Dangote Cement Unveils Huge Growth Plans
DANGOTE Cement outlined massive expansion plans that would culminate in the firm becoming the continent's largest supplier of the product in the coming years.
The company, owned by Africa's richest man Aliko Dangote, said to be the richest man in the continent, plans to commission plants in several countries thereby 50 million tonnes per annum (mta).
$40 Million Steel Plant to Be Constructed in Ghana
Three African business giants, Jospong Group, Scaw Metals Group and Guma Group, on Wednesday announced investing US$40 million in the Ghanaian economy.
The investment is tailored at stimulating growth in the local steel industry to produce metals to service companies in the West African region, especially those in the mining sector.
Construction is booming
More than 322 mega construction projects, collectively worth more than $222 billion, are currently underway in Africa - 124 of which are in Southern Africa, valued at $83 billion.
This indicates the start of a construction boom on the continent with increased involvement of construction companies from the Brics countries, the second annual Deloitte report on African construction trends shows.
Companies from Europe and the US however still execute 37% of these projects, in many cases capitalising on former colonial ties. Chinese companies have a surprising low market share of 12% of the projects, although these are of higher value.
South African construction companies will find it hard to get a proper slice of the pie, because the competition is fierce and local mega public sector projects are draining their cash.
WB head urges S. Korean firms to tap Africa
World Bank Group President Jim Yong Kim said Tuesday South Korean companies should set their sights on developing countries in Africa for new business opportunities as well as for shared growth.
Kim, who is on his second visit to South Korea since taking up the post in July last year, said Africa is more than a region in need of aid but a new business partner.
