Africa Business News

The Governor of the Bank of Ghana, BoG, Dr. Ernest Addison, has reiterated that it is illegal to price goods and services in foreign currencies such as the U.S dollar.
Despite the existence of the law, the practice exists in many facets of the Ghanaian economy as some businesses have even adopted new ways by pricing against the exchange rate without accepting the physical foreign currency to outwit the law.
the BoG Governor called on businesses and institutions operating in the country to desist from such acts while responding to a question raised by the MP for Ningo Prampram, Sam George, when he appeared before Parliament’s Public Accounts Committee,
He said Dollarisation is illegal and It is illegal to index to the US dollar. He said invoice in US dollars is not allowed.
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The Federal Government on Thursday engaged stakeholders from various sectors of the economy for the implementation of its Highway Development and Management Initiative.
It said the HDMI sought to bring multi-dimensional resources of skills, manpower, finance, technology and much more into the national highway governance within Nigeria’s 35,000 kilometres of federal highway.
The Minister of Works and Housing, Babatunde Fashola, who disclosed this during a webinar, noted that over N160bn worth of investments would be attracted by the first phase of the initiative.
He said the initiative was aimed at bringing order, accountability and profitable entrepreneurship to the operation, management and maintenance of federal highways.
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HP Inc. has announced its commitment to eliminating 75 per cent of single-use plastic packaging by 2025 as part of efforts to reduce its environmental footprint.
In its newly released 2019 Sustainable Impact Report, the company highlighted the progress it was making to drive diversity and inclusion as well as strengthen communities globally.
HP President and Chief Executive Officer, Enrique Lores, said Recent events have laid bare the systemic racism and deep inequalities that remain a stain on society.
He said it was important for companies to hold themselves accountable and publicly report their progress.
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The Federal Government on Thursday said it would announce the date for the reopening of Nigeria’s airspace to commercial flight operations next week.
It stated that the airports remained shut as some gaps in the aviation restart process had not been closed.
The Director-General, Nigerian Civil Aviation Authority, Musa Nuhu, disclosed this during Thursday’s briefing of the Presidential Task Force on COVID-19 in Abuja.
He, however, made no mention about the submission of the restart plan for the aviation sector.
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Air Peace on Thursday announced that it flew all 25 aircraft in its fleet on June 24 to different parts of the country in readiness for the resumption of domestic flights.
It said the flights were aimed at ensuring that the aircraft were in good condition, having been grounded for close to three months, although they had been under storage maintenance.
The airline in a statement by its spokesperson, Stanley Olisa said All the aircraft took to the skies flying to Abuja, Port Harcourt and back to Lagos without passengers.
Olisa said the flights were part of measures the airline had developed to guarantee the safety of both passengers and crew when operations resume.
He said the aircraft were brought out of storage and the pilots had been testing them, as all pilots and flight attendants had been retrained in line with the Nigerian Civil Aviation Authority directives.
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The National Bureau of Statistics said Commodity exports from Nigeria to China, India, Spain, Netherlands and South Africa in the first quarter of this year hit N1.87tn.
The NBS disclosed this in its Commodity Price Indices Terms of Trade report released on Thursday.
Petroleum products stood out as the most exported commodities in the first quarter of this year.
The major import into Nigeria came from India during the review period, with a monetary value of N637.5bn while total exports from Nigeria to Spain during the period was N402.9bn, with crude oil accounting for N360.44bn or 89.46 per cent.
Natural gas exported to the country was put at N31.97bn, while partially refined oil worth N5.29bn accounted for the export balance.
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A new report by the Central Bank of Nigeria on Thursday showed Business operators in different sectors showed a lack of trust in the economy in June.
The CBN’s Statistics Department’ disclosed this in its ‘June 2020 business expectations survey’, which was conducted for businesses nationwide.
The report said, respondent firms expressed pessimism on the macro economy. Respondents’ outlook on the volume of total order, financial conditions (working capital), access to credit and average capacity utilisation all remained negative, but optimistic on the volume of business activities.
The report said the respondent firms expected the naira to depreciate in the current month but appreciate from July to December.
The CBN said the survey was conducted in June with a sample of 1,050 businesses nationwide.
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CEO Sundar Pichai announced that Google has begun auto-deleting new users’ search data and location history on a rolling 18-month basis, as the tech giant moves to tighten privacy settings.
The tweak was introduced Wednesday and is the latest attempt by a big online firm to boost public trust after hefty fines were levied against Facebook and Google for privacy violations in recent years.
Pichai in a blog post said they believe that products should keep information for only as long as it’s useful and helpful adding that the changes were designed to keep less data by default.
He further said Current users can already opt in to auto-delete their data every three or 18 months, a setting that has not changed, although existing users will be reminded of the option to do so.
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Telecom operators said Nokia and Ericsson have been chosen as Singapore’s main 5G network providers, leaving Huawei with only a minor role as the Chinese tech giant faces growing US pressure.
Huawei has been dogged by allegations of stealing American trade secrets and aiding China’s espionage efforts, with Washington pushing countries to bar the company from involvement in their next-generation networks.
Huawei has however denied ties with the Chinese government.
Singtel, one of the city-state’s main telecom operators, on Wednesday said it had chosen Sweden’s Ericsson to build its 5G network after the government gave final approval.
Information Minister S. Iswaran insisted that no company had been excluded in the selection process and the Southeast Asian city-state tries to maintain good relations with both the US and China.
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The US Defense Department has determined that 20 top Chinese firms, including Huawei, are either owned by or backed by the Chinese military.
The list, seen by US media, features video surveillance firm Hikvision, China Telecoms, China Mobile and AVIC.
The determination could lay the groundwork for new US financial sanctions against the firms.
It comes as the US has pressured other countries, including the UK, to bar Huawei for national security reasons.
According to BBC, the list has been published in order to inform congressional committees, US businesses, investors and other potential partners of Chinese firms about the role such firms may play in transferring sensitive technology to the Chinese military. The list is also likely to grow.
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