African Business articles from May 2004

African Business archives from May 2004

African leadership: be accountable to people.(This Month's Prize Letter)(Letter to the Editor)
May 1, 2004... Being a never-miss African Business reader, I would feel highly esteemed to be allowed room to enunciate my views regarding my continent. [ILLUSTRATION OMITTED] Firstly, I doubt that there is really any argument that Africa needs to...

Stop crying foul: add value, and feed the people.(This Month's Prize Letter)(Letter to the Editor)
May 1, 2004... Why do African countries, for example those countries that produce cocoa, coffee and tea, export unfinished products--yet continue to cry foul over prices that are controlled by world markets? What is their problem? I cannot understand why...

Prize letter: win a free annual subscription!(This Month's Prize Letter)(Letter to the Editor)
May 1, 2004... African Business will award a free one year subscription to the reader whose letter is chosen as the Prize Letter for that month. (Existing subscribers will receive a free annual renewal). Your views on Africa and matters affecting Africa are...

Currency exchange: horrendous charges.(This Month's Prize Letter)(Letter to the Editor)
May 1, 2004... I refer to your article African Stocks beat the World (African Business, March 2004). On the subject of non-resident foreign investors who wish to take a position on African stock exchanges, there are currency exchange impediments that hinder...

Valued research: retain your reputation.(This Month's Prize Letter)(Letter to the Editor)
May 1, 2004... Thank you very much for the excellent survey of Africa's top companies (African Business, March 2004 issue). I've often wondered why no attempt has been made to prepare a survey of African businesses similar to those published in the West that...

Telecommunications: Nigeria's cell phones to double.(Business Briefs)(Brief Article)
May 1, 2004... The number of cellphones in Nigeria will more than double this year, as West Africa's most populous nation scrambles for wireless telephony and forsakes the traditional landline. [ILLUSTRATION OMITTED] Lagos telecoms research company...

Nepad: Africa fears S African 'colonisation'.(Business Briefs)(South Africa)(New Partnership for Africa's Development)(Brief Article)
May 1, 2004... African countries are concerned that South Africa might be using the New Partnership for Africa's Development (Nepad) as a means of economically 'colonising' the continent. This startling revelation was made by World Bank chief economist, Alan...

IMF: Zimbabwe's term payment plan.(Business Briefs)(International Monetary Fund)(Brief Article)
May 1, 2004... In a last-ditch effort to avoid expulsion from the International Monetary Fund, Zimbabwe has begun to repay its $273m debt to the Bretton Woods institution in instalments. By end March this year, Zimbabwe had repaid some $4.5m--accepted by the...

East Africa: Customs Union a reality.(Business Briefs)(Brief Article)
May 1, 2004... The presidents of Tanzania, Uganda and Kenya have signed an East African Customs Union into power aimed at liberalising regional commodity trade, production efficiency and the promotion of economic growth and industrialisation. The partner...

Angola: investors looking at non-mineral sectors.(Business Briefs)(Brief Article)
May 1, 2004... Investors are taking a closer look at Angola's non-oil and diamonds sectors and apparently like what they see. They poured more than $185m into the country in the second half of 2003, mostly buying into the construction and manufacturing...

Zambia--Namibia: farming and power arrangement.(Business Briefs)(Brief Article)
May 1, 2004... Zambia and Namibia will create a cross-border joint agricultural and power project aimed at employment and electricity generation, and the enhancement of food security. The 10,000ha scheme will straddle the frontier shared by the two southern...

Trade agreement: India signs landmark deal with SACU.(Business Briefs)(South African Customs Union.)(Brief Article)
May 1, 2004... A landmark trade agreement between South Africa and India is all but signed, giving countries of the South African Customs Union (SACU) tariff free access to Asia's second biggest market. Deputy director general of South Africa's department of...

Botswana: state offloads Anglo American shares.(Business Briefs)(Brief Article)
May 1, 2004... Faced with its first budget deficit in 16 years, the Botswana government has sold half its holdings in gilt-edged mining counter Anglo American. The sale netted more than R1bn and prevented the budget from sliding into the red. The...

AB Guide to African Currencies.(Business Briefs)(Directory)
May 1, 2004... AB Guide to African Currencies COUNTRY CURRENCY [pounds sterling]STG ALGERIA (Dinar) 128.97 ANGOLA (New Kwanza) 146.58 BENIN (CFA) ...

Reprogramming the Western media.(Editorial)
May 1, 2004... For Africans living in the West, nothing is more irk-some than the constant diet of negative news on Africa. The only silver lining is that Africa is way down the list in terms of news importance for the Western media. Most of the time Africa...

Africa can leapfrog into 21st century: building on the success of ITU Telecom Africa 2001, the International Telecommunications Union (ITU) Telecom Africa 2004 exhibition and forum takes place from May 4 to 8 this year in Cairo, Egypt. Bianca Wright details its aims.(ITU Telecom Africa 2004)
May 1, 2004... Telecommunications in Africa has the potential to leapfrog the continent past older technology into the use of innovative new technologies that offer many benefits to Africa. But there are challenges that must be met and it is the...

