HOW TO START A PROFITABLE IMPORT/EXPORT BUSINESS
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HOW TO START A PROFITABLE IMPORT/EXPORT BUSINESS
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NUCLEAR ENERGY
FREE ISSUE | VOL 2. ISSUE 2 | FEBRUARY 2015
IS AFRICA READY?
usafricatrade.org
U.S FLINTLOCK 2015 WILL TAKE PLACE IN CHAD AFRICA TOURISM SECTOR: NEEDS FOR INVESTMENT
Additional
U.S. AFRICA TRADE NEWS COMING SOON ON
www.usafricatrade.org Interviews, New features, Business Trends
CONTENTS
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04 WORLD/AFRICA -- North America: Ebola in West Africa: Canada joints the fight -- Europe: Europe empowers young African leaders -- Asia: Travel restrictions for West Africans travelling to China
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20 LOGISTICS
07 TALK NUMBERS 05 THEY SAID
18,25 INVESTMENT
-- Investing in Ghana energy sector -- Top U.S. Business Executives Announced for 2015 Investing in African Mining Indaba
06 DIPLOMACY -- U.S Flintlock 2015 will take place in Chad
07 ON THE RADAR:
-- The demand of Liquefied Gas in Asia boosts Sub-Saharan Africa's Energy Sector
19 DIAZPO BIZ -- Why cars dealers in the U.S shy away of shipping U.S auto makers secondhand cars to Africa
24 SPOTLIGHT -- SWAZILAND
-- New York Forum AFRICA -- Gambia: AGOA opportunities enormous, but challenges remain
25 BANKING -- How Mobile Banking is changing banking system in Africa
22 INITIATIVE
26 TRAVEL
-- How to start a profitable import/export business
-- Calitzdorp a tourist destination
26 TRAVEL/TOURISM
11 CHAMBER OF
-- Africa Tourism sector needs for investment
COMMERCE
-- United States Department of Commerce
-- U.S. – South Africa Business Council
12 FOCUS /ENERGY
30 CURRENCY
-- NUCLEAR ENERGY - IS AFRICA READY?
15 ENERGY
16 AIRLINES BIZ: -- Souring demand for air Travel puts pressure on Africa Airlines -- Turkish Airlines stops Libya flights to Misrata
08 BUSINESS AFRICA
28 TRADE AGENDA
-- Egypt Second Suez Canal to be completed by Aug 2015 -- Lagos ports congestion under scrutiny
29 TOURISM -- Despite Ebola fading, Chinese are boosting Africa tourism industry
SNAPSHOT U.S AFRICA TRADE
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WORLD NEWS-AFRICA
EUROPE
Europe empowers young African leaders BY BERTRAND ADELINE
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Forum for Young Leaders (AME) was held in Ber lin, Germany, last January 2015 by a network of young professionals and individuals who have an interest in exploring and strengthening the relations between Africa and Europe. The ultimate goal of the forum was to educate, enhance and sustain the African-European relationship by empowering the next generation of young leaders from Africa and Europe. The Institute for Cultural Diplomacy initiate a forum to embrace and examine the field of cultural diplomacy and its importance in African-European relations. During a weeklong seminar, participants had the opportunity to get detailed information about the current African-European relations and discussed their thoughts and ideas about future bilateral cooperation. At the AME weeklong seminar every participant had the chance to meet prominent experts of the field and work in a multicultural environment. The Forum's weeklong seminar consisted of 4-5 day programs of lectures, seminars, and workshops, together with cultural and social activities gave the participants an insight into key perspectives on, the
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African- European relationship and introduce them to a network of like-minded individuals, and allow them to explore the cultural landscape of the city of Berlin. This gathering was a perfect opportunity for those who are studying in the field of International
Relations, International Business, European and African Studies and any areas related to AfricanEuropean relations, or for those simply interested in the present and the future of the cooperation between African and Europe.
NORTH AMERICA
Ebola in West Africa: Canada joints the fight
BY WINNIE FERTILE
C
anada has contributed more than $110 million to the effort to fight Ebola outbreak in West Africa. It also donated 800 vials of an experimental Ebola vaccine along with personal protective equipment. The country will deploy a third mobile lab and two more scientists from the Public Health Agency of Canada to West Africa, which will spend a week in Amsterdam and Belgium to train with Doctors without Borders
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before heading to Sierra Leone. The agency has six scientists in Sierra Leone that has been providing rapid diagnostic laboratory support there since June 2014. Each mobile laboratory team rotates every four weeks. For Dr. Gregory Taylor, Canada's chief public health officer, West Africa experience to fight against Ebola will be crucial and help Canada doctors to deal with serious infectious when back in Canada.
2015
ASIA
Travel restrictions for West Africans travelling to China BY JAMES WALKER
measures come at the moment when World Health Organization is optimistic about the end of Ebola in that region in a short time frame.
Photo: Xinhua
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n 2014, China has joined U.S and the international community to fight against the outbreak in Guinea, Sierra Leone, and Liberia. Even though things look better for now, Ebola still haunt this part of Africa. Last year many countries has ban travel of their citizen to the affected area. China has always been reluctant to pass such measures. As Africa's biggest trade partner, China promised last year to send over 1 000 personnel to help fight the outbreak. Beijing has also contributed over $100 million in aid to the anti-Ebola effort. But since last month things has changed. Beijing now has stepped up restrictions on travelers from his country; especially for students and businessmen travelling from Ebola-hit West Africa. Students’ visa from this part of Africa became difficult to obtain. All these
THEY SAID
”We continue to look for opportunities to build on our tradition of development cooperation and to develop stronger political and economic links with Africa.” --- - Ireland Minister for Development, Trade Promotion and North South Cooperation, Seán Sherlock recently told attendees at the Africa-Ireland Economic Forum in UCD’s Smurfit Graduate Business School.
--“There is potential in the development of the African economy for many other countries “It’s not a question of should we be here, or should China be here, we both should be here.” --
--- - U.S. Secretary of Commerce Penny Pritzker
-- - Treasury Secretary Jacob J. Lew.
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-- ”It is a virtuous circle. When Africa's businesses grow, they deploy American expertise, purchase American technologies, and learn from our best practices. This lays the groundwork for sustained, long-term growth – and we all share the benefits.”
