Category Archives: Business

The Maravi Post is a leading source for reliable Business news and analysis on Business. Top African Business like  Dangote  Group in Nigeria, Mulli Brothers in Malawi

The 10 Greatest Living Business Leaders In Africa Today
  • Sheikh Mohammed Al-Amoudi, Ethiopian.
  • Raymond Ackerman, South African.
  • Aliko Dangote, Nigerian.
  • Manu Chandaria, Kenyan.
  • Onsi Sawiris, Egyptian.
  • Brian Joffe, South African.
  • Strive Masiyiwa, Zimbabwean.
  • Wale Tinubu, Nigerian.
AMA, Business

Bridging gender gaps in Africa’s creative sectors

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Farai Bayai Ncube, regional arts director for sub-Saharan Africa, British Council

NAIROBI, Kenya, 7th March 2024 -/African Media Agency(AMA)/-The Fashion Industry in Africa is vibrant and innovative, drawing inspiration from the continent’s rich cultural heritage and contemporary arts and culture. The UNESCO analysis shows that the continent holds all the cards to become one of the next world fashion leaders. However, despite an abundance of talent and creativity, fashion designers in Africa face challenges in translating their talent, skill, and designs into successful businesses.

As we observe International Women’s Day 2024, we need a stronger commitment to advancing gender parity through the creative and cultural industries. This is where the British Council’s Creative DNA programme comes in. It’s specifically designed to accelerate fashion businesses by nurturing designers’ business skills, knowledge, and networks in Africa and the UK.

The Creative DNA programme, initially successful in Kenya with three completed cohorts, has expanded to Ethiopia, Senegal, and Uganda, and plans to launch in more sub-Saharan African countries including Nigeria, South Africa, Zimbabwe, and Ghana in 2024. This will offer more African fashion designers the opportunity to grow and succeed in the industry.

Market access is crucial to growth within Africa’s cultural and creative economies. They require policy, education, and market access interventions to unlock the industry’s full potential. At the Creative Africa Nexus (CANEX) 2023 held during the Intra-Africa Trade Fair (IATF) in Cairo, the British Council brought together 24 designers from across the continent for market access, network expansion and business growth opportunities in addition to showcasing their collections. They connected with buyers and creators from across the globe , reinforcing the idea that creatives can build sustainable livelihoods from their talent. The showcase highlighted the importance of real-time networking and business opportunities that translate into sales and exposure for the designers.

The 2024 Hub of Africa Fashion Week (HAFW), which took place from January 9-14 in Addis Ababa, featured a grand showcase that highlighted the diverse talent of designers from across Africa, in collaboration with the British Council’s Creative DNA programme. This collaboration emphasised the critical role of international partnerships in promoting and supporting the African fashion industry, bringing together creative talents and showcasing their work on a global stage.

Betselot Zewge, founder and creative director of Zemenay, Ethiopia’s first plus-size clothing line, says the British Council’s fashion incubation programme has significantly Supported her and many young women in the fashion industry.

“It equipped us with the skills, knowledge, and confidence to excel in the highly competitive and creative world of fashion. This programme drives innovation and a sustainable approach to design, and it has enabled me to become an active participant in shaping my destiny and that of my country. For instance, my participation in CANEX at IATF 2023 in Cairo and being featured on prestigious platforms such as Vogue USA and Italy point to the opportunities and visibility that the British Council’s initiatives have created for women and young girls.”

Zewge was driven by a desire to challenge the mainstream fashion industry’s exclusivity and environmental impact. “As I was growing up, the lack of clothing options made me feel alienated. That’s what spurred me to create a fashion line that celebrates all body types. Also, witnessing the detrimental effects of the fashion industry on the environment strengthened my commitment to sustainability. I’m passionate about creating beautiful garments that honour our planet and our heritage, using traditional techniques and materials to preserve cultural stories and support local communities. Through collaborations with the British Council and its partners, I’ve been able to support sustainable women’s initiatives and contribute to economic development in Ethiopia.”

ACP-EU Ignite Culture Programme The ACP-EU Ignite Culture Programme, initiated in January 2021 amid the global pandemic, is a collaborative effort by the Organisation of African, Caribbean and Pacific States, financed by the European Union and executed by the British Council and HEVA Fund, is distinguished by its scale, with a €7 million budget from 2021-2024.

It focuses on promoting entrepreneurship and cultural innovation, particularly among women and youth, generating employment, improving incomes for artists and cultural workers, and increasing the visibility of East African cultural products on the international stage.

With €4.5m committed to support 37 grantees in 10 countries, enterprises and livelihoods of creative practitioners in Burundi, Ethiopia, Kenya, Madagascar, Mauritius, Rwanda, Somalia, Sudan, Tanzania, and Uganda have been changed. Our grantees are implementing outstanding projects across different value chains for their target communities and demographics.

