The currency crisis in South Africa is a crisis that attracted the attention of the whole world. Of particular interest were the currency crises that occurred in 1996, 1998 and 2001. Many scholars attributed this episode to extremely abrupt changes in the structure of the volatility of the foreign exchange market. This currency crises episode in South Africa was a wake up call to other countries to also be on the look out lest they should also find themselves in the same situation. Scholars both within and without south Africa felt that they needed to study it with keen attention to every details so that they could pick vital lessons that would be used in future or in other countries. To learn more about currency crisis and international foreign exchange rates and trading, read more here: http://fxforex.nl/
One of the key defining things that are thought to have contributed heavily to the currency crises in South Africa was the increase in market uncertainty. These crises are characterized by a period of unusually high levels of volatility in . Researchers have discovered that they can determine the exact dates of when the currency crisis starts and when it is expected to end. This can be done when they deliberately study volatility dynamics changes over a short-term period of time as compared to a complete focus on long-term volatility dynamics changes.
Despite the fact that the South Africa’s rand suffered other bouts of currency crises between 1994 and 2009, at this point the country was more prepared than during the previous ones. There were various measures that had been put in place to ensure that early detection of the possible volatility in the South Africa’s rand is made. Scholars had devised a formula that would help them work it out besides carrying out short-term studies on the volatility of the currency. This perhaps explains why there has been minimal currency crisis in South Africa ever since.
One of the most striking things about art in the Twentieth and Twenty-first Century has been its political voice. Dictators have been frightened of criticism through art. The Soviets imprisoned or exiled many writers. The Chinese communist party censors all forms of art. Hitler burnt many books. Movies like Cry Freedom did a lot to publicize the unfair plight of black South Africans during the apartheid era.
The thing about art is that it is not controlled by politicians. Moreover artists are always trying to challenge convention, tackle taboo subjects, satirize and speak out. Art cannot be successfully contained, especially art of real value.
It is debatable whether Brett Murray’s painting called The Spear falls into the category of great art, or ground breaking art. He has a certain post modern style and his execution is sound. Here is the picture:
The picture is being shown at The Space on Jan Smuts Avenue in Johannesburg. The important man with what looks like his penis hanging out like a gun holster is President Jacob Zuma. By the time you read this article the painting might have already been taken down and possibly destroyed. The ANC are furious that such an image of their leader could be hung publicly. They deem the painting ‘bad art’ and ‘ridicule disguised as art’.
I would like to see paintings like this of Tony Blair exposed. Perhaps standing next to George W.
To be serious again: it is interesting to note that the ANC after being outlawed and their supporters censored for so many years immediately wish to forget such a history and seek to censor black local artists who are asking to be heard.
Africa is not always an easy place to live. There are tensions within society. Denying these tensions artistic expression will only make matters worse.
There is one thing for sure that being an entrepreneur in Africa has always been pretty tough. It’s certainly not impossible but it has traditionally been very dififcult for the majority of people simply because the usual infrastructure of investment, financial advice and facilities is not as readily available as in many countries. However the internet is being seen as a huge opportunity in the African nations for the development of new ideas.
Forbes magazine last year posted an article entitled – Africa could Make you an Internet Billionaire based on an original article by David Rowan of Wired. The gist was that the internet in Africa represents an enormous global market. Internet penetration is growing all the time in Africa, it’s obviously still behind more developed nations but is currently over 130 million people who are online and potential customers.
The auction sites, directories and classified advertising sites we take for granted are not yet established in Africa. There is potential to develop ’African’ versions of popular North American and European websites there. Obviously what works directly in London won’t neccesarily translate exactly to Africa but the potential is certainly there.
It’s also important for the African economy, traditionally internet businesses can be set up at a fraction of a cost than a traditional bricks and mortar business. A good idea can also be more easily financed from any location without the physical constraints of premises. There are many thousands of very web savvy individuals in many African nations – the countries who have invested most in education are likely to be the biggest beneficiaries of course.
