Biz Buzz: Namibia Triumphs as Best Startup Ecosystem in Africa and More Financial Highlights

January 12, 2024 7

1. Namibia Secures Best Startup Ecosystem Title

Namibia has clinched the esteemed title of the Best Startup Ecosystem in Africa, a testament to the country’s unwavering dedication to fostering entrepreneurship resilience and maintaining a supportive business environment. The Namibia Investment Promotion and Development Board proudly accepted this accolade, recognizing the nation’s efforts in promoting innovation, fostering cross-continental collaboration, and encouraging entrepreneurial endeavors.

2. Invest in African Energy Forum Returns to Paris

The Invest in African Energy forum is set to return to Paris for its second edition this May, with a focus on enhancing collaboration between European and African public and private sector entities. The African Energy Chamber’s State of African Energy report (2022) highlights that over 70% of Africa’s oil and gas production stems from strategic partnerships and joint ventures, underscoring the significance of collaboration in the energy sector.

3. Currency Outlook for the Coming Week

Currency markets are expected to witness fluctuations in the coming week, with Kenya’s shilling, Ghana’s cedi, and Zambia’s kwacha anticipated to weaken against the dollar. Meanwhile, Uganda’s shilling and Nigeria’s naira are expected to hold steady, as traders cite factors such as increased demand for dollars and economic inflow dynamics.

4. Dollar Holds Steady Amid Inflation Concerns

The US dollar maintained its stability against peer currencies, despite concerns over higher-than-expected U.S. consumer price inflation. Investors weighed economic indicators, contemplating the possibility of the Federal Reserve cutting rates as early as March. U.S. consumer prices registered a 0.3% increase in December, slightly surpassing economists’ forecasts.

Financial Indicators Snapshot