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NASSAU, The Bahamas, June 27, 2024/ –– African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed an agreement to provide FDH Bank Plc. Malawi with a US$15-million amortizing term loan facility to support the manufacturing sector, exporters and importers in Malawi.
Under the terms of the agreement, signed during the just-concluded Afreximbank Annual Meetings (AAM2024) in Nassau, capital city of The Bahamas, FDH Bank will deploy the proceeds of the facility to the financing of trade transactions of its clients involved in manufacturing, exports and imports.
Mr. Haytham El Maayergi, Executive Vice President of Global Trade Bank signed the agreement on behalf of Afreximbank while Mr George Chitera, the Deputy Managing Director for FDH Bank Plc, signed the facility agreement on behalf of FDH Bank Plc. Malawi.
In comments on the agreement, Mr. El Maayergi said: “This facility will support the export of value-added commodities and the manufacturing capacity of Malawi and is consistent with our strategy of financing exports which also enhances the foreign exchange earning capacity of countries.”
Mr. El Maayergi added that, through its intermediated lending approach, the facility would help in bridging the financing gap in the continent and would also strengthen the capacity of the financial intermediaries to support corporates with financing products and capacity building.
On his part, Mr. Chitera noted: “As a Bank, we believe in our ability and potential to grow businesses and that is why we leverage on our strategic partnerships such as with Afreximbank and other like-minded institutions to increase our capacity to create bespoke financial solutions which will reshape and drive Intra and Extra African Trade. This US$15 million Medium Term loan facility is one of the major steps towards that goal.”
The facility provides offshore funding, required for the high importation needs of various critical sectors within the economy.
Hosted by the government of the Bahamas, AAM2024, which was combined with the third AfriCaribbean Trade and Investment Forum (ACTIF2024), was held in Nassau, The Bahamas from 12 June to 15 June.
Distributed by APO Group on behalf of Afreximbank.
TORONTO, Canada, 26 June 2024 -/African Media Agency(AMA)/- The Mastercard Foundation today announced the appointment of Carole Wamuyu Wainaina to its Board of Directors. Carole Wainaina is a senior business leader with 35 years of global experience in multinationals and multilateral organizations in areas including strategy, organizational transformation, and human resources.
“I am delighted to welcome Carole Wainaina to our Board of Directors. The Mastercard Foundation is executing a bold strategy to create economic opportunities for young people in Africa and Indigenous youth in Canada. Carole’s experience in the public and private sectors, global networks, and knowledge of the African continent will be invaluable,” said Zein Abdalla, Chair of the Board of Directors of the Mastercard Foundation.
“I am honoured to join the Mastercard Foundation’s Board of Directors. I look forward to working with a dynamic team advancing education and financial inclusion to create opportunities for young people, build stronger communities, and contribute to more inclusive economies. This important work benefits all of us, and I am pleased to contribute to the Foundation’s impact in Africa and Canada,” said Carole Wainaina, Senior Advisor to the CEO at Africa50 and Non-Executive Director at various organizations.
Carole Wainaina has worked for several years at Africa50, the Morocco-based Pan-African infrastructure investment platform capitalized by African countries and the African Development Bank. She was previously COO, responsible for establishing Africa50 and leading a multi-disciplinary team including Strategy, Investor Relations & Fundraising, Communications, HR & Administration, and Environmental & Social Governance (ESG). She has served as the Assistant Secretary-General for Human Resources at the United Nations, leading transformational initiatives for the Secretary-General and member states. Carole Wainaina’s experience in the philanthropic sector includes serving on the non-profit boards Impact(Ed) International, and Harvard Business School Africa Research Board. She is an angel investor and mentor to several founders.
The Mastercard Foundation’s Board of Directors includes:
• Zein Abdalla (Board Chair), Retired President of PepsiCo, Inc.
• Baroness Valerie Amos, CH, Master of University College, Oxford University and former Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator at the UN.
• Ellen Johnson Sirleaf, Former President of Liberia and 2011 Nobel Peace Prize Winner.
• Louise Arbour, C.C., Jurist-in-residence at Borden, Ladner, Gervais LLP, and former Justice of the Supreme Court of Canada. She also served as the United Nations Special Representative for International Migration.
• Jay Ireland, Retired President and CEO of General Electric Africa.
• Jennifer Fonstad, Co-founder and leader of the Owl Capital Group.