Africa's great mobile revolution: Africa's very backwardness in telecommunications could be its greatest advantage as it cuts through directly to the latest and most effective means of communicating. The mobile revolution, says Bianca Wright, is just one example.(ITU Telecom Africa 2004)
May 1, 2004... There was a time when the term telecommunications in Africa was regarded an oxymoron. With the exception of one or two more developed nations, most African countries lacked infrastructure and telephony was out of reach of most of the...

Telecoms around the continent: the state of telecommunications in Africa varies from region to region, country to country. Here we profile a few of the key developments in telecoms in selected countries in Africa. Bianca Wright reports.(ITU Telecom Africa 2004)
May 1, 2004... SOUTH AFRICA As one of the most developed African countries, South Africa's telecommunications infrastructure is fairly mature though it has battled with service levels and the cost of bandwidth as a result of the current...

Mobilising Africa's untapped potential: although some of the best returns on investment in the banking sector anywhere are to be found in Africa, the majority of Africa's working population remains unbanked. This enormous sector is still largely untouched. But now, the entry of private investors into the 'poor' end of the market is set to change all that. Dianna Games reports.(An African Business Special Report)
May 1, 2004... Only one or two families out of 10 in sub-Saharan Africa have bank accounts compared to nine out of 10 in the US. And to date, little effort has been made to focus on bringing the continent's largest market segment into the mainstream financial...

West African capital market on the way: a new financial package from the World Bank will assist the countries of the west African economic union to take the next step and create an internationally competitive regional capital market. Gordon Feller has the details.(An African Business Special Report)
May 1, 2004... The World Bank recently approved a $408.69m financial package to assist the West Africa Economic and Monetary Union (WAEMU) become more internationally competitive. The money will be used by the eight member countries to build and connect...

James and his golden dart: Tom Nevin reports on how a seven year old is making a monkey of seasoned stock analysts in South Africa.(An African Business Special Report)
May 1, 2004... Aseven-year-old share portfolio whiz kid is making a laughing stock of South Africa's biggest names in asset management. James Russell Thomas has no use for financial calculators, stock exchange software and never reads the business pages of...

African Development Bank Group: fighting poverty in Africa.(African Development Bank Newsletter)
May 1, 2004... THE AFRICAN DEVELOPMENT BANK (ADB) is a regional multilateral development finance institution whose purpose is to contribute to the sustainable economic development and social progress of African countries individually and collectively. To this...

ADB and NEPAD.(African Development Bank Newsletter)(New Partnership for Africa's Development)
May 1, 2004... The African Heads of State and Government Implementation Committee (HSGIC) of NEPAD assigned the Bank Group to play a leading role in NEPAD in the domains of Infrastructure Development, Banking and Financial Standards, and on Corporate...

Water on top of development agenda.(African Development Bank Newsletter)
May 1, 2004... Water and sanitation are critical elements in the poverty reduction strategy of the African Development Bank Group. The water sector is at the forefront of its Strategic Plan 2003-2007. The Bank has now developed an Integrated Water Resources...

Uganda: poverty alleviation project.(African Development Bank Newsletter)(Brief Article)
May 1, 2004... The African Development Fund (ADF) approved a loan of UA 9.21 million in August 1993 to finance a micro-credit scheme in Uganda, which achieved its policy goal of assisting in poverty reduction, by expanding micro-finance services including...

ADB sets a new benchmark in the international capital market.(Newsletter)(US$ 1 billion global benchmark bond launched by African Development Bank )
May 1, 2004... The African Development Bank set a new benchmark in the international capital market in July 2003, when it launched a US$ 1 billion global benchmark bond as part of the 2003 borrowing program. The successful 5-year maturity transaction was...

ADB long-term Credit Rating raised to AAA.(African Development Bank Newsletter)
May 1, 2004... In July 2003 Standard & Poor's, the world's foremost independent credit ratings agency, raised the long-term issuer credit and unsecured debt ratings of the African Development Bank from AA+ to AAA. The Agency also raised its rating on the...

The world of Western Union: Herve Chomel, Western Union's Africa director, represents a new brand of manager in Africa. Peter Everson talked at length with him about Western Union's African operations.(Finance Africa)
May 1, 2004... Educated at the best business schools in Europe and the USA, internationally minded, with a no-nonsense approach, Herve Chomel typifies the new generation of executives who are now at the top of many multinational companies in Africa. ...

Dollar weakness is strength for African bourses: after two years of spectacular bull runs during which some of Africa's stock exchanges outperformed the best in the world, growth this year will be more modest. This analysis is by Frank Senyo Dewotor of databank securities.(An African Business Special Report)
May 1, 2004... The persistent weakness of the US dollar continues to prove a priceless gift for the stock markets in Africa as they consolidate their two-year long bull run in the first quarter of this year. African stock markets outside Zimbabwe posted an...

Fill in this questionnaire and win a free subscription*.(African Business Reader Survey)
May 1, 2004... Dear Reader We have made substantial efforts over the past two years to try and bring to you an improved magazine. However by no means do we believe our work is near complete. It is for this reason that we ask you to kindly spend a few...

