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Ghana Hosts Key African Transformation Forum

By Malise Otoo 

African leaders around the world have gathered in Accra, Ghana with the aim of finding solutions to Africa's economic transformational needs through dialogue.

Speaking under the theme, "Convene, Strategize, Transform ", K.Y. Amoako, founding President, ACET highlighted some key points in the Pan-African Coalition for Transformation  (PACT) which includes Resource Mobilization and Management, Agriculture, Skills Development and Youth Training, Extractive and Manufacturing to kick start the forum. 

He pointed out that, "Africa's transformation must push Africa forward with strong partnerships leading to strong governments". This he said is one of the many ways Africa's economic misfortunes can transform. 

Similarly, as Agriculture is a key contributer to the GDP of most African economies, K.Y Amoako says support from major world partners like the Bill and Melinda Gates Foundation, the World Bank and the Alliance for a Green Revolution in Africa  (AGRA) have been very crucial especially in the last year during the launch of the African Transformation Report 2017.

Key recommendations on Agriculture contained in the report put together by experts from ACET include Securing Land Tenure and Access to Land, Boosting Productivity on Farms, Commercializing African Agriculture, Feeding Africa, Adding Value and Spurring Agro-based Industrialization, Leveraging Agriculture for employment, Ensuring gender balance in Agricultural Transformation as well as Harmonizing Agricultural Intensification, environmental sustainability, and Climate Change.

Several other interventions according to Mr. Amoako have come in to enhance the economic fortunes of the continent including one on Job Creation through the support of the African Development Bank on a study that examines the future of work in Africa and another one with Mastercard Foundation on their recent flagship programs code named, "Young Africa Works Strategy", which is targeted at finding solutions to the youth employment challenge. 

The second day of the conference is expected to see a major conversation between Africa's Head of States and Private Sector CEOs during a plenary section.

 

 

Gécamines, Katanga Group Enter Settlement Agreement

Gécamines, together with its subsidiary Société Immobilière Du Congo ("SIMCO"), entered into a settlement agreement with Katanga Mining Limited and some of its affiliated companies making up the Katanga Group as well as their joint company Kamoto Copper Company (KCC).

Under the terms of the Agreement, the following goals and results are targeted, among others:

  • KCC's net equity will be restored in accordance with applicable laws ;
  • KCC's indebtedness towards the GLENCORE group will be reduced from 9 billion USD down to 3.45 billion USD as at 1 January 2018;
  • Interest rates applicable on intra-group loans are revised and shall no longer exceed 6% per year;
  • On the basis of KCC's current business plan, as early as the 2019 fiscal year, GÉCAMINES will start, for the first time, receiving dividends, which assessed cumulated amount should exceed 2 billion USD over the next ten years;
  • The profits will allow for the payment of corporate taxes being likely to significantly contribute to the replenishment the Congolese State's treasury;
  • A better valuation, in the future, of GÉCAMINES' contribution of the copper and cobalt deposits to the partnership through a significant increase of the amount per ton of the pas de porte, from 35 USD to 110 USD, and which can reach 170 USD in certain scenarios;
  • A significant increase of the valuation of GÉCAMINES' ownership in KCC, which value was until then nil due to the high level of indebtedness of the company;
  • The waiver by KCC to the benefit of the JORC certified reserves amounting to 3,992,185 tCu and 205,629 tCo (the "Reserves"), releasing GÉCAMINES from its obligation to deliver the Reserves or, failing that, to pay a counter-value of a maximum amount of 285 million USD;
  • The payment by the KATANGA GROUP of a settlement indemnity (150 million USD) in favor GÉCAMINES; and
  • The withdrawal by GÉCAMINES and SIMCO, at closing, from the judicial proceeding initiated before the Commercial Court of Kolwezi on 20 April 2018.

Gécamines welcomes the outcome of the discussions with the Katanga Group and its majority shareholder Glencore Plc, and the new foundations now set for the partnership, with a view to an effective sharing of wealth, with immediate financial benefits for all the stakeholders, and in particular the Democratic Republic of the Congo and the affected communities. GÉCAMINES hopes that upcoming negotiations with other partners and companies will be conducted in a similar open and respectful climate, and will reach the same satisfactory outcome.

EU Reinforces Global Energy Transformation

Director-General of the International Renewable Energy Agency (IRENA), Adnan Z. Amin, has welcomed the European Union’s (EU) decision to increase its renewable energy target from 27 per cent to 32 per cent by 2030, highlighting that the move reinforces the EU’s position at the forefront of energy transformation and reflects the new economics of renewable energy.

Responding to the announcement made by the European Commission today, Mr. Amin said EU’s decision to increase its renewable energy target from 27 per cent to 32 per cent by 2030 is a move that consolidates Europe’s position at the forefront of the global energy transformation, and establishes a positive decarbonisation pathway in line with its commitments under the Paris Agreement.

“It is also recognition that the new economics of renewable energy have propelled it to the forefront of energy policy and investment decision making as governments around the world look to address long-term climate and economic agendas. Our renewable energy roadmap analysis, delivered to the European Commission earlier this year, identified that higher shares of renewable energy in the EU were cost-effective and would have a net positive economic impact.

“This ambitious and achievable new strategy will drive significant additional investment activity, creating thousands of new skilled jobs and improving health and wellbeing whilst decarbonising the European energy system. We welcome the decision and believe it can act as a source of encouragement to global policymakers, and as a clear reminder of the centrality of renewable energy to both economic prosperity and climate stability.”

In February, IRENA presented a report entitled ‘Renewable Energy Prospects for the European Union’ – at the request of the European Commission, outling the EU’s cost effective potential to increase its share of renewables to 34 per cent by 2030 with a net positive economic impact.

Speke Resort Goat Race Set For August Return

Speke Resort Munyonyo has announced the famous Royal Ascot Goat Race happen this year on 25 August 2018 after seven years of no action. For many years, the goat was the biggest event on the social calendar for people in Kampala.

“Yes, you’ve heard it right, the Royal Ascot Goat Race is back at the Resort. Save the date, 25th August, 2018,” Speke Resort Munyonyo announced on their social media pages.

It is an event where corporate companies show their might partying and socializing with the clients. Each corporate company’s tent buzzes with good music, drinks and food.

The goat race has its own take on fashion, and it was, until it took a sabbatical, a trend setter for fashion in Uganda. Set on the shores shores of Lake Victoria at iconic Speke Resort, the goat races fashion is beachy, kinky and daring.

It has over the years been organized by Dr Sudhir Ruparelia, the proprietor of Speke Resort Munyonyo and a host of other businesses under the Ruparelia Group. Basically, companies and individuals bring their meaety goats to race against each others for prizes including cash.

 

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