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Old August 16th, 2019, 04:05 AM   #26701
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Vodacom to invest more than $589 mln on South Africa network this year

South African mobile phone operator Vodacom Group will spend more than 9 billion rand ($589 million) this year on network enhancements particularly in rural areas in its home market, its Chief Technology Officer said on Thursday.

Vodacom, majority-owned by Britain’s Vodafone, invested 9.6 billion rand in 2018, Andries Delport said during a media briefing.

The investment will be spent on the firm’s rural coverage acceleration programme, replacing and modernising base stations and digital services.

Vodacom has grown its South African rural network coverage significantly over the past six years, covering over 16 million people with 4G/LTE services.

Its 3G network is now available to more than 97% of the South African population living in rural areas and 4G is available to 75%, Delport said.

“Despite the lack of available spectrum, Vodacom has made substantial progress in improving network coverage in both rural and deep rural areas of South Africa,” he said.

“With rural land making up 98.6% of the total land area in South Africa, Vodacom has prioritised connectivity in these regions, facilitating access to the digital resources which many of us take for granted in cities.”

Vodacom has been battling with vandalism and theft at its base stations, where as many as 500 towers out of the 14,000 have either been vandalised or had batteries stolen every month.

“This year alone the investment is about 250 million rand to 300 million that we’ll invest just in batteries,” said Delport.

https://af.reuters.com/article/south.../idAFL8N25B4BX
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Old August 16th, 2019, 10:40 AM   #26702
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Seed Co bemoans Zim’s dire conditions

SEED CO Ltd says government’s agricultural support finance to the tune of ZW$2 billion could be the saving grace for its Zimbabwe business amid falling disposable incomes and a generally volatile environment.

Group CE Morgan Nzwere told shareholders at an annual shareholders meeting held in Harare yesterday the operating environment in the country is now increasingly unpredictable.

“In the region, since year-end we have collected US$10,1 million from debtors and collection efforts are continuing,” he said.

Seed Co increased production from 600mt last year to 1 000mt this year in Nigeria. The group’s vegetable business is expected to continue growing notwithstanding forex challenges. A stable performance is expected from Quton Zimbabwe.

Regional operations are seen rebounding with adequate product and better rainfall forecasts.

“We expect continued market share growth in East Africa. Kenya is expected to rebound, having suffered product shortage as well as depressed demand last year due to drought and other supply chain related constraints. Adequate stocks are available, and the business is ready for the season. We have also increased our production capacity in Kenya to mitigate supply chain constraints,” Nzwere added.

Production in Tanzania increased despite having suffered from product shortage.

“The subsidy programme in Malawi is continuing, with the government slightly reducing targeted beneficiaries from 1 million to 900 000 families. The government input programme in Zambia is continuing with input distribution starting on 1 September, and we expect to get a decent share of the business,” Nzwere added.

Vegetable seed business units in Tanzania, Malawi, Zambia and Kenya and are expected to start contributing to the bottom line following their full rollout last financial year.

https://www.theindependent.co.zw/201...re-conditions/
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Old August 16th, 2019, 06:15 PM   #26703
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electric bikes will soon start riding Kigali's streets

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Old August 16th, 2019, 10:23 PM   #26704
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African Business and Economy News

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Originally Posted by ekema View Post
One of my earlier posts addressed the Americas. The Americas were the last place to be populated and Argentina was the last of all. There wasn’t enough time to gain population. There is at least a 5000 year gap between the first native Americans reaching Canada and then reaching Argentina.







I’d like to see some support for the region closest to the Mediterranean being the most fertile. Perhaps it’s true.



Ukraine was one of the most populated countries in the old world before wars and famine and loss of territory reduced its size. Parts of it are presently in Poland and other countries. At the end of the 17th century it had ; million people. Outside of India and China and the empires (french and Britain) it was one of the most populated countries on earth at 4m people.

https://en.m.wikipedia.org/wiki/List...lation_in_1700


‘there wasnt enough time to gain population’?

In what way? How long does it take? In history civilisations have had their populations transformed in a century or two.


You say Argentina because of distance but you arent able to explain why the 2 most densely populated of the Americas were in not particularly fertile soils in Southern Mexico and the Andes.

Humans have been in Argentina and the MidWest for 10-15,000 years. Yet these areas didnt flourish with fertile soil.

By your poorly thought out ‘theory’ it should have been in fertile chernozems of the MidWest or even California. And they were in those areas before they reached further south.

