Browsing: Africa

• Sub-Saharan Africa has seen the fastest increase in worldwide Internet penetration, from less than 1 per cent in 2000 to 30 per cent now. The use of the internet in Africa increased by 23 per cent between 2019 and 2021
• The Internet Society has been at the forefront of supporting the construction and growth of worldwide Internet penetration(IXPs), which permit and stimulate local traffic
• The Internet Society has assisted in the development of community networks in South Africa, Zimbabwe, Uganda, Nigeria, Kenya, Namibia, Senegal, Morocco Ethiopia. And the Democratic Republic of the Congo

As the Internet Society (ISOC), a global non-profit organisation that advocates for an open and globally linked Internet, celebrated its 30th anniversary, the organisation demands urgent action to advance Internet growth throughout the African region.

Dawit Bekele, the Africa Regional Vice President of the Internet Society, lauded stakeholders’ progress in expanding access across the continent while encouraging …

Last year, the Board of Directors of the African Development Fund (AfDB) approved another loan of around $116 million to Tanzania for the upgrade of a 160-km road corridor in the southern part of the country.

This enormous funding by the Bank actually served to cover 98.71% of the project cost; while the remaining 1.29% was met by the government of Tanzania. It is expected that the AfDB will continue funding Tanzania’s road works and other transport infrastructure especially given the country’s strategic geographical location.

Tanzania is the gateway into Africa’s interior and it is also the way out to the rest of the world via the Indian Ocean.

In Tanzania, it is the Tanzania National Roads Agency (TANROADS) is responsible for the improvement of road maintenance and development. The Agency is responsible for the management of 35,000 Km of roads made up of 12,786 Km of trunk roads and …

• Tanzania’s Government is scheduled to open the 2022 Tanzania Energy Congress (TEC) this August in the country’s commercial port city of Dar es Salaam
• TEC will highlight the plans and priorities of the Ministry of Energy with regard to the next strategic steps in both the energy and hydrocarbons sectors in Tanzania
• This annual event premiered four years ago under the steward strategic partnership of Ocean Business Partners Tanzania

Tanzania’s Government is scheduled to open the 2022 Tanzania Energy Congress (TEC) this August in the country’s commercial port city of Dar es Salaam.

Hosted under the flagship of the Energy Ministry, under the patronage of His Excellency January Makamba, Minister for Energy, TEC will highlight the plans and priorities of the Ministry of Energy with regard to the next strategic steps in both the energy and hydrocarbons sectors in Tanzania.

The two-day conference (3 – 4 August 2022) will feature …

According to Deutschland, German companies long concentrated only on South Africa, but this is changing. Over the past eight years, the Association of German Chambers of Commerce and Industry (DIHK) has opened not less than five new branch offices. Apart from South Africa, top investment destinations include Nigeria, Ghana, Angola, Tanzania, and Mozambique.

Alongside their primary business, German companies are also involved in numerous initiatives to support the African economy and combat poverty. Germany’s Mechanical Engineering Industry Association (VDMA) has founded the “Skilled Workers for Africa” initiative in Botswana, Kenya, and Nigeria. Germany’s successful dual vocational training model serves as an example in Africa. At the same time, Germans benefit from collaboration with local partners, who enable them to access new markets. Local shareholders are essential in some countries.

To strengthen their cross-continental network and promote a value and interest-based exchange, Konrad-Adenauer-Stiftung (KAS) and the Hanns-Seidel-Stiftung (HSS) supported by the …

Africa’s role in the world economy derives from its economic importance to the rest of the world in international trade and as a destination for international investment. Africa has recently become home to the largest free trade area in the world, both by area and by the number of countries.

As economies have been hard hit by the Covid-19 pandemic, the Africa Continental Free Trade Area (AfCFTA) holds economic promise for the continent. The AfCFTA comprises 55 countries with a population of 1.3 billion and combined GDP of about $3.4 trillion. Business leaders and observers regard economic and regional integration as essential for accelerating Africa’s manufacturing, e-commerce, and digitization to reduce an over-reliance on imports, especially from China.