• Michael Sabia, CEO of Hydro-Québec.
• Robin Washington, Former Executive Vice President and Chief Financial Officer of Gilead Sciences, Inc.
The Mastercard Foundation is a registered Canadian charity and one of the largest foundations in the world. It works with visionary organizations to advance education and financial inclusion to enable young people in Africa and Indigenous youth in Canada to access dignified and fulfilling work. Established in 2006 through the generosity of Mastercard when it became a public company, the Foundation is an independent organization separate from the company, with offices in Toronto, Kigali, Accra, Nairobi, Kampala, Lagos, Dakar, and Addis Ababa. Its policies, operations, and program decisions are determined by the Foundation’s Board of Directors and leadership.
Young Kenyans have been at the forefront of the protests
NAIROBI-(MaraviPost)-Protests over an unpopular finance bill have led to the deaths of at least five people in Kenya, with part of the parliament building set alight.
Protesters say the bill would impose unaffordable tax rises on ordinary citizens and businesses already weighed down by the high cost of living.
Police fired live rounds at protesters on Tuesday, leading to several deaths and hundreds of injuries.
The government has dropped some of the contentious proposals but protestors want the entire bill scrapped.
What did the orginal bill propose?
Taxes on basic items
The bill initially proposed to introduce a 16% sales tax on bread and 25% duty on cooking oil.
There was also a planned increase in the tax on financial transactions as well as a new annual tax on vehicle ownership amounting to 2.5% of the value of the vehicle.
In response to public opposition, the government said it would drop these measures.
The eco levy
A charge on products that contribute to waste and harm the environment was another key provision of the bill that the government has now suggested amendments to.
Critics pointed out that it would lead to the increase in the cost of essential items such as sanitary pads. They said many girls already unable to afford these products often miss school during their periods.
Babies’ nappies would also be affected.
The government then said the levy would apply only to imported products.
The eco levy was also aimed at digital products, including mobile phones, cameras and recording equipment. But many Kenyans say they rely on these products, essential to the digital economy, for their livelihoods.
What are some of the measures that remain untouched?
Tax on specialised hospitals
The finance bill introduces a 16% tax on goods and services for the direct and exclusive use in the construction and equipping of specialised hospitals with a minimum bed capacity of 50.
Many Kenyans worry that this could mean higher healthcare costs.
The chairman of the parliamentary finance committee, Kuria Kimani, has called claims that the bill would tax cancer patients “falsehoods”.
Higher import fees
The bill proposes to increase the rate of import taxes from 2.5% to 3% of the value of the item, to be paid by the importer.
The rise comes just a year after the rate was reduced from 3.5% to 2.5%. Protesters say the changes would lead to higher prices for imported products.
Protesters argue that Kenyans are overtaxed, which the president disputes
Why did the protests escalate?
On Tuesday, MPs passed the controversial bill, although without some of the most contentious measures.
Protesters broke through police lines to storm the parliament building, setting a section of it on fire.
Police officers opened fire with live ammunition, killing at least five people. A BBC reporter at the scene reported seeing dead bodies in the street.
Western countries have expressed concern at the violence and urged calm.
President William Ruto had previously promised to address protesters’ concerns.
Why are protesters still angry?
Although the government has dropped some of the proposals, some remain, including the higher import tax.
But concerns are deeper than this bill. Exasperated Kenyans are angry at a government they long thought does not take their concerns into consideration.
Demonstrators have not been convinced by Mr Ruto’s argument that compared to other African countries, Kenyan taxes are relatively low.
A finance law last year, which also introduced a slew of unpopular taxes, was met with protests at the time.
What happens next?
Now that the bill has been passed, the president can either sign it into law within 14 days or send it back to parliament with a proposal for further amendments.
The government could also opt for other measures in a bid to defuse the pressure, including deferring the bill, although this is unlikely.
Business expands its support for Southern Africa’s construction and multi-technical services
JOHANNESBURG, South Africa, 24 June 2024 -/African Media Agency (AMA)/- With South Africa on the cusp of accelerated growth and development, BUTEC, a leading specialist contracting group, has affirmed its intentions to be a major player in the country by strengthening existing synergies between the parent company, and its subsidiaries, and fully rebranding the local companies it acquired in 2022. With business units focused on Engineering and Contracting, Electro-mechanical Solutions, Facility Services and Utility Services, BUTEC brings a diverse and robust skills set to the local construction and multi-technical services sectors.
