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The African Counsel
Sub-Saharan Africa Newsletter |
March 2011 | Volume 2, Issue 2 |
Bribery & Corruption in Sub-Saharan Africa: Genesis, Panacea & Implications for FCPA Compliance in the Region
By: Herbert A. Igbanugo, Esq.
Of all the continents, Sub-Saharan Africa (SSA) is said to be the most fascinating and promising; but she also poses the greatest challenges. Governments, multinational corporations and other business entities in the U.S., EU, China and the Middle East now see Africa as the 21st Century's new land of opportunities. Approximately two years ago, millions of Americans welcomed the son of an African father and an American mother, President Barack Obama, to the White House, giving hope to the entire world, especially Africans and the nation states of SSA. As the missing link in the global economy, Africa now stands at the cornerstone of growth and opportunity. SSA countries have long generated some of the highest returns on deployed capital. With twenty percent (20%) of the world's total landmass, a population of 900 million (14% of world total), and a galaxy of mineral resources, the continent has been appropriately dubbed a "sleeping beauty."
Regional integration in SSA is coming into play in building blocks of an African economic community. Emerging from old African institutions are new institutions, such as the African Union (AU) and the New Partnership for Africa's Development (NEPAD), transforming into "work shops" from the old "talk shops," and applying new and innovative solutions to old African problems. As former U.S. Ambassador to the United Nations, Andrew J. Young, observed, "Africa's role in the 21st Century is increasingly more strategic as the U.S. seeks assurance of growing markets through the Africa Growth and Opportunity Act and an assured secure supply of petroleum in the midst of Middle Eastern chaos." Former U.S. Secretary of State Colin Powell also opined shortly before leaving office that: "Africa matters to America, by history and by choice. America has almost 35 million citizens of African descent, and more than 30,000 Africans are studying in the United States today. Last year, trade with Africa approached $30 billion and the United States is the Continent's leading foreign investor."
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U.S. Commits $12.6 Million for Côte d'Ivoire Humanitarian Aid
America.gov, 3/9/2011
President Obama announced that the U.S. Government, through the State Department's Bureau of Population, Refugees, and Migration, will provide $12.6 million in emergency funds to international and non-governmental organizations assisting refugee and other displaced populations resulting from recent political unrest and violence in Côte d'Ivoire. Read more... |
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U.S. Funding to Train 140,000 African Health Workers
Pride Source, 3/17/11
The United States will fund training for 140,000 African health care workers in an initiative to "transform and dramatically increase" medical education on the continent, the top U.S. AIDS official announced March 8. Read more... |
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New Angola Sickle Cell Initiative Draws Energy and Medical Sector Partnership
Chevron News Release, 3/22/11
Chevron Africa Latin America Exploration and Production Company has signed a Cooperation Protocol with the Baylor College of Medicine International Pediatrics AIDS Initiative at Texas Children's Hospital and the Republic of Angola today in Luanda, Angola to establish the African nation's first comprehensive Sickle Cell Disease program. Read more... |
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Igbanugo Partners Int'l Law 250 Marquette Avenue
Suite 1075 Minneapolis, Minnesota 55401 USA Phone: 612-746-0360
Fax: 612-746-0370
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Recent Political Change and Prospects for Mining in Niger Republic
Gerson Lehrman Group, 3/18/2011
While the world's attention is focused on the triple tragedies that occurred in Japan over the past week (earthquake, tsunami, and meltdown of nuclear power plants), revolts in Arab and North African countries, and less so, the postelection crisis in the Ivory Coast, a peaceful political change occurred in Niger Republic, largely unnoticed. Read more...
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Africa Should Remove Some Tax Breaks for Investors: International Monetary Fund
The International Monetary Fund said sub-Saharan African nations should focus on improving their investment climates, while moving away from offering tax breaks that result in lost government revenue.
"The importance of these incentives is much exaggerated in respect to what they actually yield," Carlo Cottarelli, the fund's director of fiscal affairs, said today in an interview in Kenya's capital, Nairobi. "Creating a good business environment, fighting corruption, these are more effective at attracting investment than incentives." Read more... |
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Nigeria Plans to Spend $10 Billion on Petrochemical, Fertilizer Factories
Bloomberg, 3/20/2011
Nigeria plans to spend $10 billion of foreign investment on 10 new plants in the petrochemical and fertilizer industries, Petroleum Minister Diezani Alison-Madueke told reporters today in Abuja, the capital.
The projects include one petrochemical facility, two fertilizer factories and a liquefied petroleum gas distribution plant, she said. Read more... |
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Sustainable Energy Access for Africa: a Win-Win Solution for Climate and Development
Modern Ghana, 3/19/2011
Supporting developing countries to scale-up access to sustainable energy for cooking will not only bring positive effects for climate change; it will improve the health and economy of the world's most vulnerable households. What's more, the cost of achieving universal energy access in the coming decades is surprisingly low. Read more... |
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Manufacturing in Africa Can Be Profitable - and Developmental
IPS, 3/21/2011
Investing in adding value to raw materials is crucial for the development of the African continent. Some foreign entrepreneurs have created food-processing businesses in Africa and are making good money, despite an occasionally difficult business environment. Read more... |
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Mobile Banking Opportunities in Africa
Bizcommunity.com, 3/17/2011
Mobile-savvy consumers want to do more for their phones and this presents opportunities for Africa's banks and their merchant partners. Mobile phone penetration in Africa has exploded since 2000, as it has elsewhere in the developing world. Read more... |
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