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Ease of doing business: Botswana up 1 notch

Botswana has slightly improved its position in the ease of doing business, according to the World Bank’s latest report. Botswana moved one notch up to the 71st position in the bank’s 2017 Doing Business report.

The report places Botswana as the third best country in Africa to do business, maintaining the same position as in the previous 2016 report. The country trails behind Mauritius and Rwanda. In the latest report, Mauritius is ranked 49th after going down by 17 spots but retained its spot as the best country to do business in Africa. Rwanda is the second best country in Africa after going 10 spots up to 56th position.

Botswana managed to move a place up following the country’s decision to make it easier to deal with construction permits by streamlining procedures. This was achieved by abolishing the requirement to submit a rates clearance certificate,

Doing Business focuses on regulation that affects small and medium-size enterprises, operating in the largest business city of an economy, across 11 areas. Ten of these areas—starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also publishes indicators on labour market regulation which are not included in the distance to frontier score or ease of doing business ranking.

”The economic literature has shown the importance of such regulations for firm and job creation, international trade and financial inclusion,” the report stated.

The report which is in its 14th edition is titled “Equal opportunity for all”, and for the first time, the Washington-based development lender, took gender factors into consideration in assessing how easy it is to start a business, register property and enforce contracts.

“Why is it important to incorporate a measure of gender differences? First, around half of the world’s population is female and therefore it is important that Doing Business measures aspects of regulation that specifically impact this large group. For some years now the Women, Business and the Law data have shown, for example, that in some economies a female entrepreneur faces more obstacles than her male counterpart for a variety of economic and business activities. To the extent that these obstacles are ignored, the Doing Business data will be incomplete,” the report explained.

According to the report, in the previous year leading to the current year, 137 economies worldwide implemented 283 business regulatory reforms. “This represents an increase of more than 20% compared to last year. In fact, the number of economies that implemented at least one reform increased from 122 to 137, indicating that there are more economies trying to improve in the areas measured in Doing Business.

Of the economies in Europe and Central Asia, 96% implemented at least one doing Business reform,” before adding that Sub-Saharan Africa is the region with the second-highest incidence of reforms, with 77% of economies implementing at least one reform captured by Doing Business.

However the report also noted that compared to previous years there is a lower number of top improvers from Sub-Saharan Africa even though this region accounts for over a quarter of all reforms globally. This comes after Kenya was the only African country that made the biggest improvement, moving 16 places up to be ranked 92nd in the latest ratings.

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Business

China’s GDP expands 3% in 2022 despite various pressures

2nd February 2023
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.

The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.

In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.

Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.

China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.

Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.

On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.

According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.

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Jewellery manufacturing plant to create over 100 jobs

30th January 2023

The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.

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Investors inject capital into Tsodilo Resources Company

25th January 2023

Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.

According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.

The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.

Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.

Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.

Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana.  The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.

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