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A Note to Self – Public/private sector divide and the Workplace Gender (im)balance Saga in Rwanda

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Talking about “sectoral” or perhaps better put as the PublicPrivate and Third sectors of most economies, the former has always been the weakest link — while the latter two (private and third sector) have always been at the forefront of economic development and “governance reporting”.

Rather interestingly, or perhaps even surprisingly, the private sector seems to be lagging the public sector — the broader governmental efforts — in tackling the Gender Gap in the workplace. Citing the case of one of the most reported — and for very good reasons — countries in Africa, i.e., Rwanda, this article is a reflective viewpoint on what needs to be reined in with utmost urgency.

Drawing from my affiliation and role as co-ordinator of the Centre for Economic Governance and Leadership (CEGL) at the University of Kigali, the private sector needs to step up their game as the enabling environment is firmly in place in the country. 

Research Context

This research note was prompted by a recent report which revealed the “Gender Gap Widening in Rwanda’s Largest Employment Sector,” i.e., the private sector — which, in my humble opinion, calls for an urgent re-alignment from a governance perspective.

As the report highlighted, the World Economic Forum 2022 Global Gender Gap Report, ranked Rwanda first in closing the gender gap in Africa and number six world-wide (in line with improving gender balance, and creating equal development opportunities for both men and women). However, various monitoring findings by Gender Monitoring Office and other stakeholders indicate that the private sector still lags behind in gender equality.

Since my appointment as Coordinator of CEGL in February 2022, I have continued my research — with impact, on the role and place of women in the economic development of Africa. Indeed, I not long sought to summarise my works in an article entitled “Celebrating the Commonwealth Women’s Forum 2022.”

In June 2022, and coinciding with the Commonwealth Women’s Forum held in Kigali, Rwanda, I was also invited to participate in an event themed “promoting gender accountability in the private sector” jointly organised by The Rwanda Chamber of Women Entrepreneurs (RCWE), an umbrella organization established in 2005 under the auspices of the Rwanda Private Sector Federation (PSF).

More recently, I was privileged to mentor a woman graduate candidate for the Master of Science in Project Management Programme to present a research paper at the International Stream of the University of Fort Hare — Research Week of Excellence in November 2022. Her presentation was based on her Master’s Dissertation, under my humble supervision. The student highlighted some of the challenges facing construction projects in Rwanda, which included economic governance and leadership concerns.

Professor Madichie speaking at the RCWE meeting organized by the Gender Monitoring Office (GMO) in collaboration with the Private Sector Federation, with support of the UNDP. June 2022.

Why it matters for theory and practice

I am currently developing some interesting narrative from the Rwandan financial services sector. Ultimately it seems that my research is beginning to bear fruit with the recent appointments of women into private sector CEO roles in the country. Here’s a shortlist of three female CEOs – Beata Uwamaliza Habyarimana (BK Group, since August 2022), Carine Umutoni (Ecobank Rwanda Plc, since November 2022), and now Patience Mutesi (BPR Bank Rwanda, from 1 February 2023).

As a qualitative researcher, and adherent of the inductive approach, these case illustrations will afford the impetus to realign, rebalance and redress (3Rs), the widening gender imbalance in the workplace from the purview of the public vis-à-vis private sector initiatives in Rwanda.

I am also currently developing contents for a master’s degree public policy module on “Economic Governance and Management,” at the School of Graduate Studies, University of Kigali. I am drawing upon the notion that economic governance encompasses two broad areas — macroeconomic management (including aggregate fiscal management) and microeconomic management (relating to the policies that determine the private-sector operating environment and contract enforcement processes etc.).

All of these are pitched against the backdrop of Rwanda’s  National Strategy for Transformation (NST1) – a medium-term national strategy (2017–2024) in Rwanda’s 7-Year Government Programme capturing the first four years of Vision 2050 and domesticated for the SDGs as well as other continental and regional commitments. The NST1 is built on 3 interlocking pillars — economic transformation; social transformation; and transformational governance (ESG for short).

House of Reps to Issue Arrest Warrant on CBN’s Godwin Emefiele Over New Naira Notes

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CBN Governor

The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele is facing fresh arrest threats days after the Department of State Services declared him wanted, pushing for his arrest.

