The air is clearing after the spectacular financial crisis, markets are once again picking up, but will it be business as usual? Modern economic theory has been shaken to its roots, and its core assumptions are undergoing serious revision. What does this mean to Africa?The African economy at present is largely driven by the extraction of its bountiful natural resources, or more precisely, the presence of foreign direct investment (FDI) lured by the prospect of scarce resources and profit. Most foreign investors, as well as the international body of Aid donors, have encouraged a Laissez Faire, neoliberal styled governance of Africa’s resources, and for good reason. Neoliberal economic theory was the champion of the last decade’s commodity boom. Letting the market run free in many African markets sent the growth rates of those resource rich African nations soaring, as China, the US and private investors vied for a slice of Africa’s largely untapped natural resources.
Prices of goods leaving farms, factories and mines continue to fall, raising hopes that the trend will eventually feed through to supermarket shelves. Statistics SA reported yesterday that the producer price index (PPI) plunged 4.1 percent on an annual basis last month after falling 3 percent year on year in May. Investec chief economist Annabel Bishop said it was "the largest on record, mirroring the severity of the global and local recessions". The fall exceeded expectations of minus 3.3 percent in a Bloomberg poll and minus 3.8 percent in a Reuters poll.
Food price increases have finally started to slow significantly and the trend may continue for the rest of this year. That is certainly the message sent by the moderation in prices at both the retail and manufacturing levels last month — which is known as “disinflation”. At the farming level, food prices have actually fallen — that is “deflation”. But it would be wrong to think that retail food prices will actually fall in SA this year, although the pace of increase should slow further.
Prices at South Africa’s factories, farms and mines dived a record 4,1% in the year to June, delivering the second pleasant surprise on inflation this week and reinforcing the case for lower interest rates. The fall in the producer price index (PPI) was steeper than consensus forecasts for a 3,8% drop year on year, after a 3% dip in May, data from Statistics SA showed yesterday.
« Verba volent, scripta manent », conçoit-on souvent en latin ; « Les paroles s´envolent, les écrits restent ». L´article « Visite : Le premier secrétaire de l´ambassade d´Allemagne au Jour » (sic !) signé Cathy Yogo et publié sur le site en ligne du journal camerounais « Le Jour », le 17 juillet 2009, entrera dans l´histoire du journalisme de notre village planétaire comme un cas patent de tentative de graisser la patte à un support journalistique. Ce qui s´est passé dans la salle de rédaction de « Le Jour » le 16 juillet dernier est d´une incongruité inqualifiable.
During his first media outing Cameroon’s Minister of Communication Issa Tchiroma Bakary invited journalists particularly those of the private press to be more responsible and patriotic. Reasoning along the lines "all roads lead to Johannesburg" the minister said the Cameroon government can help the private press to make money if such press becomes responsible and patriotic. And to show the seriousness of his argument the minister parted with tradition and made the press outing simultaneously on state and private television stations.
The 17 billion Francs CFA Rumpi Project -placed under the Southwest Development Authority, SOWEDA, has requested for the extension of its execution period by one year in order to ensure full implementation of its activities. The Rumpi Project, conceived for a six-year life span, kicked off in 2004,with the goal of reducing poverty in rural areas of the Southwest region by increasing their incomes in a sustainable manner, through improving agricultural output as well as their socio-economic environment.
"The outcome of the CAADP Day will feed into the agenda of the Heads of State at the 13th Session of the Assembly in a couple of days as they address themselves to the theme of the summit, which is 'Investing in Agriculture for Economic Growth and Food Security", said Erastus Mwencha the Deputy Chairperson of the African Union Commission during his opening remarks at the CAADP day. In attendance at the Comprehensive Africa Agriculture Development Programme (CAADP) Day proceedings which were held at the Corinthia Bab Hotel in Tripoli, Libya were more than 200 participants including African Ministers of agriculture, regional economic communities, civil society organizations, development partners and farmers.
New Inter Milan striker Samuel Eto'o said on Tuesday, July 28, 2009, it would be an honour to play for Jose Mourinho after denying he had criticised the Portuguese coach's style of football. The former Barcelona forward, who completed his swap deal with Zlatan Ibrahimovic on Monday, played against Mourinho's Chelsea side in some notably fractious European matches while in Spain. "I never said that I didn't like Mourinho's style of play. For years I have had the chance to play for him but it never happened before now. I want to repay his faith," the Cameroonian told a packed news conference at Inter's training ground.
South Korea's Hyundai Engineering & Construction (000720.KS: Quote) will invest 75 billion CFA francs ($162.3 million) in building a 232 MW gas-fired power plant in Cameroon, state radio in the central African country said on Friday, July 24, 2009. The plant, which will be installed at Logbaba by September 2010, aims to increase power supply to southern Cameroon, particularly the economic capital of Douala, which is battling chronic power shortages. "We plan to send the power produced from this plant to the southern internconnected network (RIS)," said Celestin Ndonga, general manager of Cameroon's Electricity Development Corporation (EDC).
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