- How Smartphones Are Helping Kenyans Earn a Living
- The African Investment Summit to be hosted in London 2024
- Uganda trails EAC neighbours in AfCFTA roll out
- African Finance Ministers Discuss People-Centred Economic Growth
- Africa’s First Spaceport Set to Position the Continent in the Global Space Race
- Current state of online Forex Trading in Africa
- Lufthansa keen to cement East Africa market with Nairobi base
- Kenya moves to tackle dollar shortage as forex reserves hit 10-year low
Author: Albert Nangara
Albert is a Chemical Technologist and Author. He is passionate about mining, stock market investing, Fintech and Edutech.
- Africa is an emerging market in forex trading, and its potential for growth is immense.
- Forex trading in Africa is a growing industry, but it faces significant challenges.
- These include lack of infrastructure, education, and awareness, coupled with fraudulent activities, have hindered its growth.
Online Forex trading in Africa is still in its nascent stage and is largely driven by the youth. In layman’s terms, forex trading is the act of buying and selling currencies to make profits based on speculating the relative upward or downward movements of currencies.
According to ForexSchoolOnline.com, the average age of forex traders is between 25-44 years old, with 9 per cent aged 65 or older. Only 37 per cent of traders are either breaking even or profitable, while 63 per cent are unprofitable. Most traders (72 per cent) have no experience trading other markets before forex, and 40 per cent of traders are …
- Morupule Coal Mine (MCM) and Letshego Botswana have joined forces to support Micro and Small Entrepreneurs (MSEs) and drive Citizen Economic Empowerment.
- Through the signing of a Memorandum of Understanding, Morupule Coal Mine’s contract suppliers now have the opportunity to access affordable funding through the commitment of a P2.2 Billion ($165M) facility by Letshego Botswana over a 5-year period.
- Letshego Botswana and Morupule Coal Mine have pledged to hive off contracts, provide ongoing financial support, and empower these entrepreneurs, giving them the potential to scale up their operations.
The signing of the Memorandum of Understanding between Morupule Coal Mine and Letshego Botswana underpins the commitment of the partners to empower and unlock the potential of Micro and Small Entrepreneurs to gain access to the capital required for participating in and successfully completing projects competitively within agreed timelines.
MSEs face significant financial challenges, including a low appetite in the market to …
- The annual inflation rate for February 2023 increased by 7.2 per cent compared to 4.5 per cent recorded in February 2022.
- On a monthly basis, inflation rate increased to 0.4 per cent compared to 1.1 per cent registered in the earlier month.
- Load-shedding in South Africa is preventing farmers from buying livestock from Namibia.
In February, the cost of goods and services increased more sharply and the outlook does not appear promising, particularly regarding food, which saw a 14 per cent hike. The Namibian Statistics Agency disclosed inflation figures for February yesterday, with the month displaying a 7.2 per cent rate, one percentage point higher than January’s inflation rate.
This 7.2 per cent is taking the country back to August 2022 when inflation reached a peak of 7.3 per cent. While most goods and services’ prices have increased overall, service inflation continues to weigh on headline inflation, rising at a …
- According to figures released this Wednesday by Statistics South Africa, retail sales in the country fell 0.8 per cent year on year in January.
- The data provides an insight into consumer demand in the country’s most industrialized economy.
- Sales for the three months to the end of January were also down by 0.2 per cent compared to the same period last year.
Statistics South Africa has released figures showing that retail sales in the country declined by 0.8 per cent year on year in January, following a revised 0.5 per cent decline in December. On a month-on-month basis, sales rose by 1.5 per cent. These figures provide insights into consumer demand in Africa’s most industrialised economy. Retail trade sales decreased by 0.2 per cent in the three months to the end of January, compared with the same period last year, the statistics agency said.
The largest negative contributors to this …
- IBL Group, a multinational conglomerate has acquired an undisclosed stake in Harley’s, a pharmaceutical distributor based in Kenya.
- The transaction marks the group’s latest investment in Kenya, following the acquisition of a 26.32-percent stake in Naivas Limited for Ksh12.5 billion (US$100 million) last year.
- IBL revenues for six months ended 31 December 2022 increased by 24 per cent to Rs 27.06 billion. Operating profit for the Group has increased to Rs 1.99 billion from Rs1.65 billion in 1H2022, representing a growth of 20 per cent.
Mauritian conglomerate Ireland Blyth Limited (IBL) has bought an undisclosed stake in Nairobi-based pharmaceuticals distributor Harley’s as part of a consortium that has taken control of the company.
