Category Archives: BUSINESS

Decolonized Africa: A Charade!

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The era of independence that started in the mid-1950s to late 1970s noted several African countries attaining independence. The Africans that championed the course of independence were Africans trained in colonial institutions. Having been trained and worked in colonial educational and other institutions means, the enlightenment which they claimed to have was based on colonial rules; the institutions are owned by colonial powers, and the knowledge in the institutions were introduced by colonial powers. Hence, colonial powers were absolutely aware that after being trained, these set of Africans would demand for independence.

In light of the above, colonial powers made the rules for independence unknown to Africans. For instance, colonial powers decided the date, persons to be in government, and even attending independence ceremonies e.g. the independence date of Ghana was decided by colonial authorities and high ranking colonial officials were guests in the independence celebrations, (Note: Colonialism is the practice of domination of a country by another or a set of countries with a common interest. And decolonization is the process of dismantling domination structures and systems on a country).

Colonial powers only allowed people that have served in their government to continue after the said independence. Example, the first president of Tanzania, Julius Kambarage Nyerere served as Prime Minister, Chief Minister, Member of Legislative Council in the colonial government. Ahmadou Ahidjo, the first president of Cameroon served as Prime Minister, Member of the French Union and other civil service portfolios in the colonial administration. The first president of the Democratic Republic of the Congo, Joseph Kasa-Vubu served as Mayor, Chief accountant and other civil service portfolios in the colonial government.

Nnamdi Azikiwe, the first president of Nigeria served as Member of the Privy Council, Member of Legislative Council, Premier while the first Prime Minister, Abubaka Tafawa Belewa served as Chief Minister, Minister of Transportation and several other portfolios in the colonial government. Kwame Nkrumah of Ghana served as Prime Minister, Headmaster and other portfolios in the colonial government. Likewise, Kenya’s Jomo Kenyetta effectively served in the colonial administration and it was replicated across the continent except Angola and Mozambique whose independence was largely influenced by the overthrow the ‘Estado Novo’ regime in Lisbon, Portugal.

Colonial powers only allowed people that have served in their government to continue in order to maintain the colonial structure: Africa was conquered and the governance institutions that were built was to maintain and implement their colonial interest, which is exploitation of the African resources. After the said independence, African governments didn’t overhaul or restructure the structure of governance, which still remain today. Also, the said independence constitutions were approved by colonial governments (ensuring their colonial interest) those constitutions are the foundation of every existing constitution in the continent today.

After few years of the said independence, Africans realized colonialism is deeper than it was in the time of independence; expressing itself in entertainment, culture, fashion, education, religion, administration of justice, politics and economics.

As part of the implementation of the rules of independence unknown to Africans, which is factually the maintenance of colonialism on the continent; currently, Africans are the champions in maintenance and expansion of the colonial structure example, the implementation of IMF and World Bank structural adjustment programs and policies, campaigns for foreign loans and bond, colonial economic and political doctrines implementation, doctrines of colonial medias and many others that has no relationship with the improvement of the welfare of  Africans.

Reassessing why Africa was colonized, the principal reasons were:

1. To have unlimited access to mineral resources cheaply.

2. To have ready market for finished products. In today’s said independent Africa, these reasons are still very much implemented.

In Zambia, the decision making companies in the mining industry are Barrick Gold Corporation, FQM Limited, Glencore Plc. And these companies are from Canada, Switzerland and United Kingdom. In Tanzania, the major companies in its mining sector are Acacia Mining Plc, Resolute Mining Limited, Shanta Gold Limited and these companies are from United Kingdom and Australia. And the major in Nigeria’s Oil and Gas sector are Royal Dutch Shell, Eni S.P.A, ExxonMobil, Chevron, Total S.A. and these companies are from the Netherlands, Italy, and United States of America. Likewise, every other African country. Hence, the reason of unlimited access is guaranteed.