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US-AFRICA DIPLOMACY
U.S Flintlock 2015 will take place in Chad C had announced it will host the Flintlock 2015 exercise with outstations in Niger, Nigeria, Cameroon and Tunisia. It will be U.S. Africa Command’s premier Special Operations Forces exercise, which will kick off Feb. 16, 2015 in the capital N’Djamena, and will run through March 9, 2015. Conducted by Special Operations Command Forward – West Africa, Flintlock is a joint, combined multinational exercise to improve information sharing at the operational and tactical levels across the Saharan region while fostering increased collaboration and coordination. Its focus is military interoperability and capacity-building among African, Western and U.S. counterterrorism forces. The exercise strengthens security institutions,
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to achieve objectives for military capacity development training and multinational regional cooperation. The Exercise Flintlock 2015 training objectives will help build military relationships between U.S and Africa by reinforcing the capacity of participating militaries to secure a stable environment for growth and development in the nations of the region. Over 1,200 personnel will be involved in Chad-hosted Flintlock 2015, with outstations in Niger, Nigeria, Cameroon and Tunisia. Participants are from Burkina Faso, Denmark, Canada, France, Germany, Italy, Mauritania, the Netherlands, Belgium, Sweden, Norway, Senegal, Spain, the United Kingdom, Mali, Czech Republic, Estonia, Lithuania and the United States.
Exercise Flintlock also helps USAFRICOM to achieve objectives for military capacity development training and multinational regional cooperation.
promotes multilateral sharing of information, and develops interoperability among the partner nations of the Trans-Sahara Counter-Terrorism Partnership (TSCTP). Exercise Flintlock also helps USAFRICOM
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Source: U.S embassy in Chad 2015
E-ON THE RADAR
UNITED STATES DEPARTMENT OF COMMERCE BY MICHEL LEANDRIN
T
he department of Commerce was originally created as the United States Department of Commerce and Labor on February 14, 1903. The organization's main purpose is to create jobs, promote economic growth, encourage sustainable development and improve standards of living for all Americans. It was subsequently renamed the Department of Commerce on March 4, 1913, as the bureaus and agencies
specializing in labor were transferred to the new Department of Labor. The United States Patent and Trademark Office were transferred from the Interior Department into Commerce, and the Federal Employment Stabilization Office existed within the department from 1931 to 1939. The United States Department of Commerce (DOC) is also gathering economic and demographic data for business
and government decision-making, issuing patents and trademarks, and helping to set industrial standards. The United States Travel Service was established by the United States Secretary of Commerce on July 1, 1961 pursuant to the International Travel Act of 1961. The E conom ic Development Administration was created in 1965.The DOC is currently headed by Secretary Penny Pritzker.
TALK NUMBERS
AFRICANS WITHOUT ELECTRICITY
AMOUNT MANY AFRICANS LIVE ON DAILY
AFRICAN ADULTS WITH CREDIT CARDS; ONLY A QUARTER OF AFRICAN ADULTS HAVE BANK ACCOUNTS
7 OUT OF THE 10 FASTEST GROWING WORLD ECONOMIES ARE IN AFRICA (GAINS ARE YET TO REACH MASSES, BUT SPURRING A G ROWING MIDDLE CLASS)
31 OF TOP 1000 BANKS IN THE WORLD ARE IN AFRICA
MOBILE PHONES IN AFRICA OF WHICH NIGERIA HAS 100 MILLION. U.S AFRICA TRADE
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BUSINESS AFRICA
Top U.S. Business Executives Announced for 2015 Investing in African Mining Indaba™ Preparations are heightening up ahead of the 2015 investing in African Mining Indaba taking place on February 9-12, 2015 in Cape Town South Africa. The event will feature an array of globally recognized economic visionaries, mining thought leaders and some of Africa’s largest deal-makers for the approximately 7000 delegates set to arrive from more than 110 countries particularly the United States of America. BY VALENTINE MULANGO
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nvesting in African Mining Indaba often referred to as “the Mining Indaba™,” is an annual professional conference dedicated to the capitalization and development of mining interests in Africa. It is currently the world's largest mining investment conference and Africa's largest mining event. For two decades, the annual Mining Indaba has served as the pathway for foreign investments into Africa's mining value chain opportunities ranging from small diamond deposits to mega coal projects. This explains why today, the Mining Indaba™ is now part of Euromoney Institutional Investor PLC.
our new ownership. These investments, made at a time when other events and the overall sector are contracting, reaffirms our belief that the long term outlook for Africa mining is excellent and our commitment for the Mining Indaba to remain the premier forum for uniting investors, mining companies and mining ministers,” explains Jonathan Moore, Managing Director, Mining Indaba. Beyond our world-class headliners, delegates will hear corporate presentations from: C-level executives representing approximately 40 of Africa’s top and emerging mining players, 20 of the continent’s most progressive mining ministers, and industry thought leaders driving African mining into the next phase.
SUBSTANTIAL INVESTMENTS
AMERICAN DEALMAKERS
The Mining Indaba unites investors and dealmakers from around the world with attractive mining opportunities throughout all of Africa. The conference places emphasis on the myriad investment opportunities in the sector from majors to juniors; brownfields to exploration. As the world’s preferred platform for deal-making in African mining, delegates are expect to hear a global perspective on the investment climate among others. “The 2015 Mining Indaba features a number of substantial investments we have made under
Mining Indaba’s distinguished lineup of speakers for this year is unparalleled and includes top American mining executives and investors. One of them is Damon Bland - an Associate Director of the Boston Consulting Group (BCG). The Boston Consulting Group is a global management consulting firm with 87 offices in 45 countries. It is one of the Big Three management consulting firms. The firm advises clients in the private, public, and not-for-profit sectors around the world, including more than two-thirds of the Fortune
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500. Another American dealmaker to speak at the event will be Bob Diamond, Chief Executive Officer and Founding Partner of Atlas based in New York. Diamond will speak alongside his fellow countryman Johan Ferreira who is Regional Senior Vice President and Head of Newmont Mining Corporation’s Africa Operations. Newmont Mining Corporation, based in Greenwood Village, Colorado, USA, is one of the world's largest producers of gold, with active mines in Nevada, Indonesia, Australia, New Zealand, Ghana and Peru. The annual Investing in African Mining Indaba is the world’s preferred brand and destination in African mining. This has been achieved by pursuing a clear strategic vision and maintaining a disciplined, long-term commitment to our mission. Mining Indaba remains better positioned than ever to deliver an unparalleled deal-making and discovery platform for global investors and African mining companies. This diverse and proven platform gives investors and deal-makers exceptional access to compelling investments across the entire continent.
THE AMERICAN INITIATOR One of the brains behind most awaited mining gathering of year is American-born Jonathan Moore He is the Managing Director
U.S AFRICA TRADE
of Mining Indaba the world’s largest gathering of the most influential stakeholders that include financiers, investors, mining professionals and government officials in African mining. He has been leading the event for the five years and has an in-depth knowledge of the economics of mining across the continent. Under his leadership the Mining Indaba has become a more vital pathway for the flow of billions of US Dollars in foreign investments into Africa’s mining sector. Throughout his five years the estimated value of the Mining Indaba brand has increased by 150% and continues to grow under its new ownership, Euromoney Institutional Investor PLC. Moore has a committed focus on reaffirming the core value proposition of the event of uniting Investors with attractive mining companies on the continent. His core belief in Africa’s untapped natural riches has fuels his energy and continued expertise, into managing a world-class event that facilitates executives of mining companies to see meet global investors to seek investment to continue grow Africa’s mining sector. Jonathan obtained his BS in marketing at State University of New York Plattsburgh. He has been running global investment conferences for 6 years.
