africa's technological revolution. While weathered power plants have contributed to the meltdown, corruption has been the single biggest contributor to the current power crisis.

South Africa is the most industrialized country in Africa. According to Statista, South Africa had the second-highest GDP in 2021 and pioneered Africa in the 4th Industrial revolution. Unfortunately, it is also

…

The African Investment Summit to be hosted in London 2024

Investing March 24, 2023

The AIS 2024 will build on the £6.5 billion deals and £8.9 billion investment commitments achieved at the previous summit held in 2020.
Around two billion people under 25 will live in Africa by 2050.
22% of Africa’s working-age population is starting businesses representing the highest entrepreneurship rate in the world.

The UK Prime Minister announced that London will host the African Investment Summit on 23rd-24th April 2024. This initiative aims to benefit Africa and the UK economies by tapping into Africa’s innovative and entrepreneurial minds.
The AIS is a prominent event hosting 24 Heads of State from African countries with British and African Business leaders.

The UK-African Investment summit in 2024

Africa has made significant economic and technological growth strides in the last decade. Today, Africa is renowned as an adequate investment opportunity for those seeking to make billions. The continent hosts seven startups that have attained the stats …

AfDB launches $618M investment in digital and creative enterprises

Tech & Business March 20, 2023

AfDB estimates that the size of global digital wealth will skyrocket from $217 billion in 2022 to over $1 trillion by 2031.
The Investments in Digital and Creative Enterprises programme launched in Abuja ushering in a new era for the continent.
Nigeria accounts for almost 30% of Africa’s funded ventures, with at least 180 startups.

The African Development Bank (AfDB) has launched The Investment in Digital and Creative Enterprises (I-DICE) program in Abuja. This marks one of the latest initiatives to boost Africa’s digital transformation which the AfDB estimates will generate $712 billion by 2050 in Africa and $1 trillion in global value by 2030.

This program comes at a defining moment as Africa expands its exports of digital and creative services beyond the continent spurring the rise of new unicorn startups.

The I-DICE is an initiative that partners with the Federal Government of Nigeria. It aims to promote entrepreneurship …

Egypt-based accelerator to invest in 160 African tech startups

Tech & Business March 16, 2023

Flat6Labs was one of the crucial investors that contributed to the $3 billion tech investments in 2022, and it continues to shake Africa’s tech ecosystem.
Ramez El-Serafy and Dina el-Shenoufy have agreed to invest in more than 160 early-stage startups over the next five years.
African tech startups received $3 billion in investments in 2022.

Egypt’s startup accelerator company, Flat6Labs, has announced $95 million in VC funding to boost early-stage technology startups in Africa.

Also, Read Young African investor. Sign up for Dream VC fellowship programmes.

This VC funding for tech startups will focus on three promising territories; North, West and East Africa.

Through this initiative, Flat6Labs aims to extend its reach in newer territories such as Nigeria, Ghana, Kenya, Morocco and Senegal. According to Egypt’s startup accelerator, Africa has proven its might within the tech industry producing several revolutionary companies that can change the trajectory of the tech …

Uganda finalizes on its Nuclear Power Plant Project

Business March 15, 2023

Uganda signed a deal with China under which the China National Nuclear Corporation(CNNC) would assist its endeavours to tap into one of the few Nuclear energy sources in Africa.
The first nuclear project, Buyende Nuclear Power Plant, will be located in Buyende, approximately 150 km(93 miles) north of Kampala.
Uganda has an estimated 52000 square kilometres of uranium deposits around Buganda, Toro, Ankle and Bunyoro.

Africa takes the next step in its evolution as Uganda announced its plans to generate at least 1000 MegaWatts(MW) from its nuclear power plant by 2031. This lines up with its efforts to identify alternative energy solutions that guarantee faster and more efficient electricity production. Uganda will become one of the few countries to produce nuclear energy in Africa, further boosting its economic growth exponentially.

Uganda first discovered its uranium deposits in 2004, and since then, nuclear power became a valid option for the country. …

Microsoft partners with OCP Africa to boost Africa’s Agritech Industry

Tech & Business March 14, 2023

This partnership will allow OCP Africa scale its Digital Agriculture Platform.
In 2021, Agriculture accounted for 17.2% of Africa’s total revenue.
Smallholder farmers estimate a loss of at least 15% of their entire yield during the food production process.

