African Footprint Crowe Horwath Inside This Issue: Zimbabwe

advertisement
Crowe Horwath
TM
African Footprint
Issue 13 - October 2014
Technical Newsletter of the Crowe Horwath International African firms
Inside This Issue:
Zimbabwe
Geography and demography
Zimbabwe is a landlocked country situated in Southern Africa with a total
land area of 390,580 square kilometers. The country is bordered by
Mozambique to the east, South Africa to the south, Botswana to the west
and Zambia to the north and northwest. It is divided into 10 administrative
provinces and 62 districts. The capital city is Harare and other major cities
include Bulawayo, Gweru, Kadoma, Kwekwe, Masvingo and Mutare.
The population of Zimbabwe is estimated to be 13.3 million (according to
the 2012 Census) with 52 percent being female and 48 percent being male.
Of the total population, just over 49 percent is under the age of 17. The
major ethnic groups are Shona and Ndebele.
Zimbabwe
1
Visit by our international leadership
5
A foreign Will for foreign assets
5
Unlocking the Mystery of Hotel
Management Agreements: Part 3
7
New offensive against tax
optimization companies
9
Private Equity Investments in Africa
9
Extract from the World Economic
Survey 2014/2015
10
Economic trends
Zimbabwe's economy has experienced severe challenges over the past
decade, reaching crisis proportions in 2007 and 2008. Gross Domestic
Product (GDP) is estimated to have contracted by:
a cumulative
?
50.3 percent with official inflation rate at 231 million
percent in July 2008;
capacity utilisation in industry fell below 10 percent by January 2009;
?
poverty remained widespread with infrastructure having deteriorated
?
since 2000;
the economy has become more informalized; and
?
severe food and foreign currency shortages were experienced,
?
particularly in 2008 when supermarket shelves where virtually empty.
Feedback from our
Readers!
Should you wish a specific topic to
be covered in our next issue,
please let us know by emailing
your request to our editor
kent.karro@crowehorwath.co.za
Audit Tax Advisory
1
Crowe Horwath
TM
Key Statistics for Zimbabwe (2013)
GDP (current US$)
GNI per capita, Atlas method (current US$)
Population, total
Poverty headcount ratio at national poverty line (% of population)
7 474 000 000
460
13.3 MILLION
73.9
Life expectancy at birth, total (years)
48
Literacy rate, adult total (% of people ages 15 and above)
92
External debt stocks (% of GNI)
71.8
Merchandise trade (% of GDP)
84.3
Unemployment rate (%)
94
Source: International Organization for Migration (Zimbabwe Country Profile 2013)
The adoption of a multicurrency payments system in
February 2009 marked a significant shift in economic
policy in Zimbabwe. This was reinforced by the crafting
and implementation of the Short Term Economic
Recovery Programme (STERP), its implementation
instrument, the 100 Day Plan, and a revised 2009
National Budget denominated in US Dollars. These policy
measures provided an antidote to the scourge of
hyperinflation, and a holistic macroeconomic framework
for economic recovery. The economy responded
positively to these initiatives, with GDP growing by 5.7
percent in 2009 while the year-on-year inflation was (-7.7)
percent as of December 2009. Industrial capacity
utilisation improved from about 10 percent at the
beginning of 2009 to between 35 and 60 percent by
December of that year.
Other significant macroeconomic changes include price
liberalization, removal of surrender requirements on export
proceeds, removal of exchange restrictions, the end of
Grain Marketing Board (GMB) monopoly, imposition of
budget constraints on Parastatals, and the reform of
monetary and fiscal policy frameworks and institutions such
as the Reserve Bank of Zimbabwe (RBZ).
2
Crowe Horwath
TM
Why you should invest in Zimbabwe
Zimbabwe's overall investment environment offers you a market-driven economy with the following attributes:
1
2
3
4
5
6
7
8
Abundant natural resources especially in the mining, agriculture, tourism and energy sectors.