There are problems of course, there are lots of restrictive filtering and censorship in many African states which make doing business online more difficult. However most internet entrepreneurs are learning to use resources and technology to bypass these. I recently spoke to a young man in Nigeria who kept up to date with the BBC Business news by using a process he found online to access normally UK only media streams – http://www.theninjaproxy.org/tv/how-to-use-a-bbc-iplayer-proxy/. There are also similar methods available to allow access to online payment schemes like Paypal and Moneybookers which often are difficult to access from some African nations.
A report recently released in the 2012 Tobacco Atlas holds tobacco accountable for 3% of men’s deaths in Kenya. The comprehensive report also found that around 15 billion cigarettes are smoked each and every year by Kenyans alone. These numbers are staggering both in terms of deaths caused and cigarettes smoked, there is even talk by the health authorities that if these numbers continue to increase they will have a tobacco epidemic on their hands.
Compiling the reports is one thing, acting on the results to try and make a positive change is another. Quite rightly so, the Kenyan health authorities are calling for changes to be made to reduce these deaths. Some of the ideas that have been discussed include increasing taxes and the price of cigarettes to make them unaffordable to children and expensive for regular smokers.
There are a number of other methods including the introduction of electronic cigarettes to current smokers, these can be a cost effective way to not only offer a substitute but also help reduce smokers dependancey on nicotine. More info on e cigs can be found here.
The most important thing they can do however is to increase awareness and education to children, non-smokers and smokers alike. The main thing is to reduce the number of people trying cigarettes in the first place.
The amount of aid that has been given to African countries so that they uplift themselves from poverty has not done much as they seem to be regressing. Most of these countries in Africa are always experiencing a shortfall in their overall budget which results in the borrowing of money to cover the deficit. There are many reasons why Africa seems not be progressing as expected and this is attributed to factors that do not seem to have solutions even after many of the countries have had independence for decades.
Some of the factors that contribute to government deficit in African countries are wars which are prevalent between countries or within a country’s own borders. These wars result in economic problems for the citizens as they are unable to be involved in any economic activity that will sustain their economy and eventually improve the lives of the people. Civil wars that have been going on for years have greatly reduced the progress of many countries in Africa as they result in the breakdown of infrastructure that would be used by the citizens in the country so that they can grow economically. Most of these countries then resort to borrowing money from international aid agencies and other countries to be able to cover the deficit. With the poor credit loans offered to African countries to be able to meet their financial needs, there are conditions attached as a way to make sure that the money is used wisely and can be eventually repaid. These conditions are most often ignored due to poor leadership as well as corrupt leaders who use it for their own good. There is need to find better solutions to the government deficit by African countries so that there is real economic growth is seen from them.
It’s interesting sometimes that our greatest regrets can lead to some incredible opportunities. No matter if we’re talking about our own personal lives, or about issues within developing economies, I think that rings true to a large scale.
As far as Africa goes, Apartheid was one of the most horoundous acts which happened to the continent since the end of slavery. One of the vestiges of Dutch settlement though is a significant and advanced wine industry within South Africa that exists no where else on the planet. That came to mind because I saw a couple of 90 point wine clubs spring up from the region, which speaks to the type of high quality wine being produced. Certainly the European roots and relationship have helped the wine industry both grow and prosper within South Africa.
The real question is, can other countries in the Aftrican Union use South Africa’s wine industry as an example of sorts to grow their own domestic wine production capabilities?
I think the quality of produce already being produced in Africa speaks for itself, so there shouldn’t be a question on land quality or even basic farming practices. I think the real question is if many other countries have the combination of climate and resources to create a real wine industry. Nigeria certainly has enough resources, but their climate may be too warm to grow world class grapes. Other countries in West Africa don’t have stable enough governments to warrant $30M investments for only a few hundred acres of land. Personally, I think we’ll see an increase in wine production in Kenya specifically. Being a Christian country they’ll have less local resistance to making alcohol and they have enough available land, especially at altitude which could craft amazing wines to make the attempt worthwhile.