Major International Business Headlines Brief::: 25 July 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  25 July 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Traders Warn Against Neglect of Informal Sector

ü  Ghana Faces Extreme Economic Challenges - Finance Minister Admits

ü  East Africa: Comesa Watchdog Issues Warning On Faulty Airbags Linked to
22 Deaths

ü  Africa Has Much to Gain From a More Contained BRI

ü  Zambia: Winter Maize Production Can Boost Zambia's Food Security

ü  South Africa: Prasa Board Reinstates Zolani Matthews

ü  Liberia: Govt Urged to Establish 'National Volunteer Service' Program

ü  Liberia: 'Don't Scare Away Investors'

ü  Liberia: Senate Review Reveals Decline in Non-Tax Revenue, Calls for SOE
Contributions

ü  Kenya: 9 in 10 Kenyans Oppose Tax Hike On Petroleum Products - Survey

ü  Uganda: Govt to Construct Another Banana Processing Factory in Kiruhura

ü  Nigeria: Gabon President Invites Dangote to Invest in Cement, Fertiliser
Production

ü  Nigeria: Dangote/NNPC Spat Creating Wrong Signal for Nigeria - Adesina,
Otedola

ü  Shares drop in US and Asia as AI stocks slide

ü  No new 1p and 2p coins to be made this year

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria: Traders Warn Against Neglect of Informal Sector

The Market Traders Association of Nigeria (MATAN) has alerted the government
about dangers of neglecting the informal sector, as its exclusion can hinder
economic growth.

 

MATAN national secretary, Olakunle Johnson, gave the advice during the
signing of a Memorandum of Understanding (MoU) with the Ndigboamaka
Progressives Markets Association on Wednesday in Lagos.

 

The Ndigboamaka is the umbrella body of major markets in Lagos State led by
its President Chinedu Ukatu.

 

Johnson, also the national chairman of Project Steering Committee
Integration Market Trader's Revenue Management System, on VAT Direct
Initiative VDI, said good relations between the government and the informal
sector had become imperative to expedite economic growth.

 

 

Stressing the importance of the Igbo traders in the commerce of the state
and Nigeria, Johnson said that the government must always get the informal
sector involved in economic development.

 

"The informal sector takes a larger chunk of close to 80 per cent of
Nigerian workers while the remaining 20 per cent is occupied by the formal
sector.

 

"This affirms the fact that the informal sector drives the system.

 

"Government needs MATAN in any negotiation with the people in the informal
sector because the association has the required data to access them
appropriately.

 

"If neglected, it will not speak well for the country," he said.

 

According to him, only MATAN can talk to everyone in the informal sector in
the language they understand.

 

Speaking on the MoU, Johnson said that both associations were collaborating
to make sure more traders come to the tax net.

 

He said that the step was part of the efforts to implement the integration
of the market revenue management system, VAT initiative.

 

"Lagos has almost over 400 markets of which Igbo traders control about 68-70
markets.

 

"We have met the Igbo traders' section, they are important in Lagos because
if removed from the markets in Lagos, we will be left with pepper and all
other perishable market traders.

 

"MATAN, having signed MoU with the Federal Internal Revenue Services (FIRS),
the Joint States Internal Revenue Services, the Association of Local
Government in Nigeria and other government agencies, all strata of the
informal sector, have keyed into this project.

 

"So, the government needs to go back to the grassroots and bring them to the
tax net, including those exempted from paying tax.

 

 

"Once we know ourselves and the data is available, we will be able to
decipher if any change of status occurs and ensure tax payment accordingly,"
Johnson said.

 

He said that the government also needed to involve MATAN in its efforts
geared towards ensuring the welfare of the citizens.

 

According to him, most of the economic crises facing the country came
because the informal sector was left behind.

 

He said that informal traders' services needed to be recognised by the
government while also bringing traders on board by creating a template for
them.

 

Speaking, Ukatu said: "The MoU we signed with MATAN is a historic one
because for so long we have been contributing so much to grow the nation's
GDP but nothing is coming our way in terms of benefit.

 

"Looking at the MATAN Idea, we find it good enough and that informs our
decision to partner with them.

 

"Our market covers major international markets where importers and exporters
trade, an entry point of more than N23 million verifiable traders here."

 

Earlier in his welcome address, the chairman of MATAN, Lagos State chapter,
Chief Moshood Fadaka, said that no serious government would neglect the
informal sector of the economy.

 

- Leadership.

 

 

 

 

Ghana Faces Extreme Economic Challenges - Finance Minister Admits

Finance Minister Dr. Mohammed Amin Adam presented the Mid-Year Fiscal Policy
Review, acknowledging the severe impact of economic challenges on Ghanaians,
but expressed optimism that government measures are yielding positive
results and getting the country back on track.

 

The Finance and Economic Planning Minister, Dr. Mohammed Amin Adam, has
shown empathy towards Ghanaians facing economic difficulties.

 

On Tuesday, July 23, 2024, the Karaga MP presented the Mid-Year Fiscal
Policy Review in Parliament, expressing concerns about ongoing challenges
that have affected businesses, families, and vulnerable individuals for the
past two years.

 

"Mr. Speaker, the last two years have been extremely challenging globally,
and Ghana has not been an exception. The difficult economic environment has
truly affected businesses and families, particularly the vulnerable in our
society," Adam said.

 

According to him, the current challenges have had a severe impact on
households, increasing the cost of living and limiting job opportunities,
forcing young people to seek employment elsewhere.

 

 

"These challenges have severely affected households, increased the cost of
living and limited the creation of job opportunities. Our young people
continue to seek employment opportunities beyond what the State can provide.
It has, indeed, Mr. Speaker, been a difficult time and I empathise with our
entire fellow Ghanaians," he said.

 

He further pointed out that the measures taken by the government are paying
off, as the implemented policies are achieving the intended outcomes.

 

"Mr. Speaker, over the last two years, the Government has embarked on a
number of decisive measures to get us back on the path of fiscal
consolidation, economic stability and growth. I am happy to note that these
policies that we have implemented are yielding the expected results," he
added.

