Rwanda: Latest News
Staff, 3:43 pm
It is highly likely that East African stock exchanges will increase their market capitalization in the medium to long term. Each lists stock in their respective local currencies, so a decline in currency value relative to hard currencies such as the USD or Euro could reduce gains to foreign investors. So buying opportunities may occur after currency depreciation events. However buyers should beware as global markets are becoming increasingly correlated.
Keren Mikva, 6:44 pm AFKI Original
Inspired by an MIT event in Lagos, Ogunlana Olumide and Chukwuwezam Obanor created PrepClass, software designed to help Nigerian students prepare for tests online. In addition to providing online test prep, the company employs over 100 tutors who travel to students’ homes to teach one-on-one. The personalized approach has been successful, and company revenue is up 1400 percent.
Kevin Mwanza, 7:11 am
East Africa’s airspace is getting crowded by the increasing number of commercial airlines plying the region and is likely to get even more competitive if Uganda successfully revives its national carrier. President Yoweri Museveni wants search for a strategic investor who will help revive Uganda Airlines found urgently. He termed the lack of a national airlines in the East African landlocked country as “a big shame”
Dana Sanchez, 3:57 pm
Sub-Saharan Africa is largely dependent on rainfall, which has been erratic lately, and new partnerships are being forged from necessity. In May, South Africa announced a partnership with Iran to develop desalination plants along all coastal communities to boost water supplies. Algeria is using desalination on a large scale. South Africa is the main user of desalination technology in sub-Sahara. Ghana and Namibia also have operational plants.
Seeking New Markets: Venture Capital Fund Leaving London, Moving To East Africa. Here’s Who’s Already ThereBy Dana Sanchez, 11:35 am
London’s startup ecosystem is flooded with early stage funding for tech startups, so one of the city’s best-known venture capital funds is planning to move to a much less crowded neighborhood — East Africa. East Africa’s angel investment scene is rising, but slowly. Angel investing in Africa can make a big difference to economies there, said the founder of London VC fund Playfair Capital.
Kevin Mwanza, 5:04 am
Results of a referendum in the United Kingdom on Thursday to leave the European Union shocked markets across the globe, with over $2 trillion wipe out in a single day. African economies were not spared the volatility that the Brexit vote caused on different asset classes. Currencies, stocks and bonds plunged across the continent after the UK’s vote to leave. Africa’s largest economies – that have been struggling with commodity prices rout – were the most affected
Staff, 12:02 am
You’d be hard pressed to find a country in the world that has cheaper labor than Ethiopia. However, manufacturing as a share of GDP in Ethiopia is 5 percent, well below the African average of 10 percent. The country also scores below the African average on diversification, export competitiveness, productivity and tech upgrading. Despite this, it’s not a long shot to predict that Ethiopia will soon catch up with countries like China and Vietnam in some low-tech manufacturing industries. These are industries for which labor costs are very important. Beyond these obvious industries, there are reasons to believe Ethiopia might be on the right track to catch up with more advanced economies.
Dana Sanchez, 6:31 pm
Elon Musk challenges traditional business models. For years, fans and investors bought into his unconventional approach to corporate finance. Now some are wary of his latest plan — to buy the ailing U.S. solar energy provider, SolarCity, and sync it with Tesla Motors, which is also bleeding money. In Africa, where electricity access is one of the most pressing problems for businesses, a solar energy company backed by SolarCity is expanding from providing solar kits for homes to offering it for small businesses.
Dana Sanchez, 5:23 pm
DRC responds to illegal rebel activities such as smuggling and poaching, but little is done to stop the illegal charcoal trade deforesting Virunga, Africa’s oldest national park. Millions of households depend on charcoal as their main fuel source. Any efforts to end the illegal charcoal trade and save the forests must be backed by alternative fuels. The carbon-intensive systems now driving economic growth have taken the world to an environmental tipping point. Africa is being asked to lead the transition to avert a disaster.
Staff, 12:10 am
Kenya, Tanzania and Uganda have hinted that they could open up soon to the use of GMO seeds to increase crop yields. Rwanda says it will not lift a ban on GMOs despite a sharp decline in its crop yields in the face of erratic weather patterns and diseases that affect maize crops. The contribution of agriculture to the gross domestic product of Rwanda has declined in recent years from 35 percent in 2012 to about 33 percent in 2015.
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