Corporate Council on Africa’s latest news updates

 

(Posted 26th January 2023)

 

CCA IN THE NEWS

AGOA time: As 2025, approaches, opportunities for improvements for improvements eyed 
InsideTrade
Economic integration efforts underway in Africa and new ideas about decades-old U.S. trade policy could provide a host of options for bolstering Washington’s cornerstone trade policy program with sub-Saharan African countries, analysts and former senior officials tell Inside U.S. Trade… Read more>>

 

 

CCA MEMBERS IN THE NEWS

Abbott Reports $1 Billion Profit Despite Falling Covid Testing Sales 
Forbes 
Abbott Laboratories reported $1 billion in fourth quarter profits despite an “expected year-over-year decline in Covid-19 testing-related sales,” the company said. Abbott, which has been one of the world’s biggest makers and suppliers of diagnostic tests for Covid-19 during the global pandemic, reported an adjusted fourth-quarter profit of $1.03 billion, or $1.03 per share, which beat Wall Street analysts forecasts… Read more>>

 

 

U.S.-AFRICA RELATIONS

#Kenya: US First Lady, Jill Biden To Visit Kenya in February 
The Heritage Times 
Kenya’s Foreign Affairs and Diaspora Affairs Cabinet Secretary Alfred Mutua has stated that the East African country will be receiving high-profile dignitaries starting next month. “Next month, we will get high-profile leaders coming to our country. The spouse of the US president will be here,” he said… Read more>>

All eyes on South Africa as US and Russia visit
Business Tech 
Just before US Treasury Secretary Janet Yellen will visit South Africa as part of a renewed focus on the continent, she got a stark example of the challenges Washington faces in countering influence by its main global rivals Russia and China. Military officials in the African country warmly welcomed Russian Foreign Minister Sergei Lavrov on Monday and publicly defended naval drills planned for next month with Russia and China, stressing the “strong bonds” between the three nations… Read more>>

Yellen pushes for China to address Zambia’s big debt burden 
AP News  
U.S. Treasury Secretary Janet Yellen, on the second leg of an African tour aimed at promoting American investment and ties, said on Monday it’s crucial to immediately address Zambia’s heavy debt burden with China. Yellen was in Lusaka, a capital city that’s visibly dominated by Chinese financing. Visitors to Lusaka arriving at the renovated Kenneth Kaunda International Airport see a facility expanded in 2015 with Chinese money. A ride into the city passes billboards and newly built firms bearing Chinese signage, more evidence of Beijing’s influence and increasing competition with the United States… Read more>>

Janet Yellen: U.S. Focuses on Business Investment and Infrastructure Development in Africa 
Modern Diplomacy  
United States officials, at least, are strategically moving to reset multi-dimensional relations with Africa after the last African leaders summit held in Washington. President Joseph Bidden and Vice President Kamala Harris, in well-coordinated working agenda, with the White House, the Department of African Affairs and the U.S. Treasury are up to the task. This challenging task is backed with $55 billion budget publicly announced during the African leaders gathering… Read more>>

AGRIBUSINESS

Africa’s agriculture potential can contribute to end world hunger 
The Africa Report 
Africa can feed today’s hungry and be the world’s breadbasket. It has that potential. Unfortunately, one can’t eat potential. Potential, backed by enabling policies, a conducive business environment, and innovative technologies, is what creates harvests, nutritious food on the table, and wealth across agriculture’s vast value chain. The transformation of Africa’s food production is critical for achieving Zero Hunger — a key UN Sustainable Development Goal… Read more>>

Africa Needs $65 Billion Loan To Prevent Food Imports
Taarifa 
A total of $65 billion worth of loans can be injected in Africa’s farming to enable the continent produce enough food and prevent imports. According to statistics by the African Development Bank, Africa imports over 100 million metric tons of cereals at an annual cost of $75 billion. Farmers in Africa will need as much as $65 billion in loans annually to produce enough food to curb imports and cushion their economies from external shocks… Read more>>

