NEW AFRICA DAILY NEWS (NADN) Accra, Ghana- A research report has recommended policy support for Small and Medium Enterprises (SMEs) to be competitive in participating in the African Continental Free Trade Area (AfCFTA).

The report said the support should focus on cheaper and more innovative trade finance products, trade policy, trade infrastructure, improved capacity, trade information and facilitation, market access for growth and expansion of SMEs in the country.

Ghana was selected as the country to host the secretariat of the AfCFTA, which starts in 2021. The AfCFTA provides the opportunity for Africa to create the world’s largest free trade area, with the potential to unite 1.3 billion people, in a $2.5 trillion economic bloc in ushering in a new era of development.

Dr. Samuel Frimpong Boateng, the Lead Consultant for the Research made these recommendations at a stakeholder workshop on the report titled “Mobilizing Diagnostics Data to Inform Bottom-Up Decisions on Government Policies.”

The report was conducted by the Ghana National Chamber of Commerce and Industry (GNCCI) with support from BUSAC Fund. The criteria for the methodology included a minimum of three years reporting of financials, evidence of business operations, business nationality; satisfactory information for valuation, and industry type.

The report recommended that SMEs should be furnished with a more proactive policy environment and be encouraged to re-invest with cheaper capital for faster growth and expansion. This, the report said, required that enterprises created more value by adopting more innovative ways to seal off operational leakages, manage and mitigate risk exposures to balance sheet leverage, industry and product cycles, as well as weaknesses in business models.

The report recommended that Government, together with local and international partners, worked together to ensure that the growth-potential of SMEs were nurtured and transitioned into value-driven ones to ensure sustainability.

On the findings, Mr. Boateng said the overall analysis suggested that the business growth of enterprises was relatively less stable and more sensitive to economic cycles.

It also revealed that most of the growth-resilient industries were in the manufacturing sector, followed by professional services, and education.

Mr. Clement Osei Amoako, President of GNCCI stated that an evidence-based advocacy approach would equip the Chamber with business and industry insights to shape government’s policies and programmes as well as multilateral support in ensuring a conducive business climate.

For New Africa Daily News Richard Adorsu Reports,  Africa Correspondent

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NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- Private sector investment in Benin, Burkina Faso, Chad and Senegal, will be enhanced seeking European Investment Bank assistance for the nations in their membership and share capital improvement in the African Trade Insurance Agency (ATI). In furtherance of this, the West and Central African nations of Burkina, Chad and Senegal will enlist eighteen African states including Benin, who is already a member, where business investment, job creation and access to finance has been increased by targeted investment insurance. As seen elsewhere across Africa, ATI membership will ameliorate to address the economic, social and health challenges caused by the Novel Coronavirus (COVID-19).

Therefore, pacts for €60 million from the European Investment Bank (EIB) will foster, the four nations to either evolve full members or boost their existing participation in ATI before the end of 2020. This is anticipated to clout approximately €1 billion of new private sector investment. Quite recently, the EIB backing for transformational investment was conceded upon, during a virtual seal ceremony accompanied by Toavina Ramamonjiarisoa – Acting Chief Executive Officer of ATI and Maria ShawBarragan – Director for EIB operations in Africa, the Caribbean and the Pacific. “Business activity across West Africa will be transformed following this key agreement between ATI and the European Investment Bank. By joining ATI, Burkina, Chad and Senegal will be able to accelerate crucial investment and better cope with the pandemic. Benin, who has been a member since 2012, will further benefit from ATI’s products, through its new capital increase. Over the last twenty years, ATI has supported more than USD$62 billion of investments and trade across Africa. With ATI’s innovative solutions, member states have been able to attract competitively priced and longer-term financing owing to strong credit ratings, S&P ‘A’ and Moody’s ‘A3’, and ability to mobilize highly-rated reinsurance capacity.” Stated, Toavina Ramamonjiarisoa ATI’s Acting Chief Executive Officer.

“The European Investment Bank is pleased to enable Burkina Faso, Chad and Senegal to become full members of the African Trade Insurance Agency and Benin to increase its stake in ATI. This will facilitate and expand private sector and clean energy investment across West Africa and the Sahel. Improved insurance will create jobs and help business and entrepreneurs to better address challenges caused by COVID-19. As the bank of the European Union, the European Investment Bank is committed to supporting high-impact investment across Africa. The EIB is pleased to further strengthen our cooperation with ATI to ensure that proven trade and investment insurance expertise benefits even more countries in Africa. The €60 million EIB support, in addition to the €34 million rolled out last year to support Cameroon, Niger and Togo’s memberships demonstrates Team Europe’s rapid response to enhance cooperation with African partners during challenging times. New EIB support for private sector investment in West Africa follows recent backing of large scale solar energy and fifth years of engagement across Africa.” Noted, Ambroise Fayolle – European Investment Bank Vice President.

