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 27
Prominent Emerging Markets Investor Launches Africa FundMark Mobius, a leading Franklin Templeton emerging markets investor, is set to launch a specialist Africa fund. The fund will offer British investors exposure to the continent’s economic growth, the strong demand for natural resources, and the growing consumer market.
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Source: The Telegraph
Ghana to Earn One Billion Dollars from Gas AnnuallyWith the $3 billion Chinese loan providing the necessary capital for Ghana to develop its natural gas industry, the government of Ghana believes that the project can generate $1 billion in annual revenues. Ghana’s vice president, Dramani Mahama, further stated that the establishment of a natural gas industry was only a part of the broader trend of Ghana’s movement to the “next level” of development.
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Source: Daily Graphic - Ghana
Kenyan Shilling Strengthens as IMF Approves $110.9 Million LoanDue to the disbursement of a $110.9 million loan from the International Monetary Fund, the Kenyan shilling has appreciated against the dollar. Over the past three years, the IMF has disbursed $420.7 million to Kenya.
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Shell Banks on Expertise to Win $1.8 Billion AcquisitionRecent gas discoveries in East Africa have led to increased industry interest in the region. In an effort to create more exposure towards liquid natural gas assets and the East African region, Royal Dutch Shell has agreed to buy Mozambique focused explorer, Cove Energy, for $1.8 billion. Read More »
Source: Reuters Africa
Diaspora Remittance Jumps 71 PercentImprovements in Kenya’s financial institutions, money transfer providers, and government efforts to net cash through formal channels has led to a 71.12 percent increase in remittances from Kenyans working abroad. In addition, Kenyan Central Bank statistics show that this increase is part of a rise in foreign exchange inflows to an all-time high of $104 million. Read More »
Source: The Star - Kenya
African Development Bank President Ready to Commit $45 Million to MalawiAfter donors suspended aid over human rights concerns last years, Malawi has endured significant economic turmoil. In order to restore economic stability and resume economic reforms, the president of the African Development Bank has stated his willingness to provide $45 million in budget financing. Read More »
Analysts Put Nigeria’s Economy at $500 Billion by 2021Renaissance Capital, an investment and research firm, has projected that the Nigerian economy will be the continent’s largest by 2018. Propelled by 7.2 percent GDP growth, the Nigerian economy is expected to double in size within a decade from $239 billion to $500 billion in 2021. Read More »
Source: The Nation - Nigeria
Foreign Direct Investment in Africa Rises by 20 PercentCapital flows to sub-Saharan Africa rose to $48.2 billion in 2011 due to a massive increase in foreign direct investment, according to the World Bank. This influx is believed to be due to growth throughout sub-Saharan Africa, where over a third of local economies achieved unprecedented growth rates of six percent in 2011. Read More »
Source: Business Daily - Kenya
Global Banks Poised for Africa GrowthInternational lenders investment banking organizations are preparing to establish a strong commercial and investment banking presence in growing markets throughout Africa, preparing for a local increase in demand for sophisticated financial products in the coming years. Read More »
Exporters Targeting Nigeria’s Growing Taste for WineThe Nigerian wine market is expected to grow six percent per year, reaching $370 million in sales by 2015. South African wine producers in particular have identified Nigeria as a promising market, due to growing purchasing power and increased demand for products such as those already marketed to regional consumers by SABMiller, Diageo, and Heineken. Read More »
Source: How We Made It in Africa - South Africa