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Old September 18th, 2017, 09:33 PM   #13261
popa1980
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With that budget deficit they should be more aggressive in privatization scheme. Selling majority stakes for example. I'm like these economic reforms Egypt is doing, hopefully its long lasting but the economy still seems to suffer from Nasser era socialist central planning.
Its like India with Nehru's central planning. The tentacles of socialism are long.

Ghana only had 9 years of central planning immediately after independence and its still trying to sell off state companies. Its incredible just how many SOEs were set up in that short period of time.
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Old September 19th, 2017, 12:05 AM   #13262
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Egypt knocks S.A. from top investment spot in Africa

Egypt has knocked South Africa from its long-standing top spot regarding investments in Africa, according to Rand Merchant Bank’s latest Where to Invest in Africa report for 2018, released on Monday.

This is the first time SA has not been in top spot since the report was initiated seven years ago. Nigeria, on the other hand, has for the first time not featured in the Top 10. This is due to the erosion of its short-term investment appeal by recessionary conditions, according to the report.

The report also points out that, although Botswana, Mauritius and Namibia are widely rated as investment grade economies, they do not feature in the report's Top 10 mostly because of the relatively small sizes of their markets. Market size has been a key consideration in the report’s methodology.

Full Top 10

1. Egypt
2. S.A.
3. Morocco
4. Ethiopia
5. Ghana
6. Kenya
7. Tanzania
8. Rwanda
9. Tunisia
10. Cote d'Ivoire

http://www.fin24.com/Economy/egypt-k...port-20170918?
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Old September 19th, 2017, 12:53 AM   #13263
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Its like India with Nehru's central planning. The tentacles of socialism are long.

Ghana only had 9 years of central planning immediately after independence and its still trying to sell off state companies. Its incredible just how many SOEs were set up in that short period of time.
And India is still suffering from heavy state intervention in various industries.

Brazil had 500 state owned enterprises when the military government left power, today there's still around 150. State of Bahia owns supermarkets for god sake!

The key for privatizations though is to have a strong regulatory body to make the process transparent with the highest social benefit possible in terms of services, pricing/competition. That's why in Egypt's case you have to be care when you have these schemes in authoritarian governments.
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Old September 19th, 2017, 07:20 AM   #13264
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And India is still suffering from heavy state intervention in various industries.

Brazil had 500 state owned enterprises when the military government left power, today there's still around 150. State of Bahia owns supermarkets for god sake!

The key for privatizations though is to have a strong regulatory body to make the process transparent with the highest social benefit possible in terms of services, pricing/competition. That's why in Egypt's case you have to be care when you have these schemes in authoritarian governments.
State ownerships of companies must not necessarily translate to bad economics. For many LDCs, I believe the government may actually provide the necessary financial clout to foster home grown brands and lessen foreign dominance. Cronyism and politically instigated mismanagement in Africa is what's making such companies very useless.

But these should in the long run be privatized with good institutional over site, like what the south Koreans or Taiwanese did, and is what is expected of the Chinese.
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Old September 19th, 2017, 10:39 AM   #13265
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South Africa’s descent into despotism must stop

In recent months, Brazil and South Korea have shown how far countries can go in the fight against corruption. No one, not even the president, has been above the law. If South Africa is to ensure that “state capture” — the harnessing of public resources for private ends — does not ultimately lead to state failure, it must follow suit, and soon.

Thanks to the courageous efforts of civil society groups such as Corruption Watch and Save South Africa, the grubby nexus between the Gupta family business empire and President Jacob Zuma’s administration has come into sharper focus. So too has the part played by international firms such as Bell Pottinger, KPMG and McKinsey. The Gupta scandal has robbed the country of its post-apartheid lustre and exposed how far the integrity of government institutions, including the national prosecutor’s office, has been undermined.

Reversing this rot is the most important challenge South Africa has faced since the dismantling of white minority rule. Not so long ago, under Nelson Mandela, much of the African continent looked to its southernmost nation to help lift it from the yoke of corruption and oppression. The question now is how far the country can descend before it replicates the looting and rent extraction that has ruined so many other African states.

.....
https://www.ft.com/content/cad6d9bc-...4-932067fbf946
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Old September 19th, 2017, 01:06 PM   #13266
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World Bank cuts South Africa's 2017 growth forecast

JOHANNESBURG (Reuters) - The World Bank on Tuesday cut South Africa’s 2017 economic growth forecast to 0.6 percent from an earlier estimate of 1.1 percent.

