Accra, Ghana, June 15, 2019//-Dr Prosper Ladislas Agbesi, a leading opposition political figure and the presidential Candidate of the Alliance for New Congress (ANC) in the 2016 elections has called on the European Union (EU) to cut financial aid to
'Dr Prosper Ladislas Agbesi addressing journalists in Accra Accra, Ghana, June 15, 2019//-Dr Prosper Ladislas Agbesi, a leading opposition political figure and the presidential Candidate of the Alliance for New Congress (ANC) in the 2016 elections has called on the European Union (EU) to cut financial aid to Benin over human rights violations orchestrated by Beninoise President, Patrice Talon. According to him, the current President Talon and his government have brought mercenaries into the West African country to terrorize the people for standing for their rights. Dr Agbesi told journalists at a press conference in Accra, Ghana that if the EU cuts financial aid to the country it would make the government unpopular which lead to cause the masses to revolt against President Talon and his government. The EU has been the largest contributor to the national budgets of Benin for over five year. It also supports other areas including the recent EUR 184 million aid package to the government in its efforts to introduce good governance, improve the management of public finances and fight fraud and corruption. African Eye Report'
Accra, Ghana, June 15, 2019//-Dr Prosper Ladislas Agbesi, a leading opposition political figure and the presidential Candidate of the Alliance for New Congress (ANC) in the 2016 elections has called on the European Union (EU) to cut financial aid to
June 15, 2019//-Ghana’s Chef Elijah Addo , CEO of Food for All Africa has been named the 2019 recipient of MSU Transcendence award by the Global Youth Advancement summit currently been held at the Michigan State University in East Lansing,USA.
'Ghana’s Chef Elijah Addo receiving the award June 15, 2019//-Ghana’s Chef Elijah Addo , CEO of Food for All Africa has been named the 2019 recipient of MSU Transcendence award by the Global Youth Advancement summit currently been held at the Michigan State University in East Lansing,USA. The Transcendence award seeks to identify and celebrate young social entrepreneurs around the world who sacrifice their comfort and resources to solve problems in their communities. At an awards night held at the Kellogg’s Hotel and conference centre, Dr. Chinwe Effiong,Assistant Dean of Youth Empowerment Programs at Michigan State university recognized the efforts been made by young people around the world in finding solutions to problems and for their contribution towards the UN SDGs. Most youth in attempt to solve problems faced by their communities go through a lot of challenges. She explained the rationale behind instituting the Transcendence award as a way to motivate young people around the world. “Abraham Maslow’s new hierarchy of needs identifies self-transcendence as the very highest and most inclusive or holistic levels of human consciousness, behaving and relating, as ends rather than means, to oneself, to significant others, to human beings in general, to other species, to nature, and to the world. Transcendence is the art of feeling part of something bigger and to develop joint strategies as humans is essential for our life today. It is what inspires people to fight climate change, hunger or poverty. It is our ability to not only look after ourselves but see that we are part of something bigger.” Chef Elijah Addo was chosen as a recipient of the 2019 award due to his resolve towards creating efficient and sustainable means of nutrition for all through his Food for All Africa initiative. In 2015, he had to resign from his job as Head Chef of a high earn restaurant in Accra to start the Food for All Africa initiative, after he came into contact with a mentally challenged man who picked leftover foods from trash-bins to feed other mentally challenged people on the streets. Food for All Africa works with businesses within the food supply to recover excess food and connect to over 5,000 individuals and vulnerable communities across Ghana. In 2017, Chef Elijah Addo together with his team created Food for All Mobile Technologies Ltd. to leverage on technology towards creating efficient food supply chain across Africa. The venture today runs the Okumkom community food distribution app and Chefs on Wheel Company in Ghana. The Okumkom app distributes local food products sourced from small holder farmers and processors to communities at affordable prices through a mobile app and community stores. Chefs on Wheel Africa train and provide its customers with professional chefs and waiters to cater for their dining experience at the comfort of their homes. Receiving the award, Chef Elijah thanked the organizers for identifying the challenges he go through to provide solutions within Africa’s food supply chain and instituting an award that recognizes such efforts. He dedicated the award to his team and two mentors, Mr. Fadi Wolley, MD of Kwatsons West Africa/Maxmart family shopping centre and Dr. Richard Swannell, Development Director of UK based Waste and resource Action programme (WRAP UK) for their support and mentorship towards his vision. He used the occasion to encourage young people across Africa to learn how to seek mentorship and asked businessmen and successful people to open up in mentoring young people finding solutions to challenges in their communities. African Eye Report'
Accra, Ghana, June 15, 2019//-The World Bank has warned Ghana that its recent financial sector clean-up will undermine progress made with fiscal consolidation, if domestic revenue mobilization continues to be weak. In its latest fourth edition of
'From ( l-r ), Ken Ofori-Atta, Minister of Finance and Dr Mahamudu Bawumia, Vice President, Ghana Accra, Ghana, June 15, 2019//-The World Bank has warned Ghana that its recent financial sector clean-up will undermine progress made with fiscal consolidation, if domestic revenue mobilization continues to be weak. In its latest fourth edition of the Ghana Economic Update report launched in Accra on Friday 14, July 2019, it warned: “Fiscal consolidation is expected to slow in 2019 largely to the financial sector clean-up but to remain intact over the medium term”. The outgoing World Bank Country Director for Ghana, Liberia and Sierra Leone, Henry Kerali who performed the launch added: “Addressing the remaining vulnerabilities in the financial sector is urgent and will require additional efforts in 2019”. Senior Economist and co-author of the report, Michael Geiger maintained: “An effective domestic revenue mobilization strategy is an urgent priority as the reduction of expenditures, including public investment, in response to revenue underperformances may not be sustainable”. “The next election cycle in 2020 will be an important test for fiscal sustainability”. Increased weaknesses in the country’s financial sector over the past years resulted in the authorities closing nine domestically owned universal banks between 2017 and 2018. While over 347 microfinance companies and 39 microcredit companies operating in the country were closed by the Bank of Ghana on 