Microsoft has announced its partnership with OCP Africa through its Africa Transformation Office to improve Africa’s food security and Agritech at the 5th United Nations Conference on the Least Developed Countries. The partnership will assist smallholder farmers increase agricultural production through Agritech.

OCP Africa is an agricultural company that supplies fertilizer solutions adapted to local conditions. The company has built a reputation with its initiative to support small-scale farmers within the continents.

With Africa’s recent technological investments, more industries are incorporating technology to increase efficiency, boost performance and prevent any damage. Agritech is one of the few revolutionary concepts Africa has eagerly adopted over the past decade. This new collaboration will …

Flutterwave CEO buys $7.1Mn beach house amidst hacking allegations

Tech & Business March 13, 2023

Olugbenga Agboola, co-founder and CEO of Africa’s largest fintech company, Flutterwae fintech, purchased a Miami beach house valued at $7.1 million.
Flutterwave’s raised $250 million in February 2022 at a valuation of $3 billion making it one of the few unicorns in Africa.
The fintech has faced legal and regulatory hurdles in Kenya including the freezing of $40m held by Flutterwave on money laundering allegations.

Olugbenga Agboola, co-founder and CEO of Africa’s largest fintech company, Flutterwae fintech, purchased a Miami beach house valued at $7.1 million. This purchase raises various questions after the Nigerian fintech company was allegedly hacked resulting in a $4.2 million loss.

Business Insider Africa reported tha Agboola had purchased a six-bedroom, seven-bathroom house in Miami beach. According to official records, the property was previously owned by the Boschetii Group, a real estate development firm. They purchased the plots for $1.2 million in 2021 and built …

E-commerce and blockchain transforming Africa’s digital economy

Tech & Business March 2, 2023

Blockchain is one of the pioneer technologies leading the 4th Industrial revolution alongside AI. It has proven its compatibility with Africa's diverse economy.
According to Statista, the total economic revenue drawn from E-commerce within Africa exceeded their initial estimate of $16.5 billion and at an all-time high of $37.77 billion.
Individually blockchain and E-commerce have revolutionized Africa's digital world. Although combined, they ensure rapid efficiency and improvement in Africa's digital economy.

Over the past decade, Africa has relatively gone through a slow but steady metamorphosis within its overall economy. The upcoming 4th Industrial Revolution has shifted young African entrepreneurs' minds. Long gone are the days when Africa is only recognized for its agriculture as the continent steps into a headstrong digital age.

E-commerce has thrived within Africa's borders, having organizations like Jumia, which achieved its unicorn status simply from its endeavours within Africa. E-commerce is a thriving economy slowly but

…

What Africa needs to stay ahead of the knowledge economy

Countries March 1, 2023

The concept of the knowledge economy describes trends in advancements in economies towards significant dependence on Knowledge, Information and the capitalization of high skill levels.
The Poland Knowledge Economy Assessment (KEA) has provided various policy options for securing additional sustainability growth and improving competitiveness.
Africa's human capital needs to be explored and utilized more. Developed countries have realized this hence why they often set up bases in Africa to benefit from the innovation of their people.

Africa is renowned worldwide for its rich natural resources, both in material and human capital. Over the years, manufacturing and agriculture have mainly contributed to Africa's economic growth. Both have sustained Africa's economy to what it is now, but the world has drastically changed over the years.

Today the concept of a knowledge economy has propelled various economies to new heights. A prime example is Poland's economic growth over the past few decades. Focusing

…

Training workers to install solar panels at health clinics in rw

Solar energy Powering and Funding Africa’s economy

Investing March 1, 2023

Today Africa is on the frontier of ushering in a new age of technology in its various economic sectors. As such, the continent needs to provide not only sufficient and sustainable energy but also one that has scalability, ensuring that each sector benefits from it. Thus, experts and innovators have turned to solar energy to power other vital economies while contributing to Africa's overall market potential.

Indeed the concept of Solar power energy has worked in Africa's favour over the past few decades. Unfortunately, renewable energy is still relatively new in Africa; thus, only a few benefit from its revolutionary concept. Here is a brief look at how solar energy powers and funds Africa's ecosystem.