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Economic reforms are tempting finance back to Ethiopia and Zambia
August 15, 2024--Pockets of the African continent have found ways of giving new confidence to investors and the World Bank and IMF
As the west has diverted aid to Ukraine and Gaza, Africa faces neglect. A few countries on the continent have panicked and turned to Russia, while the prudent are embracing economic reforms to attract foreign direct investment.
Among the latter, financial markets are most familiar with South Africa, Kenya and Nigeria. In each, reform of the real economy is under way but has hit the constraints of patronage politics. The people don't trust their governments with the higher taxes without which the state remains dependent upon rising indebtedness. Meanwhile, unnoticed by the markets, Ethiopia and Zambia are embracing sustainable reforms, in each case big enough to warrant investor interest.
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Source: ft.com
Africa: Carbon Trading-an Opportunity for Economic Development
August 13, 2024-Africa's carbon market offers a powerful means to address climate change and uplift communities. The tangible benefits seen in the projects in across Africa highlight the potential of carbon credits, both environmentally and socio-economically.
As regulations evolve, governments have the opportunity to address current challenges and meet national priorities by crafting policies that prioritize local needs and ensure sustained advantages. By championing local expertise and fostering shared benefits, Africa can realize the carbon market's dual promise for its people and the environment.
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Source: allafrica.com
African Economic Expansion Need Not Threaten Global Carbon Targets-Study Points Out the Path to Green Growth
August 12, 2024--Africa contributes only about 4% of the world's greenhouse gas emissions. The continent consumes the least energy for each person, compared with other regions of the world.
With over 560 million people who don't have access to electricity, Africa has the lowest rate of energy access in the world.
The continent also has the most rapid population growth and urbanisation rates globally. This means that Africa's greenhouse gas emissions could dramatically increase due to rapid economic growth, urbanisation, industrialisation and population growth.
Our research set out to analyse how Africa's growth could potentially affect efforts to reduce global warming or mitigate climate change. We did this by modelling various scenarios.
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Source: allafrica.com
Two-pot retirement system explained
July 23, 2024--South Africans will soon be able to access a portion of their retirement savings when the two-pot retirement system is implemented later this year.
What is the two-pot retirement system?
The two-pot retirement system will allow South Africans to access a portion of their retirement savings for emergencies.
One third of retirement funds are preserved in a savings component that can be accessed at any point in time, while the remaining two-thirds are reserved for retirement, ensuring financial security.
When does the two-pot retirement system start?
The implementation date for the two-pot retirement system in South Africa is 1 September 2024. All retirement contributions after this date will be split, with one third of contributions going to a savings pot and two thirds to a retirement pot.
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Source: investec.com
Kenya Ranked Sixth Crypto-Friendly Country in Africa
July 3, 2024-- Kenya has been ranked the sixth-most crypto-friendly country in Africa, with 5.1 percent of the population holding crypto.
According to a report released by Crypto Casinos, Kenya was further ranked 46th out of the 50 leading crypto-friendly countries internationally, with a score of 56.08 percent.
The report highlighted that the cost to mine one bitcoin in the country is $83,002, with the profit of mining the coin being $17,094, and a search volume of 153.7 per 100,000 people for crypto-related keywords.
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Source: allafrica.com
Reducing Malaria Could Boost Africa's Economy By $126.9 Billion-Report
July 3, 2024-- The report noted that Nigeria's economy could gain $35 billion and international trade $80.7 billion by 2030.
A new report by Malaria No More UK has revealed that achieving the World Health Organisation's (WHO) target of reducing malaria by 90 per cent by 2030 could add $126.9 billion to Africa's Gross Domestic Product (GDP).
The report highlighted that the cost to mine one bitcoin in the country is $83,002, with the profit of mining the coin being $17,094, and a search volume of 153.7 per 100,000 people for crypto-related keywords.
view the Zero Malaria-The Malaria Dividend report
Source: allafrica.com
Extreme Weather in South Africa Is Disrupting Tourism-Research Tracks the Impact On Coastal Areas
July 8, 2024-- South Africa has experienced some extreme weather events in recent months. These have included floods and an uncommon tornado in South Africa's KwaZulu-Natal province, floods in the Eastern Cape and mid-latitude cyclones in the Western Cape. Kaitano Dube, a human geographer who has researched tourism, extreme weather and resilience to climatic threat,, says these severe storms are set to disrupt tourism.
Is climate change affecting tourism in South Africa?
The increase in carbon emissions has caused a rise in global temperature, a key driver of climate change. In the past two years, and 2024 in particular, temperatures have reached record highs. The number and severity of extreme weather events and associated damage and losses from these have increased worldwide.
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Source: allafrica.com
Nigeria: Investors Gain N15.6trn in H1'24 Amid Monetary Policy Tightening
July 2, 2024--Despite the lull in economy and other challenges, investors on the Nigerian Exchange Limited, NGX gained over N15.6 trillion in the first half of the year, H1'24, a situation attributed to the forex market reforms introduced by the Central Bank of Nigeria, CBN.
Specifically, the market capitalisation, which represents the total value of equities listed on the Exchange, rose to N56.601 trillion at the end of H1'24 from N40.917 trillion at the end of December 2023.
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Source: allafrica.com
Bond trading rivals for Nairobi Securities Exchange
June 25, 2024--The Central Bank of Kenya's DhowCSD, a digital government bond trading platform, has reached a milestone of 80,000 investors, according to a report in Business Daily today (25 June). DhowCSD went live on 31 July 2023 and is designed to boost efficiency of investing in Treasury Bills and Treasury Bonds.
It is an upgrade of the CBK's Central Securities Depository (CSD) platform.
CBK Governor, Dr. Kamau Thugge told Business Daily: "When we went live with DhowCSD, we had 40,000 accounts. Today, that number is somewhere between 80,000 and 90,000. In less than a year, the number of accounts has doubled. DhowCSD has brought convenience; previously, it would have been intimidating to go to the CBK for someone who doesn’t know where to start."
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Source: africancapitalmarketsnews.com
AI and the Future of Work in Africa-White Paper
June 23, 2024--Generative AI presents a powerful tool for shaping a dignified future of work in Africa. By proactively addressing the challenges and harnessing the opportunities, Africa can leverage AI to drive economic growth, empower its workforce, and become a leader in socially responsible AI development.
Overall, the recommendations for a Dignified Future of Work for all with Generative AI include
Invest in infrastructure and education: Africa needs strong infrastructure and a skilled workforce to maximize the benefits of AI.
Develop inclusive AI policies: National and regional AI policies focused on inclusive education, worker protection, and stakeholder involvement are essential.
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Source: nepad.org
