African Business News

Highest currency in Africa 2017 - Top 10

The value of any currency depends on the state of the country’s economy and on purchasing power of the currency on the international market. The strength of most African currencies is based on their value in comparison with the United States Dollar. This is because the US Dollar is the currency used worldwide to trade on the international market. Most African countries do not have strong and stable currencies. This is because most of the countries in Africa have a precarious economy and political instability.


ICOMIA adds South African export council

The South African Boat Builders Export Council rejoined the International Council of Marine Industry Associations.

The council, referred to as Sabbex, brings the number of full ICOMIA members to 36 that span 34 countries.

“We very much look forward to working with Sabbex again in the development of the South African boat building industry by supporting its activities in export promotion, development and market prioritization,” ICOMIA secretary general Udo Kleinitz said in a statement.


Industrialisation key to boosting Zambia’s trade

ZAMBIA has been challenged to ‘up its game’ to tap into the South African market if it is to fully benefit from trading with that country.

The challenge by South Africa’s High Commissioner to Zambia, Sikose Mji, comes in the wake of the continued trade imbalance between the two countries in favour of South Africa.

Zambia Development Agency estimates that in 2015 Zambia only exported goods worth US$534 million while South Africa exported goods worth US$2.6 billion.

The Central Statistical Office monthly bulletin also indicates that in May, Zambia’s exports to South Africa, which is the fifth main export destination, accounted for 5.5 percent of the total export earnings. The major export products were Bullion semi-manufactured forms, accounting for 23.3 percent.


Africa’s export markets set to boom in the wake of ports expansion

With Africa’s overall port utilisation capacity now exceeding 70%, ports authorities and terminal operators are actively calling for partners in development to equip Africa’s ports and harbours for post-neo-panamax shipping requirements. As international trade volumes increase at growth rates of 6-8% per year, expansion projects in Africa follow suit and gain momentum.


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