31 st May 2019. To this end, the government is providing sustainable fiscal support to cover the gap between the liabilities and assets. Senior Financial Sector Specialist and co-author of the report, Carlos Vicente, argued: “It is encouraging to note that the authorities are strengthening supervision including through enforcement of prudential standards, implementation of a new capital requirements directives, introduction of risk management and corporate governance, among others”. Growth The report however projected that Ghana’s economic growth to increase to 7.6 percent in 2019, driven by both oil and non-oil sectors. Growth in the non-oil sector is expected to accelerate as policy interventions in agriculture and industry will revitalise the productive sectors. The report recommended the need to better invest Ghana’s current natural resource wealth in non-natural resource sectors for sustainable growth in the medium-to-long-term. The government sustained its fiscal consolidation efforts in 2018 despite shortfalls in revenue. As the report stated fiscal consolidation is expected to slow this year on account of financial sector cleaning-up, among other vulnerabilities. Fiscal consolidation is a policy intended to reduce deficits and the accumulation of debt, according to the Organisation for Economic Co-operation and Development. The term typically refers to a government economic policy. Rural access to formal financial accounts is still low The report highlighted that despite the rapid growth of the financial sector in Ghana since 2010, rural access to formal financial accounts is still low in some regions of the country. Additionally, women are less financially included than men in Ghana. In 2017, 54 percent of women had an account with a formal financial institution, compared to 58 percent for the general population and 62 percent of men. The report acknowledged that despite the challenges in building a more financial inclusive economy, there has been a significant growth in the number of financial access points over the past five years. This growth according to the report has been primarily related to the spread of mobile money and government facilitation of interoperability across payment instruments by establishing a mobile money switching solution. The report noted that more could still be done and went further to make five specific recommendations for enhancing financial inclusion in the West African country: digitizing government payments and utility payments; linking informal financial channels with formal financial services; promoting agent banking and other low-cost models to increase their footprint through the country; and improving financial capability through financial literacy programmes to equip consumers with the information needed to identify the benefits and risks of financial products. By Masahudu Ankiilu Kunateh, African Eye Report Email: firstname.lastname@example.org'
June 14, 2019//-Oil markets appear to have more or less shaken off the oil tanker attacks, with most analysts returning to focus on fundamentals and the most recent rig count. Friday, June 14th, 2019 Oil prices spiked in early trading on Thursday by
'Ship June 14, 2019//-Oil markets appear to have more or less shaken off the oil tanker attacks, with most analysts returning to focus on fundamentals and the most recent rig count. Friday, June 14th, 2019 Oil prices spiked in early trading on Thursday by more than 4 percent on news from the Gulf of Oman of a tanker attack, but benchmark prices gave up some of those gains as the day wore on. In early trading on Friday, crude oil was mostly flat, as traders seemed to return to focus on fundamentals. A falling rig count then caused prices to climb. Tensions skyrocket on tanker attacks. Two oil tankers were attacked on Thursday in the Gulf of Oman, and the U.S. government says Iran is to blame. Iran denies the charges, saying that the U.S. is waging a war of disinformation. U.S. Central Command released a video that apparently showed an Iranian patrol boat removing an unexploded mine from one of the tankers. But some experts say it is not enough evidence to jump to conclusions. Still, with tensions on the rise, the possibility of an all-out military conflict is higher than at any point in recent memory. At the same time, officials in both Tehran and Washington said that they want to avoid war. Oil prices have mostly shrugged off the news, as fears of an economic recession and cratering demand are offsetting what would normally be a major upside risk to prices. Tanker insurance costs to rise. The risks to shipping in the Persian Gulf could lead to ballooning costs for insurance for oil tankers. “Owners that currently have their vessels in the area are checking and trying to find out more about security, crewing, insurance and legal aspects,” a London-based broker told the FT . IEA and OPEC cut demand forecasts. In its latest Oil Market Report, the IEA lowered its demand forecast by 0.1 mb/d compared to last month’s report. For its part, OPEC revealed that it lowered its production to just 29.876 mb/d in May, down 236,000 bpd from a month earlier and down to a five-year low. The cartel also slightly cut its demand growth forecast to 1.14 mb/d this year, a downward revision of 0.07 mb/d. Recession fears dominate. Oil traders have become panicked over fears of sinking oil demand. Prices plunged by 4 percent on Wednesday. Several investment banks have slashed their demand forecasts. Barclays says demand may only grow by 1 mb/d this year. U.S. gas flaring spiked by 48 percent in 2018. The rate of gas flaring in the U.S. rose by 48 percent last year, according to the Global Gas Flaring Reduction Partnership, managed by the World Bank. The world flared 145 billion cubic meters of gas in 2018, equivalent to the entire gas consumption of Central and South America. China hikes steel tariffs. China raised its tariffs on U.S. and European steel imports. Exxon and Sabic start construction on $10 billion petrochem plant. ExxonMobil (NYSE: XOM) and Sabic said that they would begin construction on a $10 billion petrochemical plant in Corpus Christi. “Building the world’s largest steam cracker, with state-of-the-art technology, on the doorstep of rapidly growing Permian production gives this project significant scale and feedstock advantages,” said Darren W. Woods, CEO of ExxonMobil. Oil titans head to the Vatican. Pope Francis told oil executives on Friday that a “radical energy transition” to clean energy is needed. The Pope met with the CEOs from BP (NYSE: BP) and Eni (NYSE: E) . Saudi Aramco earned $111.1 billion in 2018. Saudi Aramco revealed earnings of $111.1 billion last year, up from $75.9 billion in 2017. West Virginia court rulings affect shale industry. A series of rulings from the West Virginia Supreme Court could affect the shale industry. In one ruling, the court said that drilling from one property beneath an adjacent property is trespassing. The decision was a win for property owners and a setback for shale drillers. However, the industry prevailed on a separate lawsuit that shot down claims that dust, traffic and noise from gas operations were creating a nuisance. Musk eyes 400-mile EV. Tesla’s (NASDAQ: TSLA) Elon Musk said that “it won’t be long before we have a 400-mile range car.” Tesla continues to struggle with production issues and a high cash burn rate. Canada to ban plastic bags and straws. Canada plans on banning some single-use plastics such as bags and straws by 2021. UK to be net zero by 2050. In a first for a G7 nation, the UK said it would adopt laws to zero out carbon emissions by 2050. Notably, the effort has support across the political spectrum. U.S.