Availability of educated and competitive labour.
Well developed infrastructure.
Access to Regional and World markets.
Security of Investments.
Treaties and Bilateral Investment Protection Agreements.
Free movement of investment capital.
Attractive investment incentives.
Investment Opportunities Areas In Zimbabwe
Sector
Opportunity
MANUFACTURING
Textiles
Cotton ginning, spinning, weaving, finishing textiles and
knitting products.
100
Clothing &
Footwear
Wearing apparel and footwear.
100
Chemicals
Fertilizers, insecticides, pesticides, paints, varnishes, soaps,
detergents, inks, glues, polishes, pharmaceuticals, industrial
chemicals, petroleum products, rubber and plastic
products.
100
Wood &
Furniture
Saw milling, wooden products, furniture and fixtures.
100
Metal& Metal
products
Machinery and equipment, radio and communication
equipment.
100
Technology
Information processing, computer assembly, solar
technology and consumer electronics.
100
MINING
Mining
Prospecting and mining of various minerals including gold,
coal, diamond, granite and platinum (of which Zimbabwe
has the second largest reserves in the world after South
Africa). Opportunities also exist in the beneficiation of the
minerals e.g. cutting and polishing of diamonds, jewellery
manufacturing and tile manufacturing. Quarrying and
mineral exploration
49
TOURISM
Infrastructure
Development
Contruction of hotels and lodges in designated Tourism
zones.
49
Tourism
services
Running and operating tourist facilities e.g. in the South East
of the country.
70
Agroprocessing
Zimbabwe is an agro-based economy and opportunities
abound for investment in value addition in the agriculture
sector, for instance, meat processing, fruit juices, horticulture
and floriculture, processing of cotton lint, sugar milling and
timber processing.
49
Agro-forestry
Primary production of food and cash crops, primary
horticulture, game, wild life ranching, livestock, poultry
farming, fishing and fish farming.
35
Construction
Medium priced residential accommodation, commercial
and industrial buildings (industrial parks, factory shells &
office accommodation)
70
Infrastructure
Development of Toll roads, building and upgrading of
airports, construction of dams and bridges, building of
power generators & transmission facilities, construction and
upgrading of telecommunication facilities
70
Transport
Road haulage, tourist transport, car hire and taxis
35
AGRICULTURE
SERVICES
Maximum
foreign
Ownership
(%)
3
Crowe Horwath
TM
Welsa International Chartered Accountants
WELSA offers cost-effective and substantial benefits to clients by delivering practical and professional solutions to
achieve quality improvement and to develop systems to both achieve and maintain optimal productivity for its clients.
WELSA offers professional Auditing, Accounting, Risk Management, Taxation, Forensic Accounting, Forensic Auditing,
Fraud Investigations and other business advisory services with strength in corporate finance. WELSA is led by wellknown, resourceful personalities, who have collectively accumulated a variety of professional experience over the years.
The Firm's vision is to be the preferred firm of auditors and providers of other professional accounting and related
advisory services in Zimbabwe, Africa and the Globe. This vision is to be realized through the fulfillment of its mission,
which in summary, is to serve the market with integrity, professionalism and independence.
WELSA International provides the following services to a variety of clients operating in various industry sectors:
Accounting Based Advisory Services;
?
Auditing (external and internal);
?
Risk management and risk profiling;
?
Forensic accounting, Forensic audit and Fraud examination services;
?
Corporate finance and business advisory;
?
Corporate recovery including liquidations, curatorship and judicial management;
?
Human resources consultancy; and
?
Other advisory services
?
-
Administration of deceased estates;
Company secretarial services;
Corporate governance and legal advisory services;
IT reviews and consultancy;
Management consultancy;
Tax advisory services; and
Acting as Trustees.
The firm is headquartered in Harare -Zimbabwe and has associate offices in Lusaka – Zambia and Blantyre – Malawi.
