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West Africa
- Unlike conventional bonds that generate returns through fixed interest payments, Sukuk generates returns through the ownership of underlying assets, thereby avoiding the prohibitions of Riba (interest) and excess Gharar (uncertainty).
- Global Sukuk market has witnessed significant growth over the last two decades, diversifying its presence across regions such as the Middle East, Southeast Asia, Europe, and Africa.
- The outlook for the sukuk market indicates a continued upward trend, with projections suggesting it will reach $2,160.55 billion by 2028.
Sukuk, commonly known as Islamic bonds, represent a unique financial instrument in the context of Islamic finance, distinguished by their adherence to Shariah compliance. Unlike conventional bonds that generate returns through fixed interest payments, Sukuk generates returns through the ownership of underlying assets, thereby avoiding the prohibitions of Riba (interest) and excess Gharar (uncertainty).
This Shariah-compliant structure renders Sukuk an appealing option for both Muslim and non-Muslim investors seeking ethical and socially …
![Oil-extraction-in-Angola. [Photo: Financial Fortune]](https://theexchange.africa/wp-content/uploads/2022/10/ANgola-300x200.jpg "Sectors to revive Angola’s heavily indebted economy")
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 country is nonetheless instituting economic reforms aimed at empowering the private sector and attracting foreign investment in abid to diversify the economy. Hopefully, this will create new jobs especially for the youth who are currently facing enormous unemployment in the wake of the pandemic due to the country’s reliance on tourism.
Notably, other than tourism, Cape Verde’s economy is very much service-oriented with commerce, transport, and public services accounting for three-fourths of the country’s GDP.
Since the country’s economy is heavily dependent on conditions in the eurozone countries, Cape Verde’s economic recovery is hinged on foreign aid as well as remittances. Currently, One UN is assisting Cape Verde to develop a national trade strategy designed to enhance its productive capacities.…
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
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 confirmation of Dr. Ngozi Okonjo Iweala as the World Trade Organization’s new head is a positive development. Having previously been blocked by the Trump administration, it is a welcome relief that it has finally come to fruition.
There are questions as to the reasons behind her blockade in the first place. Could it be her nation of origin? Perhaps a discomfort about bringing governance of the world’s largest trade organization to Africa? Or possibly the fact that she is a woman? Perchance some are not ready for female leadership. Judging from how long the US presidency has been a boys-only club, it begs to reason that this might be a plausible reason.
Regardless of the reasoning, Dr. Ngozi Okonjo Iweala’s history precedes her. She is no stranger to breaking barriers, having been appointed as the first female finance minister under two different sitting presidents in Nigeria. She has also …
The Chinese government offered Ghana a grant of $42.62 million for economic and technical projects implementation.
The economic and technical cooperation agreement was signed on Thursday by Chinese Ambassador to Ghana Wang Shiting and Kenneth Ofori-Atta Ghana’s Finance Minister.
This follows Madam Sun Chunlan China’s First Premier visit to Ghana where she had promised to give the grant to finance some economic and technical projects.
The Minister of Finance, Ken Ofori-Atta commended the Chinese government for its continuous support to Ghana during the signing ceremony in Accra
Also Read: Ghana hosts key African Continental Free Trade Area meetings
“We would like to acknowledge the immense support the government of the People’s Republic of China has provided Ghana over the decades especially in the areas of infrastructure, information communication technology, trade and investment, tourism and education including technical vocation education training,” he said.
Mr Ofori-Atta said the grant would be used …
