DAR ES SALAAM: TANZANIA is the most preferred investment destination in East Africa for investors eyeing to explore the region in the next two years, according to survey conducted by KPMG advisory firm. The survey shows 15 per cent of respondents on 150 C-suite level and senior executives in the region say they would consider investing in Tanzania behind South…
Story by Nadia Colombe Gbane In this week’s episode of Business Africa, Can Africa fund its economic development? Africa stands at a pivotal crossroads, grappling with political instability, climate change, and the urgent need for economic development. With a youthful population, the continent is becoming an attractive consumer market, drawing attention from supply chains worldwide. Amid these issues, one…
The latest Africa Trade Barometer has revealed that Nigeria has moved up four positions from eighth to forth in the country rankings. The Stanbic IBTC Holdings Plc shared some of its latest findings from the Africa Trade Barometer 2023 Issue three report. The report, which assesses key economic indicators in Africa, highlights several noteworthy developments across African countries. According…
Emobility refers to electric vehicles, ideally powered by renewable energy sources Numerous South Africans facing daily challenges commuting to their workplaces via minibus taxis or cars on crowded highways might have difficulty accepting that an electric mobility revolution is on the horizon. However, several factors are pointing in that direction. Emobility refers to electric vehicles, ideally powered by renewable…
Opinion by Staff • When thinking about the continent of Africa and the upcoming opening of the United Nations General Assembly (UNGA) in New York City, I was reminded of the famous opening to Charles Dickens’ novel, A Tale of Two Cities. “It was the best of times, it was the worst of times, it was the age of…
Businesses across the world are under increased pressure from regulators and the civil society to adopt sustainable business practices to complement the global climate change mitigation efforts. Studies show that consumers are also becoming increasingly environmental conscious, seriously scrutinising the environmental impact of the products and services they consume and steering clear of businesses they deem ‘unsustainable’. This has…
Story by by Collins Nnabuife The International Fund for Agricultural Development (IFAD) in partnership with the Federal Ministry of Agriculture and Rural Development and Federal Ministry of Finance organised a regional training workshop for IFAD-funded projects to support the effective implementation of major financial management and fiduciary reforms for the projects. These reforms according to a statement issued by…
The International Monetary Fund (IMF) Deputy Managing Director Bo Li has concluded his visit to Tanzania with a firm commitment towards supporting the country’s efforts in unlocking its development potential. Mr Bo applauded the Tanzanian authorities’ efforts in implementing the country’s economic reform agenda. “I commended the authorities’ commitment to preserving Tanzania’s macroeconomic stability in a challenging global environment,”…
Bill Gates Last month, I visited Nigeria for the first time in five years, and, everywhere I went, perhaps more than on any of my previous trips, I felt the immense energy and boundless potential of its rising generation. I met with young scientists and researchers working on innovative solutions to some of the country’s most difficult challenges in…
Tanzania’s High Commissioner to Nigeria, Dr Benson Bana said it was enthralling to see the bank scooping a number of international awards. Lagos. CRDB Bank PLC scooped four awards in the 5th Africa Procurement and Supply Chain Awards (APSCA) held in Lagos, Nigeria yesterday. A statement released by the bank said the institution won award on excellence in procurement…
Financial challenges are heavy on the youth and a major cause being indiscipline and a lack of financial management undertaking Dar es Salaam. Youth is a stage of life when a person is expected to build the foundation of a bright future through hard work and smart saving of money in order to start accumulating wealth. That’s because it’s…
Africa Business Weekly on CNBC Africa brings you the most impactful business stories across sub-Saharan Africa every week. From the capital markets to economic news affecting the regions from East, West ad Southern Africa, we will speak to the major newsmakers from across the sub-Saharan Africa region to get exciting and unique angles to the stories shaping the continent.
