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Old September 2nd, 2019, 09:02 PM   #27041
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Rwanda’s dry port to facilitate trade in region – UAE trade official



Rwanda’s dry port will ease trade not only in Rwanda, but also in the neighbouring markets, Mohammed Al Kamali the Deputy Chief Executive Officer of Dubai Exports has said.

Dubai Exports is the promotion agency of the Department of Economic Development – a government body entrusted to set and drive Dubai’s economic agenda within the broader governance systems of the United Arab Emirates.

Al Kamali and a delegation from the UAE yesterday paid a visit to the facility owned by Dubai Ports World (DPW), a Dubai based global port operator.

The United Arab Emirates firm signed a 25-year concession agreement with government in 2016 to construct and manage the mega facility that sits on about 30 hectares of land.

Located in Masaka the dry port is the country’s largest inland cargo handling facility having become operational in June.

It has mega cargo handling facility with features such as container yard and bonded warehouse.

According to DPW, the first phase of the facility is now ready, with an annual capacity of 50,000 tonnes and 640,000 tonnes of warehousing space.

...

https://www.newtimes.co.rw/news/rwan...trade-official
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Old September 2nd, 2019, 09:07 PM   #27042
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Ethiopia mulls comprehensive economic reforms to ease pressing forex shortage

ADDIS ABABA, Aug. 31 (Xinhua) -- The Ethiopian government on Saturday disclosed newly introduced comprehensive economic reforms that would help ease the East African country's pressing foreign currency shortage.

"We have now designed a comprehensive reform strategy to sustain and advance the economic growth and development in the country," state-run news agency ENA quoted Ahmed Shide, Ethiopia's Finance Minister, as saying on Saturday.

"Foreign exchange is one of the major bottlenecks currently, and we are working comprehensively to address that," Shide said, adding "the privatization we are embarking on will contribute significantly to that. It will bring significant foreign exchange."

The finance minister also said that as part of ongoing measures to ease foreign currency shortage, the Ethiopian government is also working on ways of broadening the remittance flow into the East African country from various parts of the world.

According to Yinager Dessie, Governor of the National Bank of Ethiopia, low productivity in the agriculture sector, particularly in the export items, has not been to the expected level.

"Similarly, export items from the industrial sector have not increased both in type and volume, thus inhibiting the fulfillment of the national target for gaining foreign exchange from the two sectors," Dessie added.

Ethiopia's finance minister said the Ethiopian government is exerting efforts to enhance productivity and encourage exporters to improve the amount and diversity of export items.

"We are also working on boosting our export performance and productivity on agricultural commodities, mining, tourism and other components of the service sector. All those strategies will help to significantly support our earnings from exports," Shide said.

Ethiopia's ongoing economic sector reforms mainly aspire to realize sustainable economic growth together with strong private sector engagement in various development projects.

As the East African country encounters persisting forex shortage in recent years, the Ethiopian government had recently announced to partially privatize its major state-owned enterprises as a solution to the serious shortage of foreign currency.

The plan to partially liberalize key sectors of the East African country's economy was made by the Executive Committee of the Ethiopian People's Revolutionary Democratic Front (EPRDF), Ethiopia's ruling party, in June last year.

The decision, among other things, aimed at expanding mixed ownership or outright full privatization of state-owned enterprises such as railway projects, sugar development, industrial parks, hotels, and other manufacturing industries.

It also plans to allow minority shares in Ethiopia's large state-owned enterprises, mainly Ethio-telecom, Ethiopian Airlines, electricity generation projects, and the Ethiopian Shipping and Logistics Services Enterprise.



http://www.xinhuanet.com/english/201..._138354197.htm
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Old September 2nd, 2019, 09:42 PM   #27043
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Egypt asks Ethiopia to fill Renaissance Dam within 7 years

Ethiopia’s Minister of Water, Irrigation and Energy, Seleshi Bekele, has said that Egypt officially requested that the Grand Ethiopian Renaissance Dam (GERD) be filled within seven years.

Bekele said that this issue, along with several others, will be discussed in a meeting between Egyptian and Sudanese officials slated to take place next month.

He also said that his Egyptian counterpart, Mohammed Abdel-Ati, recently passed to Ethiopia a study regarding the issue of filling the dam.

