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Just how big is the Zimbabwe economy and how upbeat should one be about growth prospects?The questions are taking on growing importance for investors who have already bought into the Zimbabwean market and those thinking about it.

The IMF and the mid-term review of Zimbabwe Finance Minister Tendai Biti incline to caution. Yet local companies are much more upbeat, according to an assessment from Imara Asset Management Zimbabwe, a subsidiary of the Pan-African Imara financial services group.
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Webber Wentzel has signed a Memorandum of Understanding with leading West African law firm Bile-Aka, Brizoua-Bi & Associés, based in Côte d’Ivoire.

The deal is designed to offer a more complete solution to their respective clients’ needs in the OHADA region and further develop their regional law practices. 

OHADA – the Organisation for the Harmonisation of Business Law in Africa – is an international organisation created in 1993 and currently comprising 16 member states.

Both firms have collaborated on projects and transactions in West Africa for a number of years.

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Broad international investor participation in the Imara Group’s second annual Zimbabwe investment conference confirms the growing pull of Africa’s ‘frontier markets’, say the upbeat organisers.

Leading international fund managers have confirmed their attendance at the event in Harare on June 7 and 8, says Sean Gammon, MD of Harare-based Imara Capital Zimbabwe.

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Cresta Marakanelo, Botswana’s largest hotel operator, is on track for a June 17 listing on the Botswana Stock Exchange (BSE) judging by enthusiastic public response to the sale of 62,9 million shares in the company by Botswana Development Corporation (BDC).

The private placement of 18,5 million shares, which was taken up by three local institutions, was significantly oversubscribed, and a further 40,7 million shares are being sold by way of an initial public offer (IPO). The balance of 3,7 million shares have been earmarked for an employee share trust. The offer dilutes BDC’s stake in Cresta Marakanelo from 60% to 26%.

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Efforts to facilitate the construction of mass housing by the Nigerian government has received a boost, with the unveiling of the Moladi building technology from South Africa, in Lagos, last week.
Efforts to facilitate the construction of mass housing by the Nigerian government has received a boost, with the unveiling of the Moladi building technology from South Africa, in Lagos, last week. At the public presentation of the pilot scheme of the project, Chief Executive Officer of Moladi, Mr. Hennie Botes, remarked that the Moladi technology combines a lightweight, reusable and recyclable modular injection moulded plastic shutter plastic formwork system and a lightweight aerated mortar (concrete with no stone), resulting in durable and permanent monolithic (one piece) reinforced walling system, which is earthquake, cyclone and tsunami resistant.

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Visa, in partnership with I&M bank of Kenya, recently celebrated the bank’s ecommerce license launch, a first for the growing East African market.

The internet and its commerce based opportunities is still a relatively new concept in Kenya but is fully supported by government.  Internet access has improved dramatically over the past few years; usage has increased from around 1.9 million users in 2003 to approximately 3.5 million users currently.  At the same time, the number of .ke domains has also increased from less than 2 000 domains in 2006 to more than 10 000 domains registered this year.  These range from simple businesses like flower selling to high tech offerings, all ready and waiting to make use of ecommerce technology.

With an already captive market of over 4 million card holders (50% of whom are Kenyan), Visa plays a vital role in the growth of the East African ecommerce market.  While many banks in Africa are not yet technologically ready for ecommerce, Visa worked with Kenya’s I&M bank to ensure they were compliant with international standards, setting the bar for future interested financial institutions.

Speaking at the launch of I&M bank’s ecommerce license, Victor Ndlovu, Visa’s Country Manager of Sub Saharan Africa said, “Ecommerce is one of the most important facets of the Internet to have emerged in recent times. Ecommerce allows people to carry out business without the barriers of time or distance. One can log on to the Internet at any point of time, be it day or night and purchase or sell anything one desires at a single click of the mouse.”

Ndlovu also pointed out that the direct cost-of-sale for an order taken from a web site is lower than through traditional means (retail, paper based) as there is no human interaction during the on-line electronic purchase order process. It is therefore the cheapest means of doing business.  Also, electronic selling virtually eliminates processing errors, as well as being faster and more convenient for the visitor.

This pioneering venture has boosted the entire ecommerce market, attracting interest from several of Kenya’s larger banks including Barclays, Standard Chartered, Coop Bank and Equity Bank.  “We believe our commitment to making banking services more accessible will stimulate the already robust drive towards a modern electronic payments industry in Kenya,” commented Ndlovu. “This will have significant social benefits for the people of this wonderful country, promote economic growth and improve efficiencies in government service and delivery, particularly to those people who exist on the very margins of society.”

Kenya’s improved internet connectivity has contributed to the smooth launch of ecommerce although access to stable lines and indeed computers is still a challenge.  Statistics from recent years indicate that phone line penetration density is relatively low, with about 4 and 1.6 lines
in every 100 people in urban and rural areas respectively.   However
Ndlovu is upbeat about the East African market in general.  “Although ecommerce is currently only viable in Kenya, we predict that within the next six months, progress will be made in neighbouring countries.  Kenya is a very mature market and sets a good example for ecommerce business opportunities in the region.”

Analysts echo Ndlovu’s optimism, predicting that the leap in internet businesses will grow dramatically over the next few years.

