The African continental free trade agreement ACFTA has opened up opportunities for multinationals to diversify into unchartered markets especially emerging economies like Angola, Ethiopia, Kenya, Nigeria, South Africa, and Rwanda.
According to the International Monetary Fund, Angola’s economy will contract for a fourth straight year in 2019 yet investors are happy with the reforms by its central bank especially the devaluation of the Angolan Kwanza by 32% against the US Dollar. This has led to the ease of foreign exchange shortages that were crippling businesses since the fall of crude oil prices five years ago.
Ethiopia is the fastest growing economy in the world but the inflation rate has increased by over 20% with shortages of foreign exchange. The Nobel peace prize winner for 2019 and Prime Minister of Ethiopia Abiy Ahmed recently secured a three-year loan of US$2.9 billion from the IMF to enable the state-run economy to open up to international investors. The Ethiopian central bank is currently evaluating the overvalued Ethiopian currency, the Birr and Investors see this move as the most progressive in Africa.
The growth rate for Kenya in 2020 is forecasted to be 5.8% making it one of the continents best-performing economies on a long term while Nigeria’s foreign reserves dropped by 14% since July, yet the Naira remains stable said the Central Bank Godwin Emefiele and its economy remains one of the best for trade.
South Africa has seen investors pull out about US$10 billion from the stock exchange amid fears of the crisis at power utility ESKOM and a worrying sign that rating agency Moody’s might cut the country’s investment grade to junk. However, investors will be quick to return as soon as reforms in the Power sector yield positives while the East African state of Rwanda has one of the continent’s fastest-growing economies which is expected to grow by 8.5% this year.
By Abiodun Abidoye
Member Southern African Freelancers Association
The 2nd National Peoples Assembly of the Economic Freedom Fighters South Africa held at the NASREC expo centre in Soweto elected new leadership with only President Julius Malema and Deputy president Floyd Shivambu returning to their previous position.
The top six executive position and elected members are;
President: Julius Malema
Deputy President: Floyd Shivambu
National Chairperson: Veronica Mente
Secretary General: Marshall Dlamini
Deputy Secretary General: Poppy Mailola
Treasurer General: Omphile Maotwe
The Economic Freedom Fighters is the fastest growing political party in South Africa since it got into parliament in the 2014 National Elections.
Share your opinion about the outcome of this 2nd EFF National People’s Assembly.
The republicans issued a forty eight hours ultimatum to the British forces with the conditions not to interfere in its internal affairs, resolution of any dispute only by arbitration, withdrawal of troops from borders and embargo on all reinforcement at land and sea anywhere in South Africa. October 9th 1899
Eight hundred men led by General De la Ray advanced south from Mafeking reaching Kraaipan station. The objective was to push back one thousand British soldiers said to have been deployed but there were none on arrival, hence the destruction of the railway line on both sides and the disconnection of the telegraph line.
While the officers were resting, sentries on lookout realized a moving train coming towards the broken rail line and alerted General De la Ray just before it derailed. They took positions and cut off the railway line on the other end to prevent the British soldiers from retreating. Before the initial Exchange of Gunfire ensued, the first shot was fired by Field Cornet J.C. Coetzee which served as a signal for the rest of the soldiers to engage. 12th October 1899
The British soldiers surrendered as this marks the first victory for the republican army. Forty prisoners and an armoured train were taken alongside a huge cache of weapons and ammunitions barely two days into the declaration of war with the British after the expiration of the ultimatum.
Researched and compiled by Abiodun Abidoye, Member Southern African Freelancers Association