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Ghana shuts down 400 shops belonging to Nigerians

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More than 400 businesses owned by Nigerians have been closed by authorities in Ghana, sparking a protest by owners who have issued a week ultimatum within which to resolve the surrounding the maltreatment of Nigerian business community in Ghana.



The National Association of Nigerian Traders (NANTS) have written a petition to President Muhammadu Buhari and the Economic Community of West African States (ECOWAS) on the issue.

The association gave a one-week ultimatum to the commission to intervene in the matter, warning that the association would occupy the ECOWAS premises if the situation in Ghana was not addressed.

In their protest march to the ECOWAS Secretariat on Monday in Abuja, the traders urged the Commission to intervene to stop the alleged victimization of Nigerian business men and women in Ghana.

According to some local media reports on Tuesday, the President of NANT, Mr. Ken Ukaoha, stated that the development has reached a point where the Ghanaian Parliament has passed a legislation to make the business environment hostile to foreign investors.

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He said that the ECOWAS President, Jean-Claude Brou, had been petitioned over the development.

“This is a save our soul call and the urgency of this protest is to inform you of the state of fear, uncertainty and insecurity that Nigerian traders are currently subjected to in the hands of the government and people of Ghana in different cities under the coordination of Ghana Investment Promotion Center and Ministry of Trade and Industry,” Ukaoha said.

According to him, the members of the association have been shut out of their business premises in pursuance of the eviction order dated July 27, 2018, demanding that “we must have $1m as minimum foreign investment capital to do business in Ghana”.

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Zimbabwe’s Airline, Kenya’s Bond to Be Sold

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Kenya Central Bank has said the country will in November sell 20-year amortised infrastructure bond worth 50 billion shillings ($489 million) just as Zimbabwe pushes to privatise airline.



The the bond which will have an 11.95 per cent coupon will have its proceeds used for road, water and energy projects, it said.

It added that it would accept bids for the bond from Monday to Tuesday and auction it on Wednesday. ($1 = 102.1500 Kenyan shillings).

Also Zimbabwe has invited bids for the state-owned airline.

President Emmerson Mnangagwa’s government is pushing ahead with a drive to privatise and end state funding to loss-making firms, Air Zimbabwe’s administrator said on Monday.

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Air Zimbabwe, which owes foreign and domestic creditors more than $300 million, was in October placed into administration to try and revive its fortunes.

The troubled airline is among dozens of state-owned firms, known locally as parastatals, that are set to be partially or fully privatised in the next nine months as the government seeks to cut its fiscal deficit seen at 11 per cent of GDP this year.

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Air Zimbabwe administrator Reggie Saruchera said in a notice published in media on Monday that potential investors should make their bids before November 23 after paying a non-refundable deposit of $20,000.

Saruchera did not indicate whether investors would be allowed to tender for partial or total shareholding in Air Zimbabwe. He was not immediately reachable for comment.

Only three of Air Zimbabwe’s planes are operational, with another three grounded, which has forced it to abandon international routes.(NAN).

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South Africa: Durban Business owners blames zero jobs on economy.

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Managers and owners at some retail stores in Durban have blamed the block to job creation on shrinking economy.

In a study of 20 stores, most of those surveyed said they would not employ more people even if the national minimum wage was scrapped or if labour laws were changed to make it easier to dismiss people.



The national minimum wage is R3500 per month or R20 per hour.

However, if businesses could increase their turnover, they would consider hiring more staff.

According to those surveyed, there is no money to hire additional staff.

“Educate people, build schools, train youth,” they said.

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To boost job creation, shop owners called on the government to invest more in small businesses, which would help them to employ more staff.

David Shapiro, an economist at Sasfin Securities, said people needed the dignity of having a job.

However, the unemployment rate is at 27.2% with an increasing number of people losing their jobs.

Shapiro agreed the government needed to do more to get the economy moving.

He pointed to government institutions as the key players in turning the economy around.

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“We need a government that serves the population instead of feeding off it.

“In order to grow our economy and create jobs, stable pillars are needed.

“Good institutions like schools and home affairs is where it starts,” he said.

Dawi Roodt attributed technology as a huge problem in the country, “the more we move to digital and technology, the more the need for manual labour diminishes”.

Roodt said the country did not have enough qualified and skilled workers, because of an education system that did not equip its people.

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