 

- Accra Times.

 

 

 

 

East Africa: Comesa Watchdog Issues Warning On Faulty Airbags Linked to 22
Deaths

The regional competition watchdog has issued a stark warning to car
consumers over faulty Takata airbags that have been linked to 22 deaths and
180 injuries worldwide.

 

The alert from the COMESA Competition Commission (CCC) follows the ongoing
recall of vehicles from more than 20 major car brands due to defective
airbag inflators.

 

In a statement, the Lilongwe-based Commission said that over 100 million
defective Takata airbags have been recalled by car manufacturers globally as
of January this year.

 

The affected brands include Toyota, Nissan, Honda, Mazda, Ford, Pontiac,
Acura, BMW, Chrysler, Infiniti, and Dodge, particularly for models from 2002
to 2015, which are popular among regional consumers.

 

COMESA highlighted that the US National Highway Traffic Safety
Administration (NHTSA) has already issued a 'Do Not Drive' warning to owners
of these vehicles.

 

"The commission wishes to alert consumers in the COMESA region about the
ongoing developments concerning Takata airbags, especially given the high
importation of used cars in the region," said Meti Demissie Disasa, the
commission's registrar.

 

The Takata PSDI-5 inflator propellant can, over time, generate excessive
internal pressure, potentially causing the inflator body to rupture upon
deployment.

 

This rupture can send metal fragments through the airbag cushion, resulting
in injury or death to vehicle occupants.

 

"These ruptures may occur in some inflators after several years of exposure
to persistent conditions of high absolute humidity, high temperatures, and
temperature cycling, among other factors," Disasa added.

 

- Business Day Africa.

 

 

 

 

Africa Has Much to Gain From a More Contained BRI

Despite the Belt and Road's mixed record in Africa, careful involvement in
China's smaller, greener projects could be beneficial.

 

China's Belt and Road Initiative (BRI) has gained significant traction in
Africa since its launch in 2013, with 53 African nations participating in
varying degrees. In 2023, African countries received US$21.7 billion in BRI
deals, including investments in ports, railways and renewable energy.

 

As China shifts BRI towards smaller, greener and less risky projects, Africa
will have much to gain from the programme. But countries need to be more
proactive in aligning the potential benefits with their own strategic
priorities, and galvanising efforts to strengthen the governance of BRI.

 

 

September's Forum on China-Africa Cooperation (FOCAC) is an opportunity for
Africa to enhance its agency. China will use FOCAC to deepen BRI
cooperation, with discussions focusing on concessional development finance,
infrastructure and trade. The shift from the Dakar Action Plan (2022-2024)
to a new framework has already sparked debate about its potential impact on
Africa.

 

Originally conceived to emulate the ancient Silk Road trade routes, the BRI
has grown significantly. It now involves 151 countries spanning Asia,
Africa, Europe and Latin America. It includes the Digital Silk Road and
Health Silk Road, broadening its scope beyond infrastructure to encompass
various fields including tourism, capacity building and nuclear energy.

 

Number of countries in the BRI by global region: 2023     BRI investment in
Africa by sector: 2013 vs 2023

 

The BRI has a strategic element, providing China with a platform to project
its power globally. The initiative ensures long-term access to resources and
markets while positioning China as a key ally to developing nations,
challenging traditional Western dominance in these regions.

 

The BRI also offers an alternative source of development finance,
particularly benefitting poorer African nations by addressing substantial
infrastructure investment deficits with minimal conditions. Consequently,
China has become a pivotal lender in Africa, extending loans exceeding
US$170 billion to 49 African countries and regional institutions from
2000-22. BRI projects are often executed swiftly by Chinese contractors on a
turnkey basis, making them more attractive than the slower, condition-heavy
financing from institutions like the World Bank and African Development
Bank.

 

 

However, BRI projects haven't always been well conceived or strategically
chosen, leading to outcomes that fail to deliver the desired economic
impact. Kenya's Standard Gauge Railway for example has been criticised for
not being economically viable or benefitting local communities. These kinds
of 'white elephant' projects intensify worries about debt sustainability -
if they don't generate sufficient economic benefit, countries may struggle
to repay loans.

 

While BRI projects have contributed to debt distress in some host countries,
experts argue that this isn't a deliberate strategy by Beijing. The 'debt
trap diplomacy' narrative has been challenged, with an emphasis on Chinese
banks' need to recover their investments. For instance, Ethiopia
renegotiated its US$4 billion railway project loan, extending the repayment
period without losing control over the infrastructure. However, the impact
of commercial loans for BRI projects still comes under scrutiny, as in the
Zambia case.

 

Despite state guarantees and high interest rates, Beijing has reassessed its
appetite for high-risk lending and scaled back accordingly, with an
increasing emphasis on sustainable investments. The 'small and beautiful'
model of BRI investment, established in 2021, focuses on smaller, greener,
less financially risky projects for both Beijing and host countries.

 

The aim is to mitigate the environmental degradation and social discontent
that have plagued some of the larger, more ambitious projects such as
Uganda's Kampala-Entebbe Expressway. Chinese President Xi Jinping's keynote
speech at the third Belt and Road Forum in 2023 emphasised a strategic shift
towards more sustainable, community-focused projects. He highlighted
priority areas such as renewable energy, healthcare and technology, which
are expected to yield long-term benefits for local communities.

 

Regardless of Beijing's attempts to improve the BRI's outcomes, success will
be limited if African countries do not approach the initiative more
proactively. Paul Nantulya, a Research Associate and China Specialist at the
Africa Center for Strategic Studies, emphasises the importance of African
agency and ownership in strengthening accountability and reducing risk.

 

'When all the initiative in terms of concept design, funding instruments,
and execution is coming from Chinese entities, then the BRI partner country
feels less constrained by domestic accountability mechanisms since they
don't have major stakes involved,' he says.