So you are saying Ukraine had 4 million in 1700

Spain, not particularly fertile and smaller had 7 million.

England more fertile than Spain but less so than Ukraine had 5 million.

Look at the size of Ukraine on the map and look up what ‘chernozem’ is and then consider:

Tiny Ireland had 2 million.

Tiny Portugal also had 2 million.

Zero relation between land fertility and populaition demonstrated yet again

Last edited by popa1980; August 16th, 2019 at 10:39 PM.
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Old August 16th, 2019, 10:45 PM   #26705
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Could you guys move this population debate to demographic thread??
This is economic thread


Can do
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Old August 17th, 2019, 06:13 AM   #26706
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That's quite a lot...

Nigerian government ordered to pay $9bn to private gas firm

A British judge has ordered the Nigerian government to pay $9bn in assets to a small private company.

The firm, P&ID, had reached a deal with the Nigerian government in 2010 to build a natural gas plant - but the deal fell through two years later.

P&ID then sued the government for failing to provide the gas or install the pipelines it had promised to build.

The firm was first awarded $6.6bn (£5.4bn) in 2017, but the London court has now added $2.4bn in interest.

According to the firm's website, the deal would have allowed it to "build a state-of-the-art gas processing plant to refine natural gas...[that] Nigeria would receive free of charge to power its national electric grid".

The firm said it had accrued interest of $1.2m a day as a result of the collapsed deal, but the government's legal team said this was "manifestly excessive and penal", AFP reported.

The final amount of more than $9bn is equivalent to about 20% of Nigeria's declared foreign reserves of $45bn.

The government also told the Commercial Court in London that English courts did not have the authority to rule on the dispute.

Nigeria argued that as the original deal was made under Nigerian law, "the seat of the arbitration was Nigeria".

Andrew Stafford QC, the barrister representing P&ID, told Reuters the firm would "begin the process of seizing Nigerian assets in order to satisfy this award as soon as possible".

https://www.bbc.com/news/world-africa-49377517
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Old August 17th, 2019, 06:20 AM   #26707
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Must be one of the largest ever enforcement rulings against an African country. Also incredibly ironic considering the massive payment demands Nigerian courts made against MTN.

Contract Violation: Nigeria vows to resist enforcement of N3.2 trillion judgement after British court ruling

The Nigerian government said on Friday that it is considering all available options to resist the decision of a British court to grant enforcement right to an $8.9billion (about N3.2 trillion) arbitral award against the country.

The United Kingdom, Business & Property Courts (the Commercial Court), presided by Justice Butcher granted P&ID’s enforcement request to enforce a March 20, 2013 award against Nigeria by a District Circuit Court in Washington DC.

Friday’s award converts the arbitration award into a domestic UK judgment against Nigeria.

The initial award of $6.6 billion as damages was in favour of a British engineering firm, Process & Industrial Development Limited (P&ID), which accused the Nigerian government of breaching a 2010 gas contract agreement.

The tribunal said the damages were calculated as the present value of 20-year income, minus certain capital and operating costs incurred from building and running the refining facility.

The award was handed by a tribunal constituted under the rules of the Arbitration Act 1996 (England and Wales) and the Nigerian Arbitration and Conciliation Act (CAP A18 LFN 2004).

Despite the award against it, Nigeria refused to enter an appeal for over five years. The initial award rose to about $8.9billion including an additional $2.3 billion in accumulated interest at 7 per cent rate per annum.

That latest development may portend a major blow to Nigeria, whose economy is still struggling to maintain stability several months after managing to pull out of one of the worst recessions in its history.

https://www.premiumtimesng.com/news/...rt-ruling.html
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Old August 17th, 2019, 08:18 AM   #26708
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There was no fine against mtn. none by the courts either . But you know this already. This isn’t a court award anyway but an arbitrator.

I don’t know the rules of this arbitration to know the likelihood of enforcement
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Old August 17th, 2019, 08:34 AM   #26709
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S&P may have jumped the gun by raising DRC outlook


Standard & Poor’s on August 2 raised its outlook on the Democratic Republic of the Congo (DRC) to positive from stable – but the assumptions underlying that change may be too optimistic.

The ratings firm argued that the easing of internal tensions and an improvement in international relations will make it easier for President Félix Tshisekedi to achieve economic growth.

That will enable the DRC to raise new funds from international lenders and reinforce its currency reserves, S&P said.

The positive outlook means that S&P could raise the DRC’s ratings within the next 12 months.


