Economy

The continuation of our series dedicated to transformations of the Guinean economy, the country Alpha Condé is very late on the Internet, but this delay can be compensated with the arrival of optical fiber. China has funded the construction of a public fiber optic network, known under the "backbone" of Anglicism. It is now entering the marketing phase. The traffic on the two buried loops over 4400 km,…

The head of the South African bank VBS was sentenced to 10 years in prison. He is accused of plundering the economy of the poorest. It is one of the biggest corruption scandals in South Africa. On Wednesday, former CFO Philip Truter was the first to be convicted in the VBS case. VBS-mutual bank was nicknamed "the bank of the poor". Founded at the height of apartheid in 1982 in Venda, a former Bantustan far north in the country reserved by the white authorities for black communities, the bank housed the money for the most…

Tourist operators in Madagascar predict the slaughter of "small tourist operators", these small hoteliers, restaurateurs or tour operators who could not withstand the crisis. While waiting for better days, each resists in their own way and prepares for return, no matter how remote the tourists are. as reported from Farafangana, In 17 years of existence, the tour operator “Always Madagascar” had never had as many reservations as for 2020. Covid-19 commits to, 90% of its tours have been canceled. But several customers…

Indian rice is in the process of replacing Thai rice in Africa. It is exported like never before this year despite delays caused by Covid. Small revolution in the world's rice trade. Africa, which mainly imported its rice from Thailand, is turning more and more to India, which will be its main supplier this year. India has overtaken Thailand for a few years in terms of exports, but so far the two countries have followed each other closely and Thai rice has retained the favor of African buyers. Thai exports down 30%…

Continuation of our collection dedicated to the Guinean economic system through the October 18 presidential election. The nation has determined to accumulate biometric identification. Particularly, the previous inflexible paper identification card, which might be simply solid, can be changed by a brand new card containing the biometric info of people. An actual revolution in a rustic the place the…

The IMF is still at the bedside of the poorest in this time of global crisis. The fund on Monday approved new emergency aid for 28 countries, 22 of which are in Africa. The money received will allow them to either alleviate their debt or help fund the fight against the effects of the pandemic, the IMF says. Last April, The IMF relieved the debt in 25 countries among the poorest by activating an emergency mechanism, the Trust Fund for Assistance and Response to Natural Disasters. A fast and efficient tool, a giant purse of…

Zambia has failed to secure a moratorium on its Eurobond debt from its private creditors. Zambia is one of the many countries that have become indebted to Eurobonds in recent years. As the IMF worries about an alarming rise in debt in Africa, several African countries could quickly default on their payments. The event did not…

"Today is the economy" portrays Nigerian billionaire Aliko Dangote, founder and head of the conglomerate that bears his name and Africa's first fortune. He created his fortune in Nigeria but his dream goes beyond his country. Aliko Dangote: “We have a lot to do. We must liberate Africa economically from Africans. The only way we can thrive is for Africans to control their economies alone. The strangers will see what we do, then they will join us. Of course, we can not grow alone, but we have to lead. ” The core of…

Cotton production is in free fall in Mali. The former African fiber champion is expected to harvest a quarter of what he produced last year. The poor textile economy associated with Covid-19 is not the only reason. It will be one of the worst cotton crops in Mali's history. Less than 80,000 tons of fiber compared to nearly…

The Kenyan head of state is accompanied by five of his ministers for this visit dedicated to economic cooperation. He attended the conference of the Public Investment Bank, the institution responsible for promoting French companies abroad, along with his French counterpart Emmanuel Macron on Thursday morning. The two heads of state took the opportunity to discuss the economic opportunities that bind them, despite the global health crisis. And it was a rather determined Uhuru Kenyatta who appeared on the conference stage.…