FDI into Africa accelerates as investor perceptions begin to shift

Distributed by African Press Organization on behalf of Ernst & Young

There was strong growth in the number of new foreign direct investment (FDI) projects in Africa in 2011 with project numbers almost up to levels last seen in 2008. In the last decade Africa has seen an increase in inward investment from 339 new projects to the continent in 2003 to 857 in 2011 (an increase of 153%).  Investment has come from across the world, with strong growth in project numbers from rapid-growth markets and developed markets alike with projects from the former increasing from 99 to 319 and developed markets projects from 240 to 538 since 2003. Intra-African investment has also been a key driver of this growth.

Cubans Court Controversy in Malaria Battle

Source: FT Online

Half a century after Cuba despatched military advisers to Africa to spread communism during the cold war, it is sending less ideological specialists to attack a very different foe.

Dozens of salesmen and technical experts from the Havana-based company Labiofam have made inroads across the continent with a product to fight malaria, capitalising on high-level diplomatic connections forged during the early years of African independence. But health specialists have voiced concerns about the cost and effectiveness of the technology the Cubans are selling.

CAN WE HAVE A NATIONAL MUSEUM OF MODERN GHANA HISTORY? A 12 year old pleads.

A LETTER TO THE PRESIDENT:

My name is Prince Ben Ofosu –Appiah. I am 12 years of age and a sixth grader at the Morning Glory Montessori Child Development Center, Teshie Nungua.  I have a question that I would like to ask; WHY ARE THERE NO MUSEUMS IN GHANA?

Africa Rises But Bwana Is Out Of Step

By Michael Holman, From the Financial Times.com

Africa is on the move: from basket case to a potential bread basket, from dodgy debtor to investor opportunity.

Too bad that Britain risks remaining out of step and out of touch.

Last week’s London summit on Somalia was remarkable for its high turnout and admirable in its good intentions. No one can dispute the damage done by piracy in waters used by international shipping, or the threat posed by extremists who shelter behind a collapsed administration. But safety at sea is dependent on economic recovery on land. And restoring a failed state means tackling poverty.

Beware bards bidding to take charge of court

 By Christopher Caldwell, New York Times

When Youssou N’Dour announced this week that he would run in Senegal’s presidential elections next month, the singer probably surprised his neighbours more than his western fans. Mr N’Dour is Senegal’s most famous citizen. He has performed with Peter Gabriel and Sting. He cuts a more imposing figure on the world stage than Abdoulaye Wade, who at 85 is running for a third term as president. In poor countries, singers have often been tribunes of the people. They find themselves drawn into politics. Two singers ran (or tried to) in Haiti’s last election. The polygamist composer Fela Kuti thought he would make a good president in Nigeria three decades ago and so did the salsa musician Rubén Blades in Panama in the 1990s. Mr N’Dour comes from a family of west African griots, or praise-singers. Why shouldn’t he run?

Nigeria Fuel Subsidy End Raises Protest Fears

The Nigerian authorities have announced the start of a controversial plan to scrap fuel subsidies – which is expected to push up petrol prices.

The government has spent more than $8bn (£5.2bn) on the subsidies in the past year and says it will use some of the money to improve infrastructure.

Labour unions have called for “mass protests”.

Ghanas Azonto Dance Craze Goes Global

As pundits recommend its patenting, branding, packaging and marketing for socio economic gains

A Ghanaian Dance Craze called Azonto is making waves around the world and threatening to spawn its own YouTube industry as dance enthusiasts try to out do each other by posting the most hilarious and most accomplished Azonto moves on the video channel. The Azonto dance is said to have orginated from the traditional Ghanaian dance, Kpanlogo. Apaa (meaning work) was its original name and it first started in down Town Accra areas like Bukom, James Town, Chorkor and in the port town of Tema. When Azonto friendly hip life is played in clubs and house parties in these parts, you can be guaranteed that the dance floor will be packed with people shaking their hips, pointing their fingers and sometimes mimicking the performance of household chores like washing or doing some ironing.

Ghanas Mining Taxes: Are they New and Adequate?

By Alhassan Atta-Quayson, Third World Network  Africa

Ghanas 2012 National Budget Statement and Economic Policy proposed, among others, to bring the following changes to mining operations in the country: increase corporate tax rate from 25% to 35%; install a windfall tax of 10%; and implement a uniform regime for capital allowance of 20% for five years. It also sought to review the principle of ring-fencing to prevent companies undertaking a series of projects from deducting costs from new projects against profitable ventures yielding taxable income. This was commended by the National Coalition on Mining and the Ghana Mineworkers Union as part of steps urgently needed to improve the contribution of the sector to the economy and people of Ghana. However the Chamber of Mines have gone on the offensive, indicating that the mining sector is already over-taxed and such initiatives are only inimical to their operations. But are these taxes really new as the industry would want Ghanaians to believe and more importantly adequate in ensuring equitable distribution of Ghanas mineral wealth? I offer my opinion

THE WEIJA DAM OBITUARY

By Joshua Awuku-Apaw, Executive Director, Earth Service,   Joshua.awukuapaw@yahoo.com

The Weija Dam, perhaps the second largest water reservoir in the country after the Volta reservoir is on its way to extinction. According to experts, the rate at which encroachment and pollution are taking over the lake, in less than 10 years the lake will belong to history and can only be compared to the infamous korle lagoon in Accra.

The dam was constructed in 1978 (construction began in 1974) by an Italian company, Messrs Tahi. It is said to be the second urban water system to be constructed in Ghana, after the Birimso in Cape Coast. The lake is formed over the Densu River in the Ga South Municipality travelling a distance of about 116 kilometres from the Atiwa mountains where it takes its source. The river traverses through three regions: Eastern, Central and Greater Accra where it enters the sea at Bortianor in the Ga Municipality. The Weija lake covers an area of about 9,000 sq. hectares and serves over 2.5 million people in Accra East and Accra West. It has many communities and villages surrounding it. There are islands in it as well.

Nigerian Entrepreneur defies experience to succeed with rice in Ghana

By William Wallis

Borrowed from the Financial Times for Discerning Ghanaians

Nigerian-born Toks Abimbola landed in Ghana as he might have done in his previous incarnation as an investment banker: with hand luggage and a room at the Holiday Inn in Accra.
Less than two years later he, his business partner, and the investors backing their start-up, have become the largest commercial rice farmers in the country, with 500 hectares of land under cultivation and another 4,500 hectares still to plant.