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West Africa
![Oil-extraction-in-Angola. [Photo: Financial Fortune]](https://theexchange.africa/wp-content/uploads/2022/10/ANgola.jpg "Sectors to revive Angola’s heavily indebted economy")
Angola is also rich in other minerals like iron ores, diamonds, gold, marble and phosphate deposits. The embassy of Angola’s economic outlook indicates that from the 1950s through 1975, iron ores were explored in provinces such as Malange, Bié, Huambo, and Huíla, and average output reached 5.7 million tonnes per year between 1970 and 1974.
The most explored minerals were exported to Japan, Germany, and the United Kingdom, earning Angola US$50 million a year.
Angola’s phosphate deposits are estimated at 150 million tonnes, located in the provinces of Cabinda and Záire. These resources have so far been unexplored. In Southeastern Angola in the provinces of Namibe and Huíla, marble, granite, and quartz reserves abound. Marble is especially consumed in the local market, while black granite is on demand and exported to United States and Japanese markets.…
As Africa’s role in the global economy continues to garner prominence, it’s imperative for the continent to seal the gaping hole in its power supply.
Lack of universal power access remains a major roadblock that has retrogressed industrialization and socio-economic development. Statistics from the World Bank indicate that Africa remains the least electrified region in the world, with 568 million people lacking access to electricity.
The Bretton Woods institution, further notes that the Sub-Saharan Africa’s share of the global population without electricity, jumped to 77 per cent in 2020 from 71 per cent in 2018, whilst most regions saw declines in their share of access deficits. It has become a Hobson’s choice for African governments to prioritize the power sector, which is the epicenter of industrialization, working towards Goal 7 of the UN SDGs; which advocates for universal access to affordable, reliable and modern electricity services.
Currently, Africa’s power is …
The Nigerian Minister also praised Equatorial Guinea, saying that the Western African country has a massive record of world-class gas processing and liquefaction infrastructure already in Punta Europa and allocating investment funds for development.
Minister Obiang Lima said that Equatorial Guinea was in line to be an essential player in the African energy market.
“New, fast, and competitive sources will be a major determinant of success,” he said. “This strategic collaboration breaks down geographical boundaries and allows gas delivery from Nigeria to Equatorial Guinea’s Punta Europa facilities, extending their life and providing access to the regional and global energy markets.”
Through the agreement, the Nigerian National Petroleum Corporation (NNPC) and its joint venture partners will put into monetary use gas that would have otherwise been stranded offshore due to the absence of infrastructure.…
Having into consideration the epidemic COVID-19 worldwide situation, the Angolan executive decision to extend the validity period of the documents of foreign citizens who are currently out of Angola.
To this end, documents such as residency authorizations, refugee cards, investor visas, work visas, and temporary permanence visas the validity period of which has terminated as of 28 February 2021 are considered valid until 31 July 2021.
However, in order to benefit from this extension, the individuals which return to Angola must request the renovation or extension of the documents within 5 days after entering Angolan territory.
Also read: How Foreign Countries Can Trade And Invest In Africa
Article by Marco Correia Gadanha
Marco Correia Gadanha
Marco Correia Gadanha is a partner of the Portuguese law office MC&A. He is specialised in legal advice to international transactions. Marco has extensive experience of legal practice in Portugal and in Portuguese-speaking …
This diploma has the goal of completing the regulatory programme carried out by the Angolan Executive with the
purpose of reforming financial regulations.
In fact, this new Law has the purpose of suiting the current challenges within the scope of financial stability, in particular in what concerns the reinforcement of the legal framework of the regulation and supervision of the institutions participating in the Financial Sector.
Thus, this new regime introduces significant changes to the existing legal framework, namely in what concerns its institutional part, as well as supervision, interventive, contraventions, and sanctions measures.
Also read Finance in Common Summit Spring Meeting: Public development banks call for new financing for Africa’s recovery post-Covid-19
Further to the above-mentioned, this new Law establishes:
a) The procedure for incorporation and carrying out of Financial Institutions’ operations;
b) The exercise of the supervisory activity;
c) The procedure for corrective intervention and resolution; and…
Technological advancements have seen a positive growth trend on the African continent. Various big tech companies such as Google, Microsoft, Facebook among others, have taken steps to invest in the African market. Much consideration and hype have taken centre stage for Africa as a fast-growing market and ideal for investments in information technology services.
Advanced IT innovations such as fast communication networks and efficient cloud computing services are coming on board. These tech developments in Africa, have also attracted social giants like Twitter, which is set to set up its African headquarters in Ghana. Great economic potential is expected from the move. Insights as to why the social media giant opted for Ghana for this endeavour act as positive indicators to the entire African region on long -term goals to attract foreign direct investments.
Employment creation and capacity development
The presence of global tech giants in Africa is a positive …
The government of Benin’s imposition of a duty regime targeted at goods from Anglophone West Africa has forced Ghana to petition the Economic Community of West African States (ECOWAS).
Ghana in its petition argues that the duty regime has presented an unfair advantage to companies operating from Francophone West Africa that still benefited from duty and quota-free on exports in Benin.
The duty regime took effect seven months ago. The move has also forced Ghanaian manufacturers dealing with plastic pipes, paints, aluminium products, cooking oil, among other products to halt exports to the Benin market until further notice.
According to reports by a local daily, the affected manufacturers, led by the Ghana National Chamber of Commerce and Industry (GNCCI) reported the situation to the Ministry of Trade and Industry (MoTI) and the Ministry of Foreign Affairs and Regional Integration (MoFARI).
Reports further indicate that Ghana petitioned the ECOWAS Commission for …
Economic activities in Ghana are expected to strengthen faster after the rollout of Covid-19 vaccines, experts have said.
Boost confidence
Speaking in an exclusive interview with one of the leading local dailies, economic analysts noted that vaccinating people would boost the confidence of businesses and consumers.
This, according to them, will enable people to carry out their activities as they explore new business avenues for a faster recovery of the economy.
Professor Peter Quartey and Dr Said Boakye while giving their insights argued that Covid-19 vaccines rollout would also boost the confidence of business partners abroad to open up or increase trade to the country.
The government, the experts say, should set economic growth for this year to between 4.5 and five per cent on the back of the positive impact of the vaccine rollout on gross domestic product (GDP) growth.
They were giving their insights on the impact of …
Delivery of COVID-19 vaccines to selected health facilities has kicked off in Ghana.
The exercise which began on Tuesday, March 2, is being conducted by Zipline, using drones.
Ghana is now the first country in the world to deploy drones on a national scale to deliver COVID-19 vaccines, which were shipped into the country on February 23, by the Covax facility.
Ghana received 600,000 doses of the AstraZeneca/Oxford vaccine, from the Serum Institute of India (SII).
The arrival in Accra is the first batch delivered anywhere in the world by the COVAX Facility as part of an unprecedented effort to deliver at least 2 billion doses of COVID-19 vaccines to low- and middle-income countries by the end of 2021.
How COVID-19 vaccines will be distributed
With about 12 million people in Ghana living outside cities, the country’s government will use Zipline’s network to deliver its COVID-19 vaccines to ensure rapid, …
