Tag: African

  • Glo-sponsored African Voices features Ghanaian star, Wendy Shay

    Glo-sponsored African Voices features Ghanaian star, Wendy Shay

    On African Voices Playmakers sponsored by Globacom on Cable News Network (CNN), Ghanaian singer and composer, Wendy Shay, will be featured.

    The 30-minute magazine show will highlight Wendy Shay’s abilities and accomplishments that have helped her rise to the pinnacle of her profession, as well as the positive effects of her charitable efforts.

    Born on February 20, 1996, Shay, whose real name is Wendy Asiamah Addo, was a midwife and nurse before discovering and activating her musical abilities. Her sound combines hip-hop, highlife, and Afrobeats. ‘Uber Driver’ and ‘Africa Money’ are two of her successful albums.

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    Among other accolades, Wendy Shay, a brand ambassador for Ghana’s Youth Employment Agency (YEA), was named Best New Artiste of the Year at the Ghana-Naija Showbiz Awards.

  • African economies corner $1.9b from tackling tax evasion

    African economies corner $1.9b from tackling tax evasion

    African countries have generated  $1.9 billion  in tackling tax evasion and illicit financial flows within the continent.

    According to the 2023 Tax Transparency in Africa  progress report unveiled at the 13th Meeting of the Africa Initiative in Cape Town, African countries realised the additional revenues following  voluntary disclosures, the implementation of information exchange mechanisms, and rigorous offshore investigations.

    From 2009 through 2022, these measures have effectively boosted tax revenue, interest, and penalties, underscoring a substantial progress in tax transparency across the continent.

    The report—co-produced by the Global Forum on Transparency and Exchange of Information for Tax Purposes , the African Union Commission and the African Tax Administration Forum presents the progress of 38 African countries in tackling tax evasion and other illicit financial flows (IFFs) through transparency and exchange of information. Five non-member countries participated in the study.

    The release of the report comes as African governments continue to step up efforts to bolster domestic resource mobilisation in the face of economic headwinds that include global inflation and mounting debt levels. The Organisation for Economic Co-operation and Development (OECD) estimates that Africa loses as much as $60bn each year in illicit financial flows.

    Enoch Godongwana, South Africa’s Minister of Finance, disclosed that  during the past eight years, the Africa Initiative has changed the tax transparency landscape in Africa and aided the mobilisation of more  domestic resources.

    Stressing the importance of political will in efforts to increase tax transparency, Godongwana said, however, that more could be done. He called for the Africa Initiative to strengthen African countries’ capacity to leverage exchange of information standards and protocols.

    Zayda Manatta, Head of the Global Forum Secretariat, presented the report to participants.

    Among the key highlights of the report are for the first time, one African country reported collecting additional taxes—worth €10.6 million— through the use of common reporting standard data.

    The Republic of the Congo, Angola, Zimbabwe and Sierra Leone have joined the Global Forum as 165th, 166th, 167th and 168th members since June 2022.

    23 African countries are now parties to the multilateral Convention on Mutual Administrative Assistance in Tax Matters, the most comprehensive instrument for all forms of  co-operation to tackle tax evasion, thus substantially expanding their Exchange of information networks.

    Manatta cited a World Bank study that projected that participation in exchange of information mechanisms could increase African countries’ tax revenues from 5% to 19% of Gross Domestic Product (GDP).

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    “The more familiar countries are with this tool, the more they exploit this tool, the more revenue should be collected. And if you manage to monitor this link between revenue collection and exchange of information, we would be able to further demonstrate the benefits countries are getting from this tool,” she said.

    Edward Kieswetter, Commissioner of the South African Revenue Service (SARS) and co-chair of the Africa Initiative, said collaboration was essential to serve our shared ambition for effective resource mobilisation. “A tax risk anywhere, is a tax risk everywhere. Tax administrations are called to serve a transformative and higher purpose in the interest of society, Kieswetter said.

    Launched in 2014, the Africa Initiative  is a partnership of the  Global Forum, 33 African countries and 16 partners, including the  African Union Commission, the European Union and the governments of Switzerland and the United Kingdom. The Africa Initiative seeks to ensure that African countries are equipped to participate in advances on global transparency, to better fight tax evasion and other illicit financial flows and ultimately improve domestic resource mobilisation.