The firm has four partners who are registered Auditors and two non-audit partners.
They have a total staff complement of 29. Welsa International Chartered Accountants has recently been admitted as a
member of Crowe Horwath International.
Dr Wesley Sibanda (Managing Partner) is a Chartered Accountant, duly appointed by the Public
Accountants and Auditors Board of Zimbabwe (PAAB) in terms of the Public Accountants and
Auditors Act (Chapter 27:12), as a Public Accountant and Auditor. He has over 30 years
experience in accounting, auditing, taxation and other advisory services including special
investigations (including forensics), corporate finance, risk management, liquidations, judicial
management and related services.
The Managing Partner is in charge of quality assurance and control on all assignments. Dr
Sibanda is the current Chairman of the PAAB, the regulator of Public Accountants and Auditors
in Zimbabwe.
Dr Wesley Sibanda
Welsa International Chartered Accountants
Zimbabwe
4
Crowe Horwath
TM
Visit by our International Leadership
It was an exciting couple of days around the Crowe
Horwath South Africa offices in July, with the Crowe
Horwath International CEO, Kevin McGrath as well as
the regional Director for Europe, Middle East and
Africa, Bernard Delomenie being hosted at our offices
in Johannesburg and Cape Town.
This was a courtesy visit in order to gain further insight
into the South African operations and to see how we
can further expand the network in Southern Africa.
South Africa is one of 22 key economic centres
identified by Crowe Horwath International around the
world and therefore plays an important part in the
International network.
From left: Peter Katz (Horwath Leveton Boner), Terence
Hatzkilson (Horwath Forensics), Kevin McGrath (Crowe
Horwath International)
Our guests also paid a courtesy visit to one of the
Johannesburg office’s major clients.
A great visit by our International leadership to South
Africa!
Mark Watson
Horwath Leveton Boner
Johannesburg, South Africa
From left: Bernard Delomenie (Crowe Horwath International),
Mark Watson (Horwath Leveton Boner), Stephen Bernstein
(Horwath Leveton Boner)
A foreign Will for foreign assets - An international dilemma
If an individual owns foreign (offshore) assets, the question arises as to whether more than one Will is required. The
reason for this, is that the provisions in a Will made in one jurisdiction may not necessarily be recognised in another
jurisdiction where the offshore assets are registered. Also, even though one Will could be used, there may be practical
advantages in having more than one Will.
For example, a South African Will would not be effective to deal with a house in Jersey unless the necessary formalities of
having read the Will out loud and witnessed by a notary public had been observed.
Another example involves civil law jurisdictions, such as those found predominantly in mainland Europe, where those
jurisdictions have statutory rights (forced heirship) for certain family members to inherit, regardless of what is stipulated in
a Will. Therefore, depending on the foreign jurisdiction, a South African Will may not remove the effect of forced heirship
where the offshore assets are located in a civil law jurisdiction.
Another common query is why an offshore Will is necessary at all if the executor has the authority provided by South
African letters of executorship. The answer is that the majority of asset holders registered outside of South Africa will not
recognise letters of executorship and will request a local probate (court authority) or a local notarial declaration
(depending on the jurisdiction) before they will allow an executor to administer the asset.
5
Crowe Horwath
TM
Broadly speaking, the options for dealing with offshore assets are: a single Will, which governs the worldwide estate, a
Will limited to the jurisdiction where the offshore asset is situated or a Will dealing with worldwide assets outside the
country of domicile (permanent residence). Each of these options has its own advantages depending on the nature of the
offshore assets and in which jurisdiction they are situated.
The starting point for analysing how the Will(s) should be structured is to consider what formalities will have to be
followed in the foreign jurisdiction to facilitate the succession. This analysis will be illustrated with the following examples:
1 Case for one worldwide Will
The first example is where an individual is domiciled in South Africa and the only offshore asset is a bank account
registered in England. In this instance, the Will draftsman should consider what the formalities will be, if the testator
passes away, to administer the bank account in England.
