The 6 Most Common Cyberattacks That Could Impact Companies In 2023

Highlight from an article of the Forbes online magazine from Edward Segal, Senior Contributor, published on 01/02/2023. This could be another banner year for ransomware and other cyberattacks. “Almost as fast as the cybersecurity industry releases new security tools, adversaries evolve their techniques to circumvent them. This year will be no different,” according to IBM’s Security Intelligence report. Cyberattacks such as data breaches can be costly crises for companies. In 2022, the average cost of a data breach in the U.S. was $9.44 million, up from $9.05 million the year before, according to Statista. Cyber experts shared their advice and insights on the cyber threats companies could face in 2023, and recommended protective measures. 

Full article online: https://www.forbes.com/sites/edwardsegal/2023/01/02/the-6-most-common-cyberattacks-that-could-impact-companies-in-2023/?sh=31daafb8536a

African Countries might prefer digital currencies to single currencies
As featured in TECHCABAL's 01/10/2022 edition of The Next Wave: "Africa’s single currency may be digital" by Sultan Quadri.
Excerpts: Already, cryptocurrencies are viable options for cross-border payments in Africa, bypassing the hassle that comes with transacting across over 40 different currencies and their corresponding diverse financial systems. It’s time for the AU and ECOWAS to rethink their approach -a physical single currency- and shift their focus to developing a single digital currency, like the EU is doing. Or, better still, African countries must ensure that the digital version of their currencies can easily interact with each other, across borders.  Full article online: https://techcabal.com/2022/01/10/the-next-wave-africas-single-currency-may-be-digital/

Post COVID-19: Rebuilding Africa and strengthening its resilience against future economic shocks

After demonstrating its resilience during the Ebola outbreak and the global financial crisis, Africa is once again facing a severe test of its strength and agility because of the coronavirus pandemic. The good news is that the continent has entered this crisis in reasonably good shape following decades of progression in health, education and economic outcomes.  As of early 2020, macroeconomic fundamentals in Africa were improving, with investments, rather than consumption, accounting for more than half of the region’s growth. Inflation was falling and the continent was making impressive strides towards accomplishing the United Nations Sustainable Development Goals (SDGs). Africa must build on the momentum and strive to prevent the coronavirus pandemic from reversing the gains of the past 20 years. Full article by C.L. Lufumpa, Acting Chief Economist and Vice President for Economic Governance at the African Development Bank Group, published on 24 August 2020 available at:

https://www.afdb.org/en/news-and-events/post-covid-19-rebuilding-africa-and-strengthening-its-resilience-against-future-economic-shocks-37467

Africa in the Digital Era - hype or reality?

What is holding Africa back in digital transformation on the continent, asked former Nigerian Minister for Communications Technology, Dr Omobola Johnson? As reported in bizcommunity.com on 03 April 2019, she adressed the question while she delivered the UN Economic Commission for Africa's (ECA) annual Adebayo Adedeji lecture at the recent Conference of Ministers in Marrakech, Morocco. Among others, she pointed at affordability as "an issue: the internationally agreed target is for 1GB of data to cost no more than two percent of the average national monthly income. In Africa this currently stands at 8.76%, compared to 3.5% in Latin America or 1.54% in Asia. And the latest affordability reports show that this has increased over the past year.”   https://www.bizcommunity.com/Article/145/16/189337.html

Sub-Saran Africa's growth to accelerate despite tighter global conditions

According to Moneyweb report published on 17 January 2019, Sub-Saharan economies will cope with tighter global liquidity this year and grow faster than in 2018, albeit at a lacklustre rate compared to the commodity price boom heydays of a decade ago, a Reuters poll found.

“Despite a tighter global backdrop, we expect the growth recovery in Sub-Saharan Africa (SSA) to persist, led by improved prospects in Nigeria and South Africa, the region’s largest economies,” Razia Khan, Africa research head at Standard Chartered, wrote in a note.

Khan wrote that she does not expect many of Africa’s economies – excluding South Africa though due to more liquid financial markets – to be impacted by the first-order effects of global trade tensions.

https://www.moneyweb.co.za/news-fast-news/sub-saharan-africas-growth-to-accelerate-despite-tighter-global-conditions/

Sub-Saharan Africa dominates in global mobile money industry - GSMA

As reported in Q1 2018, the global mobile money industry processed transactions in 2017 to the value of $1 billion a day and generated direct revenue of over $2.4 billion, and Sub-Saharan Africa has been identified as a leading market in this regard.

