Mar 24, 2017 Last Updated 10:30 AM, Mar 24, 2017

Africa has 1% of air service market

Kenya Airways Boeing 777-200ER 5Y-KQU HKG 2012-7-19ABN – According to a report by the World Bank, Africa’s share in the global air service market is less than 1%.

This is despite the continent covering 30 million square kilometres and containing more than 1 billion people – 12% of the global population.

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Prasa to address Public Protector’s report

ABN - Popo Molefe, chair of the Passenger Rail Agency of South Africa (Prasa), will today address the outcomes of the Public Protector’s report.

The report gives evidence of widespread maladministration and impropriety in Prasa’s tendering process, with former CEO Lucky Montana at the centre.

Molefe said that the Prasa board would need to consider the report fully before making any statements or taking any action.

He is expected to outline the board’s view on some of the report’s most serious findings today.

Report author Thuli Madonsela claims there was a culture of failing to comply with Prasa’s supply chain management policies that may have cost the agency millions.

She recommended that the South African Treasury conducted a forensic report into all Prasa contracts worth more than R10 million from 2012.

Madonsela said she was not provided with sufficient documentation to investigate all the allegations made and that any unanswered questions would be deferred to a second report.

@ABNetworkOnline

Africa’s managed assets to exceed $1 trillion

ABN – The value of Africa’s traditional assets under management (AuM) in 12 markets across the continent will reach almost $1.2 trillion in five years’ time, according to PriceWaterhouseCoopers (PwC).

From just $293 billion in 2008 their value is projected to climb to $1.98 trillion by 2020, representing a compound annual growth rate (CAGR) of nearly 9.6%.

The increase will primarily be driven by economic growth and the subsequent rise in wealth, which will increase demand for pensions, life insurance products and retail investment funds.

Increased adoption of technology will make the delivery of these products cheaper, encouraging more Africans to join the formal financial sector.

PwC made these predictions by examining the asset management industry across 12 countries from every corner of the continent.

Ilse French, PwC Africa asset management leader, said: “As Africa has entered the 21st century, economic growth has surpassed expectations and stimulated investor interest across a broad range of asset classes.”

“Although the fund industry in Africa is, in most countries, still developing and has much to prove, global and local asset managers are likely to become more active as the industry continues to flourish.”

@ABNetworkOnline

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