African Business and Economy News [Archive] - Page 4

DanteXavier

June 30th, 2008, 06:41 AM

Kenya: Port expansion to give economy a major boost

Finally, the Port of Mombasa will be joining the big league in the world when it starts handling the larger ships that are now taking over the shipping business.
Currently, the port handles smaller ships that are slowly being phased out in favour of the larger ones called post Panamax, with bigger capacities.

Since many fleets around the world are converting to post Panamax ships with over 6,000 TEU (Twenty-foot Equivalent Units — shipping container), ports are also reassessing how they can fit in the cut-throat business.

The expansion of the port of Mombasa could not therefore have come at a better time.

The port will now claim a niche in the maritime industry.

Although port users will have to wait until 2013, when the first berth of the planned expansion is completed, a sigh of relief is slowly creeping in among the business community.

The volume of trade is expected to increase tremendously once the project, with funding from the Japanese government is completed, a decade from now.

It is expected to address constant complaints from port users of major delays.

The flow of containers was not in tandem with the increasing trade and demand for services.

Although some shippers had threatened to go through the Port of Dar es Salaam in Tanzania, Mombasa still remained the favoured choice because of its location, technological advancement and bigger capacity.

But most importantly, the Kenya Ports Authority (KPA), which is currently serving as a feeder port, will have a new status with the expansion, which involves the construction of a second container terminal.

The allocation of Sh20 billion in this year’s Budget by Finance Minister Amos Kimunya removes doubts about the Government’s commitment to the expansion.

The Japanese Government will spend Sh16.2 billion in form of a loan to Kenya, which is expected to pump in about Sh4 billion for the project.

The KPA head of operations, Captain Twalib Khamis, said the project was a reality and that proper work on the terminal is set to start next year.

Enlarge channel

“The first berth is expected to be ready in five years, while the whole project will be finalised in 2020. It is a very big and complicated project that will begin with the enlargement of the 12 kilometre channel from Likoni (Kilindini wharf) to the end in Port Reitz.

“But the main terminal will be built in Port Reitz on land that will be reclaimed with soil from the dredged material,” he said.

Once the work is complete, said Capt Khamis, the Port of Mombasa will be the hub for eastern Africa and the Eastern Indian Ocean region.

Some of the countries that will rely on the port for import and export of cargo are Uganda, Democratic Republic of Congo, Rwanda, Burundi and Kenya.

He said there was a big demand for services which had led to congestion of the port that currently handles between 400,000 and 450,000 containers a year.

This translates to a total of 15.9 million tonnes last year, a rise of more than 1.5 million tonnes or 10.5 per cent compared to 14.4 million tonnes handled in 2006.

“This would help decongest the port and increase the capacity of KPA to handle about 1 million containers per year.

“The project will have a big multiplier effect because it will open up the western part of Mombasa, mainly in Changamwe through the expansion of the road network,” said the captain.

Port users have welcomed the move, saying it would increase the volume of trade and decongest the port.

But they are also cautious, saying they hoped the project was a reality and not the usual talk from the Government.

Mr Evans Ochieng, the proprietor of Tohel Agencies, a clearing and forwarding company mainly dealing in the import of cars, supported the expansion plan saying it would minimise delays at the Port.

“It’s a wise idea that is long overdue but we hope we will also be able to deal directly with the port instead of going through Container Freight Stations (CFSs) as this is the only way delays can be dealt with,” he said.

Mr Ochieng said currently, the cost of doing business through the port was very high because of the steep charges they incurred through delays in clearing their goods when they pass through the CFSs.

He said it was different when they dealt directly with the port and suggested that the old system be reinvented to have a one-stop operation system.

“Car importers for instance, have to contend with the delays because most CFSs do not have the capacity to clear goods fast enough and therefore, forcing us to go beyond the requisite 10 days for goods to stay at a station before starting to pay extra storage charges.

Expecting relief

“The system of dealing with CFSs ... started about two years ago and is inconveniencing us and that is why if the expansion project is realised, we will be expecting some relief,” said Mr Ochieng.

Kenya International Freight and Warehousing Association (Kifwa) Mombasa branch chairman Peter Otieno said the Kenyan economy was bound to take forward strides once the modernisation project was complete.

He said employment would be created because there would be extra cargo to be handled.

“It is also likely that Mombasa will not only be a handling port but a transshipment hub because the port would handle bigger vessels that currently do not call at Mombasa Port,” he said.

http://www.nationmedia.com/dailynation/nmgcontententry.asp?category_id=39&newsid=125951

DanteXavier

June 30th, 2008, 06:45 AM

Botswana firms upbeat on economy, inflation a worry - survey

JOHANNESBURG (Reuters) - Botswana's business sector remains optimistic about the economy, but is worried over the deteriorating inflation outlook, a survey showed on Tuesday.

The Bank of Botswana's Business Expectations Survey (BES) showed industry expected economic growth to average 5.9 percent in 2007/2008 and accelerate to 6.4 percent in 2008/2009.

"The survey suggests that there remains considerable confidence that the increased momentum in the domestic economy can be maintained," the central bank said in a statement.

Overall business confidence however, stood at 71 percent, down from 80 percent in the previous survey.

"The slight decline in confidence is consistent with an outlook of a faster rate of increase in prices and other supply-side constraints, including shortages of inputs," the Bank of Botswana said.

In early June the bank said electricity shortages would help to cut economic growth after a rise of 6.1 percent in 2006/2007.

Botswana imports some 72 percent of its power from South Africa's state-owned Eskom, which is battling to meet domestic demand.

Inflation was seen averaging 9.8 percent for 2008, and average 10.2 percent in 2009.

"There is particular concern about likely upward pressures on wages and transport costs. Expectations of further monetary tightening over the next twelve months have also increased," the central bank said.

The bank increased its key rate by 50 basis points to 15.5 percent last week and warned that inflation would maintain an upward trajectory in the short term.

The BES also showed anticipated improvements in key indicators, in particular production levels and volume of sales as well as profitability.

"This may reflect anticipated growth in domestic demand due to accelerating government investment and increased consumer spending following recent salary increases," the bank said.

Government, the largest employer in the country, increased wages by 15 percent in April.

The survey is conducted twice a year among 100 businesses in sectors such as mining, agriculture manufacturing, construction and business services.

http://africa.reuters.com/business/news/usnBAN438518.html

You are to blame

June 30th, 2008, 08:11 AM

Dante, I love all the recent good economic news.

DanteXavier

July 3rd, 2008, 07:09 AM

Dante, I love all the recent good economic news.

As do I! Here is some more:

IMF says Kenya's economy to grow at 4% in 2008

NAIROBI, July 2 (Xinhua) -- Kenya's economy is set to grow by some 4 percent in 2008/2009 in line with government projections, the International Monetary Fund (IMF) review mission said on Wednesday.

An IMF mission which visited the country from June 23-July 2 said the economy which suffered during the post-election crisis is regaining footing after the formation of the grand coalition government.

"While a full recovery in some sectors is likely to take time, including in tourism, the economy as a whole is already rebounding. Overall, we expect GDP to grow by some 4 percent in 2008-a respectable result given the events of the first quarter," the IMF mission said in a statement.

The IMF mission led by Thomas Krueger said the fiscal deficit in 2007/2008 (July/June) is likely to have remained within the original budget target.

"With buoyant domestic revenues, this allowed some additional expenditure to meet new spending needs emerging in the wake of the political turbulence. Looking ahead, it will be important that fiscal continues to safeguard macroeconomic stability," it said.

The visiting Fund said the economic growth in 2007 reached 7 percent, the highest growth in over two decades buoyed by sound macroeconomic policies and progress on structural reforms and a favorable external environment. "The strong momentum was interrupted, however, by the post-election turbulence in early 2008. This left a severe human toll and its economic effects were evident not only in Kenya, where tourism, agriculture, and transport were particularly affected, but also in the region as transport links were interrupted," said the team.

The mission said it discussed the case for keeping the 2008/2009 deficit (in relation to GDP) below the level in the previous year, thereby stabilizing public debt in relation to GDP. "With a solid domestic revenue base, this should be achievable even while addressing recovery-related spending needs and accommodating higher outlays for much needed infrastructure projects," the statement said.

The Fund's team said the soaring world prices for food, fuel, and fertilizer pose new challenges for policymakers, not just in Kenya but also in most other countries.

It said the government has already announced several steps aimed at alleviating the near-term impact.

"We also discussed the possibility of designing measures more specifically targeted at the poorest segments of the population and, in the case of farmers, at improving access to credit," the statement said.

"It is important that these measures do not undermine macroeconomic stability or distort prices in a way that would hamper a longer-run supply response-an area where many see significant potential for Kenya," the mission said.

The IMF team supported the Central Bank of Kenya's recent actions to tighten monetary policy, noting that the country's apexbank needs to be prepared to take further steps "if this proves necessary to forestall second-round effects of rising food and energy prices on overall inflation". The IMF mission also lauded the government's Vision 2030 which it said sets out rightly ambitious longer-run objectives with Kenya aiming to reach middle-income status.

The team said achieving these objectives will require further structural reforms but also public spending to address crucial supply bottlenecks.

"The mission was encouraged by the widespread recognition that this needs to take place within a framework that has the private sector as the engine of growth and preserves macroeconomic stability," the statement said.

"Strong growth will also require a highly competitive tradable sector. The mission agrees that improving competitiveness depends foremost on addressing supply bottlenecks and structural reforms -with progress all the more urgent in light of the strong exchange rate."

The IMF mission said much has already been achieved in recent years on structural reforms, including with improvements in public procurement and the streamlining of business licensing requirements.

http://news.xinhuanet.com/english/2008-07/03/content_8478561.htm

DanteXavier

July 3rd, 2008, 07:12 AM

Cape Verde: IMF says it is impressed with Cape Verdean economy

Washington, United States, 2 July – Cape Verde has had “impressive” economic performance, but should maintain a prudent fiscal policy to ensure its capacity to resist shocks, the International Monetary Fund (IMF) said Monday.

The IMF executive council Monday completed an assessment of the Cape Verdean economy for the last three years, under the terms of the Policy Support Instrument (PSI), a programme designed by the IMF for low income countries and island nations that may not need or want financial aid, but continue to seek “advice, inspection and support from the IMF for their policies.”

In Cape Verde’s case, the PSI was drawn up to “strengthen the sustainability of growth and development, maintaining a stable macroeconomic climate and to move ahead with structural reforms.”

The deputy administrative director and interim president of the IMF, Takatoshi Kato, praised "the impressive economic performance of Cape Verde over the last few years, which reflects a prudent macroeconomic administration and economic reforms.”

"The continuation of a prudent fiscal policy will be critical to ensure interchange and strengthen resistance to shocks,” Kato said noting that, under the terms of the programme, Cape Verde fulfilled its internal debt commitments two years ahead of schedule.

