Browsing: Africa

Africa is poised to overtake highly populated continents like Asia in terms of population growth. Along with rapid urbanization, the burgeoning population creates an urgent need to find solutions for growing energy demands. As the population grows, demand for fuel and energy to power movement, urban lifestyles, cooking, heating, and refrigeration will catapult in tandem.

This positions the continent as a significant demand hub for energy solutions like gas, oil, and electricity, which has answered the needs and demands of home use. In addition to the demand for energy use in the home, there is a growing need for industrial and manufacturing energy solutions. The advent of Africa’s free trade area is set to propel industrial output by creating synergies and opening up the broader market.…

The African continent is wealthy with vast mineral resources, which are 30% of the world’s total mineral reserves. Ninety percent of the world’s platinum and chromium reserves are found in Africa.

Sixty percent of the world’s arable land is located in Africa, which spells much potential for agriculture. Africa also boasts of many tourist attractions, including the majestic Victoria Falls, World Heritage Sites such as the Egyptian pyramids, as well as the numerous game reserves, to mention a few. This is in addition to the rich African culture as well as the diverse ethnic groups with over 1500 languages. It is the world’s second-largest and second most-populous continent. 

Despite lying on a rich bed of resources, both natural and human, the narrative about Africa remains that of the poorest of the poor. 

Changing the narrative

For a long time, the narrative of Africa as an impoverished continent has …

The African Union (AU) has been conducting an initiative subbed ‘Silencing the Guns’ that is meant to fight illicit financial flows (IFFs).

Just so we are on the same page, illicit financial flows refer to the illegal movement of money from one country to other various channels including but not limited to tax fraud, money laundering, and other criminal activities.

Now, here is who, what, and how of the matter, but not in any particular order.

How grave is this IFF problem? Every year, Africa is robbed of a shocking $50 billion to IFF. Describing the annual illicit outflow as staggering losses to the continent, UN Deputy Secretary-General Amina Mohammed said;

“These flows pose a threat to stability and security in African countries, undermine institutions and democracy, and jeopardize sustainable development and the rule of law.”

The United Nations Conference of Trade and Development 2020 report placed the IFFs losses …

Absa suffered a major data leak in South Africa and even though the breach did not occur at the bank itself, the data leak still raises security questions concern the safety of client’s money.

Absa is new in Tanzania, the newest big player in the banking industry and has invested a great deal in creating a positive image. However, earlier this month, that image was gravely tainted after an Absa employee allegedly leaked some of the bank’s customer data.

The incident occurred in the bank’s South African main branch where it is reported that the said employee provided customer information to unknown third party interests. The leaked customer info included client ID numbers, bank account numbers, credit card numbers and even mobile phone numbers.

The information that was leaked includes names and surnames, identity numbers and physical addresses, the bank admits.

Further still it also admitted other leaked data includes …

Irony of the hungry farmer

‘Armed with machetes…and borrowed guns, two of three nations are fighting each other, what is to stop a nuclear holocaust should Africa be allowed to develop nuclear energy? First it will be to power their villages then they will weaponize and a nuclear catastrophe will follow…’ anonymous.

Yet nuclear energy may be the very power thrust that Africa needs to pull itself out of the bottomless pit of abject poverty. Its clean, its efficient and comparably cheap. It will by large cut the cost of doing business and powering African homes.

The cost of living in Africa is very high because the cost of production is also very high, why? Easy, the cost of energy is very high. Africa relies mainly on hydroelectric power stations that are very, very expensive to build and maintain.

As such, the cost of electricity is relatively high and in …

Only a fort night after the collapse of Beit-al-Ajaib or the House of Wonders in Stone Town, Zanzibar, the island’s tourism earnings are reported to be down 38 percent compared to last year.

The report comes from the Bank of Tanzania (BoT) which states that despite the tourism sector racking in a surplus of $62.7 million, however this is still 37.7 percent lower than what it was able to amass during the same period in 2019.

Zanzibar’s economy greatly relies on tourism and historical sites like the House of Wonders are a great attraction for tourists. Now with the building having collapsed during restoration efforts, the island is suffering the effects.

Granted the single event is not the cause for the dropped revenue, which the BoT blames on Covid-19, the loss of such an important site has an impact in the sector.

In its monthly economic review for December, BoT …

Businesses in  Zimbabwe are feeling the covid sting has the government moves to reinforce a strict countrywide lockdown in response to renewed breakout of Covid-19 infections.

The lockdown came to effect at the end of the week and involves restriction of movement as well as business operations. With borders closed, businessmen in the country fear worse losses than they are already suffering.

As of January 15, 2021 Zimbabwe had 25,365 confirmed coronavirus (COVID-19) cases and 636 deaths prompting more restrictions.

The lockdown means effective closure of what the country says are non-essential businesses and with it comes also the prohibition of large gatherings like weddings, parties and even religious events.

Issuing the announcement, Zimbabwe’s Vice-President Constantino Chiwenga said the government admits that there is a new Covid-19 outbreak and overwhelmed the country’s health institutions.

Chiwenga, who is also the Health Minister, said the lockdown also means a dusk-to-dawn curfew will …

With a growing middle class, Africa is now the frontier and the AfCFTA which is already ratified by 30 countries is just an opportunity to enhance investments in the continent.…

Informal Cross-Border Trade (ICBT) is a key component of intra-African trade which is wide-spread in its composition and is highest in Eastern Africa.…

It is with great joy and pride to say Africa is mounting the digitalization hill and none of the 54 countries seems to tire of the climb. From the emergence of mobile money in East Africa to the use of drone technology in monitoring farmland activities in Ghana, all seem as ground-breaking as the other digital operations executed in Africa.

Through the years East Africa has seen a surge in fintech exceeding expectations; services such as M-Pawa in Tanzania, M-Shwari and M-Pesa in Kenya (offered by  Vodacom Tanzania and Safaricom Kenya respectively) has not only digitalized financing en masse for the unbanked but enabled digitalization in East Africa to soar to new heights.…