Olivier Lumenganeso, an economist and banker in Kinshasa, welcomes the raising of the outlook and says that the DRC’s first peaceful transfer of power following elections in December in 2018 is a positive sign. Yet, he says, “nothing very concrete has change in macro-economic terms.” S&P could have kept the outlook stable while still sounding a positive note, he says.

According to S&P, the DRC has little commercial debt that falls due before 2022, meaning little risk of a payment default.

Repayment, Lumenganeso says, is not a major problem as the country’s debt levels are relatively modest, partly because the country has not developed the capacity to borrow in eurobonds.

A bigger problem, Lumenganeso says, is diversifying sources of tax revenue away from the mining sector.
“Domestic resources mobilization is crucial” for the new president to achieve his program, he says.
Too much attention, Lumenganeso argues, is paid to the DRC’s politics and not enough to civil society and technical capacity.

https://www.theafricareport.com/1630...c-outlook/amp/
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Old August 17th, 2019, 09:15 AM   #26710
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Quote:
Originally Posted by NicSA View Post
Must be one of the largest ever enforcement rulings against an African country. Also incredibly ironic considering the massive payment demands Nigerian courts made against MTN.



Contract Violation: Nigeria vows to resist enforcement of N3.2 trillion judgement after British court ruling



The Nigerian government said on Friday that it is considering all available options to resist the decision of a British court to grant enforcement right to an $8.9billion (about N3.2 trillion) arbitral award against the country.



The United Kingdom, Business & Property Courts (the Commercial Court), presided by Justice Butcher granted P&ID’s enforcement request to enforce a March 20, 2013 award against Nigeria by a District Circuit Court in Washington DC.



Friday’s award converts the arbitration award into a domestic UK judgment against Nigeria.



The initial award of $6.6 billion as damages was in favour of a British engineering firm, Process & Industrial Development Limited (P&ID), which accused the Nigerian government of breaching a 2010 gas contract agreement.



The tribunal said the damages were calculated as the present value of 20-year income, minus certain capital and operating costs incurred from building and running the refining facility.



The award was handed by a tribunal constituted under the rules of the Arbitration Act 1996 (England and Wales) and the Nigerian Arbitration and Conciliation Act (CAP A18 LFN 2004).



Despite the award against it, Nigeria refused to enter an appeal for over five years. The initial award rose to about $8.9billion including an additional $2.3 billion in accumulated interest at 7 per cent rate per annum.



That latest development may portend a major blow to Nigeria, whose economy is still struggling to maintain stability several months after managing to pull out of one of the worst recessions in its history.



https://www.premiumtimesng.com/news/...rt-ruling.html


I think there should be payment only for the investment made already. Not for loss of potential earnings from the project. Sounds as absurd as some of the demands Nigeria has made in the past.

If I enter a deal with you to build a supermarket and I clear the ground and build foundations then you renege on the deal. I should just be paid for the work done plus an extra fixed ‘ moderate fine’. Not for 20 years income from a supermarket that was never im existence.
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Old August 17th, 2019, 09:33 AM   #26711
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Originally Posted by popa1980 View Post
I think there should be payment only for the investment made already. Not for loss of potential earnings from the project. Sounds as absurd as some of the demands Nigeria has made in the past.

If I enter a deal with you to build a supermarket and I clear the ground and build foundations then you renege on the deal. I should just be paid for the work done plus an extra fixed ‘ moderate fine’. Not for 20 years income from a supermarket that was never im existence.
This ruling seems to stem entirely from Nigerian government incompetence where it seems to think it could ignore the problem and it would just go away.







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Old August 17th, 2019, 10:40 AM   #26712
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Originally Posted by NicSA View Post
This ruling seems to stem entirely from Nigerian government incompetence where it seems to think it could ignore the problem and it would just go away.

















As incompetent and corrupt as it is- to give a company 20 years income for a project that never came into fruition is overkill.

They should be paid costs plus some compensation.

But too many African nations enter into dodgy or not thought out well deals then renege on them. Its really bad for investor confidence. It happens each time there is a change of government in Ghana.
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Old August 17th, 2019, 01:49 PM   #26713
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This published yesterday. Tax revenues rising in line with GDP growth.
Quote:
Côte d'Ivoire: Tax revenues reached US$ 2 billion in the first half of 2019

Intellivoire
August 16, 2019



Côte d'Ivoire collected 1,193 billion CFA francs (2.05 billion US dollars) in taxes in the first half of 2019, up 7.9 percent from the same period last year, said Abu Sié Ouattara, director general of the tax authority.