The study requests that the dam should be filled in seven years,” he said, noting that his country replied to Egypt’s study but giving no further details.

Bekele said that the dam would start producing electricity after 15 months and work would be officially completed by 2023.

Egypt fears that the dam will reduce the amount of water reaching it through the Nile, which begins from Abyssinian or Ethiopian Plateau.



https://www.middleeastmonitor.com/20...ithin-7-years/
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Old September 2nd, 2019, 09:48 PM   #27044
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The French colonial designs in Mali

France stands to benefit if Mali's territorial integrity is pulled apart.

Mali is breaking apart. After the devolved northeastern region of Kidal, where the presence of the French army failed to prevent mafia-like groups interested in exploiting the region's immense gold reserves from taking control, the Malian government now appears to be losing its grip on the equally resource-rich neighbouring region of Timbuktu.

As Mali slowly disintegrates, France - which claims to be working to protect the unity and territorial integrity of Mali as part of Operation Barkhane - and the United Nations - which is supposed to be doing the same with MINUSMA - are turning a blind eye. The Economic Community of West African States (ECOWAS) and the African Union (AU) are also staying idle, partially because the authorities in Paris deem them unfit to manage conflicts and crises in French-speaking Africa.

But what is behind the looming collapse of the Malian state? Is it the natural outcome of deep-rooted local problems, or is there something more sinister at play? Could it be that a former colonial power, which is rapidly losing its influence on the African continent and facing major economic and financial problems as a result, is deliberately creating the conditions for the country's disintegration?

Mali has been in turmoil since a coup in 2012 cleared the way for Tuareg separatists to seize towns and cities of the north. Al-Qaeda-linked fighters then overpowered the Tuareg, taking control of northern Mali for nearly 10 months until they were thrown out by a French-led military offensive.

On paper, the French military is currently in the country "to fight terrorism" and help it regain its authority over the northern regions. But, of course, the real reason behind Paris' decision to continue risking the lives of French soldiers in a faraway country is to protect French economic and geostrategic interests - namely its exploitation of the gold and uranium mines in the region.

As is well known, France has openly supported the National Movement for Liberation of the Azawad (MNLA), the main Tuareg separatist group, for a long time. The MNLA's "fight for freedom" has been profusely covered by French media throughout Mali's conflict, with French journalists romanticising the MNLA rebels as "the men in blue" in their poetic reports.

France's positive attitudes towards the rebels had geopolitical reasons, as Paris saw the MNLA as a group that could protect France's economic interests in the region from al-Qaeda-linked fighters and any future attempts by the central government to take full control over the nation's natural resources.

In 2014, encouraged by France, the MNLA along with other Tuareg separatist groups and Arab nationalists formed Coordination of Movements of Azawad (CMA). A year later, it signed a peace deal with the Malian government.

The agreement handed greater autonomy to the sparsely populated northern region of Mali. International media focused on the role Algeria played in the signing of the deal, but for attentive Mali watchers, it was clear that its real architect was none other than the country's former colonial "master", France.

...



https://www.aljazeera.com/indepth/op...111338087.html
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Old September 2nd, 2019, 09:55 PM   #27045
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South Africa and Nigeria are hurting the rest of Africa





The two nations that account for almost half of sub-Saharan Africa’s gross domestic product are proving to be a damper on the region’s economic expansion.

Nigeria and South Africa, which vie with each other to be the continent’s biggest economy, both release second-quarter growth data on Tuesday.

While the figures will probably show South Africa dodged a recession and Nigeria’s growth quickened, according to two separate Bloomberg surveys, both are expected to show they expanded at a limp pace

The publication of the data comes as political and business leaders from at least 28 African countries prepare to meet in Cape Town on Wednesday at the World Economic Forum on Africa.

The discussions will focus on how Africa, which has some of the world’s fastest-growing economies in Ghana and Ethiopia, can expand its potential.

‘Major Drag’

It is obviously going to be a major drag on the continent’s growth if the two largest economies are not performing,” said Ronak Gopaldas, a director at the Cape Town-based consultancy Signal Risk.

The data is expected to show the South African economy grew an annualized 2.5% from the first quarter, and Nigeria’s expanded by the same margin year-on-year.