Takatoshi Kato said that the Cape Verde export base remained small and the the current boom in the tourism sector should be used as a “window of opportunity to facilitate development of the private sector and increase economic diversification.”

"Diversifying the economy remains an important strategic objective to increase resistance to shocks,” he said. (macauhub)

http://www.macauhub.com.mo/en/news.php?ID=5644

DanteXavier

July 3rd, 2008, 07:17 AM

Cape Verde: Cape Verde may be gateway for Brazil to Africa and Europe, Brazilian foreign minister says

Praia, Cape Verde, 30 June – Brazil’s foreign affairs minister, Celso Amorim said Friday in Praia that Cape Verde could be a gateway for entry of Brazilian products into the African market as well as into European countries.

Relocating Brazilian companies to Cape Verde would be an opportunity to reach African markets, but also “an opportunity to reach developed countries (Europe) where Cape Verde is preferential and Brazil does not have that same status,” he said.

Amorim was speaking after a meeting with his Cape Verdean counterpart, Victor Borges, as part of a one-day visit to Cape Verde, during which he opened a Brazilian Studies Centre and a Training Centre in the capital, which were both funded by Brazil.

The two ministers also signed a memorandum of understanding, according to which Brasília and Praia made a commitment to hold regular meetings to discuss and schedule cooperation for development, political dialogue and economic and business cooperation.

As part of the visit, Amorim and Borges also signed cooperation protocols to create a Breast milk Bank in Cape Verde, and to support primary Healthcare, the archipelago’s Employment and *Professional Training Institute and training of workers of the Professional Training Centre opened Monday. (macauhub)

http://www.macauhub.com.mo/en/news.php?ID=5628

DanteXavier

July 3rd, 2008, 07:20 AM

Angola: Economic growth will be less “impressive” but better for employment and diversification - BPI

Lisbon, Portugal, 26 June – The slowdown of Angolan economic growth in 2009, to less “impressive” levels than those of the last few years, is beneficial to the country’s development, allowing for diversification and Job creation, according to analysts from Portuguese bank BPI.

The development of the oil sector, “has ahd a direct restricted imapct on the traditional Angolan economy,” according to the Angola report, published Wednesday by the Office of Economic and Financial Studies of BPI.

Stabilisation of oil production, which over the last few years had been increasing significantly, is the main reason for the slowdown forecast by the Organisation for Economic Cooperation and Development (OECD), and the World Bank.

The World Bank this month revised its figures for Angola, now projecting growth of 25.4 percent this year and a slowdown to 6.7 percent in 2009.

In May the OECD forecast a slowdown of the Angolan economy to 11.5 percent this year and 5.1 percent in 2009.

According to the OECD there will be a slowdown in growth of oil production (…) assuming the country meets its new oil production quota set by OPEC (Organization of Petroleum Exporting Countries), of 1.9 million barrels per day.”

In the report published Wednesday, the BPI said the OECD’s figures were “pessimistic,” despite agreeing that the country’s economic growth had for many years being based on oil, a sector which is getting close to its production potential.

Slower growth, the BPI analysts said, is “more diversified and creates employment,” and therefore, “more favourable for Angola, despite being less impressive.”

The sustainability of the Angolan economy, which is its main challenge, requires precisely a capacity to develop non-oil sectors and job creation, ensuring better distribution of wealth and providing sustained poverty relief,” said analysts Cristina Casalinho, Paula Carvalho and Susana de Jesus Santos.

Portuguese bank BPI controls Banco Fomento, which is Angola's biggest private bank. (macauhub)

http://www.macauhub.com.mo/en/news.php?ID=5610

DanteXavier

July 3rd, 2008, 07:22 AM

Tanzanian Economic Growth to Accelerate Through 2011

By Sarah McGregor

June 12 (Bloomberg) -- Economic growth in Tanzania, Africa's third-biggest gold producer, is expected to accelerate through 2011, said Finance Minister Mustafa Mkulo.

The economy is expected to expand 7.8 percent in 2008, compared with 7.1 percent last year, Mkulo told lawmakers in the capital, Dodoma, today. Growth will accelerate to 8.1 percent in 2009, 8.8 percent in 2010 and 9.2 percent in 2011, he said.

``The increase in the growth rate was mainly attributed to an increase in economic activities in communication, mining, financial intermediation, trade, construction, health and agriculture,'' Mkulo said.

The economy of Tanzania, which ranks behind South Africa and Ghana as the continent's biggest gold miner, is benefiting from rising global commodity prices. The nation is also attracting increased investment after most of its debt was canceled in 2006.

The government will target an inflation rate of 7 percent in the year through June 2009, Mkulo said. Consumer inflation accelerated to 9.7 percent in April, from 9 percent in March, as food prices increased, the National Bureau of Statistics said last month.

Spending in Tanzania will rise to 7.22 trillion shillings ($6.1 billion) in the fiscal year through June 2009, from 6 trillion shillings a year earlier, Mkulo said in his budget speech.

Foreign-Donor Support

The government intends to trim tax exemptions for mining companies and other investors, improve revenue collection methods and register new taxpayers to help reduce its reliance on foreign-donor support for its budget, he said, without providing details.

``Dependence of the budget on the donor external financing, which is unpredictable, affects the government's medium-term planning and implementation of annual plans,'' Mkulo said.

About 34 percent of the 2008/09 budget is funded by foreign donors, compared with 42 percent a year earlier, he said.

The surging cost of oil, fertilizer and raw material imports, along with Tanzania's inadequate road, rail, ports and energy infrastructure, may restrain economic growth, Mkulo said.

As a result, Tanzania will spend about 460 billion shillings on fertilizer subsidies, developing hardier varieties of seeds and training farmers to boost agriculture, which employs about 80 percent of the country's workforce.

About 973.3 billion shillings will be spent building roads, Mkulo said. The government may also extend a cereal export ban and impose a tax on some crops sold outside the country to bolster domestic food supplies, Mkulo added, without elaborating.

Tanzania is Africa's fourth-biggest coffee exporter after Uganda, Ivory Coast and Ethiopia.

http://www.bloomberg.com/apps/news?pid=20601116&sid=aU8YJ0DkXNpA&refer=africa

nairoberry

July 4th, 2008, 11:34 PM

African Community minister Amason Kingi Jeffah (right) and Mr Nalo at yesterday’s Press briefing. The PS explained steps to implement the standards mark.

July 3, 2008: The adoption of a common regional quality standard will go on despite the implementation hitches.

The Ministry of East African Community said yesterday it was mandatory to effect the common standards after the regional legislative assembly passed the Standards, Measurement and Testing Act.

“It is now law and must be implemented. There could only be negotiations on the mode of implementation,” Mr David Nalo, the permanent secretary in the ministry, told a news briefing in Nairobi yesterday.

Grace period
But in what could be a reprieve to importers and exporters, the PS said the EAC Council had formed a committee to co-ordinate a smooth implementation of the new law that was set to have taken effect on July 1,2008.

Confusion over standardisation marks has resulted in delay in the implementation of this legislative requirement in markets such as Kenya where the standards regulator, Kenya Bureau of Standards (Kebs) has been forced to give a three-month grace period to traders to comply.

Several supermarket chains such as Nakumatt had threatened to withdraw from its shelves goods, which do not bear the EAC standards seal.

The threat by Nakumatt could lock out thousands of locally manufactured goods from trading since only 1,300 brands have been registered with the quality mark.

Some importers have also fronted an argument that the EAC standards mark requirement would only compound logistical hitches since most goods had already been covered by the provisions of the regional Customs Union (CU), which dictates that goods traded must meet the rule of origin (ROO).

Under the EAC Customs Union that came into effect in 2005, traders have in the past been allowed to operate as long as they had in their possession Certificates of Conformity (CoC) which confirmed compliance with the ROO clause.

“The committee will look into the diverse issues that are being raised such as what marks would be used to capture regional standards,” Mr Nalo said.

He said the new Standards and well as Competition laws were vital in protecting regional markets from the threats of piracy and counterfeits that denied traders fortunes in earnings besides placing the lives of consumers at risk.

“The law is all round good for regional markets. The opportunities to protect markets and consumers alike is huge.”

The PS expressed optimism that players in regional markets would soon find a middle ground on the strategy to use in implementing the new standards law.

Legal redress
Local manufacturers have in the past complained that some imported goods have been allowed to trade without the new standardisation mark.

The PS argued that with the new laws and the newly established two-tier regional courts, traders would find an opportunity to seek legal redress whenever disputes arose.

The region boasts of a first instance court and a court of appeal.

East Africa Community minister, Amason Kingi Jeffah, said yesterday Justices Kasanga Mulwa and Phillip Tunoi had been appointed to serve as in the first instance and Appellate courts respectively.

DanteXavier

July 5th, 2008, 02:30 AM

Mozambique: Portugal Cancels Country's Debt

Portugal has cancelled Mozambique's remaining debt to Lisbon, estimated at 393.4 million US dollars, accumulated since shortly after independence until 2005.

An agreement to that effect was signed in Maputo on Tuesday between Mozambican Finance Minister Manuel Chang and his Portuguese counterpart Fernando Teixeira dos Santos.

Negotiations about the debt had begun in late 2005 and, a few months ago, the technical negotiations were completed, thus making it possible to sign Tuesday's agreement. Most other European creditors had cancelled Mozambique's debts long ago.

Chang described the debt cancellation as an acknowledgement by Portugal of the achievements of the Mozambican government in implementing programmes aimed at growth and the socio-economic development of the country. He said that money that would have otherwise gone towards servicing the debt to Portugal could now be used to finance activities included in the government's Action Plan for the Reduction of Absolute Poverty (PARPA).

For his part, Teixeira dos Santos said that writing off this debt is in line with a commitment by Portugal, as a member of the "Paris Club" of creditor nations, to cancel the debts of Highly Indebted Poor Countries (HIPC).

"This was part of an international initiative. Portugal joined this initiative, which is not only bilateral between Mozambique and Portugal, but involves the international community, the International Monetary Fund and the World Bank to relieve debts of the Highly Indebted Poor Countries. Mozambique has been meeting its development challenges and has deserved special attention from the international community', he said.

In fact, Portugal has dragged its feet in implementing its HIPC undertakings. Explaining this delay, Teixeira dos Santos told reporters that, though negotiations started in 2005, the final agreement was only signed now because Portugal itself had been facing a serious financial crisis as a result of its budget deficit, 6.1 per cent, well above the 3 per cent acceptable to the European Community.

He claimed that, before writing off the debt, Portugal had first to stabilize its own economy, which was finally achieved.

"After we corrected the deficit, now we have enough space to meet this Mozambican interest in writing off the debt", said the Portuguese minister. "A month after we gained acknowledgement from the European Commission that we have lowered our deficit to less than three per cent, we are here, in Mozambique, to say that now we are in a fit condition to cancel the debt".

