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Tag: African Countries

African free trade area launched after delays owing to Global Coronavirus Pandemic.

African free trade area launched after delays owing to Global Coronavirus Pandemic.

FEATURED, NEWS, SPORTS
African countries began officially trading under a new continent-wide free trade area on Friday, after months of delays caused by the global coronavirus pandemic. But experts view the New Year's Day launch as largely symbolic with full implementation of the deal expected to take years. The African Continental Free Trade Area (AfCFTA) aims to bring together 1.3 billion people in a $3.4 trillion economic bloc that will be the largest free trade area since the establishment of the World Trade Organization. Backers say it will boost trade among African neighbours while allowing the continent to develop its own value chains. The World Bank estimates it could lift tens of millions out of poverty by 2035. But obstacles - ranging from ubiquitous red tape and po...
Chinese Spying in Africa through Infrastructure Projects

Chinese Spying in Africa through Infrastructure Projects

FEATURED, NEWS, Politics, TECH
By Keefa Nuwahereza A new report shows how Beijing is using infrastructure to expand its surveillance network on the continent, making U.S. officials vulnerable. China’s Expands Spy Ambitions in Africa In 2018, the African Union accused China of infiltrating the computer network in its glitzy new headquarters in Addis Ababa, Ethiopia, to steal sensitive data—a task made easier by the fact that China itself built the headquarters. But it likely didn’t stop there. In recent years, China has quietly embarked on government building projects across Africa that add up to a counterintelligence nightmare for the United States and its partners on the continent, according to new research from the Heritage Foundation. China has constructed or renovated nearly 200 govern...
German Insurer Buys into Jubilee Holdings

German Insurer Buys into Jubilee Holdings

Business, FEATURED, NEWS
The deal is worth Sh10.8 billion Allianz to acquire a controlling stake of between 51 and 66 per cent in Jubilee’s General Insurance businesses. Jubilee Holdings chairman Nizar Juma (L) Allianz Africa CEO Coenraad Vroliik (R) The transaction is subject to regulatory approvals in five countries including Kenya and Uganda. The African subsidiary of the global insurer and asset manager Allianz plans to buy an eight per cent stake in Kenya’s Jubilee Holding Plc (JHL). The offer, subject to regulatory approvals, will see the Germany based firm acquire a controlling stake of between 51 and 66 per cent in Jubilee’s General Insurance business Kenya, Tanzania, Uganda, Burundi and Mauritius, forming Jubilee-Allianz General Insurance Limited. JHL will retain ownership of its Life...
Tax Evasion and Theft ‘rob Africa’ of $89bn A year; UN study

Tax Evasion and Theft ‘rob Africa’ of $89bn A year; UN study

FEATURED, NEWS, Politics
Nearly half of the total annual figure of $88.6bn is accounted for by the export of commodities such as gold, diamonds and platinum, the report found. Africa is losing nearly $89bn a year in illicit financial flows such as tax evasion and theft, amounting to more than it receives in development aid, a new UN study shows. The estimate, published on Monday in the United Nations Conference on Trade and Development’s (UNCTAD) 248-page report, is the UN’s most comprehensive to date for Africa. It shows an increasing trend over time and is higher than most previous estimates. Nearly half of the total annual figure of $88.6bn is accounted for by the export of commodities such as gold, diamonds and platinum, the report said. For example, gold accounted for 77 percent of total under-invoi...
Top 24 Richest and Poorest Countries of Africa – 2020 Edition

Top 24 Richest and Poorest Countries of Africa – 2020 Edition

FEATURED, Latest News, Politics, Tourism
The Democratic Republic of Congo The Democratic Republic of Congo has a mixture of economic sectors such as mining, fishing, forestry, agriculture, and copper and cobalt. While the country’s total GDP of $48.46 billion may seem high in comparison to other African countries, but that is mostly due to its large population. With 89.56 million people living in the country, it brings the GDP per capita figure to an astounding low of $495.08. This places the country in the top ten poorest countries in Africa by that metric. Nonetheless, this country is a perfect example of a mixed economy that is trying to build towards the future. According to the African Development Bank Group, growth dropped from 5.8% in 2018 to 4.3% in 2019, due to a slowdown in extractive...
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