While the slowing global expansion is contributing to South Africa and Nigeria’s tepid growth, the two nations’ economic woes are largely of their own doing.

The African National Congress-led government in South Africa has failed to decisively deal with the finances of debt-laden power utility Eskom, which is straining the nation’s budget and caused a contraction in GDP in the first quarter.

Nigeria’s failure to diversify its economy, which relies on oil for 90% of its foreign exchange, leaves it vulnerable to international price movements.

Investor confidence and sentiment toward both of these economies is weak at the moment and that’s largely self-inflicted,” said Gopaldas.

Both countries, through their policy-making own goals, have made bad situations worse than they needed to be.”

...

https://businesstech.co.za/news/busi...est-of-africa/
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Old September 2nd, 2019, 10:30 PM   #27046
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Originally Posted by Umoja View Post
Egypt asks Ethiopia to fill Renaissance Dam within 7 years

Ethiopia’s Minister of Water, Irrigation and Energy, Seleshi Bekele, has said that Egypt officially requested that the Grand Ethiopian Renaissance Dam (GERD) be filled within seven years.
what was their response, "we'll do it in 7 months"?
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Old September 2nd, 2019, 10:46 PM   #27047
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Lagos records over 70% of Nigeria’s vehicular traffic – Official

Lagos State records more than 70 per cent of Nigeria’s vehicular traffic, in spite of its small landmass.

The Federal Controller of Works in the state, Adedamola Kuti, made the observation in an interview with the News Agency of Nigeria (NAN) in Lagos on Sunday.
Some preposterous "observation" by some politician is making headline, masqueraded as a statistic-based fact... typical editorials..
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Old September 2nd, 2019, 10:49 PM   #27048
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Originally Posted by èđđeůx View Post
Nigeria was making progress under its former agricultural minister, and current AfDB president, Akinwumi Adesina during Jonathan's time. Sadly most of Nigeria's current power holders fail to see the importance of continuity in plans and technocratic governance, so we see this avoidable stasis. I hope the new agricultural minister can prove me wrong, but the Buhari administration's track record says otherwise.

Based on population growth rates and birth records Nigeria will likely have 20 to 25 million more people by the end of his term in 2023. The country is close to adding a population similar to the size of Ghana's every 5 to 6 years. Agriculture is a pressing issue that will get worse.
I had huge expetations on Nigeria during Jonathan's time, Buhari administration has destroyd all my hopes in Nigeria, they are destroyng 10 years work instead of building on what they found.
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Old September 3rd, 2019, 12:12 AM   #27049
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South Africa and Nigeria are hurting the rest of Africa

I still can't believe that these 2 countries are growing so slowly and haven't seen proper growth in a few years.

Last time Nigeria saw growth over 5% was in 2014. Now that we are approaching a global slowdown, I highly doubt that we will see 5% for another 2-3 years.
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Old September 3rd, 2019, 01:21 AM   #27050
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I still can't believe that these 2 countries are growing so slowly and haven't seen proper growth in a few years.

Last time Nigeria saw growth over 5% was in 2014. Now that we are approaching a global slowdown, I highly doubt that we will see 5% for another 2-3 years.
Nigeria is so badly run that it can clock 5% by just addressing some basics, even with a slowdown . Instead the leaders are looking at like prices
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Old September 3rd, 2019, 02:34 AM   #27051
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South Africa and Nigeria are hurting the rest of Africa



The two nations that account for almost half of sub-Saharan Africa’s gross domestic product are proving to be a damper on the region’s economic expansion.

Nigeria and South Africa, which vie with each other to be the continent’s biggest economy, both release second-quarter growth data on Tuesday.

While the figures will probably show South Africa dodged a recession and Nigeria’s growth quickened, according to two separate Bloomberg surveys, both are expected to show they expanded at a limp pace.

The publication of the data comes as political and business leaders from at least 28 African countries prepare to meet in Cape Town on Wednesday at the World Economic Forum on Africa.

The discussions will focus on how Africa, which has some of the world’s fastest-growing economies in Ghana and Ethiopia, can expand its potential.

“It is obviously going to be a major drag on the continent’s growth if the two largest economies are not performing,” said Ronak Gopaldas, a director at the Cape Town-based consultancy Signal Risk.