  • Osimhen, others grace African Knockout Championship’s debut

    Osimhen, others grace African Knockout Championship’s debut

    The African Knockout Championship (AKO4,  the first pan African professional Boxing and Mixed Martial Arts (MMA) Championship,   has made a remarkable debut in Nigeria’s capital, captivating fans including Super Eagles forward, Victor Osimhen,  with its inaugural live event at the Ladi Kwali Hall, Abuja Continental

    The night was full of thrilling fights in the various categories of featherweight, middleweight, lightweight and women’s bantamweight with each fight adding to a cascade of excitement.

    The main event was a high-stakes showdown between Nigeria’s Daniel Emeka popularly known as “Big Shark” and Flex Munwe from Congo, culminating in Munwe’s triumphant victory by unanimous decision.

    The co-main event featured Richard Muzaan from Nigeria , who delivered a breathtaking technical knockout against Cameroon’s Tayo Athanassius, leaving the crowd in awe.

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    In the featherweight category, Daniel Iwuoha stunned everyone with a knockout of Emmanuel Nworie in just 38 seconds. Ugochukwu Melvin popularly known as “ the African sniper” also claimed victory over Burkina Faso’s Israel Mano in a light heavyweight decision, while Nigeria’s Jane Osigwe showcased her prowess in the women’s bantamweight division, dominating Togo’s Jibidar Cynthia with a technical knockout. Ivory Coast’s Marcel Yao, Knocked out Cherif Drame in 42 Seconds of the First round, there by winning the KO (knockout) of the night.

    Senegal’s Gasmire Diatta also known as “Kayilla the Killer” defeated Nigeria’s Jackiel Ayana (the smiling Assasin).  Nigeria’s Jane Osigwe & Senegal’s Gasmire Diatta won performances of the night.

    The atmosphere was electric as attendees witnessed high-octane action and fierce competition, making AKO4 a historic and exhilarating event. Among the captivated audience were notable figures such as Nollywood actor Jim Iyke, comedian and skit maker Mark Angel, and Super Eagles forward Victor Osimhen.

    “This event is  big boost for the company and we are proud to be part of this, development in Nigeria  and in Abuja for the first time. We hope to sustain this gesture,” said Javier Sanchez , the General Manager of Abuja Continental and host company of the event.

    Also remarking, one of the fighters, Nigeria’s Jane Osigwe said:  “It’s great to be here and I feel like fighting more, I see AKO being more than UFC in Africa. I hope to be a World Champion someday and I’m working towards this by devoting every day of my life to training.”

    The championship was proudly sponsored by Moniepoint, Fidelity Bank, Abuja Continental, and Green Hill.

  • Nigeria, other African economies to grow by 3.8%

    Nigeria, other African economies to grow by 3.8%

    Nigeria’s economy as well as some other African economies are expected to grow by 3.8 per cent this year. The report by the African Export-Import Bank (Afreximbank), launched at the bank’s Annual Meetings (AAM) 2024 holding in Nassau, The Bahamas, forecasts that the growth is slightly ahead of predicted global growth of 3.2 per cent – prior to increasing by four per cent in 2025.

    The Report is contained in the African Trade Report 2024 and African Trade and Economic Outlook Report 2024 is titled: ‘A Resilient Africa: Delivering Growth in a Turbulent World,’ provides an analysis of the economic environment, trade patterns, debt scenarios, and future projections for African economies.

    Afreximbank’s Group Chief Economist and Managing Director of Research and International Cooperation, Dr. Yemi Kale, said ongoing global challenges undermined the performance of Africa’s trade, which contracted by 6.3 per cent in 2023 after expanding by 15.9 per cent in 2022, while intra-African trade expanded by 3.2 per cent over the same period.

    The Chief Economist said: “This performance is reflective of the resilience of the African economy and the potential impact of the African Continental Free Trade Area’s (AfCFTA) single market for the continent as a tool to protect them from global shocks.

    “Our analysis in the report also revealed large untapped potential in intra-African trade, especially with respect to machinery, electricity, motor vehicles, and food products.”

    The report also revealed that African economies face several downside risks, including increasing levels of sovereign debt and associated sustainability risks, excessive exposure to adverse terms-of-trade shocks, escalating geopolitical tensions in some cases, volatile domestic political environments in certain African countries, high commodity prices and inflationary pressures, and potential food insecurity.

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    The outlook for the African Continent in 2024 remains positive despite the challenging economic environment of 2023. Most macroeconomic indicators are expected to improve in 2024 and 2025. Growth in the Continent is projected to be higher than the global average, and although inflation is currently high, it is expected to decrease, with this downward trend continuing into 2025.

    In the African Trade Report 2024, titled “Climate Implications of the AfCFTA Implementation,” the Chief Economist stated that the report concludes that the AfCFTA offers a path to achieving the developmental goals of African nations while also addressing climate change concerns.

