Ethiopia must change strategy to maintain its economic growth, according to Toddy Thairu,Senior Advisor, Tax Services at KPMG.
In a bold move, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) voted to devalue the naira as well as tighten monetary policy instruments following its meeting on Tuesday, November 25. All 11 members of the MPC voted to devalue the official naira exchange rate from a mid-point of N155/$ to N168/$ (i.e. by 8.4%), while the corridor was adjusted from ±3% to ±5%.
It is no secret that the South African economy is growing at rates well below its potential. What is perhaps less well understood is that there are some quick wins which could kick-start the economy, yielding swift results. And from that position, it would be far easier to take the economy to a more elevated position, leading to more meaningful job creation.
Innovation and growth are top of mind for African CEOs. More than 30% of them see product and service innovation as the key driver of short-term growth, ahead of increasing market share in new and existing markets and M&A; initiatives.
Perceptions of Africa as an investment destination are changing rapidly and parts of Africa are increasingly considered very attractive for foreign direct investment.
Accion, a global nonprofit organization, has invested in Umati Capital, a Kenya-based lending company that provides invoice discounting and other forms of working capital financing to small and medium-sized enterprises (SME) in East Africa.
The positive phrase Africa Rising is now almost as common as the negative images we used to see about Africa throughout most of the previous several decades. Civil wars, coups d'état, natural disasters and famines seemed to be the only news about sub-Saharan Africa but now the narrative is changing towards the land of opportunity.
