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Elevating the SMME sector is key to ensuring long-term economic viability in Africa

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David Mparutsa, Head of Enterprise & Supply Chain Development at Absa Regional Operations
David Mparutsa, Head of Enterprise & Supply Chain Development at Absa Regional Operations

Despite commendable efforts and interventions by various state and private sector entities, there is no silver bullet to how economies across Africa and the small and medium enterprise sector will recover from the global health pandemic.

 

Across the continent, we see a K-shaped recovery as different economies and sectors recover at differing rates from the worst effects of COVID-19 through stimulus packages and global support funds. Countries that acted early and decisively and have the mechanisms to channel support to sectors in critical need of assistance are better placed to lead the recovery. From a business perspective, sectors such as tech and telecoms are running ahead while leisure and tourism and aviation have a long road to regain lost ground.

 

Simply put, one year on from the pandemic, there is no linear or homogenous road to economic recovery.

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So, where does this leave the critical SME sector in Africa?

According to the African Development Bank’s report African SMEs Through COVID-19, small and medium sized enterprises (SMEs) account for more than 90% of businesses and almost 80% of employment in African economies. The majority of these enterprises are to be found in the informal sector. Small business owners, particularly in the informal sector, can start afresh and pivot their business offerings according to the market needs.

 

But this adaptability and agility – the very qualities that make SMEs such a feature of the African economic landscape – are also the sector’s biggest Achilles heel. Anyone with an idea, the drive and the perseverance can start a small business in support of their families and even communities, but by its nature, it does not lend itself to long-term sustainability.

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A 2020 Catalyst for Growth report found that the impact of the COVID-19 pandemic was felt to a far greater extent in emerging markets due to SMEs in these markets being constrained by institutional inadequacies.

Depending on the scale of the SME, when COVID-19 hit, some were unable to pay their own and employee wages, others were forced to retrench staff, while many were unable to meet financial obligations as they were not prepared and equipped to withstand such a tremendous economic shock.

 

SMEs with very little in the balance sheet in terms of investments or liquid assets and highly geared struggled for survival during the pandemic. It goes back to only borrowing money for necessary projects and where the business owner has a line of sight of cash flow to service that debt.

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The April 2021 AfDB report African SMEs Through COVID-19 stated that in addition to immediate support and relief measures, governments should also “consider mid-to-long term structural policies for African SMEs that would enhance their resilience after the crisis”.

 

Key recommendations include:

  • strengthening awareness of opportunities for SMEs,
  • investing in skills and capacities,
  • speeding up the adoption of digital technologies, and
  • strengthening credit reporting institutions.

 

The way back from the brink

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Education to support the SME sector will be crucial, and this is where corporates such as Absa Bank play such a critical role through enterprise supply chain development programmes and supporting initiatives.

 

Africa is a vibrant and growing economic pot but still subject to regular economic shocks and bouts of turbulence, be that due to political instability or natural disasters.

 

The SME sector, in particular micro-enterprises, will have to learn the importance of contingency reserves and a culture of saving instead of a hand-to-mouth approach, which leaves zero room to manoeuvre and too exposed to external factors.

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SMEs can adapt to changing circumstances, but the sector needs to incorporate contingency and succession planning as critical parts of its make-up. In addition, adequately documented procedures which allow your business to continue to operate in your absence as well as optimal stocking and resourcing levels to drive efficiency will have to become part of the fabric of the SME sector.

 

During the pandemic, Absa provided financial assistance in payment relief to at least 670,000 customers in Africa, with approximately US$72m dollars in cash flow relief provided to our retail and business banking customers. In Ghana this included repayment moratorium of up to six months to businesses who have been impacted by COVID-19 and a reduction in lending rate by 2% on qualifying SMEs.  We also incentivised the use of digital channels for convenient and safe transaction; in a market like Ghana, this translated into some fee waivers for online transactions.

 

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Furthermore, we provided counsel to small business owners and through our business development support programmes such Absa SME Clinics, Absa Business Connect series & Absa StartUp Training sessions, designed to upskill and empower SMEs.

 

Meaningful support of this critical economic sector requires multi-stakeholder involvement from both the public and private sectors.

 

The economic green shoots of recovery can be seen all over the continent in key data points such as the GDP outlook, which the African Development Bank predicts will grow at 3.4% in 2021, as opposed to a contraction of 2.1% in 2020, and there has also been a solid rebound in commodity prices. Allied to that are vaccine roll-out programmes, which will help boost confidence in various economic sectors.