Coming to be a full member country will make it susceptible and inexpensive for investors to ascertain jobs, expand business activity and provide clean energy in all these countries. Someplace in Africa, membership of ATI has stimulated nations to lessen debt levels and, provide global investors and financiers large-scale that sovereign transactions and other investments are back-stopped by a highly rated and reputable insurance guarantee provider.

Absence of investment insurance in most African markets is holding back important investments, both in equity or debt, and encumbers cross border trade. In recent months, high economic challenges correlated to the COVID-19 pandemic, has provided cross-border shortage of trade insurance in Africa. ATI’s existence is therefore now, more than ever – a key component next to several countries proficiency to abide by attractive investment objectives.

As African countries’ begin to build by protection against the likely negative economic fall out from COVID-19, investment insurance capacity is glimpsed as a significant part of the financial backing that will be wanted to better insulate the economies of many African nations.

For New Africa Daily News Abdul Rahman Bangura Reports,  Africa Correspondent

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NEW AFRICA DAILY NEWS (NADN) Freetown- The organizers of small-scale miners seminar underway in Lilongwe mumble, the event could be a swiveling juncture for miners that will wield the chance nicely.

Chairman of the symposium organizing committee – Peter Jere explained, numerous stakeholders, comprising possible partners and financiers in the mining value chain, primarily those that deal with precious stones, are attending.

“Mining cooperatives will have a chance to present pitches and exhibit their products. Noted Jere.

“There will be different players in the field, including commercial banks and microfinance institutions to interact with the cooperatives.”

Jere asserted, if cooperatives use the opportunity well, some of them can find supporters or financiers to help them strengthen their mining.

“Most small-scale miners operate like orphans, they still rely on primitive methods and knowledge in their operations, but the symposium could change their story if they are clever,” he let out.

In addition, the symposium has been coordinated by Nyasa Mining Cooperative – a group of small-scale miners that gears towards to improve the mining traffic. The occasion is anticipated to entice twenty exhibitors.

The Malawi Administration Annual Economic Report 2020 indicates that, the mining sector thrived by 4% in 2019, a subtle modification from the introductory assessment of 3.9%.

In 2020, the mining sector is bulged to rise by 3% against an introductory prediction of 5% vastly influenced by the Covid-19 pandemic, which is foreseen to disrupt work in the sector and also derail construction works which is the major source of demand for mining.

For New Africa Daily News Abdul Rahman Bangura Reports,  Africa Correspondent

www.newafricadailynews.com

NEW AFRICA DAILY NEWS (NADN) Accra, Ghana- The Secretariat of the African Continental Free Trade Area (AfCFTA) has said it is working on a cross-border trade platform to enhance market access and trade connectivity for Small and Medium-sized Enterprises (SMEs) across the continent. The digital platform, it said, will enable SMEs to expand their reach and explore growth opportunities in the AfCFTA, while ensuring seamless cross-border trading when the free trade deal takes off in 2021.

“We are exploring various digital-enabled platforms that aim at enhancing market access, trade connectivity of SMEs to new markets across the continent,” Secretary-General of the AfCFTA, Wamkele Mene told a gathering in Accra.

The portal will connect buyers and sellers, as well as service providers such as financial institutions across the free trade zone, thus, serving as an ecosystem of partners for SMEs to meet their financing and business needs in the new digital economy.

“We intend to launch this digital platform for trade for SMEs in time for the start of trading scheduled for January 2021,” Mr. Mene told Business24 in an interview. SMEs account for about 90 percent of businesses and more than 50 percent of employment in Africa. Digitizing the buyer-supplier relationship is key to building robust supply chains, and fundamental to creating a continent-wide trade and investment network.

To achieve that, the AfCFTA Secretariat in collaboration with partners will roll out a vibrant SME Development Programme to help improve Africa’s weak supply chain and promote inclusive trade.

“The benefits of the AfCFTA are not guaranteed and will not happen by chance. The secretariat and the governments will have to ensure that supply-side constraints and other trade barriers are addressed,” Mr. Mene admonished in his remarks.