The data is expected to show the South African economy grew an annualized 2.5% from the first quarter, and Nigeria’s expanded by the same margin year-on-year.

While the slowing global expansion is contributing to South Africa and Nigeria’s tepid growth, the two nations’ economic woes are largely of their own doing.

The African National Congress-led government in South Africa has failed to decisively deal with the finances of debt-laden power utility Eskom, which is straining the nation’s budget and caused a contraction in GDP in the first quarter.

Nigeria’s failure to diversify its economy, which relies on oil for 90% of its foreign exchange, leaves it vulnerable to international price movements.

https://businesstech.co.za/news/busi...est-of-africa/
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Old September 3rd, 2019, 02:36 AM   #27052
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double post Umoja already posted that
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Old September 3rd, 2019, 07:17 AM   #27053
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Ethiopia mulls comprehensive economic reforms to ease pressing forex shortage

The Ethiopian government on Saturday disclosed newly introduced comprehensive economic reforms that would help ease the East African country's pressing foreign currency shortage.

"We have now designed a comprehensive reform strategy to sustain and advance the economic growth and development in the country," state-run news agency ENA quoted Ahmed Shide, Ethiopia's Finance Minister, as saying on Saturday.

"Foreign exchange is one of the major bottlenecks currently, and we are working comprehensively to address that," Shide said, adding "the privatization we are embarking on will contribute significantly to that. It will bring significant foreign exchange."

The finance minister also said that as part of ongoing measures to ease foreign currency shortage, the Ethiopian government is also working on ways of broadening the remittance flow into the East African country from various parts of the world.

According to Yinager Dessie, Governor of the National Bank of Ethiopia, low productivity in the agriculture sector, particularly in the export items, has not been to the expected level.

"Similarly, export items from the industrial sector have not increased both in type and volume, thus inhibiting the fulfillment of the national target for gaining foreign exchange from the two sectors," Dessie added.

Ethiopia's finance minister said the Ethiopian government is exerting efforts to enhance productivity and encourage exporters to improve the amount and diversity of export items.

"We are also working on boosting our export performance and productivity on agricultural commodities, mining, tourism and other components of the service sector. All those strategies will help to significantly support our earnings from exports," Shide said.

Ethiopia's ongoing economic sector reforms mainly aspire to realize sustainable economic growth together with strong private sector engagement in various development projects.

As the East African country encounters persisting forex shortage in recent years, the Ethiopian government had recently announced to partially privatize its major state-owned enterprises as a solution to the serious shortage of foreign currency.

https://www.iol.co.za/business-repor...rtage-31736409
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Old September 3rd, 2019, 07:51 AM   #27054
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Joburg plants seeds of hope in R144m informal trader market upgrade





On Monday, mayor Herman Mashaba announced a R144m expansion to the People's Market, which is linked - and runs alongside - the more formal Joburg Market, the largest fresh produce market in Africa by volume and value.

The People's Market houses 71 informal traders, giving them "the opportunity to generate their own income, often allowing them to educate their children or to buy a house", said Mashaba. It currently handles about R250m in annual purchasing.

Once the upgrade is complete, there will be an additional 28 stalls.

Mbucane started coming to the market when he was 16 to help his mother with her lemon stall. He is currently the youngest trader at the informal market.

Although he is a third-year accounting student at the University of Johannesburg, the young man has found purpose in the market. His two years of studies were paid off with the money made from selling lemons.

“On face value we are filthy, poor people, but we are living. We are the humble link between the consumer and the farmers. Our biggest customers are the foreign traders in the CBD and [on the] streets. They buy from us in bulk and then sell to people,” Mbucane said.

But recent xenophobic attacks in Johannesburg were bad for business, Mbucane said.

“They don’t come anywhere close to City Deep because they are afraid they might get attacked,” he said.

After studying is completed, Mbucane is looking into expanding the business and becoming a producer.

"For as long as we live, people will eat. After learning what I learnt here, I know one can never go wrong," he said.

He said the traders needed a cold room closer to their market.