From the House of Digital Art in Mauritius to the women weavers supported by African Mosaique in Ethiopia, the Swahili-inspired furniture designs by Saba Studios, the first accredited tertiary course on poetry by Kenya Cultural Centre, an online course on East African Modernism by Makerere University, a vibrant centre curated by Nafasi Art Space, and colourful festivals by Busara Promotions, the programme has supported:

  • the creation of over 100 new jobs
  • reached over 100,000 audiences through F2F interactions
  • equipped over 1,000 young people with appropriate skills
  • supported five mega-festivals
  • engaged over 250 traditional music practitioners
  • supported the development of the first accredited tertiary poetry theatre development course, and a course on Eastern Africa modernism that’s available online

HustleSasa Initiative HustleSasa, Kenya’s leading creator monetisation app, represents another stride towards ‘Inspire Inclusion’ by enabling young creatives, particularly women, to monetise their passions. The app’s ‘Turning Passion into Livelihood’ digital programme, supported by Ignite Culture, is specifically designed to equip young Kenyan creatives with the necessary tools, resources, and networks to thrive in the creative industry, addressing challenges such as confidence, lack of role models, and balancing societal responsibilities with professional pursuits.

How it’s made possible Funding: Programmes provide financial support to cultural entrepreneurs, artists, and creative businesses, enabling them to develop innovative and sustainable business models, products, and services.

Training and mentoring: They offer training and mentoring to the grant holders, equipping them with the skills, knowledge, and tools to develop their business plans, marketing strategies, and operational processes, manage their grants, measure their success and tell their stories better.

Networking and collaboration: The programmes facilitate networking and collaboration between cultural and creative entrepreneurs, enabling them to share knowledge, best practices, and resources.

Market access: They help grant holders to access new markets, both within and outside their regions, by connecting them with potential customers, partners, and investors.

Visibility and recognition: They promote the grant holders’ products, services, and achievements, increasing their visibility and recognition both locally and internationally.

As the global community observes International Women’s Day 2024, it’s exciting to see the successes of initiatives and campaigns dedicated to celebrating women’s achievements, raising awareness about discrimination, and driving action towards gender parity.

The British Council’s role in Sub-Saharan Africa, especially through our arts and creative economy programmes, is a noteworthy example of efforts aimed at supporting youngwomen. These initiatives are designed to counter the gender disparities in cultural and creative industries, which are crucial for the socio-economic development of the region but often overlooked.

Our call to action is clear: we must continue to support and invest in these transformative initiatives and programmes. By providing funding, training, mentoring, networking opportunities, and market access, Visibility, inclusion, and recognition are equally crucial, as they celebrate achievements and inspire others to pursue their creative talents and build economic value.

The success of initiatives like those led by the British Council and our partners demonstrates the immense potential of these industries to support young women and contribute to the socio-economic development of the region. By championing gender equality and economic empowerment, we pave the way for a more sustainable, inclusive and diverse creative economy.

Distributed by African Media Agency (AMA) on behalf of ENAMEN Consulting

About the British Council

The British Council builds connections, understanding, and trust between people in the UK and other countries through arts and culture, education, and the English language.

We work in two ways – directly with individuals to transform their lives and with governments and partners to make a bigger difference for the longer term, creating benefits for millions of people all over the world.

We help young people gain the skills, confidence, and connections they are looking for to realise their potential. We support youth to learn English, get a high-quality education, and gain internationally recognized qualifications. Our work in arts and culture stimulates creative expression and nurtures creative enterprise.

We are on the ground in over 20 African countries and deliver impact working with local institutions and partners.

The post Bridging gender gaps in Africa’s creative sectors appeared first on African Media Agency.

Source : African Media Agency (AMA)

AMA, Business

Pin Africa and Unpublished Africa Launch Women’s History Month Campaign to Celebrate and Empower Female Photographers and Photojournalists

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HARARE, Zimbabwe, 07 March 2024 -/African Media Agency(AMA)/- This Women’s History Month, Pin Africa and Unpublished Africa proudly announce the launch of the “We (Are) Invested” campaign, a dedicated initiative to celebrate the contributions and achievements of women photographers and photojournalists across Africa. Aligned with the United Nations International Women’s Day 2024 theme, “Invest in women: Accelerate progress,” this campaign aims to spotlight and support the pioneering women who have overcome industry challenges to pave the way for future generations in photography.

The campaign will unfold through a series of engaging initiatives, including a panel discussion, a month-long virtual exhibition, and spotlight features on African women photographers. These events are designed to inspire, educate, and build a supportive community for women in photography, highlighting the campaign’s theme of collective investment in women’s progress.

Panel Discussion: Elevating Emerging Photographers

On March 7, 2024, a panel discussion titled “How to practically pull others up as you rise” will feature leading photographers and organisation founders supporting photographers in Africa. This virtual event will explore the unique challenges faced by emerging photographers and propose strategies to overcome these barriers. Interested participants can register to join the virtual event here, where they will gain valuable insights and strategies for navigating the photography industry.

Virtual Exhibition: We (Are) Invested

Following the panel discussion, the “We (Are) Invested” virtual exhibition will be accessible to the public. This exhibition showcases the pivotal and impactful works of women photographers from various African countries, highlighting the significant issues and narratives within their journey. The virtual exhibition can be accessed here, offering an invitation to view the exhibition and follow the work of these talented photographers.

