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Old August 28th, 2019, 03:15 AM   #26921
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S.Africa’s Eskom Says first power produced at Medupi’s last unit


Eskom said it produced 190 MW at Medupi’s unit 1 for the first time, making it the last of the six units to be synchronised to the national grid. “Once Unit 1 has attained full power, it will be a step closer to reach commercial operational which occurs within six to nine months after first synchronisation,” Eskom said in a statement. It added that the next step would be testing and optimisation of unit 1 in order to generate full power of 800MW.

To supplement its ageing power plants, Eskom is developing the Kusile and Medupi projects, but both are years behind schedule and tens of billions of rand over budget.

https://www.dailymaverick.co.za/arti...pis-last-unit/
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Old August 28th, 2019, 06:41 AM   #26922
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South Africa’s new economic plan – Cut red tape for businesses and ease visa rules

South Africa’s National Treasury outlined its vision to bolster economic growth and tackle a 29% unemployment rate, proposing a range of reforms including cutting red tape for businesses and easing visa rules to boost tourism.

The reforms could lift the average economic growth rate by 2 to 3 percentage points and create more than one million jobs over a decade, the Treasury said in a policy paper released on Tuesday. Other proposals include selling off power plants owned by state utility Eskom Holdings SOC Ltd. and introducing new rules that will let households and companies sell excess electricity they produce back to the national grid.

Weak growth has exacerbated social pressures in Africa’s most-advanced economy and failure to create jobs and reduce income inequality could spark unrest. The economy contracted an annualized 3.2% in the first quarter, the most in a decade, as power shortages curbed output.

The Reserve Bank projects growth of 0.6% for the year. That’s well short of the more than 5% rate the government says is needed to halve the unemployment rate.

The Treasury described the current economic trajectory as unsustainable and said it could only be turned around through “deliberate and concrete action.” The building blocks of sustainable growth included improving the education and public-transport systems, implementing programs to create work for the youth, developing a capable state and reducing a skills shortage by easing immigration requirements, it said.

The country also needs “a stable macroeconomic policy framework underpinned by a flexible exchange rate, inflation targeting, and credible and sustainable fiscal policy,” the Treasury said. “Low and stable inflation and a more sustainable fiscal trajectory reduces uncertainty, lowers borrowing costs across the economy, anchors returns expectations for investments and increases business confidence — all of which boost productivity.”

https://mybroadband.co.za/news/busin...isa-rules.html
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Old August 28th, 2019, 06:45 AM   #26923
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Naledi Pandor calls for stronger ties between Africa and Japan

South Africa’s International Relations and Cooperation Minister, Naledi Pandor, on Tuesday, said African countries can draw significant economic benefits by enhancing the relationship with the technologically advanced Japan.

“Japan is, of course, one of the powerful economies of the world, it is part of the G7. We need to draw on that strength, as Africa begins to prosper and grow its economies. We need much more diversification. We need partnerships with businesses in Japan.”

Pandor made the remarks in Yokohama, Japan ahead of the seventh Tokyo International Conference on African Development (TICAD VII) Summit.

Naledi Pandor: “Climate change is going to once more be a focal area”
“Japan is at the leading edge of innovation and technology development. We must draw on this capacity, and use it to continue to see and support growth on the African continent. There’s gonna be a lot of business fora in the side events. It’s gonna be a very important part of the subjects we discuss.”

TICAD is a multilateral leaders’ forum on African development that was first convened in 1993 in Japan.

“TICAD VII has identified three overarching priorities, namely accelerating economic transformation and improving the business environment through innovation and private sector engagement; deepening sustainable and resilient society, and strengthening peace and stability. The working visit will also provide a platform for President Ramaphosa and members of Cabinet to invite global partners to experience South Africa as an investment destination and trade partner, and to participate in the country’s efforts to secure faster, sustainable and inclusive economic growth and reduce unemployment.”

https://www.thesouthafrican.com/news...ica-and-japan/
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Old August 28th, 2019, 10:15 AM   #26924
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Nigeria Fears Fiscal Crisis as Debts Take Big Slice of Revenue

Africa’s largest oil producer could run out of money if it doesn’t boost revenues urgently.

Nigeria’s President Muhammadu Buhari warned that the country could struggle to funds its expenses unless it is able to raise the tax take after querying the revenue chief over poor collections. That could complicate Buhari’s efforts to turn around the economy, a mandate on which he was re-elected in February.

Zainab Ahmed, who was reappointed finance minister, echoed these concerns when she was sworn in last week.