Besides this agreement, the two countries also signed other memoranda, namely a tripartite agreement to grant a 100 million Euros (148 million US dollars) loan, and another on technical cooperation between the two countries' Finance Ministries.

The tripartite agreement was signed between the two Finance Ministries and the Portuguese state bank, the Caixa Geral de Depositos (CGD). This credit will be used to develop socio-economic infrastructures in the areas of agriculture, energy, public works, industry and trade.

On technical cooperation, the two ministries intend to design programmes and step up technical assistance in the areas of customs, public purchases, public debt, planning and international relations, taxes, financial inspections, budgeting and public accounting.

http://allafrica.com/stories/200807020911.html

Tarrex

July 5th, 2008, 06:51 PM

Ethiopia: Council of Ministers to endorse oil exploration license for British company

Saturday, 05 July 2008
By Kaleyesus Bekele

A UK-based company, Falcon, is to engage in oil exploration activity in the lake Tana area of the Amhara Regional State.
Falcon, the first company which has shown keen interest near the River Nile, has been negotiating with officials of the Ministry of Mines and Energy (MME) for the past two months. Experts of MME have been evaluating the proposal submitted by Falcon. Officials of MME three weeks ago forwarded the draft oil exploration license to the Council of Ministers for endorsement.

Once the oil exploration license is approved by the Council of Ministers, MME and Falcon would sign an oil exploration agreement and production sharing agreement (PSA) which enables the company to prospect for oil in the sedimentary basic found in the vicinity of Lake Tana. The Tana area is one of the five sedimentary basins found in Ethiopia. Ogaden, Gambella, Omo, Abay Gorge and Mekelle are the other four.

So far six companies are engaged in oil exploration activity in Ethiopia. These are Petronas, Pexco, South West Energy, Lundin, Afar Explorations and White Nile. Falcon would be the first company to explore the Tana basin.

a_bondima

July 6th, 2008, 03:56 AM

Cameroon sees growth up, eyes potential bond

Fri 4 Jul 2008, 5:42 GMT

By Peter Apps and Bate Felix

LONDON (Reuters) - Cameroon's Prime Minister sees his country's economic growth accelerating on new mining and infrastructure projects, he said on Thursday, raising the prospect of an international bond issue.

Ephraim Inoni told Reuters in an interview he expected growth to reach 6-6.5 percent in 2009 against 4-5 percent in the current year. The International Monetary Fund says it expects 6.5 percent growth across Africa in 2008.

"We are expecting the growth from major sectors like mining and infrastructure projects like the port and are in the process of building a new stadium," he said on the sidelines of a Commonwealth Africa business event in London.

Western mining firms are stepping up cobalt and nickel mining in Cameroon, part of a broader boom in production across the continent driven by soaring demand from emerging Asian economies.

Ghana and Gabon both issued Eurobonds last year, and while no African country has yet come to market in 2008 further issues are expected from Kenya and Uganda. Inoni would not give a timescale or potential size for any issue, but said it was being considered.

"The Minister of Finance is working on that," he said.

Like many other countries across Africa and around the world, Cameroon has struggled in the face of spiralling food and fuel prices. In February, at least 24 people were killed in protests that were linked partly to ride in living costs. Human rights activists put the death toll at 100.

The government raised state salaries and suspending customs duties on basic foodstuffs. Inoni said they had also imposed price controls and subsidies to limit the impact of rises on the population.

SUSTAINABLE?

"The government has put in a system of controls so that market prices do not rise above certain levels," he said. "Oil prices are now above $140 (a barrel) but we have maintained prices to levels where they were when a barrel was at $80."

But there were limits to how much price support the government could provide, he said.

"I do not think that if prices go up to $200, we will be able to sustain," he said. "We are only praying that it stays at this level. But I do not think they will go that high."

Overall, he said the West African country's economy was in good health but complained international coverage of Africa concentrated too much on its handful of wars such as Somalia and eastern Democratic Republic of Congo, sometimes deterring investment.

He said he would not directly criticise Zimbabwean leader Robert Mugabe beyond repeating the sentiment of the recent African Union meeting in Egypt which called on him to negotiate with the opposition after a widely condemned election.

Leaders of the G8 industrialised nations will discuss the sharpening sanctions against Zimbabwe at a meeting in Japan next week, a German government official said on Thursday.

"Our policy in general is that we do not criticise people," Inoni said. "It is their government. I think the position taken by African countries... in Egypt is fairly reasonable although it may not be considered hard enough. We will see what the G8 will decide on Zimbabwe."

DanteXavier

July 7th, 2008, 08:06 AM

Tanzania increases business with EAC neighbours

TANZANIA’s trade with its East African Community (EAC) neighbours has increased significantly since the establishment of the Customs Union some three years ago, the National Assembly was told yesterday.

The Minister for East African Cooperation, Dr Diodorus Kamala, said the country’s exports to the region -- Kenya and Uganda in particular -- went up from $95.4m in 2004 to $173.1m last year, which translates to a 81.4 per cent increase.

Dr Kamala said when tabling his ministry’s 2008/09 budget estimates that during the same period Tanzania’s imports dropped from $137.7m to $106.6m (22.6 per cent).

He said Rwanda and Burundi had not started to implement the Customs Union protocol, especially the Common External Tariff and gradual reduction of customs duty on goods from Tanzania.

But he said the other members of the community had phased out customs duty as scheduled in the protocol. While the trade between Tanzania and Uganda is duty free, imports from Kenya had been divided into two groups -- products with limited impact on the country’s economy (Group A) and those with sensitive ones (Group B).

“The first group of goods carries no duty while the second group is charged duty but the rates are reduced gradually to enable Tanzanian industries to get prepared or the impending competition as come 2010 all these goods will be charged zero tariff,” he said.

The minister who asked the House to approve 10.9bn/- for his ministry’s development and recurrent expenditures, therefore challenged Tanzanian traders to get ready for the stiff competition ahead upon the expiry of the five-year grace period.

Dr Kamala also said that non-tariff barriers continued to be a great stumbling block to trade in the region. Impediments mentioned, he said, included bureaucracy in the management of customs matters, complicated procedures of goods inspection for compliance of quality and standards, unnecessary road blocks and difficult licensing procedures.

But he said efforts were going on to remove the barriers and that the work was coordinated by national committees established by respective countries.

http://dailynews.habarileo.co.tz/magazine/?id=5684

DanteXavier

July 7th, 2008, 08:11 AM

Lesotho sees growth from diamonds, water

* Trade minister sees growth rising from 4 to 6-7 percent

* Diamond mines, water project key growth areas

* Textile sector exposed to US downturn, likes currency weakness

By Peter Apps

LONDON, July 3 (Reuters) - Lesotho sees its economic growth rising in coming years due to diamond mining and a new water project, its trade minister said on Thursday, although high food prices still pressure the southern African mountain kingdom.

An independent state enclosed entirely within the borders of South Africa, Lesotho has been battling successive harvest failures and one of the world's highest HIV infection rates while relying mainly on textile exports to the United States.

But Propane Lebesa said it was now benefiting from several new diamond mines -- the first of which reopened in 2004 on the site of an already abandoned mine high in the mountains. He said a new lowlands water project was also being developed and would also boost growth.

"We are at 4 percent and we have been growing steadily over the last couple of years and next year we are expecting 5 percent growth, going to six to seven percent in the next two or three years," he told Reuters in an interview at a Commonwealth Africa business summit in London.

While Lesotho's highlands water project exports water to South Africa's commercial heartland around Johannesburg, he said the lowlands project would concentrate on supplying Lesotho itself, using irrigation to boost agriculture.

"We have come to recognize the fact that irrigation is really the answer for us," he said. "The answer is in harnessing the water."

WEAK CURRENCY HELPS

The government had raised subsidies to try to mitigate the impact of high global food prices, he said, but he hoped better agricultural practices would produce a good harvest this year and reduce dependence on expensive maize imports primarily from South Africa.

Mainly Asian owned factories export textile goods to the United States, taking advantage of preferential access under the African Growth and Opportunity Act. It slumped in 2004 on expectations the deal might expire, but it was renewed.

"The sector has more or less stabilised," Lebesa said, although he said there had been some recent job losses. "It has been slightly affected by the downturn in the U.S. economy."

Exporters had benefited from the decline in South Africa's rand <ZAR=>, down almost 12 percent against the dollar so far this year. Lesotho's maloti currency is pegged to the rand on a one-to-one basis.

Lebesa said the government had also been successful in helping reduce the number of new HIV infections, with the country's infection rate falling from around 30 percent to around 25 percent at present.

Several African countries including Kenya, Uganda and Cameroon have expressed interest in issuing international currency bonds after the success of issues by Gabon and Ghana last year. But Lebesa said Lesotho did not intend to follow.

"I don't think so," he said. "I think we are too small."

http://www.reuters.com/article/latestCrisis/idUSL03545186

DanteXavier

July 7th, 2008, 08:14 AM

Ghana gets tough on 'brain drain'

To coincide with the 60th anniversary of Britain's National Health Service, the BBC looks at healthcare around the world. The BBC's Will Ross reports from Ghana where the "brain drain" has left hospitals struggling.

If you want to train in Ghana as a nurse and then disappear in search of greener pastures abroad, you better have deep pockets.

That is the message from the government as it attempts to stem the so called "brain drain" of health workers.

Nurses face a fine if they want to work abroad before serving in a Ghanaian hospital for five years.

"We have looked at the cost of training a nurse and if you default for the whole five years then you will be paying around 12,000 Ghanaian cedis, ($11,000, £5,500)," says James Antwi, the Health Ministry's deputy director of human resources.

In theory a nurse wishing to work abroad would have to produce a certificate as proof of qualification and so until any fine has been paid, the Health Ministry can withhold the certificate.

The Ghanaian government says the threat of a fine has helped although the accountants have not exactly been inundated. Since the scheme was implemented three years ago just four people have paid fines of between $2,000 (£1,000) and $6,000 (£3,000).

In 2004, 700 nurses notified the ministry before going to work in Britain. But that has dropped massively to just six nurses leaving to work in the UK last year, according to the government.

This is, however, partly due to the fact that nowadays doctors and nurses from other parts of the European Union would be in front of Ghanaians in the queue for jobs in the British health system. It is also not clear how many have slipped under the government's radar.

There is no practical way of preventing a nurse from quitting the profession altogether and with low morale amongst health workers, retaining staff is a major challenge for the government.

Back-to-back shifts

In the psychiatric hospital in the capital, Accra, young listless patients are watching music videos on television. A health worker is asleep, her head on a table. It is early afternoon. Other staff who have stayed awake are frustrated.

"I started in February and I still haven't been paid. And when you complain it is like it is the norm. You are told, 'It will come it will come,'" says nurse Joanna Poku who trained in the UK before returning home.

"But at the end of the day there are bills to be paid. So I can see why nobody wants to stay here – it is very frustrating."

