Tag Archives: Transparency
Transparency: Latest News
Kurt Davis Jr., 2:00 am AFKI Original
Short-term volatility and uncertainty in the African growth story create opportunities for hedge funds. Hedge funds generally operate more flexibly than private equity, and they have the creativity to generate bond-like returns that outpace inflation. Critics say hedge funds have limited liquidity in an opaque world. The riskiest play — but with big returns — is in agriculture and land. Where land is for sale in Africa, investors are making a play for a limited resource, especially when it’s arable, ripe for production or ideal for commercial and residential construction.
Tom Jackson, 7:55 am AFKI Original
As tech becomes more widespread in Africa, democratic processes will become more accessible. Internet and mobile technologies can reach remote areas and give voice to many. Rashaad Alli is a manager at South African nonprofit People’s Assembly, which supports websites that make parliamentary information more accessible to ordinary people. “Access to information is a great enabler to effect social change and deepen democracy,” Alli said. “Tech tools help increase transparency, expose corruption, strengthen democracy and hold governments to account.”
Dana Sanchez, 2:22 pm
In June 2016, Angolan President José Eduardo dos Santos controversially appointed his billionaire daughter Isabel head of the state-owned oil company Sonangol. The collapse of oil prices is nothing new, but the nature of Angolan politics and the stranglehold of the dos Santos family are threatening economic collapse. Under Isabel’s watch, Sonangol can’t afford to pay for toilet paper, never mind repay $1.135 billion in debt. Soon after Isabel became CEO of Sonangol, Angola pulled out of discussions with the IMF for a $4.5 billion loan. Isabel’s banking monopoly is the reason, an analyst said. The richest woman in Africa, Isabel owns stakes in five of the largest Angolan banks.
Dana Sanchez, 3:55 pm
Barclays Africa and an Israeli fintech startup recently completed the first global trade transaction using blockchain technology. They want other banks to adopt the process, which they say saves time and money. Banks are rushing to adopt blockchain, but unprecedented transparency sits uneasily. They have to make drastic changes to force the radical technology to fit the norms of the banking world. Barclays Africa has sought to be a leader. “Research and development happening in this space … is a collective collaboration,” Barclays told AFKInsider.
Kurt Davis Jr., 3:52 pm AFKI Original
Her quick rise to the top cracks the glass ceiling of Africa’s male-dominated business world. Critics say she’s privileged, but what about the Bushes, Clintons and Kennedys? She’s accused of pilfering state funds but the movement of money between family members does not establish corruption in the system. Funds may be owed. If allegations of money laundering are confirmed, particularly within Sonangol, analysts will change their views on Isabel.
Dana Sanchez, 1:56 pm
SA businessman Fana Hlongwane was named with links to a controversial arms deal. Khulubuse Zuma, nephew of the president, was named in association with a DRC oil deal. The Panama Papers show the extent of shady offshore dealings that could be robbing countries of billions of tax dollars. Gordhan said he welcomes their release. Holders of illegal offshore accounts may get a chance to come clean at a discounted rate in a voluntary program. Failure to do so will result in penalties including criminal prosecution.
Dana Sanchez, 12:21 pm
Shell is the biggest Western investor in Nigeria’s oil sector, and has been doing business there for 80 years. Although the company sold some onshore assets in the Niger Delta that have been subject to attacks and theft, almost 10 percent of its output in 2015 was from Nigeria. Shell paid less than half of the $1.3 billion acquisition price for a 50 percent stake in a potentially lucrative oil field off the Nigerian coast. Shell made large investments developing the field. Italian prosecutors are investigating the deal to see if the payment constituted a bribe.
Staff, 10:55 pm
Jean-Marie Mokoko, a retired general, is among the eight opponents facing the incumbent Sassou Nguesso, who hopes to extend his 32-year rule. Most of the eight presidential hopefuls have agreed to back Mokoko if there is a second round of voting. Mokoko was summoned by state officials as part of a security investigation on March 19, the eve of the elections. “Everything is being done so that the election is not transparent,” said Joe Washington, president of the activist group Ebina Foundation.
Dana Sanchez, 10:41 am
Obama’s drone program has been criticized by civil rights groups. Some have tried to chart the numbers of militants and civilians killed by U.S. drone attacks. The drone program is part of Obama’s strategy targeting extremists without putting U.S. troops on the ground. “The Obama administration instantly claimed that the (150) people killed (in this weekend’s Somalia drone attack) were ‘terrorists’ and militants … but provided no evidence to support that,” said a U.S. surveillance expert.
Julia Austin, 9:47 am AFKI Original
Ghana stands out for peaceful elections and several transfers of power that didn’t incite riots or protests. The media are allowed at the election polling places, which encourages transparency in the process. Several active civil society groups were formed just to oversee election processes. Political instability is the biggest stumbling block for companies doing business in Africa. Here are 8 of the most peaceful countries in Africa.
- Real Estate