A major hurdle to intra-African trade has been the high cost of foreign exchange transaction costs which curbs SMEs’ ability to trade across the continent. The demand by suppliers for SMEs to make payments in USD due to currency volatility, couple with its scarce availability, put small enterprises at a disadvantage.

The World Economic Forum reports that SMEs in Africa pay 200 percent more than large scale companies to clear transactions through formal channels, and an average of 6 percent more in overseas bank transactions. These affect their margins and hinder SME growth and expansion on the continent.

To reduce the transaction cost on SMEs, the AfCFTA Secretariat is collaborating with the African Export-Import Bank for a continent-wide digital payment system to enable payments in local currencies. “Without an efficient and affordable payment system, SMEs will continue to be constrained in accessing new markets under the AfCFTA. We are therefore working to ensure it is rolled as soon as possible,” Wamkele told Business 24.

In 2019, the AfriEximbank unveiled the Pan-African Payment and Settlement System (PAPSS) to domesticate payment and settlement to cut high transaction costs and delays. The new system will save Africa US$5 billion in payment transactions per annum and help formalize a chunk of the estimated US$50 billion of informal intra-African trade.

Analysts say the success of the AfCFTA hinges on domestic solutions that will promote the use of local currencies. The African Union Commission.

For New Africa Daily News Richard Adorsu Reports,  Africa Correspondent

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NEW AFRICA DAILY NEWS (NADN) Accra, Ghana- Vodacom KwaZulu Natal Region will invest just over R320 million into the network across the province during the 2020/2021 financial year. The lion’s share of the capital expenditure will go towards building new LTE base station sites in both urban and deep rural areas of the province.

This network acceleration will aid in removing barriers to communications, provide access to fast internet and help in driving digital inclusion among communities in deep rural areas of the province.

The availability of high-speed broadband is critical to deep rural development but research shows that deep rural communities are lagging behind in terms of broadband connectivity, excluding many from digital transformation. Providing network connectivity for people who reside in rural areas remains central to Vodacom’s commitment to bridging the digital divide.

Ishmael Mathinya, Executive Head for Operations for Vodacom KwaZulu Natal Region said: “We have always maintained that the key differentiator for us is the quality, strength and reliability of our network. At Vodacom, we believe investing in our network ensures that we deliver best-in-class coverage and customer service, not only to urban areas, but to people who dwell in township and deep rural areas as well, so they are well positioned to take advantage of the benefits of the Digital Revolution. This is why we are deploying more sites in rural areas in this financial period in areas which did not previously have network access.”

Vodacom KwaZulu Natal Region’s capital expenditure of over R320 million will go towards the deployment of more than 50 new base stations across the province, 27 of those have already been switched on. An additional 19 are planned until the end of 2021 financial year in deep rural areas. Some of the district municipalities that stands to benefit from the rural network programme include eThekwini District Municipality (8), Ugu District Municipality (1), Umhlabuyalingana District Municipality (2), Umkhanyakude District Municipality (1), uThungulu District Municipality (1) and Zululand District Municipality (1). With the investment largely on broadband connectivity especially in rural areas, the region increased the LTE footprint from 56% to just over 94% in the past two years to reach over 99% population coverage in the broader KwaZulu Natal province.

“There has been a massive focus on broadband connectivity in the rural areas, with LTE coverage specifically in the rural segment at just over 80% and plans to address remaining areas by the end of the 2021 financial year. Critically, the region crossed the 2000 base station mark in mid-year. Furthermore, we’ve completed an additional 625 sites as part of bandwidth expansion in order to provide far more improved data experience largely targeted in eThekwini and Pietermaritzburg,” says Mathinya.

A share of the capital expenditure will be used to roll out ultra-fast fiber, also to accelerate digital inclusion. For example, 56km of fiber will be installed in Newcastle running from Newcastle, Madadeni, Oswezwini, and Blaauwbousch back to Newcastle. This project will be completed on 22 December 2020. The National Long Route fiber in construction running from Durban, Scottsburg, Port Shepstone, Harding to Kokstad will be completed by the end of the 2021 financial year.

The upgrades will increase network capacity allowing the region to provide customers with super-fast internet speeds, great quality voice and reduce dropped calls. In particular, the investment will ensure that many people, who only had access to 2G and 3G, will be able to access internet for the first time through 4G/LTE and super-fast fiber networks.

In addition, given the challenges with load-shedding and the drive to ensure seamless network connectivity, the region embarked on a network resilience upgrade programme, investing just below R200m into the programme, which will be completed by the end of October 2020.