The reason of ready market; it is factual China has made Africa its dump site e.g. textiles. The signed European Union Economic Partnership Agreement with Sub Saharan Africa. The United States proposed free trade agreement with Mauritius, Lesotho, Kenya, Namibia, Ghana, Mozambique and Botswana. All an implementation of ready market.

Thus, the believe of decolonized Africa is a delusion until Africa’s welfare is prioritized and it finally dawn on Africans, which would instigate practical steps in that direction.

Building A Socio-Economic Equitable African Society

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Finance is the driver of economic activities and serves as a medium of exchange in today’s world. A society that provides equitable socio-economic opportunity is built on a viable financial system, because the system provides the necessary funding for amenities such as good roads, good health facilities, and affordable credit facilities. For instance, the most equitable countries have some of the biggest financial institutions, e.g. the HSBC, Barclays, Lloyds Banking Group, etc. of the United Kingdom; Citi Group, JP Morgan, Berkshire Hathawa, etc. of the United States of America; AXA, Societe Generale, BNP Paribas, etc. of France; the Chinese I.C.B.C, Bank of China, China Construction Bank, etc.

But unfortunately, Africa is deficient in this respect. African governments look outside the continent in search of funds for developmental projects, because the financial system in the continent is not viable.

Nations receiving loans from outside Africa’s borders have a negative repercussion on the continent. A research project by Halima Ibrahim, University of Nairobi, Kenya “Effect of External Public Debt on Economic Growth: An Empirical Analysis of East African Countries”, established that external debt has a negative effect on economic growth, while domestic debt has no significant effect. According to the paper, some of the effects of external debt are that it increases a large proportion of tax revenue that has to be used to repay foreign loans. This constrains the funds available for investment in the development projects that African countries need to improve their economic growth.

Also, repayment of external debt leads to the depreciation of local currencies, thereby increasing inflation in African countries that are net importers. As a result, GDP growth declines. This decline is likely to be high if the proceeds of external debt are mismanaged or invested in unproductive ventures, which in turn constrains access to funds for servicing debts and others.

African society is incontestably inequitable socio-economically. This is particularly true in sub- Saharan Africa, where there is noted lack of amenities such as good roads, affordable credit facilities, health system, education, water, and power. Africa as a continent lacks a buoyant financial system that can shoulder its demands. Hence, the viability of its financial system is pertinent in having a society that is serene and fair on the socio-economic level.

Advance Payment Tax System

One policy that is essential in having such a financial system is an Advance Payment Tax System. This is a system where payment of future taxes is made at the present. For instance, individuals and organisations can pay taxes for five or ten years in the first year. This system does not stop the regular annual or monthly tax payment system in an economy. Both tax payment systems are choices to be made by the tax payers.

However, individuals and organisations have a choice to either subscribe to advance payment or annual, monthly payment systems. Subscription to advance payment tax system by tax payers is a risk both on the part of the tax payer and of the fiscal authorities. These payments are made relying on predictions of future economic environment, hence any shift in the economic environment will either be a loss for the fiscal authorities and gain for the tax payer – or the opposite.

Thus, this tax payment system makes more money available at the disposal of government for infrastructure and socio-economic development. African governments adopting this system will reduce the acquisition of loans outside Africa, if prudently managed. At the same time, it puts more money in commercial banks and other financial institutions, keeping the financial system alive. Some percentage of these advance taxes are paid directly into “soft bonds” as investment within the economy. Soft bonds are low profile bonds issued by individuals, small and medium organisations or enterprises…

Considering Economic Diversification in Africa

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    Rhetoric around the benefits of diversification of revenue and industrialisation of African economies is in vogue for reports, conferences, debates and television shows, but implementation has been slow to unfold.

    What we hear proposed are implementable, theoretical foundation approaches to the diversification of revenue source and industrialization of African economies. They speak to the theoretical intricacies, dynamics and policies of economic diversification and industrialization in an African economic climate.

    The African business and economic environment is absolutely different from the other economic contemporary environments. Africa still struggles with limitations to infrastructure, education, institutions, governance and financial markets. The economic structure in Africa is different from the others in the western and Asian world, hence the manner and approach to African economies must be different if African economies should be diversified and industrialised.

