Guiding consumers since 2009

Sleeping Africa awakes

By Staff Writer

The World Economic Forum on Africa has is being held at the Cape Town International Convention Centre from June 10th to 12th 2009. The Sessions are a global talk shop designed to plot the way forward for the African economies. The Forum is co-chaired by the Industrial and Commercial Bank of China (ICBC), the World Bank and the UAE's Dubai Group. With a global forum like this the major stakeholders are apparent. Kofi Annan was there co-chairing for the World Economic Forum itself. The conference posited that in the global downturn Africa was well placed to thrive. There were a few reasons for this.

 

  • Partial decoupling
  • In South Africa the NCA
  • Africa still growing

 

Jiang Jianqing Chairman of the board of the ICBC explained in his opening remarks that his bank has more than 60 projects in Africa and that the money is available. He dismissed notions of neo-colonialism saying that China and Africa had a shared history of being colonised and that as over the last thirty years China the sleeping dragon has stirred and become strong again, so Africa over the next 30 years will awake and also become strong again. This sentiment was continued at the forum with the idea that Africa will awake and become the engine of growth for the world as it pulls itself out of the derived financial crisis.

The financial crisis was in a large part caused by risk being diversified through rather than across asset classes. In other words bundling homeloans together was an inherently risky practise, and it doesn't matter if it was five different types of eggs if they were all in the same basket. With risk allegedly diversified risky lending practises were rife. In South Africa the National Credit Act was introduced to put the brakes on risky lending, and has contributed to us being in less of a risky position come credit crunch time. Africa as a whole was less exposed to derivative financial products and as such is now in a position to bounce back and lead the world's economic recovery.

Recent Articles

Featured Are you entitled to your spouse’s pension after divorce?

Divorce means more than just parting ways with your partner. It may also involve parting ways with your assets. The Divorce Act states that your retirement fund forms part of your assets. This means that it will be considered when dividing up your assets.

Retrenched – what payments are you entitled to?

In the current struggling economic climate, retrenchments are a regular occurrence and not everyone survives the cut. If you find yourself on the receiving end of retrenchment you may have questions about the payments that are due to you.

Do you want to settle your debt?

You may be considering settling your credit account, whether it’s a credit card or various store accounts, now may be as good a time as any. This especially if you have saved, or you received a tax return or salary bonus. 

Can you afford a personal loan?

Taking out new debt is not always a choice. However, if you’re not pressed by a medical emergency or an unforeseen disaster, it’s worthwhile considering whether you can actually afford it. But what does it mean to “be able to afford a personal loan”? What percentage of your income should you not exceed dedicating to it? 

Deals

Builders Black Friday Special

Price: R5000
When: Until 29 November 2019
Where: Online

Café Rousse Monday Special

Price: Available on request
When: Mondays
Where: Nationwide

Skye Bar Mojito Special

Price: R55
When: Until 31 December 2019
Where: Johannesburg