Nairobi. The European Union and Kenya signed a trade deal Monday in a coup for Brussels as it seeks deeper economic ties with Africa in the face of competition from China. Summary Kenyan President William Ruto presided over a ceremony in Nairobi to mark the formal conclusion of negotiations to the EU-Kenya Economic Partnership Agreement Kenyan President William Ruto…
Summary The new program to strengthen Zanzibar’s horticulture market is expected to substantially increase economic opportunities in horticulture sector Zanzibar. The US government in partnership with Zanzibar have unveiled a new programme to strengthening Zanzibar’s horticulture market systems and promoting. Dubbed Feed the Future Tanzania Kilimo Tija Activity, the project is expected to increase economic opportunities in horticulture, with…
The Bank of Tanzania (BoT) has issued new directives aimed at controlling foreign exchange trading in the country a directive that comes at a time when several African countries are struggling with the dollar shortage including Kenya The directive was issued by BoT Governor Emmanuel Tutuba and takes effect from today, Thursday, June 1, 2023. The new controls impact…
All around the world, a backlash is brewing against the hegemony of the US dollar. Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the greenback in the process. India and Malaysia in April signed an accord to ramp up usage of the rupee in cross-border business. Even perennial US ally France is starting…
Prices at the pump almost tripled at service stations in Nigeria after the new President announced on Monday that he would end fuel subsidies, journalists observed on Wednesday in several towns across the country.Bola Ahmed Tinubu, who had just been sworn in as president, had declared on Monday that he would end fuel subsidies, one of his campaign promises,…
Kenya’s President William Ruto has asked African leaders to take first steps towards ditching the globally-bullish US dollar by signing up to a pan-African payments system to facilitate trade within the continent. Ruto has urged his peers in Africa to mobilise central and commercial banks to join Pan-African Payments and Settlement System (PAPSS) which was launched in January 2022….
There is growing interest in Japan by the government, parliamentarians, mega companies and startups to invest more in Africa. Source African Development Bank Group Construction of Mozambique’s multibillion dollar gas project to restart in Q3 2023 ___ There is growing interest in Japan by the government, parliamentarians, mega companies and startups to invest more in Africa. As a delegation…
Summary Key development projects to be executed include expanding irrigation infrastructure to stimulate agricultural productivity and economic growth Dar es Salaam. The government will spend Sh198 billion more on agriculture development projects in the next financial year after increasing its total budget for the sector to Sh970 billion. Key development projects to be executed include expanding irrigation infrastructure to…
Summary Retail prices of petrol and diesel imported through the Dar es Salaam port have increased by Sh90 and Sh24 per litre respectively. Dar es Salaam. Retail prices of petrol and diesel imported through the Dar es Salaam port have increased by Sh90 and Sh24 per litre respectively. According to the new fuel cap price released by the Energy…
Summary Targets for private sector support through PPP projects are guided by the third National Five-Year Development Plan (FYDP III; 2021/22-2025/26). Dar es Salaam. The government said yesterday its ambitious plan to mobilise $9 billion (Sh20 trillion) in capital through public-private partnerships (PPPs) by 2025/26 is still achievable. The success of this alternative financing strategy will be assured by…
CRDB Bank Chief Executive Officer has been named as one of the 25 leaders with a great economic contribution to Africa. The recognition by UK’s African Leadership Magazine (ALM) came almost five years since he was appointed head of the largest lender in the country. ALM Magazine, Group Managing Editor Mr Kingsley Okeke said the list of these leaders…
A major meeting this week brought together farmers, bankers, governments and development partners from across Africa and beyond to discuss ways to ensure smallholder farmers, the backbone of the region’s food system, have access to the finance they need to improve and scale up sustainable forest and farm management practices. The three day African Regional Exchange was organized by…
The unusually heavy presence of US security staff encircling US Vice-President Kamala Harris during her arrival at Kotoka International Airport in Accra, Ghana, on Sunday was a vivid sign of Washington’s psychological distance from Africa. Harris said that she was “very excited” about the future of Africa upon her arrival in Accra. But she should have done her homework…
Click here to listen Right now, countries in Africa are being wooed by the world’s biggest powers. As China continues pouring billions into the continent and Russia escalates its military engagement, now the United States is stepping on the diplomatic gas, with Air force two landing in Ghana this week. Source www.abc.net.au
President Joe Biden delivers remarks at the US – Africa Leaders Summit in Washington, DC. Photo: KEVIN DIETSCH US President Joe Biden has announced an agreement aimed at bolstering trade ties between the United States and Africa after years in which the continent took a back seat to other US priorities as China made inroads with investments and trade….