Tony Scott, Author at African Leadership Magazine https://www.africanleadershipmagazine.co.uk/author/tony-scott/ Most Reliable Source for Afro-centric News Tue, 25 Feb 2025 08:36:01 +0000 en hourly 1 https://wordpress.org/?v=6.2.6 https://www.africanleadershipmagazine.co.uk/wp-content/uploads/2019/01/cropped-289x96-32x32.jpg Tony Scott, Author at African Leadership Magazine https://www.africanleadershipmagazine.co.uk/author/tony-scott/ 32 32 Beyond the Classroom: The Future of Skills Development in Africa https://www.africanleadershipmagazine.co.uk/beyond-the-classroom-the-future-of-skills-development-in-africa/ Tue, 25 Feb 2025 08:36:01 +0000 https://www.africanleadershipmagazine.co.uk/?p=65542 Technology and shifting economic paradigms raise the question of how to bridge the global employment gap and the search for answers in Africa has never been more urgent. The education.

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Technology and shifting economic paradigms raise the question of how to bridge the global employment gap and the search for answers in Africa has never been more urgent. The education sector, traditionally a hub of knowledge transfer, is being reimagined. Like planting seeds in arid soil, Africa is nurturing vocational training, digital learning, and strategic partnerships to transform its workforce.

 

Investments in education enhance workforce talent, increase productivity, and stimulate economic growth. Research indicates that each additional year of schooling correlates with nearly a 0.6% increase in long-term gross domestic product (GDP) growth rates. According to a study conducted by the African Futures and Innovation Programme at the Institute for Security Studies, improved education can lead to higher incomes and a reduction in poverty levels.

 

READ ALSO: Education, Partnerships, and the Future of Learning in Africa

 

Currently, nearly 26% of people in low-income countries are connected to the internet, compared to over 95% in high-income countries. Projections suggest that enhanced education across Africa could contribute an extra US$368.4 billion (about 4.3%) to GDP, resulting in additional gains of approximately US$240 in GDP per capita per person and a reduction of around 47 million in the number of people living in poverty by 2043.

 

Vocational Training and Real-World Solutions

Vocational training is becoming the backbone of Africa’s workforce development. In Ghana, the National Vocational Training Institute (NVTI) has transformed lives by equipping thousands with technical skills in agriculture, construction, and manufacturing. A standout example is Kofi Mensah, a young man from a rural village who, after training in solar panel installation, established a small business that now employs ten others.

 

Similarly, Rwanda’s Technical and Vocational Education and Training (TVET) programme offers practical courses aligned with market needs. With more than 75% of TVET graduates securing employment within six months, Rwanda exemplifies how targeted skills development can empower youth and address unemployment.

 

Digital Learning: A Game-Changer

The rise of digital learning is bridging gaps in access to quality education. South Africa’s Generation Unlimited initiative, a partnership with UNICEF and UNDP, has provided digital training to over 10,000 young people, focusing on employability and entrepreneurship. By integrating technology into education, initiatives like this are preparing a workforce for the demands of a digital economy.

 

In Kenya, the Moringa School offers coding boot camps that boast a 90% job placement rate for its graduates in high-demand tech jobs. One graduate, Esther Wanjiru, credits the programme with launching her career as a software developer at a leading fintech company in Nairobi. “Without Moringa, I would still be unemployed. Now, I’m building solutions for African businesses,” she says.

 

Rwanda’s Digital Leap

Rwanda has positioned itself as a leader in Africa’s digital transformation. The government’s Smart Africa initiative has trained over 500,000 students in ICT and provided free internet in schools. The introduction of coding classes for primary school students is cultivating a tech-savvy generation that can compete on a global stage.

 

Strategic Partnerships for Skills Acquisition

Strategic partnerships are amplifying the impact of skills development. The World Bank’s $45 million Skills for Employability Project in Mozambique is a prime example, funding vocational training centres and focusing on sectors like renewable energy and construction to align with the country’s development goals.

