In the interests of reducing inequality and poverty within the African continent in the long-term, and avoiding the growth of populism across Africa, the G20 countries, headed by Germany, are pushing for a plan that will increase private investment and infrastructure development in Africa. Speaking at a forum on global infrastructure at the Inter-American Development Bank in Washington, German finance minister Wolfgang Schaeuble set forth a proposed scheme that will see various G20 member countries and international lenders partner with African countries in order to attract global investors.
Culture: Latest News
Peter Pedroncelli, 3:25 am AFKI Original
Many of us take access to electricity for granted, but only two out of every five people in Africa have decent access to energy to power lights and other electrical appliances throughout the day. Around 625 million people in Sub-Saharan Africa have no access to electricity, according to the International Energy Agency. We take a look at 12 Sub-Saharan African countries with the best access to electricity.
Staff, 1:00 am
By moving manufacturing to Ethiopia, Chinese textile companies are moving closer to their raw material base, the cotton-producing countries. This is part of their value chain repositioning, a strategy most Chinese companies are adopting. They’re are also using Africa as a gateway to emerging markets on and off the continent. Products made in Ethiopia can be exported duty- and quota free to the U.S. under the African Growth and Opportunity Act (AGOA). The same benefits apply to the E.U. Ethiopia also offers cheap electricity at US$0.04 cents per kilowatt hour. It’s now the second-largest electricity producer in sub-Sahara due to its hydropower dams.
Reuters, 1:00 am
Africa’s informal alcohol market is about four times bigger than its $11 billion commercial market, analysts say. Home brews have a strong tradition rooted in centuries-old African rituals. AB InBev needs to develop products affordable enough to tap the informal beer and alcohol markets, says InBev’s new Africa head. AB Inbev’s big rivals in Africa – Heineken and Diageo – have also launched lower-priced drinks made with local ingredients that are affordable for more people.
Staff, 11:08 am
Data from the big 12 retailers in South Africa show that they are putting their money into store refurbishments and IT instead of African expansion. Compare this to five years ago. The picture was very different. There was talk of aggressive store rollouts. Some South African companies have expanded into Europe and the U.K. to diversify earnings, but when the rand strengthened, those companies lost out. The customer focus is grounded in technology for the Big 12. IT is playing a critical role in investing in customers — building online capability, enhancing efficiency across supply chains and distribution, and reward programs to enhance client insights.
Peter Pedroncelli, 1:19 pm AFKI Original
Following the turmoil of the last few weeks in South African politics, and an unpopular cabinet reshuffle imposed by president Jacob Zuma, the country has a new finance minister, with Malusi Gigaba now in charge of treasury. Popular previous minister Pravin Gordhan was axed from the role, and Gigaba is expected to fill the void left by the hard-working MP who Zuma saw as a threat. We take a look at 12 things you might not know about South Africa’s new finance minister, Malusi Gigaba.
Staff, 4:02 pm
When their Kickstarter campaign failed, a brother-sister team switched gears and ran a successful social media campaign selling Africa-inspired swimsuits online. Their swimwear prints include the Apremo-Canon pattern, a Kente design symbolic of resisting foreign domination — something Ghanaians fought beginning in the 15th century against English colonizers. The Ashanti Swimwear platform helps women in the diaspora and Africa dominate in the online e-commerce space so they can be location-independent, said British-Ghanaian Yasmeen Opare, co-founder of Ashanti Swimwear.
Dana Sanchez, 9:34 am
There are just 37 black-owned wine brands in South Africa, the world’s seventh-largest wine producing country. The industry employs 290,000 people at 550-plus wineries. Empowerment and transformation has been slow to increase black ownership and leadership. Ntsiki Biyela, South Africa’s first black female winemaker, is a role model and symbol of change. She recently launched her own brand, Aslina wines, named after her grandmother in a rural KwaZulu-Natal village of 1,000 people. The wines are set for export to the U.S. later this year.
Staff, 6:40 pm
South African President Jacob Zuma has emptied his cabinet of his critics. Now that he has collaborators in all key cabinet spots, we know the country’s path if he stays in power. South Africa will move ahead with a deal for a large number of Russian nuclear plants. Property rights for farmers and mines will be further diminished so that Zuma allies can participate in once-thriving South African industries now in decline because of a lack of business confidence. Foreign investors will look elsewhere, and South Africans will move their money out.
Reuters, 12:25 pm
Fitch said Zuma’s recent cabinet reshuffle will likely result in new economic policy. Downgrades to junk — first by S&P on Monday and today by Fitch — could see South Africa fall off some global bond indexes. This may force international funds that are prohibited from holding sub-investment grade securities to sell. There is still is a huge wealth gap between blacks and whites, Zuma said in his SONA address. Zuma’s presidency has been riddled with corruption accusations and money-related scandals. He has called for radical economic transformation.
Staff, 10:34 am
Tests developed to treat white people may be unsuitable for Africans. Ethiopia banned the painkiller codeine because many Ethiopians carry a gene variant that causes their bodies to convert the drug to morphine. Scientists have been pushing to improve health care by tailoring to the environment, lifestyle and genes of individuals. Few have taken this precision-medicine approach in Africa, but that’s changing. Precision public health is a new approach to precision medicine that bases decisions on populations and communities rather than on individuals. There’s a big problem though. Precision medicine is expensive.
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