Each bank in England has their own threshold in which they will release the funds without wishing to see an English court
authority and, on average, this is approximately £10,000. So if the funds are over the bank's relevant threshold, an
English court authority will be required. In these circumstances, there is a fast track procedure called “resealing” whereby
the English court could formally recognise and give effect to the South African letters of executorship.
So in this case, the Will draftsman may consider that one worldwide Will is appropriate. The only drawback is that the
South African administration and English administration cannot be conducted simultaneously. Before the letters of
executorship can be resealed, court sealed and certified copies of the letters of executorship will first have to be
obtained, which may take many months.
However, the draftsman may consider that the slight delay in administering the English account is not worth the trouble of
preparing two Wills.
2 Case for a domicile Will and Will outside of the jurisdiction
The second example is that of an individual who is domiciled in South Africa, but also owns unit trusts in Jersey, a bank
account in the Isle of Man and stocks and shares in England.
In this example, the assets are located in four different jurisdictions. Preparing four Wills could be quite a messy and
dangerous exercise and not appropriate in these circumstances. A practical solution would be to have the domicile
(home) Will, limited to South Africa only. In addition, there should be an offshore Will, which applies to all jurisdictions
outside of South Africa. The offshore Will could then be used to administer the assets in Jersey, Isle of Man and England.
3 Case for a worldwide Will and separate Will limited to one jurisdiction
A third example is where an individual is domiciled in South Africa,
an Italian national, and owns a holiday home in Italy, which is a civil
law jurisdiction.
In this example, alarm bells should be ringing for the Will draftsman
in South Africa as there may possibly (depending on the family) be
forced heirship issues to consider. Also, where immovable property
(such as land and houses) is owned abroad, an offshore Will is
almost always advisable and, where forced heirship might arise,
necessary. This may be because the foreign jurisdiction will only
recognise a local Will to dispose of property in their jurisdiction or
because an offshore Will can be given authority and used in a more
timely fashion, which will then enable the executor to deal with the
property more efficiently.
In this example, it would be appropriate for the South African Will
draftsman to prepare a worldwide Will excluding Italy and, at the
same time, advise the client that they must have an Italian Will
dealing with their Italian estate only.
6
Crowe Horwath
TM
Obtaining advice
Cross-border estates require careful planning and it is
always recommended that a professional is consulted to
advise on the most appropriate Will structuring.
Where you own immovable property abroad, it is
?
almost always essential to have a local Will in
place to deal with the succession of the property.
In this case, it is usual practice to obtain advice
from a lawyer in the jurisdiction where the
property is situated.
Tips for individuals
?
Remember that if you are a foreign national of a
Always advise a Will draftsman if you own foreign
?
assets. Do not assume that a South African Will
can adequately dispose of foreign assets in the
way that you wish.
civil law jurisdiction, there may be forced heirship
(compulsory shares to family members) to
consider.
When an offshore Will is signed in South Africa,
?
Always advise a Will draftsman if you already have
?
an offshore Will. If you do not mention this, a later
Will may accidentally revoke your offshore Will,
which is already in existence.
Look carefully at which jurisdiction your assets are
?
registered. For example, remember that the United
Kingdom comprises England, Wales, Scotland and
Northern Ireland only. The Republic of Ireland, Isle
of Man, Jersey and Guernsey are separate
jurisdictions. So it is no good asking for a Will
limited to the United Kingdom when you hold
assets in one of the Channel Islands, such as
Jersey or Guernsey.
depending in which jurisdiction the offshore Will is
to be used, there are specific signing formalities
that need to be followed and a professional
should advise on these formalities.