 

In Ethiopia, Huawei’s collaboration with the government has trained over 100,000 students in ICT, preparing them for employment in telecommunications. Such partnerships are not only addressing immediate skill shortages but also fostering innovation ecosystems.

 

South Africa’s Harambee Youth Employment Accelerator

The Harambee Youth Employment Accelerator has become a beacon of hope for South Africa’s unemployed youth. By connecting job seekers with employers and providing them with job-readiness training, it has facilitated over 150,000 job placements. The programme’s success underscores the importance of combining skills training with mentorship and real-world experience.

While challenges such as connectivity issues and funding persist, the future looks bright for Africa’s education sector. Leaders increasingly recognise that investing in education today lays the foundation for a prosperous tomorrow.

 

As the world looks ahead to 2050 and beyond, frontier technologies promise dramatic improvements in children’s lives. Digitalisation can empower young people, allowing them to create, learn, and connect while laying the foundation for their economic prospects. However, these benefits can only be realised with the right incentives, governance, and accountability in place. Without them, children will face missed opportunities or even direct harm.

 

The stories emerging from Africa’s classrooms, workshops, and innovation hubs reveal a continent on the rise. The transformation is not just in education but in the lives touched and futures reshaped—proof that when education evolves, so does society.

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Uganda ‘s Prime Minister Robinah Nabbanja Receives African Female Leader of the Year Award at 14th ALM POTY 2025 https://www.africanleadershipmagazine.co.uk/uganda-s-prime-minister-robinah-nabbanja-receives-african-female-leader-of-the-year-award-at-14th-alm-poty-2025/ Sat, 22 Feb 2025 20:00:30 +0000 https://www.africanleadershipmagazine.co.uk/?p=65448 Casablanca, Morocco, February 21 – 22, 2025 – H.E. Robinah Nabbanja, Prime Minister of Uganda, has been honoured with the African Female Leader of the Year award at the prestigious.

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Casablanca, Morocco, February 21 – 22, 2025 – H.E. Robinah Nabbanja, Prime Minister of Uganda, has been honoured with the African Female Leader of the Year award at the prestigious 14th African Leadership Magazine Persons of the Year (POTY) Ceremony, held at the Casablanca Marriott Hotel, Morocco, from February 21–22, 2025.

 

READ ALSO: Press Release: Voting Opens for the African Persons of the Year 2024

 

Prime Minister Nabbanja has been recognised for her exemplary leadership, unwavering commitment to good governance, and her dedication to advancing socio-economic development in Uganda. Her tenure has been marked by significant strides in healthcare, gender inclusion, poverty alleviation, and education, positioning Uganda as a model for progressive leadership in Africa. As Uganda’s first female prime minister, she continues to break barriers and champion policies that empower women and youth across the continent.

 

The African Leadership Magazine Persons of the Year (POTY) Ceremony is an annual flagship event that brings together policymakers, business leaders, civil society actors, and thought leaders from across Africa and beyond. The event serves as a platform to celebrate outstanding African leaders who are making significant contributions to the continent’s growth and development.

 

The 14th edition of the event also honoured other distinguished leaders, including:

 

• H.E. Andry Rajoelina, President of Madagascar
• Professor Charles Anosike, Director General of the Nigerian Meteorological Agency (NIMET), Nigeria
• H.E. Douye Diri, Governor of Bayelsa State, Nigeria
• Dr. Jane Ruth Aceng Ocero, Minister for Health, Uganda
• H.E. Fardowsa Osman Egal, Minister for Transport & Civil Aviation, Somalia
• Hon. Nani Juwara, Minister of Petroleum, Energy & Mines, The Gambia
• H.E. Rindra Rabarinirinarison, Minister of Economy and Finance, Madagascar
• Hon. Augustine Kpehe Ngafuan, Minister of Finance and Development Planning, Liberia
• Hon. Lefoko Maxwell Moagi, Former Minister of Minerals and Energy, Botswana
• Dr. Armstrong Takang, Managing Director of the Ministry of Finance Incorporated (MOFI), Nigeria
• Mr. Mustafa Y. Shek, Director General of the National Communication Authority, Somalia

 

Prominent business leaders, including Dr. Seinye O.B. Lulu-Briggs, Executive Chairman of Moni Polu Limited, and Olusegun Alebiosu, Managing Director/CEO of FirstBank Group, Nigeria, were also in attendance.