Following the integration and rebranding of its South African acquisitions of Thermaire Investments and Ampair, BUTEC’s commitment to fostering sustainable development and innovation in South Africa will draw on local resources and create employment, in addition to the 400-strong workforce it already employs locally.
Established more than 60 years ago, BUTEC already operates in more than 21 countries across the Middle East and Africa, with its headquarters in Dubai and Beirut. Its recent acquisitions mean that it is now able to offer its services in Botswana, Mozambique, eSwatini and Zambia too.
“We are inspired by the potential that South Africa and its Southern African neighbours offer, and by the talent of the local building industry and allied services leaders,” said Fady Abou Jaoude, Director of BUTEC. “As one of Africa’s largest electro-mechanical contractors, facility management and service providers, we are looking forward to creating shared value with key economic role-players so that we can accelerate the region’s growth together, create jobs, and contribute towards the region’s prosperity.”
As part of its expansion and rebrand, the Group has renamed Thermaire Investments, an electro-mechanical solutions provider, under the brand IES, to BUTEC, and Ampair, a facility management and maintenance services provider, to BUTEC Services. The DUCTSHOP brand remains, continuing its focus on high quality metal and PAL ducting manufacturing and expanding to specialised steel products at its Johannesburg facility.
“While BUTEC now employs more than 7,500 skilled team members, we remain focused on finding new talent and developing skills in every country we operate,” said Abou Jaoude. “Our in-house NQF-accredited skills development centre, BUTEC Academy, with its full-time training team, based in Johannesburg, offers a range of courses and qualifications, bringing a new cohort of well-trained and qualified artisans to the industry each year.”
In November 2022, BUTEC launched the Employee Share Trust, dedicated to supporting black female employees. This initiative complements BUTEC’s ongoing commitment to South Africa’s national key priorities. BUTEC, since 2022, has also invested R7 million in youth employment services programs, creating over 154 job opportunities. Moreover, BUTEC’s empowerment initiatives have achieved significant milestones, with the business achieving a B-BBEE level 2 (for BUTEC Pty Ltd) and B-BBEE level 1 (for BUTEC Services Pty Ltd). These efforts highlight BUTEC’s dedication to fostering inclusive growth and development across its operations.
“We are inspired by the potential that Southern Africa offers, and we’re looking forward to investing in the country and being a part of building its future with our partners,” Abou Jaoude said.
Headquartered in Beirut and Dubai, BUTEC is a privately held group active in Construction, Engineering and Services, with an entrepreneurial shareholding base complemented by the IFC (World Bank Group) and the management. Since its establishment in 1964, the BUTEC Group has been a regional leader, notably in the environment, water, energy, oil and gas and industrial construction sectors in the Middle East and Africa, deploying more than 7,500 employees in more than 21 countries, with a track record of major projects.
BLANTYRE-(MaraviPost)-Leading alcoholic beverage producer in the country, Castel Malawi Limited has rebranded labels for its iconic Castel Beer, making a significant milestone in the branding innovation.
In an interview yesterday, Head of Corporate Marketing and Communications, Lavern Chitakata said the initiative reflects Castel Malawi’s commitment to innovation and meeting consumers’ evolving preferences while maintaining the expectational quality and taste.
“The new label of the 330ml returnable bottle features a modern and visually striking design with a sleek body and neck label. The bottle proudly displays the iconic improved Castel Beer logo,” said Chitakata.
She assured customers that despite the refreshing bottle looks, the exceptional quality and taste of the beer remain unchanged.
One of the consumers based in Blantyre, Damson Mbewe hailed Castel for maintaining the contents of the beverage.
“Castel Malawi never disappoints when it comes to customer satisfaction, the new bottle design is beautiful,” said Mbewe.
Castel Malawi Limited recently rebranded the 330ml premium spirits bottles of Malawi Gin, Malawi Vodka, and Premier Brandy.
Castel Malawi is, through Castel Beer, sponsoring the prestigious football cup called ‘The Castel Challenge Cup’ worth K400 million and Chitakata said the rebranding of the product will also resonate well with the iconic football cup.
PRETORIA-(MaraviPost)-A Pretoria-based company has joined the long queue of entities seeking to liquidate the Shepherd Bushiri Ministries in South Africa in a move to recover R1 million (MK100million) he owes.