Fiscal revenues in Africa’s most-populous nation undershot targets by at least 45% a year since 2015, according to the budget office. Expenditure has doubled to more than 7 trillion naira ($19 billion). The government’s income shortfall was 51.9% in May due to lower oil and non-oil inflows, according to the central bank.



There has been an urgent need for accelerated fiscal reform in Nigeria for some time and the fact that it is gaining attention from the country’s leadership is positive, Razia Khan, chief economist for Africa and the Middle East at Standard Chartered Bank Plc, said.

Spending has been largely supported by borrowing both from the domestic and international markets. Total debt was at $81.2 billion at the end of March, from about $65 billion in 2015. Debt owed to non-Nigerian lenders was $25.2 billion.

Total borrowing as a proportion of gross domestic product is about 21%, compared with almost 60% for South Africa, which vies with Nigeria as the continent’s biggest economy. Debt service costs consume more than half of actual revenues, leaving little to build badly needed infrastructure and grow the economy. Nigeria spent 2.2 trillion naira on servicing outstanding loans in 2018 compared to 1.68 trillion naira on infrastructure, according to the central bank.

Without major revenue reforms, debt could rise to almost 36% of GDP by 2024 and interest payments could make up 74.6% of revenue, according to the International Monetary Fund.

At about 7% of GDP, Nigeria has one of the lowest tax collection ratios in the world. Efforts to boost tax revenues in recent years has not yielded the desired results.

“Nigeria’s government expenditure is roughly the same as Kenya’s, despite a population that is nearly three times as big,” she said.

https://www.bloomberg.com/news/artic...premium-africa
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Old August 28th, 2019, 10:16 AM   #26925
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Mnangagwa ally in $us 1 bn storm

TREASURY failed to account for about US$1,03 billion it paid to Sakunda Holdings, a company owned by President Emmerson Mnangagwa’s close ally and adviser, Kudakwashe Tagwirei, under the fabled Command Agriculture programme from 2017 to date, it has emerged.

When all these figures were added together, the amounts totalled nearly US$1,03 billion paid to Sakunda from 2017 to date for the ambitious agricultural schemes with no payment vouchers to show what goods and services were delivered.

Yesterday, Biti grilled the Treasury officials, led by the Finance ministry chief principal director Zvinechimwe Churu — who were summoned by PAC to explain why it failed to provide the payment vouchers.

“Where are the vouchers to say Sakunda supplied and you were entitled to pay?” Biti asked Churu.

Churu replied: “With respect to vouchers, we will talk to our colleagues in the Ministry of Agriculture … We have taken note of the requirement of the committee and we will look into that. But I think it is important to mention to the committee that the vouchers were not supposed to be given to us directly.”

However, Biti charged that since Treasury paid Sakunda directly, it should have insisted on receiving the payment vouchers as well to get proof that Sakunda delivered on the paid goods and services

https://nehandaradio.com/2019/08/27/...in-1-bn-storm/
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Old August 28th, 2019, 10:21 AM   #26926
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ZIM Govt pays US$400 million funeral parlour to supply fertliser for Command Agriculture

TREASURY paid US$400 million to a funeral assurance company for the supply of Command Agriculture fertiliser, Parliament heard on Monday.

Parliament’s Portfolio Committee on Public Accounts chaired by opposition MDC vice president Tendai Biti heard that a company only known as FSG but with no known address or contact person was paid almost half a billion in foreign currency. Nothing has been recovered.

FSG, a funeral parlour, was reportedly paid US$400 million for the supply of fertiliser and ministry officials who appeared before the committee admitted they had no information as to who owns the company or where it is domiciled.

Churu emotionally retorted: “I refuse to accept that we are rotten. The Ministry is not rotten. You are free to write what you want. We are not rotten. Our rating in the international forum is not what you are saying. Our fiscal policy is well managed. We are not going to accept you calling us rotten. I am not emotional but I am professional.”

“Our focus is on financing. Anything to do with procurement has nothing to do with us. If you go to Boka there is that company known as FSG. I bought fertiliser from that company. Ask any one of the fertiliser unions. They will tell you that I am not lying.”

However, it emerged government paid FSG in hard currencies.
According to AG’s report, the command Agriculture has gobbled almost US$5 Billion dominated by “dodgy” payments.