 

Nantulya says that African countries must develop a strategic approach
towards the programme. 'While there has been quite a bit of deliberate
policy thinking on the Chinese side, I don't see a corresponding effort on
the African side to identify Africa's strategic approach towards China and
Africa's interest in the BRI.'

 

It is unlikely that China, under Xi Jinping's leadership, will abandon the
BRI. Rather, the initiative is evolving, engaging new stakeholders and
changing modes of operation. Stephen Brawer, Chairman of the Belt & Road
Institute in Sweden, says the BRI remains crucial to China's global strategy
and economic diplomacy. He says Beijing has already adjusted the initiative
to enhance its sustainability, suggesting it will continue being a
significant force in international relations.

 

A leaner BRI addresses numerous problems, enabling development that has a
more immediate impact on local communities, such as renewable energy
projects in Kenya and South Africa. It also better aligns with the African
Union's Agenda 2063. A reformed BRI could be a valuable tool for Africa's
development, but won't fix all the continent's problems.

 

The most significant lesson from a decade of African engagement is clear:
countries must define their goals and strategies before engaging with
external actors. Otherwise, they risk becoming platforms for the agendas of
external powers, weakening their own domestic credibility in the process.

 

In the build-up to this year's FOCAC, African countries must prepare to
articulate clearly what they want from Beijing. This will involve having
conversations with regional counterparts and considering how new projects
fit into broader initiatives, such as the African Continental Free Trade
Area.

 

Jana de Kluiver, Research Officer, Africa in the World

 

- ISS.

 

 

 

 

Zambia: Winter Maize Production Can Boost Zambia's Food Security

WINTER maize production plays a vital role in boosting the country's food
security and helping Zambia move towards achieving the 10 million tonnes per
annum target.

 

Over the years, Zambia has depended so much on rain-fed maize production
which has resulted into the country having low yields in an event of low
rainfall.

 

This year, the country has been hit by a drought which has led to maize
production dropping to 1.5 million from the more than three tonnes it
records every year.

 

Currently, the government has put in place plans to import maize as a way of
boosting food security.

 

 

President Hakainde Hichilema has called for increased winter maize
production to boost food security and improve farmer's livelihoods.

 

He emphasises that winter maize production is key in enhancing food
availability, reducing the reliance on imports, improving farmers income,
promoting economic growth as well as ensuring food self-sufficiency.

 

According to research, winter maize production can result in higher yields
due to the cooler temperatures and improved soil moisture, leading to a
greater supply of maize for consumption and storage.

 

By planting maize in the winter, farmers can harvest outside the traditional
rainy season, reducing the seasonality of maize availability and ensuring a
more consistent supply throughout the year.

 

Small Scale Holder Farmers Association of Zambia says winter maize
production provides an additional income stream for farmers, contributing to
improved livelihoods and economic stability.

 

National Association of Small Holder Farmers president Frank Kayula says
winter maize production can be integrated with other crops and farming
practices, promoting diversified farming systems and resilience.

 

Both commercial and small scale farmers are heeding to the call and making
strides in the production of winter maize.

 

Zambeef has planted more than 1,000 hectares of winter maize to help boost
the country's food security following crop failure due to droughts.

 

Company corporate affairs and sustainability executive Ezekiel Sekele says
the winter maize grown was doing well with a good harvest expected.

 

Mr Sekele says the company has planted 1200 in Chiawa, Kafue and 130
hectares in Mpongwe District.

 

He says the 130 hectares in Mpongwe is on trial basis to see how the crop
will perform in areas whose weather pattern was warmer this year.

 

 

"In Mpongwe, it is the first time we are growing winter maize, we were
trying to see how the crop can do but what we have seen, the crop is doing
very well because the weather this year is slightly warmer," he said.

 

Mr Sekele says the company was expected to produce 700 tonnes of maize from
the Mpongwe Farm on a trial basis.

 

He says that from the Chiawa farm, the company was expecting a harvest of
more than 7000 tonnes.

 

Mr Sekele says the 800 hectares of winter maize from the Chiawa was for
consumption while 400 hectares was seed maize for a local seed company.

 

He says Zambeef has been growing winter maize in Chiawa because of its
warmer temperatures during winter.

 

Mr Sekele said winter maize was a difficult crop due to lower temperatures
which stunts its growth.

 

He says the company will endeavor to grow maize throughout the year to
ensure the country is food secure.

 

Some farmers in Lundazi District Eastern Province have taken advantage of
the wetland in the area to venture into winter maize production.

 

Three co-operatives with support from Zambezi Seed and Synergy companies
have grown maize this winter in Kapichila agriculture camp.

 

District Agriculture Coordinator Edward Hachuundu says the maize grown was
doing well with a good harvest expected.

 

Dr Hachuundu says in an interview that the district was endowed with wetland
which was good for production of food crops such as maize through the year.

 

"A number of farmers are willing to venture into winter maize production in
line with the presidential call following the drought. Three co-operatives
here in Lundazi have set the tone," he says.

 

Dr Hachuundu says the district has registered 10,000 farmers who need
support from the government to grow winter maize.

 

He says the government is providing irrigation loans to farmers to grow food
throughout the year.

 

Buy Zed Campaign says it was happy that the vision by President Hakainde
Hichilema for the country to grow winter maize in order to improve food
security after it suffered its worst drought in over four decades was
turning into reality.

 

 

Campaign founder Evans Ngoma says with support from the Ministry of
Agriculture and agriculture suppliers companies such as Zambezi Seed and
Synergy, many farmers both small-scale and commercial heeding to the
president's call and ventured into winter maize cultivation.

 

"With such efforts, we believe as Buy Zed that we can transform our nation
into a regional food basket that can stand strong even in the midst of
natural calamity," he says.

 

Mr Ngoma says Buy Zed is ready to support farmers venturing into winter food
production through market awareness and linkages among others.

 

By boosting winter maize production, Zambia can improve food security,
reduce reliance on imports, and enhance the overall well-being of its
citizens.

