It is a no-brainer that Africa is a very important piece in the global market. From foreign investment to innovation in business to start-ups, to the phenomenal growth of local businesses, Africa will always remain in conversations around business and economy. It is for this reason that Y! Africa brings you business news, curated from media houses across the 54 nations of Africa – simply 54°.
In Ghana…
A few days ago, Ghana’s Finance Minister, Ken Ofori-Atta, said the country is targeting its diaspora to raise $3 billion in funding for economic development. He said that Ghana will structure an investment vehicle to offer better rates than what depositors typically can earn in countries such as the U.S. The funding will be used to build infrastructure and develop the agriculture and tourism industries, said Ofori-Atta.
In Nigeria…
After a seven-day rally, Nigeria’s stock market recorded high gains and called the world’s best performer. Year-to-date (ytd), the All Share Index (ASI) has returned about 6.41 percent while majority of other sectoral indices and co-branded indices have shown similar growth. The NSE 30 Index has increased by +7.28 percent year-to-date; NSE Banking Index (+12.43 percent), NSE CG Index (+7.69 percent), NSE Consumer Goods Index (-0.03 percent), NSE Industrial Index (+7.08 percent), and NSE Insurance Index (+6.41 percent).
In Morocco…
Telecoms giant, Orange confirmed its ambitions to expand its operations in Africa by opening a regional headquarters in Morocco on January 08, 2020. The firm will now operate exclusively out of North Africa’s commercial hub, Casablanca. The CEO of Orange Middle East and Africa, Alioune Ndiaye, said, “[This] provides further proof of our desire to be even closer to our customers and to make Orange MEA the preferred multi-services operator for people in Africa and the Middle East.”
In Uganda/Kenya…
4G Capital announced the completion of its second round of fundraising. The investment was secured by a $2 million debt facility from Ceniarth LLC, bringing the total raised to $4 million. 4G Capital will use the investment for onward lending to its growing customer base of informal micro, small and medium-sized enterprises across Kenya and Uganda.
In Senegal…
Senegal’s state-owned tourism company, SAPCO, Tuesday, signed a deal with Senegalese-American singer and songwriter, Akon, to build a sustainable tourism village that would “campaign for the environment”.
“Beyond his status as an artist, it is Akon, the investor who believes in Africa (signing up to the agreement),” the tourism ministry said in a statement before the ceremony. SAPCO Secretary-General Aliune Ndiaye said the deal was a memorandum of understanding, so the size of the future investment is still unclear. He added, however, that Akon plans to build a complex in the seaside village of Mbodiene, some 120 kilometres south of the capital Dakar.
