Connect with us

VenturesNow

Zambia set to join Nigeria, Ghana in digital currency adoption

Published

on

The Bank of Zambia (BoZ) has revealed that the country may introduce a central bank digital currency (CBDC) in the formal financial system.

Nigeria’s central bank (CBN) earlier in February outlawed banks and financial institutions from transacting or operating in cryptocurrencies, saying they posed a threat to the financial system.

The CBN joined a growing list of emerging markets betting on digital money to cut transaction costs and boost participation in the formal financial system.

Zambia will join Nigeria and Ghana as pioneers of digital money in the African continent.

According to BoZ acting assistant director of communications, Nkatya Kabwe, the bank has been conducting feasibility studies on CBDCs and would be completing them soon.

Mr Kabwe told Bloomberg that Zambia seeks to improve this and boost its economy by launching a CBDC.

He explained that the central bank believes that a CBDC could increase traceability, safety, and efficiency of the country’s payment systems.

Mr Kabwe expects the bank to complete this study by the fourth quarter of this year.

“The results of the research will form part of the input in the policy considerations on whether to introduce a central bank digital currency in Zambia,” he told Bloomberg.

However, the central bank recently issued a warning against digital currencies, reminding the public that it doesn’t recognize them as legal tender.

VenturesNow

African leaders want more efforts to promote regional industrilisation

Published

on

Leaders across the continent of Africa at a recent meeting in Niger’s capital Niamey have called for a doubling of efforts to promote industrialization in the region.

The call came during an Extraordinary Summit on Industrialization and Economic Diversification in the Central African country.

Some of the leaders present were, Nigeria’s Muhammadu Buhari, Rwanda’s Paul Kagame, and Zimbabwe’s Emmerson Mnangagwa.

The leaders noted sectors critical to industrialisation like agriculture, agro-industry, health, education, infrastructure, and especially energy, and urged increased private sector participation in the space.

The summit later held a discussion on trade with a focus on the African Continental Free Trade Area (AfCFTA).

Africa is the world’s least industrialized, the continent commemorates Africa Industrialization Day every November.

The African Development Bank Group, in its November 2022 index posits that industrialisation is central to Africa’s development prospects. With its young labour force, abundant natural resources, and fast-growing internal markets. Africa has the potential to become the next global frontier for industrial development.

 

 

Continue Reading

VenturesNow

Ivory Coast aims regional shipping hub, completes $953 million container terminal

Published

on

West African country, Ivory Coast is making waves at becoming a regional shipping hub as it has completed construction of a second container terminal at its main port in Abidjan.

The project, financed by China’s Eximbank by 85% and 15% by the Ivorian state costs about 596 billion CFA francs ($953 million).

The new container terminal, called Cote d’Ivoire Terminal (CIT), started operations on Nov. 1 but was officially unveiled at a press conference on Friday. It is able to receive large ships from Asia, Europe, and America that previously had to land goods in South Africa, transferring them to smaller ships to reach West Africa.

The technical director of the terminal Andre N’Doli, remarked “we are no longer a second port. We are becoming a hub,”

“In addition to national traffic, we will handle traffic from other ports that cannot accommodate large vessels,” he told reporters.

According to official data, there has been growth in recent years in the country’s maritime sector. Ivory Coast shipped goods worth USD 12,717 million in 2019, an -8.5% dip as compared to the previous year.

Continue Reading

EDITOR’S PICK

Politics2 hours ago

Exiled Ivory Coast politician, Charles Blé Goudé, returns home to cheering crowd. Old wounds opened?

Exiled Ivorian politician, Charles Blé Goudé who was the right-hand man of former Ivorian president, Laurent Gbagbo, is back home....

Sports3 hours ago

Qatar 2022: Morocco stuns Belgium 2-0 to record one of Africa’s greatest World Cup victories

Morocco on Sunday, recorded one of Africa’s greatest World Cup victories when the Atlas Lions stunned Belgium 2-0 in their...

Metro5 hours ago

South African police arrests woman over racist rant calling for blacks to be killed instead of pitbulls

The police in South Africa have arrested a self-proclaimed pitbull advocate, Belinda Magor, after she made racist remarks calling for...

Tech5 hours ago

Tanzanian retail-tech startup, Ramani, secures $32m funding

Tanzania’s retail-tech startup, Ramani, has successfully secured $32 million Serie A funding to enable it push forward in building its...

Metro6 hours ago

Botswana woman executed in Bangladesh for drug trafficking

An African woman from Botswana, Lesedi Molapisi, was on Friday, executed in Bangladesh after she was found guilty and sentenced...

VenturesNow6 hours ago

African leaders want more efforts to promote regional industrilisation

Leaders across the continent of Africa at a recent meeting in Niger’s capital Niamey have called for a doubling of...

Culture6 hours ago

Nigerian music star, Skales, storms Uganda for Jameson & Friends event

Nigerian music star, Skales, is currently in Uganda where he is billed to perform on Sunday evening at the first...

VenturesNow1 day ago

Ivory Coast aims regional shipping hub, completes $953 million container terminal

West African country, Ivory Coast is making waves at becoming a regional shipping hub as it has completed construction of...

Metro1 day ago

Zambian government moves to retrieve body of student killed while fighting in Russia-Ukraine war

Zambian authorities have resolved to send a delegation to Russia next week to retrieve the body of a 23-year-old Zambian...

Metro1 day ago

Algerian court sentences 49 people to death for lynching citizen over forest fires

An Algerian court has sentenced 49 people to death for lynching and burning a citizen, Jamal Ben Ismail, and mutilating...

Trending