Spotlight on African Women Photographers

Throughout March 2024, Pin Africa and Unpublished Africa will feature the work of African women photographers, shedding light on their invaluable contributions within their communities and across the continent. This initiative aims to encourage the sharing of African stories captured and told by Africans, emphasising the importance of women’s perspectives in the photography industry.

Distributed by African Media Agency (AMA) on behalf of Pin Africa.

About Pin Africa

Pin Africa is a social enterprise and global media platform dedicated to showcasing authentic African stories and voices. With a mission to change the narratives of Africa through storytelling and content creation, Pin Africa provides storytellers and journalists with the necessary tools and resources to share their own stories, empowering them to make a significant impact on global perceptions of Africa.

About Unpublished Africa

Unpublished Africa is a collaborative platform that works with storytellers to uncover and share the African story in innovative and creative ways. By providing a space for like-minded creatives to build a community, Unpublished Africa fosters collaboration, curiosity, and confidence among African storytellers.

For more information about the “We (Are) Invested” Women’s History Month Campaign and to participate in the upcoming events, please visit pin-africa.com and Unpublished.Africa website.

Contact:
Janette Daramy
Business Manager
info@pin-africa.com
pin-africa.com

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Source : African Media Agency (AMA)

AMA, Business

The opportunity for fintech in Africa lies with its rising youth population

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JOHANNESBURG, South Africa, 06 March 2024 -/African Media Agency(AMA)/- Africa’s fintech sector is expected to be worth approximately $65 billion by 2030, aligning with the United Nations (UN) projection that the continent’s population will double to 2.4 billion by 2050, with half of the population being under the age of 25. The rapid growth of the fintech sector has been driven by its youthful demographic, technology advancements and adoption and the socio-economic need for entrepreneurship.

This demographic trend, together with an increase in internet and mobile phone usage, is enabling fintech innovations and adoption to flourish. Young Africans, who are digital natives, are not only quick to embrace new technologies but are also driving the demand for more accessible, efficient and affordable financial services. This is in response to the traditional banking sector’s limitations, where access to financial services has been a challenge, particularly in remote or underserved areas.

Ismail Ally, chief operations officer at eZaga Holdings (eZaga), highlights key trends he believes will influence the fintech sector in the coming months.

Increased financial inclusion using digital channels

Realising a financially-included Africa has taken centre stage as more fintechs step in to bridge the gap between traditional banking services, and the unbanked or underbanked populations. These innovative companies are leveraging technology to offer accessible, affordable and tailored financial solutions. 

Digital banking and the increase in adoption of digital payment solutions is the answer to extending financial services to unbanked and underbanked populations in Africa. The widespread increase in smartphone usage across Africa has fuelled an explosion in digital financial services, ranging from digital-only banks and personal finance management tools to contactless payments and digital wallets. 

By leveraging mobile technologies like this, which have enjoyed widespread adoption even in remote areas, digital banking services can reach people who previously had no access to traditional banking. This inclusivity promotes economic empowerment and poverty reduction.

When competition paves the way for innovations to thrive

The rise in digital banking services across Africa has led to a competitive environment that encourages innovation. Both fintech startups and traditional banks are rapidly innovating to provide more user-friendly, efficient and affordable services. 

This competitive environment not only improves service quality for existing products like cross-border payment solutions and remittances, but drives the adoption of new technologies, such as blockchain for secure transactions and artificial intelligence for personalised banking experiences. As fintechs and banks vie to capture a larger share of the market, they are driven to explore untapped areas and cater to previously overlooked segments of the population.

Beefing up cybersecurity 

Now more than ever, cybersecurity must remain a priority in the world of fintech. As we manage more of our day to day lives in an online environment, from banking to shopping, keeping our information safe from hackers and cyber criminals is crucial. Companies are working tirelessly to build stronger defences against cybercrime, cyber threats, data breaches and system vulnerabilities to protect their customers’ data.

Today’s cybercriminals are so sophisticated that anyone can fall victim to their highly ‘realistic’ scams. This means it’s not just about being careful online; it’s about being informed and vigilant, with the onus on both fintech and consumer to ensure they have taken every precaution to protect their data. 

To avoid being a victim, always triple-check sources – if it seems too good to be true, it usually is. Consumers should never share personal information unless they are sure of the recipient’s authenticity, and are advised to use strong, unique passwords for different accounts. By staying informed on the latest scam tactics and using the tools available to protect their digital lives, consumers can better safeguard themselves against these advanced threats.

Africa offers the perfect environment for fintechs to thrive, thanks to its young and growing population that is keen on using digital solutions to manage their money. This gives fintechs a chance to create services that really meet the needs of its young people, helping the sector grow. 

Distributed by African Media Agency (AMA) on behalf of eZaga Holdings.

About eZaga Holdings 

Established in 2018, eZaga operates as a Third-Party Payment Processor (TPPP) System Operator (SO), ensuring compliance with regulations set by the South African Reserve Bank and the Payment Association of South Africa (PASA). With a dedication to providing banking-as-a-service solutions, eZaga is committed to fostering accessible financial services to all South Africans.  