 

To promote winter maize production, the government through the Citizens
Economic Empowerment Commission is providing agriculture mechanisation and
irrigation system support for solar irrigation system support not exceeding
five hectares land size.

 

The agricultural mechanisation supports for small agricultural equipment
each loan product not exceeding K1, 000,000 for a period of five years.

 

Small and Medium Enterprises Development Minister Elias Mubanga urges small
scale farmers to take advantage of the loans to invest in winter crop
production.

 

Mr Mubanga says winter maize production will not only boost food security
but also improve their income and livelihoods.

 

The minister says the government was targeting to empower 50,000 small scale
farmers countrywide and so far 1,000 have started benefiting.

 

"We want to make sure that farmers grow more whether there is rain or no
rain throughout the year. We are working with the Ministry of Agriculture to
provide these irrigation loans through the Citizens Economic Empowerment
Commission (CEEC)," he says.

 

By boosting winter maize production, Zambia can improve food security,
reduce reliance on imports, and enhance the overall well-being of its
citizens.

 

- Times of Zambia.

 

 

 

 

South Africa: Prasa Board Reinstates Zolani Matthews

The Passenger Rail Agency of South Africa (PRASA) board has reinstated
Zolani Kgosietsile Matthews as the Group Chief Executive Officer (GCEO), in
compliance with the judgement by the Labour Court.

 

On 1 July 2024, the Labour Court ruled that Matthews's contract was still
valid after it was terminated by the PRASA board in December 2021.

 

The termination of the contract followed an investigation by a seasoned
senior counsel that established whether Matthews deliberately and
intentionally failed to disclose material information to PRASA in respect of
his dual citizenship.

 

According to media reports, months later, retired judge Robert Nugent ruled
that PRASA should reinstate Matthews with back pay during arbitration
proceedings.

 

PRASA applied to the Labour Court to review Nugent's ruling.

 

"Considering this decision, PRASA is now in the process of engaging Zolani
Matthews to discuss the implications of the judgment. The organisation
respectfully requests time and space to engage with Mr Matthews accordingly.

 

"The PRASA Board of Control remains committed to discharging its duties with
the utmost diligence," PRASA said on Wednesday.

 

- SAnews.gov.za.

 

 

 

 

Liberia: Govt Urged to Establish 'National Volunteer Service' Program

Public Health Expert and Scientist Dr. Dougbeh Chris Nyan has called for the
creation of a "Liberia National Volunteer Service" to assist the government
in delivering essential services to communities and individuals in need.

 

Drawing inspiration from the Peace Corps Volunteer Program initiated by
former US President John F. Kennedy in the 1960s, Dr. Nyan emphasized the
importance of establishing a similar volunteer force in Liberia to address
critical needs in healthcare, education, and other social areas.

 

Addressing the audience and Rotary Club members during the induction
ceremony for the new corps of officers, Dr. Nyan highlighted the
significance of community service and selflessness, echoing the Rotary theme
of "Service above Self." The event marked the 60th Anniversary of the Rotary
Club in Liberia, with Tukus Ama Harris assuming the role of President for
the 2024/2025 term.

 

 

Recognized for his extensive volunteer work in clinical medicine, public
health, academia, and scientific research, Dr. Nyan underscored the
importance of investing in education through initiatives like the "Nyan
Scholarship Program (NSP)" to empower future generations.

 

"I rather use my financial resources and expertise in building skyscrapers
in the brains of students, than building concrete mansions that uneducated
children will only see and admire, but probably never own."

 

Dr. Nyan continues to contribute to public health through volunteering
efforts in microbiology education and infection control workshops across
Liberia.

 

As a renowned inventor of the US-patented Rapid Multiplex Diagnostic Test
("NYAN TEST") for infectious diseases, including Ebola and coronaviruses,
Dr. Nyan has been recognized for his contributions to innovation and social
impact, receiving the prestigious "African Innovation Award Special Prize
for Social Impact" in 2017.

 

The Rotary theme, "Service above Self," was amplified throughout the evening
by Rotary-Monrovia President Ama Harris and other Rotarians who spoke at the
program, and emphasized putting one's community and society above
self-interest.

 

Praising the Rotary Club of Liberia for its longstanding commitment to
serving communities, Rotary Club President Ama Harris reiterated the
organization's dedication to maternal and child health during her
administration.

 

Harris called on Rotarians to continue their selfless sacrifices and
services to the communities. She stressed that her administration will focus
on maternal-child health.

 

In alignment with the Rotary's maternal-child health program, the NSP
pledged support for three students in midwifery at the Deana Kay Isaacson
School of Midwifery in Grand Gedeh County.

 

Meanwhile, Dr. Nyan is currently performing the second leg of his 2024
unpaid National Volunteer Service in public health, lecturing microbiology,
and conducting infection-control workshops at various academic and
healthcare institutions in Liberia.

 

- Liberian Observer.

 

 

 

 

Liberia: 'Don't Scare Away Investors'

"If there are issues, we should resolve them through discussion rather than
actions that stall progress," says Eric Sando Perry, chairperson of the
affected communities in the operational areas of the Western Cluster
concession.

 

Eric Sando Perry, chairperson of the affected communities in the operational
areas of Western Cluster, has voiced strong concerns regarding the ongoing
suspension of the company's Road User Permit. Perry asserts that this
measure could deter potential investors and stall critical development
initiatives in the region.

 

In a recent telephone interview with Pumah FM in Tubmanburg, Bomi County,
Perry expressed frustration over the government's approach to managing
issues with Western Cluster.

 

 

"The continuous suspension of the Western Cluster Road User Permit has the
potential to scare away investors," Perry warned.

 

He emphasized the importance of dialogue and negotiation over punitive
measures and, "rather than suspending operations, we should sit down,
discuss, and find solutions to move forward."

 

Perry highlighted the detrimental impact of the permit suspension on both
the company's operations and the affected communities. He noted that such
actions not only halt the company's development projects but also negatively
affect the local population.