Kent Karro
Horwath Zeller Karro
Cape Town, South Africa
Reproduced with the permission of the
author Mr Oliver Phipps
Solicitor
Lester Aldridge LLP
Solicitors
Russell House, Oxford Road
BOURNEMOUTH BH8 8EX England
Unlocking the Mystery of Hotel Management Agreements: Part 3
In the previous issues of the African Footprint, we shared Part 1 and Part 2 of this three part paper published by my
colleague Matt Gebbie, of the Horwath HTL office in Jakarta Indonesia, which aims to assist clients demystify the
peculiarities of the hotel management agreement.
In this edition of the African Footprint, we share the final part of this three part paper. I trust you might find the
explanations that follow of some of the key commercial terms that form the backbone of a typical hotel management
agreement of interest.
Terminology:
Hotel Management Company
HMC
Hotel Management Agreement, made between HMC and Owner
HMA
General Manager
GM
Finance Director
FD
Furniture, Fixtures and Equipment
FF&E
RevPAR Revenue Per Available Room
Owner’s Right to Terminate:
What are my rights as an owner if I wish to terminate the agreement?
In a typical HMA, there are a few options available for an owner to terminate including material breach, bankruptcy, sale
of the property and a 'performance test'.
A performance test requires the HMC to achieve certain annual performance targets as set out in the HMA. Failure to
achieve these targets in consecutive periods and failure to remedy the situation gives the owner the right to terminate the
HMA. Typically these will not apply in the first few years of operation to allow the property time to stabilise performance.
Performance targets could include the following:
achieved
?
RevPAR is lower than a specified minimum percentage of the achieved average RevPAR of an agreed
competitive set; and/or
achieved GOP is lower than a specified minimum percentage of budgeted GOP.
?
7
Crowe Horwath
TM
How are the owners' interests protected, particularly in longer HMAs?
Often the performance test will include the right on the part of the HMC to cure a failure of the performance test by
paying the shortfall amount to the owner. An owner often limits the number of times an HMC can do this during the
operating term.
Pro-forma Profit & Loss (P&L) Statement:
What is the basic definition of gross revenue and gross operating profit (GOP)?
There are typically 4 main revenue categories; Rooms, Food & Beverage, Other Operated Departments (spa/health club,
business centre, valet, guest laundry, parking, telecoms etc) and Rentals and Other Income (space leasing,
commissions etc). The sum of all 4 revenue categories is known as Total Revenue or sometimes Gross Revenue.
Expenses are categorised as either Departmental Expenses (Rooms, Food & Beverage and Other Operating
Departments) or Undistributed Operating Expenses (Administration & General, Sales & Marketing, Property Operations
and Maintenance, and Utilities). Total Revenue less Total Departmental Expenses is known as Total Departmental
Income.
Gross Operating Profit (GOP) is calculated by subtracting Undistributed Operating Expenses from Total Departmental
Income.
What owner expenses can be booked above GOP?
Typically, all owners' expenses are considered below GOP (i.e. do not reduce GOP).
Non-Competition:
How can I stop the HMC managing another property next door to mine?
Depending on market and hotel category, there may be a non-competition
or area of protection clause in the HMA which provides that the HMC may not
operate another hotel within a specified geographic area surrounding the subject
hotel during a specified period from the signing of the HMA and/or the opening of
the hotel.
This is typically brand specific and does not apply across all brands the HMC may
operate. The idea behind this clause is to ensure: (i) the HMC does not operate other
hotels that may capture demand from the subject hotel; and (ii) the HMC's undivided
attention within that geographic area.
Brand Standards:
Brand standards are often a major stumbling block in negotiations between owners and HMCs. The FAQs outlined below
are an introduction only to some of the discussed issues.
Why is the construction cost per room higher with some domestic / international operators?
Typically HMCs will require certain construction standards be met, vis-à-vis fire, life safety, security, materials, access
and finishings. The more standards, the more likely construction cost per room will increase. In many cases, such as fire,
life safety and security these will not be negotiable.
Why are some HMCs more flexible on room count and room size than others?
