150% hike in fuel costs sparks protests across Zimbabwe

150% hike in fuel costs sparks protests across Zimbabwe

150% hike in fuel costs sparks protests across Zimbabwe

Risk managers with interests in Zimbabwe are worried after a 150% hike in the price of fuel sparked protests across Zimbabwe. A three-day internet blackout has been imposed, making it difficult to know what is happening on the ground and to monitor the risks to property and staff. Zimbabwe President Emmerson Mnangagwa has called for “calm and peace”, adding: “As…

Angolan oil sector ripe for transformation

Angolan oil sector ripe for transformation

Angolan oil sector ripe for transformation

Angola has been benefiting from oil price rises in the past year but now it appears major reforms of its oil and gas sector are set to pay dividends too. NJ Ayuk, founder and CEO of Centurion Law Group and executive chair of the Africa Energy Chamber of Commerce, and João Gaspar Marques, an energy analyst, report that Angola is an…

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…

Tax relief promised for Zimbabwe insurers

Tax relief promised for Zimbabwe insurers

Tax relief promised for Zimbabwe insurers

Zimbabwe’s insurance industry has welcomed a decision to end a 2% transaction tax on insurance deals. The Zimbabwe finance minister promised further exemptions to the 2% transaction tax in the country’s budget announcement last week. The 170 insurers attending the Insurance Institute of Zimbabwe’s (IIZ) annual conference in Victoria Falls last month had urged the government to do away with…

Be prepared for climate change impact

Be prepared for climate change impact

Be prepared for climate change impact

The impact of climate change on Africa is set to be among the most severe, but people are quickly forgetting the terrible weather events of 2017 and are in danger of not preparing for the risks ahead, warned Sory Diomande at a recent conference in Zimbabwe Africa faces some of the worst impacts of global climate change, despite having been…

Travel threat grows in northern Mozambique

Travel threat grows in northern Mozambique

Travel threat grows in northern Mozambique

Business travellers heading to northern Mozambique are being warned to take extra care, as the threat from militants grows. Seamus Duggan, senior analyst at Control Risks said: “It has been a year since Islamist militant group al-Sunnah staged its first attack in Mozambique’s gas-rich Cabo Delgado province.” He warned that the threat posed by the group will continue to grow…

Angola lies 137th in Global Competitiveness Index despite investing billions of dollars

Angola lies 137th in Global Competitiveness Index despite investing billions of dollars

Angola lies 137th in Global Competitiveness Index despite investing billions of dollars

Angola has been placed 137th in the World Economic Forum’s Global Competitiveness Index, despite the government investing between $99.5bn and $99.5bn between 2002 and 2015 in the construction and reconstruction of roads, bridges, railways, airports, ports, dams, power distribution networks, electricity and water, hospitals, schools, housing and public buildings. The minister of economy and planning, Pedro Luís da Fonseca, said…

Push to insure SMEs launches in Botswana

Push to insure SMEs launches in Botswana

Push to insure SMEs launches in Botswana

SMEs across Botswana are seeing rising theft, as well as damage to property and claims from staff. A spokesman for Botswana Insurance Company (BIC) said the top three claims from SMEs are headed by theft, and then followed by loss or damage of items and workers’ compensation. But he warned that many SMEs see insurance as an added expense that…

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…

Honeymoon period over for Angola under new President Lourenço

Honeymoon period over for Angola under new President Lourenço

Honeymoon period over for Angola under new President Lourenço

Investors are increasingly worried about the state of the Angolan economy, according to a new report. EXX Africa has published a special report on the investment risk outlook on Angola and says that, although since gaining power one year ago Angolan President João Lourenço has enjoyed the benefits of renewed market optimism and fresh investor interest, there are now growing…

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