Mats Granryd, Director General at the GSMA said Sub-Saharan Africa is a dominant region as mobile money evolves into the leading payment platform for the digital economy with 690 million registered accounts in 90 countries around the world.

"SSA is still the global leader in the sector, accounting for almost half of all registered customers globally. Last year, mobile money transactions in SSA reached $19.9 billion (63% globally) and represented 2/3 of the volume of total transactions."

Granryd believes mobile money in SSA matured in 2017 as evidenced by new trends like the accelerated growth of bank-to-wallet interoperability, the growing adoption of smartphones, the proliferation of FinTech companies, the digitisation of new sectors of the economy, and renewed efforts by companies and governments to reach the most vulnerable and underserved.

http://www.itwebafrica.com/fintech/853-africa/243443-sub-saharan-africa-dominates-in-global-mobile-money-industry-gsma

Forty-four countries sign historic African Union free trade agreement

Forty-four African countries have signed up to a historic trade agreement on March 21st 2018 aimed at paving the way for a liberalized market for goods and services across the continent. The African Continental Free Trade Area (AfCFTA), an agreement cast in the mold of the European Union’s version was signed during the 10th Ordinary Session of African Union Heads of State summit held in the Rwandan capital, Kigali.

The AfCFTA gives birth to the world’s largest free trade area since the World Trade Organization which was formed in 1995. A total of nineteen presidents were present whiles a number of Prime Ministers and government representatives also signed for their respective countries.

Under the theme: “Creating One African Market,” the initiative falls under the Agenda 2063 of the A.U. According to estimates, if all 55 members states of the AU ratify it, the agreement will bring together 1.2 billion people with a combined gross domestic product (GDP) of more than 2 trillion US Dollars.

http://www.africanews.com/2018/03/21/forty-four-countries-sign-historic-africa-union-free-trade-agreement//

2018 : voici les pays africains où il faut investir

Le célèbre magazine Forbes a établi pour cette année 2018, un classement mondial des pays où il faut bien investir. Sur le plan africain , l’île Maurice occupe la1ère place suivie de l’Afrique du sud et du Maroc. En Afrique occidentale, le Ghana est en tête. Le Tchad vient refermer le classement.

Le Best Countries for Business consiste à déterminer les meilleurs pays qui offrent un climat favorable des affaires.  Au total,  153 pays ont été evalués sur 15 facteurs différents incluant les droits de propriété, l’innovation, les taxes, la technologie, la corruption, la liberté (personnelle, commerciale et monétaire), la bureaucratie et la protection des investisseurs.

Les résultats de ce classement annuel doivent interpeller beaucoup de dirigeants sur les politiques mises en œuvre pour instaurer un climat des affaires qui inspirent confiance.

https://www.techenafrique.com/2018/01/2018-voici-les-pays-africains-ou-il-faut-investir-forbes/

South Africa has a wealth of goods, equipment, expertise and services to offer the rest of sub-Saharan Africa

At the TXF Cape Town conference on 3 &4 October 2017, Kutoane Kutoane, CEO of the Export Credit Insurance Corporation of South Africa (ECIC), spoke to TXF editor-in-chief about the corporation’s changing focus and the current push for South African exports, with a greater emphasis on markets across Africa. Among other markets, as he mentioned they are looking at some export potential in Côte d’Ivoire, Ghana and Senegal. As he stated: “These are all West African markets, which allows us to push into territory where we haven’t had that much of a presence. Success will lead to further success and a broader spread of new markets for us and the South African companies we are supporting.”

In an example of recent alliances involving the ECIC to help further the cause of South African exporters, a tie-up with the African Export-Import Bank (Afreximbank) has been finalised. The ECIC negotiated an agreement with the bank through a shareholding on behalf of the South African government.  “Under this, we will look to work with structured trade finance programmes that Afreximbank has adopted to help promote exports. This is something that we must have.”

https://www.businesslive.co.za/bd/business-and-economy/2017-11-28-ecic-and-sa-exporters-revitalise-the-countrys-export-effort/

Tribute to Babacar Ndiaye - Titan of Africa

Babacar Ndiaye, who passed away in Dakar, Senegal on July 13th 2017 was a religious man who knew the Koran as well as the Old and New Testaments and understood that we are all One. Bababcar Ndiaye is mostly recognized for his decade (1985-1995) as president of the African Development Bank (http://www.afdb.org). What is lesser known is that he orchestrated the quadrupling of the capital of that Bank and that he secured the first AAA rating for an African institution or sovereign country. He also was instrumental in creating Shelter Afrique (http://www.shelterafrique.org), the African Export-Import Bank  (https://afreximbank.com/) and the African Business Roundtable (https://africanbusinessroundtable.wordpress.com/about/).