 

The event attracted high-profile delegates from across Africa, including Ethiopia, Nigeria, Madagascar, Angola, Uganda, South Sudan, Zimbabwe, Congo, Cape Verde, Botswana, South Africa, and Kenya, highlighting the pan-African significance of the awards.

 

For media enquiries or further information, please contact:

The Group Editor
King Richard Igimoh
editor@africanleadership.co.uk,
king.richards@africanleadership.co.uk

 

About African Leadership Magazine

The African Leadership Magazine, the flagship publication of the African Leadership Organisation (UK) Limited, has been dedicated to promoting impactful leadership in Africa for over 16 years. Through high-quality Afro-positive content, public sector training, and consulting, the magazine plays a crucial role in showcasing Africa’s success stories, driving positive change, and shaping the continent’s future.

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To Decarbonise Africa’s Energy Sector, Look to Uranium https://www.africanleadershipmagazine.co.uk/to-decarbonise-africas-energy-sector-look-to-uranium/ Mon, 17 Feb 2025 10:42:51 +0000 https://www.africanleadershipmagazine.co.uk/?p=65371 Africa’s vast wealth buried beneath its soil is set to chart a fresh trajectory for development. Uranium reserves from the continent are increasingly capturing global attention. The data paints a.

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Africa’s vast wealth buried beneath its soil is set to chart a fresh trajectory for development. Uranium reserves from the continent are increasingly capturing global attention. The data paints a compelling picture. Namibia leads the way, with an estimated 470,100 tonnes of uranium, followed by South Africa (320,900 tonnes) and Niger (311,000 tonnes). Other countries, such as Botswana and Tanzania, also have significant reserves, underscoring Africa’s widespread uranium wealth. These reserves are not just numbers; they represent a potential engine for economic growth, technological advancement, and increased global influence.

 

Uranium’s versatility adds to its value. As the primary fuel for nuclear power plants, it offers a low-carbon alternative to fossil fuels, which is crucial for meeting growing energy demands and tackling climate change. Beyond energy, uranium is used in medical treatments, scientific research, and defence industries, further cementing its importance in the modern world.

 

READ ALSO: Niger Grants Permit to GoviEx for $676 mln Uranium Project

Economic Gains: Powering Development

Exploiting uranium resources offers immense economic opportunities for African nations. Mining and processing create jobs, attract foreign investment, and generate revenue through exports. This revenue can be reinvested in infrastructure, education, healthcare, and other sectors, improving living standards and promoting sustainable economic growth. Moreover, the development of a robust uranium industry fosters technological advancement, facilitating the transfer of skills and knowledge, and creating ancillary industries that contribute to the diversification of the economy.

 

Challenges Ahead: Navigating Complexities

Africa faces significant challenges in fully harnessing its uranium resources. Infrastructure gaps, particularly a lack of transportation and processing facilities, are a major obstacle. Environmental concerns, including water pollution and land degradation, call for sustainable mining practices, strong regulation, and community involvement. Political and economic instability, along with a shortage of skilled labour, complicate matters further. Fluctuations in global uranium prices and security concerns regarding its potential misuse also pose risks.

 

Solutions: Paving the Way for a Sustainable Future

To unlock the full potential of Africa’s uranium resources and mitigate the associated challenges, a comprehensive, multi-pronged approach is necessary. Strategic investments in infrastructure, such as roads, railways, power plants, and processing facilities, are crucial to support the uranium industry. Establishing transparent regulatory frameworks, tackling corruption, and promoting good governance are key to attracting investment and ensuring sustainability.