Certain brands require certain facilities and this dictates the acceptable room count range and room size range. Such
things are integral to the DNA of the brand and HMCs guard the integrity of their brands very carefully. At the end of the
day, the integrity of the brand is what an owner is paying for and what a guest expects.
Typically there is some flexibility with both room count and room size although there are limits. For example, if the
acceptable range for room size for a particular brand may be 24-30sqm, the HMC is unlikely to accept 18sqm for the
same brand.
Why do some HMCs require the inclusion of food & beverage and meeting space when others don't care?
Similar to room size, brand DNA often dictates the inclusion of certain F&B outlets, meeting space, gym, spa etc. There
is always some flexibility for negotiation and different HMCs and different brands will have different requirements
dependant in part on local market characteristics.
Why can't I choose the name of the hotel?
Typically an HMC will accept only their brand and the location in the hotel name. They will very rarely share the limelight
and include the owner's name.
Michelè De Witt
Horwath HTL
Cape Town, South Africa
8
Crowe Horwath
TM
New offensive in Reunion against tax optimization companies
The socialist Member of Parliament will suggest new
measures, partly inspired by those not approved
last year They would like to propose many measures against tax
optimization of large companies under the budget 2015
introduced this fall.
A key provision will be subject to a vote: intensification of
the sanction for the default in the presentation of
documentation relating to transfer pricing.
It is only one technical provision but the impact may be
very costly for some companies.
Above a particular size, these companies are required to
pass documentation to the administration about their
policy on transfer pricing (prices at which the entities of
the same company in different countries charge for
goods or services, perhaps to reduce the tax burden).
After another aborted attempt in the supplementary
budget this summer, politicians will probably make new
proposals. The idea is to base the sanction on the
amount of the internal transactions of the group, and not,
as now, on the amount of any recovery of taxes.
Other topics may also emerge during the debate, like the
idea of forcing lawyers to report to the tax authorities
their advice in regard to the tax optimization for their
clients - a subject on which the socialist M.P. Karine
Berger may make proposals.
The real problem is not the statements, but the burden of
proof (which now falls to the tax authorities), she
explains. I will make proposals if the political situation
allows. The reform of the notion of abuse of law, also
adopted then rejected by the Constitutional Council in
late 2013, could reappear.
Abdoullah LALA
Crowe Horwath Fiduciaire des Mascareignes
Reunion
Private Equity Investments in Africa
On 25 and 26 September 2014, the Board of Investment in Mauritius, organized its
fourth annual conference on “Private Equity Mauritius”, with a clear focus on Africa.
The scale of investment in Africa has increased significantly. FDI inflows to Africa rose
for the second year running, up 5 per cent to 50 billion USD (3.7 per cent of global
inflows). FDI inflows peaked at close to 60 billion USD in 2008, but fell during the postcrisis period. Given the general trend over the last few decades, the discovery of
extractive resources, post-downturn recovery and the gradual narrowing of Africa's
infrastructure gap, FDI is expected to surpass 60 billion USD yearly in the next decade.
France is the highest contributor of FDI at over $6 billion, followed by the United States at just over $5 billion. France's
investment has diversified beyond its colonial ties, expanding investment into mining and oil operations. US investment
has been more concentrated in finance and holding companies.
In 2012, 2.5 per cent of total FDI inflows to Africa came via Mauritius and has doubled to over 5 per cent in 2013. Mainly
its African tax treaty network and low tax rates are the drivers behind the use of Mauritius as a hub towards Africa. As an
international financial center, the next Mauritian government will developed a “Think Africa – Think Mauritius” brand to
encourage FDI in Africa by using the regulatory framework and connections Mauritius has already in place.
Studies show the main M&A opportunities are likely to be in industries like agriculture, manufacturing, utilities, consumer
goods, ICT, finance and business services. On the list of countries with the highest market opportunities in Africa, we find
countries like Nigeria, South Africa, Egypt, Angola, Ethiopia, Morocco, Sudan, Congo (DRC), Tanzania, Ghana,
Equatorial Guinea, Uganda, Mozambique, Kenya, Tunisia, Namibia and Zambia.
