Africa Business Nigeria West Africa World 

Can Uber’s boat service fix Nigeria’s traffic crisis?

On Friday global ride-hailing firm Uber Technologies Inc launched a pilot test of a boat service in Nigeria’s commercial capital Lagos. It was meant to attract commuters seeking to avoid the notorious heavy traffic situation in the populated and congested commercial city. Called the UberBOAT, the waterway service is operated in partnership with local boat operator Texas Connection Ferries and the Lagos State Waterways Authority (LASWA). Uber said in a statement that “This initiative is aimed at providing commuters with an easy and affordable way to get in and out…

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Africa Business Ghana West Africa World 

Making Futures: The stories of young African entrepreneurs

A book detailing the exciting, challenging and dynamic stories of some young African entrepreneurs has been launched in Ghana’s capital Accra. The book was written by another young and dynamic entrepreneur, Sangu Delle who is a Ghanaian. Publisher of the 304 page book is Cassava Republic Press. Patrick Awuah, founder of a leading University in Ghana, Ashesi University, launched the book in Accra. First copies of the book were auctioned for a total amount of $9,250 (50,000 Ghana cedis) to support an entrepreneurship project at the Ashesi University. So overwhelmed…

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Africa Business World 

How to solve the top 6 entrepreneurship problems

Being an entrepreneur comes with numerous challenges. Being a new entrepreneur comes with hundreds of challenges. Entrepreneurs today face issues and run into obstacles on a daily basis. This thanks to the complexity of running a business or turning an idea into profit. With all the pieces of the puzzle that need to fit together, there needs to be a lot of confusion and hardships. While some entrepreneurs face more problems than others, there are those problems you’ll hardly be able to avoid. The list below will break down the…

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Africa Business China West Africa World 

Chinese vessel fined $1m over illegal fishing in Ghana

Ghanaian authorities have fined owners of a Chinese vessel that engaged in illegal fishing in the country’s waters. Owners of the fishing vessel, Lu Rong Yuan Yu 956 will have to pay a $1 million fine for illegal fishing and additional $22, 700 (GHc124,000) for having fish onboard. According to local news outlet CITI FM reporting, the fishing vessel was arrested offshore Ghana’s Cape-3-point in June this year. 27 persons comprising 22 Ghanaians and five Chinese nationals were onboard the vessel. Ghana decided to drop charges against the vessel owners…

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Africa Business World 

World Bank cuts growth forecast for sub-Saharan Africa

Economic growth forecast for sub-Saharan Africa for 2019 to 2021 has been cut by the World Bank by 0.2 percentage points. Earlier projection by the bank was promising but the latest cut according to the banks is due to slowdown in fixed investment and policy uncertainty in the global economy. The World bank stressed that the economy of sub-Saharan Africa will hit 2.6% this year. That is a cut from a 2.8% projection in April. Growth would however rise to 3.1% in 2020 and 3.2% in 2021, the bank’s latest…

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Africa Business Ghana West Africa World 

Ghana in line to host ECOWAS central bank

Ghana is seeking to host the ECOWAS central bank which is expected to be set up in the coming months. The bank would be critical ahead of the introduction of the ECOWAS common currency the ‘Eco’ from January 2020. ECOWAS Commissioner in charge of Micro Economic Policy said Ghana is one of the leading countries in line to host the bank. Dr. Kofi Konadu Apraku told Starr FM’s World Today Extra radio show in Accra that “There are major countries including Ghana that is actively seeking to host the central…

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Africa Business Central Africa Rwanda World 

Rwanda launches ‘Made in Africa’ smartphones

Rwanda’s President, Paul Kagame on Monday officially launched two new smartphones manufactured in Africa. The new phones are the first “Made in Africa” models produced by a Rwandan based company called Mara Group. Mara X and Mara Z are now available for purchase to consumers. They were showcased in May this year at a Tech summit in Paris. Now on sale they will use Google’s Android operating system and cost $190 (Mara X) and $130 (Mara Z). President Kagame said he hoped the new phones would increase Rwanda’s smartphone usage,…

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Africa Business East Africa World 

Kenya: Betting firm SportPesa sacks 400 staff

Betting firm SportPesa has sacked 400 of it’s employees in Kenya because it could no longer afford to pay them their salaries. The company has said that it’s business model has collapsed after the government imposed additional tax of 20 per cent on all revenues. On Wednesday the company’s Chief Executive Officer Ronald Karauri told employees at a meeting that that their services were no longer tenable. He later told a local radio station that “We have been keeping our employees on the payroll without generating revenue. It is really…

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Africa Business Nigeria World 

Facebook to open centre in Lagos to support small businesses

Facebook in partnership with Teleperformance, has announced the opening of its first Small Business Group (SBG) Operations Centre in Lagos, Nigeria, which will provide outsourced support to all English speaking advertisers across Sub-Saharan Africa. The centre will support advertisers across the region through its Advocacy, Community & Education (ACE) programme, which aims to build engaged communities who are growing their businesses, organizations and communities through social media. The SMEs in this programme will have the opportunity to attend online trainings, and for those in Nigeria face-to-face trainings, that will focus…

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Africa Business Southern Africa World Zimbabwe 

Zimbabwe bans mobile money cash transactions

Zimbabwe’s central bank has banned mobile money agencies from facilitating cash withdrawals or deposits. The southern African nation is struggling to deal with a worsening economic crisis and cash shortages. Only very few banks are able to provide depositors with physical cash. Zimbabweans have now resorted to mobile money agencies who are reportedly selling cash at a premium illegally. In  a statement the central bank said “Some economic agents are engaging in illegal activities, abusing the cash-in, cash-out and cash-back facilities thereby compromising the public interest objectives of national payment…

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