 

Additionally, investing in education and training programmes is essential to develop a skilled workforce capable of driving industry growth. Diversifying economies beyond uranium is also critical to reducing over-reliance on a single commodity and enhancing economic resilience. Lastly, fostering regional cooperation among African nations can facilitate the exchange of knowledge, expertise, and technology, creating a more competitive and sustainable uranium industry across the continent.

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The Future in the Hands of Africa’s Young Innovators https://www.africanleadershipmagazine.co.uk/the-future-in-the-hands-of-africas-young-innovators/ Mon, 09 Dec 2024 09:54:55 +0000 https://www.africanleadershipmagazine.co.uk/?p=64497 Africa is home to the world’s youngest population, with over 60% of its people under the age of 25. This demographic dividend presents a unique opportunity for the continent to.

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Africa is home to the world’s youngest population, with over 60% of its people under the age of 25. This demographic dividend presents a unique opportunity for the continent to tap into the energy, creativity, and innovation of its youth to drive economic growth, social progress, and sustainable development.

 

Youth-led initiatives and innovations have surged in the last decade, reshaping Africa’s economic, social, and political landscapes. From tech startups and social enterprises to community organisations and advocacy groups, young Africans are leading the charge in crafting the continent’s future.

 

READ ALSO: The Future of Work in Africa: AI and Innovation

 

TECHNOLOGY AND INNOVATION

Africa’s tech scene is booming, with its startup ecosystem attracting significant global investment. Young Africans are at the heart of this revolution, creating innovative solutions to the continent’s most pressing challenges.

Take M-Kopa, a Kenyan startup providing affordable solar energy to off-grid communities. Founded by Jesse Moore and Chad Larson, M-Kopa has connected over 1 million homes to solar power, creating jobs and stimulating local economies in the process.

 

In Nigeria, Andela is transforming the tech landscape by training young African software developers and connecting them to global job markets. Founded by Jeremy Johnson, Iyinoluwa Aboyeji, and others, Andela has built a network of over 1,000 developers across Africa, opening up vast career opportunities.

 

SOCIAL ENTERPRISES AND COMMUNITY DEVELOPMENT

Young Africans are also driving social change through impactful community-based initiatives. These organisations are tackling issues from education and healthcare to environmental conservation and economic empowerment.

 

One example is Ashesi University’s Ghana Climate Innovation Centre (GCIC), which supports young climate entrepreneurs with training, mentorship, and funding. Founded by Ghanaian youth entrepreneurs, GCIC has backed over 100 climate-focused startups, creating jobs and fostering economic growth.

 

In South Africa, IkamvaYouth provides educational support and mentorship to disadvantaged young people. Founded by a group of South Africans, the organisation has assisted over 10,000 youth, helping them access better educational and economic opportunities.

 

ADVOCACY AND ACTIVISM

Youth-led activism is driving powerful social change across the continent. From human rights to environmental justice, young Africans are using their voices and actions to inspire positive transformation.

 

Africa is experiencing a youth-led political revolution, with young people taking centre stage in mainstream politics. Senegal’s election of Bassirou Diomaye Faye as the youngest African president has sparked a wave of youthful leadership. Countries like Ghana and Eswatini are seeing increased youth participation in elections, with young people leading conversations around civic engagement.

 

This movement is especially significant as more than a third of African countries will hold elections in 2025. Youth electoral activism is gaining momentum, with young people demanding more representation and involvement in the political process.

 

In Ghana, youth are harnessing the power of social media to mobilise their peers, promoting civic education and driving voter registration efforts. Similarly, in Eswatini, young people are organising workshops, rallies, and events to boost voter education and encourage active participation in elections.

 

These developments show the growing importance of youth in African politics. As young people continue to demand a greater voice, we are likely to see a significant shift in how politics is done on the continent.