    The popular idea of moving African economies from a land-based extraction-oriented economy relying on oil, gold, diamonds, tin and other to engage multiple economies will be a delusion if the determinants to industrialisation such as markets, enterprises, education, funding of key areas, regulations, and transportation and communication infrastructures are not clearly defined.

    Without communication and transportation infrastructure, economics will not be in existence. Communication and transportation are pillars of an economy. In industrialising and diversifying African economies, means of communication and transportation should be easily accessible to all consumers and branches of the economy.

    The leading means of modern communication is the internet, but most parts of Africa don’t have access to it. The internet is costly to afford in Africa. In the present landscape of communication in Africa, radio, television, postal service, cell phones, magazines and newspapers are affordable and offer easy to access almost to all. Hence, the next step for policy makers is to make and implement policies that will ensure these means of communication remain affordable and accessible. For instance, policy makers can easily start and fund local radio stations, newspapers, postal services and magazines. Also they can make available voice call and short messaging service (SMS) cell phones to all by direct investment in such production companies, as well as continue opening up the internet sector for private investors in order to make it accessible and affordable to all as time progresses.

    With this communication infrastructure in place, enterprises and their potential customers can easily and freely communicate with each other, making business alive. Thus, to have a healthy economy, good communication infrastructure is vital.

    Among the numerous means of transportation, the affordable, easy to access option for most of Africa is road transportation. Governments or policy makers should prioritise roads far above other means presently, if the economies are to be industrialised and diversified.

    Roads are easy and cheap to build and maintain. Roads should be built to every settlement that is not an island in an economy. In cases of islands, ferryboats should be made available through government investment and
    grants to local craftsmen and engineers, as the option of using local expertise is less costly.

    Building roads to all settlements could involve construction with concrete, asphalt and bitumen. In Africa, roads are commonly built with asphalt and bitumen, but these products are mostly imported to Africa, making it more costly.
    Concrete is an available alternative. Concrete is made in Africa, making it economically attractive compared to bitumen and asphalt. The quality of roads built using any of the materials is the same. Concrete may even be better, if roads can be built to every settlement in an economy within a short period of time.

    “I’M NOT TRYING TO SHOW MY BOOBS COACH, I CAN’T MAKE THEM GO AWAY” BLACK WOMAN LOSES SCHOLARSHIP BECAUSE HER IG PICS ARE DEEMED “TOO SEXY”

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    “When the football players see this, what do you think they see? They see your breasts. It’s seductive.” This was a statement made to 19-year-old Shalom Ifeanyi by her coach, Molly Alvey, According to Dallas News.

    Ifeanyi is now suing the University of Cincinnati and Alvey inciting racial and sex-based discrimination. Her lawsuit states that she’s seeking “compensatory damages, punitive damages, reasonable attorney fees, costs and all other relief to which she may be entitled.”

    During a meeting with her coach in June 2017, Ifeanyi was ordered to remove one of the pictures she posted on Instagram. Alvey pointed to the specific image as he gave her the order. Alvey later asked Ifeanyi to delete other pictures off of her profile.  Ifeanyi then responded expressing that she felt she was being body-shamed and treated differently from her teammates – especially since some of them posted pictures of themselves in bathing suits and weren’t asked to remove it. I can’t help the way I’m built,” she wrote in the text message, according to the suit. “I am not trying to argue, I just feel like I have to be flat chested or real skinny in order to post.”

    “There’s a history of black women because of their bodies being sexualized and that’s what appears to be happening to me,” she wrote, according to screenshots of the exchange referenced in the suit.”

    A week after the exchange, Ifeanyi was called into her coach’s office and let go from the volleyball team. The coach cited them having “different philosophies” as the reason for being asked to leave the team.  She filed a Title IX complaint with the University of Cincinnati and an investigation has yet to be completed months after she initially submitted the complaint.

