Sunday, October 14, 2018

#CommonCurrency: #West #African countries from West African Monetary Zone (WAMZ) to Collaborate to Interlink Payment System





October 14, 2018
To make trading between African countries easier, West African countries have joined forces to interlink their payment system.

The Director-General, West African Monetary Institute, Mrs. Ngozi Egbuna, made this known on Sunday in an interview with the News Agency of Nigeria on the sideline of the IMF/WB Annual Meetings in Bali.

She revealed that with funding from the African Export-Import Bank, the Institute was currently working to link the payment system of Gambia, Guinea, Ghana, Liberia and Nigeria.

She said that once the linkage was done, West African States would be closer to achieving their dream of migrating to a single currency, known as the ECO.

Egbuna said that the linkage was the second phase of the Institute's payment systems infrastructure project in the region.


She recalled that between 2012 and 2016, the African Development Bank funded the creation of payment systems in Sierra Leone, Guinea, Liberia and Gambia, who at the time, did not have.

"The West Africa Monitoring Zone which is made out of six countries; The Gambia, Guinea, Ghana, Liberima, Nigeria and Sierra Leone will be used to pilot the Payment Systems Infrastructure.

"Interlinking our payment systems will make it possible for us to quote and trade in our local currencies.

"So if you have Naira and you want to buy in Guinea or any of these countries you can buy and settle in Naira.

"We are working in conjunction with the Central Banks as co-settlement and payment institutions, not that Central Banks will bring their money, but they will only oversee the trading platforms," she said.

Egbuna said that the success of the West African linked payment system would also convince countries that were still cautions of the single currency plan, of its importance in boosting intra-trade.


The Director-General gave reasons why for so many years, West Africa was still unable to have a convergence of its Monetary indices, which is a core criteria for the establishment of a single currency in the region.

"Since the convergence criteria was set up, each of our countries sometimes meet or miss some, but we have not been able to meet them consistently on a sustainable basis.

"But before the global financial crisis, we met them and then the crisis came and the second round effect of it which is the fall in commodity prices hit all of us.

"As we were about to get settled, the Ebola hit almost all the countries except for Ghana and for about three years the world was shut out of all our countries.

"Nothing was moving and there was no economic activity. As if that wasn't enough, in August 2017 we had the flooding in Sierra Leone.

"So you see a series of shocks have made it impossible to meet those criteria."

On the fiscal side, she said that the habit of over spending during election was having negative impact on the West African states.

"On the fiscal side, we have not been able to meet it on a sustainable basis.

"This is mainly because most of our countries over-spend when on election.

"We just had an election in Sierra Leone and Liberia and the Nigerian election is on the way."

NAN reports that WAMI is an institution of the West African monetary zone set up to ensure the economic and financial integration of the zone.

NAN recalls that West Africa currently have the goal of creating a common currency for the region by year 2020.

For the currency to be implemented, 10 convergence criteria was set out by WAMI must be met.

The four primary criteria to be achieved by each member country include single-digit inflation rate at the end of each year and fiscal deficit of not more than three per cent of the GDP.

Also a central bank deficit-financing of not more than 10 per cent of the previous year's tax revenues and gross external reserves that could cover a country's import bill for a minimum of three months were proposed.

There are also six secondary criteria which had to be achieved by each member country.

They include the prohibition of new domestic default payments and liquidation of existing ones, tax revenue should be equal to or greater than 20 per cent of the GDP.

Also, wage bill to tax revenue should be equal to or less than 35 per cent, public investment to tax revenue equal to or greater than 20 per cent and a stable real exchange rate as well as a positive real interest rate.


Source: https://punchng.com/west-african-countries-collaborate-to-interlink-payment-system/



#CommonCurrency: West African countries from West African Monetary Zone (WAMZ) to collaborate to Interlink Payment System




October 14, 2018
To make trading between African countries easier, West African countries have joined forces to interlink their payment system.

The Director-General, West African Monetary Institute, Mrs. Ngozi Egbuna, made this known on Sunday in an interview with the News Agency of Nigeria on the sideline of the IMF/WB Annual Meetings in Bali.

She revealed that with funding from the African Export-Import Bank, the Institute was currently working to link the payment system of Gambia, Guinea, Ghana, Liberia and Nigeria.


She said that once the linkage was done, West African States would be closer to achieving their dream of migrating to a single currency, known as the ECO.