The future of African politics looks promising, with youth increasingly taking the reins. As we look ahead to 2024 and beyond, it is clear that youth-led activism will play a critical role in shaping the continent’s political future.

 

THE WAY FORWARD

Young Africans are leading the charge in driving change across the continent, using technology, innovation, and activism to tackle some of Africa’s biggest challenges. From startups and social enterprises to community-based initiatives and advocacy groups, youth are shaping Africa’s future.

 

As the continent continues to grow, it is clear that young Africans will play a central role in shaping its destiny. Their creativity, resilience, and drive are powering innovation and social change, building a brighter future for all.

To ensure they can continue this momentum, it is vital to invest in education, skills development, and entrepreneurship programmes. This will equip young Africans with the tools they need to succeed.

 

We also need to foster an environment that supports innovation, entrepreneurship, and social activism, providing access to funding, mentorship, and networking opportunities, while promoting policies that encourage the growth of startups and social enterprises.

 

Governments across Africa must play a pivotal role in enabling young people to unlock their potential. Prioritising policies that promote youth development and support young entrepreneurs is essential for a brighter future.

African leaders must think creatively to develop initiatives that empower young people. Investment in education, technology, sports, and other fields where youth excel should be a priority.

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Tron Leads Cardano by Significant Margin as KuCoin Brings TRX Trading Market to Life https://www.africanleadershipmagazine.co.uk/tron-leads-cardano-by-significant-margin-as-kucoin-brings-trx-trading-market-to-life/ Mon, 21 Oct 2019 18:07:28 +0000 https://www.africanleadershipmagazine.co.uk/?p=44186 The back-to-back race between Tron and Cardano blockchain technology to distinguish the larger cryptocurrency between the two looks a bit interrupted after the former created a wide margin ahead of.

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The back-to-back race between Tron and Cardano blockchain technology to distinguish the larger cryptocurrency between the two looks a bit interrupted after the former created a wide margin ahead of the later. For the past few days, Tron and Cardano has been in a tussle for the 11th position with series of dethronements coming from both sides. However, the entertainment focused blockchain network is now trying to show its potency in the market by establishing a decent wide gap for Cardano.

At the moment, Tron is ranked the 11th largest cryptocurrency by market cap and Cardano, sits on the 13th position after UNUS SED LEO, an Ethereum based stablecoin, took over the 12th position to show the difference between the two coins. Tron stays ahead of Cardano with over $25 million Dollar market cap. While the entire market looks to be back on the upside trend with Bitcoin staying above $8,200 after a weekend low around $7,900, Tron is at present priced $0.015464 with 0.68% added value in the last 24 hours. Cardano, similarly, is on the upside trend, recording 0.81% added value with a market price of $0.038964 against the US Dollar.

This is happening around the time one of the world’s renowned cryptocurrency exchange, KuCoin, announced it will be adding more support for Tron blockchain technology. In an announcement today, KuCoin, a top-class blockchain asset exchange that prides itself as “The People’s Exchange,” declared that it will be adding TRX Trading Market to its platform. “KuCoin Will Add the TRX Trading Market,” the exchange stated. Furthermore, the announcement added that the platform will also open trade for BTT/TRX and WIN/TRX trading pairs.

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Kenya to Adopt Cuba’s Biological Method of Tackling Malaria https://www.africanleadershipmagazine.co.uk/kenya-to-adopt-cubas-biological-method-of-tackling-malaria/ Thu, 04 Apr 2019 14:35:46 +0000 https://www.africanleadershipmagazine.co.uk/?p=42596 Kenya and Cuba have finalised negotiations on a Malaria Vector Control project, which will see Kenya implement the Cuban biological larvicides technology to malaria prone areas. Despite Cuba being an.

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Kenya and Cuba have finalised negotiations on a Malaria Vector Control project, which will see Kenya implement the Cuban biological larvicides technology to malaria prone areas.