According to City Press newspaper, PPS Property Fund Trust has opted for litigation after Prophet Shepherd Bushiri allegedly breached a lease agreement for his Enlightened Christian Gathering (ECG) Church premises in Hatfield in Pretoria, which served as his headquarters.
The company, a trust controlled by PPS Insurance, approached the office of the Master of the High Court in Johannesburg last month to obtain an order that could see Bushiri’s assets auctioned off.
In court documents filed on 21 May this year, City Press reports, PPS cited that Bushiri had signed a settlement deed binding him to pay R1 095 801 and an additional R995 707 for contractual damages in 2022.
The documents read: “The defendant [Shepherd Bushiri Ministries] shall be liable to repay the settlement indebtedness without deduction or set off and free of commission and bank costs as follows: consecutive monthly payments of no less than R70 000 on or before the first day of each consecutive month, commencing on 1 March 2022.”
The company also noted that Bushiri had failed to make the payments, which was in breach of the terms of their agreement.
“The trust’s endeavour to collect the undisputed indebtedness has a protracted history. This involves a variety of execution attendances, as well as diligent and persistent engagement with Shepherd Bushiri Ministries. This was in an attempt to expedite resolve in the quest to avoiding further process or liquidation proceedings, all such attendances and engagement presenting to no avail.”
PPS also highlighted that Bushiri had been aware of the defaults because this was communicated to him and the process needed to remedy the situation.
“The respondent is commercially insolvent insofar as it is unable to settle its creditors. As and when required to do so, the respondent presents as unable to make and conclude management decisions, as it is required to do.
“The respondent’s conduct presents a total disregard for the interests of the creditors and, particularly, the claim of the trust as underlined in these proceedings.” The papers add that PPS had exhausted all reasonable attempts to engage with Bushiri in a fair process for him to settle its debt. The company also lamented that it sought to wind up Bushiri’s assets as a primary measure to recoup its losses.
It further reads: “It is observed that this is an application for forced winding up of [the assets of] the respondent. The trust, accordingly, does not have the benefit of true transparency and cooperation on the respondent’s part. Preliminary investigation has illustrated that the respondent is the owner of several unbonded properties.”
PPS listed Bushiri’s registered properties as in Blue Hills in Johannesburg and Waterkloof in Pretoria. Last December, City Press reported that the Johannesburg High Court had ordered the sequestration of Bushiri’s assets to recover the R200 million he owed to JM Busha Investment Group in loans.
In addition, last year the SA Revenue Service demanded more than R70 million in unpaid taxes.
Bushiri made headlines in November 2021 when he and his wife Mary fled South Africa to Malawi after he was granted bail by the Pretoria Magistrates’ Court, facing charges of money laundering and fraud.
He is accused of orchestrating a ponzi scheme which allegedly targeted pension funds.
A year after their escape, former home affairs minister Aaron Motsoaledi confirmed that the department had suspend five officials implicated in his fraudulent permanent residence permits.
Former justice and correctional service minister Ronald Lamola said they were still pursuing the Bushiris extradition.
LILONGWE-(MaraviPpst)-Shareholders of Standard Bank Plc, listed on the Malawi Stock Exchange will smile to the bank to withdraw a total dividend of MK25.4 billion or K108.24 per share for the financial year ended December 31, 2023, the bank’s Annual General Meeting (AGM) agreed on Thursday.
The shareholders also applauded the bank’s management and staff —led by Chief Executive Phillip Madinga—for navigating a difficult economic environment to register a net profit of MK52.5 billion. This represents a 34% increase over 2022.
Speaking during the AGM, Secretary General of the Minority Shareholders Association of Listed Companies Frank Harawa said the equity owners are happy with the recent results, which reflect success in the pursuit of Standard Bank’s operating strategy.
“We’re grateful for the impressive results registered so far. They show tremendous progress and hard work is being put in. We also hope that as we review shareholders and executive management pay, employee’s remuneration is also a consideration,” said Harawa.
In response, Chairman of Human Capital Committee of the Board Shadreck Ulemu disclosed that the bank has recently affected a 39 percent increase in salaries.
He added that employees are accessing other benefits, which include education and continuous professional development.
On the 2023 performance, Chairman Chris Kapanga said despite operating in a difficult macro-economic environment, the bank demonstrated resilience.
