African Business articles from February 2007

African Business archives from February 2007

What Africans can do for Africa: a Sane proposal.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
February 1, 2007... Much has been said and written about how the outside world could help Africa. A case in point is a recent Financial Times article by Paul Collier emphasising how trade preferences, standards and codes, and security guarantees provided by the...

The eyes on the prize: empower African institutions.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
February 1, 2007... I read with great interest Stephen Williams' report on the launch of the Mo Ibrahim Foundation's (MIF) Prize for African Leadership (The World's Biggest Prize, African Business December 2006) and would like to add some comments. One of the...

Medical cannabis: substantiate or apologise.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
February 1, 2007... In the December 2006 issue of African Business (Drugs syndicates target Africa) you state that the medical use of cannabis 'can lead to disorientation, paranoia and psychosis'. Please give me some scientific facts to support these claims that I...

International relations: get rid of Bretton Woods institutions.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
February 1, 2007... Africa is at crossroads and needing direction as Sino-Africa relations have culminated in the recent first-ever summit in China. The World Bank, IMF and their associates are now crying wolf; these are the same institutions that are the main...

Information technology: creating a local software industry.(Letter to the editor)
February 1, 2007... In the Business Briefs section of the December 2006 issue of African Business, the information technology item informs us: 'Over 80% of computer software now in use in Africa has been pirated, costing governments and the high-tech industry...

Sao Tome oil income to go to the people.(Brief article)
February 1, 2007... A joint development zone shared between the tiny archipelago of Sao Tome and Principe and oil giant Nigeria will probably start crude oil production by 2010. Lead production partner, Chevron, reports that a second test well will be sunk in the...

EU pledges [euro]6.5bn for African infrastructure.(Funding)(European Union)(Brief article)
February 1, 2007... Africa's energy, roads and other services will benefit from [euro]6.5bn ($8.61bn) in European Union upgrade funds in a new initiative to boost economic growth on the continent. Energy, roads, water and telecommunications will receive...

Western Union hits 10,000 locations mark.(Money transfer)(Western Union Financial Services Inc.)(Brief article)
February 1, 2007... Western Union recently announced its presence at 10,000 agent locations in Africa. Khalid Fellahi, vice-president, Africa, said: "The 10,000th agent location in Africa is a landmark for Western Union. Last year, we celebrated 10 years in...

Zambia increases FDI threshold.(Investment)(foreign direct investment)(Brief article)
February 1, 2007... Zambia believes it has achieved a level of preferred investment to the extent that it can afford to raise its foreign direct investment (FDI) threshold from $50,000 to $500,000--a tenfold increase--and curb dubious investments in the process....

... and the investment flows in.(Brief article)
February 1, 2007... Meanwhile, Zambia's super-rich copper deposit, Lumwana in the western Copperbelt, has attracted an investment of nearly $600m in development funds. Canadian miner Equinox has signed a $583.8m debt facility with a group of financial institutions...

IFC issues CFA Franc bond.(Finance)(International Finance Corporation)(Brief article)
February 1, 2007... The International Finance Corporation has become the first non-resident international financial institution to issue a CFA franc-denominated bond in West Africa. The $44.6m-equivalent five-year bond was placed with institutional investors in...

Support for business women.(Enterprise)(Brief article)
February 1, 2007... A new study demonstrates that by failing to sufficiently target the enormous pool of black women entrepreneurs in South Africa, the country is ignoring an enormous resource for economic growth and wellbeing. In response, the International...

Funding package for Cameroon company.(AES Sonel)(Brief article)
February 1, 2007... In one of the largest financing deals ever provided to a privatised utility in sub-Saharan Africa, the International Finance Corporation has joined with other development finance institutions in a major funding package for AES Sonel, Cameroon's...

AB guide to African currencies.(Business Briefs)(Statistical table)
February 1, 2007... AB Guide to African Currencies Country Currency [pounds sterling]STG Algeria (Dinar) 140.55 Angola (New Kwanza) 157.34 Benin (CFA) ...

Reform World Bank, IMF.(International Monetary Fund and World Bank needs urgent reform says chancellor Gordon Brown)(Editorial)
February 1, 2007... Britain's Prime Minister-in-waiting, Chancellor Gordon Brown articulated what most in the developing world have been saying for almost two decades: in a keynote speech in India last month, he agreed that the UN and in particular the Bretton...

The make or break elections.(Nigeria)
February 1, 2007... In April, around 80 million Nigerian voters will go to the polls to elect a new government and president. If the elections go well, this will be first time in the country's history that a democratically elected government will hand power over...

The presidential candidates: as of January, only 26 of the 50 political parties had submitted the names of their presidential candidates to the Independent National Electoral Commission (INEC). Of the 26, seven did not submit the names of their presidential running mates. But of the 26 presidential candidates, only a few have name recognition in Nigeria.(Nigeria)
February 1, 2007... Umaru Yar'Adua --The Peoples Democratic Party (PDP) The emergence of Yar'Adua as the PDP candidate caused so much disenchantment that his first act as a candidate was to visit aggrieved party members, particularly the state governors...