-China LNG relationship hinges on trade deal. If the U.S. and China can hash out a trade deal, it would lead to a wave of LNG exports from the U.S. to China. With a deal, the U.S. could account for 21 percent of China’s gas imports by 2025, according to Morgan Stanley. If the standoff continues, the U.S. would only capture 5 percent of the market. Norway’s sovereign wealth fund eliminates ConocoPhillips. After a review, Norway’s sovereign wealth fund needs to cut out ConocoPhillips (NYSE: COP) and Hess (NYSE: HES) from its holdings. The fund aims to divest from oil exploration companies, although it still maintains holdings in integrated oil majors. “It makes sense that the Norwegian Oil Fund divests from oil majors like ConocoPhillips, which have become increasingly speculative with a weak future outlook,” Kathy Hipple, a financial analyst at the Institute for Energy Economics and Financial Analysis, said, according to Reuters. Interest fades for SCOOP and STACK. Inconsistent production results and higher-than-expected costs has led to waning interest from shale drillers in Oklahoma’s SCOOP and STACK plays, according to Reuters . Some companies are trimming spending and pivoting to other regions. Green groups step up litigation on public lands. According to Reuters , environmental groups have increased litigation against parcels offered by the U.S. federal government to the oil and gas industry. The strategy is an attempt to slow offerings and development. Shell to spend $2.4 billion in Mexico. Mexico’s oil regulator approved Royal Dutch Shell’s (NYSE: RDS.A) offshore exploration plans. Taken together, Shell could invest as much as $2.4 billion. By Tom Kool, Editor, Oilprice.com'
Mopti, Mali, June 14, 2019/ — The deadly attack on Sunday (09/06) in the village of Sobane in central Mali, which killed 35 villagers – and 60 are still missing – continues to displace people to Mopti, one of the largest towns in central Mali. Four
'Children IDPs in Soukoura IDP camp in Mopti Region IDP camp in Soukoura, Mopti region. Photo credit: IOM/Seydou Tangara Mopti, Mali, June 14, 2019/ — The deadly attack on Sunday (09/06) in the village of Sobane in central Mali, which killed 35 villagers – and 60 are still missing – continues to displace people to Mopti, one of the largest towns in central Mali. Four days after the attack, more than 100 internally displaced persons (IDPs) from Sobane had already been registered by officers of Mopti’s Regional Directorate for Social Development (DRDS). This number comes on top of the almost 50,000 IDPs, of which 58 per cent are children, already registered in the cities of Mopti, Sévaré and Fotama, in central Mali, since January 2019. These IDPs have all fled inter-communal violence to seek shelter from host populations, which are struggling to meet the IDPs’ basic needs. “One night, while I was in Bamako, my eldest son called to inform me about the arrival at home of families saying that their villages had been attacked, ransacked and burned out and that they had left everything behind to seek refuge in,” Hawa explains. Hawa, a teacher and mother of three, has sheltered in her house in Mopti, in central Mali, 172 IDPs who have fled intercommunal conflicts in March 2019. “We are in need of food, water, tents because people keep coming,” she adds. The 711 IDPs already registered since March 2019 on the site of Soukoura, the IDP camp run by the Government of Mali, in Mopti region, and the IDPs living in makeshift camps (such as that of Hawa’s family) have already received immediate assistance. But this assistance is not enough anymore as internal displacements continue. “There is an urgent need to address water and sanitation issues as well as problems posed by the rainy season and flooding which present a threat to these displaced persons,” says Boubacar Diallo, Head of Social Protection Division at the Regional Directorate of Social Development and Economy in Mopti. “The situation requires our attention in terms of food, water, sanitation and shelter provisions. We must coordinate our actions and strengthen our response capacity to address these emergencies,” said Pascal Reyntjens, Chief of Mission of IOM Mali. Starting next week, IOM will provide 50 tents with a capacity of 10 people per tent and is ready to strengthen the DRDS IDP profiling team. The remaining 334 survivors who are still living in the village attacked on Sunday will also receive non-food item kits (mats, mosquito nets, sanitary items, water storage containers, cooking utensils, etc.). Since 2012, the humanitarian situation in the country is very volatile due to the growing insecurity caused by inter-communal conflicts and violent attacks against civilians in the North and Centre of the country. Government authorities, the Civil Protection, the Malian Red Cross, civil society organizations and UN agencies (UNICEF, UNHCR, WFP, OCHA and IOM) are working together to assist these thousands of IDPs in need of immediate assistance (hospitality, profiling, food, shelter, non-food assistance and health care). Since 2012, IOM Mali has been working in Mopti region by addressing IDPs’ needs through the provision of shelter, water, and sanitation. As part of community stabilization projects, IOM has already built a multifunctional centre for women in Konna, rehabilitated the Community Health Centres (CSCOM) of Debere, Hombori and Diona in Douentza, as well as schools in Kourarou, Hombori and Youwarou. As of May 2019, the number of IDPs in Mali had reached 120,067. African Eye Report'
Lagos, Nigeria, June 14, 2019//-A few days ago, the internet went abuzz when CNN International shared a video of billionaire philanthropist, Tony O. Elumelu and his wife, Dr. Awele Elumelu and referred to both as “Africa’s Power Couple” in