A nurse in Ghana earns between $300 (£150) and $400 (£200) a month after tax but with rising transport and food costs, many are forced to take on a second job in private health and then to work back-to-back shifts.

So when the Health Ministry states amongst its visions and goals a desire to retain and increase productivity of health workers, why can it not pay all its workers on time?

"This problem has been with us for years and until we get decentralised human resource management and payroll management this problem may have to stay. But we are working hard to get a decentralised system sorted out," says Mr Antwi.

The salary problem seems to be worst for newly enrolled health workers, as testified by the fact that junior doctors went on strike in Accra earlier this week. They were fed up waiting for their first salaries. They had started work back in October.

Apart from salary delays for new recruits, things are apparently improving for doctors (once they are on the payroll) and the exodus is slowing down.

"There are more opportunities for further training and we no longer have a situation at the end of the month where people are uncertain whether they are to be paid or not," says Dr Sodzi Sodzi-Tettey, the general secretary of Ghana's Medical Association, before adding that there are still a few concerns about the conditions under which people are working.

Ambitious

He believes that instead of focusing on stopping the brain drain, Ghana should consider training more health workers than it needs and then, under agreement with other countries, exporting the surplus whilst reinvesting some of the money earned.

"If it is really the case that Ghanaian doctors and nurses are that professional and well qualified, is there something to be gained by training say 5,000 a year and sending out 3,000?" Dr Sodzi-Tettey asks, pointing to Cuba for comparison.

Cuba has around 70,000 doctors. Ghana's population is twice the size of Cuba's but has just 2,300 doctors.

This plan, at least for now, seems a little ambitious when there is a morale problem amongst many Ghanaian health workers.

Living in her parent's home in Accra's Asylum Down suburb, 24-year-old nurse Francisca says she had to wait a whole year for her first salary.

"I will still stay in the medical profession, but I doubt I will stay working as a nurse because I believe nurses are being looked down upon in Ghana."

Ms Poku who came back home from the UK just four years ago is already thinking of calling the travel agent.

"If circumstances were good in our own country who would want to leave? Home is home. It is peaceful. Why would you want to go to another country and stress out?

"It's because we are not comfortable," she says after crossing town for the second shift of the day.

http://news.bbc.co.uk/1/hi/world/africa/7490340.stm

DanteXavier

July 8th, 2008, 10:16 AM

Seychelles Are a Daydream destination, says expert

The Seychelles have been described as a "daydream" destination for those seeking a sun-soaked holiday, by one expert this week.

AA Gill writes in The Times newspaper that the Seychelles, which are a collection of 115 Indian Ocean islands, are the "perfect holiday destination when you're not on holiday".

He explains: "They come without baggage to interrupt the daydream of a desert island.

"How many of us could name the capital or the currency, know what language is spoken or even – and this is a bit of a shock – name the continent they belong to?"

The travel reporter says that it is the political and geographical neutrality of the Seychelles which makes them such a relaxing getaway.

According to the Lonely Planet travel guide, the Seychelles are a "luxurious, tropical paradise" that boast beaches with clear waters.

It says that the flavour of African culture provides a magical backdrop to the "dazzling" beaches.

For those of you who wish to know: you'd probably be able to order a meal in either English, French, or Creole in the capital - Victoria - were you to spend a few rupees in this African republic.

http://news.holidayhypermarket.co.uk/Seychelles-Are-a-Daydream-destination,-says-expert-18670970.html

CroissantLBV

July 8th, 2008, 08:53 PM

Kenguy

July 9th, 2008, 09:33 AM

I don´t buy into all this, Africa people are still too poor and don´t get a dime of all the growth rates, oil or bond market, tell that to the simple market women or taxi drivers, they will laugh at you.

This kind of news is like looking thru´ a rose-tinted glass!

With rose tinted glasses or not, there's alot of positive development going on in the continent than ever before. Thats far better than what the continent has had to endure in the past.

CroissantLBV

July 9th, 2008, 01:05 PM

Mulopwe

July 9th, 2008, 05:35 PM

CroissantLBV.

Why are you so negative ??? Things are happening in certain part of africa.... look at Ghana, Namibia, Mozambique, Botswana, Gabon , Nigeria, Angola and Keyan to so extend .. Things have changed.

Mulopwe

nairoberry

July 10th, 2008, 01:53 AM

CroissantLBV

July 10th, 2008, 11:29 AM

you are an idiot

becase of telling the truth?

ufookoro

July 10th, 2008, 01:58 PM

becase of telling the truth?

No because you are not telling the whole truth.:ohno::ohno:

Kenguy

July 10th, 2008, 07:10 PM

nairoberry

July 10th, 2008, 09:36 PM

^^
Croissant, Unlike you, I live in Africa. Every time I see a new road being built or look around me and see lives improving in one way or another, I know there is something to look forward to because it was not long ago when almost nothing used to happen or worse.

As for Kenya, The country is here to stay, same goes for Rwanda. All I can say is watch this space.:)

incase croissant wasnt paying attention, KENYA IS HERE TO STAY

nairoberry

July 10th, 2008, 10:03 PM

Kenguy, keep on dreaming! are you aware of how quickly things can change in your own country? The peace process happend due to massive pressure from the West, it doesn´t take a rocket scientist to figure out where Kenya would be today if no prompt action followed.

Kenya is a highly unstable but a key country in the sub-region, that´s why the West intervened. If it were Rwanda, we all know where it would be today....

Ok, Good night, have to go to bed now! It is laready very late.

we were fighting for justice to prevail just like marting luther king said, "our lives began to end the day we become silent about the things that matter" the system did not provide justice, hence kenyans demanded for justice and we got it, if kenyans didnt take any action imagine where kenya would be? you talk about influence of the west? that just shows that u know crap about kenya, man get ur head straight. we took one step back but now we are taking our second step forward coz our democracy is now stronger than any other time in kenya's history. u r the africans that just sit there and lament how 'bad' africa is and do nothing, while the real africans move it forward. people of your kind really disappoint me i.e africans that are narrow minded and think that there is no hope in africa.

FYI: kenya will never go go backwards just keep that in mind.

Genuinesol

July 11th, 2008, 04:32 AM

This forum is awful! Thus far I have not been allowed to post to this thread even though my posts are relevant and informative. Everytime I attempt to post I receive a message telling me that my post will not be visible until a moderator approves it which they never do and they have not responded to my inquiries. This has been a horrible experience and all because I want to contribute positive news about Africa.

This is in response to the negative poster above. Check out the powerful economic growth of Africa in the links below.

Be sure to read and if possible, someone please quote, the article titled "Africa's Power Show" since it should help rebute a lot of what CroissantLBV has stated.

Africa's Power Show
http://www.blackenterprise.com/cms/exclusivesopen.aspx/id/4538

Black Digerati
http://www.blackenterprise.com/cms/exclusivesopen.aspx/id/4708

Genuinesol

July 11th, 2008, 04:33 AM

Black Digerati

A New Vision Of Africa

By Anthony S. Calypso
July 9, 2008 -- When talking about Africa, Cheick M. Diarra's voice crackles with enthusiasm. He wants to make it very clear that he is referring to the other Africa. "It might not be as sexy for the newspapers, but there is a large majority that is not sick or at war. I have always focused on the [millions] of Africans who get up every day and work hard to try to develop this continent," says Diarra, Africa chairman at Microsoft.
As chairman, Diarra supports the software giant's business activities throughout the continent's 54 countries including surrounding islands. The Mali native, who holds a doctoral degree in mechanical and aerospace engineering from Howard University, oversees a team of roughly 700 personnel from the company's regional headquarters in Johannesburg, South Africa. Diarra, an astrophysicist who also worked for NASA as an interplanetary navigator on several major space missions, has been mapping out an ambitious course, designed to alter perceptions of Africa as a war-torn continent, plagued by disease and poverty. Although it's going to take time, Diarra firmly believes that there is a remedy to the image of Africa in the eyes of the global business community.

His prescription boils down to leveraging technology to promote human development. In Diarra's own calculations, education breeds entrepreneurs. "Africa is always perceived as very poor, and since most corporations are not implanted on the continent, the perception becomes a lasting one," he says. Microsoft, he adds, has been in Africa for more than 10 years. "In every single country, we have people on the ground going to academia, to the business communities, and to governments to try [to meet] the peoples' needs."
One of the primary issues affecting entrepreneurial growth in Africa is access to technology. To begin to address the local needs of the various populations across the continent, Microsoft works with a host of non-governmental organizations (NGOs), relief agencies that aren't affiliated with any particular government, to assist in implementing localized solutions. These days, relief can come simply by providing access to the Internet.

According to Diarra, there are 50 Microsoft-sponsored computer training centers in South Africa. In addition, the company has invested in translating its operating system into several languages including Zulu, Kiswahili, and Afrikaans, to meet the needs of the diverse ethnic populations across the continent.

"Wherever we find NGOs that share the same passions [as we do]," says Diarra, a United Nations Educational, Scientific, and Cultural Organization (UNESCO) goodwill ambassador, "we partner with them to provide the resources, the software, training content, and connectivity grants. We are in the business of really trying to empower the communities in which we live."

At the heart of those communities sits an untapped resource. Diarra says there are roughly 450 million Africans under the age of 30. This is what excites him–the combination of opportunities for entrepreneurs, both in and outside Africa, and a wealth of natural resources in the form of human capital.
"Sometimes the best way to get on a marching train is to create a bridge," says Diarra. But could that bridge extend to African American companies? "I can imagine an African American company doing e-health; there is a solutions market, the telecommunications sector is booming." Africa is at a point, Diarra believes, where "every single investment has such an impact. There are a lot of opportunities for companies...tremendous opportunities."

Genuinesol

July 11th, 2008, 04:37 AM

DanteXavier

July 11th, 2008, 05:32 AM

Some good and bad news from Botswana.

Expert doubts Botswana economic growth

Botswana's economic growth does not seem to have been badly affected by the international slowdown but this may not last, an economist has said.

Commenting on the Bifm Economic Review for the second quarter of 2008, Dr Keith Jefferis said more generally, growth prospects for the year are uncertain, despite strong economic growth in the second half of 2007. He said growth is likely to be negatively affected by the global economic slowdown through reduced demand for exports and the regional electricity shortage. However, strong government spending domestically should help to support growth rates.

In Botswana, things may be made worse by two high-profile corporate failures in the transport sector namely Lobtrans and African Express. This may make the banks more reluctant to provide corporate credit, or impose tighter terms and conditions, which would restrict credit availability.

However, Jefferis said views in the private sector are mixed. The Bank of Botswana's Business Expectations Survey conducted in March 2008 reported that businesses expected an average growth rate of 5.9 percent in 2007-2008 (compared to 6.1 percent in 2006-2007, the most recent actual data), rising to 6.4 percent in 2008-2009. The impact of deteriorating economic conditions has already had a negative impact on two of the major development projects that were expected to boost growth in the coming years. These include the Activox Refinery Project, which was recently postponed indefinitely by Russia's Norilsk Nickel and the Mmamabula Energy Project, which will not take off as earlier envisaged.

