The World Bank estimates that Africa's inadequate infrastructure decreases productivity by around 40 per cent every year and reduces national economic growth by 2 per cent annually. Such disadvantages hinder private sector investment, which is a key driver of job and wealth creation. Financing the development of infrastructure in an appropriate manner has been a leading topic in the continents development agenda. In order to remedy the infrastructure deficit problem, more and more African countries are increasing their public debts by borrowing in the international markets to finance their infrastructure deficits in the hope that it will ultimately spur economic growth and attract more investment. SSA's access to the international markets has grown significantly, facilitated by easing global financial conditions. By end March 2014, 13 countries had issued international sovereign bonds, for reasons that include infrastructure building. The sub-Saharan Africa's region's access to international markets has come under much attention lately as debt levels are rising with fears that they may reach the unsustainable pre –HIPC levels. For example, Zambia's total debt burden stood at an unsustainably high USD5.4 billion in 2005 – equivalent to 74% of the country's GDP and almost 208% of its foreign exchange earnings (IHS Global Insights, 2014). The attainment of debt relief under the IMF and World Bank's Multilateral Debt Relief Initiative (MDRI) in early 2006 dramatically decreased the country's debt holdings to less than 25% of GDP. However, in the third quarter of 2012, the government issued its first Eurobond and raised debt capital of USD 750 million. This was followed by a USD 1 billion Eurobond issue in the second quarter of 2014 (IHS Global Insights, 2014) with the stated intention of using the funds for infrastructural development and maintenance. However, according to the latest IMF statement on Zambia released on 6 June 2014, Zambia's macroeconomic situation, though potentially promising, is in trouble and needs urgent fixing. It appears that the government of Zambia wants an IMF funding arrangement, possibly a bailout (Zambian Economist, 2014). In the face of mounting evidence that access to the international capital markets and rising public debt are more likely to have enhanced vulnerability than growth, this paper examines the determinants of economic growth in a panel of 15 countries. It examines the impact of external debt, total public debt and infrastructure expenditure on economic growth in the southern African region over a period of 10 years (between 2004 and 2014). The findings suggest an inverse relationship between external debt and total public debt against economic growth. The findings also suggest that there is a positive relationship between infrastructure development and economic growth amongst the countries in the southern Africa region. These relationships were found to be insignificant, suggesting that other factors outside of the variables of infrastructure expenditure, external debt and total public debt are influencing economic growth (or slowdown) in the region. The paper also examines the current debt situation in the 15 countries and policy considerations are also presented.

The study aims to establish the nexus between financial inclusion and financial development in Zimbabwe covering the period from 2009 to 2015. Using descriptive statistics including correlation analysis, t-tests, and graphical analysis, the study revealed that there is a positive relationship between financial inclusion and financial development. The study however established that the relationship is relatively weak. The positive relationship is being driven by expansion of the banking sector into previously marginalised and unbanked markets, riding on the increase in financial and mobile technology based banking products. The weak relationship is explained by the current high levels of financial exclusion and the increasing levels of financial dis-intermediation occurring in Zimbabwe. This is further explained by high levels of informalisation of the economy and the deterioration in the microeconomic environment which then resulted in cash shortages and creation of quasi-currencies with the potential to further dent market confidence. People then preferred to transact outside the formal financial system. The study further established that financial inclusion, through mobile and financial technology has great potential to support financial development in Zimbabwe. This is premised on the established high mobile penetration rate and the impact that mobile and financial technology has had on financial inclusion in the short period since 2012. It is also established that the negative governance factors, (as ranked by the World Bank World Development Indicators (WDI)), such as political stability, rule of law, regulatory quality and government effectiveness had largely a strong and significant relationship with financial inclusion and financial development. These negative governance factors need to be addressed by policy makers because they have the potential to inhibit local and international trust and market confidence in Zimbabwe's financial system. The loss of trust and market confidence impacts negatively on effective execution of both financial inclusion and financial development goals. It is imperative that interventions to leverage financial development through financial inclusion must embrace developments in the financial technology and mobile technology sectors due to the high mobile penetration rate and potential to lower transaction costs and foster financial inclusion. Policy makers must devise regulatory policies that foster infrastructure sharing, interoperability and interconnectivity of MNOs mobile and financial technology platforms to increase levels of financial inclusion and financial development. The established nexus makes it imperative that a national financial inclusion strategy must be complemented by a supportive financial development strategy for optimum results.

