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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Africa officials say trade deal ready for signing

Sharm el Sheikh (Egypt) (AFP) – Senior African officials negotiating a trade deal in Egypt to create a common market across half the continent said Monday the pact was ready to be signed. The Tripartite Free Trade Area (TFTA) spanning 26 countries is to be launched at a summit of heads of state and government on Wednesday in the Red Sea resort town of Sharm el-Sheikh. The pact aims to set up a common framework for tariff preferences that would ease the movement of goods across the area’s member countries….

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Liberia Readies For Post Ebola Recovery

As of decline in the number of Ebola cases in Liberia suffice the scars and the damage inflicted by this deadly outbreak on the Liberian economy and key sectors of growth remains indelible. As such, the Ministry of Finance and Development Planning [MFPD] says, the Government of Liberia (GOL) is preparing for the aftermath of the health crisis by targeting critical areas of interest for investment to resuscitate the shattered economy as the country prepares for a post-Ebola recovery era. Cognizant of an already volatile economy, the MFDP stresses that…

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Kenya coffee earnings jump 17 Percent

NAIROBI (Reuters) – Kenya’s earnings from exports of its coffee rose 17 percent to $254.2 million during the 2013/14(Oct-Sept) crop season due to improved production and higher prices, the industry regulator said on Thursday. The east African nation is a relatively small coffee grower compared with other producers, but its speciality beans are known for their quality, attracting demand from roasters. Kenya’s Coffee Directorate said farmers benefited from subsidised fertiliser from the government during the period, helping them to raise production by a quarter to 49,475 metric tonnes. Kenyan growers…

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Liberian Central Bank Announced Stimulus

By George Kennedy The Central Bank of Liberia (CBL) has announced a major financial sector stimulus reducing interest rates on existing stimuli with banks for Liberian businesses and paying off the outstanding loan obligations of all private schools, from kindergarten through high school. According to the CBL, the commercial banks have already provided the CBL with the list of schools and the amounts involved. In a special statement on the impact of the Ebola virus disease (EVD) on the economy on yesterday, CBL Executive Governor Dr. J. Mills Jones said…

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