Tag Archives: Africa
Africa: Latest News
Dana Sanchez, 4:55 pm
In Burundi, where just 5% of people have electricity, a new 7.5-megawatt solar power plant is under construction. It’s expected to add 15% power generation capacity to the East African country. The groundbreaking was held Thursday in Mubuga. The solar plant will be built on 42 acres, 65 miles from the capital of Bujumbura. Mubuga has never had electricity and is 6.8 miles away from the power grid. Its residents have depended on candles, lanterns, firewood and charcoal since time immemorial.
Staff, 12:17 pm
Nigeria should be witnessing major investment into its commercial property industry, given its large economy relative to the rest of the continent, its population, which is more than 184 million people and its general development potential. Yet its reliance on oil and its volatile currency had hindered investment. South African investment groups invested in Eastern Europe at the expense of opportunities closer to home, to the tune of around $1.5 billion in 2016. This was more than the total investment volumes recorded in Kenya, Nigeria and Ghana for the past five years or so.
Dana Sanchez, 6:42 pm AFKI Original
Large numbers of Chinese migrants have followed the money to Africa, but no one really knows how many — not even close. Estimates range from 250,000 to 2 million. Experts say informed guesses are anything from speculative to “very problematic.” It’s a problem because inaccurate claims about the Chinese migrant population can contribute to xenophobic election rhetoric and violence, says a migration researcher. In many countries, statistics on migration are incomplete, out of date or nonexistent. “Statistics are political,” a stakeholder said. The data may be out of date but it’s the only data we’ve got.
Dana Sanchez, 1:15 pm
Tourism has been the fastest-growing sector of The Gambia’s economy until now, accounting for 18-to-20% of the country’s revenue. The country, population about 2 million, is marketed to vacationers as “the smiling coast of West Africa.” In the wake of the current political unrest, tourism revenue will likely fall 50%, a stakeholder said. The sector will have to rebuilt just as it was after the 1994 coup that brought longtime ruler Yahya Jammeh to power. “I feel sorry for everybody here,” an evacuating Brit said. “It’s going to take years for tourism to pick up again.”
Dana Sanchez, 1:43 pm AFKI Original
Barack Obama’s 2008 election as U.S. president inspired millions of Africans with hopes that strong ties to Kenya, country of his father’s birth, would mean increased U.S. involvement. Some believe Obama will leave office Jan. 20, 2017, falling short of those expectations. He has been blamed for not making African issues a top priority of his foreign policy. Others say he leaves a lasting legacy that will live on — especially in Africa’s young leaders.
Peter Pedroncelli, 8:00 am AFKI Original
African heads of state and politicians make use of social media to communicate with peers and the people which they serve. Twitter is becoming a popular short-message platform in which to connect with the masses, and Donald Trump is not the only world leader that loves to communicate with posts of under 140 characters. From South Africa to Nigeria, the high profile African heads of state tweet, retweet and reply to followers, offering their opinions on many issues while advancing their own agendas through social media. Here are 12 African heads of state who are on Twitter.
Dana Sanchez, 5:02 pm
In a sign that local credit ratings are becoming more lucrative in Africa, U.S. buyout firm Carlyle agreed to become the largest shareholder in Africa’s largest rating agency. GCR rates more credits on the continent than giants Fitch, Moody’s and S&P. Growth is constrained in the present credit ratings system, said the president of the BRICS New Development Bank. The Big 3 rate over 90% of the global sovereign ratings market. GCR specializes in national-level ratings, which rely less on a country’s sovereign rating.
Dana Sanchez, 1:55 pm
The African tech space is not immune to the economic pressures faced by other sectors, but it is proving resilient. Significantly more African tech startups raised funding in 2016 than the previous year, but the overall amount of recorded funds declined, according to a new report. Fintech startups were the winning sector, receiving the most investor funding in Africa in 2016. The economic downturn played a part in that. Fintech in Africa is different, a stakeholder said. It’s building new infrastructure rather than disrupting an existing one.
Staff, 3:53 pm
Recently renewed by U.S. President Barack Obama, the African Growth and Opportunity Act, or AGOA, allows qualifying African countries to export certain products to the U.S. duty free. U.S. exports to Africa, however, are subject to customs duties. Incoming President Donald Trump isn’t going to go for that, says Herman Cohen, a former U.S. ambassador to several African countries. “I have the feeling that he will ask African governments to accept reciprocity in trade relations,” Cohen said.
Staff, 1:38 pm
A four-page list of Africa-related questions from Trump’s transition team to the State Department suggests a U.S. pullback from development and humanitarian goals but not necessarily from trade. How does U.S. business compete with others in Africa? Are we losing out to China? How much U.S. funding is stolen due to corruption? Why should we spend these funds on Africa when people are suffering in the U.S.? Americans believe the U.S. spends 25% of its budget on foreign aid. In reality it’s closer to 1%.
- Real Estate