 

"Western Cluster is here to mine our ore and provide job opportunities for
our brothers and sisters," he said. "If there are issues, we should resolve
them through discussion rather than actions that stall progress."

 

The community leader also revealed that a recent meeting was held involving
Western Cluster, the National Investment Commission, and the Ministry of
Mines and Energy, with a focus on reverting to the Mineral Development
Agreement (MDA).

 

During this meeting, Perry disclosed, government entities required Western
Cluster to take full responsibility for several local institutions,
including the Liberian Government Hospital, C. H. Dewey Central High School,
and Bomi Junior High School.

 

In response, Western Cluster agreed to these demands and committed to
additional initiatives such as constructing a regional school in the
affected communities and collaborating with local cooperatives to cultivate
100 acres of farmland to boost agricultural development.

 

While Perry acknowledged these positive commitments from Western Cluster, he
criticized the government's decision to persistently suspend the company's
Road User Permit.

 

He argued that such suspensions hinder the company's ability to implement
its pledged projects, including the construction of the regional school and
the management of local hospitals and schools.

 

"For Western Cluster to fulfill its commitments and contribute effectively
to the community, it needs to be operational," Perry stated.

 

Furthermore, Perry cautioned that the government's actions could have
broader repercussions for the country's investment climate. He warned that
continued suspensions and confrontational approaches might discourage other
investors from entering the country.

 

"The government's approach could deter potential investors," he said,
stressing that a focus on dialogue and resolution is essential for fostering
a positive investment environment.

 

Perry's comments reflect growing concerns among local communities and
investors about the impact of government policies on regional development
and economic growth. His call for constructive dialogue and resolution
underscores the need for balanced and collaborative approaches to address
issues affecting both companies and communities.

 

- Liberian Observer.

 

 

 

 

Liberia: Senate Review Reveals Decline in Non-Tax Revenue, Calls for SOE
Contributions

The Public Accounts and Audits Committee of the Liberian Senate has released
its comprehensive analysis of the budget performance for the first quarter
of Fiscal Year 2024, covering the period from January 1 to March 31.

 

The report provides a detailed overview of the nation's financial health,
with a focus on revenue collection, expenditure patterns, and the
implications for Liberia's economy.

 

The report highlights an encouraging start to the fiscal year with tax
revenue outperforming projections by 11%, amounting to US$163.4 million
compared to the projected US$151.4 million.

 

 

This achievement represents 26% of the full-year projection of US$540.2
million. Historically, the first quarter is not a peak period for revenue
collection, suggesting that the fiscal year might be off to a strong start.

 

However, the committee noted areas of concern, particularly regarding the
General Sales Tax (GST) and Taxes on Residents, which both fell short of
projections by approximately US$4 million each, leading to a combined
shortfall of US$8 million. Additionally, the GST performance compared to the
previous fiscal year is down by US$2.37 million.

 

The Ministry of Finance and Development Planning (MFDP) and the Liberia
Revenue Authority (LRA) have been urged to monitor tax expenditures closely,
especially those arising from concessionary rates to certain manufacturers
and underreporting by taxpayers.

 

Non-tax revenue underperformed by 8% against projections, attributed to a
slow start at several revenue-generating entities, including the Liberia
Immigration Service (LIS), Liberia Business Registry (LBR), and the Ministry
of Foreign Affairs (MOFA), which faced confusion around passport issuance.

 

Overall, total revenue exceeded projections by 8%, achieving 25% of the
full-year projection. However, the report expressed concern over the lack of
contributions from State Owned Enterprises (SOEs), despite a projected
US$2.1 million in revenue.

 

The report revealed that MFDP allocated US$144.97 million for the first
quarter but disbursed only US$77.1 million, representing 53% of the
allocation and just 10% of the full-year appropriation. This slow
disbursement is particularly concerning given the strong revenue
performance.

 

Liberia's economy, being heavily reliant on service and merchandising
sectors, depends on government spending to stimulate economic activity,
protect jobs, and support disadvantaged communities. The low spending in Q1
could have a contractionary impact on the economy, particularly at a time
when economic activities are expected to peak around the July 26 holiday.

 

 

The slow formation of the government, which extended into the end of the
first quarter, was cited as a key factor for the low spending. However, the
committee deemed it unacceptable for funds to remain unspent in the bank.

 

Notably, disbursement on infrastructure activities for Q1 exceeded the
allotted amount. However, the report raised concerns about off-budget
expenditures, particularly the Ministry of Public Works' use of
pre-appropriated funds for contracts amounting to $8 million.

 

The report also highlighted spending related to the ARREST agenda, which
includes Agriculture, Roads, and Tourism. These key components of the
President's agenda received only 1%, 8%, and 1% of the disbursements,
respectively, during Q1.

 

The MFDP allotted US$78.7 million for employee compensation but disbursed
only 54% (US$42.5 million). Domestic liabilities received 29% (US$4.9
million) of the US$17.2 million allotment, and foreign liabilities received
30% (US$5 million) of the US$16.6 million allotment.

 

This suggests delays in salary payments and low servicing of domestic and
foreign debts. Goods and services received 37% (US$3.8 million) of the
US$10.35 million allotment for Q1, which negatively impacts businesses.

 

Disbursement on social benefits was 49% (US$1.8 million) of the allotment,
indicating that disadvantaged individuals might have missed out on crucial
services. Overall, the government disbursed only 12% of the US$643 million
recurrent expenditures for the year, which could lead to economic
contraction and higher costs, weakening the job market.

 

The report indicated that the MFDP allotted and disbursed only US$259,000
for Q1, suggesting a low prioritization of public sector investment
activities, which are vital to the ARREST agenda.

 

The committee provided several recommendations to enhance budget performance
and economic stability. The Ministry of Finance should execute the budget as
approved by the Legislature, ensuring timely disbursements to stimulate the
economy.

 

Aligning ARREST with sectors and classifications would allow for easier
analysis of spending impacts, the Committee believes. Clear explanations for
variances and gaps in budget execution should be provided, and SOE debts
should be broken out or shown as contingent liabilities.