"Throughout his career, Babacar Ndiaye handled tens of billions of dollars. Yet he did not die a wealthy man in monetary terms.  What he accomplished was to do his job extraordinarily well. Now that his earthly chains have been broken, we need not cry for him. We should, however, mourn the fact that Africa has lost a great titan to whom we all are indebted". Ambassador Harold E. Doley, Jr. (Ret.) was the first U.S. Executive Director to the African Development Bank and Fund.

http://allafrica.com/stories/201707140904.html

African Markets Update: Growth to Rebound in 2017 as reported on 20 April 2017

(Africa Capital Group) In 2016, the rate of economic growth in sub-Saharan Africa hit 1.5%, its lowest level in twenty years, driven by poor performance from the commodity and energy-focused economies of South Africa, Nigeria and Angola. Because these are Africa’s largest economies, they have a large influence over the pan-Africa averages. Other countries in East and West Africa that are not as dependent on mining and energy faired much better. Outside of the three aforementioned countries, sub-Saharan Africa’s economy grew at about 4.1% in 2016, according to the World Bank—a very respectable performance. Kenya grew around 6% in 2016 and Côte d’Ivoire grew around 8%. As always, investors should remember there are many different economic drivers in the fifty-four individual African countries.

http://www.africacapitalgroup.com/2017/04/20/african-markets-update/

Hôtellerie en Afrique: les raisons de l’optimisme

(Jeune Afrique) Publié le 14 septembre 2016. Tous les acteurs du secteur font la même analyse: le continent reste une terre d’opportunités pour plusieurs raisons. Il est sous-doté en nombre de chambres, alors qu’il connaît une urbanisation rapide, avec l’émergence d’une classe moyenne et des flux croissants entre pays limitrophes. « Il y a dix ans, 65 % de la clientèle était extra-continentale, et 35 % africaine; aujourd’hui c’est l’inverse », constate Jean-Marc Schnell, vp des opérations d’AccorHotels en Afrique subsaharienne. Autant de facteurs stimulants pour de nouveaux opérateurs, qui multiplient les annonces d’ouverture. 

http://www.jeuneafrique.com/mag/354237/economie/hotellerie-raisons-de-loptimisme/

Borderless Africa. A.U. has introduced on 07/2016 a single passport to make travel on the continent easier for Africans.

(CNN) As the European Union threatens to unravel in the wake of Britain's vote to leave, the African Union is pursuing a path of closer integration through the launch of a common passport that will grant visa-free access to all 54 member states.

http://edition.cnn.com/2016/07/05/africa/african-union-passport/

Sub-Saharan Africa Agriculture to Rise 2.6% Yearly Through 2025 as reported on 04 July 2016

(Bloomberg) Sub-Saharan Africa’s agricultural output may rise 2.6 percent annually through 2025, boosted by productivity improvements.

http://www.bloomberg.com/news/articles/2016-07-04/sub-saharan-africa-agriculture-to-rise-2-6-yearly-through-2025

"2016 Doing Business in Francophone Africa" Forum held on 29 June 2016 in Johannesburg, South Africa.

(City-Press) Forum with participation of Rayon Investments among the panel members and with an attendance of close to 100 corporations keen to develop or enhance business ties in francophone Africa.

http://city-press.news24.com/Business/sa-losing-out-in-francophone-africa-20160701

Les conseils étrangers sont-ils une bonne solution pour l’Afrique?

(Africa Diligence) Selon les estimations de Knowdys transmises le 1er juin 2016, 1 consultant international sur 5 reprend l’avion après la présentation de son rapport final, et 2/5 échouent dans le suivi de leur action en Afrique.

http://www.africadiligence.com/knowdys-reinvente-laccompagnement-du-changement-123/

The rise of retail in sub-Saharan Africa as reported on 05 April 2016

(African Business) For better or for worse, shopping malls are springing up across Africa in ever greater numbers, attracting international retail chains and providing a boost to local construction companies.

http://africanbusinessmagazine.com/sectors/retail/rise-retail-sub-saharan-africa/#sthash.smhcDWHJ.dpuf

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