This is a study of the recruitment of experience in an Adult Education Diploma. Through an analysis of the written curriculum, three aspects of recruiting experience are addressed: the different kinds of experience that are recruited on the course, the ways in which these kinds of experience are recruited, and the purpose of recruiting experience as evident in the assessment of the course.

Includes bibliographical references. / Men who have sex with men (MSM) and transgender people shoulder disproportionate levels of marginalisation, poor health access and HIV-disease in nearly every nation where reliable data is available. Much of what is known about medical and civil society-based research in South Africa on HIV/AIDS has mainly been on heterosexual or vertical transmission. Comparatively little is known about HIV and MSM despite MSM in Africa being three times more likely (Adbool Karim & Abdool Karim, 2005) to be HIV-infected than the general population (Lane, et al, 2009). In South Africa, strategies to address HIV/AIDS among MSM were included for the very first time in the 2007-2011 National HIV/AIDS Strategic Plan pointing; to the extent to which MSM have been excluded from both national policy and intervention strategies. Using a qualitative approach, this study aimed to explore the perceptions of MSM about HIV/AIDS related healthcare policies, services and interventions targeting them. Semi-structured interviews were conducted with MSM and key informants about HIV/AIDS responses targeted at MSM in South Africa. Findings show that MSM are generally unaware about specific HIV/AIDS-related healthcare policies addressing their needs. Although the majority of MSM are aware of where to access HIV counseling, testing and treatment services, however discrimination, harassment and insensitivity particularly in public health-care settings impaired client or patient rapport, thereby creating barriers to meaningful access and utilization of HIV-related services thereby marginalizing MSM from the health systems altogether.

In mineral-rich countries, large-scale extractive industry projects often offer mixed blessings. On one hand, mining royalties and taxes provide funds that amplify state coffers allowing for investments in infrastructure, social services and community development. In addition, jobs are created and local enterprises find new opportunities to provide goods and services to transnational companies spearheading the projects, enhancing livelihoods and contributing towards economic growth. On the other hand, large revenues from the mining sector may create opportunities for corruption, undermining public transparency and accountability from public officials. Furthermore, mining booms may hamper productivity and competitiveness in other industries through real exchange rate appreciation. Mining also has hazardous environmental effects often exposing surrounding communities to long-term health risks. The fairly recent large-scale extractive industry projects in central and northern Mozambique are not exempt from some the above-mentioned factors, particularly in the booming coal mining town of Moatize. The current study examines the impact of mining operations by Brazilian mining company Vale on the living conditions of resettled communities in the district of Moatize. The study focuses on the period from 2010 to 2013, which corresponds to the first stage of active exploration of coal in Moatize and the first years of integration of the resettled families in their recently built community. The Moatize Coal Reserve in Mozambique is deemed to be the largest reserve of untapped coal in the world (Audu, Ribeiro, Scott, & Taniguchi, 2006). The world’s largest mining companies, accompanied by a massive crowd of investors and fortune-seekers, are flooding the country with prospects for astronomical profits in the mining industry. In addition to coal, the country possesses over 100 trillion cubic feet of natural gas (Verma, 2012). Other lucrative natural resources in Mozambique include gold, rubies and tantalum. These latest discoveries undeniably position Mozambique as a resource-rich country.

It is not unknown that NonProfit Organisations (NPOs) across South Africa are failing in their objective to provide adequate service delivery. The current poor wellbeing of NPOs is largely attributed to a lack of funding. Poor funding refers to challenges regarding internal fundraising efforts, government grants as well as international donations. The struggle to raise adequate funds has not only negatively impacted the scope of service delivery, but has also contributed to the closure of NPOs throughout the country. NPO's financial struggles are compounded by their inadequate financial reporting and management. The poor and inconsistent financial reporting and management does not encourage funders to part with their money. The unfortunate ripple effect of the poor financial reporting and management is a downscaling in service provision or, in more severe circumstances, closure. This dissertation sets out to analyse the financial wellbeing of NPOs within the Western Cape. In doing so, it set out to: To discover and describe the current condition of financial reporting; To analyse the NPO's financial sustainability and lastly; and To explore the sources of funding of NPOs. The three aims were achieved through the use of a financial trend analysis and financial ratios.