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Source : African Media Agency (AMA)

AMA, Business, Technology

SAP Shapes the Future of Data-Driven Business Transformation with Innovations that Equip Customers to Succeed in the Era of AI

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WALLDORF, Germany, 06 March 2024 -/African Media Agency(AMA)/- SAP SE (NYSE: SAP) today announced transformative data innovations that will help customers harness the full power of their data to drive deeper insights, faster growth and more efficiency in the era of AI. New capabilities in the SAP Datasphere solution, including new generative-AI features, transform enterprise planning through simplified data landscapes and more-intuitive data interaction.

“Capturing data to make better decisions is an enterprise technology imperative that’s become increasingly critical as AI – which relies on quality data – revolutionizes every aspect of business,” said Juergen Mueller, SAP Chief Technology Officer and member of the Executive Board. “Our newest SAP Datasphere innovations, as well as an expanded partnership with Collibra, represents a quantum leap in our ability to help customers drive intelligent business transformations through data.”

At the heart of these announcements is the business data fabric, an architecture that helps ensure data is not just an asset but also the core underpinning of strategic initiatives. The innovations and partnership announced today equip organizations to deliver meaningful data to data consumers – with business context and logic intact.

“We have decided to leverage SAP Datasphere for a modern business data fabric architecture in conjunction with our SAP S/4HANA landscape. It allows us to effectively establish a modern data analytics platform that enables a business self service capability on the basis of trusted data and data models,” said Achim Welter, Senior Director ERP, Digital & IT Strategy, Hershey’s.

Today’s SAP Datasphere innovations help customers achieve a unified data view that simplifies their data landscapes while retaining context and logic – enabling them to adapt faster to market changes and make more-efficient decisions. From new copilot and vector database capabilities that help ensure business context remains constant in generative AI outputs to a new knowledge graph that helps uncover insights and patterns in complex data, SAP’s data innovations help ensure customers have the full power of their data at their fingertips.

Today’s key innovations include:

Generative-AI Copilot and AI Governance

SAP’s generative-AI assistant, the Joule copilot, is now coming to the SAP Analytics Cloud solution to automate the creation and development of reports, dashboards, plans and more. This automation is enabled by the SAP HANA Cloud vector engine capabilities, which combine the power of large language models with the relevant data of your organization – helping ensure business context is a constant for generative-AI outputs.

Incorporating generative AI across the business isn’t possible without trusted and governed data. To provide organizations with a solution to govern the policies, processes and practices of AI, SAP is announcing an expansion of our partnership with Collibra to integrate Collibra’s AI Governance with SAP data assets. This can help provide transparency and accountability for organizations and help ensure regulatory, compliance and privacy policies are met.

Discover Hidden Insights and Patterns with Knowledge Graph

With the new SAP Datasphere knowledge graph, organizations can discover hidden insights and patterns across their applications and systems. This enables both technical and business users to deeply understand the relationships between data, metadata and business processes, as well as boost the effectiveness of machine learning and large language models.

Unified and Advanced Planning and Analytics

The new SAP Datasphere integration with SAP Analytics Cloud offers a single data management system and advanced analytics to power cross-organizational planning. Planners can leverage a single flexible model to break down silos between planning using one tool for data preparation, modeling and planning.

Additionally, business users can use the new compass capability in SAP Analytics Cloud to realize better outcomes in planning and analytics through data-driven simulation. It enables organizations to run complex simulations using a chat interface to evaluate predictive outcomes and continually adjust controllable variables to find the optimal plan.

This supports customers to transform their planning by unifying financial, operational, supply chain and workforce planning with native connection to SAP applications and third-party data.

Distributed by African Media Agency (AMA) on behalf of SAP Africa.

To learn more, please visit: https://news.sap.com/?p=221995

Visit the SAP News Center. Follow SAP on Twitter at @SAPNews.

About SAP 

SAP’s strategy is to help every business run as an intelligent, sustainable enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: SAP customers generate 87% of total global commerce.

Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition.

We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives. For more information, visit www.sap.com.   

Note to editors: 

To preview and download broadcast-standard stock footage and press photos digitally, please visit www.sap.com/photos. On this platform, you can find high resolution material for your media channels. To view video stories on diverse topics, visit www.sap-tv.com. From this site, you can embed videos into your own Web pages, share video via email links, and subscribe to RSS feeds from SAP TV. 

For customers interested in learning more about SAP products: 

Global Customer Center: +49 180 534-34-24

United States Only: 1 (800) 872-1SAP (1-800-872-1727)

For more information, press only:

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Palesa Mokitle p.mokitle@bdcomms.co.za
SAP Press Room; press@sap.com

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Source : African Media Agency (AMA)

AMA, Business, Environment

President Emmerson Mnangagwa calls for innovative, green investment strategies to foster Africa’s economic growth

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VICTORIA FALLS, Zimbabwe, 5 March 2024-/African Media Agency (AMA)/- For African countries to benefit from the transition to sustainable green economies, which is estimated to generate $3 trillion by 2030, innovative instruments to foster climate action and address the current debt crisis are needed.