    Dr. Kale indicated that while the benefits of the AfCFTA can be seen, the debate on its impact on climate change is still ongoing. He said: “One group believes that increased urbanisation and industrialisation associated with the AfCFTA will worsen carbon emissions, and the second group believes that by emphasising intra-African trade and reducing extra-African trade, carbon emissions will be eliminated through shorter shipping distances.”

     Overall, the report states that optimising the AfCFTA can result in potential gains through increased intra-African trade and investment, creating economic prosperity and fulfilling the vision of the founding fathers.

  • African aviation insurance pool up by $287,337

    African aviation insurance pool up by $287,337

    The African Aviation Insurance Pool’s operating result improved to $863,911 in 2023 from $576,574 in 2022.

    The Pool however witnessed a reduction in premium income to $730,515 in 2023 from $1,289,856 in 2022, as a result of deliberate efforts to streamline the portfolio for profitability, according to a report by African Aviation Pool Managers under the auspices of African Insurance Organisation (AIO) and General Assembly at the just concluded AIO Conference in Windhoek, Namibia.

    Giving report to the General Assembly, the AIO Pool Managers said they embarked on a turnaround strategy to address past profitability challenges encountered by the African Aviation Pool due largely to unfavorable global market conditions.

    The efforts, they said continued to reflect positively on the results as illustrated in the profit recorded in 2023.

    However, the managers stated that the stricter risk selection also resulted in a drop in premium income.

    The managers disclosed that membership on the other hand remained stable at 52 in 2023, with a subscribed capacity of $8.11 million.

    The report read: “The gross underwriting capacity was maintained at $17.5 million. As reflected in the results, measures taken by the Pool Managers to turn around the fortunes of the Pool continue to yield fruits.

    “However, it is important that members increase their support to the Pool to enable it grow profitably as the turnover remains small”.

    On African Oil and Energy Insurance Pool also under the AIO, the Pool Managers reported that membership remained stable at 51 in 2023, with a subscribed capacity of $8.86 million.

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    “The gross underwriting capacity was also maintained at $90 million. In 2023, the Oil & Energy Pool recorded 6.5 per cent reduction in premium income to $27.13 million, up from $29.03 million in 2022.

    “The operating result improved significantly to $10.22 million from $3.78 million in 2022. As at 31st December 2023, the members’ account stood at $38.92 million, representing 35.6 per cent increase from $28.70 million in 2022”.

    The Pool Managers said they look forward to receiving more support from members in order to achieve sustained profitable growth of the African Pools.

     “The Pool Managers would finally like to invite those who are not yet members of the African Pools to join this commendable effort of our industry elders to build the capacity of the African continent to write special risks and increase market retention.

    “This brief report summarizes the activities of the African Aviation Pool and the African Oil and Energy Pool for the financial year 2023. The global economy is gradually recovering from the effects of the Russia-Ukraine, and this was reflected in the results of the (re)insurance industry.

    “The Pools Managers will continue to seize available opportunities while maintaining emphasis on profitability for the sustainability of the business,” it stated.

  • Experts mull return to African family life

    Experts mull return to African family life

    The archetype of traditional African society is one that supports communal living, respect for the elderly, marriage institution, especially family life, but that has since become eroded with the advent of western values and culture with all its limitations, warts and all!

    The foregoing were experts’ views expressed at a public forum in Lagos, where they dissected the lingering challenges, problems militating against family life and offered practical suggestions on the way forward.

    Speaking to a cross-section of participants at the 8th edition of the African Family Life Delegate Conference, a programme organised to commemorate the International Day of the Family by the Institute of Family of Engineering and Development, they observed that there was a need for sober reflection and soul-searching by all if Nigerians, nay Africans desire to turn the tide in the quest to change the narrative around family disintegration.

    Firing the first salvo, Professor Ngozi Osarenren, a professor of Counselling at the Faculty of Education, University of Lagos, while interrogating the theme of this year’s celebration, ‘Embracing Diversity, Strengthening Families,’ said there is need to harness family solutions to resolve the crisis bedeviling the society.

    Waxing philosophical, the one-time Commissioner of Education in Edo State said there is need for a paradigm shift in behaviour.

    “We learn behaviour to unlearn it and you have to make a deliberate attempt at unlearning it. You have to first of all talk to yourself.”

    The family, she said, mirrors the society and speaks to the issues playing out, hence the need for self-evaluation by all and sundry.