 

The 100-day action plan in the Q1 report needs clarity, with detailed
activities and associated costs. Sectoral highlights should be updated with
accurate numbers and clear construction for better clarity.

 

Additionally, more analytical data should be included to support revenue
activities and expenditures, such as the tax-to-GDP ratio, the impact of tax
incentive activities, and comparative data to show trends between Q1 2024
and Q1 2023.

 

The report, finalized in the committee room on July 10, 2024, provides a
critical analysis of Liberia's fiscal performance and outlines necessary
steps to ensure the effective use of public funds and economic stability.

 

The report was signed by Senator Amara M. Konneh (Chairman), Senator
Gbehzonger M. Findley (Co-Chairman), Senator Dabah M. Varpilah (Member),
Senator Darius Dillon (Member), Senator Edwin M. Snowe (Member), Senator
Nathaniel F. McGill (Member), Senator Francis Dopoh (Member), Senator
Gbleh-bo Brown (Member), Senator Momo Cyrus (Member), Senator Johnny Kpehe
(Member), Senator James Binney (Member), and Senator Johnathan Sogbe
(Member).

 

- Liberian Observer.

 

 

 

 

Kenya: 9 in 10 Kenyans Oppose Tax Hike On Petroleum Products - Survey

Nairobi — 9 out of 10 Kenyans oppose any government's move to increase taxes
on petroleum products.

 

The findings have been disclosed by Afrobarometer, a Pan-African,
non-partisan survey research network that provides data on African
experiences and evaluations of democracy, governance, and quality of life.

 

The survey, which interviewed 2,400 Kenyans, found that only 3 out of 10
support raising tax revenues to reduce government borrowing.

 

"What Kenyans think about taxation it is better to pay less taxes, even if
it means there will be fewer services provided by the government," the
survey revealed.

 

 

While President William Ruto's administration aims to become self-reliant
and reduce borrowing through its tax strategy, 6 in 10 Kenyans blame the
government's poor economic management for the rising cost of living.

 

With the skyrocketing cost of living, 6 out of 10 Kenyans feel the country
is headed in the wrong direction with only 4 in 10 Kenyans thinking it's
going in the right direction.

 

The survey was conducted between April 11, 2024, and May 3, 2024.

 

About The Author

 

DAVIS AYEGA

 

Davis Ayega is a versatile journalist, proficient in creative writing,
interviewing, and presenting. With a keen eye for detail, he demonstrates a
deep understanding of effective communication across diverse audiences.

 

See author's posts

 

- Capital FM.

 

 

 

 

Uganda: Govt to Construct Another Banana Processing Factory in Kiruhura

Government is in final stages of starting the construction of another banana
processing factory in Sanga town council Kiruhura district.

 

This is after government investing billions of money in the Presidential
Initiative on Banana Industrial Development (PIBID) which has now been
turned into the Banana Industrial Research and Development center (BIRDC) in
Bushenyi district.

 

"Government has already secured some hectares land where this factory shall
sit. Sanga has a very unique position and has got boundaries across many
districts that are also engaged in banana production like Isingiro, Masaka,
Mbarara and many other", Rev. Prof Muranga Florence the executive director
BIRDC noted.

 

 

As government embarks on the construction of another banana factory,
majority of the farmers and leaders in the region are questioning the
relevance of the Bushenyi factory .

 

However, according to Rev. Prof Muranga , the Sanga factory will add onto
the one of Bushenyi and will start with a bakery before they embark on
bigger matooke processing.

 

"We are starting with a mega bakery because Bushenyi' bakery was supposed to
be a training center for people to use banana flour but this plant here at
Sanga will help to decongest Bushenyi," Prof. Mulanga further noted.

 

The construction of this factory at Sanga has raised more questions that
answers on why government never prioritized constructing it in districts
like Isingiro that largely produce Matooke in visible quantities.

 

However the state minister for Animal industry Retired Lt.Col Bright
Rwamirama clarified that this factory was allocated to Sanga in Kiruhura
district basing on the scientists and the centrality of the area.

 

"I come from Isingiro and we wanted this factory better than any other
person because we have more bananas than Kiruhura but the factor of more
radiation, enough land and the centrality of the area influenced
everything," Rwamirama said.

 

Sanga one of the sub counties in Kiruhura district is largely known for
rearing animals but leaders now say this is the time cattle keepers to also
involve themselves in banana farming to earn more money.

 

"We are very prepared to use our land and grow banana and actually we have
even started because we have farmers here who have over 30 acres of banana
plantations," said Jovanice Rwenduru woman MP, Kiruhura district.

 

The Nyabushozi county MP Kajwengye Wilson also noted that Kiruhura is
grateful for government to have responded positively in giving them a banana
processing factory.

 

He believes this is a milestone that will spur duo incomes.

 

It is estimated that upon securing all the required money and 143 hectares
of land, this factory will be in operation in one or two years to come.

 

- Nile Post.

 

 

 

 

 

Nigeria: Gabon President Invites Dangote to Invest in Cement, Fertiliser
Production

The invitation comes amid Mr Dangote's recent decision to halt investment in
Nigeria's steel industry to avoid the accusations of being considered
monopolistic.

 

The President of Gabon, Brice Oligui Nguema, has invited the President of
Dangote Group, Aliko Dangote, to invest in cement and fertiliser production
in the country.

 

The invitation comes amid Mr Dangote's recent decision to halt investment in
Nigeria's steel industry to avoid the accusations of being considered
monopolistic.

 

In a statement on Tuesday, the company said the President urged Mr Dangote
to explore potential investment opportunities in the country's cement and
fertiliser sectors, specifically urea and phosphate production.

 

During the visit, according to the statement, Mr Dangote engaged in
discussions with Mr Nguema and other top government officials.

 

 

"The talks focused on how Dangote Industries could contribute to Gabon's
economic growth by establishing cement and fertiliser plants, which are
vital for the country's infrastructure development and agricultural
productivity," the statement said.