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BUSINESS AFRICA
INVESTING IN GHANA
ENERGY SECTOR P
etroleum and power sub-sectors are the main energy sectors in Ghana and contribute significantly to its economy. Ghana’s petroleum sector involves upstrea m a nd downstream activities. There are over twenty oil marketing companies in Ghana. The upstream activities include the production and refining of crude oil and the downstream activities include distribution and marketing of petroleum products and premixing of petrol products for industrial uses. Distribution of petroleum products in Ghana is dominated by multinational oil marketing companies (OMCs). The power sub-sector involves the generation, transmission and distribution of electrical energy for industrial, commercial and domestic use in Ghana. Main sources of electrical power are hydro (67 percent) and thermal (33 percent). Currently all thermal plants in Ghana run on oil or diesel, but plans are in place to switch larger thermal plants to lower cost natural gas, once the West Africa Gas Pipeline begins production. Solar energy is used in some remote and off-grid locations
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Ghana has identified power generation investments of between $1.2 and $1.7 billion for the 2009-2012 periods and the government has estimated that total electrical supply double by 2013 to keep up with demand
but with a total capacity of only roughly one megawatt (less than a third of a percent). The Volta River Authority (VRA), Ghana Grid Company Limited (GRIDCo) and Electricity Company of Ghana (ECG) are the utility companies that run the power sector. Ghana has identified power generation investments of between $1.2 and $1.7 billion for the 2009-2012 periods and the government has estimated that total electrical supply double by 2013 to keep up with demand. Demand growth is driven by strong economic and industrial growth, population increases and the government goal of achieving universal electrification by 2020. Currently only a bare majority of Ghanaian households have access to the electrical grid. Some interest in nuclear power has been expressed over the longer term (2018).
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Ghana currently has a small research reactor. Wind power generation is being explored by a few firms, but no firm plans are in place. The Ghanaian government has published plans to expand the share of electricity provided by renewables to 10 percent by 2020. Biomass (wood fuel) is still used to meet more than 60 percent of Ghana’s total energy needs. Source: export.gov
CHAMBER OF COMMERCE
U.S. – South Africa Business Council The U.S-South Africa Business Council serves as the premier Washington based organization dedicated to strengthening the economic relationship between the two countries. The Council represents America’s leading companies doing business with South Africa and in the Southern Africa region, and it is made up of senior executives of U.S. companies from every sector investing in South Africa. BY ELIE DANIEL
U
.S. South Africa Business Council seeks to enrich investment and tr ade between the two countries, serves as a platform for commercial engagement at the most senior levels of business and government, enhances investment in the region of southern Africa by U.S. and South African companies, engages with the U.S. and South African governments to promote consensus building on major issues in the bilateral relationship, advances business priorities, and provides networking opportunities for members by leveraging the U.S. Chamber’s position
as the world’s largest business advocacy federation. In addition, the chamber also advocates for trade and investment openness through bilateral tax and investment treaties, lobbying for the reauthorization of AGOA, and other trade and investment related legislative initiatives. The development Community and the
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Southern Africa Customs Union are at the top of their agenda. Furthermore, U.S¬- South Africa business council advocates for measures that enhance competitiveness to make the flow of commerce between the U.S. and South Africa faster and more efficient and to reduce trade transaction costs.
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FOCUS
NUCLEAR ENERGY IS AFRICA READY?
BY DEE SENEKAL
In June 30, 2013, President Obama launched Power Africa, an innovative private sector-led initiative aimed at doubling electricity access in sub-Saharan Africa, where more than 600 million people currently lack access to electricity. Power Africa set an ambitious initial goal of adding more than 10,000 megawatts (MW) of new, cleaner electricity generation capacity and increasing electricity access by at least 20 million household and business connections. 12
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he pledge will level $300 million in assistance per year to expand the reach of Power Africa across the continent in pursuit of a new, aggregate goal of 30,000 MW of additional capacity to Africa and increasing electricity access by at least 60 million household and business connections. The President also announced $6 billion in new private sector commitments, bringing the total private sector commitments under Power Africa to date to more than $20 billion. But this initiative according to certain experts will just solve a part of Africa. Although the demand for electricity is growing rapidly in Sub-Saharan Africa – from 153 kWh per capita today to 235 kWh in 2020. . Half of the population in Sub-Saharan Africa is expected to remain without access to electricity even in 2030. In order to overcome the infrastructure challenge, Africa will need to add up to 250 GW between now and 2030. The magnitude of power infrastructure investments required is substantial,
estimated at US $40 billion every year. To tackle the insufficiency energy in Africa, nuclear energy might be another options. But is Africa ready to overcome the challenges these other source of energy? Interest in the use of nuclear energy in Africa is gaining momentum to meet the demands of a growing population and industries. Many African countries are looking to nuclear power to speed up economic growth as the reliance on fossil energy source may not be sufficient. Currently the use of fossil fuels as the main source of power is being eroded and has a detrimental impact on the environment. Already the rural and indigenous people are decimating the forests to use mainly as a mean of cooking, which is creating semi desert landscapes. Research-oriented nuclear reactors have been tested in a few other countries, including Kenya, Ghana and the Democratic Republic of the Congo, it is clear that there is widespread interest in a nuclear-powered all across the continent. Uganda, Nigeria,
Half of the population in SubSaharan Africa is expected to remain without access to electricity even in 2030
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FOCUS
Senegal, Niger and others have expressed interest in building up nuclear expertise within their borders. Kenya has already started a program to generate nuclear power and this has been under discussion since 2008. Tanzania passed a law in 2009 allowing for the construction of a nuclear power plant, but to date nothing has materialized. Algeria, Egypt, Morocco and Tunisia have all shown an interest in nuclear power. For now in Africa, only operational nuclear plant is at Koeberg in the Western Cape of South Africa. The plant is under the control of the local private power utility Eskom, which as at the beginning of 2015 declared that it had run out of money to operate its normal power grid. At a media briefing in January 2015 Eskom publicly admitted that they had not maintained their power plants and the energy grid for the last 20 years. So is South Africa experience is a foretaste of what any African country investing in a nuclear power plant would go through? Africa's nuclear ambitions are dampened by ongoing difficulties. To maintain a nuclear plant will take a lifelong commitment for African countries investing in nuclear plant. Firstly, the country must be
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Power Africa set an ambitious initial goal of adding more than 10,000 megawatts (MW) of new, cleaner electricity generation capacity and increasing electricity access by at least 20 million household and business connections.
