Zimbabwe’s banks caught off guard by new gold-backed currency

Zimbabwe’s banks caught off guard by new gold-backed currency

The Zimbabwe Gold officially started trading just days after it was announced it would replace the Zimbabwean dollar, which has tumbled in value over the past year, pushing inflation through the roof. But many in the country were not ready for the switch. Eddie Cross an economist from Zimbabwe says even the banks haven’t been fully able to translate their accounting systems.

April 10, 2024 41

Business / Economics

Bank of Namibia joins Cirrus Investor Conference for global connectivity

The Bank of Namibia has participated in the 5th Cirrus Investor Conference held in Swakopmund from 9 to 10 April. The conference was held to facilitate connections between Namibian securities issuers and international investors, bringing together various stakeholders. Governor Johannes !Gawaxab delivered the opening address, discussing Namibia's economic trajectory and financial outlook in light of global forces. Naufiku Hamunime BoN's Principal: International Relations and Sustainability, has more.

April 10, 2024 27

Africa

More African founders secure $1M+ Funding in new trend

By Seth Onyango, bird story agency Start-ups in Africa are increasingly hauling in US$1 million or more in funding, even as the investment climate on the continent cools off. Data from Africa: The Big Deal, shows ventures raising over US$1 million thrive due to their bankability, suggesting a selective but keen interest from investors amidst a cautious investment backdrop. "While the amount raised quarterly is […]

April 10, 2024 6

Africa

West Africa’s falling fish stocks: illegal Chinese trawlers, climate change and artisanal fishing fleets to blame

By Robert Paarlberg, Harvard University Average fish catches by traditional fishing communities along the west African coast have declined significantly over the past three decades. Along the Gulf of Guinea, stretching from Côte d'Ivoire to Nigeria, fishers launch their wooden canoes from the beach to catch small pelagic fish, like sardines and anchovies, which they sell into local informal markets to make a living. They have done […]

April 10, 2024 3

Africa

Interstate deals fuel drive for African single roaming regime

Seth Onyango, bird story agency Growing interstate deals to end roaming fees are boosting efforts for a unified roaming regime in Africa, essential for a connected digital market. Benin and Ghana are the latest African countries to slash communication costs for their citizens roaming between the two countries. The new rates apply from July 1 and align with a protocol introduced by the ECOWAS region in March […]

April 10, 2024 8

Business / Economics

Morning Biz News – April 10, 2024: Galp Energia’s N$2.4 Billion Namibian Investment, Rand Strength, and Market Stability Dominate Financial Landscape”

Galp Energia Invests N$2.4 Billion in Namibia, Prioritizing Local Suppliers Galp Energia, a prominent player in the energy sector, has announced a significant investment of approximately N$2.4 billion in Namibia's upstream projects in 2023. Notably, over 61% of this investment has been allocated to local suppliers, underlining the company's commitment to fostering local economic growth. Filipe Silva, CEO of Galp Energia, emphasized the company's strategic focus on growth, with a […]

April 10, 2024 18

Business / Economics

Namibia’s digital nomad visa takes lead over South Africa’s

South Africa is following in Namibia's footsteps. This as the country is planning a policy reform with new visa regulations. SA is introducing the digital nomad visa for remote work if earnings exceed R1 million. Bloomberg News reports that a point-based system will replace the critical skills list, with criteria set for publication by the end of April. Also, requirements for police clearance certificates and other documents are being relaxed. […]

April 9, 2024 35

Business / Economics

Saudi Arabia pledges support to Pakistan

The Pakistan foreign office on Monday announced that Pakistan and Saudi Arabia have reiterated their dedication to accelerate an investment package worth $5 billion previously discussed. This reaffirmation came one day after Prime Minister Shehbaz Sharif met with Saudi Crown Prince Mohammed bin Salman. Separately, the Diplomat reports that in the recent discussions, Riyadh might have encouraged Pakistan to regain financial stability by entering into an arrangement with the International […]

April 9, 2024 36

Business / Economics

How to detect and prevent financial strain

By Bank Windhoek’s Executive Officer of Credit, Eddie King For many, credit is the go-to financial resource for financial management. Grasping its far-reaching implications and mastering prudent management is crucial for safeguarding long-term financial wellness. Recognising the early signs of financial strain and adopting strategies to prevent sliding into a debt trap is paramount for maintaining financial stability. Before you take up any form of credit, keep […]

April 9, 2024 5