'Tony Elumelu and Dr. Awele Elumelu being interviewed by Eleni Giokos, CNN Business Africa Correspondent Lagos, Nigeria, June 14, 2019//-A few days ago, the internet went abuzz when CNN International shared a video of billionaire philanthropist, Tony O. Elumelu and his wife, Dr. Awele Elumelu and referred to both as “Africa’s Power Couple” in recognition of their work empowering African entrepreneurs. “Tony Elumelu, Founder, The Tony Elumelu Foundation, and his wife, Awele Vivian Elumelu, explain how they’re aiming to create a million jobs in a decade by focusing on funding for startups and entrepreneurs” – the caption read. There are a few things you should know about the Elumelus. Here are 3 reasons why Tony and Dr. Awele Elumelu are Africa’s Power Couple and bonus goals they have set out to achieve: Tony and Dr. Awele Elumelu are passionate about empowering African entrepreneurs. In 2010, the Elumelu Family committed $100 million to empower 10,000 African entrepreneurs in 10 years through the Tony Elumelu Foundation Entrepreneurship Programme. Half-way through the year, they have gone beyond their annual commitment of 1,000 entrepreneurs yearly. The current number of beneficiaries stands at 7,520 across all 54 African countries. Mr Tony Elumelu surrounded by 2017 TEF entrepreneurs Click HERE for more. They plan to create 1 million jobs in Africa The goal of the Elumelus is to empower these entrepreneurs to create 1million jobs and contribute $10billion in revenue to the African economy by the end of their 10-year Entrepreneurship Programme. This commitment is in line with the philosophy of Africapitalism coined by Tony Elumelu; the ambitious theory that the African private sector has the potential of transforming the African continent. Check HERE for stories of the Tony Elumelu Entrepreneurs. They are Africapitalists at heart and in deed An entrepreneur himself, Tony Elumelu began from humble beginnings and rose quickly to become the Chairman of Africa’s global bank, United Bank for Africa, Chairman of the family-owned investment company, Heirs Holdings, and Chairman of Nigerian conglomerate, Transcorp Plc. Besides her role as Trustee of the Foundation, Dr. Awele Elumelu, a mother of seven, has been a role model for career women across Africa. She is the Chairperson of Avon Healthcare and GAVI Ambassador for Immunisation in Africa. BONUS: This July, the Tony Elumelu Foundation will host the largest gathering of African entrepreneurs on the continent. Over 5,000 participants are expected. To learn about the Elumelus and meet the entrepreneurs they have empowered, click HERE to register for the forum. African Eye Report'
June 14, 2019//-SuperSport has announced that it would broadcast live the biggest star in world heavyweight boxing, Tyson Fury defends his title against top contender Tom Schwarz on Sunday morning (live SS2, from 2am) at the MGM Grand Garden Arena
'Tyson Fury andTom Schwarz June 14, 2019//-SuperSport has announced that it would broadcast live the biggest star in world heavyweight boxing, Tyson Fury defends his title against top contender Tom Schwarz on Sunday morning (live SS2, from 2am) at the MGM Grand Garden Arena in Las Vegas. The fight marks the first in a multi-fight agreement announced in February, in which Fury’s fights are co-promoted by Top Rank and Frank Warren’s Queensberry Promotions. “Tyson will be facing a tough, experienced and undefeated fighter in Tom Schwarz, who is coming to Las Vegas ready to shock the world,” said promoter Bob Arum. Fury said” “I’m absolutely delighted to be boxing in Las Vegas. I always said I will never go to Vegas until I box there and now I finally am. I can’t wait to put on a boxing master class for all my fans. The British and Irish fans will invade Vegas. I can’t wait!” Schwarz said: “This is what I’ve been working for since I was a kid. A fight in Las Vegas against Tyson Fury is a dream come true. While I appreciate Tyson as a great fighter and a sportsman, I am young, ambitious and in the top of the world rankings. I‘ve won 24 fights, I’ve got nothing to lose, and my 25th victory will come against Fury.” Fury (27-0-1, 19 KOs) captured the lineal heavyweight title on November 28, 2015, with a unanimous decision over long-time champion WladimirKlitschko. That win catapulted him to worldwide celebrity, but a host of personal demons threatened to end his career before he could defend his title. He blew up to 170kg, only to author a 2018 comeback that ranks among the greatest redemption stories in sporting history. In the third fight of his comeback, last December in Los Angeles, Fury fought WBC champion Deontay Wilder to a disputed draw. His recovery from a hellacious 12th-round knockdown became an instant viral video sensation and the stuff of boxing legend. Schwarz (24-0, 16 KOs) is a 24-year-old native of Halle, Germany, a tall boxer-puncher who has not gone the distance in his past six fights. Ranked No 2 by the WBO and ninth by the IBF, Schwarz has fought all but two of his bouts in Germany but has climbed the world heavyweight rankings with a string of dominant performances. He captured the WBO Intercontinental belt in April 2017 with a second-round stoppage of Adnan Redzovic (18-1 at the time) and has since defended that belt four times. In his last bout, in March he knocked down KristijanKrstacic three times in the second round to score the stoppage. African Eye Report'
Luanda, Angola, June 14, 2019/ — General Electric (GE) has announced the appointment of Jaime Morais as the Country Leader for GE in Angola. In this position, Jaime will play a pivotal role in steering the next phase of strategy and growth for GE in
'Jaime Morais as the Country Leader for GE in Angola Luanda, Angola, June 14, 2019 / — General Electric (GE) has announced the appointment of Jaime Morais as the Country Leader for GE in Angola. In this position, Jaime will play a pivotal role in steering the next phase of strategy and growth for GE in Angola. Based in Luanda, Jaime will lead the development of diverse programs with public and private sector projects and partnerships in Angola. Commenting on the appointment, Farid Fezoua, President and CEO, General Electric Africa, reiterated GE’s commitment to work together with governments and private sector in order to develop public private partnerships and sustainable outcome-based solutions. “Empowering decision-making at a local level is at the core of our strategy in Africa. We believe that the appointment of Jaime is a further step in making our Africa vision a reality. We are also glad to bring on board someone with the experience and passion to continue to drive our growth in Angola,” he said. Jaime joined General Electric in February 2015 and brings more than 30 years of experience in establishing and directing global projects teams in finance, strategy, supply chain, and localization. Earlier in his career, Jaime also worked as a TV news anchor for the Angolan Public Television Station (TPA). He is a graduate in Economic Sciences by Agostinho Neto University in Luanda. Jaime will continue to be based in Angola. He will be part of the GE Africa Leadership Team. “I am very excited to take on this role leading GE’s growth in Angola. While we see many challenges we also envisage enormous opportunities for GE. I look forward to working with all GE stakeholders to ensure GE’s continued growth and success in Angola” said Jaime Morais. Partnership with Governments and local companies form a very important part of GE’s growth in Angola and across the continent. Through these collaborations, GE has made significant investments to develop infrastructure projects, including sustainable energy solutions, provision of state-of-the-art oil & gas infrastructure as well as improve access to quality healthcare. African Eye Report'
June 14, 2019//-Africa’s fear is that a slowdown in China will result in softer demand for commodities, and accordingly lower commodity prices, according to the Institute of Chartered Accountants in England and Wales (ICAEW) latest report. As