cognizant of certain realities in that the plant will generate job creation for suitably
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qualified personnel, but it may not be possible to source this expertise within the
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country itself because these jobs would then only be for foreigners. Secondly, developing countries in Africa will face many socioeconomic challenges. A lot of education and sensitization on nuclear plant risk need to be carried out. In addition to that building these infrastructures required a lot of investment. So for Africa governments raising capital from foreign investors will be difficult because many investors will be reluctant to invest in some parts of the continent, where political instability, war or even terrorism are predictable. Finally, Africa going nuclear has already faced opposition of non-governmental organization, such as Green Peace. Africa has so much sunshine year round and should look to alternative energy sources such as solar and wind turbines before investing in costly and potentially dangerous nuclear power. Alternative and cost effective energy sources are available that will not financially cripple already economically challenged developing countries and will not require the highly skilled technical long term manpower that nuclear energy power plants will require.
ENERGY
The demand of Liquefied Gas in Asia boosts Sub-Saharan Africa's Energy Sector BY FRANCIS IVO
The demands from Asian is a good business for Africa energy Liquefied Natural Gaz (LNG). Many Foreign countries companies are heavily investing in Africa.
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or instance US’s Anadarko and Eni are also developing the $30-billion Mozambique LNG project with an estimated capacity of 20 million tons per year to be ready by 2018. Tanzania, with an estimated 53.2 trillion cubic feet (tcf) of gas is expected to make progress in 2015 on the planned two-train LNG plant by the UK’s BG Group and its partners, Ophir Energy, Exxon Mobil and Statoil. Additional LNG capacity is
expected from Angola, Cameroon, Congo, Cote d’Ívoire and South Africa. Sub-Saharan Africa’s gas production rose from 7 billion cu m (bcm) in 1990 to 58 bcm in 2012. Although natural gas accounts for 4% of the region’s total energy mix, demand has grown to 27 bcm with Nigeria expected to meet 60% of the demand. Despite the challenges of inadequate policy, problems of pricing and lack of infrastructure, analysts say countries in
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sub Saharan Africa hope to increase power generation in 2015. The region is launching initiatives designed to meet the demands of projected GDP growth of more than 5% and also provide power to many of the 620 million people who currently live without access to electricity. Power production projects underway are expected to fuel regional GDP growth projected at 5% in 2015.
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AIRLINES BIZ
Turkish Airlines stops Libya flights to Misrata The Turkish Airlines, the last foreign airline operating in Libya, has suspended flights to Misrata, the only city it was flying to in the country beginning 2015, saying that the decision followed the deteriorating security situation in the north African, which comes after the chief of the Libyan air force, Gen. Saghar al-Jarouchi, threatened to attack the Qatari and Turkish airplanes (civil or military) for allegedly carrying soldiers and equipment and using the Misrata airport. BY ELIE DANIEL
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en. Al-Jarouchi had on 21 November 2014 declared the airports of Misr ata and Maitigua, as well as the military ports of Misrata, Sirte and Zouara as military zones, saying that the planes or boats that leave from those places would be searched thoroughly. This move
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was no the first of its kind. In fact, in July 2014, Turkish Airlines suspended flights to Libya after fighting broke out in the capital between rival militias at Tripoli's main international airport. Last year, the European Union banned all Libyan airlines from flying over EU airspace because of aircraft safety
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concerns. Turkey Airlines decision will affected the country's flights to Turkey - a key transit destination for many Libyans but local airlines resolved the situation by renting foreign planes and crew.
2015
Souring demand for Air Travel puts pressure on Africa Airlines On 28 December 2014, the aircraft operating the route Surabaya, Indonesia to Singapore, an Airbus A320-216, crashed killed all he passengers and the crew on board. The main reason behind this accident, according the aviation experts was not just the weather, but also Asia airlines boom, which is taking a tow on the safety of flights business was another reasons for this incident. BY FRANCIS IVO
By 2030 that rate could fall to between 16% and 30%, meaning that, the middle classes are most certainly interested in safe and reliable air travel.
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sia air boom is not an isolated case. Africa is also witnessing the same situation. Africa’s growing middle class is already pushing demand for safe and reliable air travel. Therefore proving that there is a correlation between gross domestic product (GDP) growth and demand for air travel. According to research in 2007 by the University of Nottingham, for every 10% increase in China’s GDP, the volume of air passengers rose by 8.4% and that of air cargo by 14.8%, assuming that other conditions remain unchanged. Reducing poverty means creating a middle class. Last decade, sub-Saharan Africa’s poverty level has fallen from 58% in 1999 to
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48.5% in 2010. By 2030 that rate could fall to between 16% and 30%, meaning that, the middle classes are most certainly interested in safe and reliable air travel. By implementation of the International Civil Aviation Organization (ICAO) safety-related standards and recommended practices, by decreasing the aircraft landing charges, tourism taxes, VAT, and infrastructure development fees, with government support to rehabilitate domestic airports, Africa aviation has a bright future ahead Just some few measures need to be implemented to decrease the pressure on the African skies and avoid tragedy such as the one of Air Asia in 2014.
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INVESTMENT
AGOA opportunities enormous, but challenges remain The Trade, Regional Integration and Employment minister, Abdou Jobe, has pointed out that the trade opportunities under the United States' crafted Africa Growth and Opportunity Act (AGOA) are enormous, but that the challenges remain on the ability of local businesses for full benefit from AGOA, market access conditions, means of access under the Act and so on.