The international economy is suffering from a slowdown in growth as well as sharply higher inflation. While the world economy is not yet in recession, growth is falling almost everywhere.

To what extent has this growth slowdown had impact on Botswana? Jefferis said so far, the impact seems to be limited. The latest GDP growth data only go as far as September 2007, but show that, at least up until then, growth was powering ahead.

In the year to September, total GDP grew by 5.9 percent, and the non-mining private sector by a striking 11.1 percent, with particularly rapid growth in the manufacturing, trade, hotels and tourism, and transport and communications sectors.

However, Jefferis said export data, which is more up to date tells a less encouraging story.

Total exports in the last quarter of 2007 and the first quarter of 2008 were down 12 percent compared to a year earlier, with particularly sharp falls in exports of beef (down 44 percent), and textiles and diamonds (both down 17 percent).

"The reduction in these exports, which almost entirely go to developed country markets, suggest that the effects of the growth slowdown may be biting, and does not augur well for export led growth over the next couple of years," Jefferis said.

There appears to be no equivalent credit crunch in Botswana, where the financial markets are relatively insulated from global financial developments, he added.

Domestic financial markets remain very liquid, and credit growth has been robust; total bank credit grew by 28 percent in the year to March, the fastest growth since 1999.

Growth has been particularly rapid in credit to the private business sector, which was up by 35 percent.

Looking specifically at mortgage markets, which have been at the forefront of financial sector problems in the major developed economies, in Botswana it appears to be business as usual.

Total mortgage lending by the commercial banks and the Botswana Building Society rose by 12.3 percent in the year to March 2008, and although lower than overall credit growth, demand for mortgage finance reportedly remains robust.

While the Botswana Stock Exchange (BSE) has experienced a period of decline since the third quarter of last year, there are only superficial similarities with the declines in stock markets around the world.

However, Jefferis said the decline in the BSE index largely reflects local developments.

http://www.mmegi.bw/index.php?sid=4&aid=1&dir=2008/July/Wednesday9

Kenguy

July 11th, 2008, 11:23 AM

CroissantLBV

July 11th, 2008, 09:04 PM

What amazes me is that people tend to overlook that even when the USA achieved independence all those years ago they experienced many of the same problems that some African countries are currently experiencing. Some of us here on this forum marvel at the growth of some Asian countries such as China and India and yet we ignore the serious problems that have existed and still exist in those countries. China and India both sill have millions of residents living in poverty, political instability, and other issues related to poor health care, inaccessible education, and oppressive government regimes. That being the case both of those countries is still experiencing powerful economic growth and so have the majority of African countries with the exception of Zimbabwe.

What are you talking about? Do you know how well run Zimbabwe was in 1980?
Have you forgotten what Winston churchill said about Uganda?
What happend to the Ivory Coast?
What happend to my country Cameroon?
Why were Angola and Mozambique destroyed? They are now incomparable to what they have been at independence!
What about Nigeria? It should be a proud and thriving black nation by now but it struggles with keeping the Niger Delta crisis contained!
And Kenya? What happened in 2007 can happen again!
Do you know that Congolese people were among the best educated people in Africa in the 70´s?
Do you know that Ghana was fàaaar richer at time of independence then South Korea?
Where are all the tens of thousand of kilometres of road in the Congo, where are its industries, they build ships in the 50´s, heavy and light industries, they had thriving mines. Where are they all gone?

Ignore this growth if you choose that is your unfortunate choice but, the fact remains it is positive growth, it has been consistent, and therefore something is being done right even if it does not meet the standards of some. No child was born running but instead crawled and took small steps to begin walking. Progress may not be as fast as we like it to be but at least it is there.

Positive growth ...in mind is inclusive growth and smart growth (taking care of envrionment. This is my definition of real progress

Do people still don´t know what true progress means? I would be happy if you shown me pictures of large-scale agricultural development, agricultural scientific research, mass employment, healthy children going to good schools, people being treated in good hsopitals, not private but state-run so that it is affordable to everyone, good and clean roads in the rural areas and not just next to the presidential palace, drinkable water for the poor, nice social housing for the poor, technical schools and colleges for a new thriving middle class, malaria prevention/eradication, civil society initiaves, enviromental education. in short true development initiatives that will be advantage to ordinary people and not just to an isolated elite that got its money by means of illicit trade/state plunder.

Democratic or autocratic it doesn´t matter our leaders don´t have their people on their mind.

Carver02

July 11th, 2008, 11:12 PM

What amazes me is that people tend to overlook that even when the USA achieved independence all those years ago they experienced many of the same problems that some African countries are currently experiencing. ...This is a good point, and one I've tried to make before. After independence the USA had many problems with unregulated militia, politically organized gangs, lynch mobs, civil war, all of the problems we've seen in Africa since independence.

And now Croissant tells us there is peace in Kenya because of the West. Bull. There is peace in Kenya because of the participants, the ODM and the PNU. Everyone else, even Kofi Annan, was an onlooker.

The West intervened militarily in Somalia yet there is no peace there, so how could a mere diplomatic overture towards Kenya have solved their problems. Once again, Croissant is completely irrational and illogical. He is nothing but a spammer and troller and should be banned, but the white South African moderating this forum won't do it.

Genuinesol

July 12th, 2008, 01:08 AM

What are you talking about? Do you know how well run Zimbabwe was in 1980?
Have you forgotten what Winston churchill said about Uganda?
What happend to the Ivory Coast?
What happend to my country Cameroon?
Why were Angola and Mozambique destroyed? They are now incomparable to what they have been at independence!
What about Nigeria? It should be a proud and thriving black nation by now but it struggles with keeping the Niger Delta crisis contained!
And Kenya? What happened in 2007 can happen again!
Do you know that Congolese people were among the best educated people in Africa in the 70´s?
Do you know that Ghana was fàaaar richer at time of independence then South Korea?
Where are all the tens of thousand of kilometres of road in the Congo, where are its industries, they build ships in the 50´s, heavy and light industries, they had thriving mines. Where are they all gone?

Positive growth ...in mind is inclusive growth and smart growth (taking care of envrionment. This is my definition of real progress

Do people still don´t know what true progress means? I would be happy if you shown me pictures of large-scale agricultural development, agricultural scientific research, mass employment, healthy children going to good schools, people being treated in good hsopitals, not private but state-run so that it is affordable to everyone, good and clean roads in the rural areas and not just next to the presidential palace, drinkable water for the poor, nice social housing for the poor, technical schools and colleges for a new thriving middle class, malaria prevention/eradication, civil society initiaves, enviromental education. in short true development initiatives that will be advantage to ordinary people and not just to an isolated elite that got its money by means of illicit trade/state plunder.

Democratic or autocratic it doesn´t matter our leaders don´t have their people on their mind.

Did you not read the articles that I presented the links for? If you did you would have read this quote from the article that focuses on Africa's growth and need for a better public image...

"In every single country, we have people on the ground going to academia, to the business communities, and to governments to try [to meet] the peoples' needs."

Why do you acknowledge this progress? The past is over and done with and Africa is experiencing growth stronger than the growth it had in the late 70's and the 80's. Nigeria and Angola have been recognized as some of the fastest growing economies in the world and Nigeria is stated to soon have one of the most powerful economies in the world.

Does more need to be done? Yes and I doubt anyone would argue with you in that regard.

Is something being done? Yes and if you try and say that nothing is being done then you will get an argument from me.

That is of course if you are worth arguing or debating with. It is not to my benefit or to the benefit of anyone else if you choose to ignore the facts and blindly stick to what you believe.

The facts are there. While I was browsing through this forum I notice a thread you posted that highlighted some of the tragic occurrences in Africa such as human sacrifice well let me tell you one thing; you can find hundreds of such articles for many countries on most continents and for every negative article you find on Africa you can find positive ones since they are out there.

Does anyone here read Ebony magazine? They know have a column devoted to Africa titled "Ebony in Africa" and it focuses on how the West has what is called "media pornography" where they highlight the negative of Africa but they have ignored the fact that Africa has extended its medical services, made its education more accessible, along with other successes. You seem to like research Crossiant so do your own research on this matter.

Genuinesol

July 12th, 2008, 01:14 AM

Crossiant, educate yourself and do your own research. Africa is succeeding and the problems it has as every country has problems are being resolved. :)

The article below is about the succcess of the education system in Namibia and is 3 pages long so I cannot post it here but feel free to click on the link below.

http://allafrica.com/stories/200804030501.html

Matthias Offodile

July 12th, 2008, 08:13 PM

Genuinesol and the others, just leave this stupid troll and idiot! He is not worth talking to. Waste of time.

I told him to leave the forum if he cannot contribute to it in a meaningful way.

Matthias Offodile

July 12th, 2008, 08:14 PM

This is a very good initiative for Gabon´s envoronment. new laws and loads of new technical equipment is placed throughout the city and weekly controls concerning air pollution of cars and the city´s environment in general. This will be expanded througout the city.

I wish that I could post more article in English but they are non avaibale. So I am giving you short descriptions.

The country also recently lauched non-leaded petrol to keep the air clean.

Gabon: Contrôle anti-pollution, l’opération se déporte au « carrefour Rio»

Actualité du :08/07/2008

Libreville, 8 juillet (GABONEWS) – Après une énième semaine de répit consacrée à la prospection des sites et à la préparation des équipements techniques, les agents de la Direction générale de l’Environnement qui ont lancé, le 2 juin dernier, l'opération de contrôle anti-pollution des automobiles, qui a pour objectif de mesurer statistiquement la quantité des gaz à effet de serre rejetée par les véhicules sur l’ensemble du territoire, ont, après le front du bord de mer, où ils avaient près d’une dizaine de jours et la semaine passée au carrefour OKala dans la banlieue nord de Libreville, posé leur paquetage, ce mardi, au « carrefour Rio » dans le troisième arrondissement où ils comptent rester cinq jours avec pour objectif de contrôler en moyenne 40 voitures par jour, a constaté GABONEWS.

Selon Alfred Mouity, chef de service environnement rural et urbain, à la mi-journée, plus d’une trentaine de véhicules avaient déjà analysées. Chiffre très satisfaisant et prometteur au regard des 40 véhicules / jour visées, se sont réjouis M. Mouity et son équipe qui estiment, par ailleurs, à plus de 600 le nombre de voitures ayant subi ce contrôle depuis le début de l’opération.

Ce chiffre, bien que loin des 5000 envisagés pour l’ensemble de l’opération, rassure tout de même les équipes de la Direction générale de l’Environnement dont la prochaine étape est annoncée pour l’intérieur du pays, particulièrement Port-Gentil, la capitale économique, où elles envisagent contrôler 1.000 voitures avant de regagner Libreville afin d’atteindre l’objectif recherché de 2.000 voitures contrôlées et, par la suite, repartir vers d’autres localités de l’arrière pays, confient les agents en poste au « carrefour Rio » qui estiment, en outre, que l’opération se déroule sans difficulté majeure depuis son lancement.