African countries with an average annual growth rate of 6-8 per cent will see their economies grow with more than 50 per
cent by 2020! But one also has to bear in mind that the “no risk – no reward” quote remains alive in many African
countries and therefore many investors demand an annual ROI of a minimum of 18 per cent in such countries. Thus, the
importance of profound risk analysis, in-depth due diligences, local representation and hands-on expertise becomes a
must for each foreign investor. That is where our Crowe Horwath African network comes in and we invite you to join us…
Ajay Sewraz
SG Financial Services Limited
Jiri Vanhuynegem
International Tax & Legal Consultant
9
Crowe Horwath
TM
Extract from the World Economic Survey 2014 /2015
Once again the World Economic Forum have released their Global Competiveness Index for the 2014/2015 years. The
survey was conducted on 144 participating countries and includes a variety of different categories.
The table below includes some of the more important indicators for our firms represented in the African region and are
presented for information purposes only with no negative intent meant for any country listed. The figures are a good
indicator of some of the challenges facing our member firm countries.
I have also listed for comparison purposes the United States of America, United Kingdom and Germany as three of the
major entities from the first world countries.
Country
Algeria
Angola
Botswana
Cote d`Ivoire
Egypt
Ghana
Kenya
Madagascar
Mauritius
Mozambique
Namibia
Nigeria
Rwanda
South Africa
Tanzania
Tunisia
Uganda
Zambia
Zimbabwe
Germany
United
Kingdom
United States
Strength of Ethical
Quality of
audit and
behaviou educational
reporting
r of firms system
standards
14-15
14-15
14-15
vs
vs
vs
13-14
13-14
13-14
134/141
100/138
114/133
141/147
144/145
142/144
43/48
39/39
82/65
80/94
93/95
80/83
117/122
69/57
141/145
101/78
77/90
59/46
68/86
73/78
30/44
104/114
120/133
115/117
25/24
37/41
42/37
110/111
130/124
124/129
34/30
53/53
107/118
88/106
132/131
122/113
63/65
22/24
50/51
1/1
35/37
140/146
119/127
116/122
109/100
78/84
75/65
68/71
114/118
83/98
78/82
67/72
66/51
36/38
38/39
106/83
43/42
23/23
16/15
12/14
16/16
14/12
23/26
32/36
33/32
27/25
Number
Soundness Business
of days to of banks
impact of
start a
HIV
business
14-15
14-15
14-15
vs
vs
vs
13-14
13-14
13-14
101/97
133/140
118/118
134/137
115/128
143/141
132/134
43/46
139/142
39/108
77/57
109/94
39/25
110/125
1/40
69/57
97/73
92/113
112/108
54/67
125/135
39/34
119/108
87/91
21/16
15/16
70/80
69/63
84/77
134/136
134/136
36/23
137/145
109/114
78/106
108/117
2/5
82/83
98/110
90/82
6/3
136/143
105/99
107/114
131/134
57/54
12/131
6754
1112/12
83/78
141/139
31/76
59/56
129/138
137/139
136/137
126/132
74/70
55/64
29/26
62/63
89/105
21/25
14/16
49/58
75/86
(The 2013/2014 report had 148 participants versus the 2014/2015 report which had 144 participants).
It is interesting to note the lack of representation in the top 10 of the rankings bar. A few exceptions have been
highlighted in bold. The effect of HIV on business in Africa continues to be an extremely negative factor. The quality of
education appears fairly varied although still needs to improve dramatically in many countries in order to produce well
educated individuals to feed into the labour market.