“The group continued to operate in a challenging environment due to foreign currency demand and supply imbalances and high inflation rate,” said Kapanga in a joint statement with Chief Executive Phillip Madinga.
He said the bank’s total revenue grew by 57%, while loans and advances also increased by 25%. He added that net interest income grew by 60%, while non-interest revenue grew by 51%.
The bank also registered an increase in trading volumes which benefitted its net fees and commissions.
BLANTYRE-(MaraviPost)-FDH Bank Plc and Egypt-based African Export-Import Bank (Afreximbank) have signed a US$15 million medium term loan facility agreement to help reshape and drive intra and extra-African trade in Malawi.
FDH Bank Plc Deputy Managing Director George Chitera sealed the deal with Afreximbank Executive Vice President Global Trade Bank, Haytham El Maayergi at the just-ended Afreximbank 31st Annual General Meeting in the Bahamas.
In reaction to the agreement, Chitera said the development will help the Bank increase its capacity to structure complex trade finance solutions for its clients.
“As a Bank, we believe in our ability and potential to grow the business. To realize that potential we also leverage our strategic partnerships with Afreximbank and other like-minded institutions to strengthen our capacity and create bespoke financial solutions which will reshape and drive Intra and Extra Africa Trade.
“This US$15 million medium-term loan facility is one of the major steps towards that goal,” said Chitera.
In November last year, FDH Bank Plc was the first in Southern Africa to secure a US$10 million Africa Trade Exchange (ATEX) facility agreement with the Pan-African multilateral institution, used to reshape the landscape of procurement of strategic supplies for Malawi’s economy.
The Afreximbank 31st Annual General Meeting 2024 took place from June 12 to 14, 2024 with over a thousand attendees including African/Caribbean leaders, African and non-African policymakers, corporate and business leaders, and bankers.
Techno Brain, a prominent technology solutions provider in Malawi, finds itself embroiled in a legal dispute with the Malawian government over a disputed claim of K36 billion. This article examines the intricacies of the dispute, the implications for both parties involved, and the broader context within which this legal battle unfolds.
The dispute centers on allegations by the Malawian government that Techno Brain owes K36 billion in unpaid taxes. The government contends that these taxes relate to services rendered by Techno Brain under various contracts and projects. Techno Brain, on the other hand, disputes the claim, arguing that it has complied with all tax obligations and fulfilled contractual agreements according to legal standards.
The legal battle between Techno Brain and the Malawi government underscores the complexities of tax compliance and contractual obligations within the realm of government contracts. It raises questions about transparency, accountability, and the regulatory frameworks governing public-private partnerships in Malawi’s technology sector.
The K36 billion claim has significant implications for Techno Brain’s operations in Malawi and its reputation as a reliable partner in delivering technological solutions. The outcome of the dispute could influence investor confidence in Malawi’s business environment and potentially affect foreign direct investment in the country’s technology sector.
Techno Brain has responded vigorously to the government’s claims, asserting its adherence to tax laws and contractual agreements. The company’s legal strategy focuses on defending its position and seeking clarity on the basis of the K36 billion claim. The dispute highlights the importance of due process and legal recourse in resolving commercial disputes between private entities and government agencies.
The dispute has garnered attention from stakeholders, including industry experts, legal professionals, and the general public. Public perception of the case could impact both Techno Brain and the Malawi government, influencing reputational risks and perceptions of governance and regulatory oversight.
In conclusion, as the legal battle between Techno Brain and the Malawian government unfolds, stakeholders await clarity on the disputed K36 billion claim. The outcome will not only determine financial liabilities but also set precedents for governance, regulatory compliance, and contractual obligations within Malawi’s technology sector. The case underscores the importance of transparent business practices, adherence to legal frameworks, and the role of independent judiciary in resolving commercial disputes.
