Africa infrastructure deficit costing billions

Africa infrastructure deficit costing billions

Africa infrastructure deficit costing billions

Poor infrastructure across Africa is costing millions of dollars for businesses and their insurers, while governments are being too slow to take action. That was the message from speakers at the International Union of Marine Insurance annual conference in Cape Town. As much as 5.6% of Kenya’s GDP is lost as a result of road accidents, warned Kingsly Kongnyuh Kwalar,…

International speakers lining up for Nairobi

International speakers lining up for Nairobi

International speakers lining up for Nairobi

Mikir Shah, CEO of Axa Africa, will be among a growing list of international speakers taking part in our upcoming Risk Frontiers East Africa seminar. To be held in Nairobi next week at the Southern Sun Mayfair Nairobi, the conference will cover political risks, the insurance gap, the skills gap and other key themes. Mr Shah will be taking part…

Cape Town water crisis: a lesson in behavioural change

Cape Town water crisis: a lesson in behavioural change

Cape Town water crisis: a lesson in behavioural change

Cape Town’s water crisis should be seen as a lesson in changing behaviours and good risk management, according to Helen Zille, Premier of the Western Cape province. Speaking at the opening of the annual International Union of Marine Insurance conference, this year held in Cape Town, Ms Zille explained how the city had faced a ‘day zero’ scenario – the…

Sustainable policies needed to boost Africa’s agribusiness

Sustainable policies needed to boost Africa’s agribusiness

Sustainable policies needed to boost Africa’s agribusiness

African governments must work together on macroeconomic and fiscal policies to drive Africa’s agricultural sector. Speaking at the Africa Green Revolution Forum in Kigali, Vera Songwe, executive secretary of the UN Economic Commission for Africa (ECA), said the food market will remain the biggest market in the world and Africa will be the biggest producer if it gets its macroeconomic…

AfDB backs business across west Africa

AfDB backs business across west Africa

AfDB backs business across west Africa

The African Development Bank (AfDB) has approved a $15m equity investment in Verod Capital Growth Fund III, a private equity fund that will make investments in high-growth middle-market companies in Anglophone west Africa, including Nigeria, Ghana, Liberia, Sierra Leone and The Gambia. The fund’s investments will be in companies in consumer-driven sectors including light industrials, fast-moving consumer goods, education, financial services…

Horn of Africa countries looking to agree economic integration

Horn of Africa countries looking to agree economic integration

Horn of Africa countries looking to agree economic integration

Ethiopia, Somalia and Eritrea are looking to agree a tripartite economic deal in the wake of talks in China to boost the region. The president of Somalia, Mohamed Abdullahi Farmajo, is leading efforts to consolidate gains made at the Forum on China-Africa Cooperation At their next meeting, the leaders will also discuss measures to end all political and social conflicts.…

Major infrastructure boost for Somalia

Major infrastructure boost for Somalia

Major infrastructure boost for Somalia

Risk managers with interests in Somalia should see some improvement in infrastructure after the Somali government and the World Bank launched a flagship infrastructure project worth $9m. Together, they said the Somali Urban Resilience Project will be the country’s first national test case for municipal infrastructure delivery. Initial interventions will begin in Mogadishu and Garowe and will expand to Kismayo and…

Botswana must diversify economy, warns IMF

Botswana must diversify economy, warns IMF

Botswana must diversify economy, warns IMF

Botswana may have reasonably good prospects in the near and medium term but the development model needs to be revamped, the International Monetary Fund (IMF) has warned. Enrique Gelbard, who heads the IMF team for Botswana, said: “Diamond production may only extend for another 30 years and mining activities do not create enough jobs. “In addition, Botswana has a small…

Africa and China in sync on development plans

Africa and China in sync on development plans

Africa and China in sync on development plans

The development aims of China through its Belt and Road Initiative and Africa’s High 5s plan are mutually beneficial, according to the president of the African Development Bank, Akinwumi Adesina, “I am sure you all know Africa is the place to be. African economies are growing well and the GDP growth rate is projected to average 4.1% this year,” he…

South Africa dips back into recession and risks another downgrade

South Africa dips back into recession and risks another downgrade

South Africa dips back into recession and risks another downgrade

Poor GDP figures have revealed that South Africa has entered a technical recession following two consecutive quarters of negative economic growth, heightening the country’s risk of suffering yet another credit downgrade in the second half of the year, according to leading economists. Maarten Ackerman, Citadel chief economist and advisory partner, warned that the numbers show the economy shrank by 0.7%…

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