Egbuna said that the linkage was the second phase of the Institute's payment systems infrastructure project in the region.


She recalled that between 2012 and 2016, the African Development Bank funded the creation of payment systems in Sierra Leone, Guinea, Liberia and Gambia, who at the time, did not have.

"The West Africa Monitoring Zone which is made out of six countries; The Gambia, Guinea, Ghana, Liberima, Nigeria and Sierra Leone will be used to pilot the Payment Systems Infrastructure.

"Interlinking our payment systems will make it possible for us to quote and trade in our local currencies.

"So if you have Naira and you want to buy in Guinea or any of these countries you can buy and settle in Naira.

"We are working in conjunction with the Central Banks as co-settlement and payment institutions, not that Central Banks will bring their money, but they will only oversee the trading platforms," she said.

Egbuna said that the success of the West African linked payment system would also convince countries that were still cautions of the single currency plan, of its importance in boosting intra-trade.


The Director-General gave reasons why for so many years, West Africa was still unable to have a convergence of its Monetary indices, which is a core criteria for the establishment of a single currency in the region.

"Since the convergence criteria was set up, each of our countries sometimes meet or miss some, but we have not been able to meet them consistently on a sustainable basis.

"But before the global financial crisis, we met them and then the crisis came and the second round effect of it which is the fall in commodity prices hit all of us.

"As we were about to get settled, the Ebola hit almost all the countries except for Ghana and for about three years the world was shut out of all our countries.

"Nothing was moving and there was no economic activity. As if that wasn't enough, in August 2017 we had the flooding in Sierra Leone.

"So you see a series of shocks have made it impossible to meet those criteria."

On the fiscal side, she said that the habit of over spending during election was having negative impact on the West African states.

"On the fiscal side, we have not been able to meet it on a sustainable basis.

"This is mainly because most of our countries over-spend when on election.

"We just had an election in Sierra Leone and Liberia and the Nigerian election is on the way."

NAN reports that WAMI is an institution of the West African monetary zone set up to ensure the economic and financial integration of the zone.

NAN recalls that West Africa currently have the goal of creating a common currency for the region by year 2020.

For the currency to be implemented, 10 convergence criteria was set out by WAMI must be met.

The four primary criteria to be achieved by each member country include single-digit inflation rate at the end of each year and fiscal deficit of not more than three per cent of the GDP.

Also a central bank deficit-financing of not more than 10 per cent of the previous year's tax revenues and gross external reserves that could cover a country's import bill for a minimum of three months were proposed.

There are also six secondary criteria which had to be achieved by each member country.

They include the prohibition of new domestic default payments and liquidation of existing ones, tax revenue should be equal to or greater than 20 per cent of the GDP.

Also, wage bill to tax revenue should be equal to or less than 35 per cent, public investment to tax revenue equal to or greater than 20 per cent and a stable real exchange rate as well as a positive real interest rate.


Source: https://punchng.com/west-african-countries-collaborate-to-interlink-payment-system/


Wednesday, October 10, 2018

#OPPORTUNITY: #TEF, #GIZ partner to empower young #entrepreneurs across #East and #West Africa



The Tony Elumelu Foundation (TEF), Africa's leading entrepreneurship philanthropy, is partnering with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, the German Government's Agency for International Cooperation.

GIZ will support the Tony Elumelu Foundation Entrepreneurship Programme to empower 210 young African entrepreneurs, focusing specifically on female entrepreneurs and tech-enabled businesses.


The Entrepreneurship Programme of TEF was launched in 2015, having supported more than 4,000 entrepreneurs with seed capital pan-African wide. The announcement is coming ahead of the largest gathering of African entrepreneurs – The Tony Elumelu Foundation Entrepreneurship Forum – which will hold on October 25, 2018 in Lagos, Nigeria. The Forum will celebrate the 2018 cohort of the Foundation's beneficiaries.

The joint partnership will equip more African entrepreneurs with the skills needed to build strong and sustainable businesses, while providing them with access to seed funding.


The partnership will be implemented by Make-IT in Africa, a programme GIZ is implementing on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). Make-IT already works in close collaboration with more than 20 corporate and financing partners, social enterprises, hubs, and networks to support an enabling environment for young entrepreneurs, to enable better access to finance, markets, and skills.

