Africa Business Ghana West Africa World 

Ghana to offer Volkswagen, Nissan 10-year tax break

Ghana wants to offer car making companies Volkswagen and Nissan tax breaks of up to 10 years. The move according to the government is intended to attract such automakers to the West African economy. Setting up local manufacturing plants in Ghana, according to the government should grow its economy and create jobs. Last year German car-maker, Volkswagen announced plans to establish an assembling plant in Ghana. German Chancellor Angela Merkel made the revelation during her trip to the West African nation in September last year. Angela Merkel, said the assembling…

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Africa Business Ghana West Africa World 

Ghana revokes licenses of 23 financial institutions

Ghana’s central bank has revoked the licenses of twenty-three (23) financial institutions mostly savings and loans companies. The Bank of Ghana in a statement on Friday said the financial institutions were insolvent and unable to operate properly. The revocation of the licences of the 23 institutions, according to the central bank had to be executed after the institutions failed to recapitalize on time. The statement from the bank said “It is the Bank of Ghana’s assessment that these institutions have no reasonable prospects of recovery, and that their continued existence…

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Africa Business Southern Africa World Zimbabwe 

Zimbabwe secures $108 mln to fix power crisis

Zimbabwe’s government said it has secured combined loans of $108 million from the Export-Import Bank of China and Export-Import Bank of India to fix its power crisis. The state-run Herald newspaper reports that the government concluded the loan agreements in the last few months. The loans according to government officials should significantly help to the country’s power generation projects and broadband expansion. Areas to receive boost and upgrade according to the government are Bulawayo and Hwange. Zimbabwe has been experiencing power crisis since May this year, with parts of the…

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Africa Business Nigeria South Africa Southern Africa West Africa World 

Nigeria: SA’s Shoprite shuts down after students protest

A branch of South Africa’s grocery chain, Shoprite has been forced to shutdown after protests by students in Ogun State. The students, all members of the National Association of Nigerian Students on Saturday picketed at the shopping mall. They were agitating over what they described as “unrestrained xenophobic attacks on Nigerians in South Africa.” The students carried placards with inscriptions: “South Africans must go.” “Enough of the killing of our brothers, sisters and relatives in South Africa.” “You can’t continue to kill our people and still feed fat on us.’’…

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Africa Business World 

Disgraced US millionaire, Epstein commits suicide

Wealthy financier Jeffrey Epstein has been found dead in his prison cell while awaiting trial on sex trafficking charges, US media report. His body was discovered at 07:30 local time (11:30 GMT) on Saturday at the facility in New York. The circumstances of his death are unclear. He was reportedly on suicide watch following an earlier incident. Epstein, 66, had pleaded not guilty to sex trafficking and conspiracy charges and was being held without bail. Last month, he was found semi-conscious in his cell with injuries to his neck. He…

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Africa Business East Africa Rwanda World 

Rwanda to host global business forum on AfCFTA

Rwanda is set to host a major investment forum on August 9 with focus being placed on the Africa Continental Free Trade Area (AfCFTA) and how to attract Foreign Direct Investments. The forum is dubbed the Golden Business Forum and is set to host over 600 investors and delegates from across the world. Set to take place at Rwanda’s Radisson Blu and Convention Center it will seek to connect Africa Continental Free Trade Area (AfCFTA) to the rest of the world. Rwanda Private Sector Federation (PSF) is the organizing body.…

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Africa Business Ghana Ivory Coast World 

Why Ghana wants to raise cocoa farmers’ prices by 5.2%

Ghanaian officials have signaled their intentions to raise cocoa farmgate prices by 5.2% for the 2019/20 season. According Reuters sources at Ghana’s agency coordinating the sector, Cocobod and its marketing arm Cocoa Marketing Company (CMC) this will be the first increase in four years. The farmgate price will rise to $1,523.81 (8,000 Ghanaian cedis) per tonne in the next season starting in October this year. That is an increase from $1,410.38 (7,600 cedis) per tonne the previous season. A meeting of Ghana’s Producer Price Review Committee is now set to…

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Africa Business World 

The US-Africa trade pact losing it’s spark

The United States in the past was the place to go for sub-Saharan African countries in terms of trade. It used to be the leading trading partner of Africa, especially sub-Saharan Africa but that is changing. The emergence of China on the scene over the past decade has meant that African countries now have an alternative super power to deal with. China is willing to give many African countries what they seem to want – that’s aid for projects China is not willing to force on them. There are no…

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Africa Business Gambia West Africa World 

Gambia releases new bank notes without Jammeh’s portrait

Gambia on Tuesday officially released new bank notes that will be without the portrait of the former President Yahya Jammeh. On Monday the Gambian central bank governor, Bakary Jammeh presented copies of the new notes to President Adama Barrow. The notes have now been released to the public through commercial banks. Gambia uses the dalasi and has been in circulation since independence in 1965. Yahya Jammeh who was forced out of office in 2016 use to have his pictures all over Gambia currency banknotes. But in an attempt to wipe…

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Africa Business World 

Africa is championing the flexible work space revolution

The African workforce is mushrooming, and by 2035, its numbers will have increased by more than the rest of the world’s regions combined. According to World Bank analysts, this expanded working-age population could lead to a growth in GDP of up to 15 per cent – equivalent to doubling the current rate of growth in the region. The World Economic Forum is bullish on the economic possibilities. “This could dramatically raise labour productivity and per capita incomes, diversify [the] economy, and become an engine for stable economic growth, high-skilled talent…

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