En rappel, commise par le ministère de l’Environnement, du Développement durable et de la Protection de la nature, cette opération de contrôle anti-pollution, lancée officiellement le 2 juin dernier par le Premier ministre, Jean Eyéghé Ndong et le vice-Premier ministre en charge de l’Environnement, Georgette Koko, vise à évaluer statistiquement la quantité des gaz à effet de serre dégagée par les voitures en circulation au Gabon.

Matthias Offodile

July 12th, 2008, 08:16 PM

a new big agricultural project for Gabon has been launched

Gabon: PRODIAG, un projet d'investissement agricole au Gabon

Libreville, 12 juillet (GABONEWS) – Le gouvernement gabonais a décidé lors du dernier Conseil des ministres de mettre sur pied le « PRODIAG », un projet qui est destiné à la relance de la production vivrière, maraîchère et d'élevage, en vue d'apporter une solution durable aux problèmes de la crise alimentaire mondiale actuelle, notamment au niveau du Gabon.

Selon le communiqué final de ce Conseil, le gouvernement entend mettre sur pied un vaste programme de création et d'exploitations agricoles dans les neuf provinces du pays, en complément d'autres initiatives déjà existantes.

L'impacte attendu de sa mise en œuvre est la création de mille quatre vingt dix (1090) exploitations agricoles et para – agricoles, générant une production additionnelle de treize mille six cent (13 600) tonnes de production maraîchères, vivrière, de viande et de pâte de manioc et un chiffre d'affaire annuel en vitesse de croisière estimé à trois (3) milliards FCFA.

Whiteeclipse

July 17th, 2008, 03:44 AM

New investors to create 63,000 jobs for Ugandans this financial year

The Uganda Investment Authority (UIA) has earmarked some 350 new investments worth about $2 billion this financial year, which are expected to create more than 63,380 jobs for Ugandans.

In an end-of- year investment report released at the media centre in Kampala yesterday, Maggie Kigozi, the UIA executive director, said the new jobs indicate an increase of 10,000 from 53,900 in the last financial year, a move that is largely expected to reduce Uganda’s chronically high unemployment rates.

“Seeing more jobs created is a big push to UIA’s five year investment strategy that we launched last year. We are expecting to create at least one million jobs for Ugandans by 2012 out of the 7,000 planned licensed projects,” Dr Kigizi said.

She said the contribution of investment to the country’s GDP has continued to grow from 17.4 per cent in 2003/04 to 22.5 in 2006/07.
“Further impressive growth rates in the investment contribution to GDP will be driven by higher private investment,” she added.

More employment opportunities for Ugandans means better standards of living, more revenue inflows to the government treasury and eventually higher economic development.

With the Customs Union now in place, companies in the region are now crossing borders, according to Dr Kigozi. Uganda has now licenced 23 companies from Kenya Tanzania and Burundi, which plan to invest $93.7 million and employ more than 3,000 workers.

However, the report indicates a drop in the total planned investment last financial year, which was largely attributed to the post-election crisis in Kenya that almost crippled the region’s economies.

http://www.monitor.co.ug/artman/publish/news/New_investors_to_create_63_000_jobs_68359.shtml

popa1980

July 17th, 2008, 11:27 AM

Im telling you that Croissant was the South African poster who was banned last year for making similar racial posts. I dont believe for one moment that he was black or from Cameroon!

DanteXavier

July 18th, 2008, 03:29 AM

Namibia banks hopes on Angola’s Lobito refinery

Despite Angola recently overtaking Nigeria as Africa’s largest oil producer, its strongest Namibian ally continue to bear the brunt of escalating oil prices.

Namibia, will have to put its hopes of oil supply from Angola on hold as the northern neighbour’s envisaged refinery in Lobito continues to meet obstacles.
Despite their relatively cordial trade relations, Angola and Namibia have never had any remarkable negotiations concerning the possibility of fuel trade. Part of the reason is that Angola produces crude oil, nearly all of which goes to the United States for consumable refineries. Namibia is still banking her hopes on the proposed construction of the refinery in the port city of Lobito, even though the project has suffered continuous setbacks.
In the early 2000s, the US$3 billion project slowed because of the national petroleum entity, Sonangol’s protracted negotiations with strategic partners.
The project also faced opposition in that the refinery would be reliant on the export of at least 90 percent of its output, and would not be able to compete with South African producers on price or delivery.
The latest major blow came just last year, when the Angolan government cancelled negotiations over a deal with Chinese-owned Sinopec to build the refinery.
Sources within the Ministry of Mines and Energy who spoke to Informanté on the condition of anonymity said Namibia hoped that the refinery would enable the supply of refined fuel from its neighbour, but that recent delays had dented such hopes. “The Ministry has now set its eyes to 2010 when the project is likely to be operational,” a source from within the Ministry told Informanté.
Since May this year, Angola has been pumping an average of 1.94 million barrels of oil per day, compared to Nigeria’s 1.9 million barrels. Nigeria slipped into to second place following the recent militant attacks on its oil fields and platforms. Angola joined the Organisation of Petroleum Exporting Countries (OPEC) in 2007.

http://www.informante.web.na:8080/informante/index.php?option=com_content&task=view&id=2464&Itemid=47

DanteXavier

July 18th, 2008, 03:33 AM

Namibia Aims for Own Power by 2013

NAMIBIA will be able to generate enough power to meet local demand by the year 2013, NamPower Managing Director Paulinus Shilamba told Members of Parliament yesterday.

Until then, though, the country needed an additional 200 megawatt (MW) of electricity that would be imported from countries other than South Africa, he said.

Shilamba was briefing the Parliamentary Standing Committee on Economics about the local power supply situation amidst a regional power shortage caused by dwindling reserve capacity in South Africa.

"We are working day and night to find solutions, especially after Cabinet tasked us in May this year to draw up a strategy on the electricity supply up to 2011," Shilamba told the Committee chaired by Swapo MP Peya Mushelenga.

"We submitted the strategy to Cabinet at the end of last month," he added.

"We plan to add 50 MW power generating capacity to the Paratus diesel power station at Walvis Bay over the next six to seven months, which will cost about N$600 million, and add another 100 MW nearby approximately 18 months from now," Shilamba told the Committee.

"Since the price of diesel has skyrocketed recently you can image that these extensions will be very costly to run.

We will not break even, instead the generation cost will be around 110 cents (N$1.10) per kilowatt hour then and these costs must be borne by the consumers."

The two projects would probably be developed with partners from the local mining industry, according to Shilamba, with NamPower to hold a 40 per cent partnership.

He said the N$3,2 billion Caprivi inter-connector line would be completed around September 2009, enabling electricity imports from Zambia.

The installation of a fourth turbine at the existing Ruacana hydropower plant would add another 80 MW, relieving the power squeeze in a year's time.

Shilamba maintained that the long-awaited offshore Kudu gas project would materialise by 2012 with a 450 MW power plant near Oranjemund.

The two partners, Eskom and Tullow Oil, would not budge from their demand to handle Kudu gas and electricity sales in US dollars, however, delaying the development of the project.

In order to buffer the foreign exchange fluctuations, a financial hedging strategy must be developed, Shilamba said.

"Some progress is [being] made, with some of our large mining clients in Namibia having signalled they could be invoiced in US dollars in future," he said.

NamPower was also looking at the construction of 12 small dams and hydropower stations on the Orange River to generate up to 108 MW of electricity.

All these projects, including Kudu, would make Namibia self-sufficient within five years with regard to electricity supply, lessening the dependency on South African imports, Shilamba said.

Touching on nuclear power, he said this was driven by Government but first a policy and legislation had to be drafted and close co-operation with international nuclear bodies was required.

Asked by Swapo MP Clara Bohitile whether the newly created regional electricity distributors (REDs) could not be abolished and municipalities resume local power distribution, Shilamba responded that Government would soon hold a national stakeholder conference on this topic.

http://allafrica.com/stories/200807160699.html

DanteXavier

July 20th, 2008, 03:06 AM

Uganda sees tourism earnings up 5 pct in 2008

KAMPALA (Reuters) - Uganda projects $500 million earnings from its growing tourism sector in 2008, up five percent from last year, a marketing official said.

In 2007 Kampala hosted a meeting of the Commonwealth heads of states (CHOGM) which boosted annual earnings to $475 million and helped tourism surpass coffee as the leading foreign exchange earner, according to the Uganda Tourism Board (UTB).

"We hope for $500 million plus (this year)," said Edwin Muzahura, marketing and public relations manager for the government body. "Last year was a big jump because of CHOGM."

In 2006, the east African country made slightly over $300 million from tourism. It had a total 770,000 arrivals then, compared with 883,000 in 2007. The figures include people visiting for business, conferences and cross-border trade.

Uganda's tourism sector has been dwarfed by that in neighbouring Kenya and Tanzania which have a long tradition as major destinations for travellers to Africa.

Muzahura said Uganda's history had not favoured its reputation.

Its despotic leader Idi Amin -- depicted last year in the Hollywood film "The Last King of Scotland" -- destroyed economic prospects by expelling thousands of businessmen of Asian origin and soured international relations for the country in the 1970s.

"Our history is not very good. Not many people know us for good reasons ... Many know us for the big one, Idi Amin," Muzahura told Reuters in an interview late on Friday.

"It was something negative but we can make something positive out of it."

Uganda is also known for its endangered mountain gorillas.

The UTB estimates the country has more than 400 of the world's remaining 700 mountain gorillas. The rest are in the Democratic Republic of Congo and Rwanda, Muzahura said.

"Not many people know that you can come to Uganda and have a taste of the wild, beauty that is very ancient, and combine that with a very modern state. They still think of Uganda as the place with a lot of war," he said.

The country has battled a brutal insurgency in the north for over two decades, but on-off peace talks have restored some normalcy in the region of late.

The UTB said two investors were looking to put up two hotels in the north, a sign that businessmen were confident of peace.

Although tourism is the leading foreign exchange earner for Uganda, the government has been doing very little to promote it, Muzahura said. His office has been receiving only 360 million Uganda shillings annually from the government budget.

However, President Yoweri Museveni earlier this year enacted into law a bill which allows the tourism board to raise funds from the private sector for its activities.

"That can't really market a country, it can only buy a four-wheel drive car," he said of the meagre budget.

"We've been asking the government, how can we give so little to our biggest forex earner?"

In the past five years, the tourism board had a five million euro European Union grant for its marketing activities which it used mainly in tourism fairs in source markets.

Unlike Kenya and Tanzania which go for the mass market, Uganda targets the high spending travelers niche, Muzahura said.

Many of them have been from the United States and western Europe, but the country is now selling itself in emerging markets such as China and Eastern Europe.

