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Africa Top10 Business News

1The Force behind Barclays and Absa’s Break Up

Maria Ramos says the sale of Absa, the South African bank, in 2017 by its former parent, Barclays was one of the biggest challenges of her career. The move marked the end of the British bank’s centuries-long presence in Africa. She was able to negotiate a separation deal with her former colleagues at Barclays that ended up costing the British bank $1 billion in compensation, as well as contributing a 1.5 percent stake in the African lender to fund Black economic empowerment causes.

SOURCES: Ozy

2How to Help Africans Break into the Entrepreneurial Space

Alibaba founder, Jack Ma, says “To grow jobs in Africa countries should encourage young people to be entrepreneurs while governments wanting to kickstart small business should give startups a tax break.” Ma is in South Africa for the first time to launch a $10-million fund for young African entrepreneurs, called the Jack Ma Foundation ‘Netpreneur’ Prize. The fund aims to empower “a new generation of entrepreneurs, and focusing on small business growth, grassroots innovation and women founders” by funding 100 young African entrepreneurs over the next decade.

SOURCES: Forbes

3What do Governments in Sub-Saharan Africa Think of Cryptocurrencies?

A new report by Ecobank on the state of cryptocurrency regulation in sub-Saharan Africa shows that of the 39 countries analyzed, only two—South Africa and Swaziland—have a favorable or permissive stance on cryptocurrencies while only Namibia has banned cryptocurrencies outright. Everywhere else, cryptocurrencies are stuck in regulation limbo.

SOURCES: Quartz Africa

4Ride Hailing Company Switches Up its Investment in East Africa

Taxify plans to invest millions of euros in East Africa in the next five years with a strategy focused on motorised rickshaws and motorcycles. The company, which already operates in five cities in Kenya, Uganda, and Tanzania and will continue to offer regular car rides, but says the best opportunity for its growth via taxi services is using popular forms of motorised transport where it operates.

SOURCES: EWN

510 Best Business Schools in Africa

With Africa increasingly attracting investors and progressively becoming a business hub, it’s clear that the continent is ripe with opportunities. No one understands this better than the countless African entrepreneurs starting small businesses every day, playing their role in transforming the economic narrative of the continent. But what would a continent’s economic landscape be without its source of business knowledge and breeding ground for entrepreneurs?

SOURCES: Africa.com

6A Good Model for Intra-African Trade

The continent’s burgeoning motor industry is a sector that can show the power of collaboration between various African nations. Rwanda has recently opened a VW plant; parts for the cars will be sourced from South Africa and moved across a supply chain that passes through Kenya. With more car makers opening shop in Africa, manufacturing, selling and exporting can reduce costs usually associated with procuring goods from outside the continent.

SOURCES: African Business Magazine

7Beer Giant Spreads its Reach in Africa

Anheuser-Busch InBev (AB InBev), the world’s largest beverage and brewing company, recently disclosed its plans to build a large capacity brewery in Mozambique in the second half of 2019. Mozambique’s emerging economy has provided a fertile land for leading brewing companies. The proposed brewery will be produced more than 2 million hectolitres a year, which will place it among the largest breweries on the continent.

SOURCES: Ventures AfricaBusiness Day Live

8Calls for Women Entrepreneurs in Africa to Build Region’s First Intelligence Network

VALUE4HER a new CTA project will empower women entrepreneurs working in the agricultural sector – agripreneurs – by giving them the skills, knowledge and access to markets, finance and services they need to build their businesses. The project is calling for women-led agribusinesses to register to become part of the first intelligence network targeting women-led agribusinesses in Africa.

SOURCES: Africa.com

9Cashing in on Mozambique’s Gas Prospects

Mozambique plans to be one of the biggest exporters of gas by working with companies including Anadarko Petroleum and Exxon Mobil to build mega-projects in the north of the country. A group of Mozambique bondholders proposed that the government pay them portions of future natural gas revenue as part of a restructuring of the nation’s Eurobonds. Two years ago, Mozambique announced it was seeking to restructure external loans worth about $2bn and has missed payments on all of them since, including the Eurobond.

SOURCES: Business Day Live

10Uganda Reboots its Airline Industry

Uganda is working to establish a new flag carrier after the last collapsed amid mounting debts in 2001. Officials say the chief role for the airline, to be based at Entebbe airport outside Kampala, will be in boosting travel links and introducing competition to bring down fares. It will also have a cargo arm to serve areas of the economy such as flower exports and a growing oil sector.

SOURCES: Bloomberg

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