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Mobile Money Transforms Uganda

The days when you had to spend USh10,000 on bus fare just to deliver USh20,000 to a relative in the village or join a long queues in banking halls to pay bills are soon coming an end. The advent of mobile money, a platform which allows people to use their phones to transfer money, conduct banking services and pay for goods and services, has...

Sudan in deal over oil sale figures‎

The Sudanese government Tuesday came to an agreement with an international watchdog over discrepancy in oil productivity figures. A statement from the Sudanese embassy in Nairobi said Global Witness acknowledged that confusion over the actual figures was caused by the use aggregate figures without taking into account the export-oriented net...

Zimbabwe’ Diamonds Sale a Damp Squib for Expectant Locals

ZIMBABWE'S much hyped sale of alluvial diamonds has become a damp squib for locals who were hoping for a windfall that would contribute significantly to the revival of the country's economy, which has been in the doldrums for over a decade. Zimbabwe sold 900 000 carats of what Mines minister Obert Mpofu said was just part of a six million...

Somalia Pirates Release Maltese Flagged Ship

Somali pirates on the early morning hours of Thursday released the Maltese flagged merchant vessel MV FRIGIA that they were holding for the past four months, Radio Garowe reports. The ship was hijacked on 23 March 2010 and the crew held hostage for 128 days. The pirates seized the ship approximately 1000 nautical miles east of the Northern Somali...

Zimbabwe Finance Minister Trapped on Budget Issue

The Minister of Finance, Tendai Biti, presented the Mid-Term Fiscal Policy Review to Parliament yesterday. Although the nation expected a lot from the Minister especially with respect to the debilitating liquidity challenges, it was clear that he had limited fiscal space due to the non-performance of the vote of credit (donor funds) and the...

South African President Jacob Zuma Calls for G-20 to Initiate IMF Reforms

PRESIDENT Jacob Zuma has reiterated SA's long-held view and called for international financial institutions to be overhauled to give developing economies a greater say. Addressing a session of the Group of 20 (G-20) in Toronto at the weekend, Mr Zuma said it was time for the group's leaders to take the initiative with regard to the reform of the...

Jonathan Rejigs Presidency, Appoints New Nigerian National Petroleum Corporation (NNPC) and Group Managing Director (GMD)

Jonathan Rejigs Presidency, Appoints New Nigerian National Petroleum Corporation (NNPC) and Group Managing Director (GMD) Seven weeks after appointing Alhaji Shehu Ladan as the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), President Goodluck Jonathan yesterday relieved him of his duties. The corporation's Group Executive Director, Refineries and Petrochemicals Mr. Austin Oniwon, was appointed as his replacement. Also, Chief Mike...

African Continent Loses Up to U.S.$400 Billion Annually in Capital Flight

African Continent Loses Up to U.S.$400 Billion Annually in Capital Flight THE African continent which many international investors describe as too risky to invest in, loses between US$200 billion and US$400 billion annually in capital flight by firms which make super profits through evading or cheating the taxman. South African Finance Minister Pravin Gordhan said in Dar es Salaam today during a plenary at World...

Ugandan President Museveni Plans Shift from Free Market Economy

President Museveni this week launched the National Development Plan (NDP) whose drafters say is meant to transform Uganda from a peasant to a prosperous country within the next 30 years. They say government will achieve this through growth, employment and socio-economic transformation. Uganda has one of the youngest populations in the world and...

African Economies Show Resilience in Face of Economic Crisis

African economies have shown resilience in the face of global financial adversities, have passed the stress test and can be expected to achieve economic growth this year, says Donald Kaberuka, president of the African Development Bank (AfDB). Addressing African finance ministers April 26 in Washington, Kaberuka acknowledged that the global...

Making Oil a Blessing Through Local Participation in Ghana

Making Oil a Blessing Through Local Participation in Ghana Although significant revenues are expected from the Jubilee Field oil production, various analyses suggest the expected revenue will have little impact without the engagement of local companies to render various services. Related to the issue of local content are the elements of timeliness and quality assurance which have been described as...

Acting President Goodluck and US President Obama Meet On Niger Delta, Oil Reform

Acting President Goodluck and US President Obama Meet On Niger Delta, Oil Reform Acting President Goodluck Jonathan yesterday met with US President Barack Obama at the White House, Washington DC, to discuss issues relating to the Niger Delta, oil industry reform, electoral reform and Nigeria's role in global peace, among others. THISDAY had, last week, exclusively reported the planned meeting between the two leaders ahead of...

Finance Ministers and Central Bank Governors Meet On Global Crisis in Africa

Finance Ministers and Central Bank governors from South Africa, Nigeria, Uganda, Tanzania, Senegal and Ethiopia began a two-day meeting hosted by the African Union and the United Nations Economic Commission for Africa, on Monday in Lilongwe, capital of Malawi. According to a report by international newswire Bloomberg, the meeting will primarily...

Oil Exploration Now Renews Hopes of a Major Discovery in Kenya

Expectations were once again high in Nairobi last week as news trickled in that CNOOC -- the Chinese state-owned company currently exploring oil in Northern Kenya -- had hit what oil exploration experts described as a "very high concentration of gas." In our issue of October 19-25, 2009, The EastAfrican quoted Energy Minister Kiraitu Murungi as "...

Cosatu Threat Over Metrorail Increases in South Africa

Cosatu Threat Over Metrorail Increases in South Africa Cosatu has threatened to "bring the economy to a standstill", if Metrorail carries out plans to increase train fares on April 1. The fare increase, the first since 2003, will see customers paying between R40 and almost R100 more than the current prices for a Metroplus monthly ticket. The Cape Argus reported earlier this week that Metrorail had...