How Africa can tap tech disruption opportunities

Technological disruption is no longer news to any industry. Terms such as artificial intelligence, machine learning, cloud computing, robotics, 3D printing, and the Internet of Things (IoT) are increasingly becoming commonplace. These disruptive technologies, asserts a new study, can transform Africa if duly utilised. However, concerns linger that Africa may not be entirely prepared to reap the benefits of the so-called Fourth Industrial revolution (4IR). In a recent Brookings Institution study he co-authored with senior fellow Landry Signé, former Central Bank governor Prof Ndung’u, now an executive director at the African economic research consortium, says that so far, “it does

Treasury projects marginal revenue jump to Sh2.13trn

The National Treasury has factored a marginal 2.4 percent increase in total revenues for the next fiscal year in line with intentions to lower expenditure and pursue austerity. According to the Draft Budget Policy Statement (BPS), revenue is expected to increase by only Sh49.3 billion to hit Sh2.13 trillion as total spending is cut by Sh130.4 billion to Sh2.74 trillion. The 4.5 percent expenditure cut is nearly double that of the revenue increase implying that the Treasury has factored a larger extent of the reduction in expenditure in the coming fiscal year. The draft BPS, which sets the priorities ahead

Revealed: What Africa CEOs fear most in 2020 outlook

Policy uncertainty has risen to become the top threat for businesses in Africa, according to chief executives interviewed for a new survey by advisory firm PricewaterhouseCoopers (PwC). The CEOs are also concerned about availability of key skills among their staff as well as overregulation by government agencies. “Policy uncertainty, a new threat in this year’s survey, rose to the top in Africa, replacing social instability,” PwC said in its 22nd Annual Global CEO Survey whose results were published this week. “There is broad consistency in what keeps CEOs up at night around the world. Policy uncertainty is among the ten

Treasury freezes fresh loans for indebted State firms

The Treasury has frozen loan guarantees and approvals for State corporations which have defaulted on repayment of debt and other statutory obligations, leaving many heavily-indebted public entities at the risk of collapse. Treasury secretary Ukur Yatani said State corporations in default of debt servicing and payments would be required to cut on operation costs and slow down on implementing new projects. “The National Treasury and Planning will not give concurrence for borrowing or, where applicable, grant guarantees for State corporations which are in default of loan repayments and other statutory obligations,” he said in a circular to all Principal Secretaries

Michael Joseph: Why I sold all my Safaricom shares

Safaricom’s  founding chief executive, Michael Joseph, has revealed that he sold off his entire shareholding in the company to fund the construction of his retirement home. Earlier regulatory filings showed that Mr Joseph — who currently serves at the interim CEO of Safaricom following the death of Bob Collymore last year — sold his entire stock in the giant telecommunications firm in the course of its fiscal year to March 2019. Disclosures in the company’s annual report showed that Mr Joseph owned 1.17 million shares in the telco as at March 31, 2018, but had sold all of them by the

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