For New Africa Daily News Richard Adorsu Reports,  Africa Correspondent

www.newafricadailynews.com

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- Steam bursts and timber litters the street as opponent proponents set up blockades to challenge against primary presidential election results in Ratoma district of Conakry, Guinea October 21, 2020. With thirty-seven of thirty-eight electoral districts tallied, Conde’, 82 received 2.4 million votes, versus 1.26 million for his nearest rival opposition candidate Cellou Dalein Diallo.

“We are satisfied with the first results which give us hope and confidence for a certain victory,” Conde spokesman Tibou Kamara intimated to the press.

Conde’s decision to run for a third term has provoked reiterated uprisings over the past year, occurring in dozens of deaths, involving at least thirteen in melees since Sunday’s vote.

Moreover, It has also brought up skepticism, he and other rulers in the region are sabotaging the progress that West Africa has made towards multi-party democracy since the 1990s. Ivory Coast has seen similar clashes this week as President Alassane Ouattara strives a third referendum in an election later this month. Like Ouattara, Conde announces, a recent constitutional referendum reset his two-term limit. But his competitors say, he is severing the law by clenching onto power, and that they will challenge the results.

The showery roads of the capital Conakry were calm after the results last night, according to witnesses across the city, though the political disagreement stayed high.

“The results … are not in line with what happened on polling day. We have the evidence of the fraud and we will challenge all of this in the Constitutional Court,” affirmed Diallo spokesman – Aliou Condé, without providing any proof.

For New Africa Daily News Abdul Rahman Bangura Reports,  Africa Correspondent

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NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- Ibrahima Nour Eddine Diagne, Director of GAINDE 2000 and President of the African Performance Institute – has proposed that e-commerce could be wielded as a control to improve intra-African trade. He noted in the Dakar Forum on the African Continental Free Trade Area (FTACAF).

An announcement by his office referred to Diagne as developing the theme ECommerce, which alternatives to expand intra-African trade, emphasizing the desire to provide special notoriety to excellence innovation in electronic business transactions in the context of the culmination of the Continental Free Trade Area (FTACAF). He differed weak e-commerce, which produces many transactions but very small value-added, with strong e-commerce that facilitates wealth and job creation. He is of the belief that, the enactment of this pact, illustrates an alternative to create a strong market eligible of giving growth opportunities to African institutions. Diagne strengthened that, electronic commerce is a sector that grows up according to technology and it will be increasingly tough for a company or a nation to retain and boost its wealth, if it does not have a very strong technological capacity. He said, the challenge is suggested for both African administrations and private sectors.

“The challenge is huge and the lost time in digital is often not made up. The Zlecaf itself must be in its construction, a lever that allows African states and companies to plunge fully into the digital age,” GAINDE 2000’s MD said.

This will first be based on the operationalization of fully dematerialized rules of origin and regulations that favor electronic transactions he stated. “The real battle is to develop skills and foster the emergence of African platform and data giants,” Diagne noted. Diagne was speaking at the Dakar forum committed to the FTACAF which is fraction of a sequel of conferences in the sub-region inaugurated by the International Trade Centre (ICC) in alliance with the Ministry of Trade and SMEs.

The goal is to put forward private sector understanding of the advantages of the prospective single market. Ms. Dorothy Tembo, Assistant Executive Director of the International Trade Centre (ITC) – Dorothy Tembo, has requested for a binding energy of efforts by administrations of the African mainland to attain free zone which, according to her bids a “formidable” alternative to the African private sector, small and medium-sized businesses that could pass a bigger market.

Aissatou Diallo, Chief Administrator for West Africa and the Indian Ocean of the International Trade Centre and Coordinator of the FTACAF – Aissatou Diallo announced, the conference is a facet of a continuation of awareness-raising and information conferences with the population and private sector actors in particular, in order to establish them familiar of the doors offered by the FTACAF.

According to her, the FTACAF will only have an opportunity of achievement, if African small and medium-sized enterprises are prepared to make the most of the new circumstances and facilities that the FTACAF puts in place to facilitate their access to more available and lucrative trade options.

For New Africa Daily News Abdul Rahman Bangura Reports,  Africa Correspondent

www.newafricadailynews.com

NEW AFRICA DAILY NEWS (NADN) Accra, Ghana- Moroccan telecommunications operator Maroc Telecom achieved a turnover of more than MAD 27.49 billion ($2.99 billion) during the first nine months of 2020, up 0.7%. The result is due to the strong resilience of international activities, which partially offset the decline in turnover in Morocco despite the COVID-19 crisis, the company said.