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As a small business owner can adapt quickly, it is imperative that SMEs keep their ears close to the ground in terms of sector recoveries and quickly try and plug into those sectors that are potentially doing well and leading the economic recovery. Understand what your business can offer and link into the value chains of large firms in those sectors, maybe as a supplier or as a distributor.

 

The opportunities will be there. However, the SME sector will need to be agile and increasingly resilient in ensuring its long-term sustainability and ability to withstand any future shocks.

 

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By David Mparutsa, Head of Enterprise & Supply Chain Development at Absa Regional Operations

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People & Lifestyle

Richard Strauss-Ashiaby, the Best-Graduating Student from UniMAC-IJ, Gets the Hollard Prize

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Richard Strauss-Ashiaby

Hollard Ghana, the country’s favourite insurer, has honoured Richard Della Strauss-Ashiaby, the valedictorian from the University of Media, Arts and Communication-IJ (UniMAC-IJ), with the Hollard Prize during the 2nd Congregation held in Accra.

To commemorate this remarkable achievement, Roswitha Adjoa Amoako, Head of Group Business at Hollard Life, presented Richard with the Hollard Prize, including a laptop, a citation, and a cash prize during the ceremony.

Speaking after the event, Cynthia Ofori-Dwumfuo, Group Head of Marketing and Corporate Affairs, commended Richard on his notable feat.

“We are thrilled to join in celebrating Richard Della Strauss-Ashiaby on his well-deserved award as the overall best-graduating student from the University of Media, Arts and Communications-IJ. At Hollard, we believe in the power of education to transform lives and shape the future. By supporting talented individuals like Richard, we are investing in the next generation of leaders who will drive positive change in our society, thus enabling better futures”, she stated.

Commenting on the award, the recipient, Richard, expressed his deep gratitude, saying, “I am truly humbled about this award, not only for the just-ended ceremony but also for the long-term partnership between Hollard and UNIMAC-IJ. I hope this award will inspire students to strive for excellence and positively impact their fields. Thank you, Hollard Ghana, for this incredible opportunity”.

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Since its inception in 2022, the Hollard X Academia program has significantly improved the lives of numerous students and fostered a culture of excellence and innovation. This comprehensive initiative, which includes the Hollard Prize, Scholar Programme, Streetwise Finance engagement sessions, and Corporate Experience, is a testament to our commitment to investing in the next generation of leaders. 

Anatasia Nana Aba Acquah, Gwendy Tetteh, Joshua Seidu Adams, and Sandra Kumah are some of the past beneficiaries of the Hollard Prize since its inception.

The country’s favourite insurance group is Hollard Ghana, with subsidiaries Hollard Insurance and Hollard Life Assurance. The group combines its deep local knowledge of the market, having previously operated in Ghana for 25 years as Metropolitan Insurance, with the world-class expertise of an international insurance brand in 18 countries worldwide. With feet firmly planted on Ghanaian soil but headquartered in South Africa, Hollard delivers innovative insurance solutions customised to the unique risks Ghanaians face. Hollard offers various life and general insurance products, including funeral, personal accident, motor, business, travel, home, and more, and can be reached via 0307000599. Beyond various nationwide office branches and Hollard 2U franchise shops, Ghanaians can find Hollard at Shell Fuel Station Welcome Shops, Melcom stores and online at www.hollard.com.gh, www.melcom.com/hollard-insurance and www.jumia.com.gh for all their insurance needs.

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Tech Talent Wars: Strategies to Retain Top Employees in a Hybrid World

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The hybrid work model, a blend of in-office and remote working, has reshaped how businesses operate and compete for top tech talent.

As technology companies embrace this approach, they’re also facing intense challenges in retaining skilled employees. The rise of remote work has broadened the competitive landscape, and companies must adapt their retention strategies to secure the best talent. This article explores how tech companies can retain top employees in a hybrid world, focusing on the challenges to hire Solana developers and the role of the best recruitment agencies in Perth.

The Hybrid Work Environment and Tech Talent Retention Challenges

A hybrid work model offers flexibility, but it also introduces new challenges:

  • Remote Burnout: Blurring lines between work and home can lead to overwork, fatigue, and eventual burnout, making employees feel disconnected.
  • Lack of Engagement: Reduced face-to-face interaction can cause disengagement, diminishing collaboration and morale.
  • Increased Competition: Hybrid work allows companies worldwide to recruit across borders, intensifying competition for specialized talent.
  • Strategies to Retain Top Tech Employees in a Hybrid World

To overcome these challenges, businesses can implement specific strategies to retain their tech workforce:

  • Flexible Work Policies: Allow employees to choose when and where they work best, providing them with the autonomy they value.
  • Career Growth Opportunities: Establish clear career paths and offer training programs that align with individual goals, helping employees visualize their future with the company.
  • Recognition and Rewards: Create recognition programs to celebrate achievements and offer tangible rewards for exceptional performance, whether through bonuses or additional leave.
  • Fostering Connection: Organize virtual team-building activities and maintain regular check-ins to nurture a sense of connection despite the physical distance.
  • Inclusive Culture: Embrace diversity and implement policies that prioritize employee well-being to foster a supportive environment.