Uganda straddles the equator but enjoys a tropical climate. It prides itself as being the source of the Nile and having Lake Victoria, the second largest fresh water lake in the world.

http://africa.reuters.com/business/news/usnBAN939284.html

DanteXavier

July 21st, 2008, 11:28 PM

Angolan trade with Spain totals 605 million euros in 2007

Luanda, Angola, 21 July – Angolan exports to Spain totalled 441.2 million euros in 2007 and Angolan imports from the Spanish market totalled 164 million euros, the Spanish commercial attaché in Angola, Ernesto Giménez-Burgos said in Luanda.

Speaking to Angolan news agency Angop, Giménez-Burgos said that Spain had imported oil, fish and black granite and Angola had imported industrial mechanical apparatus, vehicles and electrical material.

He added that in the first quarter of 2008 exports from Spain to Angola had increased by 82.4 percent and Angolan exports to Spain by 152.6 percent.

Giménez-Burgos said that, as well as this type of trade, Spain had provided Angola with a 200 million-euro credit line and said it was possible that other loans could be provided in future. (macauhub)

http://www.macauhub.com.mo/en/news.php?ID=5755

DanteXavier

July 21st, 2008, 11:31 PM

Angola’s LNG project expected to produce over 5 million tons per year

Luanda, Angola, 21 July – The Angola LNG (liquid natural gas) project, which is due to be concluded in 2012, is expected to produce 5.2 million tons of gas per year, the director for Local and Government Matters, Modesto Laurentino da Silva said in Luanda.

Speaking to Angolan news agency Angop, he said that preparing and dredging the land had been finished in May and that by the end of 2008 actual construction of the factory is due to begin so that it can go into operation in the first half of 2012.

Angola LNG is being built in Soyo, northern Angola.

In the first half of 2012 production of gas at the Angola LNG project is due to begin, with the company forecasting that 125 million cubic metres of gas will be consumed by the domestic market and remaining production will be exported to the Atlantic basin, particularly the United States.

In the first phase of construction, the project may employ a total of 7,000 people, 60 percent of whom will be Angolan workers.

In the operating phase around 450 jobs will be created and recruitment is already underway for maintenance, operations, instrumentation, human resources, accounting and IT staff. (macauhub)

http://www.macauhub.com.mo/en/news.php?ID=5749

Kenguy

July 24th, 2008, 03:26 PM

Oil in Kenya

Origin detects large oil seeps in Kenyan blocks

Filed from Singapore

24/07/2008 09:44:29 GMT

LAMU, KENYA: A survey commissioned by Origin Energy showed evidence of oil seepage from the sea floor in Kenyan Blocks L8 and L9, according to Origin's partner, Pancontinental Oil & Gas NL.

The slicks in Block L8 are the largest and highest ranked in offshore Kenya and coincide with several main prospects mapped from previous seismic data, Pancontinental said in a statement.

Previous mapping of seismic data from L8 and L9 shows a number of very large geological prospects including the Mbawa prospect, which holds more than five billion barrels of oil in place and seven Tcf of gas in place.

The characteristics of some slicks identified int he survey are consistent with seepages of light oil or condensate.

The offshore blocks are covered by 3,759 kilometres (2,556 miles) of line seismic data. Pancontinental expects to conduct further drilling to establish the size and value of any oil and gas discovery in the two offshore blocks.

Origin Energy operates the two offshore blocks after entering into a farm-in agreement for a 75 percent interest with Pancontinental in September 2006.

Under the terms of the farm-in agreement, Origin is required to fund a seismic programme and the drilling of an exploration well in each block.

http://www.energycurrent.com/index.php?id=2&storyid=12053

abesha

July 24th, 2008, 03:39 PM

Wow! African countries discovering oil left and right lately. Is Pancontinental a Kenyan company?

DanteXavier

July 24th, 2008, 10:08 PM

'Botswana could have up to 8% of world's uranium'

Botswana has the potential to become a major uranium producer and even rival neighbour Namibia in the coming years, A-Cap Resources Managing Director Andrew Tunks said on Wednesday.

Tunks was speaking at the Botswana Resource Conference held at the GICC at which he also said his company was currently exploring one of the largest places of contained uranium.

"Countries next door to Botswana hold about 15 percent of the world's current uranium resources," he said. "(But) Geology doesn't know boundaries, so Botswana will be the next major uranium producer."

Botswana had no uranium resource prior to A-Cap's exploration. While A-Cap held some of the best uranium prospects at Letlhakane, there was "plenty of scope" for others to participate.

Last year, A-Cap published its first uranium resource, 65-million tons at 140 parts per million (ppm) representing about 20-million pounds.

Two weeks ago, it produced its new resource of "nearly 100-million pounds", with a massive increase in tons and a 30 percent increase in grade.

"We expect that Botswana will eventually be shown to host between four and eight percent of the world's uranium resource," he said.

Tunks added that he expected the Letlhakane deposit to eventually be proven as one of the largest uranium deposits found anywhere in the world.

"I am no longer prepared to state at this stage just how big I think this deposit could eventually turn out to be," Tunks said. "However, there is enormous growth potential in the area."

A scoping study will be produced in the next few weeks, which will show that the resource could be mined using the heap-leach mining method.

Tunks' goal was to begin mining in 2011, but he believes he can start a year earlier. He said new trenches had shown mineralisation starting 20cm below the surface.

"You could come out there with a broom and a shovel and you could start mining it," Tunks said.
A-Cap's other interests are near Serule.

http://www.mmegi.bw/index.php?sid=4&aid=23&dir=2008/July/Thursday24

DanteXavier

July 24th, 2008, 10:10 PM

Botswana: Diamond sales up 10% despite US slump

In a period characterised by rising prices and a marginal slump in production, the world's largest diamond miner De Beers has realised a 10-percent sales growth.

Presenting the group's first half-year results in a teleconference from London, Managing Director Gareth Penny said although there was a decline in the traditional market, the US, strong demand from emerging markets such as China, India and the Middle East mitigated the slump.

"The group faced a few challenges in the period, which included the slow down of the US economy as well as the energy challenges in southern Africa, which mostly affected South Africa's production," Gareth said.

"However, strong demand from emerging markets, coupled with rising prices, pushed sales to US$3.7 billion up from US$3.4 billion in the same period last year."

De Beers increased prices by 8.5 percent in April and by a further 5 percent early this month.

Penny also disclosed that the group will be opening three new mines this year, two in Canada and one in South Africa, a goal which, once achieved, the De Beers MD described as a record in the company's history. The Snap Lake Mine in Canada has the capacity to produce 24.6 million carats over 20 years while the Victor Mine has the capacity to produce 6.2 million carats over 12 years. The Voorspoed Mine in South Africa is expected to yield 8.3 million carats over 13 years.

Although the group is looking at opening new mines while aggressively searching for new deposits, Debswana still remains the largest contributor to De Beers' production. For the first six months of this year, De Beers mined a total of 24.2 million carats of diamonds, of which 16.1 million came from Botswana, followed by South Africa's 6.3 million carats.

The company is also focusing on its large priority projects which are rapidly moving from early to advanced stages of exploration in countries such as Angola, the DRC, Botswana, Canada and others in India, South Africa, Namibia, and Russia which are still in the early stages of exploration.

Presenting the group's financials, Finance Director Stuart Brown said underlying earnings rose 8 percent to $350-million, while earnings before interest and tax rose 31 percent to US$831 million.

Operating costs rose by a slight 4 percent in the period under review. "Fixed assets, on the other hand, went down slightly from US$3.89 billion to US$3.75 billion, while gearing on the other hand increased by 1 percentage point to 49.4 percent.

Although the company said it was satisfied with its performance in the first half, Chairman Nicky Oppenheimer said economic conditions would require a more cautious outlook for the second half of 2008.

"Mass market retail diamond jewellery sales have been impacted by economic issues in the US market, which accounts for about half of all our diamond sales," Oppenheimer said.

"While demand for high-end diamonds is likely to remain robust, the smaller, lower qualities, which are more dependent upon US demand, are expected to remain subdued."

In a statemenet acompanying the results, De Beers also announced some board changes in which Dr Atlholang Tombale, a nominee of the Government of Botswana who resigned from the board on May 6,2008 was replaced by G. Gabaake on May 7, 2008.

Gabaake was also appointed a member of the Environment, Community, Health and Safety Committee.

http://www.mmegi.bw/index.php?sid=4&aid=22&dir=2008/July/Thursday24

DanteXavier

July 24th, 2008, 10:18 PM

Togo electricity production to double

Investments in a new power plant in Lomé, Togo, will double the country's capacity to produce electricity. The new power plant, using innovative technology, is to be fully operational by the end of 2009.

Two companies, US-based ContourGlobal and Finland-based Wärtsilä, confirm that they been awarded supply agreements for the new Lomé power plant. Wärtsilä yesterday revealed it was to "supply a 100 MW power plant to Togo to produce electricity for the national grid." ContourGlobal has been awarded the contract for the construction and operation of the power plant.

The power plant is the largest electricity investment ever made in Togo. When operational, the plant is set to significantly diversify Togo's power generation portfolio and supplement the country's hydroelectric power during the dry season. The electricity investment is set to double the country's generating capacity.

The "tri fuel" 100 MW project, expected to be operational at the end of 2009, will be powered by six Wärtsilä engines (16.6 MW each), which are capable of operating on natural gas, heavy fuel oil, and distillate diesel oil-permitting instantaneous fuel switching capability. "The plant will deliver the same output on all three fuels. This way, the power plant can always use the cheapest and the most readily available fuel," according to Wärtsilä.

"The tri-fuel capability of the engines was a key factor in being awarded the contract, in addition to the fact that the Wärtsilä 50DF engine offers high output, low emission rates, first class efficiency, and excellent reliability," according to Tony van Velzen, Regional Director for Africa of Wärtsilä.

The projected plant plans to run on heavy fuel oil until natural gas becomes available via the West Africa Gas Pipeline in construction. The project is set to produce over 780 GWh of electricity and help the West African nation and the broader region overcome an electricity shortage that has resulted in rolling blackouts and inhibited its economic growth.

http://www.afrol.com/articles/29958

DanteXavier

July 24th, 2008, 10:23 PM

Maurel & Prom Announces Oil Discovery in Gabon

The exploration well OMKO-1, formerly named Alonha-C and located at 6km East of the Onal field (3.6km East of the production center), has been drilled at a 1,800m depth.

The OMKO-1 well met two oiled standstone intervals in the following geological formations:
- The Kissenda over 56 m, a new subject in this area of Gabon. This level reached an eruptive production of 3,050 b/d on a 40/64’' choke with a 595 psi head pressure.
- The Base Sandstone over 43.5 m, a topic that Maurel & Prom has already highlighted in Congo with the M’Boundi and Kouakouala fields and in Gabon with the Onal field. This level reached an eruptive production of 2,460 b/d on a 32/64’' choke with a 660 psi head pressure.