It was not however clear as to whether the company mentioned by the committee as having benefitted is the same as FSG a funeral assurance company operating in Zimbabwe.

https://www.newzimbabwe.com/govt-pay...d-agriculture/
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Old August 28th, 2019, 10:29 AM   #26927
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South Africa missing out on trade opportunities with Francophone Africa

South Africa needs to improve its trade relationships with Francophone African countries, Africa House MD Liz Whitehouse said at the organisation’s Doing Business in Francophone Africa Workshop, held in Johannesburg, on Tuesday.

There are 22 sub-Saharan African countries that have French as their official language, representing a total market of about 300-million people.

However, trade statistics indicate that South Africa’s exports to these countries is limited and dominated by trade with the Democratic Republic of the Congo (DRC).

The Francophone Africa region represents a major business opportunity for South African suppliers of goods, works and services.

Whitehouse dispelled the myth that France controlled the lion’s share of the market in Francophone African countries, with statistics showing that, in 2017, it only accounted for 9.1% of global exports to these countries.

Moreover, France’s exports to the region are decreasing.

As is the case in most other developing countries in the world, China is the dominant player. Of the top 15 suppliers to Francophone African countries, China accounts for almost 25% of exports, followed by India and then Belgium.

South African comes in at ninth position, and this did not constitute much, noted Whitehouse.

The country’s exports to France was only a small percentage of its trade into Africa, she said, adding that South Africa’s imports from these countries were also limited.

https://www.engineeringnews.co.za/ar...ica-2019-08-27
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Old August 28th, 2019, 10:30 AM   #26928
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this is where all the forex has been going how can such a small country making anywhere between $US7 -10 billion in hard currency per year have forex shortages I Always the answer lies the RBZ
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Old August 28th, 2019, 10:31 AM   #26929
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Namibia’s central bank forecasts deeper economic contraction in 2019

The Bank of Namibia said on Tuesday it expected the domestic economy to fall into a deeper contraction of 1.7% during 2019, down from its initial estimate of 0.3% positive growth in April.

The central bank said the economy was expected to recover to positive growth of 0.8% and 1.2% in 2020 and 2021, respectively.

The projected 1.7% contraction of 1.7% for 2019 represents a further deterioration from a mild contraction of 0.1% in 2018, according to preliminary estimates by the Namibia Statistics Agency.

The bank said the expected deeper contraction during 2019 would be in line with a devastating drought now afflicting Namibia as well as anticipated contractions in major sectors such as diamond mining and wholesale and retail trade.

A likely reduced contraction in the construction sector would ease the drag on overall growth when compared to the last two years, but its impact will be offset by weaknesses in other sectors during 2019, it said.

Risks to the domestic economic outlook include the persistently low uranium price and unpredictable rainfall.

Low uranium prices continue to adversely impact the prospects for uranium mining in Namibia, while erratic rainfall may continue to crimp agricultural output beyond 2019.

“Furthermore, the China-US trade tensions may negatively affect the demand for Namibian minerals and products,” the central bank said in a statement.

https://www.engineeringnews.co.za/ar...019-2019-08-28
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Old August 28th, 2019, 11:03 AM   #26930
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Originally Posted by NicSA View Post
Naledi Pandor calls for stronger ties between Africa and Japan

South Africa’s International Relations and Cooperation Minister, Naledi Pandor, on Tuesday, said African countries can draw significant economic benefits by enhancing the relationship with the technologically advanced Japan.

“Japan is, of course, one of the powerful economies of the world, it is part of the G7. We need to draw on that strength, as Africa begins to prosper and grow its economies. We need much more diversification. We need partnerships with businesses in Japan.”

Pandor made the remarks in Yokohama, Japan ahead of the seventh Tokyo International Conference on African Development (TICAD VII) Summit.

Naledi Pandor: “Climate change is going to once more be a focal area”
“Japan is at the leading edge of innovation and technology development. We must draw on this capacity, and use it to continue to see and support growth on the African continent. There’s gonna be a lot of business fora in the side events. It’s gonna be a very important part of the subjects we discuss.”

TICAD is a multilateral leaders’ forum on African development that was first convened in 1993 in Japan.

“TICAD VII has identified three overarching priorities, namely accelerating economic transformation and improving the business environment through innovation and private sector engagement; deepening sustainable and resilient society, and strengthening peace and stability. The working visit will also provide a platform for President Ramaphosa and members of Cabinet to invite global partners to experience South Africa as an investment destination and trade partner, and to participate in the country’s efforts to secure faster, sustainable and inclusive economic growth and reduce unemployment.”

https://www.thesouthafrican.com/news...ica-and-japan/


Im still not sure what Japan can offer realistically.
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Old August 28th, 2019, 12:39 PM   #26931
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Old August 28th, 2019, 12:42 PM   #26932
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Rwanda Wants 60% Of Students In TVET (technical and vocational education) By 2024
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African states are currently chocking on large numbers of educated youth that remain unemployed because they possess undesired skills for the markets.