The world is confronted by a worsening youth unemployment crisis. Young people are more likely to be unemployed than adults. Youth employment is important for economic and social stability and growth. Though youth face numerous challenges, many are determined to succeed and are using varied approaches to ensure their 'survival'. The purpose of this qualitative research study was therefore to explore these varied approaches employed by young people to gain access into the world of work. Seventeen face to face interviews were conducted with young people who matriculated from Lavender Hill High School in Lavender Hill community. The study focused specifically on how the research participants negotiated their pathways to employment in the labour market. The study indicated attitudes and sources of motivation for youth towards finding employment which were driven by several factors. The main factor was the need to improve standards of living and escape the socials ills that are plaguing Lavender Hill community. Such ills include gang violence, crime, substance and alcohol abuse, lack of positive role models, financial constraints, school dropouts as well as teenage pregnancies. These ills also came up as the challenges faced by the young participants on their pathways to employment. The participants managed to utilise a range of support systems that were available to them, from government interventions, social networks from school, churches, NGOs and private companies, to recruitment agencies for them to be able to access employment. The importance of personal and technical skills was highlighted as the youth needed to have those skills to be able to get jobs. Recommendations included the need for, NGOs to advance their services for youth in career information and support them with instant education and training decisions; private companies partnering with local schools and post-secondary institutions to create platforms where the companies can speak to students about career opportunities and expected skills as well as mentoring them and offering placements that give young people the much needed skills and experience while they complete their high school, college, university or apprenticeship programs. Additionally, it was recommended that community members play their role in their societies through caring, serving, connecting, supporting and helping; government ministries to strengthen safety nets for youth in poor townships for them to counter the hindrances they face towards accessing jobs.

The South African government is in the process of considering shale gas exploration applications in the Karoo basin. There are conflicting views on whether the development of the resource will be to the detriment or benefit of the South African economy. This paper makes use of a dynamic Computable General Equilibrium (CGE) model adapted for the South African energy sector to analyse the potential socio-economic impacts of the development of shale gas. Simulation results indicate potential negative impacts on GDP contribution by all the sectors simulated, except the natural gas sector and the Gas-to-Liquid petroleum sector, as well as potential negative impacts on employment. The negative impacts on growth and employment are likely to worsen poverty and inequality. Potential impacts on trade are negative as the trade deficit increases. In terms of environmental impacts, the uptake of gas would decrease CO2 emissions. All results are compared to the baseline scenario. Based on these results, it is recommended that the decision on whether the development should go ahead or not ought to take into account the potential socio-economic costs, and potential ways to hedge against them.

Academics and financial media are divided on whether the size of assets under management (AUM) influences returns. In an attempt to seek clarity in the local context, this study investigates the effect of the size of assets under management on alpha in South African equity mutual funds over the three-year period to 31 December 2015. The study is based on secondary quantitative data reported on the Bloomberg Professional service database that includes mutual fund and benchmark indices, unit prices and fund asset sizes. The research sample comprises 69 South African equity mutual funds that existed for the three-year period under review. In this study, the relationship between AUM size and alpha is examined using the cross-sectional regression approach. No evidence of a linear relationship between AUM size and alpha was observed in the analysis based on the sample data. This finding is consistent with the semi-strong form efficient market hypothesis that securities reflect publicly available information. This finding implies that the exponential growth in AUM experienced in South Africa over the past two decades has neither enhanced nor come at the cost of returns. There does not seem to be a size effect that new investors and fund managers should be aware of.

This paper examines the predictive power of two Japanese Candlestick patterns for a 49-stock sample of small capitalization stocks drawn from the S&P 600 for the period 1 June 2005 to 15 May 2015. Using the normal approximation to the binomial for statistical testing and a dynamic holding period strategy to test the threeoutside- up and three-outside-down patterns, this study contradicts earlier works that used dynamic holding period strategies for large capitalization stocks and showed moderate levels of statistically significant predictive power. This study finds no statistically significant evidence of the predictive power of the three-outside-up and three-outside- down patterns for the sample and time period considered. Hence, the findings imply that there is no evidence to challenge the Efficient Market Hypothesis.