Standard Bank eyes expansion into francophone West Africa

With more than 1,800 staff, Stanbic employs more people than any other bank in Uganda. Management has had to think of ways to keep costs lower while the maintaining full coverage of the country. Such strategy has come at the cost of reducing employment and having to relocate some of their branches to rather cheap locations.

    South Africa’s Standard bank is set to expand its operations into francophone West Africa.The bank is riding on a chinese investment drive into Ivory Coast to establish a foothold in the region.Chinese authorities and companies have committed over $7.5 billion over the next few years to invest in infrastructure in the Ivory Coast. “By virtue of our relationship with the ICBC (Industrial and Commercial Bank of China) we think we’re in a position to provide advice, structuring and the capability to deploy the resources necessary to get involved…

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No Need to Plan, Says Finance Min. Samuel Tweah

The Minister, with no higher level public service experience in planning and development prior to this job, boasted he could take President William V.S. Tubman plans of the 1950s and build a nation like the United States.

    Cheehiay Jablasone Samuel Tweah, the man entrusted to lead the planning and development aspect of the Liberian government, has disclosed planning will be unnecessary over the next six years, instead he’ll focus on execution. Tweah told a gathering of journalists at the Ministry of Information last week in Monrovia that over the last 12 years there were several studies done on various sectors of the economy and he’ll carry out no further studies and planning, going forward. He said all he his to do was just to execute…

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Will intra-Africa trade come of age in 2018?

Governments in Africa must start taking data protection and encryption far more seriously. Overcoming the barriers for intra-African trade to double in a decade can feel like a Sisyphean task – impossible to complete. But that is the objective of the Boosting Intra-African Trade (BIAT) action plan, which targets to double flows between January 2012 and January 2022.rcMany individual African nations will not, on their own, have significant production or purchasing power any time soon. To accommodate such young populations and produce or enable meaningful employment, GDP growth has to…

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Afreximbank gives 500mil to EBE for intra-African trade

    The African Export-Import Bank (Afreximbank) has entered into an agreement with the Export Development Bank of Egypt (EBE) to provide the Egyptian bank with a $500 million scheme aimed at supporting exports and investments by Egyptian businesses to other African countries. The Export Credit Support Scheme (ECSS) is a combination of programmes/products and services offered by Afreximbank through a partnership with EBE to protect against the risk of non-payment for loans or advances granted to exporters to meet short- or medium-term export contracts. By the terms of the…

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Rwanda: This entrepreneur left nike to start her own business

  When Lauren Russell Nkuranga arrived in Rwanda with the Nike Foundation in 2012, she had the clichéd western belief that Africa is predominantly a place of war, poverty and disease, and is desperate for foreign-funded charity.But she quickly discovered that many countries on the continent were in fact growing at a rapid pace. For instance, Rwanda’s economy has expanded by an average annual rate of 7.6% between 2007 and 2016. “During my two years here with Nike in Rwanda, I saw Rwanda transform – new roads, new buildings, new businesses, new…

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Five ways to revive Zimbabwe’s economy

Current events in Zimbabwe show that while a week may be a long time in politics, it is really a very short blink of an eye in economics. Zimbabweans on the streets of Harare and Bulawayo may be hopeful for political change, but they are much more sanguine and realistic when it comes to improving the country’s economy. Presidents can be impeached in days or weeks. It takes years to wreck economies and usually even longer to repair them. So, will Emmerson Mnangagwa be able to take Zimbabwe’s economy off…

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Africa soon be the largest free-trade area in the world

Transport Infrastructure Driving Boost in Africa’s Cross Border Trade Africa could soon be the largest free-trade area in the world. This is if the African Union’s Continental FreeTrade Area (CTFA) stays on track to be operational by the end of this year. Once up and running, the continent-wide free trade zone could lead to a 52 percent ($35 billion) increase in intra-African trade within the next 5 years, according to the United Nations Economic Commission for Africa (UNECA). The UNECA’s Stephen Karingi, who heads their Regional Integration and Trade Division,…

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Nigeria central bank tells 3 banks to recapitalise by June

By Chijioke Ohuocha Nov 20 Nigeria’s central bank has given three commercial banks until June 2016 to recapitalise after they failed to hit a minimum capital adequacy rate of 10 percent, it said in a report on its website. The central bank did not name the banks but said they were from the group of 14 in Africa’s biggest economy that have licenses to operate as regional and national lenders, with respective capital bases of 10 billion naira ($50 million) and 25 billion naira. With a number of Nigerian banks…

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Arts and culture, an alternative to grow African economies

By Dasmani Laary Economic Community of West African States (ECOWAS) governments have been urged to shift their focus from timber, cocoa and minerals exports, and introduce relevant polices and funding into arts and culture to rapidly expand their economies. “Giving meaning to the role of arts and culture manifested in traditional music, dance, clothing and drama can earn countries billions of dollars to spur growth and create jobs,” culture experts meeting in Ghana’s capital, Accra said. Culture is a powerful tool for poverty eradication, helping to meet the ambitious goal…

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Africa’s Richest man Dangote Launches Major Expansion Drive

Dangote Cement, the largest listed company in Africa, has signed a $4.3bn contract with a Chinese contractor to build seven new plants across Africa, and one in Nepal. The plants, which will together add 25 million tonnes to Dangote’s current annual capacity of 45 million tonnes, are to be built by the China National Material Group, the largest cement equipment maker in the world. In Africa the new plants will be in Ethiopia, Kenya, Niger, Senegal and Zambia. In addition, work on two new grinding units have begun in Mali…

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