Hiring Solana Developers: A Niche Challenge

Blockchain technology, particularly the Solana platform, is experiencing rapid growth, making the search to hire Solana developers competitive. Retaining these specialists requires a thoughtful approach:

  • Training and Upskilling Opportunities: Offer opportunities for continuous learning and skill enhancement to keep Solana developers at the forefront of their field.
  • Innovative Projects: Provide challenging and creative projects that push developers’ boundaries and satisfy their desire for meaningful work.
  • Community and Collaboration: Encourage collaboration and create opportunities to share knowledge and insights within a supportive developer community.

Best Recruitment Agencies in Perth and Their Role in Retaining Talent

Perth has become a competitive tech market, and the best recruitment agencies in Perth are pivotal in helping businesses find and keep top talent:

  • Deep Market Knowledge: They provide insights into local market trends, emerging skills, and salary expectations.
  • Networking and Candidate Relationships: Agencies build strong relationships with candidates to understand their goals and find roles aligned with their career aspirations.
  • Consulting Services: They guide companies on best practices for onboarding, engagement, and retention, offering strategies tailored to each company’s specific needs.
  • Final Tips and Recommendations for Retaining Top Tech Talent

To ensure businesses retain their tech talent in a hybrid work world:

  • Prioritize Communication: Keep communication lines open between leadership and employees, ensuring clarity about goals and expectations.
  • Continuous Feedback: Conduct regular surveys to gather employee feedback and address concerns promptly.
  • Employer Branding: Promote a strong employer brand that emphasizes company values, growth opportunities, and a supportive culture.

Conclusion

In today’s competitive hybrid work environment, retaining top tech talent is critical. This requires businesses to tailor their retention strategies to address remote work challenges and specialized roles like Solana developers. Companies can rely on local recruitment agencies, such as the best recruitment agencies in Perth, to find and retain the talent needed to succeed. Proactive communication, career growth, and a supportive culture will help businesses adapt and win the tech talent wars.

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Don’t Take Any Risk – Protect Your Car During Break-ins!

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thief stealing car

With the crime rate rising daily, you must exercise caution and learn how to protect your car from burglars. It has been reported that more than 810,000 vehicles were stolen in 2023, which is a high number.

So, if you do not want to face a similar situation or become a victim of car theft, follow the simple steps we discuss.

1. Keep the doors and windows of the car locked

This is one of the simplest yet effective tricks to protect a car from theft—you must always lock the door and windows, even when you are not using the vehicle. Open windows attract thieves, who can easily access the car. A locksmith Portland Oregon, can customize locks for car windows.

2. Have access to the keys

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Always be careful when you have a car. Never leave the keys lying around, and always be cautious to avoid losing them. Always keep spare keys so you are kept in the car when you lose one. Be mindful of not storing the car key inside or outside the vehicle, as it makes it easier for thieves to steal it.

3. Choose a secure car parking

You must be careful when choosing secured car parking. Do more than park it anywhere. It can be dangerous. To ensure complete safety, park the car where it does not have public access, and you can invest in building your garage or renting a garage. When parking outside, you must select a well-lit space, never choose a remote area, and choose a spot with CCTV camera access or any other security device.

4. Never keep valuables inside the car

If you keep valuables in the car, thieves can be tempted to break into or steal them. Valuables, including your purse, any expensive buy, or luggage, are easily visible in the vehicles. Even grocery bags can be enough to attract burglars, as they signal that there are more items inside the car. You can use a cargo cover based on your vehicle’s model.

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5. Activate the car alarm

Most advanced cars have a built-in alarm system that triggers when anybody tries to open the car door. You must activate this alarm whenever you leave the car in the parking lot or garage. With just one intruding attempt to open the car, the alarm activates with a loud noise, which deters the thief. However, if your vehicle lacks one such alarm, you can buy a car alarm from the market and install it to keep it safe. These alarms are available in multiple options, allowing you to choose from various models and prices.