Pour lire plus https://intellivoire.net/cote-divoir...semestre-2019/
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Old August 17th, 2019, 02:36 PM   #26714
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Quote:
Originally Posted by NicSA View Post
This ruling seems to stem entirely from Nigerian government incompetence where it seems to think it could ignore the problem and it would just go away.







Your support is some folks on Twitter with no connection to the proceedings or legal training? I guess anything to be able to throw a shot at Nigeria
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Old August 17th, 2019, 02:43 PM   #26715
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Originally Posted by ekema View Post
Your support is some folks on Twitter with no connection to the proceedings or legal training? I guess anything to be able to throw a shot at Nigeria
Do you have anything actually useful or interesting to contribute to this discussion?
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Old August 17th, 2019, 04:44 PM   #26716
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Zimbabwe has a plan to end 20-year standoff with creditors

Zimbabwe’s government has said it’s ready to settle with global lenders, sell assets and make the difficult spending decisions needed for financial recovery. But with opposition protests against plunging living standards scheduled in cities nationwide, he’s in a race against time.

In an exclusive interview with Bloomberg News on Thursday, Finance Minister Mthuli Ncube dismissed rapidly accelerating inflation as "wage compression" and warned the country will have to endure four more months of economic pain. On Friday morning, police in the capital violently dispersed demonstrators protesting over the hardship his austerity measures have spawned.

"The big macro-economic decisions should be complete by year-end," Ncube, 55, said in an interview at his office in central Harare. "In December, everything stops in terms of the big decisions. Beyond that, we focus more on jobs, growth, productivity and development."

Almost a year into the job, Ncube, a Cambridge-university trained economics professor, has reined in state spending and boosted tax revenue. But his introduction of a new currency in June, accompanied by a ban on the use of the dollar, has seen the rapid erosion of spending power with the Zimbabwe dollar trading at almost 10 to the dollar. Its predecessor, a quasi-currency known as bond notes, was officially said to be at parity as recently as February.

Now many of the country’s 400 000 civil servants, who form the bulk of the middle class, are earning less than the $1.90 a day, defined by the World Bank as the line below which people are living in extreme poverty.

Zimbabwe’s annual inflation, the release of which has been suspended for six months, is officially 176% and shortages of fuel and bread are widespread. The government’s inability to pay for adequate electricity imports has crippled the economy with power outages of as long as 18 hours a day. The measures, which Ncube conceded were painful for citizens, are necessary if the country is to regain a sound economic footing, he said.

There’s a growing risk that the economic hardship may trigger unrest similar to violence that took place two decades ago, said Japhet Moyo, the head of the Zimbabwe Congress of Trade Unions, the biggest labour federation.

"We will experience the 1999 scenario, which had no co-ordinator and riots broke out spontaneously," Moyo said in an interview.

At least one person was injured when police charged a group of protesters in Harare’s city centre, leaving a woman lying motionless on the street before she was taken to hospital by Red Cross personnel. More demonstrations are planned next week in major cities including Bulawayo, Mutare and Gweru.

"What people are feeling is really wage compression," he said. "Prices adjusted instantly to the exchange rate, but wages have been too slow to catch up with the adjustment. The issue is about wage adjustment and I’m a big champion of wage adjustment."

The finance minister is talking "economic gobbledygook," said Steve H. Hanke, a professor of applied economics at the Johns Hopkins University in Baltimore. "By my measure, Zimbabwe’s inflation is the second highest in the world at 570%." Venezuela has the world’s highest inflation.

Ncube planned reforms include establishing a nine-member Monetary Policy Committee that will reduce interest rates from 50%. Within 12 to 18 months, the nation plans to sell domestic bonds with a duration of as long as 30 years to fund infrastructure. In time, it will approach international markets, he said.

https://www.fin24.com/Economy/Africa...itors-20190816
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Old August 17th, 2019, 07:21 PM   #26717
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Quote:
Originally Posted by popa1980 View Post
As incompetent and corrupt as it is- to give a company 20 years income for a project that never came into fruition is overkill.

They should be paid costs plus some compensation.

But too many African nations enter into dodgy or not thought out well deals then renege on them. Its really bad for investor confidence. It happens each time there is a change of government in Ghana.
It looks like they will lose quite a hefty amount
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Old August 17th, 2019, 07:31 PM   #26718
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Originally Posted by NicSA View Post
Do you have anything actually useful or interesting to contribute to this discussion?
Yes. Pointing out that your reliance on Twitter users who have no first second or even third hand knowledge of the matter is empty and gives a fault take on the issue.