This marks the latest investment in Kenya for IBL which last year acquired a 26.32 per cent stake in supermarket chain Naivas Limited for US$100 million (Sh12.5 billion) also as part of a consortium, underscoring the group’s …
- Ten state-owned enterprises (SOEs) are being prepared for listing on the Ghana Stock Exchange (GSE).
- Most of these SOEs have appealed to the government through the Ministry of Finance to assist them in recapitalizing their businesses.
- The approval of the President of Ghana is required because these SOEs are wholly or partially owned by the government. Consequently, presidential approval is required for these companies to offer their shares on the stock market.
Ten state-owned enterprises in Ghana are about to be listed at the Ghana Stock Exchange (GSE) after being selected by the State Interest and Governance Authority (SIGA) and the Ministry of Public Enterprises following a market readiness assessment. The move is seen as a way to recapitalize these state-owned companies and make them a tool for economic development in the country.
The GSE’s executive director, Abena Amoah, made the announcement at SIGA’s just-concluded annual meeting in Kwahu Abetifi …
- Hippo Valley Estates export sales volumes increased by 27% to 40,246 tonnes.
- Efforts are underway to expand the regional export market base so as to reduce the market concentration risk
- Hippo Valley Estates Limited, listed on the Zimbabwe Stock Exchange, is a subsidiary of Tongaat Hulett Limited and primarily involved in growing and milling sugar cane in Zimbabwe.
Hippo Valley Estates, a leading sugar producer in Zimbabwe, has reported a 27% increase in sugar export sales volumes for the third quarter ended 31 December 2022 to 40,246 tonnes. The company attributes the jump to improved allocation of the United States Tariff Rates Quota.
“During the period under review, there was an improved allocation of the United States Tariff Rates Quota which contributed to higher average export prices. This export quota remains secure and has been consistently fulfilled,” the company said in a trading update.
According to the company, efforts …
- Pulses are an important component of the global agrifood system and play a critical role in food security, nutrition, and economic development.
- Pulses refer to the edible seeds of leguminous plants, including beans, lentils, chickpeas, and peas, among others.
- In 2021, Tanzania’s exports of pulses were valued at over US$ 269 million, making it the leading pulses exporting country in Africa.
Tanzania is a leading producer of five commercially cultivated pulses: dry beans, chickpeas, pigeon peas, green grams, and cowpeas. These crops are grown in various regions of the country, including Manyara, Kagera, Kigoma, Mbeya, Mtwara, Dodoma, Njombe, Singida, and Mwanza. In addition, smaller quantities of bambara nuts and dry peas are also cultivated in Tanzania.
The country’s production of pulses is noteworthy, with an annual output of around 2 million tons. Dry beans are the largest contributor, accounting for 1.21 million tons, followed by pigeon peas (250,000 tons), chickpeas …
Sustainable Tourism in Zanzibar: How HotelOnline.co’s Sustainable Booking Portal is Adding Value
- HotelOnline.co, has joined up with MTI Investment to launch a long-term booking platform for the island.
- Started with the intention of assisting travel agencies in making more informed booking decisions, the portal now serves as a definitive resource for those seeking out hotels on Zanzibar that are confirmed to employ environmentally responsible waste management systems.
- Sustainable tourism is beneficial to Zanzibar since it helps the local economy by providing jobs for the population.
A major player in the African online travel agency industry, HotelOnline.co, has joined up with MTI Investment to launch a long-term booking platform for the island. This website, known as Sustainable Zanzibar, is meant to encourage ecotourism by highlighting accommodations that are dedicated to green policies.
By becoming a member of Sustainable Zanzibar, hotels will be able to showcase their commitment to sustainability, receive praise for their efforts, and connect with a wide audience of booking agents …
- Tigere Property Fund, a Real Estate Investment Trust (REIT), declared its first US dollar dividend, totaling US$152,000.
- This marks a major milestone for the company, which listed on the Zimbabwe Stock Exchange (ZSE) last year.
- The global REIT market size is estimated to increase by USD 333.01 billion between 2022 and 2027. The market’s growth momentum will accelerate at a CAGR of 2.8% during the forecast period.
Zimbabwe’s Real Estate Investment Trust (REIT) market has seen a significant development in recent times, with one REIT making a bold announcement regarding its dividends. Tigere REIT, known for its extensive real estate portfolio, has declared that it will be paying out its dividends in US dollars.
Tigere Property Fund, Zimbabwe’s first real estate investment trust (REIT) declared its maiden dividend of US$ 152 577 in line with its Listing Prospectus. The REIT, which was listed on the Zimbabwe Stock Exchange on November …