Government and institutional representatives at the opening of the Ministerial segment of the 56th Session of the Conference of Ministers of Finance, Planning and Economic Development in Victoria Falls, Zimbabwe made a resounding call for a broad range of innovative instruments such as debt-for-nature swaps, regional blue bonds, regional carbon markets and the use of natural capital accounting.

Emmerson Mnangagwa, President of the Republic of Zimbabwe, said, “The effects of climate change are increasingly constraining African countries from exploiting their rich natural resource endowments, in a sustainable manner, leading to diminishing returns along economic value chains. The adoption of multi-pronged pathways is thus crucial for inclusive green economies. These must not only aid in poverty eradication, but also safeguard ecological thresholds that support human development, health and well-being.

“African countries should therefore innovate ways of climate financing mechanisms, proactively mobilize financial resources from both domestic and international sources to facilitate the adaptation,” he said.

He added that there is need for cooperation and partnership between governments and the private sector to forge the growth investment strategies for inclusive green economies that benefits our communities and stressed the need to focus on a people centred development philosophy that leaves no one and no place behind; one that builds synergies among nations and promotes balanced development across the continent.

Claver Gatete Executive Secretary of the Economic Commission for Africa (ECA) said Africa stands at a pivotal moment, facing many obstacles like food insecurity, fiscal constraints, escalating debt burdens and the adverse effects of climate change.

“It is important for countries to accelerate their regional integration initiatives through the full implementation of the African Continental Free Trade Area and the Single African Air Transport Market to drive competitiveness and reduce the cost of doing business across the continent,” said Mr. Gatete.

He noted that African debt has increased by over 180 per cent since 2010, and twenty-one countries are now at risk of, or in, debt distress. This is notwithstanding the annual loss of at least 5 per cent of GDP because of climate change.

The global financial architecture, he said, needs to be fixed. To work for everyone and reflect the new dynamics and hopefully the recent membership of the African Union in the G20 will resolve this.

“The conversations on governance and conditionalities, no matter how difficult, must be top priority. The ambitious $500 billion SDG Stimulus call by the United Nations Secretary-General is a recognition of how far we must go for justice and equity,” he said adding that the issue of unfair risk perceptions and credit ratings that offer Africa limited borrowing options must be addressed.

“We should not accept that only two African countries have investment grade rating, and 22 countries are unrated.”

The ECA Executive Secretary noted that countries should focus on deepening domestic resource mobilisation for sustainability.

“External borrowing has become costly, unreliable, and untenable. Therefore, reforming our tax systems and derisking the business environment are unavoidable imperatives. There is need to invest in capital market development to provide long-term resources for private sector investment,” he said.

Monique Nsanzabaganwa, Deputy Chairperson of the African Union Commission said Africa is navigating the delivery of its blueprint agenda 363 in global environments, causing tremendous challenges to African economies, with ripple effects on social political spaces as well.

“We need to continue to explore synergies that will pull national, regional and Continental resources through investment in Africa and Stock Exchange in order to secure long term financing of agenda 2063,” said Ms. Nsanzabaganwa adding that countries should enhance the role of the private sector as a source of green financing.

“Our policies must amplify the impact of capital to ensure that Africa’s private stock of assets contributes to green transition and inclusive development,” she said.  

Mthuli Ncube, Minister of Finance and Investment Promotion, Republic of Zimbabwe for his part said limited fiscal space, increasing public debt, economic fragility, conflict, insecurity in some parts of Africa, and the negative impact of climate change are some of the biggest challenges the continent is facing today.

“Domestic resource mobilization is a crucial source of finance for progress to the establishment of the single African Air Transport market to promote movement of people and goods across Africa,” said Mr. Ncube.

“Countries should implement the African continental Free Trade Area agreement (AfCFTA) to stimulate manufacturing and increase trade on the continent.”

He said that resource mobilization and economic strategies emanating from the conference will help countries strengthen their policies minimize the negative impact of climate change.

Rebecca Amuge, Ambassador of the Republic of Uganda to Ethiopia and Chair of the outgoing Bureau said to fund sustainable development objectives, countries must invest in inclusive green transition priorities, harnessing innovative financing mechanisms, and leveraging Africa’s abundant natural resources. This necessitates not only the adoption of green policies but also the reform of the global financial architecture to reduce Africa’s debt burden and facilitate inclusive economic growth.

Distributed by African Media Agencyon behalf of the United Nations Economic Commission for Africa.

About the United Nations Economic Commission for Africa

Established by the Economic and Social Council (ECOSOC) of the United Nations (UN) in 1958 as one of the UN’s five regional commissions, the United Nations Economic Commission for Africa’s (ECA’s) mandate is to promote the economic and social development of its Member States, foster intraregional integration and promote international cooperation for Africa’s development. ECA is made up of 54 Member States and plays a dual role as a regional arm of the UN and as a key component of the African institutional landscape.

For more information, visit: www.uneca.org

Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org

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Source : African Media Agency (AMA)

AMA, Business, Technology

Why we need to Safeguard AI’s Future with Dependable Data

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by Valencia Karageorgiades, Technology Architect at SAP Africa

NAIROBI, Kenya, 05 March 2024 -/African Media Agency(AMA)/- Generative artificial intelligence (AI) is one of the most significant leaps forward for the power of technology and its impact on every sphere of our lives.