What exactly have you posted that’s useful
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Old August 18th, 2019, 08:58 PM   #26719
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Southern Africa: Tanzania's Economy Seen As Role Model



TANZANIA'S economic performance has been described as a role model that other Southern African Development Community (SADC) member states should embrace after recording over 7 per cent growth last year.

Opening the 39th Ordinary Summit of the SADC Heads of State and Government in Dar es Salaam yesterday, SADC Executive Secretary, Dr Stergomena Tax, said although the general economic environment was relatively stable last year the macro-economic position of the region remained critical for the realisation of the goals set.

She said economic growth averaged 3.1 per cent in 2018 in the region compared to three per cent in 2017.

"Botswana, the Democratic Republic of Congo (DRC), Madagascar and Tanzania recorded strengthened growth levels, but only Tanzania met the Gross Domestic Product (GDP) growth target of 7 per cent in 2018," Dr Tax said amidst a big round of applause from Tanzanian delegates, who attended the summit session yesterday.

Speaking on per capita GDP, Dr Tax said the income per person in the region had improved slightly from $4,004 in 2017 to $4,171 in 2018, with all member states, except one, recording growth.

According to her, analysis showed there was an improvement from only five member states namely, Botswana, the DRC, Mauritius, Seychelles and Tanzania, which recorded growth the previous year (that is 2017).

On inflation, Tanzania again performed well as it was in the group of 10 SADC countries, whose annual inflation rate ranged between three and seven per cent last year.

According to Dr Tax, the annual inflation rate decreased to an average of 8.0 per cent in 2018 from 10.1 per cent in 2017, attributing the slowdown to, among other things, favourable weather conditions in some member states, low demand and stability in exchange rates.

"Botswana, Eswatini, Lesotho, Madagascar, Mauritius, Mozambique, Namibia, Seychelles, South Africa and Tanzania met the inflation target range of 3-7 per cent," she stressed.

In her speech, Dr Tax was quick to raise concern over poor investment level recorded last year, saying a downward trajectory in investments and savings registered since 2014 continued through 2018.

She said records showed the region had recorded investments of 22.8 per cent of GDP in 2018 compared to 24.4 per cent in 2017, an indication that the trend was taking a downward trajectory.

"Botswana, Lesotho, Seychelles, Tanzania and Zambia performed above the regional target of 30 per cent of GDP for investment," she said.

On savings, Dr Tax said the region remained subdued at 19.9 per cent of GDP in 2018, lower than the 20.6 per cent realised in 2017, singling Botswana, Mozambique and Zambia as the only SADC countries in the region that had attained the regional savings target of 30 per cent in 2018.

She also spoke on fiscal deficit, saying it averaged at 3.1 per cent in 2018 compared to 4.3 per cent of GDP in 2017 with Angola, the DRC, Mauritius, Seychelles and Tanzania meeting the fiscal deficit target of three per cent of GDP last year.

The public debt, she said, maintained an upward trend across all member states in 2018, where the region's public debt increased to 48.8 per cent of GDP, slightly above the 47.8 per cent recorded in 2017.

She said the number of member states that met the regional target of public debt of 60 per cent of GDP remained constant at 11 in both 2017 and 2018.

The executive secretary also spoke on peace, security and stability in the region, saying the three aspects were essential for creating a conducive political and social environment for livelihoods to thrive and businesses to operate and flourish.

She said during the year, the region maintained its enviable record of peace, security and stability, consolidating democracy on the right trajectory.

However, she was quick to warn that while the SADC region enjoyed peace and tranquility, terrorism and other transnational crimes continued being matters of great concern with organised crime also posing a significant threat to peace and security and undermining regional economic integration.

"It is, therefore, imperative that SADC member states continue cooperating and undertaking joint initiatives to address this menace of great concern to all of us," she urged.

She also spoke on gender-based violence (GBV), saying the malpractice continued to adversely impact on the socioeconomic development of the region.

She said a study conducted by the SADC Secretariat on GBV prevalence in the region, among other things, showed GBV was a common phenomenon in the SADC region.

https://dailynews.co.tz/news/2019-08...f81f9a52e.aspx
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Old August 18th, 2019, 09:06 PM   #26720
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UGANDA: Gov’t launches Chinese plant in Namanve

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