The fresh move to arrest Emefiele is coming from Nigeria’s House of Representatives, following his refusal to appear on Thursday before the lawmakers over the new naira notes. The House ad hoc committee led by Alhassan Doguwa had invited the apex bank head as part of its mandate to interface with the CBN and commercial banks.

The Speaker of the House, Femi Gbajabiamila, had earlier warned that he wouldn’t hesitate to issue an arrest warrant on Emefiele if he fails to honor the invitation of the committee. He said the House was willing to invoke section 89 of the 1999 Constitution by asking the Inspector General of Police to arrest the CBN governor.

Despite the warning, Emefiele did not honor the invitation of the committee, riling the House up. Doguwa, who was swift to condemn the development, calling Emefiele “monster”, said the CBN falsely wrote a letter to inform the House that the CBN governor is not in the country.

“They (CBN) have shunned the House of Representatives again. We are dealing—not only with an institution that we call apex bank—but a monster at the head of that bank. Monster, because if you have disregard for the laws of your land, then absolutely you are on your own,” he said.

Both the House and the Senate had repeatedly invited Emefiele over the redesigned naira notes and the new cash withdrawal limit introduced late last year. The CBN governor had each time declined the invitation to the fury of the lawmakers.

Doguwa said the central bank has been lying to the House that its governor is not in the country, describing it as “a lie by the bank to disregard the committee.”

He made reference to an earlier invitation which Emefiele had ignored on the excuse that he was not in the country.

“Earlier, we received a letter from the CBN, claiming that CBN governor was out of the country with Mr President.

“You can all agree with me that Mr President is back. I wonder how officials of the CBN will now write a letter, lying to the National Assembly that the CBN governor is out of the country with the president,” he said.

Doguwa said the warrant of Emefiele’s arrest will be issued on Tuesday.

The introduction of the new N200, N500 and N1,000 naira notes and the new cash withdrawal policy, which limits weekly cash withdrawal to N500,000 for individuals and N5 million for corporate organizations, have been one of Emefiele’s most controversial policies.

Both the House and the Senate had called on Emefiele to extend the January 31 deadline for the return of the old naira notes to banks. But the apex bank’s boss has repeatedly said that there is no going back on the deadline, boasting that he has President Muhammadu Buhari’s backing.

Among the concerns raised by the lawmakers is the impact the CBN’s policies will have on the informal sector and the general wellbeing of Nigerians. Currently, there is little of the new naira notes in circulation, which banks have attributed to massive shortage from the central bank.

As of Thursday, banks ATMs remain empty while customers who walk into the banks for over-the-counter withdrawals complain that they’re issued the old naira notes.

In response to the situation, the CBN has accused the banks of hoarding the new naira notes, threatening to sanction anyone caught in the act. The apex bank said there is enough new naira notes to ensure adequate circulation in the country.

Gbajabiamila said the deadline given by the CBN for the return of the old naira notes to banks contravenes the CBN Act.

“The House is also aware that Section 20 (3) Central Bank of Nigeria (CBN) Act mandates the CBN to redeem the face value of the recalled currency upon demand, even after the expiration of the notice of recall. Notwithstanding the deadline imposed by the Central Bank of Nigeria (CBN), this House will see to it that this provision of the law is honoured in full.

“Now let me explain that again: the CBN Act, under Section 20, allows the Central Bank to change the legal tender. It also says that after the expiration date, such naira notes changed will no longer be legal tender, but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank,” he said.

Price of APECOIN Could Oscillate If Bitcoin Maintains $23,000 Zone

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ApeCoin [$APE], the in-house token created to power Yugalabs’ ecosystem for the ApeDao community, has been oscillating between $5.386 and $6.000 range since 22nd of January. But it broke above the range and reached a 24 hours ATH of $6.410 after BTC surged to $23.8K.

However, BTC fell below the $23.8K mark, prompting APE to drop. At press time, APE’s value was $6.110 indicating that bears were calling the shots. However, APE could oscillate in this range if BTC maintains the $23K zone.

The On Balance Volume (OBV) and the Relative Strength Index (RSI) indicated downticks on the three-hour chart. This suggests that trading volumes dropped, leading to a drop in buying pressure.

But the RSI value was 61, thus within the bullish threshold, indicating that bulls could gain control anytime. Therefore, APE could oscillate between $5.900 and $6.410, especially if BTC maintains the $23K zone. If BTC moves to the $24K zone, APE could break above $6.410 and retest the $6.793 level.

