- Tanzania at COP28
- AfDB partners with Prince’s Trust International to address youth unemployment in Africa
- AstraZeneca pioneers AI solutions for reforestation in Africa
- TotalEnergies divests 36% stake in South Africa’s National Petroleum Refiners
- Lipa Later’s $1.6M boost revives Sky.Garden’s East African market presence
- COP28: unmasking greenwashing in Africa and the challenge for sustainable development
- COP28: Early win with $260 million for climate damages
- Africa’s tech experts to convene for the 8th Edition of Digital and Technology Week
Browsing: African Business
- Ongoing wars in Africa are bleeding billions from poor economies as investors flee the region.
- Sudan army is spending about $1.5 million per day fighting the Rapid Support Forces.
- IMF says Ethiopia’s GDP contracted from 9 percent in 2019 to 6.1 percent in 2020 as Tigray war intensified.
Wars in Africa are costing an arm and a leg, and throwing an awful wrench on poor economies that are hardly providing the bare minimum to their citizens. Take for instance the latest ongoing war in Sudan. Sudan Tribune notes that it is costing roughly $1.5 million every day for the Sudanese army to fight the Rapid Support Forces (RSF).
For Sudan, a country whose poverty rate rose from 64.6 percent in 2021 to 66.1 percent last year, $1.5 million is a huge sum of money to be wasted on senseless fighting.
Wars in Africa yielding economic crisis
Sudan is one of …
Small and Medium Enterprises in the region recognize the potential of working with public-private partnerships, and 63 percent of them think private sector initiatives and partnerships will benefit businesses and the markets in which they operate.
This has been revealed in a study conducted by Mastercard dubbed MEA SME Confidence Index.
The study also reveals that one in three SMEs or 32 percent think that collaborating with governments and businesses outside their markets could impact their growth. In Southern Africa this was especially pronounced, with over half at 56 percent agreeing.
The research also highlights the important role of government support in helping small and medium enterprises across the region to recover, position for growth, and contribute to economic prosperity.
As such, government support and implementation of effective policies has been highlighted as important by 88 percent of the region’s SMEs, 50 percent of which rated this point as a …
Google has committed US$6 million to support African startups as well as underserved communities on the continent.
In a statement, Nitin Gajria, Managing Director for Google Africa, and Rowan Barnett the Head of Google.org EMEA said the funding will go towards programs that will reaffirm its commitment to Africa.
The programs include a $3 million USD Black Founders Fund for African startups and a $3 million USD Google.org grant to help low-income communities develop entrepreneurial skills and funding.
The funding is expected to help African founders grow their businesses not only by providing capital but also by providing access to the best of Google resources.
At the same time, Google has also invited 15 companies from across the continent to the sixth class of the Google for Startups Accelerator: Africa program
The Google for Startups Black Founders Fund Africa provides grants and technical assistance to early-stage startups led …
The private sector in the African continent is set to receive US480 billion in investments over the next five years.
The investments will be made by a consortium of organizations under the G7 Development Finance Institutions (G7 DFI) which includes the European Investment Bank and the private sector arm of the African Development to support sustainable economic recovery and growth in Africa.
The proposed investments come at a time when the Covid-19 pandemic has caused a severe global economic and health crisis, including in the African continent.
The IMF estimates that sub-Saharan Africa needs additional financing of around $425 billion between now and 2025 to help strengthen the pandemic response spending and reduce poverty in the region.
This marks the first time the G7 DFIs have come together to make a collective partnership commitment to the African continent.
The G7 DFI group consists of CDC, Proparco (France), JICA and JBIC …
Tax, costs ‘bigger threat to businesses than COVID-19’
According to a survey by the Central Bank of Kenya (CBK), the majority of Kenyan company chief executives said that the high cost of doing business and taxation posed the biggest threat to their business operations over the next 12 months belittling the financial fallout caused by the pandemic.
The CEOs survey pointed out that progression has been hindered by a challenging business environment despite business leaders projecting a substantial economic rebound in the second quarter of the current fiscal year counting on the improving sales and orders.
CBK said that the effects of the pandemic were lesser compared to taxation issues like the introduction of new taxes and withholding tax/VAT refunds and excise duty on fast-moving consumer goods.
“Businesses were also concerned about the effects of the third wave of the COVID-19 pandemic, particularly the success or otherwise of the …
Data centers are Information Technology (IT) facilities responsible for the management of data in an organization. Data centers house state-of-the-art computing infrastructure with very powerful machines. Traditionally, data centers were associated with extensive use of space and a lot of hardware components to support big data storage and management services.
As technology evolves, the use and development of software-based data centers requiring less space are increasingly becoming more common.
Cloud computing, a modern model used for data centers is growing in popularity in Africa. This technological innovation allows for an integrated approach to data management services such as storage, applications, and servers. Cloud-based data centers have lower costs compared to traditional physical data centers. Most cloud computing services are outsourced from well-established companies that have the resources and experience to do so. Companies such as Microsoft, Amazon, and Teraco continue to invest significantly in cloud infrastructure, globally.