Summing it up

If you live in a safe location, then simple steps are enough; however, to maintain extra protection, install a few devices to prevent thieves, such as a vehicle immobilizer and steering wheel lock to discourage thieves. You can get help from a professional locksmith Gresham Oregon, to protect your car without any inconvenience. Find out who the leading professionals are and keep their contact details on your phone.

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The Psychological Impact of Colors and Graphics on Online Gambling Behavior

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online gambling

If you are familiar with casinos, you already know how colorful they are. The physical ones are filled with bright buttons, colorful chips, and neon lights. Their online counterparts are no exceptions.

Online gaming and casino apps and sites have kept up with the trend, and you can see that in any such platform. Like just try the Betway Zambia login, and you will see what I am talking about. Today, we will take a vibrant ride learning how the colors and graphics can impact the games and gaming behaviors.

  1. How Colors and Graphics Impact Psychotically Impact the Online Gambling Behaviors of the Users

The web design behind online casinos depends on various factors that can psychologically affect gamers. This includes colors, sounds effects and music, bonuses and rewards, and even user interface. 

Now, let’s look at the role of colors and how various shades can impact the user’s psychology.

1.1) The Classic Red and Green

The bright reds and greens are undoubtedly the first shades that come to your mind when you hear the word ‘casino.’ Primarily associated with cards, pools, and roulettes, these hues give players the casino vibes.

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While red is linked with risk-taking, the greens are related to money and winnings. Both attract the players and make them excited for the games.

1.2) Happy Yellow and Orange

The happy shade of yellow boosts your dopamine, while orange demands attention. Combining them reminds us of the buzzing environment of casinos and the excitement of playing the games and placing bets. This makes the players more eager and excited to play.

1.3) Black and Gold for the Royalties

The classy black and shiny gold background symbolizes special features and quality. These are particularly hit among the rich and loyal VIP customers and reward them with luxury gifts and rewards.

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1.4) A Touch of Blue for Trust

Finally, safe and trusted online casinos try to encourage faith and trust in users by using calm shades of blue. 

Especially for the navigational keys, the cool hues make you feel that each click is safe. It promotes the most crucial element of building successful user relations – trust.

  1. The Role of Graphics 

Along with the rainbow of shades, visual graphics also enhance the gaming experience to a vast extent. These can be done with:

  • Signs, symbols, and icons
  • Animations 
  • Dynamic visuals

The flashing icons, spinning reels, and entertaining animations make games enjoyable.

However, you must remember that the best application of colors and graphics is with moderation and subtlety. The key is to find the balance. The graphics should excite the gamers but never overwhelm them. So, it has to be done correctly and with much care. That way, the gaming experience can become much more than slots, spins, and wins – it transforms into a real adventure!

The design behind online casinos and other gaming sites is an intricate combination of complex psychology, advancing tech, and unique creativity. 

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With the continuous evolution of technology and ingenious creative trends, it is equally important to focus on the psychology of gaming and how graphics can affect it. Along with cool sound effects, easy navigation, and attractive rewards, the proper application of colors and graphics can positively impact the gaming behaviors of the users.

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Met Gala 2024: See fashion highlights and best looks

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The Met Gala’s red carpet never fails to deliver unforgettable moments in celebrity fashion, and this year’s event in New York City, themed “Sleeping Beauties: Reawakening Fashion,” was no exception. (more…)

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Social Trends: Elite Prom Night: Ugandan High Schoolers Arrive in Choppers & Supercars

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Entebbe, Uganda – Elite High School’s prom night showcased opulence as students arrived in helicopters, Tesla cars, Mercedes-Benz, and Lamborghini, sparking social media buzz and discussions on the source of such wealth in a developing country.

Elite High School typically attracts attention from a wide range of people due to their extravagant Prom parties. The 2024 Prom party followed suit and garnered attention from government officials. On May 4th, a Saturday, students were eager to attend their Prom, which occurs before candidates start their final exams.

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Most students arrived dressed in their best attire, while some even hired luxurious cars. One student arrived in a helicopter with his date. After getting out of the helicopter, they were escorted into a luxurious car that transported them to the Prom venue.

According to an interview with our presenters, Pam Malaika, and MC Ollo, sources revealed that the helicopter was hired from Bar Aviation at $1200 (approximately Ugandan Shillings 4.5 million), while the car, a V8 2022 Model, was hired for 6 hours at 3 million Ugandan Shillings.

Minister John Muyingo, however, expressed dissatisfaction with the Prom trends, stating, “Are these things happening in Uganda? Where are we going? Money is a scarce resource; it shouldn’t be given out and spent like that.

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