Category archives for: Business

Swiss Company Seeks To Put Zimbabwean Coffee Back On The Table

Zimbabwean coffee was once highly regarded for its quality, a prince among East African coffees. In the late 1980s, Zimbabwean coffee farmers produced over 15,000 tonnes of coffee a year, according to the U.S. Department of Agriculture, placing it firmly among the top global coffee producers. Since the beginning of the 21st century, however, the […]

‘Amazon of Africa’ is a‘Fraud’,‘Worthless’: Research Firm

Jumia Technologies AG shares sank more than 20% in Thursday trading after Citron Research’s Andrew Left, a noted short seller, alleged in a report that it has the “smoking gun” that shows why Jumia equity is “worthless.” “In 18 years of publishing, Citron has never seen such an obvious fraud as Jumia,” the report said. […]

Mogadishu Gets App for Motorcycle Taxi

You can now hail a motorcycle service in the Somali capital, Mogadishu. The Go! app launched in the Indian Ocean city today (May 1) promising affordable and convenient options in the city’s bustling transport sector. The e-hailing service is starting out with 20 motorcycles, allowing customers to order their rides online or hail them on […]

Building Africa’s Shipping Center

Located at the mouth of the red sea, sits along the Gulf of Aden – one of the world’s busiest shipping routes. However, it has a population of less than one million, and several other African nations have a head start. South Africa, Kenya, Tanzania and Mozambique already have much larger, busier ports. Despite this, […]

M-Pesa Helps Drive Up Kenyans’ Access to Financial Services – Study

by GEORGE OBULUTSA The proportion of Kenya’s population with access to formal financial services rose to 83 percent from 75 percent in 2016, driven largely by mobile technology, a survey partly conducted by the central bank showed on Wednesday. The East African nation is one of the world’s leaders in mobile money services, after telecoms […]

Remittance Into Nigeria Increased by 14% to Reach $25 Billion in 2018 — PwC

by YINKA AWOSANYA In 2018, a total of $25.08 billion was remitted by Nigerians in diaspora into the country, PricewaterhouseCoopers (PwC) estimates. This represents about 14% increase from 2017 and 83% of the federal government’s 2018 budget in value. This is almost $3 billion higher than the World Bank’s previous estimate which, at $22 billion, […]

Ghana Seeks $300 Million to Prop Up Loss-Making Cocoa Board

EKOW DONTOH Ghana is in talks with lenders for $300 million in loans to support the country’s loss-making cocoa regulator. Ghana Cocoa Board, which oversees sales and purchases in the world’s second-biggest grower of the chocolate-ingredient, needs 1.1 billion cedis ($223 million) to meet its commitments for the annual season through September, according to a […]

Fears Grow in Africa That the Flood of Funds From China Will Start to Ebb

by Richard Partington  Concerns over Chinese growth could spell problems for Africa and other parts of the developing world. Beijing funded an overseas investment boom in the past few decades as it strove to become the world’s second largest economic superpower, while also buying vast amounts of the natural resources produced by emerging nations. The […]

Africa Embraces Huawei Despite Security Concerns

by Allan Olingo  Concerns over Chinese growth Chinese technology giants Huawei and Zhongxing Telecommunications Equipment Corporation (ZTE) have established their presence on the continent and become the foundation of Africa’s telecom infrastructure. And they are not slowing down, despite the US placing restrictions on investment by the two firms, and roping in its allies in […]

Millions Invested But Significant Gold Mining Underexploited in West Africa

Mining companies have invested at least $5bn towards gold exploration in West Africa in the past decade but significant reserves are underexploited, mineral industry experts say. Delegates at the Ecomof mining and petroleum forum in the Ivory Coast commercial capital Abidjan were told that more must be done to attract international investors to develop mining […]