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°.
Stricter regulations for CEMAC financial transactions
Bank of Central African States has gone harder on regulations. Starting now, banking institutions in the Economic and Monetary Community of Central Africa (CEMAC) region will face stricter control of all their financial transactions.
It means that banking institutions in the six countries of the CEMAC zone are now subject to stricter regulations concerning the transmission of data on their financial transactions to the Central Bank.
Guinea economy paralysed by protests
Guinea’s economy has been badly hit by anti-government protests that have lasted months. Businesses have closed shop and protesters have locked down police stations, looted property, blocked major roads and obstructed the easy flow of goods across the country by stopping trains in their tracks.
That means rising prices for the population in what is already one of the world’s poorest countries despite being rich in natural resources.
What’s the big deal? Thousands have been demonstrating in Guinea against President Alpha Conde’s attempt to change the constitution to extend his time in power. They have been joined by survivors of a stadium mass killing in 2009 when security forces killed at least 156 people during an opposition rally. Those who lost loved ones say they are still waiting for justice.
Meanwhile, the police have used tear gas and rubber-coated bullets to disperse thousands of protesters.
Meanwhile, in East Africa…
The Horn of Africa has been hit by the worst invasion of desert locusts in 25 years, the UN’s Food and Agriculture Organization (FAO) have said.
The invasion poses an unprecedented threat to food security in the entire sub region, where more than 19 million people in East Africa are already experiencing a high degree of food insecurity, the agency said.
In Kenya, it is the worst invasion in 70 years, and the government is spending $5 million to manage the swarms of locust and prevent spreading.
SEC goes tough on illegal fund managers
The Securities and Exchange Commission (SEC), Nigeria, has restated its determination to go after illegal fund managers and ensure they are made to face the full wrath of the law.
Acting Director-General of the SEC, Mary Uduk, said, “we are stepping up our enforcement mechanisms to ensure that they are apprehended and their offices sealed off. So many of them are being prosecuted in courts, we have secured convictions for some, and we have closed down so many. We verify ownership and return monies collected by them to the owners. It’s a problem around the world and we can tackle the problem by educating the public, telling them the right investments to make and the right places to put in their money.“