In a report on the local economy, the bank sees 2018 growth ticking up to 1.1 percent and reaching 1.7 percent in 2019.
http://af.reuters.com/article/africa...CN1BU11G-OZABS
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Old September 19th, 2017, 01:15 PM   #13267
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Goldplat miner seeks to tame Africa risk

LONDON (Reuters) - Upheaval in Tanzania, where the government has made huge tax demands and seized minerals, has triggered changes in neighboring Kenya, which should reassure the industry, said the CEO of Goldplat (GLDP.L), which operates a gold mine there.

Chief Executive Gerard Kisbey-Green said he was nevertheless seeking to diversify his portfolio to cover more African nations and to expand into platinum group metals as he strives to offset African risk.

This year, the mining industry has reeled from South Africa’s proposed new mining charter and changes in Tanzania, where the government is locked in a tax dispute with Barrick Gold (ABX.TO) subsidiary Acacia (ACAA.L).

...
http://www.reuters.com/article/us-go...-idUSKCN1BU149
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Old September 19th, 2017, 08:26 PM   #13268
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State ownerships of companies must not necessarily translate to bad economics. For many LDCs, I believe the government may actually provide the necessary financial clout to foster home grown brands and lessen foreign dominance. Cronyism and politically instigated mismanagement in Africa is what's making such companies very useless.

But these should in the long run be privatized with good institutional over site, like what the south Koreans or Taiwanese did, and is what is expected of the Chinese.


Absolutely. There are plenty of profitable we'll run state owned companies but even then the question has to be asked whether the costs associated with running a SOE exceeds the social utility it brings. Usually apart from a few select few areas can that be justified.
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Old September 21st, 2017, 07:31 AM   #13269
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Standard Chartered Lends Zambia $134 Million to Finance Roads

Zambia borrowed $134 million from Standard Chartered Plc to help fund the road sector, according to a finance ministry official.

The borrowing plan was included in the 2017 budget, Mukuli Chikuba, permanent secretary at the finance ministry, said in a text message on Tuesday. The loan is the second that Standard Chartered has arranged for the government since a $450 million syndicated deal in the first half of 2016.

Five new loans worth $296 million were contracted in the first half of the year, according to the ministry’s mid-year economic review. The country’s external debt grew to $7.4 billion by the end of June, the report shows.

Zambia, Africa’s second-biggest copper producer, is in talks to secure a $1.3 billion loan from the International Monetary Fund and plans to present an economic program to the lender’s board by year-end.
https://www.bloomberg.com/news/artic...-finance-roads
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Old September 21st, 2017, 07:32 AM   #13270
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Tanzania orders wall built around tanzanite mines, purchases of stones

DAR ES SALAAM (Reuters) - Tanzania’s president on Friday ordered the military to build walls around its tanzanite mines and directed the central bank to buy the precious stone to boost reserves - the latest twist in a spat with mining firms over alleged tax evasion.

All tanzanite gemstones will be controlled and will pass through one gate and he (Magufuli) ordered the (central) Bank of Tanzania to take part in the tanzanite buying trade,” a statement from the presidency said.

President John Magufuli’s government accuses mining firms of cheating Tanzania out of its fair share of mineral wealth through tax dodging and smuggling, allegations they hotly deny.

....
http://af.reuters.com/article/africa...CN1BV1YB-OZATP
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Old September 21st, 2017, 07:37 AM   #13271
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Tunisia to cut 2018 deficit to 4.9 percent of GDP, eyes GDP growth of 3 percent - minister

TUNIS (Reuters) - Tunisia plans cut its budget deficit to 4.9 percent of gross domestic product in 2018, down from about 6 percent expected in 2017, as fiscal reforms take effect, the economic reforms’ minister said on Wednesday.

The North African country is under pressure from the International Monetary Fund and its partners to speed up reforms to create jobs and cut its deficit after its vital tourism sector was hit by deadly militant attacks in 2015.

Next year’s budget would be a budget of major reforms that were delayed a lot, including fiscal reforms aimed at raising state resources, as well as reforms in the public sector,” Taoufik Rajhi, the minister of economic reforms, told Reuters in an interview by phone.

Rajhi said that Tunisia’s financing needs next year will be about 10 billion dinars ($4.11 billion) compared with about 8.5 billion dinars in 2017.

...
http://www.reuters.com/article/us-tu...-idUSKCN1BV25X
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Old September 21st, 2017, 07:42 AM   #13272
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Benin : E-visa set to be operational in January 2018

(Ecofin Agency) - Starting from January 1, 2018, foreigners interested in visiting the Republic of Benin will be able to get their visa online. This, through a platform via which they will be able to make related payment or pay at the borders.