H
e was speaking during the opening ceremony of a two-day sensitization workshop, organized by the Gambia Investment and Export promotion Agency (GIEPA) in partnership with the American Chamber of Commerce (AmCham) and West African Trade Hub on AGOA last December 2014. The workshop examined how to heighten awareness of AGOA benefits for the realization of increased exports, enhanced revenue earnings for operators and employment creation for poverty reduction. Despite the available support measures, the utilization rate of preferences under scheme is still minimal in the case of The Gambia," reported Abdou Jobe. The minister said the successful realization of AGOA for The Gambia has since and will continue to be supported by the conducive policy and strategic environment. He said the United States government is a significant vehicle for the transformation of this objective into tangible socio-economic benefits for the people of the two countries. Jobe asserted that the AGOA initiative in its own merits recognizes the significance of export competitiveness through the strategic partnerships with the West Africa Trade Hub to extend technical assistance and support to local enterprises in their export drive under AGOA. The chief executive officer of GIEPA, Fatou Mbenga-Jallow, said the workshop was to draw the desired maximum impact from products and services exported into US markets through optimal utilization of the incentives under AGOA. She pointed out that the development aspirations of AGOA in a wider strategic perspective are geared towards addressing market access challenges for increased income for beneficiary countries, foreign
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exchange earnings, and employment creation by way of promoting and encouraging value addition. Jallow said The Gambia has been eligible for AGOA over a decade now, but the exploitation of this opportunity as a country has been very minimal. "The utilization of the AGOA resource center hosted at GIEPA by the private sector has also been very low. There is the need for critical look inwards both as a government, as support institutions and as business entities to take on the issues head on in an atmosphere of openness to enable frank discussions for the identification of solutions and action points," she suggested. The acting charge d'affaires of the US embassy in Banjul, David Great house stated that the US continues to demonstrate worldwide leadership in expanding trade with Africa through AGOA. He said a progressive US trade and investment policy towards sub-Saharan Africa has been reducing barriers to trade, increasing exports, creating jobs and expanding opportunity for Africans to build better lives. For the case of The Gambia, he added, the first product items that come to mind when talking about AGOA are seafood, garments, handicrafts, specialty foods and cosmetics products and there are no restrictions or limitations for any country, noting that the challenge for Gambian entrepreneurs is to be imaginative in what they do and in design and finishing of their products. He stated that the workshop came shortly after the reopening of the West African Trade Hub, and following the recent US-African Leaders' Summit in Washington where African leaders secured a commitment from President Obama for a long-term renewal and expansion of the AGOA program. Source: The Daily \Observer (Banjul) FEBRUARY
2015
DIAZPO BIZ
Why cars dealers in the U.S shy away of shipping U.S auto makers secondhand cars to Africa? BY JAMES WALKER
In 1996, car imports to Africa stood at 15%. This was the start of the trend because the percentage kept rising in the latter years, standing at 25% in 1999, 32% in 2002, 50% in 2005, 62% in 2008 and 67% in 2012. Africa has become the destination market for used cars. If the business from Asia automaker is on the rise from Europe to Africa, the U.S and Africa used cars shipping lane is not considerable.
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oday, many vehicles find their way to America from the east at the end of the day, these vehicles are bought and then sold as used vehicles to other continents, Africa being one of them. The likes of Ford which are from America have started making progress in the African market and it will not be long before their presence is felt in the secondhand world. People always
talk about used cars coming from Europe or Asia o Africa. How about secondhand cars from U.S? According to Andre, a car dealers from Cameroon, established in Minneapolis, Minnesota, and who always shipped cars to his home country, sending secondhand cars to Africa will be a lost because most of its consumers have barely come across U.S automakers cars in Cameroon. Some
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of them think that these cars parts are difficult to obtain. He added that it will be a lost for him. The market of U.S cars in Africa is there, concluded Andre, but all relies to U.S automakers to intensify the marketing of their product and make it available to Africans consumers.
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LOGISTICS
O
LAGOS PORTS CONGESTION UNDER SCRUTINY
ct 03, 2014 Nigeria authorities acknowledged that it was time to ease Lagos congestion by pushing use of other ports. Senator Idris Umar, Nigeria’s minister of transport, said the country identified better use of its eastern ports as one of the quickest ways to decongest Lagos, Nigeria’s largest container gateway. Lagos is the second-largest manufacturing hub in the country, which is the continent’s largest and fastest-growing economy. Umar launched a committee to look at way shippers could be encouraged to use the country’s six main eastern ports — Onne,
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Calabar, Port Harcourt, Warri, Sapele and Koko. In a bid to address the congestion in the nation’s seaports, especially the ones situated in Lagos, the Chairman of the Ports Consultative Council (PCC), Chief Kunle Folarin has called on the federal government to initiate measures and policies that will solve the problem. One of the measures through, which can be achieved, according to Folarin, is the expansion of the Lagos ports to accommodate more cargoes; and the ports situated in Lagos, especially Tin Can Island port and Apapa Quay, were overdue for expansion and over years. Meanwhile, there had been
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constraints in Lagos port because land was inelastic, going from a position of 30 berths to 40 berths and up to 60 berthing positions. Nigerian ports are being allocated in the areas of container vessels, bulk carriers and also general cargo vessels. Folarin described the Lagos ports corridors as “congested,” adding that three kilometers from the port corridor should be free of commercial activities. He also called for the introduction of Greenfield port development programs to ensure the sustainable development of the maritime industry in the years ahead. Source: This Day Live
Egypt Second Suez Canal to be completed by Aug 2015
Suez Canal
BY FRANCIS IVO
The second Suez Canal will links the Mediterranean and the Red Sea and will be the fastest shipping route between Europe and Asia. It will handles 7% of global sea-borne trade.
T
his project raised $8.5bn for canal expansion project. The projected revenue will be $13.2bn by 2023.The first ship will navigate through the new canal in early August 2015 according the Egyptian authority. The second canal will be 72km of new channel and bypasses, 97 ships a day by 2023. The new lane will allow
U.S AFRICA TRADE
two-way traffic in part of the canal, reducing transit and waiting times doubling the capacity of the existing waterway, and almost triple revenues in fewer than 10 years, from $5.3bn in 2014 to $13.2bn in 2023. The original Suez Canal, which opened in 1869, took 10 years to build.
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INITIATIVE
How to Start
A Profitable Import/Export Business Although it seems obvious that all manufacturers would want a worldwide market, it is not easy for a company that is limited in its scope and abilities. That's where you come in. An import/export agent is a matchmaker. Manufacturers of domestic goods seek foreign distribution; foreign manufacturers want a United States market. You need to find them, make a solid connection, and establish a business relationship with these companies. BY GISCARD AYISSI
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2015
T
he most important step in setting up your business is finding the contacts. You may have relatives in a foreign country; you may have frequently visited and established business relationships in a country. Or, you might just have a feeling for what will sell where. A person who keeps well-informed in the business world can pick up and ride the crest of worldwide trends. Foreign consulates located in the United States have commercial attaches who want to establish outlets in the U.S., and they're a good place to start. Sometimes these consulates can help you find indices of their own import/ export enterprises. Build up a good rapport with their company’s representatives. Once you have agreed to represent the manufacturer as the export agent, you need to have a written and signed contract to bind this agreement. Your attorney should be the one to draw up this contract. Later you can just use the same one, substituting names of other manufacturers. Become more familiar with the terms of shipping (FOB means free on board or FAS means free alongside), used in quoting prices and delivering goods as you gain experience. Your responsibilities vary with the terms of the agreements and orders. Check with your freight forwarder to be clear about your responsibilities. Confirm the quotation and sale with the manufacturer, and do the same with the freight forwarder and any marine insurance
U.S AFRICA TRADE
agents you are working with. Then follow through. In order to assure the quality of merchandise, some manufacturers prefer to handle freight to the loading docks, which makes it easier for you. A letter of credit eliminates financial risks for you, the manufacturer, and the distributor. When your distributor confirms the order, a letter of credit is drawn from that company's bank to a branch in the United States or to your bank. This letter of credit confirms that funds are available from the distributor to cover the same costs you quoted Promote your business to get more clients. The first transactions give you the experience to learn the ropes of the business, and to establish contacts and agents both here and abroad Expand your business by constantly mailings to your original list of contacts and following-up leads. You might develop a sales approach. As you develop more clients, you can convince the bigger companies of your reputation. Contact as many manufacturers and distributors as you can on both sides of the ocean. Don't be hasty for orders. Investigate the manufacturers and distributors to be sure the products and sales methods are reputable. Check out the particulars of shipping and manufacturing from the foreign country. Each culture works in a specific manner.