[...] According to Ngirente, Rwanda government seeks to increase the number of students attending TVET to 60% by 2024 from 31.1% in 2017.

“We believe that TVET skills are one of the drivers that support the economic transformation we want in our country, and this is only possible if graduates from TVET schools are highly skilled and competitive on the labour market,” the Prime Minister told participants.

He explains there are concerns that a considerable number of young Africans, often without needed skills, leave the school system every year in search for jobs.
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Old August 28th, 2019, 01:02 PM   #26933
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The way to go, just like in Germany, Switzerland.... University should be reserved to a minority...
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Old August 28th, 2019, 01:03 PM   #26934
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Originally Posted by popa1980 View Post
Im still not sure what Japan can offer realistically.
What they build last very long....
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Old August 28th, 2019, 01:42 PM   #26935
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The way to go, just like in Germany, Switzerland.... University should be reserved to a minority...


This is what i keep on saying.

We are in more need of technically trained staff with ‘real’ hands on skills than we are graduates yet since independence our attention has focused on the latter.
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Old August 28th, 2019, 02:26 PM   #26936
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South Africa siblings...

Namibia’s central bank forecasts deeper economic contraction in 2019

WINDHOEK (Reuters) - The Bank of Namibia said on Tuesday it expected the domestic economy to fall into a deeper contraction of 1.7% during 2019, down from its initial estimate of 0.3% positive growth in April.

The central bank said the economy was expected to recover to positive growth of 0.8% and 1.2% in 2020 and 2021, respectively.

The projected 1.7% contraction of 1.7% for 2019 represents a further deterioration from a mild contraction of 0.1% in 2018, according to preliminary estimates by the Namibia Statistics Agency.

The bank said the expected deeper contraction during 2019 would be in line with a devastating drought now afflicting Namibia as well as anticipated contractions in major sectors such as diamond mining and wholesale and retail trade.

A likely reduced contraction in the construction sector would ease the drag on overall growth when compared to the last two years, but its impact will be offset by weaknesses in other sectors during 2019, it said.

Risks to the domestic economic outlook include the persistently low uranium price and unpredictable rainfall.

Low uranium prices continue to adversely impact the prospects for uranium mining in Namibia, while erratic rainfall may continue to crimp agricultural output beyond 2019.

Furthermore, the China-U.S. trade tensions may negatively affect the demand for Namibian minerals and products,” the central bank said in a statement.

The bank recently cut its benchmark interest rate for the first time in two years as part of efforts to boost the economy, which has already suffered two years of negative growth, a first since independence from South Africa in 1990.



https://af.reuters.com/article/afric...CN1VI0Q7-OZABS
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Old August 28th, 2019, 02:28 PM   #26937
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Nigeria has a fiscal problem. It's missed revenue targets massively in recent years. The government now spends much more servicing debts than it does on health and education



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Old August 28th, 2019, 02:31 PM   #26938
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South Africa’s young are deserting the ANC, the party of Nelson Mandela, as the economy struggles and with unemployment at a decade-high. But they're not necessarily supporting other parties. At least not yet.







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Old August 28th, 2019, 02:35 PM   #26939
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VIDEO: Uganda's fashion industry banks on the young

Uganda's fashion industry is picking up and creating jobs for many young people. The increasing demand for customized fashion wear is helping local designers to stay ahead of competing clothing importers whilst breathing life into the country's resurgent textile industry.



https://www.dw.com/en/ugandas-fashio...ng/av-50194055
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Old August 28th, 2019, 02:41 PM   #26940
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SOMALIA - Mobile money industry worth $32 billion - World Bank


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Somalia according to a World Bank report has become a continental leader in the African mobile money industry with a domestic market worth $32 billion.

The report states that on a monthly basis, approximately 155 million transactions, worth $2.7 billion, are recorded. Mobile money has eclipsed the use of cash in Somalia, with over 70% of adult Somalis using mobile money services regularly to pay their bills, buy online and receive salaries.

This presents major opportunities for the country’s financial system. One ICT specialist at the World Bank, Tim Kelly, Lead ICT policy goes even further and states that the “Private sector actors have given Somalia a unique opportunity to leapfrog towards widespread financial inclusion.” - Read more
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