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Thu,23Nov2017

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Commodity exports: turning resource curse into economic engine

Frank Augstein/AP/SIPA

A cargo vessel passes by as the sun rises over the Indian Ocean in Durban, South Africa. Frank Augstein/AP/SIPA.

By: Ruslan Kharlamov

 Last month I attended the 5th edition of the Africa CEO Forum, a two-day event dedicated to the continent's socio-economic development. One of the forum’s key—and, unfortunately, protracted—discussions was how to end Africa’s resource curse and climb up the value chain.

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Africa after the real Brexit

Photo©Svancara Petr/AP/SIPAAs Britain chose to leave the European Union, sending shock waves through the global markets, experts remain uncertain on how this would impact African economies. Trade and investment would certainly be affected as most of the trade arrangements the UK has with African countries were negotiated through the EU.

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Zimbabwe: Draft mining bill compels companies to list locally

Zimbabwe's Finance Minister Patrick Chinamasa. Photo© Tsvangirayi Mukwazhi Zimbabwe is set to restrict ownership of mining concessions to only firms listed on the local stock exchange, a draft mining bill has proposed.

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Unexpectedly positive economic data may see South Africa avoid recession

Photo©Siphiwe Sibeko/ReutersSouth Africa's manufacturing output rose more than expected in June while mining production shrank at a slower rate than market estimates, raising hopes the economy could fend off a recession and ratings downgrades to junk later in the year.

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Sovereign sukuk market gains momentum in Cote d'Ivoire and Togo

File photo©Victor R. CaivanoCote d'Ivoire plans to complete a sale of 150 billion CFA francs ($263 million) worth of Islamic bonds later this month, the transaction's lead arranger said on Tuesday, following Togo's debut sale of sovereign sukuk launched last month.

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Kenya: Private sector activity in July rebound

Photo©Thomas Mukoya/ReutersActivity in Kenya's private sector rebounded in July as new orders rose and domestic demand remained solid, a survey showed on Wednesday.

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Finance: Egypt says close to securing 3-year IMF loan programme

Photo©Kim Kyung-Hoon/ReutersEgypt said on Tuesday it was close to agreeing an International Monetary Fund (IMF) lending programme to ease its funding gap and restore market stability and was seeking to secure $7 billion annually over three years.

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South African bourse published incorrect data on equities trading

Photo©Philimon Bulawayo/ReutersSouth Africa's Johannesburg Stock Exchange (JSE) published incorrect data on foreigners trading of equities from May 31 to July 20 due to a programming error, the central bank said on Monday.

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Ethiopia: Japanese firm acquires huge stake in State-owned tobacco company

Photo©Matt Rourke/AP/SIPAJapan Tobacco Inc. (JT) has sealed the purchase of a substantial share in Ethiopia's National Tobacco Enterprise – a state-owned tobacco monopoly.

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Chinese consortium to invest $2.8 billion in South Africa industrial zone

Photo©ReutersA group of Chinese investors will pump more than 40 billion rand ($2.81 billion) into the South African economy to build an industrial park, government said on Thursday.

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Restoring the economy's ability to deliver prosperity

Mukhisa Kituyi, Mukhisa Kituyi, UNCTAD Secretary General. Photo©Salvatore Di Nolfi/AP/SIPAIn the developing world, significant headwinds now cloud growth prospects, threatening to undo hard fought development gains. The Sustainable Development Goals (SDGs) must become the yardstick for judging inclusive growth.

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India's PM visit SA to drum up business

Indian Prime Minister Narendra Modi, left, and South African President Jacob Zuma, right, stand at an arrivals ceremony at the Union Buildings in Pretoria South Africa, Friday, July 8, 2016 on the second leg of his four nation African tour. Photo©Denis Farrell/AP/SIPASouth African authorities have rolled out the red carpet for visiting Indian Prime Minister, Narendra Modi, who is on an official visit to the country, with the defence forces giving him a gun salute at the seat of government, the Union Buildings in Pretoria.

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Tullow shares nosedive in convertible bonds move

File photo©Reuters/Edgar SuAfrica-focused oil explorer Tullow Oil has issued convertible bonds worth $300 million, a move it said was designed to diversify its investor base, sending its shares to the lowest in nearly three months.

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Zimbabwe's agriculture can be competitive internationally

File photo©John Locher/AP/SIPAZimbabwe' agricultural produce has vast potential not only to compete favourably in European (EU) Union markets, but to reach high levels of international competitiveness, although some conditions have to be met.

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Giant diamond fails to sell at auction, trade interested

Lesedi La Rona. Photo©REUTERS/Dylan MartinezThe biggest uncut diamond to be discovered in over a century failed to sell at a Sotheby's auction on Wednesday, but the chief executive of Lucara Diamond Corp, the company that found the gem, said there was interest from buyers in the diamond trade.

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Investment: Brexit triggers gold rush

Photo©ReutersGold soared as much as 8 percent to its highest in more than two years on Friday after Britain delivered a shock vote to leave the European Union, leaving investors to scurry for protection in the precious metal and other assets perceived as less risky.

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Ghana records 4.9% economic growth in first quarter

Photo©ReutersGhana's economy grew by 4.9 percent in the first quarter of this year as it showed some improvement from the 2015 figures, the country's statistical office said on Wednesday.

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Fearing killings, South Africa platinum workers press on with strike

Mining minister Mozebenzi Zwane. Photo©ReutersWorkers at a South African platinum mine rocked by deadly clashes between rival trade unions have vowed not to return to work until management guarantees their safety.

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West Africa bourse turnover more than doubles in a year

Edoh Kossi Amenounve, head of BRVM. Photo©ScreenShotTurnover on West Africa's BRVM bourse more than doubled over the past year, reaching 209.26 billion CFA francs ($362.2 million) in late May.

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Zimbabwe: Fears over introduction of new bond notes trigger panic buying, hoarding

Some fear the cash crisis might result in serious food shortages like what happened at the height of Zimbabwe's economic collapse between 2007 and 2008. Photo©AP/SIPACrippling cash shortages in Zimbabwe have triggered panic buying and hoarding of basic food commodities, as locals fear a return of shortages.

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