Debt burdens rising as African countries boost developments

Debt burdens rising as African countries boost developments

Debt burdens rising as African countries boost developments

Sub Saharan Africa (SSA) government debt to GDP is rising steeply, with the median of 19 Fitch-rated sovereigns doubling to 56% at end-2018 from 27% in 2012, according to a new report from ratings agency Fitch. It warns there is now limited scope to accumulate non-concessional public debt at such a rapid pace without an increasing risk of debt distress,…

Cargo theft loss prevention must focus on insider threat: report

Cargo theft loss prevention must focus on insider threat: report

Cargo theft loss prevention must focus on insider threat: report

Theft from trucks continues to account for the highest proportion of cargo thefts worldwide and the threat from insiders – employees, contractors and even business partners – continues to rise, according to analysis carried out by transport insurer TT Club and supply chain intelligence firm BSI. The Global Cargo Theft Intelligence Report for 2018 found that thefts from trucks accounted for 84%…

Political impact tops risks for African firms for sixth year

Political impact tops risks for African firms for sixth year

Political impact tops risks for African firms for sixth year

A massive 91% of risk managers who completed Commercial Risk Africa’s Risk Frontiers Africa 2019 survey have put political risk as an increasing risk. This percentage has risen slightly since the 2018 survey, when 90% of risk managers believed political risks were rising. This compares with 83% of risk managers who see cyber threats as an increasing risk to their…

Gambia ratifies free trade agreement to take it over line

Gambia ratifies free trade agreement to take it over line

Gambia ratifies free trade agreement to take it over line

The Gambia has become the 22nd nation to ratify the African Continental Free Trade Area (AfCFTA), the number required for the agreement to take effect. AfCFTA is likely to formally become live at the African Union meeting in July but in the meantime, the continent has been told to ready itself to maximise the potential dividends of the agreement. Key…

Risk managers advised to check AML compliance

Risk managers advised to check AML compliance

Risk managers advised to check AML compliance

Risk managers in South Africa have been reminded to check their company anti-money laundering (AML) policies and make sure they comply with the law. In a Risk Chat for the Institute of Risk Management South Africa, the Vodacom Forensic Team under the leadership of Farhad Rahaman warned about reports of crimes such as hijackings, robberies, drug trafficking, fraud and corruption,…

Access to foreign exchange continues to hamper African opportunities

Access to foreign exchange continues to hamper African opportunities

Access to foreign exchange continues to hamper African opportunities

Businesses in some of Sub Saharan Africa’s largest economies have been forced to close or reduce production as they struggle to access the hard currency or working capital needed to keep their import-dependent operations afloat. According to a new report from the Economist Intelligence Unit and commissioned by the CDC Group, the decline of commodities prices in 2014-2016 restricted foreign…

South Africa: business as usual?

South Africa: business as usual?

South Africa: business as usual?

With political risk again being cited as the number one risk facing business across Africa, according to many risk managers, it was no surprise people were watching the recent elections in South Arica with such interest, as David Kaye reports Risk managers were watching to see the political fallout after Cyril Ramaphosa and the incumbent African National Congress (ANC) party…

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

The maritime community has called for urgent action to tackle piracy risk in the Gulf of Guinea, which now appears a daily threat to ships and crew operating in the region. At a symposium on maritime security in the Gulf of Guinea held at the International Maritime Organisation’s (IMO) headquarters, industry members and experts noted that the number of attacks…

Accra flood risk to be managed

Accra flood risk to be managed

Accra flood risk to be managed

More than 2.5 million people and thousands of businesses in the Odaw River Basin of the Greater Accra Region (GAR) are set to benefit from improved flood risk management, solid waste management and improved access to basic infrastructure and services. The Greater Accra Resilient and Integrated Development (GARID) project is to receive $200m from the World Bank. The project focuses…

Private companies asked for help in reducing social risks

Private companies asked for help in reducing social risks

Private companies asked for help in reducing social risks

By 2020, $3trn in annual economic value could be created by connecting data across institutional and geographic boundaries, according to the World Economic Forum (WEF). It believes that by combining information from state and private companies, it could significantly benefit epidemic readiness, natural disaster preparedness, national statistics and pollution management. Delivering on the promise of public-private data collaboration for the…

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