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2015
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SPOTLIGHT
Capital city of Mbabane
S W A Z I L A N D BY VIRGINIA YVONNE
The Swazi economy is very closely linked to the South African economy, from which it receives over 90% of its imports and to which it sends about 70% of its exports. Swaziland's other key trading partners are the United States and the EU, from whom the country has received trade preferences for apparel exports (under the African Growth and Opportunity Act – AGOA – to the US) and for sugar (to the EU).
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nder these agreements, both apparel and sugar exports did well, with rapid growth and a strong inflow of foreign direct investment. Textile exports grew by over 200% between 2000 and 2005 and sugar exports increasing by more than 50% over the same period. About 75% of the population is employed in subsistence agriculture upon Swazi Nation Land (SNL). In contrast with the commercial farms, Swazi Nation Land
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suffers from low productivity and investment. This dual nature of the Swazi economy, with high productivity in textile manufacturing and in the industrialized agricultural TDLs on the one hand, and declining productivity subsistence agriculture (on SNL) on the other, may well explain the country's overall low growth, high inequality and unemployment. Economic growth in Swaziland has lagged behind that of its neighbors. The majority of Swaziland's population is
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ethnically Swazi, mixed with a small number of Zulu and White Africans, mostly people of British and Afrikaner descent. Some Swazi work in the mines in South Africa. Swaziland also received Portuguese settlers and A frican refugees from Mozambique. Traditionally Swazi have been subsistence farmers and herders, but most now mix such activities with work in the growing urban formal economy and in government.
2015
BANKING
How Mobile Banking is changing banking system in Africa BY JACKSON ETA
T
hough 75% of sub-Saharan adults do not yet have a bank account, mobile subscribers have been increasing by nearly 20% a year for the past five years in this part of Africa, which is the world’s fastest growing internet population, the world’s second fastest-growing continent economically speaking, and the fastest-growing continent in terms of population. Technolog y and innovation in banking models are on the rise from mobile banking to microfinance. Africa mobile banking growth can be explained by the Africa’s unbanked majority that needs
access to affordable tools for savings, loans, and credit. Another reason is the need to lower the costs and risk of retail, and trade based primarily on cash transactions and the introduction of cashless policies from regulators in countries like Nigeria, Kenya, and Ghana. However, the evolution of African markets faces significant barriers: cost, distance, and a lack of infrastructure. Many companies are taking advantage of this opportunity to steer emerging African economies toward a mobile-driven, cashless (or cash lite) future by introducing a plethora of new products, services, and business models. Financial services
in Africa are experiencing a moment of exciting change. While U.S. consumers are just being introduced to Apple Pay, mobile money services like MPesa and MTN Money have been flourishing in African markets. Nigeria, Africa first economy, ecommerce market alone generates $2 million worth of transactions per week, and online transactions crossed $6 billion by the end of 2014. More people have mobile money accounts than bank accounts in at least nine African countries, up from four in 2012. In the nearest future, the continent as a whole will leads the world in the adoption of financial services on the mobile platform.
INVESTMENT
NEW YORK FORUM AFRICA BY GISCARD AYISSI
T
he 4th edition of the New York Forum AFR ICA, the pan-African economic forum to be held in Africa in 2015, will bring together more than 1500 business and political leaders in May 29-31 2015 in Libreville, Gabon. The forum will be focused on the new dynamism in the continent, its entrepreneurs, economic and investment opportunities, the growing energy sector, jobs creation, as well as education and innovation, topics aimed at drawing up a roadmap for the continent’s
transformation. Economic reforms, diversification strategy, and the expansion of sectors such as transportation, telecommunications, financial services, and tourism will be also debated during the different workshops. The NYFA2015 Marketplace will be a gathering of business leaders from around the world.
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Organized under the High Patronage of His Excellency Ali Bongo Ondimba, President of the Gabonese Republic, the forum is also a prelude to Climate South Initiative (CSI), taking place on May 28 and 29 in Libreville to COP21 in Paris in December 2015.
2015
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TRAVEL
CALITZDORP BY DEE SENEKAL
Calitzdorp is a hidden gem on the South African landscape. It is nestled on either side of Route 62 on the western side of the Little Karoo .Situated midway between Port Elizabeth and Cape Town, it is the gateway to the scenic Garden Route. Calitzdorp is surrounded by some of the most spectacular mountains in the Western Cape.
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t is believed that the valley where Calitzdorp is today was originally a lake as the soil is mainly alluvial. The municipal area is known as “Kannaland”, which is a Khoi word meaning “the valley with no grass” and the Khoi San people who populated the area prior to the white man arriving have left a plethora of rock paintings which can be seen in the surrounding mountains. Calitzdorp is now putting itself on the global map because of 4.2 tons of carbon annually. And as a result many thousands of its love affair with Portulacaria afra a small leafed succulent plant hectares of spekboom plants are being cultivated to reduce the commonly known as “Spekboom”, which is predominantly found carbon footprint and this has put Calitzdorp on the map as far as in the south western part of the Little Karoo but is finding its way conservation is concerned and put South Africa at the forefront of into many areas of the country by human migration. The area is capitalizing on the International Carbon Trading Market which renowned for its indigenous flora and has approximately 500 species is in the region of upwards of $19 billion in trade value annually. of succulents of which 200 are found nowhere else on the earth Calitzdorp has much to offer the local and international but the one that has found its way into many hearts and homes tourist and while you are resting in one of the many Guest Houses is the spekboom. Not only is it an attractive succulent type plant or if you are partaking of the wonderful wines of the area or perhaps which can grow to more than two meters in height and makes for just sitting in the cozy atmosphere of the ‘Porta Deli Restaurant’ an fire resistant border to a property but it is a powerhouse when or on the deck of ‘Casa Liefling’ watching the star burst sky on it comes to reducing your ‘carbon footprint’. The leaves have the a balmy evening and sipping a local Port Wine imagining that capacity to store enormous amounts of carbon emissions and are you are actually in Portugal. Love Calitzdorp will be certain and capable of storing solar energy to photo-synthesize the carbon and ought to make a point of visiting the quaint little town with its render it harmless. Each hectare of spekboom is capable of capturing myriad of attractions.
