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Kenya’s main stock index rose 2.51 per cent on Monday to a 14-month high, building on gains last week as investors welcomed the re-election of President Uhuru Kenyatta. The NSE-20 index has risen nearly 7 per cent since the election last week’s Tuesday. Kenyatta was declared winner by a clear margin on Friday but his main challenger, Raila Odinga, has …

Ghana’s central bank has revoked the operating licenses of two distressed local banks and transferred their deposits and selected assets to state-owned GCB Bank in order to protect financial stability, it said on Monday. The liquidation of UT Bank and Capital Bank became necessary in order to protect depositors funds owing to the “severe impairment” of their capital, the central …

Fifteen young African entrepreneurs have emerged as finalists from a field of more than 800 applicants for the seventh annual Anzisha Prize, Africa’s premier award for her youngest entrepreneurs. Supported by African Leadership Academy (ALA) in partnership with the Mastercard Foundation, the Anzisha Prize celebrates and cultivates the next generation of young African entrepreneurial leaders who are creating job opportunities, …

The population of people of African origin in Germany has nearly doubled in only five years, according to new figures published on Tuesday by the Federal Statistics Office. Moreover, the number of people with an immigrant background in the country reached a new high of 18.6 million in 2016, an increase of 8.5 per cent compared to the previous year. …

A battery of new technological innovations has been unveiled by Germany’s refugee agency to help it determine more accurately the country of origin of asylum seekers and detect those who make multiple applications using different names. Jefferson Chase reports. No more Franco A.’s – that’s the motto at the Federal Office for Migration and Refugees (Bundesamt für Migration und Flüchtlinge …

Acting President Yemi Osinbajo on Thursday inaugurated a fertilizer plant built by Indorama Eleme Fertilizer and Chemicals Limited in the southern city of Port Harcourt. The plant, with a production capacity of 1.5 million metric tons of Urea fertilizer, is considered the world’s largest single-train Urea plant. The plant, which has a production capacity of 4,000 metric tons of nitrogenous …

Sub-Saharan Africa currently has 420 million unique mobile subscribers with a 43% penetration rate. By 2020, this number is expected to hit over half a billion, making Africa the world’s fastest growing mobile market. This information was released as part of the 2017 Mobile Economy report by the GSM Association (GSMA) trade organisation. According to the data, there were 731 …

The Chinese-built 756 km electrified rail project connecting landlocked Ethiopia to Djibouti will start commercial operations in October, said the Ethiopian transportation minister has announced. Speaking to Chinese news agency Xinhua, Ahmed Shide, Minister of Ethiopia’s Ministry of Transportation, said the Addis Ababa–Djibouti Railway is a showcase of China’s support for Ethiopia’s efforts to transform its economy through infrastructural development. …

Afruibana, a group of fruit producers and exporters from Cameroon, Côte d’Ivoire and Ghana that aims to strengthen trade between Africa and EU, has been launched. The body was officially launched in Brussels during Cameroon’s Trade Minister Luc Magloire Mbarga Atangana’s visit to European institutions on 19 July. The association will allow fruit producers on the continent to combine their …

There are artists who believe their work should be assessed solely for its aesthetic qualities. This “art for art’s sake” philosophy should not be surprising as art is “the conscious creation of something beautiful or meaningful using skill and imagination”. There are others however who hold that beyond the beauty of their work, it should also send a social message. …

One of the priorities of the German G20 Presidency in 2017 is Africa and the challenges the continent is facing as well as its potential. This potential is also the key focus of the AFRIKA KOMMT! initiative, which 19 leading German companies launched in 2008.  The programme trains future managers and fosters German-African economic relations. Word about the initiative has …

Germany has prioritized the achievement of “strong, sustainable and balanced global economic growth” and Africa in its G20 presidency. Did it achieve this? Abu-Bakarr Jalloh reports from Hamburg. Traditionally, G20 leaders focus on issues relating to global economic growth, international trade and financial market regulations. The 2017 Hamburg summit was no different. However, Germany attempted to use its presidency to …

Prof Yemi Osinbajo, Acting President of Nigeria, in this opinion piece argues that efforts to create sustainable economic growth in Africa are undermined by corruption facilitated by the legal and financial systems of G20 countries. He calls on the world’s most powerful states to move beyond pledges on Africa and he suggests the concrete steps they should take to help …

The digitization of Africa benefits European and African companies that aim to invest and create jobs in Africa, was the conclusion of a major conference on the eve of the G20 summit. The German-African Business Day, which took place on Thursday (6 July) in Berlin, brought together leading representatives of banks and businesses, as well as governments and public institutions …

Microsoft founder and philanthropist Bill Gates has praised German Chancellor Angela Merkel’s role in making development and aid for Africa a key topic at the Group of 20 (G20) talks in Hamburg, which begin today (7 July). Speaking to Germany’s “Tagesthemen” news program on Thursday, Gates said that the summit “gives countries the opportunity to push one another and work …

Representatives of businesses, governments, investment organisations and financial institutions from Africa and Europe will gather in Berlin on Thursday, 6 July for the annual German-African Business Day. Under the theme “Empowering Millions: Africa’s Rising Digital Economy”, participants will discuss how to intensify economic ties between Germany and Africa. Organised by Germany’s Federal Ministry for Economic Co-operation and Development (BMZ) in …

One key element of the partnership of the world’s leading twenty economies with African states conceived by Germany, which currently holds the G20 presidency, is the Compact with Africa (CWA). Its aim is to promote private investment and investment in infrastructure in the participating countries. Drafts for agreements with five African countries – Côte d’Ivoire, Morocco, Rwanda, Senegal and Tunisia …

Ethiopia is the fastest-growing economy in 2017, according to the World Bank’s latest edition of Global Economic Prospects. Ethiopia’s GDP is forecast to grow by 8.3% in 2017. By contrast, global growth is projected to be 2.7%. The East African country’s accelerating growth comes on the back of government spending on infrastructure. With a GDP of US$69.22 billion (2016 est.), …

African leaders met with German Chancellor Angela Merkel on 12-13 June 2017 in Berlin at the conference G20 Africa Partnership – Investing in a Common Future, where the world’s most powerful economies discussed the initiative to promote increased private sector investment in the continent. The German presidency of the G20 regards the Africa Partnership as one of its important projects. …

Nigeria’s Acting President, Prof Yemi Osinbajo, has signed the 2017 Appropriation Bill (also known as budget) into law late Monday. The signing of the record 7.44 trillion naira ($23 billion) budget took place at the presidency in the presence of the heads of the legislature, the minister of budget planning, the finance minister and other top government officials. Osinbajo had …