By signing a Memorandum of Understanding (MoU) on 8th August 2018, GIZ and TEF strengthened the entrepreneurial ecosystem to support African entrepreneurs. GIZ and TEF share the common understanding that young companies, especially from the technology sector, have the potential to radically transform the business landscape in Africa and are key drivers of sustainable development.

Parminder Vir, OBE, CEO of the Tony Elumelu Foundation, said: "The partnership with GIZ ensures that more entrepreneurs across Africa will access seed capital, as well as the world-class TEF proprietary online training and mentoring programme. Since the launch of the programme, we have received over 300,000 applications, and we are actively looking at leveraging our success, so we can greatly exceed our own commitment to 1,000 entrepreneurs annually over 10 years."

Dr. Thomas Kirsch, the Country Director of GIZ Nigeria, said:" Employment is the key measure for socio-economic development in Nigeria. Entrepreneurs and start-ups have the capacity to facilitate job creation in a way that wasn't imaginable ten years ago. We've entered a new era where initiatives by the German government, such as Make-IT in Africa, could be instrumental in empowering youth by addressing the skills gap and connecting them to markets, corporates, and financing opportunities. We are encouraged by this partnership with TEF and the opportunity to create lasting impact in the lives of many."

The list of beneficiaries are published on the Foundation's website.



Additional Information for journalists:

The TEF-GIZ partnership is based on:

·        A commitment of EUR 1 million by the German Government (BMZ), via the Make IT Programme, to empower 210 young and/or female tech entrepreneurs in the sectors of agriculture, energy, and health across Africa through capacity development training.

·        Leveraging the ground-breaking capacity building, training, and mentoring approach of the Tony Elumelu Foundation through its TEF Entrepreneurship Programme, which enables entrepreneurs to acquire management skills and establish long-term partnerships with peers, business and financing partners.

·        The growth of a network of African and European start-ups that enables sharing of lessons learnt, new partnerships, and linkages to entrepreneurial "ecosystems" in Africa.

·        The TEF Entrepreneurship Programme is the $ 100 million flagship programme of the Foundation. It identified 10,000 African start-ups and entrepreneurs with ideas that have the potential to transform the African continent in the last 10 years. For TEF, the goal is to invest in the generation of at least 1,000,000 new jobs and to contribute $ 10 billion in new annual revenues across Africa. The Foundation's investment and commitment to advancing entrepreneurship is predicated on the belief that Africa's entrepreneurs hold the key to unlocking the potential of the continent and to facilitating its transformation.

Other developmental organisations that have partnered with the Tony Elumelu Foundation include the United Nations Development Programme (UNDP), L'Agence Française de Développement (AFD), and the International Committee of the Red Cross (ICRC).


Source: https://newstage.com.ng/2018/10/09/tef-giz-partner-to-empower-young-entrepreneurs-across-east-and-west-africa/


#EVENT: #UNRISD International Conference: “Overcoming #Inequalities in a Fractured World…” -- 7-9 Nov, 2018





UNRISD is delighted to announce the full line-up for its major international conference Overcoming Inequalities in a Fractured World: Between Elite Power and Social Mobilization, taking place in Geneva on 7–9 November 2018.

Highlights include leading thinkers François Bourguignon and Vandana Shiva as keynote speakers, and a UN-Civil Society roundtable, representing a unique opportunity to hear civil society activists and senior international development specialists at the UN debate the political barriers to transformative change and discuss how we can build the strategic alliances needed to overcome them and push for more sustainable development.

For this Conference, UNRISD has again been able to mobilize untapped research: from the Global South, from young scholars, from women researchers, and from practitioners. Their voices and unique perspectives on development problems are a likely source of innovative knowledge and solutions and promise to inspire the debates on sustainable development in challenging times.

Finally don't forget the conference opening at 18.30–20.00 on Wednesday 7 November at the University of Geneva, with a top line-up of thought leaders, influencers and advocates for change—including Saskia Sassen, Naila Kabeer, and Jomo Kwame Sundaram—who will discuss the growing influence of elite power: see the Programme for more details!

Register today and join us for this exciting knowledge exchange bringing together different strands of the debate and the academic literature exploring inequalities, its root causes and solutions, and a wealth of case studies from over thirty countries.