As organisations increasingly embrace generative AI to derive insights, automate processes, and drive innovation, the foundation of accurate and well-organised data within their business systems becomes pivotal for realising the full potential of AI applications.

The IDC forecasts that spending on GenAI will reach $143-billion by 2027, growing at a CAGR of more than 73%. Much of the spend will be directed to GenAI business cases where productivity boosts are paramount. One McKinsey study found that GenAI could add the equivalent of $2.6-trillion to $4.4-trillion in productivity gains annually.

However, much of this latent potential will remain untapped unless organisations can safeguard their AI investments with accurate, dependable data. There is an indispensable connection between the correct data setup in enterprise systems and the success of generative Artificial Intelligence (AI).

Companies seeking to leverage AI as a long-term value driver must therefore ensure they maintain trust and integrity in the data powering their algorithms.

Trust drives AI value

Trust is a critical component of responsible AI adoption. By utilising reliable data, organisations can build and maintain trust with users and stakeholders, fostering a positive relationship between AI technology and society.

Trust is also important for accurate real-time decision making. In today’s dynamic and fast-paced business landscape, organisations and leaders need to make informed decisions based on accurate data-driven insights. By aligning the outcomes of analytics processes with their own strategic objectives, business leaders are better able to take optimal action and steer the company through adversity, or take advantage of emerging opportunities.

It is therefore important that the data is indeed reliable to prevent erroneous outputs which could be costly and negatively impact an organisation and its reputation. When users trust the output of generative AI applications, the business benefits from higher levels of collaboration and innovation.

To build trust and mitigate risks associated with AI adoption, companies need dependable data that holds the necessary insights and avoids bias. This increases the likelihood that businesses and end-users take the calculated risks necessary for broader AI deployment.

Advantages of data-driven business strategies

To drive greater adoption of AI solutions, organisations must continuously improve their data strategies. This provides several advantages to the success of the business, including:

Greater competitiveness: Organisations with a good data strategy gain a competitive edge when their high-quality data is partnered with powerful AI algorithms to produce better strategic choices and business outcomes.

Increased operational efficiency: Well-managed and high-quality data promotes streamlined business processes. When data is accurate and readily available, operations can more easily be optimised, resulting in cost efficiencies .

Improved innovation and scalability: By leveraging insights built on a good data strategy, businesses can identify market gaps, explore new opportunities, and create products or services that meet evolving customer needs faster than their competitors.

Organisations must also not underestimate the impact of transformative data innovations that help them harness the full power of their data to drive deeper insights, faster growth and more efficiency in the era of AI. The introduction of new data innovations enable organisations to deliver meaningful data to every data consumer with business context and logic intact – enabling them to adapt faster to market changes and make more efficient decisions. The newly-launched SAP Datasphere solutions, for example, mobilise an extensive global partner ecosystem to enable organisations to transform their business data fabric architecture, allowing them to access insights from their data wherever it resides.

Key elements of an AI-ready data strategy

Organisations that consistently unlock business value from their data-driven strategies have a few characteristics in common. The key elements to enhancing data strategies for AI readiness include:

Strong alignment with business objectives: A well-defined data strategy aligns with the overall goals and objectives of the organisation by establishing a clear roadmap for leveraging data to meet business requirements and objectives.

Effective data governance: Establishing data governance frameworks within the data strategy ensures that data is treated as a valuable asset. Clear ownership, accountability, and data stewardship protocols lay the foundation for maintaining data integrity and consistency.

The highest levels of data quality: The accuracy and reliability of digital transformation and related AI implementations hinge on the quality of the data being input into the system. Incorrect or inconsistent data at the outset can lead to errors and inefficiencies, extending project timelines and adding layers of additional costs and complexity.

The use of industry best practices: Following industry best practices for data setup ensures compatibility and optimal utilisation of the modules being implemented at lower cost and with less complexity. Adhering to recommended data structures, field configurations, and master data management principles is essential for a seamless project in support of AI readiness.

A careful and considered data migration: Proper data setup involves meticulous planning for data migration from legacy systems to the new system. This includes data cleansing, transformation, and validation processes to ensure a smooth transition without compromising data integrity.

Achieving AI readiness demands a holistic approach to data setup, data strategy, and governance. Organisations that prioritise these guidelines will be better positioned to unlock the full potential of AI, foster innovation, and maintain the highest ethical standards.

By adhering to these principles, businesses can navigate the complexities of AI deployment responsibly and contribute positively to societal and economic advancements.

Distributed by African Media Agency (AMA) on behalf of SAP Africa.

Visit the SAP News Center. Follow SAP on Twitter at @SAPNews.

About SAP 

SAP’s strategy is to help every business run as an intelligent, sustainable enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: SAP customers generate 87% of total global commerce.

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Business

Embracing gas for cooking in Malawi

Maravi Post Reporter

By Twink Jones Gadama

BLANTYRE-(MaraviPost)-In a bid to address the pressing issue of deforestation in Malawi, Liquefied Petroleum Gas (LPG) manufacturer AFROX and gas distributor Horizon Energies are calling on Malawians to embrace the use of gas for cooking.