However, there is still much more to do as major components of the agreement still must be negotiated, between many countries and regional economic communities. Moreover, according to the IMF, removing non-tariff …

Dan Cates is a well-known name in the world of high-stakes poker well known as Dan “Jungleman” Cates and he is an ace in the game. 

When Dan Cates found poker in high school, he jumped right in and started playing online. Because of his success in high stakes poker, the man known as “jungleman12” dropped out of college. It’s estimated that he has earned more money in high-stakes online cash games than any other player. 

But, this is not the story. 

Dan Cates is venturing into Africa not as a tourist but as an investor in doing good through his Dan Cates Foundation which was founded in 2020 and is a registered non-profit based in Ghana. The Dan Cates Foundation’s goal is to assist construct a world where everyone’s basic needs are addressed.  …

Dangote also plans to launch an oil refinery that would produce 650,000 barrels per day. Currently, the Dangote Group is the second-largest employer in Nigeria after the federal government, and a new plant is a tremendous opportunity to replace Russian fertilizer imports with African jobs that create warehousing, transport, and logistics infrastructure that help to reduce poverty.

Global wheat, sunflower, and oil crude prices have soared to unprecedented levels. Africa is heavily reliant on food imports from both countries, and the Continent is already experiencing price shocks and disruptions in the supply chain of these commodities.

Over the past decade, the Continent has seen growing demand for cereal crops, including wheat and sunflower, which has been mainly supported by imports than local production. Africa’s wheat imports increased by 68 per cent between 2007 to 2019, surging to 47 million tonnes.…

• African governments saw a series decline in public revenues during the pandemic
• Unemployment has surged in Nigeria and South Africa due to the pandemic
• Some economies have emerged strong while others not so much

The African economy is doing its best to recover strongly from the shackles of the COVID-19 pandemic, which shaved off a substantial amount of growth from the continent’s $2.7 trillion GDP.  Economic recovery in Africa is tough but essential.

While Africa is working its way out of recession and extreme poverty, the region is facing multiple setbacks, such as civil conflicts and the recent Russian invasion of Ukraine, which has caused severe food security in several countries.

The pandemic forced most of the countries on the continent to significantly impose lockdowns that crippled financial operations—businesses, mobility, movement within and across national borders, and public gatherings (Relief Web). 

According to Relief Web a humanitarian information services platform, …

• Tharisa PLC will be the latest foreign platinum mining firm to enter and invest in the Great Dyke in Zimbabwe.
• The Great Dyke has the second-largest platinum reserves in the world after South Africa.
• Tharisa has entered the Zimbabwean platinum mining sector through Karo Mining Holdings which owns the Karo Platinum Project.
• Tharisa will get into an 85%-15% joint venture with the government of Zimbabwe.
• The Karo Platinum project is expected to come on stream in 2 years and produce at least 150,000 ounces of the precious metal a year.

https://theexchange.africa/investing/investment-in-africa-2022/

Tharisa PLC which is listed on the JSE took control of Karo Mining Holdings when it increased its interest in March from 28% to 85%. The company is building a mine which it has named the Karo Platinum Project and is envisaged to take at least 20 years to complete. The first phase of the mine’s development is expected …

• Zimbabwe’s platinum resources are out of reach for most of the investing public.
• Platinum is one the largest generators of the foreign exchange for the southern African country.
• Zimbabwe has generated the most income in foreign exchange since 2013 due in large part to high platinum prices.
• There is currently no mechanism for investing in platinum for retail investors in Zimbabwe.
• The Great Dyke in Zimbabwe is the second largest platinum resource in the world.

Zimbabwe’s platinum is not for Zimbabwean people. This may at first come across as an outrageous and even preposterous statement however, there is plenty of truth in it. This precious metal has been central to the country achieving a trade surplus as reported in the country’s Monetary Policy Statement in February 2022. The southern African country received US$ 9 billion in foreign exchange receipts in 2021 which was a staggering 53.5% higher than the figure …