With soaring meat consumption around the world, vital omega 3-rich fish stocks destined for human mouths in western Africa are being snatched by foreign food companies to feed factory-farmed animals – and ultimately the populations of wealthier countries.
From pioneering programs in slum housing to mobile phone banking, Santiago and Nairobi are emerging hot spots for business leaders seeking to drive social change, according to a poll of experts on the best countries for social entrepreneurs.
The Kenyan experience and initiatives that the Central Bank of Kenya (CBK)has adopted in order to foster transparency within the Kenyan financial system. In the past year, CBK has adopted the following measures:
Stepped up close collaboration with the Financial Reporting Centre (FRC) – Kenya’s financial intelligence unit (FIU) – to foster a culture of compliance in the banking sector. Emphasis has been placed on the preventive measures outlined in the Proceeds of Crime and Anti-Money Laundering Act(POCAMLA), Kenya’s primary anti-money laundering legislation.
Provided additional clarity on reporting obligations under POCAMLA including the issuance of guidelines on large transactions in January 2016, intended to provide a clear trail of large cash transactions conducted over the counter in banks.
Enhanced AML/CFT on-site inspections. CBK is currently developing a risk based AML/CFT supervisory framework with assistance from the International Monetary Fund (IMF).
Required greater transparency on the part of banks to ensure public confidence. Transparency extends to disclosures by banks on their corporate governance and risk management structures. In this regard, CBK has enhanced the disclosures by banks on their significant shareholders. Banks are now required to disclose on their websites details of significant shareholders who own 5 percent or more shareholding.
Nigeria’s central bank decided to keep its interest rates stable because it wants to encourage capital inflows to Africa’s biggest economy, the central bank governor said on Tuesday.
The war against poverty in Malawi has continued for decades, from even before it achieved independence in 1964. But in many ways, the nation is quite blessed — it has natural resources, a climate that isn’t extreme, a large and bountiful lake, and a peaceful history without threat of war. And still, Malawi forever clings to the top of the list of the world’s poorest countries.
Nigerian policy makers will have to find a balance between inflation, which accelerated to the highest rate in more than a decade last month, and an economy projected to contract this year for the first time since 1991.
Africa’s economic fundamentals remain strong, but governments and companies will need to work even harder to keep the region’s economies moving forward.
Between 2010 and 2015, Africa’s overall GDP growth averaged just 3.3 percent, considerably weaker than 4.9 percent a year between 2000 and 2008. But average growth hides a marked divergence, finds a new McKinsey Global Institute report Lions on the move II: Realizing the potential of Africa’s economies.