    Ifeanyi enrolled in another university out of state and was allowed to keep her scholarship for the 2017-2018 school year, however, was advised that since she was no longer on the volleyball team, it would not be renewed. Per NCAA rules, Ifeanyi will not be eligible to play the sport competitively in the 2018-2019 season.

    According to the suit, Ifeanyi has suffered “humiliation, frustration, aggravation, anger and depression” as a result of being let go from the volleyball team. As relayed on Buzzfeed.

    A representative for the athletic department at the University of Cincinnati declined to comment on the suit since it is pending reported People Magazine.

    ETHIOPIAN AIRWAYS DISPATCHED FLIGHT WITH ALL-FEMALE CREW TO BUENOS AIRES!

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    Ethiopian Airlines scores another all-female flight crew feat as it expands its global footprint to the Argentine capital, Buenos Aires – its first such flight.

    A statement issued in Accra by the Airline quoted Mr Tewolde GebreMariam, Ethiopian Group CEO as saying “Today we are only repeating what we have been doing in heralding to the world that women can do whatever men can”.

    He said this all women functioned flight was going to inspire young girls in schools in Africa and in the world telling them that they have a bright future and hope that they could be pilots, CEO’s, technicians, engineers and whatever they like.

    “The opportunity is there for them and we will help and support them,” he said.

    He said the flag carrier linked Buenos Aires, the world’s capital of Tango, home of centurion old buildings and a vibrant cultural scene, with Africa while observing the International Women’s Day with various proceedings.

    Mr GebreMariam said, “Today we are connecting what seemingly look like faraway places: Africa and Argentina”.

    He said “it is the Airlines’ firm belief that Argentina would be successful and the move was as per the vision 2025.”

    “The flight will generate tourism, people to people connections, trade and investment. Ethiopian Airlines is a global integrator connecting these countries not only with all countries in Africa but also in Asia, a very good market in China, Japan, Korea, Israel, Middle East, Lebanon and so on,” he added.

    Mr Gustavo Teodoro Grippo, Argentinian Ambassador to Ethiopia, said, “Ethiopian Airlines debut flight to Buenos Aires has developed a platform to develop partnership between Argentina and Ethiopia on tourism, culture, business, economic growth and sport among other sectors”.
    He said this flight builds a longer bridge between Africa and the Latin America that allows the two countries to strengthen not only bilateral relations but also with the two continental regions.

    Dr Aklilu Hailemichael, State Minister for Foreign Affairs, said “The continued growth of Ethiopian Airlines led to the flourishing of bilateral and multilateral diplomatic relations of the country in the global arena.

    “The impressive achievements of the airline are part of the many successful multifaceted development plans aimed at realizing the national vision of becoming a middle income country by 2025,” he added.

    This, however, does not come as news to those who keenly follow the state-owned flag carrier as they broke barriers some months ago when they deployed an all-female crew for a special flight from Bole International Airport in Addis Ababa, Ethiopia to Murtala Mohammed International Airport in Lagos, Nigeria.

    Originally appeared in GBC

    GHANA TO THE WORLD! BOSSLADY PEACE HYDE FEATURED ON CNN

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    Forbes Africa’s newly appointed Head of Digital Media and Partnerships/Correspondent West Africa, Peace Hyde was featured on CNN African voices as a leading change maker and a successful media maven.

    Peace Hyde, who is also the founder of education not for profit, Aim Higher Africa which, has created over 500 grassroots businesses all over Africa.

    She shared her inspirational story from the classroom in the United Kingdom to being one of the most celebrated and respected women in media both at home in Ghana and beyond.

    Besides hosting the hit flagship Forbes Africa TV shows, My Worst Day and Against The Odds with Peace Hyde, which interviews some of the most powerful men and women on the continent on the Pan African business platform CNBC Africa, Hyde also makes time to consistently inspire and empower younger millennials to strive to achieve their fullest potential through mentorship programs.

    CONGRATULATIONS!

    Watch full video 

    //www.cnn.com/videos/world/2018/01/19/african-voices-peace-hyde-the-media-maven-of-ghana-a.cnn

     

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