Kenya: Agricultural Deals Worth Sh3.1 Billion to Struck in Nairobi Next Month 
All Africa 
Agriculture deals worth multi-million dollars to be struck next month as investors throng the Kenyan capital for the 6th edition of Africa Agri Expo (AAE) in February 2023. TAB Group Chief Executive Officer Tahir Bari said over 100 investors and potential business leads in the agriculture value chains from 35+ countries, are keen on setting up businesses in Kenya and East Africa… Read more>>

ENERGY

How South Africa’s Energy Crisis Became an Economic Crisis 
Foreign Policy 
Rolling power cuts in South Africa are severely impacting the country’s growth and increasing the risk of recession. The economic costs associated with electricity outages—known as load-shedding—have reduced GDP by 1 to 1.3 percent annually since 2007, estimates Quinten Bertenshaw, executive director of ETM Analytics. Had load-shedding never occurred, he estimates the country’s economy could be 17 percent larger than it is today. Economists have estimated losses of between 1.5 billion rand and 4 billion rand (about $87 million to $232 million) per day…. Read more>>

H.E Gabriel Lima Provides Update on Planned Central African Pipeline System 
Energy Capital Power 
During a roundtable organized by the African Energy Chamber this month, H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, provided an exclusive update on the project timeline and implementation of the Central African Pipeline System (CAPS)… Read more>>

HEALTH

WHO launches funding appeal to help a record number of people in complex, intersecting health emergencies 
WHO 
WHO is launching its 2023 health emergency appeal today for US$ 2.54 billion to provide assistance to millions of people around the world facing health emergencies. The number of people in need of humanitarian relief has increased by almost a quarter compared to 2022, to a record 339 million… Read more>>

Maternal and child health, a forgotten emergency of the Central African crisis 
The Standard 
Decades of instability and armed violence in the Central African Republic (CAR) have contributed to essential medical care being out of reach for many pregnant women and newborn babies. Overshadowed by the security situation in the country, tackling this everyday emergency is a priority for Doctors Without Borders/Medecins Sans Frontieres (MSF) teams… Read more>>

INFRASTRUCTURE

South African Group To Set Up Its Own Energy Infrastructure 
The European Conservative 
AfriForum, a civil society group that represents the interests of South Africa’s Afrikaner and Afrikaans-speaking minorities, has announced plans to start its own energy company. Its leader, Kallie Kriel, has said they are already in discussionswith several major players in the private sector, including the South African-born CEO of C5, André Pienaar, a major shareholder in X-Energy. The latter is an American company that is innovating new designs for an advanced, modular, and commercial-scale nuclear reactor. This comes on the tail of a long-running, years-long crisis with South Africa’s energy system… Read more>>

Nigeria bets on Chinese-funded port to drive economic growth 
AP News 
Nigerian President Muhammadu Buhari has marked the opening of a $1.5 billion, Chinese-funded deep seaport in the commercial hub of Lagos that authorities hope will help grow the West African nation’s ailing economy. The Lekki Deep Sea Port is one of the biggest in West Africa and will create hundreds of thousands of jobs in addition to easing cargo congestion that costs billions of dollars in annual revenue, Lagos Gov. Babajide Sanwo-Olu said Monday… Read more>>

ICT

Nigeria urges African Leaders to Embrace Technologies In Governance 
Voice of Nigeria 
The Nigerian government has tasked leaders in Africa to embrace new technologies for quality and effective delivery of Public Service as it serves as the engine that drives government businesses. The Managing Director, of an ICT service provider in Nigeria, Galaxy Backbone Ltd (GBB), Prof. Muhammed Abubakar, stated this in a statement through the Head of Media, Mr. Tasiu Pantami while speaking at the Practice of Public Leadership and Decision-Making in Public, in Addis Ababa… Read more>>

Here’s what Tanzania is doing to become the next big online business hub in Africa 
Business Insider Africa 
Tanzania is taking a significant step towards becoming an online business hub in Africa, as the East African nation is investing heavily in information and communications technology (ICT). The government’s vision is to make Tanzania a leader in the digital economy, and it is taking the necessary steps to make that a reality… Read more>>

 

 

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