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2015
Africa Tourism Sector
Needs for Investment BY VIRGINIE YVONNE
According to the World Tourism Organization (UNWTO), 63.6 million international tourists arrived in Africa in 2012, compared to 17.4 million visitors in 1990. The top six countries for international tourist receipts in 2012 were, in descending order: Egypt ($9.94 billion), followed by South Africa ($9.994 billion), Morocco ($6.711 billion), Tunisia ($2.183 billion), Tanzania ($1.564 billion) and Mauritius ($1.477 billion).
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frica is home to some of the fastest-growing economies, and revenues from tourism in Africa already represent more than double the amount of donor aid. Tremendous opportunities exist to further expand tourism across the African continent, yet challenges remain. While Africa accounts for 15% of the world population, it receives only about 3% of world tourism. The need for solid infrastructure, in the form of good roads and transportation corridors, for better airline connections, and fewer visas to cross African borders are just a few of the reasons Africa’s tourism sector has not taken off. In Africa alone, travel and tourism generated 8.2 million direct jobs in 2012. Africa is home to the world’s youngest population, with close to 70% of its population below the age of 25, and youth constituting about 37% of the labor force, but making up approximately 60% of unemployment. Several airlines from the United States, Africa, Europe and the Middle East have plans to expand their routes. The future of tourism in Africa holds great potential, but its expansion and development depends on better transport infrastructure, including infrastructure, such as airline connections airports, roads, railways, and traffic facilities need to be continually upgraded. Opening borders and improved marketing on Africa will allow the continent to position its tourism sector to the global economy.
The top six countries for international tourist receipts in 2012 were, in descending order: Egypt ($9.94 billion), followed by South Africa ($9.994 billion), Morocco ($6.711 billion), Tunisia ($2.183 billion), Tanzania ($1.564 billion) and Mauritius ($1.477 billion).
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TRADE AGENDA
AIRCARGO AFRICA international trade administration When: September 1421, 2015 Trade Mission to Angola, Ethiopia, Ghana, Kenya, Mozambique, Nigeria, South Africa and Tanzania in Conjunction with Trade Winds-Sub-Sahara Africa.
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U.S. Commercial Service Trade Winds – Africa When: September 14 21, 2015 Business Development Conference and Trade Mission, Angola, Ethiopia, Ghana, Kenya, Mozambique, Nigeria, South Africa, Tanzania
OFFSHORE TECHNOLOGY CONFERENCE
7TH ANNUAL BIO MANUFACTURING SUMMIT 2015
Date: May 5-8, 2014 Reliant Center Convention Center Houston, TX, OTC 2014 Founded in 1969, the Offshore Technology Conference organizes the world's foremost events for the development of offshore resources in the fields of drilling, exploration, production, and environmental protection. OTC is held annually at Reliant Center in Houston. OTC ranks among the largest 200 trade shows held annually in the United States and is among the 10 largest meetings in terms of attendance. Attendance consistently exceeds 70,000 and more than 2,500 companies participate in the exhibition.
When: February 19-20, 2015, Where: Orange County, California Registration: www.biomansummit.com Contact 1 800 290 2689. North America’s leading biopharmaceutical event uncovers tomorrow’s strategies to streamline processes, enhance capacity and reduce costs. Through a combination of case studies, keynote sessions, interactive workshops and networking activities attendees come to network and exchange knowledge and expertise on the latest strategies and technologies available to improve operations in an increasingly competitive environment.
U.S AFRICA TRADE
Where: in Nairobi, Kenya at the Kenyatta International Conference Center When: from the 2 - 4th of May 2015 Registration: www. expogr.com/ buildexpokenya Contact: Corporate Headquarters Level 25, Office Number: 2514, Monarch Office Tower, P.0. Box - 333840, One Sheikh Zayed Road, Dubai - UAE Tel : +971-4-3721421 Fax : +971-4-3721422 Working Hours : 9 AM - 5:30 PM (UTC+04:00)( Saturday to Thursday)
Afro Food 2015 Date: May 14-17, 2015 Where: Cairo, Egypt register: afrofood.net E-Mail: info@ afrofood.net.
AIRCARGO AFRICA When: February 25th27th, 2015 5 Where: Johannesburg, SA, Organized by STAT Trade Times5
AISTECH 2015 AUTOMATE 2015 March 23-26, 2015 Where: McCormick Place, Chicago, Illinois Once every two years, automate showcases the full spectrum of automation technologies and solutions. From traditional industrial applications to cutting edge new technologies, you’ll find ways to automate every process in your company... Registration: www.automateshow.com-TEL 734.994.6088 FAX 734.994.3338----EMAIL info@automateshow.com
FEBRUARY
2015
When: May 4-7, 2015 Where: Cleveland Convention Center, Cleveland, Ohio This major steel manufacturers’ event focuses on competing in the global market. Attendees will see cutting edge innovations, learn practical, cost-cutting solutions to business challenges and have the opportunity to network with global industry leaders. Registration: Email: memberservices@aist.org, Phone: +1.724.814.3000-Fax: +1.724.814.3001
TOURISM
Despite Ebola fading, Chinese are boosting Africa tourism industry BY JAMES WALKER
Ebola outbreak of Ebola in West Africa, has impacted the number of travelers from China to African countries in 2014. The number of Chinese tourists to Zimbabwe in the first six months of 2014 dropped to 2,730 from about 10,000 in the same period the previous year.
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n Kenya, tour operators reported at least a 30 percent drop in Chinese arrivals in the past half year. But 2015 tourism sector in Africa is giving positive sign of recovery, especially with Chinese tourists. In Egypt, the tourism industry hit hard by domestic instability over the past three years is expecting a recovery in its tourism sector in 2015. The Egyptian government supports plans to launch direct flights from four airports in China to Aswan, targeting 142,000 Chinese tourist arrivals in Egypt in 2015. For South Africa, however, China has already developed into the fourth-largest source market for tourist arrivals, growing by 15 percent in 2013 to reach almost 152,000 arrivals. Until recently, Chinese tourists mostly went to places in Africa they previously heard about, namely Egypt, Kenya and South Africa, but also increasingly to islands like Seychelles and Mauritius. Despite factors such as language barriers and cultural differences, in the next 2 decades, Chinese tourists will be overtaking
Africa traditional travelers, usually Europeans and Americans who speak English despite their long colonial association with many of those visitors' countries.
