Browsing: Africa

A mineral-rich continent, with a fast-growing economic potential and a considerable population stands a chance to become a predominant global hub for trade and investment. Africa’s growth potential has been mainly driven by a significant surge in investment, as indicated by the African Development Bank. As opposed to consumption expenditure driving economic growth, industry players and governments have realised the long-term benefits of investment to the growth of African economies. A longevity approach to a sustained growth of the African continent as a whole is the thrust of Agenda 2063 of the African Union, propelled by the African Continental Free Trade Area (AfCFTA) agreement. …

Africa’s financial potential has become an interesting prospect for emerging market investors. Three decades ago a proposal to invest in Africa would have been considered ridiculous, but this is no longer the case. In fact, between 2006 and 2011, the continent was registering the highest returns on FDI at 11.4 percent, even higher than Asia at 9.1 percent, while the global average was 7.1 percent. To add to that according to the World Economic Forum, since 2000 “half of the world’s fastest-growing economies have been in Africa. As western markets mature and foreign investments saturate in Asia, Latin America, Central and Eastern Europe, and India, Africa is fast becoming the most lucrative investment destination. The inefficient African markets are an excellent source of excess returns, given the level of perceived risks. …

The pandemic has shown the globe that more is needed to fortify our systems, as nearly 95 million people have contracted the virus and more than two million people have succumbed to it, while millions face the economic shocks of the virus, particularly those located in developing economies. 

A World Economic Forum (WEF) publication which is part of The Davos Agenda (a virtual global leaders’ meeting on sustaining an inclusive and cohesive future) noted that the pandemic has exposed several threats to the world. …

The low-average income and the lack of a sizeable middle-class population are the major reasons for this limited growth.

In addition, the high lending rates have made ownership of a car restricted only to the wealthy and prosperous.…

APET recommends drone technology as a transformative technology for Africa’s agriculture.…

In February, Nigeria dominated most tech news outlets following the ban on the trading of cryptocurrencies which triggered anger among Nigerians seeing cryptos as a safe haven in the populous economy.

The West African nation is the world’s second-largest Bitcoin market after the United States and despite this, the Central Bank of Nigeria (CBN) is cracking down on the trade of cryptocurrencies. 

Cryptocurrency technology is decentralized and no government, company, or person controls it.

Read: Is Bitcoin poor Africans’ alternative reserve currency?

In the crackdown directive on February 5, CBN ordered commercial banks and other financial institutions to close accounts transacting with cryptocurrency exchanges.  A week later, Bitcoin’s value doubled. 

While the CBN has not clearly stated its reasons for the crackdown, the reality on the ground is that Africa’s giant economy is facing dollar shortages following the sharp decline in …

Blockchain technology has for long been associated with cryptocurrencies but there is so much more that it has to offer. …

Sports remains one of the key aspects the governments can focus on to bring wholesome economic growth as well as improving the welfare of the young population.…

Innovation is ferrying Africa to a brighter more successful future, a future of technology and digital realities in everyday life. From mobile Apps that allow John in the city centre to Dr. Atish Shah’s affordable battery-powered prosthetic arm that even the least fortunate can afford, innovation is defining Africa’s reality.

African Innovation: Tanzanian Doctor creates mobile-battery powered prosthetics

Tanzania’s Dr. Atish Shah has been recognized the World over for his innovation the Mkono-1, a 3D-printed functional prosthetic hand. Dr. Shah a biomedical engineering Masters candidate says the design was made with the average Tanzanian in mind. It is affordable and functional giving amputees an inexpensive solution for improved mobility and independence.

The prosthetic hand is charged by a simple mobile phone battery, bringing a revolution to an otherwise very expensive industry. In Tanzania, prosthetics are unaffordable for those in middle and low-income communities, and no other battery-powered prosthetics are …

You have a debtor, it is time for them to pay, you pick up your mobile phone dial the number and the most annoying automatic response comes on; ‘Sorry, the number you are calling is not available.’ 

Upset you hang up and redial, same message, now you are really getting mad, you hang up redial and voilà! You are connected. You exchange a barrage of why are you switching off your phone, they reply no, my phone was on, you finally settle on, it must be bad network! 

Sound familiar? 

Well here is some good news, finally the telecomm services watchdog, the Tanzania Communications Regulatory Authority (TCRA) has taken note of this poor service ordeal and taken action. 

Six telecoms fined for poor service delivery

Six major mobile phone operators have been slapped fines reaching a grand total of USD16.4 million for what authorities describe as ‘violation …