Alternatively, bears could drop $APE further into the demand zone around $5.900. But a break below the zone’s lower boundary of $5.695 would invalidate the above bias. The drop could stop at the 50-period EMA (exponential moving average) or $5.386.

As per Santiment data, APE’s Exchange Flow Balance was negative (-4833) at press time. A negative Exchange Flow Balance shows that more APE flowed out of exchanges than in, indicating a short-term accumulation. Put differently, APE’s price decline offered discounted buying opportunities for other investors.

However, the drop in trading volumes, as suggested by falling active hourly addresses, could undermine an immediate price reversal or recovery. Thus lending credence to a potential price consolidation within the $5.900 – $6.410 range.

In addition, APE’s weighted sentiment was negative at the time of publication. But the negative sentiment didn’t prevent the recent price rally and could be negligible in the short-term price action direction. Therefore, investors should track BTC price performance to gauge APE’s price action.

Relatively, The Yugalabs/BoredApeYC team is on pace to bank $6M-$8M from the Sewer Pass secondary sales and $1.5-$3M USD worth of Apecoin in the duration of the Dookey Dash game. And this is just part one of the Trial of Jimmy the Monkey.

On the Yugalabs pitch deck, originally they planed on a public sale for trial of jimmy. But even more interesting they projected 8 million dollars in secondary sales. Dookey Dash is an innovative Web3 game, its an ambitious addition to the Yugalabs universe, adding value for existing holders and providing an onramp for newcomers.

$APT Price Increased Rapidly, As Community Voting Opens for ‘Aptos Seoul Hackathon’

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Aptos Coin [$APT] has been showing more strength than other Altcoins in this period and that only means one thing: “Bull run is going to be crazy”. APT 0.00 did some mind blowing pump’s in the last two weeks, it’s expected to happen as the project has potentials to circle in the top 10 next Bull Market trends, right now 1 Apt Coin is trading above 18 USD.

Aptos is a new, independent project focused on delivering the safest and most production-ready Layer 1 blockchain in the world. The team includes the original creators, researchers, designers, and builders of Diem, the blockchain that was first built to serve this purpose.

In October, Aptos Blockchain airdropped a total of 20,076,150 APT to early users. Users who completed an application for an Aptos Incentivized Testnet or users who minted an Aptos NFT while performing Testnet tasks, with an ATH of $12 during launch and a low of $3.08 in December, 2022, APT 0.00 has increased 494% using CoinGecko’s metrics.

While some investors have attributed the boom in $APT to price manipulation from whales, Aptos Co-Founders Mo Shaikh and Avery Ching recently held an AMA where they announced many upcoming developments and community outreach events.

The average transaction fee on Aptos Network is still low compared to the most popular blockchains in the Crypto Market. And Aptos doesn’t stop there. They have announced a plan to reduce gas fees on the Aptos Network by at least 10x in 2023.

With Aptos Seoul Hackathon right around the corner, it’s time to choose the destination of your next hackathon. Head on over to the announcement channel on Discord to cast your vote for Amsterdam, Berlin, or Barcelona.

Decentralized Finance [DEFI] is a rapidly growing ecosystem, and Aptos is a platform that allows for easy access to various defi opportunities in the Crypto World.

Aptos Network has a lot of projects with good fundamentals, great community, and a clear use case, so it’s important to do your research and understand the projects you’re investing in. Keep in mind that the Aptos Ecosystem is constantly evolving, so it’s important to stay up-to-date and adapt your strategy as needed.

[New Course] ChatGPT, DALL-E 2 and Emerging AI Innovations: Business Opportunities in Africa

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Our faculty is Zion Pibowei, a first-class graduate of Physics, with postgraduate degree distinction in applied mathematics, specializing in decision theory and optimization. He heads data science at Periculum, a Canadian data infrastructure company that empowers organizations in underserved markets to integrate their data, decisions and operations effectively through smart analytics and machine learning.

Zion, a mathematical prodigy, will teach a new course at Tekedia Mini-MBA titled “ChatGPT, DALL-E 2 and Emerging AI Innovations: Business Opportunities in Africa”.

Tekedia Institute Mini-MBA >> learn from the best. Please register and join.