'Mapping Africa’s natural resources [Al Jazeera] June 14, 2019//-Africa’s fear is that a slowdown in China will result in softer demand for commodities, and accordingly lower commodity prices, according to the Institute of Chartered Accountants in England and Wales (ICAEW) latest report. As happened the last time commodity prices fell dramatically, the undiversified economies will come under pressure as current account balances deteriorate, currencies come under strain, prices go up and central banks push up interest rates. The report titled ‘Economic Insight: Africa Q2 2019’, commissioned by ICAEW and produced by partner and forecaster Oxford Economics, underscores the role of economic diversity in weathering the storm of unstable oil and commodity prices. Speaking during the launch of the latest report, Michael Armstrong, ICAEW’s regional director for the Middle East. Asia and Africa, said that the strength of the diversified economies in the east of the continent plays a major role in cushioning them from the shocks of fluctuating commodity prices. “As it has been since the sharp fall in oil and commodity prices that started in 2014, East Africa is the region in Africa that is estimated to have experienced the most rapid real GDP growth in 2018, and it is forecast to continue doing so over the next two years,” said Mr Armstrong. “The region’s growth is mainly driven by strong performances in the two major economies: Kenya, a $90bn economy forecast to expand by 5.5% in 2019, and Ethiopia, an $80bn economy forecast to grow by 7.9%. Kenya, in particular, has a dynamic banking sector and its most successful banks are regional leaders,” he added. The franc zone’s GDP growth is forecast at 4.9% for 2019. Most of the growth will take place in Ivory Coast, which is forecast to show real GDP growth of 7.0% this year thanks in large part to services growth (although cocoa exports are still crucial). North Africa presents a somewhat mixed bag: Egypt, Morocco and Tunisia have diversified economies, whereas Algeria and Libya are extremely dependent on oil and gas. The latter two are forecast to have a very disappointing year in 2019: Libya’s economy will contract by 4.1%, and Algeria’s will grow by only 2.0%. This contrasts with a growth rate of 5.5% in Egypt, where government has been exemplary in implementing constructive economic policy. However, to sustain this kind of growth into the future the government will have to encourage private-sector growth and improve the corporate sector’s access to finance. Southern Africa is the slowest-growing region on the continent, with GDP growth forecast at barely 1.8% this year: less than a third of East Africa’s growth rate. Growth in the south is dragged down by South Africa, the region’s dominant economy (it accounts for more than two-thirds of regional output), where growth is forecast to remain at a dismal 0.8% in 2019 – the same level as in 2018. Slow growth in Angola (+1.1% in 2019, after a 2.5% contraction in 2018), the region’s second-biggest economy, acts as a further brake on the region’s growth. The full Economic Insight: Africa report can be found here: https://www.icaew.com/ technical/economy/economic- insight/economic-insight- africa African Eye Report'
June 14, 2019//-OPEC brought its oil production down to 29.876 million barrels per day in May according to the latest edition of OPEC’s Monthly Oil Market Report (MOMR) released on Thursday—a five-year low for the oil cartel as it struggles to
'OPEC June 14, 2019//-OPEC brought its oil production down to 29.876 million barrels per day in May according to the latest edition of OPEC’s Monthly Oil Market Report (MOMR) released on Thursday—a five-year low for the oil cartel as it struggles to control member production to keep oil prices out of the doldrums. That production route represents a decrease of 236,000 barrels per day month on month as Iran’s production falters under the weight of tenacious sanctions levied by the United States. Iran’s May oil production fell to 2.370 million barrels per day, a decrease of 227,000 barrels per day from April. Nigeria and Saudi Arabia, too, both produced fewer barrels in May, with Nigeria’s production falling to 1.733 million barrels—a decrease of 92,000 barrels per day. Saudi Arabia’s oil production fell to 9.690 million barrels per day, a decline of 76,000 barrels per day. Both Angola and Iraq increased their May production, with Angola adding 74,000 barrels per day to reach 1.471 million barrels per day, while Iraq increased oil production by 94,000 barrels per day, to 4.724 million bpd. This month’s MOMR offers a reduction in 2019 world oil demand, with OPEC projecting it would increase by 1.14 million barrels per day—a reduction of 0.07 million barrels per day last month’s report. Total global oil consumption is expected to average 99.86 million barrels per day in 2019, according to the report. “Throughout the first half of this year, ongoing global trade tensions have escalated, threatening to spill over, and geo-political risks remained in many key regions,” OPEC said in its report. “This has resulted in a slowdown in global economic activities, and weaker growth in global oil demand, both compared to a year earlier. Meanwhile, non-OPEC supply continues to increase at a high pace, while the voluntary production adjustments as per the Declaration of Cooperation (DoC) have again risen to record-high conformity levels.” By Julianne Geiger for Oilprice.com'
June 13, 2019//-Recently the Trump Administration announced plans to impose a 5 percent tax on all goods imported from Mexico unless “the illegal migration crisis is alleviated.” These tariffs would potentially rise to 25 percent by October. Many
'Gas pipe June 13, 2019//-Recently the Trump Administration announced plans to impose a 5 percent tax on all goods imported from Mexico unless “the illegal migration crisis is alleviated.” These tariffs would potentially rise to 25 percent by October. Many business groups immediately came out against the idea. Neil Bradley, chief policy officer for the U.S. Chamber of Commerce, said “Imposing tariffs on goods from Mexico is exactly the wrong move. These tariffs will be paid by American families and businesses without doing a thing to solve the very real problems at the border.” Iowa Republican Chuck Grassley, who has seen farmers impacted by retaliatory tariffs in our trade war with China, blasted the idea, stating that “trade policy and border security are separate issues. This is a misuse of presidential tariff authority and counter to congressional intent.” Whenever implementing new policies, the risk of unintended consequences is always present. This means that there can be potential outcomes that are not foreseen by a change in policy. In some cases, new policies have led to worse outcomes because of unintended consequences. We have already seen this with the trade war with China. After raising tariffs on Chinese goods, China retaliated by raising tariffs on many U.S. goods, including agricultural products. Farmers have been hit hard by this change of policies, which is why Senator Grassley is so sensitive about the issue. That long preamble brings me to my point, which is the potential impact on our most important natural gas export