Connect with us

VenturesNow

Akon to release cryptocurrency, build ‘crypto city’ in Senegal

Published

on

Akon, the Senegalese top act, is toying with ideas that could shake the country’s financial system. He says he’s planning to release a new cryptocurrency named after himself – called Akoin.

Speaking at the Cannes Lions Festival on Monday, the Locked Up singer said he believed cryptocurrency could be “the saviour of Africa”.

AKoin’s official website says the singer wants the app “on every mobile phone” between now and December.
And Akon says he’s also planning to build a “crypto city” in Senegal which he calls “a real-life Wakanda”.

AKoin’s offical website details the plans for the new currency
Just like the fictional land of Wakanda in Marvel’s Black Panther, Akon promises says his city will be a “futuristic environment”.

The website says Akon has been “gifted” 2,000 acres of land by the President of Senegal to build the city – which is also named after himself.

Akon Crypto City will apparently be “a short drive” from Dakar, the capital of Senegal.

He calls it “the first 100% crypto-based city with AKoin at the centre of transactional life”.

Under the “Akoin Ecosystem”, consumers will be able to buy, hold and spend cryptocurrency straight from their smartphones.

“It brings the power back to the people and brings the security back into the currency system,” Akon explained.

“It also allows the people to utilise it in ways where they can advance themselves and not allow government to do those things that are keeping them down.”

However, Akon admitted he didn’t know all the technical aspects of his new venture.

“I come with the concepts and let the geeks figure it out,” he said.

VenturesNow

Ghana’s finance minister, Ken Ofori, to meet Chinese officials over debt restructuring

Published

on

Ghana’s finance minister Ken Ofori-Atta will meet Chinese officials on Wednesday to discuss a proposed restructuring of Ghana’s debt, a source has revealed.

The source said, “the talks are expected to focus on ways to reduce Ghana’s debt burden and secure additional financing assurances for the country’s economic programme.”

The source added that the Ghanaian government is currently preoccupied with securing IMF board approval, with the fine details of debt treatment operations to follow later, the source added.

Ghana has been struggling with its worst economic crisis in a generation and secured a staff-level agreement with the IMF in December for a $3 billion loan. Still, approval is contingent on it restructuring its debt of 575.7 billion cedis ($47.6 billion).

The West African country is one of several cash-strapped countries facing unprecedented delays in securing bailouts as China and Western economies clash over how to structure debt relief deals.

China is Ghana’s biggest bilateral creditor with about $1.7 billion of debt and the Chinese delegation visited Ghana this month for initial debt talks which the finance ministry said were “cordial and fruitful.”

In addition to restructuring its domestic debt, Ghana has requested that its bilateral debt be restructured under the common framework platform supported by the Group of 20 major economies.

Continue Reading

VenturesNow

Zambian authorities show concern over market abuses in energy sector. Here’s why

Published

on

Zambian authorities are concerned about market abuses and social injustices in the energy sector, specifically regarding renewable energy technologies.

The permanent secretary of the country’s Commerce, Trade, and Industry, John Mulongoti, made the position at the commemoration of World Consumer Rights Day where he revealed that the concern was born out of outcry by consumers over the low quality as well as high prices of energy-efficient and renewable energy technologies in the market.

According to Mulongoti “the energy sector is prone to market abuses and social injustices as evidenced by consumers’ concerns over the low quality as well as high prices of energy efficient and renewable energy technologies on the market.

“It is, therefore, my expectation that this event will not only provide an opportunity for increasing consumer awareness of their basic rights but also create a platform for consumers to air their concerns on market abuses and social injustices that they face as they access services from not only the energy sector but also other sectors as well,” Mulongoti said.

“You will agree with me that Zambia has not been spared from experiencing the adverse impact of climate change. We, therefore, need to hold hands together to mitigate this challenge.

“As we continue to enhance trade and investment for the growth of our economy, the government is cognizant of the need to ensure that economic growth happens in a sustainable manner,” Mulongoti said.

Mulongoti said the government will work to create resilient, climate-friendly economies in addition to advocating that both businesses and consumers embrace technologies and solutions that can help mitigate climate change.

The administration of President Hakainde Hichilema has made moves to focus on renewable energy, in January, state-owned power utility Zesco signed an agreement with the United Arab Emirates renewable energy company Masdar to develop solar projects worth $2 billion.

Zambia, like many other African countries, faces a myriad of environmental and socio-economic
challenges that include land degradation, deforestation, and regular droughts which shift to renewable energy strategy.

Continue Reading

EDITOR’S PICK

Sports8 hours ago

Kenyan marathoner, Hellen Obiri, breaks event record at United Airlines meet

Kenyan two-time world 5000m champion, Hellen Obiri, on Sunday, broke the United Airlines NYC Half record in New York City,...

VenturesNow9 hours ago

Ghana’s finance minister, Ken Ofori, to meet Chinese officials over debt restructuring

Ghana’s finance minister Ken Ofori-Atta will meet Chinese officials on Wednesday to discuss a proposed restructuring of Ghana’s debt, a...

VenturesNow9 hours ago

Zambian authorities show concern over market abuses in energy sector. Here’s why

Zambian authorities are concerned about market abuses and social injustices in the energy sector, specifically regarding renewable energy technologies. The...

Strictly Personal9 hours ago

The electorate and governance in the Ghanaian political system, By Michael Akeno

Abraham Lincoln, a one-time great President of America, made the follow­ing landmark statement: “Government of The People, By The People,...

Tech9 hours ago

Microsoft launches Season 4 of coding competition for African university students

The Microsoft Africa Development Centre’s (ADC) Game of Learners (GOL), has launched the Season 4 of its Coding Competition for...

Metro9 hours ago

UN report estimates 43,000 died in Somali drought in 2022

A new report released on Monday by the United Nations has estimated that at least 43,000 people died in Somalia’s...

Metro9 hours ago

Gunmen kill nine Chinese nationals at Central African Republic mine

Armed gunmen have killed nine Chinese nationals and wounded two at a gold mining site in the Chimbolo region of...

Culture13 hours ago

South African model, Faith Nketsi, cries out after being labelled ‘non-marriage material’

South African super model, dancer and media personality, Faith Nketsi, has cried out over social media taunts that she is...

Politics16 hours ago

South African police arrest 87 persons ahead of planned protest by opposition party, EFF

Reports from South Africa on Monday morning say security forces have arrested 87 persons across the country over public violence ahead...

Strictly Personal1 day ago

As Nigeria’s judges get set to begin voting, By Chidi Anselm Odinkalu

This week, the opening salvo will be fired to signal the onset of the final round of voting in Nigeria’s...

Trending