Afribiz presents a series, “A Picture of the African Capital Markets,” based on an interview with Michael Preiss, CEO of African Asset Management. Michael Preiss is a frequent guest and commentator for news organizations like Bloomberg, CNN, and CNBC. He is an expert on African and Asian capital markets.

2009 SETS THE STAGE FOR 2010 GROWTH POTENTIAL (Release Date: 27 December 2009)

The African capital markets surged in 2008, but deflated in 2009. What’s the outlook in 2010? Preiss said that some analysts believe that opportunities in BRIC countries are overdone. “Flat markets in 2010, like Africa, present excellent opportunities for investors,” indicated Price.

The best performer in 2009 in Africa was in the currency market, which also boosted stock market increases. The South African Rand was a top currency in 2009. “In effect, the 25% stock market increase in South Africa translated to a 60% increase in dollar terms because of the gains in the South African Rand against the U.S. Dollar,” shared Preiss.

In most African markets, the annual GDP remained positive in 2009. South Africa was an exception with a contracted economy. Preiss pointed out, however, that the real story is the inflation rates in African markets went down significantly. He adds, “A reduction in inflation also helps the real economy since the local businessman doesn’t have to fight rising costs due to inflation.”

THE POSSIBILITIES OF AFRICA IN 2010 (Release Date: 4 January 2010)

The first major opportunity is in the African bond markets. Bond markets in Africa have strong potential since inflation rates have lowered.

The second major opportunity is in South Africa with the 2010 Soccer World Cup being held there. “Take the German market as an example, when Germany hosted the 2006 Soccer World Cup, you will see it became the best performing market globally that year, “ says Preiss.

A third opportunity is in the transportation market, particularly air transport. “If you look at Angola’s growth, you will see that air routes directly into the country supported the economic climate in the country,” mentioned Preiss. Delta Airlines added a route to Abuja, Nigeria in 2009 while planning another route to Accra, Ghana in 2010. Emirates now has 18 destinations in Africa, including Ivory Coast, Ghana, Sudan, Tanzania, Angola, Mauritius, Morocco, and Egypt.

OTHER CHANGES IN THE AFRICAN CAPITAL MARKETS (Release Date: 11 January 2010)

There are new stock exchanges expected to open in 2010. Another key development will be more exchanges operating electronically. “When Kenya’s stock exchange runs electronically, it will help liquidity,” shared Priess.

In closing, Preiss highlighted the role capital markets can have in developing national economies, including those in post-conflict states. Our strategist, Lauri Elliott quipped, “What a paradigm shift it would be if people give to help others by investing in companies in developing countries through their growing stock markets.” She added that if individuals and organizations invested in firms with growth potential, who also were committed to local job creation and improving local communities, this might accelerate economic and social development in parts of Africa.

To read the full information series, visit www.afribiz.info.

ABOUT AFRIBIZ
Afribiz is a “new economy” communication and community ecosystem focused on promoting increased economic opportunity and successful trade between Africa and the world, as well as between African countries. The driving factor is to support broad-based economic development through for-profit enterprise based on open, inclusive markets.

The ecosystem includes provisioning of information, intelligence, and insights about business and investments in Africa. Afribiz uses web, multimedia, print, radio and TV platforms to interact with the public and its members. It is a key brand of BizConcierge PTY LTD of South Africa.

Via the ManufacturingHub.co.za blog:

International food group Nestle has confirmed that it is closing its operations in Zimbabwe after it refused to bow to pressure to buy its milk from a company owned by the wife of controversial president Robert Mugabe.

After being exposed in the media, Nestle withdrew its commercial relationship with Mugabe. 

The company has apparently faced pressure in Zimbabwe since October.

SAPA is reporting that Nestle then received a surprise visit from Zimbabwean government officials to its plant and forced it to take delivery of milk from a “non-contracted” supplier.

This would appear to serve as another blow to the already embattled Zimbabwean economy ahead of 2010.

An invitation has been launched to public and private sector organizations worldwide to participate in the kick-off meeting of a project to develop an ISO International Workshop Agreement (IWA)* on sustainable business districts.

The meeting is being held on 28-29 January 2010 in Paris-La Défense, France, hosted by the ISO member for the country, AFNOR, which is providing the secretariat for development of the IWA.

The workshop will address the following issues related to business districts:

• Sustainable construction throught the entire life cycle
• City planning and quality of the living and working environments
• Energy, waste and water management
• Transport, accessibility and safety.

The objective of the workshop will be to launch the development of an IWA that will include best practice, general principles and a framework for the performance appraisal of sustainable development at the district level.

To ensure the global relevance of the IWA, the workshop organizers are keen to ensure participation by representatives of stakeholder organizations worldwide including the following:

• Companies with relevant activities such as banking, construction, energy, engineering, insurance, transport, water and waste management, and security
• Municipalities and local government
• City planners
• Research centres
• Universities.

Participants in the workshop will include members of the Sustainable Network – Rethinking Business Districts. This not-for-profit association includes members from the central business districts of Beijing, Cape Town, Liverpool, Montreal, Moscow and Paris-La Défense, as well as companies such as Bouygues, Dalkia, GDF Suez, Hermitage, Oger International and Unibail Rodamco.

If you wish to participate in the ISO international workshop on sustainable business districts, please contact:

Bernard Leservoisier
AFNOR Normalisation
Tel. +33 1 41 62 82 72
E-mail bernard.leservoisier@afnor.org

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