market. U.S. natural gas production has surged as a consequence of the shale revolution. After hitting the lowest point in decades in 2005, U.S. natural gas production has risen nearly every year since. Along the way, the U.S. became the world’s top natural gas producer. In 2018, U.S. natural gas production was 73 percent higher than in 2005. There have been many consequences of this boom. One is that carbon dioxide emissions in the U.S. declined by more than any other country over the past decade, largely a result of utilities switching from coal to natural gas. Low natural gas prices benefited consumers, and many industries took advantage by locating new manufacturing capacity in the U.S. Another consequence is that U.S. export trade in natural gas skyrocketed. In 2005, the U.S. exported about 700 billion cubic feet (Bcf) of natural gas, primarily to Canada and Mexico by pipeline. By 2018, total natural gas exports had increased by a factor of five to 3.6 trillion cubic feet (Tcf). Most of this growth was in exports to Mexico, which imported 1.7 Tcf of U.S. natural gas in 2018. This is a far greater total than for any other country, and is in fact more than all liquefied natural gas (LNG) exports to all countries . Natural gas exports to Mexico To put this number into perspective, pipeline exports to Mexico are now equivalent to 5.2 percent of total U.S. natural gas production. These exports are a boon to U.S. natural gas producers, as well as pipeline companies that are building out the pipeline infrastructure to move the gas south of the border. Natural gas demand in Mexico is projected to continuing growing, as a result of new electrical generation capacity additions. That demand will be primarily satisfied by more imports from the U.S. That is, unless Mexico retaliates and natural gas producers end up paying the sort of price U.S. farmers have paid as casualties in a trade war. By Robert Rapier, Oilprice.com:'
Lagos, Nigeria, June 13, 2019//-Tony O. Elumelu, CON, Founder, Tony Elumelu Foundation and Chairman UBA Group and Heirs Holdings will be conferred an Honorary Doctorate Degree by one of Nigeria’s foremost universities, Bayero University, Kano. The
'Tony O. Elumelu, CON, Founder, Tony Elumelu Foundation and Chairman UBA Group and Heirs Holdings Lagos, Nigeria, June 13, 2019//-Tony O. Elumelu, CON, Founder, Tony Elumelu Foundation and Chairman UBA Group and Heirs Holdings will be conferred an Honorary Doctorate Degree by one of Nigeria’s foremost universities, Bayero University, Kano. The conferment, which is in recognition of his contribution to human development in Nigeria, will take place at the institution’s 35 th Convocation ceremony on Saturday, June 15, 2019. Tony Elumelu has been Africa’s most prominent champion of entrepreneurship in Africa. Through the Tony Elumelu Foundation—the leading philanthropy empowering African entrepreneurs—his family committed $100million to empower 10,000 African entrepreneurs in 10 years in the Foundation’s Entrepreneurship Programme. Just half-way through the mark, the Foundation has empowered 7,520 African entrepreneurs with a non-refundable seed capital of $5,000, training, mentoring and networking opportunities. The goal is to empower these entrepreneurs to create 1million jobs and generate wealth for the African continent through. In Northern Nigeria, the Tony Elumelu Foundation has empowered 806 entrepreneurs since inception till date. Entrepreneurs such as Aklahyel Goni is one of its beneficiaries. Goni founded El-Magnifico, an aquaculture company in Adamawa State that is reducing the cost of farmers who have been hit by insurgency. With the seed capital from the Tony Elumelu Foundation, Goni launched an affordable yet premium fish feed for farmers and trains other young entrepreneurs on fish farming every year. Speaking on the conferment, the Vice Chancellor, Bayero University, Professor Muhammad Yahuza Bello, FNMS, said: “The honour is in recognition of your innumerable and worthy contribution to the country as an economist, an entrepreneur and a philanthropist. Your philanthropic activities through the Tony Elumelu Foundation have reached every nook and corner of our nation and have impacted positively on many lives. Your efforts in the area of entrepreneurship are making an immense contribution to the economy”. Earlier in 2017, the Sultan of Sokoto commended Elumelu on his intervention through his Foundation and entrepreneurship advocacy , in creating jobs and helping to keep idle youths off the streets thereby fostering security in the region. The commendation was made following a courtesy visit paid to the Usman Danfodiyo University, Sokoto, where Elumelu gave a speech to university students and civic leaders. Tony Elumelu continues to champion entrepreneurship on the continent. CNN recently referred to the story of the Elumelu and his wife as “A power couple whose dedication to philanthropy is helping a new generation of big ideas” . The Elumelus continue their advocacy at this year’s Tony Elumelu Foundation Entrepreneurship Forum —the largest gathering of African entrepreneurs—where over 5,000 participants including startup entrepreneurs, private sector leaders, and Presidents will gather at the Transcorp Hilton Hotel Abuja to discuss entrepreneurship in Africa. African Eye Report'
Accra, Ghana, June 13, 2019//-MTN Ghana today mentored over 25 young Ghanaian entrepreneurs operating in various sectors of the country’s economy, as part of activities to mark this year’s 21 Days of Y’ello Care Challenge in the country. The
'Chief Executive Officer of MTN Ghana, Selorm Adadevoh Accra, Ghana, June 13, 2019//-MTN Ghana today mentored over 25 young Ghanaian entrepreneurs operating in various sectors of the country’s economy, as part of activities to mark this year’s 21 Days of Y’ello Care Challenge in the country. The executives of the telecoms company were matched with the young entrepreneurs during the day’s Young CEOs Summit held at the MTN Ghana head office in Accra to train and mentor them on how to grow their businesses to become big. African Eye Report'
Accra, Ghana, June 13, 2019//-The struggle of who is the Ga Mantse continuous to wage on, as the Judicial Committee of the Greater Accra Regional House of Chiefs has directed the parties claiming the legitimacy of the Ga Stool to restrain from
'Accra, Ghana, June 13, 2019//-The struggle of who is the Ga Mantse continuous to wage on, as the Judicial Committee of the Greater Accra Regional House of Chiefs has directed the parties claiming the legitimacy of the Ga Stool to restrain from participating actively in this year’s Homowo Festival. According to the Judicial Committee, the contending parties – Boni Nii Tackie Adama Latse II and Dr Kelvin Tackie, Nii Agyemankese, Dr Nii Tettey Kwei and Nii Dodoo Nsaki II – should restrain themselves from involving in the festival in their capabilities. The Committee, chaired by Aadegon Ngmogmowuyaa Akwesi Anime VI made the conclusion on Friday, June 7, 2019 sitting at the Guggisberg Memorial Hall, Dodowa. Per the Committee sitting resolved that: “In view of the fact that the Homowo Festival begins on 11th day of June, 2019, we shall restrain all parties in this suit from playing any active role and any traditional role as Ga Mantse…” Thus the parties to conduct themselves as Ga Mantse “in connection with the Homowo Festival starting from the 11th day of June, 2019 until and including the 26th day of June, 2019 when the Judicial Committee will reassemble and give further directions.” By Akutu Dede Adimer, African Eye Report'
