Category archives for: Business

Tax evasion and theft ‘rob Africa’ of $89bn a year: UN study

Nearly half of the total annual figure of $88.6bn is accounted for by the export of commodities such as gold, diamonds and platinum, the report found. Africa is losing nearly $89bn a year in illicit financial flows such as tax evasion and theft, amounting to more than it receives in development aid, a new UN […]

Johnson & Johnson to End Talc-Based Baby Powder Sales in North America

The company has faced thousands of lawsuits from cancer patients who claim that its talc was contaminated with asbestos, a known carcinogen, and that the company knew of the risks. TIFFANY HSU & RONI CARYN RABIN Johnson & Johnson is discontinuing North American sales of its talc-based baby powder, a product that once defined the […]

Ghana is the best investment destination – Prof. Amoako

KOFI AYIM Ghana’s Consul General in New York, Prof. (emeritus) Samuel Amoako has urged Africans in the diaspora to invest in Ghana for optimal returns. He said the relative peace and stability in Ghana anchored upon democratic governance and its leading role in Pan-Africanism make the country the trail blazer in African political and economic […]

South Africa has three months to defend investment grade rating

PRINESHA NAIDOO South Africa is fighting to preserve its last remaining investment-grade credit rating and avert a forced selloff of billions of rand of its debt after Moody’s Investors Service gave it just over three months to get its finances in order. The ratings company cut the outlook of the nation’s Baa3 foreignand local-currency assessments, […]

How Will China React to Uganda’s Looming Debt Crisis?

Uganda is heading toward a debt crisis. According to a senior official at the Bank of Uganda, unless the country is able to sustain a growth rate of at least 7 percent—which economic projections show Uganda will not do—the country will default on its payments. As is the case for many African countries, China is […]

Africa Must Take Leading Role in Data Economy

by VERE SONGWE Technology has broken down barriers and ensured freedoms for millions in a way no other invention has before. At last month’s meeting of the UN General Assembly, 91 world leaders listened to US President Donald Trump rebuke China from inside the room, but hundreds of millions of people viewed the speech on […]

Rwanda Releases First Smartphone Made Entirely in Africa

Rwanda’s Mara Group has grand ambitions. The company hopes to help turn Rwanda into a regional tech hub, and it just got one step closer to completing that mission. This week, the company released two smartphones, earning Mara Group the title of the first smartphone manufacturer in Africa. Rwanda President Paul Kagame has announced Africa’s […]

Africa’s Digital Boom is Only Just Getting Started

by ACHA LEKE / TAWANDA SIBANDA Africa is digitizing rapidly – but this trend has been hidden from the view of many global investors and executives. For example, Africa already has 122 million active users of mobile financial services, more than half the global total, and smartphone connections and mobile data traffic are increasing rapidly. […]

Botswana Rolling Out Red Carpet for Investors

by POLOKO TAU Botswana has promised to roll out the red carpet for investors, urging them not to be discouraged by its small population from doing business in the country because decent returns are part of the package. Speaking at the official opening of the 14th Global Expo Botswana in the capital city Gaborone this […]

Kenya manufacturers’ lobby launches hub to boost small enterprises

Kenya Association of Manufactures (KAM) on Thursday launched a hub to foster growth of small and medium-sized enterprises (SMEs) through access to finance, markets and capacity development. Kenyan government officials and corporate executives who attended the launch of Manufacturing SME Hub said it will help address regulatory, capacity and financing bottlenecks that are to blame […]

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