 

It said President Nguema expressed enthusiasm about the potential
partnership, highlighting Gabon's commitment to creating a conducive
environment for foreign investments while noting that the collaboration with
Dangote Industries would bring significant benefits, including job creation,
technology transfer, and enhanced industrial capacity.

 

On his part, Mr Dangote underscored his company's dedication to fostering
economic development across the continent.

 

He emphasised that investing in Gabon's cement and fertiliser sectors aligns
with Dangote Industries' strategic vision of expanding its footprint and
supporting sustainable development across Africa.

 

"We are excited about the opportunity to invest in Gabon. Our goal is to
contribute to the country's economic diversification and industrialisation
efforts. By leveraging our expertise in cement and fertiliser production, we
aim to support Gabon's infrastructure and agricultural sectors," Mr Dangote
was quoted as saying in the statement.

 

According to the statement, the visit marks a significant step towards
strengthening economic ties between Nigeria and Gabon.

 

"As Dangote Industries continues to explore and finalise investment
opportunities, both nations anticipate mutual benefits that will drive
economic progress and regional integration.

 

"The potential investment by Dangote Industries in Gabon is expected to
bolster the country's industrial landscape, ensuring a steady supply of
essential materials for construction and agriculture. This development
aligns with President Nguema's vision of transforming Gabon into a
diversified and self-sustaining economy," the statement said.

 

In the coming months, it said further discussions and assessments will be
conducted to finalise the investment plans.

 

"The collaboration between Dangote Industries and the Gabonese government
holds promise for a robust partnership that will significantly impact
Gabon's economic landscape," it said.

 

The Dangote Group and the petroleum regulators in Nigeria have been at
loggerheads over the control of the petroleum downstream market in the past
couple of months.

 

Last month, the vice president oil and gas at Dangote Industries Limited,
Devakumar Edwin, accused International Oil Companies (IOCs) of doing
everything to frustrate the survival of Dangote Oil Refinery and
Petrochemicals.

 

He said the IOCs are deliberately frustrating the refinery's efforts to buy
local crude by jerking up the high premium price above the market price,
thereby forcing it to import crude from countries as far as the United
States, with its attendant high costs.

 

On Sunday, Mr Dangote told PREMIUM TIMES in an exclusive interview that he
is willing to give up ownership of his multibillion-dollar oil refinery to
Nigerian National Petroleum Company Limited (NNPC Ltd).

 

- Premium Times.

 

 

 

 

Nigeria: Dangote/NNPC Spat Creating Wrong Signal for Nigeria - Adesina,
Otedola

President of the African Development Bank (AfDB), Dr Akinwumi Adesina has
said the rift between Dangote Refinery and the Nigerian National Petroleum
Company (NNPC) Limited is sending a wrong signal to global investors about
the investing climate in Nigeria.

 

This is as Nigerian billionaire, Femi Otedola, has called for support for
Aliko Dangote, the CEO of Dangote Refinery, amid the ongoing dispute with
national oil regulators.

 

Both Adesina and Otedola warn that the ongoing spat sends negative signals
to potential investors about Nigeria's business environment.

 

Adesina said the dispute that has broken out between NNPC and Dangote
refinery is a needless odium for Nigeria at a time the country should be
building partnerships for rapid development.

 

"This whole disparaging of Dangote is uncalled for. It is self-defeating.
And it is very bad for Nigeria. Who will want to come and invest in a
country that disparages and undermines its own largest investor?"

 

 

He added, "investing is tough. Pettiness is easy. It sadly sends a signal
that the price for sacrificing for Nigeria is to get sacrificed."

 

In a statement, the head of the continental financial institution said
"monopoly often exists where there are high barriers to entry or high
capital costs.

 

"How many individuals or companies can do railways? How many can do
refineries of the scale of Dangote Refineries?"

 

According to Adesina, "in a nation that has been importing refined petroleum
products for several decades, the abnormal simply became very normal. No
smart investor would make a $19.5 billion investment and want it to be
undermined by importers.

 

"To manufacture is extremely expensive and risky. This is even more so in
Nigeria, given the very challenging business and economic environment,
fraught with policy uncertainties and policy reversals, and where the
self-defeating default mode of "simply import it" is always so easily
rationalised and chorused to solve any problem.

 

"Competition is good for everyone. But is Dangote refineries
anti-competitive? What is the evidence?

 

"Has Dangote refineries prevented any other company from setting up
refineries? Why have others not done so? How come they have not done so for
several decades? Was it Dangote that held them back?"

 

He explained that Dangote refineries surely cannot be asked to 'compete'
with importers of petroleum products. "That is not competition. Let the
importers set up local refineries and compete by refining in Nigeria. That
is fair and justified competition,"

 

Adesina said, adding: "we cannot and must not undermine, disparage or kill
local industries, let alone one that is of this scale -- a jewel of
industrialisation in Nigeria.

 

"It is more than simply delivering the cheapest product to the market; it is
about domestic supply security, driving (and yes, protecting) globally
competitive industries, maximising forward and backward linkages in the
local economy, job creation, reducing forex expenses and shoring up the
Naira. We must not be myopic."

 

 

On his part, Otedola joined numerous stakeholders in urging the federal
government to support industrialists like Dangote, similar to how other
governments back their "local champions."

 

In a series of X posts (formerly Twitter) on Tuesday, the multi-sectoral
business mogul said Dangote had built "the largest single train refinery in
the world, the second-largest sugar refinery in the world," which emphasize
that he is the highest taxpayer in Nigeria.

 

Otedola said business titans like Dangote are necessary in the early stage
of a country's industrialisation growth and must be encouraged and
protected.

 

According to him, such trends can be found in the United States with the
likes of "Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P.
Morgan, and Henry Ford," adding that these are men who built the country's
industrial landscape.

 

He further mentioned other industrialists in India, South Africa, China and
other places whose governments have assisted in providing the necessary
incentives to grow various industries in their respective nations.