The full report is available on the internet and makes for some very interesting reading.
reports.weforum.org/global-competitiveness-report-2014-2015
Mark Watson
Horwath Leveton Boner
Johannesburg, South Africa
10
Crowe Horwath
TM
Our African Network
Contact Information
Algeria
Mauritius
Hamza & Associés
Tele: +213 20 508188
Email: h.tarek@hamza-dz.com
Crowe Horwath (Mur) Co
Tele: +230 208 8684
Email: contactus@crowehorwath.mu
Angola
Morocco
Horwath Angola - Auditores e Consultores, Lda
Tele: +244 925 289207
Email: carlos.florencio@crowehorwath.ao
Horwath Maroc Audit
Tele: +212 537 77 46 70
Email: benbrahim@horwath.ma
Cote d’Ivoire
Nigeria
Uniconseil
Tele: +225 08212520
Email: soraya_toure@yahoo.fr
Horwath Dafinone
Tele: +234 1 545 1863
Email: duvie@dafinone.com
Cameroon
Reunion
Audit & Financial Consultants
Tele: +237 33 42 1969
Email: njc.calvin@gmail.com
Crowe Horwath Fiduciaire des Mascareignes
Tele: +262 2 6290 8900
Email: a.lala@fdm.re
Djibouti
South Africa
- Cape Town
Crowe Horwath Djibouti Sarl
Tele: +253 2135 7517
Egypt
Crowe Horwath Dr A M Hegazy & Co
Tele: +202 376 00516
Email: dramhegazy@crowehorwath.eg
Ethiopia
Yeshanew Gonfa & Co
Tele: +251 0 118693141
Email: ygandcompany@gmail.com
Kenya
Horwath Erastus & Co
Tele: +254 20 3860513
Email: erastuscpa@kenyaweb.com
Libya
Ahmed Ghattour & Co
Tele: +218 21 444 4468
Email: aghattour@ghattour.com
Madagascar
Cabinet Genevieve Rabenjamina
Tele: +261 202 221121
Email: cce@moov.mg
Horwath Zeller Karro
Tele: +27 21 481 7000
Email: contactus@crowehorwath.co.za
Horwath HTL (South Africa)
Tele: +27 21 527 2100
Email: capetown@horwathhtl.co.za
- Johannesburg
Horwath Leveton Boner
Tele: +27 11 217 8000
Email: info@crowehorwath.co.za
Tanzania
Horwath Tanzania
Tele: +255 22 2115251
Email: chris.msuya@crowehorwath.co.tz
Tunisia
Horwath ACF
Tele: +216 71 236000
Email: noureddine.benarbia@crowehorwath.com.tn
Zimbabwe
Welsa International Chartered Accountants
Tele: +263 772 294 913
Email: wssibanda@gmail.com
Mali
Inter Africaine d’Audit et d’Expertise (IAE-SARL)
Tele: +223 20 286675
Email: iaecpt@orangemali.net
Crowe Horwath EA, Crowe Horwath (Mur) Co, Crowe Dr A M Hegazy & Co, Crowe Horwath Djibouti, Horwath Zeller Karro, Horwath Leveton Boner, Horwath Maroc Audit, Horwath Dafinone, Hamza & Associés, Horwath Angola, Uniconseil,
Audit & Financial Consultants, Cabinet Genevieve Rabenjamina, Yeshanew Gonfa & Co, Inter Africaine d’Audit et d’Expertise (IAE-SARL), Horwath ACF, Fiduciaire des Mascareignes, Horwath Erastus & Co, Ahmed Ghattour & Co,
Horwath Tanzania and Welsa International Chartered Accountants are separate and independent members or business associates of Crowe Horwath International, a Swiss verein (Crowe Horwath). Each member or business associate firm
of Crowe Horwath is a separate and independent legal entity and is not responsible or liable for any acts or omissions of Crowe Horwath or any other member or business associate of Crowe Horwath and specifically disclaims any and all
responsibility or liability for acts or omissions of Crowe Horwath or any other Crowe Horwath member or business associate.
11
Download