African markets pack a punch: African stock markets may be small in global terms, but they make up in performance what they lack in size. African markets, termed 'the last frontier' have plenty to offer investors who have not lost their sense of adventure.
February 1, 2007... The 'wind of change' blowing across the continent, as African countries seek to attract increased foreign capital and technical expertise to build vibrant debt and equity markets, could soon reach gale-force. That forecast is based on the...

Second LNG train planned for Eq. Guinea: although Equatorial Guinea's first liquefied natural gas (LNG) train is not yet complete, plans are already afoot to add another one. In the near future, the Gulf of Guinea could become one of the world's most important suppliers of natural gas.(Energy)(liquefied natural gas)
February 1, 2007... Marathon Oil Corporation of the US has announced that a second liquefied natural gas (LNG) production train is expected to be added to the Punta Europa plant in Equatorial Guinea. The project's first train is not yet complete but the...

Gold tops glittering pile: when the world is feeling rich, it buys gold and other precious metals--mostly from Africa. The last year has been excellent for African producers, writes Moin Siddiqi in his annual review of Precious Group Metals.(Commodities)(Industry overview)
February 1, 2007... Sub-Saharan Africa, led by South Africa, produces a quarter of the world's gold supply, more than half of its diamonds, as well as around 80% of its platinum and 35% of its palladium. Although the world's most mineral-rich continent has a...

Partners in Africa's development.(Kuwait Fund for Arab Economic Development)(Organization overview)
February 1, 2007... The Kuwait Fund for Arab Economic Development (KFAED) was founded in 1961, the year of the State of Kuwait's independence. It set a precedent as the first national institution established by a developing nation to provide support to other...

Protection of the African environment.(Korle Ecological Restoration Project)
February 1, 2007... Environmental impacts feature high on the list of priorities for the Kuwait Fund when considering financing. A good example is the rehabilitation of the Korle Lagoon in Accra, Ghana. The lagoon had been a blight on the lives of some of the...

CSR--first principle of survival: African Business editor, Anver Versi was invited to make the keynote speech on Best Practices in Corporate Social Responsibility and Sustainability at a high-level seminar held at the University of Illinois, Chicago. Following are excerpts from his speech.(Special Report)(corporate social responsibility)
February 1, 2007... We need serious corporate social responsibility in the management of our world because this is the only world we have and will ever have. If we mess up this planet, which is still extremely beautiful when viewed from outer space, we will have...

Business meeting the challenge.(Business Forum's 11th Congress)
February 1, 2007... An Inspiris-produced background report for the international Business Forum's 11th Congress, held in Bonn last October, contained a number of corporate social responsibility (CSR) case studies from across Africa. Stephen Williams highlights...

The Global Compact: with special responsibility for relations with the General Assembly, Kola Badejo is the principal adviser to the UN Global Compact's executive head, Georg Kell. He spoke to Stephen Williams regarding the organisation's work and the emphasis it is placing on attracting greater African participation.(United Nations Global Compact)(Organization overview)
February 1, 2007... The UN Global Compact was launched as a response to former UN Secretary-General Kofi Annan's statement at the January 1999 World Economic Forum. Annan said: "I propose that you, the business leaders gathered in Davos, and we, the UN, initiate a...

Morocco-enterprise and red tape: what is business in Africa really like? Katrina Manson and James Knight drove from Morocco to Sierra Leone in search of the realities for SMEs. On their month-long trip, they met feisty entrepreneurs working hard in tough circumstances. First up, Morocco.(small and medium sized companies)
February 1, 2007... "You can know Morocco as little as you can know the sea." Mohamed--not a philosopher, but a petrol pump attendant--told us this in Ceuta, the Spanish tax haven at the northern tip of Morocco, and our gateway into Africa. Our first...

Film stirs up blood diamonds storm: a new Hollywood blockbuster, starring Leonardo DiCaprio, is bringing renewed public attention to the issue of conflict diamonds. Stephen Williams reports.(Issues)
February 1, 2007... The whole issue of conflict diamonds is again becoming a high-profile public concern thanks to a new film from Warner Brothers studios, made by Ed Zwick and starring the Hollywood heart-throb Leonardo DiCaprio. [ILLUSTRATION OMITTED] ...

Vigilante groups out of control: South Africa's spiralling crimewave is producing a disturbing backlash--the growth of vigilantism and 'instant justice'. Criminals, and those suspected of being criminals, can expect little mercy from the public when they are apprehended. What sort of society will this new trend produce, asks Tom Nevin.
February 1, 2007... The pre-Christmas party buzz and bonhomie at the popular north Johannesburg Buck and Hog bar and grill were shattered at about 8.00pm when three armed robbers burst in and ordered the patrons to surrender their valuables and cash. Waving...