    “Good is good and bad is bad; there are no two ways about it. There is no shade of bad and shade of good. No. it’s either good or it is not. It’s a question of gradually telling ourselves that we have missed the road, so let’s retrace our steps. It’s just like you are driving to a place and you missed the road to your destination. All you do is to turn around,” she said.

    Expatiating, she said, “But for a better society, all our cultural diversities should be harmonised. All the cultural divides should be closed. My final thoughts: we should embrace, accept and celebrate our uniqueness, especially the uniqueness of the African person. We should celebrate it and by celebrating it, we will end up having a global impact and collaboration everywhere. We have the capacity, we can do it. We can do it, it’s talking to ourselves.”

    Also speaking at the event, tech entrepreneur Iyinoluwa Aboyeji, who discussed the pathway to exporting African traditions to the rest of the world, said at the root of the endemic problem of poverty in African societies is the pursuance individuality rather than generational solidarity.

    “To unlock poverty, it is not going to come from the government, it is going to happen through the coming together of families to build enduring legacies and businesses. If we don’t work together, we won’t overcome poverty. Education and productivity are key factors.

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    Speaking on the sidelines of the conference, Praise Fowowe, the organiser, said he was inspired to carry on the onerous task of marking the International Day of the Family because there was a yawning gap.

    The international family life strategist, advisor, life coach and crisis manager, and founder, Institute of Family Engineering and Development, said this year’s edition had about 1, 780 delegates in a hybrid conference drawn from various sectors with focus on different family life issues as they affect the continent and proffer workable solutions that can chart a new path towards a developed continent of Africa.

    Fowowe who has over 24 years post-qualification experience in business and advocacy, said he is driven purely by altruistic, hence he has had no qualms at all trudging on despite challenges of getting sponsorship for the annual event.

    “For me, it’s the impact and we hear people say it all the time when they come and they come here to share a lot of testimonies. For me, that’s fulfillment because if we don’t do it, who will do it. We are doing what we have to do because we have to do it. We have the Institute of Family and Engineering so basically, part of the returns we get is what we put in there and we have practitioners of family life and when they come together some of them will drop their little widow’s mite. So it’s self-funded,” he said matter-of-factly.

    While reiterating the need for families to imbibe values of integrity, honesty and love, Fowowe, said these virtues are time-tested principles which the pristine African societies were known for.

    “When I was growing up you dared not steal and nobody would clap for you if you stole. Now, people steal and people go on and say he is our thief, no don’t persecute him it’s because when your man was there he was chopping and now it’s our turn to chop and things like that. Honesty, love for our people, these are critical values.”

    The government, he stressed, must begin to pass the right policies in place. “I hope that the state governments will set up the Ministry of Family Affairs, what we have right now is the Ministry of Women and Affairs and Youths.  It is just scattered and so when you disintegrate family at policy level how are you going to build an effective family? So, we need to get to that point where we have a Ministry of Family Affairs, where we can now decide what the Nigeria family should be like? What should be the values? And that’s why I have been preaching over the years. Once we have this integration, we will be able to raise our children proudly. We will account for every child and every family and provide support for them ultimately.”

  • Shaping future of African language media

    Shaping future of African language media

    Deputy Director, Digital Media, Voice of Nigeria (VON), Quasim Akinreti, has decried the inadequate preferences Nigerian mainstream media give to indigenous language as most preferred mediums of publications and broadcasts. He said it is expedient for African media to maximize opportunities of technological advances, which artificial intelligence (AI) provides.

    Akinreti who spoke at a public lecture titled, Shaping the future of African language media through Artificial Intelligence, held in Lagos recently noted that those using indigenous languages are very few and the readers, listenership and viewership are waning.

    He recalled that decades ago, African media were powered by oral messages passed through word of mouth, at palace meetings, village square, ( use of Gongs, Koje,) family  and town hall meetings.

    Akinreti described languages as corner stone of communication and progress, adding that  in recent times, only few Yoruba tabloids such as  Irohin Yoruba, Alaroye, Akede Odua, are on the news stand.

    To him, ‘radio and TV broadcasts in indigenous languages  are more provincial than national. Sub national governments hold on to local languages for public enlightenments. 

    He however observed that no African country have implemented formal AI Regulations, but ‘UNESCO gathered African Union of Broadcasters in Cameroon, March 2024 to adopt recommendations on ethics of AI, because there are growing concerns arising from the emergence of AI on African media organisations.’

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    He disclosed that thirty four countries from across the globe have produced and published National AI Strategy, adding Goldman Sachs forecast that global AI investment will reach 110.2 billion dollars  in 2023 and grow to 158.4 billion  dollars in 2025.