“We spend a lot of money on transporting the goods to the cold room and then pay for storage daily. So we desperately need one close by that will be ours. We are doing so well. We just need infrastructural support. The sun affects the lifespan and we struggle during the rainy season,” he said.

https://www.timeslive.co.za/news/sou...arket-upgrade/
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Old September 3rd, 2019, 11:29 AM   #27055
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South Africa and Japan — a flourishing ‘Good Hope’ partnership


Africa means business. Foreign direct investment into Africa is on the rise and Japan is playing an increasingly important role across the continent.

Today, almost 450 Japanese companies are doing business across Africa. Many of these are managing their operations from the continent’s most industrialized and diversified economy — South Africa.

“There are 160 Japanese companies operating in South Africa and most cover the African continent from here,” said Norio Maruyama, Japan’s ambassador to South Africa. “As South Africa focuses on remaining competitive as a nation, companies are looking to Japanese manufacturers to create employment opportunities and develop employee skills.”

Japanese companies have already created an estimated 150,000 jobs in the “Rainbow Nation.” In a recent study conducted by JETRO in Johannesburg, South Africa was identified as the most important country in Africa for Japanese investment.

“With a population of nearly 60 million, the sheer size of the market represents tremendous opportunities and is one of the main attributes of doing business here,” said Hiroyuki Nemoto, executive director of JETRO Johannesburg. “Respondents to our survey identified communications, sufficient infrastructure and the ability to utilize the country as a gateway to the rest of the continent as the main advantages of doing business in South Africa.”

The Japan-Africa Public-Private Economic Forum held in May 2018 in Johannesburg attracted 2,000 attendees and included 100 Japanese and 400 African companies.

In May this year, the third Japan-South Africa Business Dialogue was held in Johannesburg and last month saw the Japan-South Africa CEO Business Roundtable.

“Through continued initiatives, we anticipate more companies will come to South Africa to establish relationships and do business,” said Nemoto. “We want to see the business environment improve here and encourage more Japanese companies to invest in South Africa.”

Cyril Ramaphosa, South Africa’s president, has initiated a drive to attract $100 billion worth of investments into the South African economy over the next five years. Since elected into office in February 2018, Ramaphosa has made inroads into Japan.

https://www.japantimes.co.jp/country...e-partnership/
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Old September 3rd, 2019, 12:12 PM   #27056
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SA economy rebounds 3.1% in second quarter

The economy rebounded 3.1% in the second quarter of 2019, escaping a recession as key sectors picked up.

Data released by Statistics SA on Tuesday showed that seasonally adjusted GDP growth expanded 3.1% from a contraction of a revised 3.1% in the first quarter. This was higher than the consensus among 17 economists polled by Bloomberg of an expansion of 2.5% quarter on quarter.

A recession is determined by two consecutive quarterly contractions but economists also look at year-on-year comparisons in order to gauge performance. GDP growth increased 0.9% year on year.

Trade — which includes retail, motor sales and wholesale — increased 3.9% in the second quarter. The sector is a key indicator of consumer spending, which accounts for about 60% of GDP.

The mining sector grew 14.4% in the period and the manufacturing sector rose 2.1% — the two industries were badly knocked in the previous quarter as load-shedding disrupted production.

Despite the rebound in performance in the second quarter, the SA economy still remains constrained with the Reserve Bank revising its annual GDP forecast to 0.6% from 1.0%.

SA's weak economic performance is putting pressure on government finances due to reduced tax revenue. SA's widening budget deficit is a key issue being flagged by global rating agencies amid a threat to SA's last remaining investment-grade credit rating by Moody's Investors Service.



https://www.businesslive.co.za/bd/ec...econd-quarter/
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Old September 3rd, 2019, 12:56 PM   #27057
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Nigerian Economic Growth Slows to 1.94% in the Second Quarter


Nigeria’s economic growth slowed in the second quarter as oil output declined slightly.