Accra, Ghana, June 13, 2019//-A 35-year-old man believed to a member of the governing New Patriotic Party (NPP) is in the grips of Ghana Police Service for attempting to commit suicide in Parliament today. The man has been identified as Kojo Mensah
'The NPP Man in the grips of the police Accra, Ghana, June 13, 2019//-A 35-year-old man believed to a member of the governing New Patriotic Party (NPP) is in the grips of Ghana Police Service for attempting to commit suicide in Parliament today. The man has been identified as Kojo Mensah from Kwesimintim was restrained after trying to hang himself in the public gallery of Parliament. He sat at the public gallery with a rope wearing the NPP T-shirt of Kwesimintim MP Joe Mensah. As sitting adjourned, he shouted he wants to jump off the gallery to the main floor and was restrained by the security persons. Commander of the Parliament Police Supt. Freeman Tetteh said a criminal investigation has begun into his conduct. He has been transferred to the Ministry police station. African Eye Report/Myjoyonline'
Building A Continental Neural Network: Spreading Ideas, Innovation Across Africa At The Speed Of Thought
Lagos, Nigeria, June 13, 2019//- The human brain remains one of nature’s greatest wonders. Its estimated 100 billion neurons process and transmit information to create the most complex computational devices in the known universe. As our
'Lisboa, 4/12/2016 – Pedro Guerreiro, director da SAP Africa antes de uma entrevista esta tarde. A SAP é uma empresa, criadora de software de gestão de empresas que recentemente abriu escritório em Luanda, Angola. (Reinaldo Rodrigues / Global Imagens) Lagos, Nigeria, June 13, 2019//- The human brain remains one of nature’s greatest wonders. Its estimated 100 billion neurons process and transmit information to create the most complex computational devices in the known universe. As our technological progress accelerates, the prospect of creating artificial intelligence to rival our own is exiting the realm of science fiction and entering science fact. It is not unthinkable that we will create an advanced AI in our lifetimes, ushering in a new dawn for humankind. These algorithms could help us solve some of the world’s most pervasive problems, including poverty, viruses and superbugs, climate change and improved service delivery to a growing global population. But algorithms are not the only artificial neural networks currently under development. The entire African continent is arguably transforming into a vast neural network that has the potential to transmit innovation and knowledge across vast distances at the speed of thought. This progress is powered by a mix of increased connectivity, growing digital literacy among its youthful population, enabling policies from African governments, private sector investment and the growing proliferation of so-called exponential technologies. Connectedness driving progress Sub-Saharan Africa has made great progress in internet connectivity over the past decade. While the continent has largely missed the wave of fixed line connectivity typical of more developed markets, its rapid adoption of mobile technology has helped its citizens leapfrog into the digital era. By next year, Africa is expected to be home to half a billion mobile broadband connections . Female office worker at computer – ©Frederic/Cirou/PhotoAlto/ Corbis While this rapid growth in connectivity has brought issues such as fake news, cybercrime, financial scams and political manipulation, most sub-Saharan Africans are positive about the role the internet plays. According to recent research , many Africans say the internet has had a positive impact on education, economy, personal relationships and politics. The emergence of 5G technologies and the continued rollout of fibre connectivity will encourage more African citizens to make use of online services and app-based tools. It’s also good news for the continent’s efforts to close the digital divide and foster smart city capabilities in key urban hubs. Building smart hubs and cities According to GSMA data, the number of active tech hubs in Africa has grown to 442, a 50% increase between 2014 and 2018. These hubs are found mostly in the more advanced African economies of South Africa, Nigeria, Kenya, Egypt and Morocco, often laying the foundation for what looks set to become one of the defining urban trends of our time: the rise of smart cities. This trend is partly driven by Africa’s relatively small urban population. According to UN data, only 40% of the sub-Saharan Africa population live in cities . Large metropoles such as Lagos and Cairo are expected to grow massively over the coming years as more people move from rural regions: Lagos alone is expected to have a population of 88 million by the end of the century, making it possibly the most populous city in the world. Across the continent – from Konza Technological City in Kenya to Eko Atlantic in Nigeria to Vision City in Rwanda – governments are launching ambitious smart cities; multi-billion-dollar tech developments that champion the use of technology in urban management and appeal to the younger, more digitally savvy generation typical of the continent. Refining the world’s greatest deposit of raw talent If Africa is to harness the talent of its fast growing youth population and power its economic growth, these developments are necessary. The median age in Africa is 19.5, and its youth population is expected to more than double between 2015 and 2055 to reach 226 million. Many will work in a world completely transformed by the exponential technologies entering our lives: AI, blockchain, IoT and machine learning. Efforts to foster greater digital literacy among this large and growing group are accelerating, and for good reason. While 12 million young people entered Africa’s labour force in 2015, only 3.1 million jobs were created . Fostering greater digital literacy is therefore a priority for the public and private sectors in many countries. The annual Africa Code Week initiative that was started in 2016 has already introduced more than 4.1 million youth to basic coding skills and in 2018 alone trained 23 000 teachers to sustainably teach digital skills within their schools and communities. Major tech companies, from IBM to Google to SAP, have made significant investments into the continent’s digital economy through the establishment of innovation labs, supercomputer facilities , and AI centres . Team working at a start up Some have predicted that Africa could become the beating heart of the future global economy, thanks largely to its growing youth population and the ageing population of more developed regions. But it’s just as likely that Africa will become its brain, a massive multicultural melting pot of ideas and innovation that is transmitted instantly across vast distances, solving big problems and enabling a new generation of digital workers to drive global progress for decades to come. The entire planet could be transformed this way. Imagine a world where technological advancement is balanced with African ingenuity and a deep-held respect for the balance between the natural and digital worlds. I would argue such a world would be a step change from the often-reckless economic development that typified our recent history. As we enter this new, uncertain era of exponential technologies and progress, Africa is taking bold steps to becoming an economic and innovation driver. And the world will never be the same. By Pedro Guerreiro, Managing Director: Central Africa at SAP Africa'