This was disclosed by Benin’s minister of foreign affairs, Aurelien Agbenonci (photo), last week as he was opening the diplomatic year.

This e-visa project, it must be highlighted, falls in line with the government’s objective to make diplomacy in the country a major tool to facilitate resources needed to foster economic growth, as stated under the government’s “Benin Revealed” action plan.

In its 2016 report on visa openness, African Development Bank (AfDB) denounced numerous difficulties while securing visa in Africa, including administrative issues. The institution in fact said it hampered the circulation of goods and people and has “significant impacts” on regional economies.

Benin is the 14th nation in Africa to adopt e-visa to facilitate travel procedures for visitors. This is as like those other countries, it wishes to attract more investments.
http://www.ecofinagency.com/public-m...n-january-2018
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Old September 21st, 2017, 07:43 AM   #13273
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AfDB to finance $1.5B in Gabon’s economic recovery plan

(Ecofin Agency) - From 2017 to 2019, the African Development Bank (AfDB) will back Gabon’s economic recovery plan, providing the country a budget support of $1.5 billion or around FCFA900 billion.

The first tranche of the facility, FCFA131 billion, was released in March. Remaining tranches will be paid over the three years during which the economic recovery plan will be implemented. The fund utilization will be permanently assessed by AfDB’s teams, and others from IMF and the World Bank.

The announcement for the support was made on September 18, 2017, in Libreville, by AfDB’s managing director for Central Africa, Ousmane Doré (photo). This during a mission of the official in the CEMAC countries, to meet with the region’s authorities and discuss the implementation of an AfDB-backed regional integration strategy.

The first tranche of the budget support has been released. We have discussed about the second phase at the same time we discussed the project which was approved; but still needs to be ratified. We tried to review everything to make sure the facility is well used, here in Gabon,” said M. Doré, after meeting with the minister of Economy, Regis Immongault.

Next week, he added, an assessment mission of the Bank will be in Libreville to discuss the release of the second tranche of the support with authorities. In the support provided by AfDB, Gabon’s agricultural sector is to receive FCFA137 billion.
http://www.ecofinagency.com/public-m...-recovery-plan
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Old September 21st, 2017, 07:44 AM   #13274
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Zambia: Muchinga Power Company to build 330MW hydropower dam for $900M

(Ecofin Agency) - In Zambia, Muchinga Power Company Limited (MPCL) will spend $900 million to develop a 330MW hydropower dam. The project which aims to boost renewables share in the country’s energy mix also includes construction of a 66km-long 330kV power transmission line. It will connect the hydropower station to the country’s grid, Daily Mail indicates.

MPCL intends to develop a hydropower project with installed capacity of 240-330 megawatts on Lunsemfwa and Mkushi rivers. The total investment cost is estimated to be US$700 million to US$900 million. Investment in energy is a prerequisite to achieving commercial and industrial development in Zambia. The generation of energy through hydropower is a proven technology that is sustainable and which is actively being promoted at national level in Zambia,” the firm said in a statement.

The plant is expected to have a lifeline of 20 years and could need rehabilitation after this period.

MPCL was established and is owned by the Lunsemfwa Hydro Power Company, Zambia’s leading independent power producer. The company currently owns in the country two hydropower dams with a combined capacity of 56MW and plans to generate 500MW of electricity, by 2020.
http://www.ecofinagency.com/electric...r-dam-for-900m
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Old September 21st, 2017, 07:48 AM   #13275
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Memvé'élé 211MW power dam is “ready”, project coordinator says

(Business in Cameroon) - At Memvé’élé, in the south of Cameroun, the managers of the power dam are actively preparing for the partial delivery of this power infrastructure which was developed by the Chinese firm Sinohydro. It will boost Cameroon’s power generating capacity by 211MW.

Works on the site have already been completed. The disconnection centres are ready and the four Francis turbines are already in place ready to function to generate expected 211MW(…) In fact, we are planning a partial delivery in line with the terms of our contract and construction agenda”, Dieudonné Bisso, coordinator of Memvé’élé hydroelectric development project declared.

However, we learned that it will not be until some months before the Cameroonian power distribution network takes full advantage of the extra 211MW. This, because the evacuation power lines between the site and the capital city of are under construction.
http://www.businessincameroon.com/el...ordinator-says
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Old September 21st, 2017, 07:54 AM   #13276
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Chinese CHEC will deliver Kribi-Lolable motorway, under construction in Southern Cameroon, in 2018

(Business in Cameroon) - In addition to the ordinary 32-km long road which is currently servicing the deep-water port of Kribi, the largest port structure in Cameroon will be served by a motorway from 2018. The completion rate of this 38.5-km long motorway built by the Chinese company CHEC is over 66%, indicate the management of the operational unit in the project for the construction of the industrial and port complex of Kribi.