Gross domestic product in Africa’s largest oil producer grew 1.94% in the three months through June from a year earlier, the Abuja-based National Bureau of Statistics said in a report published on its website Tuesday. That compared with a revised expansion of 2.1% in the first quarter and a median estimate of 2.46% in a Bloomberg survey of six economists.
  • After a few years of massive spending to boost the economy following a 2016 contraction, Nigeria’s Senate approved a reduced budget for 2019 as the government struggles to meet revenue targets. The central bank has now stepped in to help support expansion, first with an interest-rate cut in March and thereafter by forcing lenders through regulations and penalties to give out more credit in an attempt to stimulate growth.
  • President Muhammadu Buhari, who was re-elected in February, has pledged to diversify his country’s economy, which depends on oil for 90% of its foreign exchange, making it vulnerable to global price movements. Crude output fell to 1.98 millions barrels per day from 1.99 million barrels in the first quarter.
  • After averaging more than 7% in the first 14 years of this century, annual growth in Nigeria’s economy, which vies with South Africa as the continent’s largest, hasn’t managed to top 3% for the past four years.

https://www.bloomberg.com/news/artic...second-quarter
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Old September 3rd, 2019, 03:11 PM   #27058
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Zimbabwe Sitting On More Than U.S.$100m of Call Centre Money

Zimbabwe stands to gain more than US$100 million if government invests in creating a conducive environment for Business Process Outsourcing (BPO) expert and Executive Secretary of Contact Centre Association of Zimbabwe (CCAZ) Rinos Mautsa has said.

Quote:
Mautsa, who this Wednesday leads a BPO conference to be attended by international call centre players in Harare, said that Zimbabwe could be a hub of call centres if government incentivises foreign players who show intent to invest.

"We are seated on 6 000 in terms of employment; our target for the next three years is 30 000 employees.

"In terms of the foreign direct investment and service exports, that is the receipts that we stand to gain, is over US$100 million which is substantial in terms of what we are going through as a nation.

"We need government to incentivise international investors and capacitate players who are already in the industry," said Mautsa.

Some four players are servicing international markets with Econet Wireless launching Omni Contact as a Call Centre subsidiary to service the American and European market.

it has risen from an initial 50 employees in 2011 to 6 000 currently.


Added Mautsa, "It is a low hanging fruit and it is a good opportunity to generate foreign currency and create employment."

The Phillipines and India are some of the countries that have been making millions from servicing European and American states through the setting up of Call Centres for European companies in their area.

https://allafrica.com/stories/201909030250.html
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Old September 3rd, 2019, 04:40 PM   #27059
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Econet Media is selling off its shares in Kwese tv and 27 other media businesses across Africa

]



Econet Media, the parent company of Kwese TV, is putting up its shares for sale. Early in July, the company appointed Paul Gerald Lincoln, the Country Managing Partner at Ernst and Young in Mauritius, as the administrator in charge of the sale.

This development is coming about two weeks after the company shut down all of Kwese’s existing services which included its satellite cum Pay-TV service, free-to-air TV — Kwese Free Sports — and its video on demand (VoD) service, Kwese iflix.

At the time, the company claimed the decision to shut down all its services was as a result of the current economic hardship in Zimbabwe.

Before Econet Media was placed into administration under Ernst and Young, it had reportedly racked up over US$130 million in external liabilities after failing to pay suppliers.

Seeing that the Econet Media was present in countries which had relatively thriving economies, it appears that it may not have failed due to the hardship in Zimbabwe as claimed, but as a result of other factors that may have not been disclosed.

https://techpoint.africa/2019/08/26/...-sells-shares/
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Old September 3rd, 2019, 04:45 PM   #27060
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Why sales tax will shrink Zambia’s economy

There has been vigorous debate about Zambia’s proposed migration from the Value Added Tax (VAT) system to a Sales Tax since it was first announced in September 2018.

The private sector has since voiced many serious concerns about the change.

What has been the problem with VAT to date, and why has there been such an issue with paying VAT refunds?

exactly the same as those that pertain elsewhere in the world. Because of the way the tax works, the payment of tax refunds is an integral part of a VAT regime.

The biggest problem has been that funds from which the refunds that are due can be paid have not been ring-fenced.

Whatever VAT gets into the kitty is like a profit, and tends to be consumed.

At the moment, we’re talking about approximately $1.5 billion collectively owed just to the mining sector in terms of VAT refunds.

We hear a lot about the mining sector for the simple reason that, firstly, they are the biggest taxpayers in Zambia — and so, in terms of refunds, they are owed proportionately much more than companies in other sectors.

https://www.miningreview.com/copper-...e-sector-view/
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