Booming Asian growth lifts prices: Africa's metal producers can expect another good year, with stronger global demand leading to high prices. This analysis is by Moin Siddiqi.(Industrial Metals)
May 1, 2004... Metals and minerals have high correlations with global industrial activity, and with the prices of many metals currently running at multi-year highs, the market's fundamentals appear to resemble the bullish trends of 1998-2000. During that...

Laying the foundations for prosperity: interview with President Teodoro Obiang Nguema Mbasogo of Equatorial Guinea.(Equatorial Guinea)(Interview)
May 1, 2004... Equatorial Guinea, with a population of only around half a million, has been the fastest growing economy in the world over the past five years. At one point, annual growth reached the heady heights of over 70%. The driver of this unprecedented...

Shell to shake up Nigerian operations: shell is expected to cut its staff and trim down operations in Nigeria as a result of overestimating its crude reserves. Nevertheless, its on-going development work will ensure it remains the leading oil company in Nigeria.(Oil and Gas)
May 1, 2004... In the wake of the company's decision to cut its global reserves estimate, oil giant Royal Dutch/Shell has decided to overhaul its Nigerian operations. The company's Nigerian subsidiary, Shell Petroleum Development Company (SPDC), is to cut...

Oil jitters shake industry: sharp fluctuations in the price of petroleum--the world's most actively traded commodity--have a significant impact upon global trade and importing-countries' trade balances. Is the price of oil about to go through the roof again?(View From the City)
May 1, 2004... Oil markets are influenced by host of variables--notably global economic cycles; seasonal demand in the industrialised northern hemisphere; weather patterns; geopolitical developments in the Middle East and North Africa (which possess almost...

Will the ANC go for the high road? The ANC landslide victory was widely expected but questions remain about its performance over the past decade. Has it delivered as much as was realistic or has it been foot-dragging in some areas? Tom Nevin discusses.(South Africa)(African National Congress)
May 1, 2004... Back in power with an unassailable electoral mandate, the African National Congress (ANC) will continue to steer the South African ship of state for another five years. The combined opposition will be asking what the ANC does right with seeming...

To protect or not to--that is the question: Nigeria is walking a diversification tight-rope-it is trying to encourage local manufacture through import-substitution measures and is yet wary of stepping out of line of WTO rules on protectionism. Neil Ford ponders the alternatives.(Nigeria)
May 1, 2004... Outside the upstream oil and gas sector, there are so many areas of weakness in the Nigerian economy that it is difficult to know where to begin strengthening it. The sheer number of areas requiring urgent attention seemed to hamper the ability...

Time to take the next step: Uganda has been hailed as a success story and its average growth of around 10% is impressive. But, Neil Ford wonders, how much is this due to real growth and how much to reconstructing a shattered economy.(Uganda)
May 1, 2004... The Ugandan people, the Movement government and President Yoweri Museveni have all been hailed by European and US leaders for the recovery that the East African country has made since the years of bloodshed during the 1970s and early 1980s. ...

True gold for honest men: the discovery of major new gold reserves could give a much needed boost to the beleaguered economy of Burkina Faso. Neil Ford reports on an exciting development.(Burkina Faso)
May 1, 2004... The West African country of Burkina Faso (Land of Honest Men) possesses relatively few natural resources apart from gold and is plagued by irregular and low levels of rainfall. It is landlocked with the nearest ports many days' hard driving...

Is Zim's loss Zambia's gain? Zambia is laying out the red carpet for white Zimbabwean farmers who also benefit from support by established multinational companies. Will this improve Zambia's economic performance or simply lead to resentment? Milan Vesely discusses.(Zambia)
May 1, 2004... One hundred and forty white farmers from Zimbabwe have relocated to Zambia with the blessing of the Zambian government. In an experiment that is sure to redefine the status of white landholders in Central Africa, Zambian officials concede that...

Bouteflika gets massive public backing: by all accounts, Algeria's presidential election last month was above board and incumbent leader Bouteflika's huge majority was a strong demonstration of public confidence in him. Has Algeria found stability at last? James Badcock reports.(Algeria)
May 1, 2004... In the run-up to the presidential elections in Algeria on April 8 the main story was not what the different candidates might do for the country, but that the election had not been decided in advance. Six candidates, including the incumbent...

From pariah to partner: big tent politics.(Books)(Book Review)
May 1, 2004... LIBYA AND THE WEST FROM INDEPENDENCE TO LOCKERBIE By Geoff Simons [pounds sterling]35 I B Tauris ISBN 1-86064-988-2 British Prime Minister Tony Blair, some years ago, famously described his brand of politics as 'big tent...

Ghana's highlife: revolution, recording and rhythm.(Music)
May 1, 2004... THE GUITAR AND GUN VARIOUS ARTISTS Earthworks STEW50CD The history of highlife music, according to most musicologists, goes back at least a century. The origins of this particular music are Ghanaian marching bands and...