Despite Cuba being an Island, it has remained malaria free due to the application of this technology which is set to be applied here in Kenya later this month. Speaking after holding bilateral talks with Cuba’s Vice President of council of state and Ministers Ines Maria Chapman, Deputy President William Ruto on Tuesday said that this is a major milestone towards eradicating Malaria which is one of the country’s major health threats.

“We have agreed to expedite the malaria vector control project that will be anchored on Cuban biological larvicides control and that exercise has already been approved by our pest control board and therefore we are ready to go and upon the introduction of this technology we will be able to manage the Malaria prevalence in the country,” said Ruto.

The Cuban VP thanked Kenya Government’s leadership, for enhancing the historic bilateral ties between the two countries, saying the ongoing exchange of expertise in the health sector will go a long way in cementing relations between the two countries. The Cuban delegation on Monday met with President Uhuru Kenyatta at State House and discussed a wide range of issues of mutual benefit to the two countries.

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Ugandan President Hails Eastern Ugandans https://www.africanleadershipmagazine.co.uk/ugandan-president-hails-eastern-ugandans/ Fri, 08 Mar 2019 10:21:01 +0000 https://www.africanleadershipmagazine.co.uk/?p=42330 Uganda’s President Yoweri Museveni has extolled the importance of agriculture in poverty eradication. The President while applauding the people of Sebei Sub-Region in Eastern Uganda for waking up to his.

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Uganda’s President Yoweri Museveni has extolled the importance of agriculture in poverty eradication. The President while applauding the people of Sebei Sub-Region in Eastern Uganda for waking up to his call of addressing the issue of household income noted that once the people of Uganda solve the issue of household income, everything else can be manageable. “I am happy that you have concentrated on some of the things I have always told you about. Focusing on enterprise selection is good and once you achieve homestead income, everything will be sorted,” he said.

Museveni said that he started the struggle of waking up people in villages in the country a long time ago when he was still a youth in his home area of Kiruhuura District. The President advised the people of Sebei area to engage in the growing of grapes, apples, straw berries and carry out dairy farming for milk production, among others, in order to get good financial returns and transform their livelihood. He added that the products of the enumerated activities have ready markets in the world.

Regarding irrigation, the President told Sebei leaders that the Government is considering covering the whole country with big and micro irrigation projects to boost production across the country. He noted that increased production will also see the country set up of an industrial park in Sebei Region like those in Mbale and Namanve, among others.

The President used the occasion to appeal to all Ugandans to fight the negative and backward practice of land fragmentation. He noted that the vice is perpetuated by the primitive inheritance practices that encourage land sub-division resulting in unproductive yields; leading to poverty.

Mr. Museveni urged the leaders of the region to form SACCOs based on activity per area to enlist Government support to enable them access low interest financial services. Water and Environment Minister, Hon. Sam Cheptoris, thanked the President for the development programmes in the area, mostly education, health, and electricity services.The delegation assured the President of their continued support to his leadership and development programmes.

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Namibia Calls For More Funding In Disease Management https://www.africanleadershipmagazine.co.uk/namibia-calls-for-more-funding-in-disease-management/ Wed, 27 Feb 2019 20:38:11 +0000 https://www.africanleadershipmagazine.co.uk/?p=42032 Namibia’s disease burden is gradually transitioning from communicable to non-communicable diseases (NCD) and this trend is reflected in the shares of health expenditure, according to the Ministry of Health and.

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Namibia’s disease burden is gradually transitioning from communicable to non-communicable diseases (NCD) and this trend is reflected in the shares of health expenditure, according to the Ministry of Health and Social Services

The findings reveal that there is limited support by donors for reproductive health and NCDs, the Minister of Health and Social Services Kalumbi Shangula said at a launch of the results of 2015/16 and 2016/17 Health Accounts for Namibia last week.

“This calls for more government funding. I am aware of the recently launched Strategic Plan on NCD, and I can only urge all of us to do our part to implement it, “Improvements in efficiency and effectiveness can be achieved by reducing wastage of resources, eliminating bottlenecks and streamlining service delivery processes,” he added.