A good time to celebrate: the Ghanaian economy continues to go from strength to strength as the West African state approaches its 50th independence anniversary. Neil Ford looks at the roots of Ghana's success.(GHANA)
February 1, 2007... Although it is unlikely to ever record the extremely high growth figures of new oil producers, such as Equatorial Guinea and Chad, Ghana is now growing at around 6% a year, enough to improve national living standards. Moreover, this growth is...

No fuss as the Milkman wins again: this time around, there were no dramas following the island nation's presidential elections and Marc Ravalomanana was sworn in for a second term. His main task will be regaining the economic momentum that was lost following political crises in 2002. Neil Ford reports.(MADAGASCAR)
February 1, 2007... The Malagasy incumbent president, Marc Ravalomanana has won a second term of office as a result of his success in December's election. The constitutional court has confirmed that the self-made millionaire secured victory in the first round of...

Power is the key: Namiba's ambitions to diversify its economic base from dependence on mining and agriculture will depend on its ability to increase its power supply. Neil Ford reports on the latest projects that will help this southern African country do just that.(NAMIBIA)
February 1, 2007... During its 16 years of independent existence, Namibia has relied heavily on just two sectors to power its economy: mining and agriculture. The fortunes of the latter have fluctuated along with changes in commodity prices for copper, diamonds,...

Angola joins Opec: the decision by oil producers' organisation, Opec, to admit Angola as its 12th member has finally set the seal on the country's emergence as a major international oil producer. Neil Ford discusses the impact on the country's economy.(ANGOLA)(Organization of the Petroleum Exporting Countries)
February 1, 2007... Angola's oil output has risen to about 1.4m barrels a day (b/d) as the first in a long line of new deepwater oilfields have been brought on stream but this figure could reach 2m b/d during the course of 2008. Membership of the Opec cartel...

Who cares wins: how business can foster development.(Corporate Social Responsibility and International Development)(Book review)
February 1, 2007... Corporate Social Responsibility & International Development By Michael Hopkins [pounds sterling]24.95 Earthspan ISBN 1-84407-356-4 [ILLUSTRATION OMITTED] A Professor of Corporate and Social Research at the UK's Middlesex...

Saving Africa.(Book review)
February 1, 2007... Saving Africa By John Hollaway [pounds sterling]14.95 Capricorn Books ISBN 0-7974-3230-2 [ILLUSTRATION OMITTED] A new book on African economy and society condemns the 'Make Poverty History' campaign for achieving little....

Silent Accomplice: The Untold Story of France's Role in the Rwandan Genocide.(Brief article)(Book review)
February 1, 2007... Silent Accomplice The untold story of France's role in the Rwandan genocide By Andrew Wallis [pounds sterling]20 I B Tauris ISBN 978-1-84511-247-9 [ILLUSTRATION OMITTED] The massacre of one million Rwandan Tutsis by...

The Role of the Press and Communication Technology in Democratization: The Nigerian Story.(Brief article)(Book review)
February 1, 2007... The Role of the Press and Communication Technology in Democratization The Nigerian Story By Aje-Ori Agbese $95 Routledge US ISBN: 0-415-98149-2 [ILLUSTRATION OMITTED] In the 1990s, Nigeria, like several countries in...

The New Sinosphere: China in Africa.(Book review)
February 1, 2007... The New Sinosphere: China in Africa By David Mepham [pounds sterling]9.95 Institute for Public Policy Research ISBN 1-86030-302 [ILLUSTRATION OMITTED] Last November's China Africa Co-operation Forum in Beijing was the...

Other Routes: 1,500 Years of African and Asian Travel Writing.(Book review)
February 1, 2007... Other Routes 1,500 Years of African and Asian Travel Writing Edited by Tabish Khair, Justin Edwards, Martin Leer and Hanna Ziadeh [pounds sterling]14.99 Signal Books ISBN 1-904955-12-6 [ILLUSTRATION OMITTED] The...

Carbon Trading: A Critical Conversation on Climate Change, Privatisation and Power.(Brief article)(Book review)
February 1, 2007... Carbon Trading A Critical Conversation on Climate Change, Privatisation and Power [pounds sterling]10 The Corner House ISBN 0345-2328 [ILLUSTRATION OMITTED] The main cause of global warming is rapidly increasing carbon...

Africa South of the Sahara, 36th ed.(Brief article)(Book review)
February 1, 2007... Africa South of the Sahara 36th Edition [pounds sterling]385 Routledge ISBN 978-1-85743-369-2 [ILLUSTRATION OMITTED] This definitive one-volume guide to all sub-Saharan African countries, provides invaluable economic and...

A North African soul rebel: tributes and protest.(Diwan 2)(Sound recording review)
February 1, 2007... Diwan 2 Rachid Taha Wrasse Records WRASS181 It has been eight years since Rachid Taha released his first Diwan album, and a couple of years since his reworking of the celebrated 1970s UK group, The Clash's anthem Rock el...