Every week, we review the best Africa-related business and finance news across the web and deliver to you the top 10 pieces of the week!
Week of April 13
Seven Tips on How to Enter the African MarketFrost & Sullivan’s operations director for Africa shares accumulated insight on how to best take advantage of the opportunities emerging today in various African markets, such as changing methods of delivery in order to successfully meet Africa’s challenges.
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Source: How We Made it in Africa - South Africa
Okonjo-Iweala Lists 11 Frustrating Issues at World BankDuring the Nigerian Minister of Finance’s interview for the Presidency of the World Bank, she outlined 11 issues with the operational methodology of the World Bank that she would attempt to reform, including a persistent lack of decision-empowering data on low-income countries.
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Source: The Vanguard - Nigeria
Nigeria to Become 30th Largest Economy by 2014Nigeria’s GDP is expected to be re-evaluated at $395.2 billion, setting it only slightly behind slower-growing South Africa ($422 billion) for the position of Africa’s largest economy. This is due a new overhaul of GDP calculations, which most governments undertake every few years.
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Source: Business Day - Nigeria
Growing with Africa's ConsumersForbes advises readers who are considering how best to engage with the meteoric rise of the African consumer market, where spending energized by the rapidly growing middle-class already equals consumption spending per capita in India and China, and is liable to accelerate further. Read More »
Nedbank Shows the Strain between S African Business and GovernmentA controversy has emerged between Reuel Khoza, chairman of Nedbank, and South Africa’s political leadership, after Khoza voiced his concerns with the ANC in Nedbank’s 2011 annual report. Read More »
Source: Financial Times
East Africa Eases Business Regulation to Spur InvestmentA recently-released World Bank report outlined how five key East African economies have slimmed and streamlined business regulation since 2005, stating , in particular, that Rwanda’s leadership has matched their vocal desire to become a major African commerce hub with firm action. Read More »
Source: Business Daily - Kenya
New Submarine Cables Set to Revolutionize West African InternetBy mid-2012, almost every country along the coast of Western Africa will receive faster, cheaper broadband Internet, due to the construction of two fiber-optic cables that stretch from Europe to the southern tip of the African continent. Read More »
Source: Voice of America
Out of Africa (and Elsewhere): More Fossil FuelsThe New York Times analyzes the energy rush to countries throughout East Africa, such as Mozambique, which is estimated to have more deposits of natural gas than Europe’s powerhouse, Norway. While this has raised concerns about environmental implications, it could also provide a boost to the belabored world economy. Read More »
Source: The New York Times
Standard Bank Sees Rapid Branch Growth in AngolaAfrica’s largest financial institution has announced its intention to quadruple its branch network in Angola by the end of the year. This is part of a move by Standard Bank, which is 20 percent owned by the Industrial and Commercial Bank of China, to expand throughout the Sub-Saharan market. Read More »
Source: The New Age - South Africa
Kenya to Maintain Tight Policy Stance: Finance MinisterDespite consistently falling inflation, Kenya’s finance minister has announced the Kenyan government’s plan to maintain tight monetary policy for the next two months, in order to ensure economic stability in the coming period. Last year, Kenya struggled with inflation that neared 20 percent in November. Read More »
Source: Reuters Africa