Browsing: Africa

A currency crisis occurs when the value of a country’s currency falls drastically. www.theexchange.africa

A currency crisis is defined as a quick and abrupt depreciation of a country’s currency. Currency depreciation goes in tandem with turbulent markets and a loss of confidence in the country’s economy. Historically, crises have arisen when market expectations induce significant movements in the value of currencies.

The global economy is now in turmoil. As the world economy enters another era of a currency crisis, the value of the US dollar keeps rising. Over half of all international trade is billed in dollars. A stronger dollar thus hurts consumers globally, particularly in Africa, who rely on dollars to pay for imports.

The US Federal Reserve’s hawkish approach to increasing interest rates more aggressively than central banks in other major countries has contributed to the dollar’s appreciation. The fact that investors generally see the dollar as a “safe haven” asset during times of economic turmoil has added to its resilience.

CyborgIntell Africa says it will work closely with financial institutions and other enterprises to help them rapidly develop, deploy and operationalize AI applications at scale.

A statement says the CyborgIntell platform addresses the key challenges companies face in the data science/machine learning lifecycle – from data selection and modelling, and operationalizing AI, to managing risk and governance.

“AI is a powerful and transformative technology, yet many companies across the world find it difficult to unlock its full potential. More than a third (36%) of organizations take more than 90 days to deploy data science machine learning (ML) projects, while the failure rate of such initiatives is estimated to be 85% across industries,” said McLachlan, CyborgIntell managing director.

The continent in the near future will have the largest population in the world. The population of Africa is urbanizing as citizens of the nations of the continent migrate from rural to urban areas.

This addition to its vast natural resources is a potent combination for its rapid economic expansion. The world witnessed first-hand the economic miracle where China transformed itself from a rural backwater in 1949 when the modern Chinese state was founded to an economic and military superpower by 2019. The year 2019 is significant to China because the country celebrated 70 years of its founding as a communist state, and the Asian country gained worldwide recognition as a military superpower.

China put on a military parade that displayed a weapons arsenal that made the United States sit up and take notice. How was this possible? China’s economic transformation was because of several factors. One of the most important factors was and remains the rapid urbanization of its population, driven by the migration of millions of Chinese citizens from the rural areas to the booming metropolises. This urbanization increased the demand for natural resources and commodities needed to construct cities, roads, and infrastructure needed to support a rapidly expanding economy.

Insurance provides farm income stability by compensating the losses to the farmers in a timely and efficient manner. It ensures that the farmer is kept on the farm doing what they know and loves best, farming, thereby contributing to food security.

The majority of the farming community in Africa generally operates on thin margins. Most do not have title to land or any bankable assets that they can use as collateral to access finance for the much-needed inputs. By using the insurance policy as collateral, the farmers can access the finance they need, source the right inputs on time and be more productive per unit area, thereby contributing to the food security of their country, apart from also creating their own margins.

The National Bank of Commerce (NBC) in Tanzania have an Agricultural Insurance product in collaboration with Jubilee Insurance Company, aimed at protecting farmers, fishermen, and livestock keepers in the country against losses when they experience various disasters that may affect their production, according to Tanzania Daily News.

Kenya has not been left behind in the growth and development of technology. East Africa’s richest economy stands tall in the development of digital technology. However, a lot needs to be done, and the new administration has enough space to execute its plan regarding the advancement of the Kenyan digital space.

According to New World Wealth, Africa will have a 38% wealth increase over the next decade, with eastern African countries likely to lead the way, with “over 60% growth estimated in Rwanda and Uganda by 2031, and over 50% in Zambia and Kenya .”

It goes on to say that this will be fueled by rapid expansion in the technological and professional services industries.

According to the research, “South Africa has the largest luxury market in Africa in terms of revenue, closely by Kenya and then Morocco.” Over the next decade, the African wealth management market is expected to rise by 60%.

According to the report, Africa’s most enormous wealth was recorded in 2012 at US$2.4 trillion, while the largest number of dollar millionaires was 148,000 in 2017. However, the continent has been widely chastised for producing millionaires while leaving hundreds of millions of residents in poverty.