    But, he hinted that Nigeria, Ghana, Kenya, South Africa, and Ethiopia have deployed AI services in the financial, Agriculture and health sectors, ‘but the media industry which uses African languages for social mobilisation among others are struggling.’

    Akinreti tasked African media to leverage the advantages of technological advancement, which AI provides.

    He identified cultural, managerial and effect of colonialism as challenges, saying that there are noticeable lack of appreciation and understanding of communities and ethical practices during data collection. He added that Africa is a continent of diverse cultures and languages present a challenge to advertisers in term creating targeted campaigns that resonated with local audiences.

  • Infantino praises “consistent progress” by CAF, African member associations

    Infantino praises “consistent progress” by CAF, African member associations

    FIFA President Gianni Infantino has praised the Confederation of African Football (CAF) for the “consistent progress” it and its members have made in developing football on the continent.

    A frequent visitor to the continent, including the CAF Africa Cup of Nations in Côte d’Ivoire earlier this year and the CAF Futsal Africa Cup of Nations final in Morocco in April, the FIFA President has witnessed first-hand both the organisational know-how, passion and enthusiasm that exists in Africa.

     “The CAF Confederation meeting in Bangkok was a great opportunity for me to reiterate FIFA’s commitment to growing the game in the beautiful, football-loving continent of Africa,” said Mr Infantino after the gathering of FIFA’s African Member Associations ahead of Friday’s 74th FIFA Congress in Thailand’s capital.

    “I attended the CAF Africa Cup of Nations earlier this year as well as the CAF Futsal Africa Cup of Nations and the consistent progress is evident. I must also thank and congratulate CAF President Patrice Motsepe for taking a leading role in this regard.

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     “The talent in Africa is great and we will keep investing to create more football opportunities for everyone,” the FIFA President said.

    While the inaugural African Football League – launched earlier this year – boosted elite club football on a continental level, the progress made by national teams is clear. Morocco became the first African nation to reach the semi-finals of the FIFA World Cup Qatar 2022™  and their female counterparts shone on their FIFA Women’s World Cup Australia & New Zealand™ debut last year, earning a knockout stage place along with two of their African counterparts, South Africa and Nigeria.

  • ‘African Steel Company not shut’

    ‘African Steel Company not shut’

    The Management, African Steel Limited has debunked recent media reports that the Standards Organisation of Nigeria shut down the Ikorodu Steel Factory for standard infractions, describing the story as untrue.

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    In a statement signed by the factory director, Ravi Sharma,  it  attributes the report to the handiwork of some competitors who thrive in gaining advantage through unfair business practices, stating  that SON team recently visited the premises of African Steel Ikorodu as their regular oversight visit, they took inventory of already manufactured steel products and took samples for further regulatory processes with proper documentation.

  • Assar, Aruna head African contingent to Saudi Smash

    Assar, Aruna head African contingent to Saudi Smash

    Africa’s best ranked player Omar Assar of Egypt and Nigeria’s Quadri Aruna will lead Africa’s contingent to the $2 million  prize money Saudi Smash in Saudi Arabia.

    In a statement by the African Table Tennis Federation (ATTF), the duo will lead 12 others in the tournament from Thursday at the Sports Hall King Abdullah Sports City in Jeddah.

    Assar and Aruna are expected to begin their campaign from the main draw tomorrow  in the men’s singles.

    Egypt’s duo of Dina Meshref and Hana Goda will also commence their battle for honours from the main draw of the women’s singles.

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     “With the champions taking home a whopping 2,000 ranking points, the events at King Abdullah Sports City is poised to dramatically shake up the standings when the tournament ends on May 11.

     “Saudi Smash emerges as a marquee event in the WTT Series, blending top-tier table tennis action with dynamic entertainment.

     “It transcends traditional event boundaries, creating a captivating spectacle that draws in fans and players from across the globe.

     “It is set against the backdrop of Saudi Arabia’s rich cultural landscape and modern aspirations. It  elevates the experience of table tennis, making it a landmark occasion,’’ the statement said.

    Egypt’s quartet of Mohamed El-Beiali, Youssef Abdel-Aziz, Khaled Assar and Ahmed Saleh as well as Senegal’s Ibrahima Diaw and Algeria’s Mehdi Bouloussa will slug it out in the men’s draw.

    Meanwhile, Marian Alhodaby, Yousra Helmy, Marwa Alhodaby and Hend Fathym, all from Egypt as well as Cameroon’s Sarah Hanffou and Algeria’s Lynda Loghraibi are in the women’s event.