The Pan-African Economy in Brief: Wednesday, September 16, 2020
73% of the wood sold on the domestic market comes from illegal sources:
The United Nations Food and Agriculture Organisation (FAO), through its FAO-EU Flegt programme, has just published a note which shows that access to legal timber remains a major constraint for the development of SMEs in the timber processing sub-sector in Cameroon, Investir au Cameroun informs". The proportion of sawn timber from legal sources supplying the domestic market is estimated at only 27% of the total volume of timber in circulation in the markets of the country's main cities. The remaining 73% therefore represents the share of illegal timber supplied to the domestic market," reveals the FAO.
Universal appoints Nigeria's Pearlena Igbokwe as head of the Universal Studio Group division:
The American multinational Universal has appointed Nigeria's Pearlena Igbokwe as president of its Universal Studio Group branch. According to the group's press release, she will head Universal's global television studio business and will report only to Jeff Shell the CEO of NBCUniversal, the global information and entertainment giant. Pearlena Igbokwe, who became the first black woman to head a major American television studio in 2016, was congratulated for her new promotion by Nigeria's Minister of Information and Culture, Lai Mohammed.
Prospects of a new constitution raise suspicion against Adama Barrow:
On Monday, September 14, the Gambian Parliament examined, in first reading, the draft of a new Constitution to replace the 1997 Constitution, adopted three years after a military coup led by former President Yahya Jammeh. The approval of this text by two thirds of the votes of Gambian deputies will allow, thereafter, submitting the said draft to a popular referendum for its final adoption.
The 2020/2021 budget deficit is likely to exceed 7.5% (government):
The Kenyan government's budget deficit for the year 2020/2021 could exceed the 7.5% of GDP forecast by the government in June. According to the Reuters news agency, quoting Ukur Yatani, the country's finance minister, this pessimistic forecast is due to revenues that are expected to be lower than the targets set at the beginning of the fiscal year that began in July. In the first two months of the 2020/2021 fiscal year, the revenue collected by the state was 40 billion shillings ($368 million) less than initially forecast.