This shift towards gas is not only seen as a solution to reducing the cutting down of trees for firewood and charcoal production, but also as a more reliable, affordable, and modern cooking alternative.

AFROX Operations Manager, Moffat Mtegha, and Managing Director of Horizon Energies, Samantha Dasilva Ngwira, emphasized the benefits of using gas as a clean and efficient energy source.

With the increasing demand for gas cooking in Malawi, these industry leaders are hopeful that more households will make the switch to gas to protect the environment and improve their quality of life.

Malawi Energy Regulatory Authority (MERA) Gas Regulation Specialist, Nomalha Chimombo, highlighted the positive trend of gas usage in the country, with uptake statistics showing a significant increase from 1 million kilogrammes annually to 2.3 million kilogrammes.

This rise in gas consumption is a clear indicator of the growing awareness and acceptance of gas as a viable cooking option among Malawians.

During an engagement meeting with gas users to discuss the safety and benefits of LPG, stakeholders stressed the importance of proper education and training on the use of gas appliances.

The key message conveyed was that with the right knowledge and precautions in place, gas cooking can be a safe and convenient solution for households in Malawi.

The shift towards gas cooking not only has environmental benefits by reducing deforestation but also economic advantages for households.

Gas is considered a more cost-effective option compared to traditional cooking methods, and its efficiency in heating and cooking makes it a practical choice for many Malawian families.

As the demand for gas continues to grow, the government and stakeholders in the energy sector must work together to promote the use of gas as a sustainable cooking solution.

By investing in infrastructure, expanding distribution networks, and providing support to gas users, Malawi can accelerate the transition towards a cleaner and more environmentally friendly energy source.

The call to embrace gas for cooking in Malawi is not only a step towards addressing deforestation but also a move towards a more sustainable and modern energy future.

With the concerted efforts of industry players, regulators, and consumers alike, the use of gas for cooking can play a significant role in improving the lives of Malawians and safeguarding the environment for future generations.

Agriculture, Malawi, Regional

Zambia declares national disaster over drought

Burnett Munthali

LUSAKA-(MaraviPost)-The drought crisis brought on by El Nino and climate change will affect more than a million households, President Hakainde Hichilema says.

Zambia’s President Hichilema says almost half of the nation’s planted area has been ‘destroyed’.

Zambia has declared the drought the country is currently going through a national disaster, with President Hakainde Hichilema saying the lack of rain has devastated the agricultural sector, affecting more than one million families.

The southern African country has gone without rain for five weeks at a time when farmers need it the most, Hichilema said in a televised national address from the capital, Lusaka, on Thursday.

This compounded the effects of another dry spell and flooding that hit the nation last year, he added.

“The destruction caused by the prolonged drought spell is immense,” he said. The dry spell has already affected 84 of the country’s 116 districts.

Exacerbated by climate change and the El Nino weather phenomenon, the crisis threatens national food security, as well as water and energy supply, Hichilema said. Zambia is highly reliant on hydroelectric power.

“Given these challenges … we at this moment declare a prolonged drought a national disaster,” the president said.

The measure allows for more resources to address the crisis, with the drought expected to last well into March.

Due to the influence of El Nino on the 2023-2024 rainy season, Zambia has lost one million hectares (2.5 million acres) from 2.2 million planted crops.

Almost half of the nation’s “planted area” has been “destroyed”, Hichilema said.

He said humanitarian aid would be made available to ensure people do not go hungry, and he urged cooperating partners to provide relief beyond grain.

The president said Zambia had also drawn up plans to import and ration electricity to keep the economy and industries running, especially the heavily power-dependent mines.

Zambia is Africa’s second-largest copper producer.

Hichilema said the energy sector this year was expected to have a deficit close to 450 or above 500 megawatts.

The 2024 national budget will be re-aligned so that more resources can be channelled towards addressing the impact of the drought, he added.

“The current projections are that over a million farming households will be affected,” he said.

Zambia defaulted three years ago and is trying to rework its debt under the G20 Common Framework, a program designed to ensure swift and smooth debt overhauls for low-income nations.

Hichilema said Zambia’s situation was dire and called on its official and private creditors to quickly conclude its debt restructuring process.

“If this process does not close, it’s not just an indictment on Zambia but the global system,” he said.

The naturally occurring El Nino climate pattern, which emerged in mid-2023, usually increases global temperatures for one year afterwards.

It is currently fuelling fires and record heat across the world.

Business, Malawi, Opinion, Regional

Taking a closer look at Malawi, Zambia’s economies amid global recession

Burnett Munthali

LILONGWE-(MaraviPost)-It is important to understand the economy of Malawi and other neighbouring countries that share borders so that we appreciate the strides we are making as a nation.

Someone’s at will compare Malawi with itself as well to check the economic growth.

Today, this article takes you through the economy of Malawi and Zambia.

The two economies of Malawi and Zambia

Comparison In 2021, Malawi ranked 163 in total exports ($947M), and does not have data regarding Economic Complexity Index. That same year, Zambia ranked 96 in the Economic Complexity Index (ECI -0.74), and 86 in total exports ($13.4B).