Fourth global study on International Mobility Trends by BCG, The Network, The Stepstone Group, and local partner The African Talent Company (TATC) features survey data from more than 150,000 workforce respondents from 188 countries, including Nigeria and Ghana
One in four professionals globally and nearly two thirds of Nigerian and three quarters of Ghanaian professionals actively seek jobs abroad
Australia, the US, Canada, the UK, and Germany round out the top five most desired destination countries globally
London, Amsterdam, Dubai, Abu Dhabi, and New York rank number one through number five for cities
Abuja ranks 63rd and Lagos 103rd in the top cities
Nearly 70% of Nigerian and 73% of Ghanaian respondents cite general career considerations as one of the main reasons to move abroad, while 90% and 82% of Nigerian and 95% and 86% of Ghanaian respondents respectively expect to get visa and work permit as well as housing assistance from their employers
LAGOS, Nigeria 19th June 2024-/African Media Agency (AMA)/- Despite global challenges such as geopolitical tensions, widespread economic concerns, and emerging virtual mobility trends from the past several years, moving abroad for work remains a dream for many workers around the world, with 23% of global and 64% of Nigerian and 74% of Ghanaian professionals actively seeking jobs in other countries. Younger people and people from countries with fast-growing populations are the most mobile. English-speaking geographies with strong economies lead the list of top destinations, with Australia, the US, Canada, and the UK being the four most desirable countries, and London topping the list of cities, with New York also placing in the top five.
Nigeria ranks 67th and Ghana 72nd in terms of their overall attractiveness to global workers, while Abuja ranks 63rd and Lagos 103rd when it comes to desired cities. People from Kenya, Uganda, and South Africa would like to come to Nigeria to work, while people from Nigeria, Uganda and Kenya would like to work in Ghana.
These are among the findings of a new report published today by Boston Consulting Group (BCG), The Network, The Stepstone Group, and local partner, The African Talent Company (TATC). Titled Decoding Global Talent 2024, the study is based on survey data from more than 150,000 workforce respondents from 188 countries, including Nigeria and Ghana, and is the fourth installment in a series, the previous editions having been published in 2014, 2018, and 2021.
Natives of regions with a labour surplus (owing to higher birth rates) tend to be more mobile than those who live in areas where the labour force is shrinking. For instance, 64% of workers in the Middle East and Africa are actively willing to relocate, and more than half of respondents in South Asia (58%) and sub-Saharan Africa (52%) are actively willing to do so. At the other end of the spectrum, much smaller percentages are seen in North America (16%) and Europe (10%).
“The world’s most important economies are facing a major challenge: the great people shortage. This looming gap in the global labour market is primarily due to declining birth rates and mismatches between job supply and demand,” said The Stepstone Group CEO Sebastian Dettmers. “Labour migration represents a prime opportunity to bridge this gap. We must adapt our job markets to be more versatile, enabling workers to move to where they are most needed and where they can find the best positions for their skills and aspirations.”
“West Africa continues to offer attractive job opportunities for local professionals and for others from the rest of the continent and overseas, who are seeking to advance their careers. There are some clear reasons why people are choosing to relocate to Nigeria and Ghana, most notably the quality of job opportunities, and the region’s welcoming culture and family-centric environment,” says Adwoa Banful, Principal at BCG, Johannesburg.
The top 10 countries Nigerians prefer to work abroad for are Canada, UK, USA, Australia, Germany, UAE, Qatar, Saudi Arabia, Switzerland, and France. This marks a slight change from the survey done in 2020 that found that people from Nigeria were looking for work in the Netherlands (8th position in 2020), New Zealand (9th position in 2020), and Ireland (10th position in 2020). Ghanaians’ top 10 countries for work opportunities are Canada, USA, UK, Australia, Germany, UAE, Finland, Netherlands, Switzerland and Belgium.*
The survey results reveal that global talent moves abroad primarily for professional progress, with those willing to do so citing financial and economic reasons (64% of global, 60% of Nigerian and 69% of Ghanaian respondents), career considerations such as work experience (56% of global, 69% of Nigerian and 73% of Ghanaian respondents), better overall life quality (55% of global, 51% of Nigerian and 57% of Ghanaian respondents), and a concrete job offer (54% of global, 51% of Nigerian and 50% of Ghanaian respondents) as their top reasons for doing so.
Nigerian respondents also highlight better educational and training opportunities (64% versus 37% of global respondents) and more interesting or challenging work (63% versus 48% of global respondents) as top reasons to relocate. The same goes for Ghanaian respondents who would relocate because of better educational and training opportunities (70%) and more interesting or challenging work (68%).
For global respondents who listed a specific reason for choosing a particular country, the quality of job opportunities was the top decisive factor (65%), with quality of life and climate ranking second (54%). Other country-specific characteristics such as opportunities for citizenship (18%) and health care (15%) also play a role but are secondary factors.