Source: http://www.unrisd.org/unrisd/website/events.nsf/(httpEvents)/991144531445E749C125832000408952?OpenDocument


Tuesday, October 9, 2018

#EVENT: Burkina Faso, #Senegal and #Togo look hard at E-commerce Opportunities ahead of UNCTAD-ECOWAS Regional Workshop


Burkina Faso, Senegal and Togo need far-reaching reforms of their infrastructure and legal systems to benefit from e-commerce, new studies of the West African countries by UNCTAD have revealed.

The reports will be presented at a regional e-commerce workshop organized by UNCTAD and the Economic Community of West African States (ECOWAS) in Ouagadougou, Burkina Faso, on 9–10 October.

"Studies carried out by UNCTAD show that vast reform projects are needed for Burkina Faso, Senegal and Togo to seize fully the development opportunities offered by e-commerce, and that they will require ambitious actions on the part of governments. UNCTAD is here to help them," UNCTAD Deputy Secretary-General Isabelle Durant said.

"This is a win-win strategy, which must be pursued because e-commerce is now a key gateway to foreign markets."


The workshop, the first step in the preparation of a regional plan, will be inaugurated by Ms. Durant in the presence of the ECOWAS agriculture, water resources and the environment commissioner Jonas Gbian and Daouda Ouedraogo, a representative of Burkina Faso's commerce, industry and handicrafts ministry.

While taking account of each country's specific circumstances, the UNCTAD evaluations highlighted the common obstacles they face.

Although each is committed to building a digital ecosystem, none currently have a dedicated e-commerce strategy. And low-levels of internet accessibility and service quality, due to a lack of competition in the telecommunications sector, is a significant obstacle to the digital growth.

Weak and costly hard infrastructure, and logistics services that are not well integrated by operators, make deliveries of consumer good bought or sold online to "the last mile" often impossible.

Despite increased dynamism in the development of electronic payment systems, competition remains limited and online payments remain marginal. Cash payments on delivery are standard.

Although legal frameworks comply with ECOWAS regulations, their implementation remains insufficient and takes little account of the emerging aspects of the digital ecosystem.

Meanwhile, a significant gap remains between the needs of businesses and the knowledge of students, with schooling oriented towards traditional commerce.

Finally, Burkina Faso, Senegal and Togo share difficulties accessing finance to support e-commerce ventures.

Burkina Faso: starting start-ups

The assessment found that e-commerce expansion is taking place mainly in the informal economy, through private classifieds sites and social networks, while a small number of professional operators have developed platforms covering sectors such as agribusiness, clothing, IT and household appliances.

"Burkina Faso must capitalize on the strengths identified by the study: the process towards the digitalization of public services, a competitive telecommunications sector, the development of broadband internet infrastructure, a science park and dynamic start-ups. The proposed roadmap will enable us to accelerate the country's digitization," said Burkina Faso's commerce, industry and handicrafts minister Harouna Kabore.

Under the aegis of Burkina Faso's Plan National de Développement Économique et Social, the "Burkina Start-Ups" programme financially supports start-ups. But their growth and structuring as companies often remain uncertain.

Senegal: relatively dynamic

Dakar has become a laboratory of tech start-ups. Fintech players are already trying to penetrate the local market by forming strategic partnerships.

The e-commerce sector in Senegal is relatively dynamic, compared to many of its West African neighbours. Internationally renowned firms, such as Jumia, have established a strong presence by relying on the local market and the Senegalese diaspora abroad. Others, on a smaller scale, are trying to find a place in a market destined to grow.

However, apart from a small number of operators, e-commerce is developing mainly in the informal economy, through private classified sites, aggregator sites and social networks.

"The impact of the development of e-commerce in the structural transformation of the Senegalese economy is well established. This is why, thanks to UNCTAD's assessment of Senegal's readiness for e-trade, efforts will be more focused on mobilizing stakeholders, the state, the private sector and eTrade for all partners to remove obstacles, identify and implement its flagship recommendations," Senegal's investment, partnerships and teleservices minister Khoudia Mbaye said.

Several factors have contributed to the development of e-commerce: broadband internet (mainly in the big cities), a legal framework set up in 2008, electronic means of payment via mobile telephony, and people trained in information and communications technologies. However, there are several logistical and financial challenges to overcome before these favourable conditions can be exploited.

Togo: powerful potential

The potential for the development of e-commerce in Togo is limited: there is a weak internet infrastructure, few online payments, and it is difficult to make or receive deliveries outside of the capital Lomé. However, tech start-ups are bursting with innovative solutions that make it possible to work around existing problems.