In both cases, the oil is between 35.7 and 36.7° API.

This oil discovery in Gabon by Maurel & Prom validates the exploration subjects in the sedimentary basin in the North-East area of the Onal field. This well will be immediately followed by the exploration well OMBG (ex Alonha B). Other exploration wells are scheduled in this area, and amongst them Alonha A, Onal East and Maroc.

Simultaneously, the drilling of the exploration well N’Zamo will be resumed in order to study the South-West area of the field.

Depending on rigs availability, Maurel & Prom will undertake the appreciation of this discovery by the end of the year.

Maurel & Prom, operator, owns 100% of the exploration permit Omoueyi, signed on September 27, 2005, with the Gabonese State. The Gabonese State has right of return of 15%.

The production figures above are raw data that includes the share of the Gabonese State.

Review all our latest West Africa news and company profiles

http://www.oilvoice.com/n/Maurel_Prom_Announces_Oil_Discovery_in_Gabon/18ef70f0.aspx

DanteXavier

July 25th, 2008, 10:08 AM

Madagascar's Economy to Grow 7% on Tourism, Mining, Bank Says

July 24 (Bloomberg) -- Madagascar's economy will probably expand 7 percent this year, boosted by increased tourism and investment in the mining industry, the central bank said.

Growth will accelerate from about 6.3 percent last year, Honore Randrianarison, research director at the Antananarivo- based Central Bank of Madagascar, said in a telephone interview today.

``There's a lot of growth in tourism and there are some major investments in our mining sector,'' Randrianarison said.

The island nation off the southwest coast of Africa will grow at an average of 8 percent until 2011, the International Monetary Fund said in February. Madagascar mines sapphires, cobalt and tin, according to Randrianarison.

http://www.bloomberg.com/apps/news?pid=20601116&sid=akBZ5vKxcEIo&refer=africa

DanteXavier

July 25th, 2008, 10:11 AM

Namdeb to spend R750m on coastal exploration as inland deposits decline

Namibia’s largest diamond-miner, Namdeb, says it is investing R750-million in new exploration activities along the shores of the Atlantic coast as it shifts its focus from declining inland diamond deposits.
NamDeb, a 50:50 joint venture between global diamond-miner De Beers and the Namibian government, says that the future of the diamond-miner now hinges on alluvial deposits owing to the declining carat profile of its inland concessions.

Land-based production is expected to decline by half by 2010, and diamonds from marine operations are expected to shore up the company’s production profile and balance sheet.

Namdeb group external affairs manager Hilifa Mbako says that the company is investing a huge chunk of its exploration budget in sampling and the development of technology to make the new exploration push a reality.

Mbako says that the diamond-miner is targeting virgin exploration ground, adding that areas targeted so far have the potential to deliver up to 500 000 ct/y.

He adds that exploration is targeting the beach areas along the Atlantic coast and shallow and midwater areas from the beach going a few hundred metres into the sea. All the areas fall within the company’s land licence areas.

Namibia is the only country where diamonds are mined from the seafloor and De Beers is planning a similar operation in South Africa.

“Exploration activities are mainly in the Sperrgebiet area, in diamond area number one, where Namdeb licences are held,” Mbako says.

“Carats on land are depleting and diamonds are not renewable. We are faced with a declining carat profile,” Mbako says.

He reports that Namdeb is also drilling for diamonds in the eastern parts of the country, in areas such as Kavango and the eastern Caprivi region, but the scope of this exploration does not fall under the ambit of the R750-million programme.

Seven geophysical anomalies have reportedly been selected for drilling on two exclusive prospecting licences (EPLs) in north-eastern Namibia.

Namdeb has been conducting various geographical surveys, as well as soil and stream sediment sampling over the area covered by the EPLs.

To date the company has identified 15 genuine airborne geophysical anomalies, which were subsequently tested in 2007 by various ground-based geophysical surveys.

While analysis of the ground-based surveys continues, seven drilling targets have been recommended and drilling is under way, although no results are available yet.

Diamond-mining accounts for 8% of Namibia’s total gross domestic product and about 38% of its primary industry output.

http://www.miningweekly.com/article.php?a_id=138385

Kenguy

July 26th, 2008, 10:05 AM

Wow! African countries discovering oil left and right lately. Is Pancontinental a Kenyan company?

I don't think its Kenyan.

DanteXavier

July 27th, 2008, 04:16 AM

World Bank praises Angola's good governance, fast economic growth

LUANDA, July 22 (Xinhua) -- The World Bank here on Tuesday praised Angola for good governance, fast economic growth and maintenance of peace, stability and security.

"We are here to congratulate the President of the Republic, Jose Eduardo dos Santos, for his contribution to stability and good macroeconomics governance," said Ngozi Okonjo, managing director of the World Bank.

She said the World Bank is satisfied with the steps taken by the Angolan government in the social peace and stability achieved after the decades-long civil war which ended six years ago.

She added that Angola's economy has been growing fast, registering a 25 percent increase in the first half of this year.

She said the World Bank will assist the Angolan government to carry out projects in sectors of health, education, energy, agriculture and fisheries.

http://news.xinhuanet.com/english/2008-07/23/content_8751012.htm

Carver02

July 27th, 2008, 04:58 AM

10ROT

July 27th, 2008, 06:15 AM

It's crazy to see countries all over Africa discovering oil.

I'm heavily confident that there's oil in Somalia. Off-shore too. Too bad leaders there are stupid. :no:

Kenguy

July 27th, 2008, 09:57 AM

It's crazy to see countries all over Africa discovering oil.

I'm heavily confident that there's oil in Somalia. Off-shore too. Too bad leaders there are stupid. :no:

If its in Lamu, its probably offshore in Southern Somalia too. It may be a good thing since now other countries will have a good reason to try and restore a sense of order in the country.

Kenguy

July 27th, 2008, 10:04 AM

I hope they will use some of the natural gas to generate electricity.

I hope so too, though the only country in the region that is actively exploring that mode of electricity generation is Tanzania since they have natural gas reserves. Word is also going round that there might be some oil around Zanzibar but its yet to be proven.

skipperBill

July 27th, 2008, 05:03 PM

It's crazy to see countries all over Africa discovering oil.

I'm heavily confident that there's oil in Somalia. Off-shore too. Too bad leaders there are stupid. :no:
there is definitely some oil potential in Somalia. both off-shore and on shore.
Puntland state recently sold some concessions for oil exploration : article link (http://www.oilvoice.com/n/Africa_Oil_Begins_Puntland_Seismic_Acquisition_Programme/f8d2fc1a.aspx)

Pule

July 29th, 2008, 09:57 AM

Mozambique's HCB plans new power station

By: Reuters
Published: 28 Jul 08 - 17:19

Mozambique's major dam operator, Hydro-electric Cahora Bassa (HCB) is negotiating with the government to build a new power station that could increase power supplies to neighbours, its chief executive said Monday.

HCB CEO Paulo Muxanga told Reuters in an exclusive interview the company had exhausted the maximum capacity of power it could produce from its generators on the southern bank of the Cahora Bassa river. It is therefore seeking government approval to build additional generators on the northern bank.

"We have proposed to the government to go ahead with the building of new generators or power stations in the northern banks of the river because we have exhausted all our capacity in the southern banks, we are awaiting government approval for that to happen", he said.

HCB, which suffered from decades of neglect and lack of investment, currently provides 60 percent of its power to South Africa's Eskom and 35 percent to the Zimbabwe Electricity Supply Authority (ZESA).

Mozambique consumes the remaining 5 percent and only 15 percent of the country's 20-million people have access to electricity.

The move to build an additional power station is likely to increase Mozambique's capacity to export electricity to other southern African countries affected by a power crisis in the region.

On Sunday, ZESA, the Zimbabwe state power utility, reportedly said it was negotiating with its Mozambican counterparts to get additional supplies following the refurbishment and subsequent increase in generation capacity of the Cahora Bassa power station.

"Yes (ZESA) is negotiating with us, but unfortunately we do not have extra power to sell to neighbouring countries at the moment unless we go to the second phase of building new generators or power stations in the northern banks of the river", Muxanga said.

Cahora Bassa has the potential to generate 14,000 megawatts of power but currently produces 2,075 MW.

Officials say getting it to its maximum capacity would require major investment, which the company has sought from foreign financiers.

Edited by: Reuters

Pule

July 29th, 2008, 10:03 AM

Moz-SA pipeline owner still targets 2010 as completion date despite delays

By: Matthew Hill
Published: 25 Jul 08 - 13:59
Despite delays to the start of construction, privately owned Petroline was still hoping to deliver its crucial petroleum products pipeline from Maputo to Nelspruit around the time of the FIFA 2010 World Cup, MD Johan de Vos told Engineering News Online at the weekend.
By this time, a recent report showed that there would be one 40 000 l petrol truck leaving South Africa's ports for inland areas every 5,2 minutes, owing to the shortage of piping infrastructure.

The company was still working to secure environmental approval, with which it had made "very good progress", and was putting in effort to prepare for a swift start to construction once it had final the authorisations.

"We are still optimistic that we will be there in the first half of 2010," De Vos stated by phone of the R4,2-billion project that would be the first privately-owned petroleum pipeline to be built in South Africa since the 1960s.

He had previously hoped for construction to start by winter this year, but said that the company had "been working very hard behind the scenes" to ensure that the it could put the project out to tender soon after final approvals.

"We have also been doing a lot of work on [securing] long-lead items," De Vos added.

The commissioning of the pipeline was seen as crucial to South Africa's inland fuel supplies in 2010, which was the year that experts predicted a fuel shortage could sweep through Gauteng, owing to a lack of transport capacity.

A report that Petroline compiled a couple of months ago stated that the current petroleum products pipeline from Durban to Gauteng was operating at its capacity of some three-billion litres a year, with an additional one- to two-billion litres of fuel transported via road or rail in 2007.

And, the amount of petrol sent by road or rail was set to rise to four-billion litres by 2010, or 33% more than by the current pipe's capacity.

"In the third quarter of 2009 we are expecting that South Africa won't be able to supply our inland [fuel] needs unless something drastic is done," Reuters quoted Department of Minerals and Energy (DME) deputy director-general of hydrocarbons and energy planning Nhlanhla Gumede as saying last month.

Meanwhile, State-owned Transnet was also still hoping to open the tap on its new petroleum products pipeline from Durban to Gauteng in September 2010.

CEO Maria Ramos earlier this year acknowledged that mitigation strategies would have to be implemented before that time.

Transnet Pipelines had been working with the liquid-fuels industry, as well as the DME and Energy, on a "range of mitigating strategies" for the interim period while the pipelines are being built.

One of these remedies included the introduction of drag-reducing agents to improve the efficiency of the existing pipeline network, which was already operating at full capacity. Also being interrogated were rail-based transportation solutions, including the purchase of specialised wagons to mov