African Business News

High Hopes for Cocoa Farmers in Africa, As AfDB Plans Big for Producing Countries

Cocoa production in Africa is set to take a turn for the better, as the African Development Bank (AfDB) begin plans to support producers of the crop on the continent.

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East Africa: Time for Ethiopia to Enhance Regional Economic Integration

International trade never used to be an issue, at least, not one borne out of apathy or misrepresentation. Ancient civilisations seldom traded with outsiders, but rarely because they did not want to.

The malefactor was inconvenience, owing to the fact that transporting anything from point to point used to be such a headache. But as technology caught up with traders' ambitions, as mail services, shipping, road and air travel became simple, and in some cases, informal, trade between whole countries and continents became the sensible way to go.

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GHANA IS THE 18TH MOST ATTRACTIVE INVESTMENT DESTINATION IN AFRICA

Recently, Quantum Global’s independent research arm, Quantum Global Research Lab launched the latest Africa Investment Index (AII) at the Movenpick Hotel in Accra Ghana. According to the report, Ghana is the eighteenth most attractive economy for investments flowing into the African continent. In 2016, the country attracted a net foreign direct investment of US$3.5 billion. However, the report revealed that the top five African investment destinations attracted an overall FDI of $13.6 billion. Botswana was ranked the most attractive economy for investments flowing into the African continent followed by Morocco, Egypt, South Africa and Zambia. Kenya and Nigeria ranked 15th and 19th respectively on the index.

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Ethiopia Sets $US30 Billion Textile Export Target for 2030

Ethiopia has set a target of $US30bn in export earnings by 2030 for the country's fledging textile and garment sector. The Ethiopian Ministry of Industry made the remarks during a workshop to promote the Ethiopian textile industry.

Ethiopia has nearly 175 textile units, however, the country is in the throes of developing several major textile parks. Indeed, Ethiopia attracted investments of US$1.2 billion in the first six months of the current Ethiopian budget year despite being under a state of emergency. Among the investment, money poured in from ten leading Chinese companies, half which are licensed in textile and garment manufacturing industries, according to the Ethiopian Investment Commission. Investors included Jiangsu Sunshine Group, which engages in wool textiles and garments as well as a range of other sectors. The business has decided to invest close to US $1 billion in Ethiopia.

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