Reasons to relocate to Nigeria that were highlighted by respondents include quality of job opportunities (52% of respondents), a family-friendly environment (40%), and a welcoming culture and inclusiveness (34%). Reasons for choosing Ghana include quality of job opportunities (48% of respondents), a welcoming culture and inclusiveness (40%), and safety, stability and security (38%).
“The biggest reasons highlighted by Nigerian and Ghanaian respondents, who are not willing to move overseas are the inability to bring family members or a life partner with them when they relocate (43% and 50% respectively) and the cost of relocation (39% and 36% respectively),” says Banful.
“People don’t associate countries with certain generally attributed advantages and choose them on that basis,” said Sacha Knorr, co-managing director at The Network. “Instead, they opt for the destination region that most closely matches their own personal criteria for their future job choice. Companies should take advantage of this, as they can score points here with job offers that match talents’ expectations.”
The study also highlights the fact that workers who move abroad expect employers to take the lead in supporting their relocation and onboarding and to cultivate an international, inclusive culture. Nearly eight out of ten global respondents expect to get help with housing (79%) and 82% of Nigerian and 86% of Ghanian respondents as well as visa and work permit assistance (78% of global, 90% of Nigerian and 95% of Ghanian respondents), and count on relocation support (69% of global, 74% of Nigerian and 71% of Ghanian respondents) and language support and training (54% of global, 55% of Nigerian and 59% of Ghanian respondents).
“More than eight in ten Nigerian (83%) and Ghanaian (82%) respondents have expressed a willingness to work remotely for foreign employers in Nigeria and Ghana respectively compared to 66% of global respondents, which could present international organisations with access to resources to meet people shortages in important economies,” adds Banful.
“Other countries can be a great source of talent. But establishing a channel of workers from abroad requires employers to fundamentally overhaul how they recruit, relocate, and integrate talent,” said Jens Baier, managing director, senior partner and leader of BCG’s work in HR excellence. “They may have to challenge their own biases and look for talent in markets and regions that they had not previously considered. Governments also play a strong enabling role in this process. They must establish policies, incentives, and frameworks that help employers bring in the talent they need. Employers and nations that tap into such positive energy from the millions of workers with mobile aspirations will gain a major competitive advantage and source of growth.”
BCG, The Network (together with its affiliate organizations), and The Stepstone Group conducted this anonymous, online survey from October through December 2023. All told, 150,735 people in 188 countries participated.
The survey elicited workers’ attitudes on various topics, including their willingness to move abroad for work, the countries they would most like to work in, their reasons for choosing those countries, and their expectations of their future employers in a new country. The data gathered in the survey (including a wide range of information on participants’ demographic and professional backgrounds) made it possible to analyze workers’ attitudes on the basis of multiple parameters.
BCG also conducted follow-up interviews with select study participants around the world—many of whom were interviewed before and have been followed for several years.
About The Network
The Network is a global alliance of more than 70 leading recruitment websites committed to finding the best talent in over 150 countries. Founded in 2002, The Network has become the global leader in online recruitment, serving more than 2,000 global corporations. The recruitment websites in The Network attract almost 200 million unique visitors each month. For more information, please visit www.the-network.com.
About The Stepstone Group
The Stepstone Group is a leading global digital recruitment platform that connects companies with the right talent and helps people find the right job. The Stepstone Group connects more than 130 million job applications with around 140,000 employers every year. With its integrated platforms, The Stepstone Group simplifies the candidates job search as well supporting recruiters with AI-powered solutions for the entire recruitment process. In 2023, The Stepstone Group generated revenue of around €1 billion. The Stepstone Group operates in more than 30 countries—including Stepstone in Germany, Appcast in the US, and Totaljobs in the UK. The company is headquartered in Düsseldorf, Germany and employs around 4,000 people worldwide. For more information: www.thestepstonegroup.com/en.
About Boston Consulting Group
Founded in 1963, and with offices in over 50 countries, BCG’s diverse, global team comprising of 30 000 plus people bring deep industry and functional expertise and a range of perspectives that provide clients with management consulting solutions. Through its transformational approach aimed at benefiting all stakeholders, BCG empowers organisations to grow, build sustainable competitive advantage and drive positive societal impact. For more, go to www.bcg.com.
BCG is well established in Africa, with offices in: Cairo, Casablanca, Johannesburg, Lagos, and Nairobi, bringing together a team of nearly 600 collaborators. For more about BCG in Africa, go to www.bcg.com/Africa.