Shangula said while it is important for the country to secure additional financing for health to achieve its goals and sustain its health response, it is equally important to ensure that the resources are managed efficiently and effectively. According to Shangula the results of this exercise provides the government with a basis of making informed decisions about resource allocations in the future.

Meanwhile he said the health ministry needs to evaluate available options along with the options of additional financing sources to pave the path for improved sustainable healthcare in the country. Agriculture minister Alpheus Naruseb encouraged Desert Fruit Namibia to raise their harvest tonnage in the next two.

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Woolworths To Place Dividend Payment On Hold https://www.africanleadershipmagazine.co.uk/woolworths-to-place-dividend-payment-on-hold/ Thu, 21 Feb 2019 22:55:51 +0000 https://www.africanleadershipmagazine.co.uk/?p=41956 South Africa’s Woolworths Holdings will not pay dividends from its Australian businesses for two years in order to reduce debt levels there, its chief executive said on Thursday after the.

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South Africa’s Woolworths Holdings will not pay dividends from its Australian businesses for two years in order to reduce debt levels there, its chief executive said on Thursday after the retailer reported a 2.9 percent drop in half-year earnings.

Woolworths, which sells clothes, food, beauty products and homeware, said it would cut its group interim dividend to 92 cents per share, down 15.2 percent from a year earlier. “We’re taking a really prudent decision in Australia,” group CEO Ian Moir told the company’s half-year results presentation. “We want to get our debt levels down, we want to half the debt levels in Australia.”

The Australian businesses, which comprise David Jones and Country Road Group, have debt of just over 400 million Australian dollars ($284 million) and Woolworths wants to bring that down to about 200 million, Moir said. Woolworths paid a big premium to bulk up in Australia via David Jones as part of Moir’s ambitions to turn the firm into a leading southern hemisphere retailer, but has faced delays in redeveloping the business.

In 2018 the firm booked an impairment charge of 6.9 billion rand ($492 million) against the value of David Jones as a result of the cyclical downturn and structural changes that have hurt performance across the Australian retail sector.

Moir said Woolworths will now focus on getting back to “beautiful basic” items in South Africa. It has also shrunk its EDITION brand, to appeal to its basic customer who doesn’t want too fashionable or too young items, he added.

Source: www.allafrica.com

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JSE’s Gold Index Jumps 6% To Near Six-Year High https://www.africanleadershipmagazine.co.uk/jses-gold-index-jumps-6-to-near-six-year-high/ Thu, 21 Feb 2019 07:11:22 +0000 https://www.africanleadershipmagazine.co.uk/?p=41938 Safe-haven interest in the precious metal and a softer dollar has boosted local gold miners, with the rand also slightly weaker on Wednesday morning. The JSE’s gold index pushed past.

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Safe-haven interest in the precious metal and a softer dollar has boosted local gold miners, with the rand also slightly weaker on Wednesday morning. The JSE’s gold index pushed past 1,700 points for the first time in nearly six years on Wednesday morning, as the gold price continued to benefit from a weaker dollar and interest in safe-haven assets.

Gold is at a ten-month high, boosted in overnight trade on Tuesday, after reports that the US was putting pressure on China to rein in alleged currency manipulation.

At 11am the JSE’s gold index was up 6.4% to 1,714 points. Gains were led by AngloGold Ashanti, which had risen 8.77% to R216.22. Gold Fields was up 4.7% to R58.77, and Harmony 4.48% to R30.30. Gold was flat at $1,342.22/oz, while the rand was 0.6% weaker at R14.1274/$.

The issue of currency devaluation has long been a complaint of the administration of US President Donald Trump, said Oanda analyst Craig Erlam. Gold also continued to benefit from signs of continued monetary policy stimulus from global central banks, Erlam said. This was because gold is seen as a hedge against inflation and therefore loose monetary policy.

Source: Reuters

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