Nairobi, Kenya, 13 June 2019 – Pan-African entrepreneurial training program, seed fund, and incubator MEST Africa, closed its fourth successful MEST Africa Summit, in partnership with Microsoft. The event saw entrepreneurs, investors, ecosystem
'Nairobi, Kenya, 13 June 2019 – Pan-African entrepreneurial training program, seed fund, and incubator MEST Africa , closed its fourth successful MEST Africa Summit, in partnership with Microsoft . The event saw entrepreneurs, investors, ecosystem players and executives from across Africa and the globe meet to explore innovations and rising stars in the African tech ecosystem. Panelists discussed topics ranging from data in the fintech space, to the latest in agritech and healthcare, to ways we can cultivate a Pan-African tech ecosystem, and more. In addition to keynotes from MEST Founder Jorn Lyseggen, Microsoft’s Chris Lwanga and Lori’s Josh Sandler, key speakers this year included Dr. Bitange Ndemo, Philip Thigo, Andreata Muforo (Partner, TLcom), Bilha Ndirangu (CEO, Africa’s Talking), Ngozi Dozie (Co-Founder, Carbon) as well as representatives from Google Launchpad, Safaricom, the African Development Bank and more. This year’s Summit was held in partnership with Microsoft. Additional sponsors included Liquid Telecom, Africa’s Talking, Oracle, Intel, Lori Systems, Flutterwave, Stratlink, Ethiopian Airlines and a number of ecosystem partners. The Summit was held at the Radisson Blu Hotel in Nairobi on Conference Day, and the Nairobi Garage, home of MEST Africa’s Nairobi Incubator, on Ecosystem Day – both buzzing atmospheres as more than 300 guests came together. Back by popular demand, Conference Day began with The Great Debate, as representatives from key African markets argued in favor of their home nations regarding which is best to launch a business. The day culminated in the finals of the MEST Africa Challenge; an annual Pan-African pitch competition, and ended with a twist. Rather than choosing one winner, the judges awarded $50,000 in equity investment from MEST and $25,000 in credit from Microsoft to each of three startups: Oze from Ghana, Snode Technologies from South Africa and WayaWaya from Kenya. With discussions across a number of industries including AI and IoT, healthcare, cleantech and more, and an exclusive peek inside the MEST Africa Training Program and Incubator, the Summit saw an emergence of new thought leaders outlining the main opportunities and challenges for Africa’s next generation of entrepreneurs. Ecosystem Day on June 12th also saw the rollout of workshops designed for entrepreneurs and developers, led by sponsors, by Microsoft Azure, Liquid Telecom, Intel, Stratlink and MEST. Aaron Fu, Managing Director at MEST Africa, mentioned, “It’s our fourth year running the Summit and it always serves as a reminder of what Africa can achieve with the right blend of talent and experience. Over the three days, it’s always amazing to observe how the relationships between attendees grow, and the fact that we are able to facilitate that is something we never take for granted. We started this with the aim of creating a space for honest discussions on how the continent can continue to move forward and markets can come together – my personal hope is that we continue to see this grow and that more collaborations across markets take shape.” MEST Africa has been training, supporting and investing in tech entrepreneurs on the continent for more than 10 years. Over 330 individual entrepreneurs have been trained at MEST, and nearly 60 tech companies have been launched via seed funding and mentorship. Five companies have exited, including Amplify Payments Ltd. (Amplify) who was recently acquired by leading Nigerian fintech player, One Finance Limited (OneFi), to further develop the payments ecosystem in Nigeria. Since its 2008 launch in Accra, Ghana, MEST has been at the forefront of driving some of the continent’s most successful entrepreneurs – pushing them to scale, while achieving Pan-African and global reach and recognition. MEST has invested over $22M to date, with portfolio companies going on to receive follow-on funding. African Eye Report'
Accra, Ghana, June 13, 2019//-The state has provided update on the arrest of some suspects connected with the kidnapping of two Canadian nationals, Lauren Patricia Catherine Tilley, 19, and Bailey Jordan Chitty, 20. Information Minister, Kojo Oppong
'The kidnap suspects (sitting) while security men standing Accra, Ghana, June 13, 2019//-The state has provided update on the arrest of some suspects connected with the kidnapping of two Canadian nationals, Lauren Patricia Catherine Tilley, 19, and Bailey Jordan Chitty, 20. Information Minister, Kojo Oppong Nkrumah, during a press briefing Wednesday said intelligence-gathering efforts enabled the security agencies to zero in on the suspects associated with the incident. The suspects he explained did not go without fighting as they engaged the rescue team, resulting in series of gunshot exchanges. One suspect sustained minor injuries from the shoot-out. “At 1900 hours, a first arrest was made, by 21:15 hours, one of the persons who is an accomplice directly involved in this incident was also arrested by the joint team running this operation. A local Ghanaian contact who was providing habouring for the kidnappers was apprehended around 20:45 hours leading to the arrest of the other accomplices,” Mr Nkrumah explained at the press briefing. Kidnappers being hand-cuffed “The holding place of the victims was subsequently surrounded just before 5 am this morning and by 5:15 am, a joint team had breached the premises with the hopes of rescuing the girls. Gunshots were fired from within the premises and it took about 25 minutes to complete this operation. By the end of the operation, the two Nigerians who were holding the women had been subdued and the third Nigerian believed to be the leader of the gang was arrested later at a separate location”, he stated. The two ladies were abducted on June 4, 2019, in Kumasi while returning to their hostel from a youth development programme organised by Youth Challenge International. At the Asokwa Four-Junction area, Lauren, Bailey and a third person told their colleagues they were going to their hostel at Nhyiaeso around the Royal Gulf Club. Below, we publish photos of some of the suspects and the structure in which the victims were held: The kidnap ring leader wearing Canadian T-shirt Kidnappers Some of the kidnappers'