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Another finding said, “The money issued from the vault daily and disbursed to beneficiaries from the bank’s United States Dollars operational vault was not posted to the bank’s accounting system in real time. For example, money taken from the vault between the periods July 17 – 31, 2018 was not posted to the vault until August 1, 2018 in lump sum. The lump sum amounts posted were without supporting schedules…” Business News 

Liberia: $25 Mil Mop Up Exercise Audit Report “Indicts” Govt Officials

Auditor General Report on $25 Million Mop Up Exercise       Monrovia, Liberia – May 16, 2019: The Liberian Auditor General Report of Factual Findings of the application of $25 million dollars to mop up excess Liberian dollars on the market has been released and “indicts” the Government officials who managed the exercise. African Star is reporting that based on factual findings of the Auditor, field visits were conducted to ascertain entities which participated in the Mop Up Exercise as listed by the Central Bank of Liberia in its…

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Business News 

Liberia: Ruling Party Chairman Gives MTN Ultimatum

  Liberia: Ruling Party Chairman Gives MTN Ultimatum to Break Partnership with Liberian Businessman Benoni Urey Monrovia – Mulbah Morlu, chairman of the ruling Coalition for Democratic Change (CDC), has given an ultimatum to Liberia’s longest existing cell phone company, Lonestar Cell MTN, to distance itself from Mr. Benoni Urey or risks a repercussion, which the CDC chairman termed “citizens’ withdrawal from the company services”. Morlu, at a news conference Wednesday, May 1, told journalists that Mr. Urey, along with his allies, is allegedly using the GSM service provider as a…

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In the case of Singapore, it was their geostrategic positioning between a developed West and a developing East. By harnessing labour and later human capital development, they succeeded in positioning the country as a hub for shipping, and later finance and services, transforming Singapore from a fishing village to a global power-house. Today Singapore is ranked 4th on the Global Financial Centres Index which assesses five key areas of business environment, financial sector development, infrastructure factors, human capital and reputation. Business News 

How to make South Africa rich

    EDINBURGH — When Nelson Mandela became president in 1994, South Africans were brimming with optimism about the future. The country has vast mineral and human resources. But, instead of post-apartheid leaders ensuring that South Africa would ratchet up the league table of countries with the best economic growth, as China managed to achieve when it shook off the legacy of Chairman Mao from the 1980s, South Africa’s political heavyweights focused on self-enrichment. Years of corruption and mismanagement have taken their toll, with economic growth in steady decline since 2000. Now that the…

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The key findings by the report indicated that the actual interest cost to the government over the duration of the loan is estimated at US$62,651,520 or 12% of the loan. This excludes other charges and default penalties that may accrue. Total repayment is estimated at US$599,051,520. Business News 

536.4M Loan Could Have Serious Consequences for Liberia’ -CePAR

    The ETON Finance PTE Limited-Government of Liberia Loan Agreement worth US$ 536.4 million and currently before the Legislature for ratification may have serious financial repercussions if the Legislature approved the deal, a 21-page document issued by the Center for Policy Action and Research (CePAR) said in a release yesterday. The analysis was done by CePAR’s Stephen R. Johnson (lead), Francis Kiazolu, Alieu F. Nyei and M. Boakai Jaleiba, Jr. The release said they analyzed both the loan agreement and the company’s capacity to provide the service to the…

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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. Business News 

Standard Bank eyes expansion into francophone West Africa

    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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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. Business News 

No Need to Plan, Says Finance Min. Samuel Tweah

    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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Business News 

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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Business News 

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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Business 

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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Business News 

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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