Tanzania: Latest News
Dana Sanchez, 3:36 pm
A hedge fund with Carlyle Group LP, the world’s second-largest private equity firm, has lost $400 million it invested in 2015 in a Moroccan oil refinery deal, according to a securities filing. Saudi billionaire Mohammed al-Amoudi owns 67.26% of Morocco’s Samir refinery. The deal highlights the risks U.S. investors face in emerging markets that have unfamiliar investor-protection laws. Still, despite the risks, investors continue to find the lure of higher growth in emerging markets attractive.
Kevin Mwanza, 6:35 am
Kenya Commercial Bank (KCB), the country’s largest by assets, is set to enter the Southern Africa market after it signed a deal with Motswedi Securities, a brokerage firm, to raise funds and trade at the Nairobi and Botswana Stock Exchanges. The move is part of the lender’s efforts to spread operations outside the Eastern Africa region and reduce reliance on the Kenyan market that accounts for 90 percent of its revenue.
Tom Jackson, 9:55 am AFKI Original
Around 650 million people in Africa live without access to electricity. The electrification rate is as low as 14.2 per cent in rural areas. In East Africa, only 23 per cent of Kenyans and 10.8 per cent of Rwandans have access to an electricity supply. The majority of these people as a result use costly and unhealthy forms of energy. But in the power of the sun, Africa also has the answer to this problem.
Dana Sanchez, 3:32 pm
Language is a barrier to investment in Africa, but economists say African innovators should think beyond English when developing innovations aimed at solving local problems. There are more than 3,000 languages spoken in Africa by some counts. Language barriers — especially an inability to communicate in English — have hampered trade in Mozambique, where Portuguese is spoken by more than half the population, and Rwanda, where Kinyarwanda is spoken by most Rwandans, but English is an official language.
Kevin Mwanza, 5:22 am
Geremi Njitap, one of Cameroon’s most successful footballers, was last week elected the head of National Union of Cameroon Footballers (SYNAFOC), while in Ethiopia, Haile Gebrselassie, one of the world’s athletics legends in long distance and marathon racing, was on sunday elected the president of the Ethiopian Athletics Federation (EAF) in Addis Ababa
Tom Jackson, 9:29 am AFKI Original
E-commerce in Africa is a very long-term play indeed. Aside from issues with logistics, there are also problems with online payments, which still suffer from a lack of trust, and the sheer fact Africans still prefer to shop online. Moreover, fewer than 30 per cent of Africans have internet access. The Nigerian e-commerce powerhouses, however, have their eyes on a far greater prize, and are prepared to stomach losses for a number of years.
Kevin Mwanza, 9:08 am
China is fast becoming the preferred partner for economic development by many African governments that have however, been accused of prioritizing economic development over civil rights and freedoms. The Asian superpower rivals the U.S. and has outmatched it especially in Southern, Central and North Africa, according to a survey by Afrobarometer, a research project in sub-Saharan Africa.
Dana Sanchez, 12:11 pm
Oil-importing African countries are showing an improved business environment as the continent endures its slowest growth in more than two decades. In contrast, countries that export commodities are under economic pressure due to low oil prices including three of Africa’s largest economies. Some countries that are doing better are predicted to grow at more than 6 percent. IMF predicts average growth will fall to 1.4 percent in 2016, less than half of 2015 growth.
Ann Brown, 9:47 am AFKI Original
The African poultry sector is growing, especially in Tanzania. Eugene Paul Kavishe grew his poultry operation from 300 birds to 15,000 egg layers, thanks in part to U.S.-sponsored entrepreneur programs. Getting financing has been one of his biggest challenges. “Local financial institutions term agriculture as a very risky business,” he told AFKInsider. In 2014 he was chosen for Obama’s Young African Leaders Initiative. YALI offers African entrepreneurs a once-in-a-lifetime experience and a wealth of business knowledge, he said. “I hope that it will continue (in the next U.S. administration).”
Opinion: State-Owned African Electricity Monopolies Should Stop Seeing Off-Grid Solar As CompetitionBy Staff, 12:02 am
Manufacturers of off-grid power systems say they can’t keep up with demand in Africa. Many policymakers in Africa see off-grid solar and traditional technologies as competing and fret that off-grid power companies will eat into the customer base of state-owned electricity monopolies. Instead they should encourage the competition. It’s lifting the burden of rural electrification from the state and allowing the state to concentrate investment on improving power supplies for large-scale industrial growth.
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