"My ministry is strongly committed to making e-commerce a powerful engine for economic growth, inclusive trade and job creation in Togo. This new assessment has identified the development of e-commerce as one of the strategic sectors that should promote trade and remove barriers to trade," said Togo's commerce minister Essossimna Legzim-Balouki.

eTrade for all

The German government funded the Rapid eTrade Readiness Assessments as part of its support to UNCTAD's eTrade for all initiative.

This initiative provides countries with capacity-building solutions for e-commerce and optimizing synergies between different partners.

It has 29 partners, seven of whom will participate in the Ouagadougou workshop: the World Bank Group, the African Development Bank, the United Nations Economic Commission for Africa, the International Trade Centre, the World Trade Organization, Universal Postal Union, and the Africa Civil Society for the Information Society.

UNCTAD has conducted e-commerce assessments for developing countries since 2016, recognizing that policymaking will need to move quickly if least developed countries are to capitalize on rapidly changing economics.


Source: https://unctad.org/en/pages/newsdetails.aspx?OriginalVersionID=1870&utm_source=CIO+-+General+public&utm_campaign=557a227079-UNCTAD+CSO+Newsletter+16+November_COPY_01&utm_medium=email&utm_term=0_3d334fa428-557a227079-70458069



Sunday, October 7, 2018

#Call for Applications: Media Sound Hamburg, ACCES scholarship Kenya




Media Sound Hamburg, in partnership with ACCES 2018, is calling on young Kenyan film music composers, video game music composers and sound designers to apply for a summer school that will take place in Hamburg, Germany, between 9 and 18 August 2019.


Media Sound Hamburg lecturer Stephan Eicke will be at ACCES 2018 in Nairobi where he will conduct a sound design workshop.


The successful candidate will get to attend various masterclasses, workshops, forums and special events while interacting with international film composers and industry professionals.

Lecturers who are already confirmed for Media Sound Hamburg 2019 include Randy Thom (Apocalypse Now, Return of the Jedi, The War of the Worlds), Glenn Kiser (Avatar, The Incredibles, Pirates of the Caribbean), Sue Harding (Quantum of Solace, In Bruges, I, Daniel Blake) and Adam Mendez (Florence Foster Jenkins, Exodus: Gods and Kings, Jason Bourne).

The application deadline is 4 November 2018.

The winner of the scholarship will be announced at the 2018 Music In Africa Conference for Collaborations, Exchange and Showcases (ACCES) in Nairobi, Kenya, starting 15 November, where Media Sound Hamburg lecturer Stephan Eicke will conduct a workshop aimed at music producers who are looking to tap into the film industry. The session will also cover the basics of sound design and music for the gaming industry.

This is the second scholarship to be given under the partnership. The winner of the 2018 scholarship was South African sound designer Rethabile Nyamate (video interview below).

Eligibility

Applicants need to:

Be Kenyan nationals
Be present at ACCES 2018 (register to be at the conference here for free)
Be under 30 years old
Have experience in music composition
Have an interest in sound design/film music composition/video game music composition
Have a valid passport
Requirements

Applicants will need to submit the following to be considered for the scholarship:

CV
Biography detailing previous work and interests
Music In Africa profile (with extracts of your work such as video and audio)
What you will get:

A scholarship to Media Sound Hamburg 2019 (9 to 18 August 2019)
Free choice of any masterclass, workshop, forum or special event at Media Sound Hamburg 2019.
Flights (economy), accommodation and a per diem.
CLICK HERE to submit your application online.

For more information about Media Sound Hamburg, visit the official website.

More about ACCES

ACCES is a pan-African event for music industry players to exchange ideas, discover new talent and create business linkages. ACCES is held in a different African city every year, attracting active music industry players from across the globe.

ACCES is organised by the Music In Africa Foundation is partnership with Goethe-Institut, Siemens Stiftung, Kenya's Permanent Presidential Music Commission and the Kenya Cultural Centre. Other partners include ONGEA, Ketebul Music, SAMRO Foundation, Midem, Busara Promotions, Bayimba Festival and WOMEX.

For more information, including registration and sponsorship opportunities, visit the ACCES website or download the ACCES 2018 brochure here



Source: https://www.musicinafrica.net/magazine/call-applications-media-sound-hamburg-acces-scholarship-kenya


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