SELECT USA Invcstment Summit
MGTA SEMINAR:
Show Dates: March 23-24, 2015 Gaylord National Resort and Convention Center near Washington, DC SELECT USA Invcstment Summit is an unparalleled opportunity to bring together investors from all over the world, economic development organizations from every corner of the United States, high-level government officials, and others working to facilitate investment in the United States. f you are thinking about opening or expanding operations in the United States, then the SelectUSA Summit will help you find the answers you need more efficiently, saving you time and money. You will have the opportunity to learn more about how, where and why to invest in the United States. You'll also learn about resources and incentives directly from federal, state, and local officials.
An Export Transaction: From the Order to Out the Door Thursday, February 12. 8:00 a.m. to 4:30 p.m. Where: Ewald Conference Center, 1000 Westgate Drive, Saint Paul, Minnesota
U.S AFRICA TRADE
55114, United States
WORLD ECONOMIC FORUM ON AFRICA 2015 Where: Cape Town, South Africa When: 3-5 June 2015
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CURRENCY SNAPSHOT
CURRENCY SNAPSHOT
AFRICAN CURRENCIES CURRENCIES VERSUS VERSUS U.S U.S AFRICAN Currency Name
Currency Code
In U.S Dollar ($ 1=)
(sorted alphabetically)
Algerian Dinar
DZD $1= DZD
83.3083 DZD
LIBERIA
Country / Entity
(sorted alphabetically)
ALGERIA ALGERIAN DINAR
DZD
Currency Code
In U.S Dollar ($ 1=)
Liberian Dollar
LRD
84.56 LRD
LIBYA
Libyan Dinar
LYD
1.32 LYD
MADAGASCAR
Malagasy Ariary
MGA
2584.85 MGA
MALAWI
Kwacha
MWK
465.00 MWK
MALI
CFA Franc BCEAO †
XOF
556.52XAF
MAURITANIA
Ouguiya
MRO
291.00 MRO
MAURITIUS
Mauritius Rupee
MUR
31.80 MUR
MOROCCO
Moroccan Dirham Mozambique Metical Namibia Dollar
MAD
9.12 MAD
MZN
33.9894 MZN
RWF
686.000 RWF
ANGOLA
Kwanza
AOA
103.049 AOA
ARUBA
Aruban Florin
AWG
1.79000 AWG
BENIN
CFA Franc BCEAO †
XOF
556.52XAF
BOTSWANA
Pula
BWP
BURKINA FASO
CFA Franc BCEAO †
XOF
9.50796 BWP 556.52XAF
BURUNDI
Burundi Franc
BIF
1,568.00 BIF
CABO VERDE
Cabo Verde Escudo
CVE
1,568.00 CVE
MOZAMBIQUE
CAMEROON CENTRAL AFRICAN REPUBLIC CHAD
CFA Franc BEAC ‡
XAF
556.52XAF
CFA Franc BEAC ‡
XAF
556.52XAF
CFA Franc BEAC ‡
XAF
556.52XAF
COMOROS
Comoro Franc
KMF
CFA Franc BCEAO †
XOF
CONGO CONGO, DEMOCRATIC REPUBLIC OF THE CÔTE D’IVOIRE
CFA Franc BEAC ‡
XAF
409.954 KMF 556.52XAF
NAMIBIA SOUTH AFRICAN RAND (ZAR) ALSO ACCEPTED NIGER NIGERIA
Naira
183.45 NGN
STD
20.360.00 STD
XOF
556.52XAF
SEYCHELLES
Seychelles Rupee
SCR
556.52XAF
SIERRA LEONE
Leone
SLL
4230.00SLL
SOMALIA
Somali Shilling
SOS
724.95 SOS
SOUTH AFRICA
Tanzanian Shilling
1107.05 TZS
RAND
ZAR
TZS $1= ZAR
XOF
556.52XAF
DJIBOUTI
Djibouti Franc
DJF
178.000 DJF
EGYPT EGYPTIAN POUND EQUATORIAL GUINEA ERITREA
CFA Franc BEAC ‡
XAF $1= EGP
515.001XAF
Nakfa
ERN
10.4700 ERN
SOUTH SUDAN
ETHIOPIA
Ethiopian Birr
ETB
20.3500 ETB
GABON
XAF
SUDAN
CFA Franc BEAC ‡
GAMBIA
Dalasi
GMD
515.001XAF 42.6000 GMD
GHANA
Ghana Cedi
GHS
3.21500 GHS
GIBRALTAR
Gibraltar Pound
GIP
0.652422 GIP
GUINEA
Guinea Franc
GNF
7,2115.00 GNF
LSL
11.0342 LSL
LESOTHO
Loti South African Rand (ZAR) also accepted
XAF
GWP
556.52XOF
92.4999 LRD
KES
90.7500 KES
LSL
11.7059 LSL
U.S U.SAFRICA AFRICATRADE TRADE
556.52XAF 689.00 RWF
CFA Franc BCEAO †
CFA Franc BEAC ‡
13.6858 SCR
RWF
556.52XAF
10.4700 ERN
NAD
NGN
CDF
EGP
NAD
RWANDA Rwanda Franc SAO TOME AND Dobra PRINCIPE SENEGAL CFA Franc BCEAO †
Franc Congolais
GUINEA-BISSAU Guinea-Bissau Peso CFA FRANC BCEAO ALSO GWP ACCEPTED KENYA Kenyan Shilling
30
8.8454 AOA
Currency Name
Country / Entity
515.066 XOF
South Sudanese Pound Sudanese Pound
SDG
5.69 SPG
SWAZILAND TANZANIA, UNITED REPUBLIC OF TOGO
Lilangeni
SZL
11.70 SZL
Tanzanian Shilling
TZS
1738.45 TZS
CFA Franc BCEAO †
XOF
556.52XAF
TUNISIA
Tunisian Dinar
TND
1.88 TND
UGANDA
Uganda Shilling
UGX
2784.00 UGX
ZAMBIA
Kwacha
ZMK
5250.81 ZMK
ZIMBABWE
Zimbabwe Dollar
ZWD
361.900 ZWD
SSP
$ 1 = SSP
Source: International Standards Organization. T is currency list table data was last updated January 2015
FEBRUARY JANUARY
2015 2015
AFRICA IS THE NEW FRONTIER
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states, Investment Opportunities Join other U.S companies already established in Africa Let us be part of your success. Find better place to Export in Africa with us.
R E G I S T E R
N O W
Gaylord National Resort and Convention Center in National Harbor, Maryland, in the Washington, DC metro area. w w w. s e l e c t U S A . g ov