Revenues from activities in Morocco amounted to more than MAD 15.72 billion ($1.7 billion) over the first nine months of 2020, down 3.6%. However, Maroc Telecom’s net income group share dropped by 2.6% at the end of the first nine months of 2020. In numbers, Maroc Telecom’s net income group share stood at MAD 4.52 billion ($491.6 million).

Operating income before depreciation and amortization (EBITDA) reached nearly MAD 14.36 billion ($1.56 billion), down slightly by 0.3%. The change is thanks to the 6.7% increase in adjusted EBITDA from international activities, which partially compensates for the decrease in adjusted EBITDA in Morocco.

Maroc Telecom adjusted EBITDA margin rose 0.2 points on a comparable basis to 52.2%. The group’s adjusted operating income stood at MAD 8.71 billion ($947.3 million) at the end of September 2020. The number represents a decrease of 3.1% due to the increase in depreciation, according to Maroc Telecom. Adjusted net operating cash flow increased by 22.4% or MAD 11.22 billion ($1.22 billion) due to the drop in capital expenditures. “The group’s consolidated net debt represents 1.0x times its annualized EBITDA,” Maroc Telecom said.

Maroc Telecom’s capital expenditure, also known as Capex, was down by 38.5% at the end of September. The group cited its “efficient management of investments” amid the crisis.

Despite the positive feedback regarding the capital expenditure, Maroc Telecom acknowledged that the mobile segment continues to suffer the COVID-19 crisis due to the loss of “significant income from tourism” and Moroccans residing abroad (MREs).

The major crisis impacted roaming and international entry remarkably. “This decrease is mitigated by the increase in fixed-line revenue which increased by 2% over the nine months of the year,” Maroc Telecom said.

Abdeslam Ahizoun, the chairman of the Board of Directors of Maroc Telecom Group, described the outcomes as a demonstration of success despite the current health crisis and the “stiffening competition.” “International assets allow the Group to improve its resilience in this difficult environment,” he said.

He also argued that the company showed a “great capacity” to adapt to face the effects of the crisis by adopting cost optimization plans and managing optimized investments since the outbreak of the pandemic.

For New Africa Daily News Richard Adorsu Reports,  Africa Correspondent

www.newafricadailynews.com

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- Thika-based juice maker Del Monte Limited has announced plans to boost its female workforce to 10,000 in the next four years. Del Monte is a Kenyan nutriment refining corporation that administers in the cultivation, production and canning of pineapple products.

The fruit processor – Thika based beverage producer; Del Monte Limited that presently hires 6,500 out of which 2,900 are women, has partnered with the United Nations Women Health Empowerment Program in the female recruitment plan. The group’s Communication Manager – Margaret Nyoro asserted. And also noted supplementary help the women will bask which but not limited to training on reproductive health, family planning and cancer awareness.

“About 45% of the company’s labor force are women and the number will be increased as the partnership with UN Women demand,” meant Nyoro.

In this regard, the organization schedules to deliver reproductive health information and services on family planning, cancer awareness, menstrual health and sexually transmitted diseases. It will also incorporate new health services and training on prevention of sexual harassment and gender-based violence in and out of the workplace.

“Del Monte Kenya is committed to supporting and empowering women at workplace and the surrounding community, engaging male employees on gender equality as part of sustaining impact on women’s health and empowerment,” the company stated in a statement. And it’s crystal clear that, the company through provision of training and dissemination of essential information via newsletter, pamphlets and fliers on reproductive health, the commitment will be accomplished.

Director of Programs and Innovation at the UN Foundation’s Universal Access Project – Robyn Russel explained that, companies hiring millions of women in their global supply give birth to a tremendous alternative to empower in the health and empowerment of their workforce, helping meet women’s rights where they are – in the workplace with significant information and services, while building a healthier and more productive workforce.

Russel confirmed, Del Monte’s obligation during a virtual event for the plenary session of the UN General Assembly titled ‘Making the Invisible Visible: Driving Corporate Action on gender Equality &Women’s Health for the Decade of Action’.

Del Monte is a Kenyan food processing company that operates in the cultivation, production, and canning of pineapple products.

For New Africa Daily News Abdul Rahman Bangura Reports,  Africa Correspondent

www.newafricadailynews.com