The population of Zambia was 19,077,816 (July 2021 est.) The population of Malawi was 20,308,502 (July 2021 est.) 65 years and over: 2.27% (male 173,582/female 221,316) (2020 est.)

Malawi remains one of the poorest countries in the world despite making significant economic and structural reforms to sustain economic growth.

The economy is heavily dependent on agriculture, which employs over 80% of the population, and it is vulnerable to external shocks, particularly climatic shocks.

Zambia’s economy is highly dependent on mining and agriculture, but despite its abundant resources, growth has been insufficient to lift its young and growing population from poverty.

In the decade ending in 2021, growth averaged 3.7 percent, with high volatility in mining and the weather-dependent agricultural sector.

Malawi’s economy continues to be significantly weakened by frequent exogenous shocks coupled with macro-fiscal imbalances.

Growth was projected to increase in 2023 to 1.6% as electricity supply improved, compared to 0.9% in 2022.

However, severe, and persistent shortages of foreign exchange continued to subdue growth.

The country secured a staff-level agreement with the IMF and return to an Extended Credit Facility by the end of 2023.

The economy is expected to grow at 2.8% in 2024, supported by further anticipated macroeconomic reforms.

However, such growth remains insufficient to substantially mitigate the prevailing high levels of poverty.

Zambia is classified as a developing country in a recent report.

Zambia is classified as a lower-middle-income country by the World Bank in a recent report.

When a country is classified as a developing country, it means it has a less developed industrial base and a low Human Development Index when compared to other countries.

In a recent statement, the Policy Monitoring and Research Centre (PMRC) has forecasted a robust economic growth for Zambia, projecting a growth rate exceeding 4 percent in 2024.

The positive outlook is attributed to continued policy reforms, higher global copper prices, and increased market confidence resulting from ongoing fiscal consolidation measures.

Malawi GDP growth is projected to rebound to 2.0% in 2023 and 3.5% in 2024, driven by a recovery in agriculture, tourism and exports, and foreign direct investment.

Headwinds include weather-related shocks and the prolongment of Russia’s invasion of Ukraine.

Despite tight monetary policy, inflation is expected to rise to 22.8% in 2023 before falling to 15.4% in 2024.

The current account deficit is projected to narrow to 11.7% of GDP in 2023 and 12.3% in 2024 due to weak growth and domestic demand.

Fiscal consolidation to achieve medium-term debt sustainability was expected to narrow the fiscal deficit, but a mixed picture is emerging.

In 2023, the fiscal deficit is projected to rise to 7.8% of GDP due to the impact of Cyclone Freddy before falling to 7.7% in 2024.

Using the baseline assumptions, the debt-to-GDP ratio is likely to fall to 72.6% by 2026 from 76.6% in 2022.

GDP per Capita in Zambia is expected to reach 1371.00 USD by the end of 2024, according to Trading Economics global macro models and analysts expectations.

In the long-term, the Zambia GDP per capita is projected to trend around 1430.00 USD in 2025 and 1491.00 USD in 2026, according to our econometric models.

In the latest reports, Zambia Foreign Exchange Reserves equaled 3.7 Months of Import in Oct 2023. Its Money Supply M2 increased 6.3 USD bn YoY in Oct 2023.

Zambia Domestic Credit reached 5.8 USD bn in Oct 2023, representing an increased of 35.1 % YoY.

The country’s Non Performing Loans Ratio stood at 4.4 % in Sep 2023, compared with the ratio of 4.4 % in the previous month.

Foreign Exchange Reserves in Malawi increased to 1414.60 MWK Billion in December from 990.20 MWK Billion in November of 2023.

Foreign Exchange Reserves in Malawi averaged 430.65 MWK Billion from 2008 until 2023, reaching an all time high of 1414.60 MWK Billion in December of 2023 and a record low of 19.30 MWK Billion in March of 2009. source: Reserve Bank of Malawi

The Malawi Kwacha is trading at 1677.92 against 1US$ while Zambian Kwacha is at 23.50 against 1US$.

Business

First Capital Bank launches Tap App

Maravi Post Reporter

By Edwin Mbewe

LILONGWE-(MaraviPost)-One of the leading commercial banks in the country, First Capital Bank on Friday evening, March 1, 2024, launched a Soft Life pay with FCB tap application.

The launch ceremony took place at the Bingu International Convention Centre and it was graced by officials from the bank and the Small and Medium Enterprises customers who are also the beneficiaries of the application at large.

Speaking to the media, the head of Marketing and Communication at First Capital Bank Twikale Chirwa said,

“Today is the official launch of FCB Tap and we are saying welcome to the soft life translated in our local language Chichewa as Kufewa. This product allows SMEs but also self-employed people to receive card payments from their Android phones.

“Our objective as FCB is to be innovative in our customers’ solution, today cash-carrying is something of the past and customers prefer carrying cards wherever they go. The application is fast, secure, and convenient”.

The application is not limited to FCB cards only but all cards from other banks and is also in operation in countries including Botswana, Zambia, Mauritius, Mozambique, and Zimbabwe.