With the delays currently observed in the construction works for the Yaoundé-Douala (first stretch of 80 km) and Yaoundé-Nsimalen (20 km to service the capital’s airport) motorways, the Kribi-Lolablé highway could, from 2018, become the first structure of this type in Cameroon.

As a reminder, the global cost of this highway project is officially estimated at FCfa 250 billion, with 86% of the funding provided by Exim Bank of China, and 15% from the State of Cameroon. Based on projections made by the government, the Kribi-Lolablé motorway will later join the Edéa-Kribi motorway, thus enabling vehicles to easily reach the deep-water port of Kribi from Douala, the economic capital of the country.
http://www.businessincameroon.com/co...meroon-in-2018
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Old September 21st, 2017, 10:24 AM   #13277
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Zimbabwe to pay $1.8 billion in foreign arrears only when economy is stronger: finance minister

HARARE (Reuters) - Zimbabwe’s Finance Minister on Wednesday said the southern African nation would not be able pay $1.8 billion in arrears to the World Bank and African Development Bank (AfDB) until economic fundamentals improve.

Patrick Chinamasa said in a radio interview that a payment plan agreed with foreign lenders in 2015 in Lima, Peru, could only proceed once Zimbabwe has reduced its fiscal deficit from around 10 percent of gross domestic product, cut its wage bill from 92 percent of the budget and increased its import cover.

Chinamasa said the government had negotiated a cheaper loan to pay the $1.8 billion but had decided against paying after realising that the country could still remain in a debt cycle if it did not address its economic problems.

He did not give the source of the new loan but said Zimbabwe was paying 15 percent a year on its World Bank loan. Zimbabwe’s total foreign debt is more than $7 billion.

...
http://af.reuters.com/article/invest...CN1BW0RC-OZABS
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Old September 21st, 2017, 02:42 PM   #13278
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By:www.kitco.com
Energy earnings boost cuts Algerian trade deficit
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ALGIERS, Sept 20 (Reuters) - Algeria's trade deficit fell to $7.32 billion in the first eight months of 2017, down 40 percent from a year earlier due to a rise in energy earnings, but the imports bill remained high despite restrictions, official data showed on Wednesday.

The deficit fall pushed up the coverage of imports by exports to 76 percent from 61 percent in the January-August period of 2016, according to customs figures.

Oil and gas exports, which accounted for 94.71 percent of total sales abroad, were up 22.11 percent to $22.27 billion in the first eight months of 2017, the figures showed.

The value of overall exports rose 21.12 percent year-on-year to $23.51 billion, while imports declined 2.56 percent to $30.84 billion.

Algeria has approved import restrictions in a bid to ease pressure on state finances since global oil prices started falling in mid-2014.
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Old September 21st, 2017, 08:37 PM   #13279
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I really don't get how is it possible to mismanage an economy so badly for such a long time.

And yet completely dominate elections winning more than double the amount of votes as their nearest opponent. The ANC will have at least 30 years of uninterrupted complete control by the time they are defeated. Pretty unheard of in what is a free democracy.

At some point you blame the voters more than the ANC.
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Old September 22nd, 2017, 12:33 PM   #13280
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Africa's Richest Man Ups Ante for PPC With Cash, Share Offer

Dangote Cement Plc, the Nigerian company controlled by Africa’s richest person, has written to PPC Ltd. offering South Africa’s biggest cement maker cash and shares as part of a takeover deal that is fueling a bidding war. PPC’s shares rose.

We are waiting for them to get back to us, hopefully early next week,” Aliko Dangote said in an interview with Bloomberg TV in New York. “They can be part and parcel of the Dangote Cement story, where we’re going to be in 18 African countries.

The approach by Lagos-based Dangote follows a joint offer from Canada’s Fairfax Financial Holdings Ltd. and PPC’s domestic rival AfriSam Group Pty Ltd. While PPC has said it will consider all bids, the Public Investment Corp., its largest shareholder, supports a tie up with AfriSam and Fairfax, people familiar with the matter said last week. LafargeHolcim Ltd., the world’s biggest cement maker, is also monitoring PPC’s situation, the people said.

...
https://www.bloomberg.com/news/artic...sh-share-offer
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