Nigeria a major step closer to joining ATI

Nigeria a major step closer to joining ATI

Nigeria a major step closer to joining ATI

The African Development Bank Group has approved a $14.12m facility to support Nigeria’s membership of the African Trade Insurance Agency (ATI). The deal, organised through its trade finance operations, is a critical and mandatory step to enable ATI to commence its operations in Nigeria, according to the bank. Nigeria, as Africa’s largest economy, joins 14 other African countries that have…

Axa XL closes Mauritius office

Axa XL closes Mauritius office

Axa XL closes Mauritius office

Following the merger of Axa and XL, and the integration of Axa Africa Speciality Risks within the new group, the group has closed its Mauritius operation. The Mauritius office had been a base from which Axa Africa Speciality Risks planned to springboard across Africa. The Mauritian office closed as of 1 January 2019. Any business will now be handled from…

South African rand turmoil expected to continue throughout 2019

South African rand turmoil expected to continue throughout 2019

South African rand turmoil expected to continue throughout 2019

Few currencies matched the rand’s turbulence in 2017, with factors such as Trumpenomics, the firing of finance minister Pravin Gordhan and the appointment of Cyril Ramaphosa as ANC president, contributing to the ZAR2.04 price swing during the year. Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions, outlined how this volatility continued through 2018 with the US-China trade war, the…

Africa Re sets up new foundation to boost insurance and risk management

Africa Re sets up new foundation to boost insurance and risk management

Africa Re sets up new foundation to boost insurance and risk management

Africa Re has launched a foundation to mobilise funds to develop the insurance and risk management industries across Africa. The foundation stems from the launch of a trust fund in 2014 as part of Africa Re’s corporate social responsibility. The Africa Re Foundation will become operational in January 2019 and will be headquartered in Mauritius. It has a governing council,…

Ten percent of annual budgets should be spent on boosting agriculture

Ten percent of annual budgets should be spent on boosting agriculture

Ten percent of annual budgets should be spent on boosting agriculture

Africa’s leaders should honour their commitment to allocate 10% of their budgets to agriculture if the continent is to improve food security, reduce poverty and spur economic growth The Economic Commission for Africa’s (ECA) Batanai Chikwene, a programme management officer with the ECA’s African Trade Policy Centre, said that as the continent stands on the cusp of great things with…

Employment risk high across Africa

Employment risk high across Africa

Employment risk high across Africa

Employers are running a real risk of employing the wrong person, as new research shows close to 90% of applicants who apply to a job position are objectively not a match to the role advertised. The research claimed this is caused less by a shortage of jobs, and more by a fundamental misunderstanding of job requirements, both from employers and…

Jyrki Koskelo to lead Sofala Advisory Board

Jyrki Koskelo to lead Sofala Advisory Board

Jyrki Koskelo to lead Sofala Advisory Board

Renowned African investor Jyrki Koskelo is to lead Sofala’s advisory board. Mr Koskelo has more than three decades of experience investing in Africa. He worked at the International Finance Corporation (IFC), part of the World Bank Group, for 20 years. As vice-president of global industries, he was responsible for the IFC’s global investment programme, overseeing annual debt and equity investments…

Cape Verde ratings affirmed

Cape Verde ratings affirmed

Cape Verde ratings affirmed

Fitch Ratings has affirmed Cape Verde’s long-term foreign-currency issuer default rating (IDR) at B with a stable outlook. The agency said the B IDR balances Cape Verde’s high levels of public and external indebtedness, large sovereign contingent liabilities and high reliance on tourism activity, against strong governance indicators and a high degree of concessionality in the sovereign’s public and external…

Political risks across Africa make doing business across borders harder

Political risks across Africa make doing business across borders harder

Political risks across Africa make doing business across borders harder

Doing business across borders is becoming harder, according to Control Risks’ Risk Map 2019, with companies unable to avoid local risks while keeping an eye on global trends. It points to Africa where it notes: “The dramatic political changes seen across Africa in the past year have similarly been driven as much by local pressures as global trends. “Robert Mugabe survived almost…

Risk managers should study the Cape Town drought: SCOR

Risk managers should study the Cape Town drought: SCOR

Risk managers should study the Cape Town drought: SCOR

Risk managers are being urged to study the recent Cape Town drought, to learn about the water-related risks facing large cities globally. In a new case study, Water Security: The Case of Cape Town’s Severe Water Shortage, reinsurer SCOR says Cape Town’s experience presents some key insights about water security and the vulnerability of cities. It suggests: “Risk officers in large or…