 

"In Nigeria, we have our own titans, and it is imperative that we recognise
and support them. Aliko Dangote has broken every boundary in worldwide
business and industry.

 

"His contributions are not just a testament to his brilliance but a beacon
of what is possible when vision meets opportunity.

 

"Supporting local champions like Dangote is crucial for our national
development and economic independence. Let us continue to foster and support
these visionaries who drive our nation's progress," Otedola added.

 

Also wading in, Bloomberg reports that the evolving tussle is an uncharted
territory.

 

The media giant said, stung by accusations from his home nation's government
that he's seeking a monopoly for his $20 billion oil refinery, Aliko Dangote
has dropped plans to build a huge steel mill in the country for fear of
similar allegations.

 

Bloomberg noted that at stake is the health of an economy that's struggled
to attract investment, and the fate of Dangote's refinery, the continent's
biggest, is in the balance. Without it, Nigeria -- Africa's largest
crude-oil producer -- will need to import almost all of its motor fuel.

 

Nigeria's downstream regulator has said Dangote is seeking a ban on diesel
imports to boost the viability of the plant and questioned the quality of
its fuel. That follows the billionaire saying the state oil company has
reneged on a deal to supply it with 300,000 barrels of crude a day.

 

"Building a refinery like this is supposed to be a pride for everybody," the
billionaire said, accusing the regulator of wanting to continue issuing
import licences for fuel (a lucrative source of income for Nigeria's elite
for decades) instead of allowing his refinery to thrive.

 

For Dangote, whose business empire was allowed to flourish under previous
administrations in return for him investing billions of dollars, the dispute
is a shock.

 

"Access and favours matter. And Dangote in cement was always accused of
benefiting from a monopoly," said Antony Goldman, founder of Promedia
Consulting, a political risk-advisory firm. "Some critics say they fear a
monopoly but omit to mention a status quo that relies on imports, importers
and intermediaries."

 

There's unlikely to be a winner in this clash of titans, and ordinary
Nigerians will also pay a hefty price.

 

The tussle between Dangote and the NNPC began after the chief executive of
Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA),
Farouk Ahmed, claimed that the Dangote refinery had requested the regulator
to stop giving import licences to other marketers to be the only fuel
supplier in Nigeria. Ahmed also alleged that the refinery's product is
inferior in terms of quality.

 

In response, Dangote expressed his willingness to sell the refinery to the
NNPCL, stating that if they take over, the allegations of monopoly would no
longer be valid.

 

The federal government has intervened, facilitating a meeting to resolve
issues affecting the Dangote Refinery's operations, which are crucial for
reducing Nigeria's reliance on imported fuel.

 

The minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who
intervened in the rift, uged all parties -- Dangote, NNPCL, NMDPRA, and
NUPRC -- to work together for the development of the industry.

 

However, Nigerians on social media have called out International Oil
Companies (IOCs) and saboteurs, urging the federal government to protect the
Dangote Refinery

 

- Leadership.

 

 

 

 

Shares drop in US and Asia as AI stocks slide

Major tech shares suffered the most as investors reassessed the AI-fuelled
stock market boom

Financial markets in the US and Asia have fallen sharply as investors sell
off shares in technology companies, with artificial intelligence (AI) stocks
hit particularly hard.

In Wednesday's trading in New York, the S&P 500 lost 2.3% and the tech-heavy
Nasdaq fell 3.6%, in their biggest one-day falls since 2022. The Dow Jones
Industrial Average dropped by 1.2%.

The losses were driven by major firms including Nvidia, Alphabet, Microsoft,
Apple and Tesla.

On Thursday, Japan's Nikkei index led declines in Asia as it fell by more
than 3%.

Shares in technology companies, especially those related to AI, have driven
much of this year's stock market gains.

AI chip giant Nvidia, which has been one of the main beneficiaries of the AI
boom, saw its shares drop 6.8%. It has lost about 15% of its value in the
last two weeks.

The company is set to report financial results at the end of August.

Shares in multi-billionaire Elon Musk's electric car maker Tesla dropped by
more than 12% after its latest financial results disappointed investors.

Google and YouTube parent company Alphabet's stock price was 5% lower.
Earlier this week, the company reported financial results that beat analyst
expectations but said its spending would stay high for the rest of 2024.

Alphabet, like many of its competitors, has been pumping billions of dollars
into the development and adoption of AI technology.

In Asia, chip makers Renesas Electronics and Tokyo Electron in Japan and
South Korea's SK Hynix were amongst the big fallers.

"Investors are now becoming more concerned about all this expenditure with
AI without the revenue benefit," said Jun Bei Liu, Portfolio Manager at
Tribeca Investment Partners.

"I don’t think this will mark the start of the disbelief in AI... it just
simply means investors will focus more on returns in this space than just
buying the whole sector," she added.

Investors are also wary after major surprises in the US presidential
election campaign and the timing of an interest rate cut by the US central
bank.-BBC

 

 

 

No new 1p and 2p coins to be made this year

The Treasury has denied that copper coins are to be phased out after it
ordered no new 1p and 2p pieces from the Royal Mint this year.

"We are not scrapping 1p or 2p coins," a Treasury spokesperson told the BBC.

They added that the lack of orders was due to there being enough coins
already in circulation.

The comments came after multiple reports suggested that the coins might be
scrapped as the number of purchases involving cash continued to fall.

"We are confident there are enough coins in the system without the need to
order more this year," the Treasury said.

It also estimated that there were currently around 27 billion coins in
circulation in the UK.

The Treasury calculates how many coins are needed and orders new stocks from
the Royal Mint, which produces coins. Coins are typically in circulation for
decades.

There were several years in the early 1970s and early 1980s when no 2p coins
were produced.

No 1p or 2p coins were produced in 2018 and then-Chancellor Philip Hammond
launched a consultation on the future of cash.

However, the following year the Treasury said they would continue to be used
"for years to come".-BBC

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
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been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
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investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


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