Tag Archives: west Africa
west Africa: Latest News
Peter Pedroncelli, 7:50 am
Taxi-hailing startup Uber has appointed a new West Africa general manager, with Nigerian-Canadian Lola Kassim now heading up operations in the region. The announcement sees the former management consultant at McKinsey and Company take on the West African leadership role at the California-based firm. Uber currently operate in 15 cities across eight African countries, including Kumasi, Accra, Abuja and Lagos.
Staff, 12:01 am
The fall in African private equity investment in 2016 could be a short-term blip. Among the losers was US-based Carlyle, one of the world’s winningest investment firms. Carlyle invested $147m in Nigeria’s Diamond Bank in 2014. The bank’s market cap fell by 90% over the subsequent two years. Bob Geldof’s PE firm 8 Miles just invested in Blue Skies, a British fruit firm that operates in Africa. Utilities including telecoms were the most popular target for private equity investment in 2016. West Africa was the most active region.
Kurt Davis Jr., 9:54 am AFKI Original
As commodity prices have fallen, African manufacturing has increased leverage — and the attention of investors — to garner more foreign investment. Tanzania is probably one of the easier bets if you are following the crowd. Success stories include Kenya-based Catalyst Principal Partners, an East Africa-focused private equity firm which invested in Zenufa Laboratories, a leading Tanzanian pharmaceuticals manufacturer. Catalyst also invested in Chemi Cotex, which makes toothpaste, skin and hair products. Both involve non-food and beverage consumer goods that are manufactured locally. Both have taken market share due to quality products and competitive pricing.
Dana Sanchez, 12:15 pm
The deal could create a new liquified natural gas hub in Africa. BP is on a spending spree, bulking up its new drilling resources after years of selloffs. BP sold assets worth $40 billion since 2010 to cover the $60 billion costs of the Deepwater Horizon oil spill in the Gulf of Mexico. When Kosmos discovered the gas field off the coast of Mauritania and Senegal, investors were skeptical. “We think we’ve opened up one of the largest areas in the Atlantic basin in the last 15 years,” said the Kosmos CEO.
Dana Sanchez, 11:16 am
It wasn’t easy getting ECOWAS members to hold a conference in Israel. The 15-member Economic Community of West African States held their first-ever seminar outside West Africa. They learned hands-on about Israeli irrigation technology and how a tiny Middle Eastern country under attack from all sides has managed to thrive in adversity. “In Israel we make the impossible possible,” a conference organizer said. “This conference is an example.” Netanyahu plans to visit West Africa in a few months.
Dana Sanchez, 5:52 pm
Ghana hasn’t had a national long-haul carrier since Ghana Airways, one of Africa’s oldest airlines, stopped flying in December 2015. Getting one will remove one of the stumbling blocks that prevented Accra from becoming a West African hub for air travel. There is no strong airline and no airport hub in West and Central Africa. Ghana made up for the absence of a strong carrier by issuing other airlines rights to carry passengers from Accra.
Dana Sanchez, 5:10 pm
A big draw for Sony Music in West Africa is mobile music services in countries where the global record industry hasn’t made much money. Michael Ugwu, Sony’s GM for West Africa, spent part of the year signing deals with telcos like MTN and Airtel so they can distribute ringtones and market content to tens of millions of subscribers. Ugwu says he has clinched contracts with iTunes and VEVO. “For us it’s about trying to formalize … creating markets that are taxable,” he said. “Once you create those platforms and the government benefits, (you) create the right business environment for more creative businesses to grow.”
Dana Sanchez, 6:05 pm
In a closed-door meeting at this week’s U.N. General Assembly, Netanyahu said he plans to visit West Africa later this year, “but I don’t intent to limit myself to East Africa or West Africa. Israel is looking at all of Africa,” he said. “And I hope that all of Africa looks at Israel.” Energyia Global Capital, a Jerusalem-based solar enterprise, launched East Africa’s first solar field in 2015 in Rwanda. The company is prepared to invest $2 billion in Africa over the next four years through Obama’s Power Africa program. The goal is clean electricity for 50 million people by 2020.
Dana Sanchez, 9:14 pm
West African airline traffic is growing, and Ghana wants to be the West African aviation hub. South Africa Airways already operates from Accra to Washington, D.C. and plans to start its Accra-New York route by the end of 2016. The U.S.-West Africa link has become a cash cow since U.S.-based United Airlines exited Lagos in July. SAA has had success with its direct flight to Washington, D.C., and is thinking about adding flights.
Dana Sanchez, 11:31 pm
Five years ago, most boats targeting West Africa were Taiwanese or South Korean; now nearly all are Chinese. Efforts to stop illegal fishing are hampered by Chinese vessels concealing their identities.Boats claiming to be off the coast of Mexico are really off Guinea. It is almost exclusively Chinese vessels that are doing this. Google and Oceana have developed a monitoring system to allow real-time tracking of vessels. It’s due to go live this year.
- Real Estate