Month: May 2020

The African Development Bank Group has got a new member, Ireland, bringing its total number of international members to 27. Ireland’s membership goes along way to boosting the banks financial muscle and with it, the ability to fund development projects across the continent.

Ireland officially joined the Group last month after a declaration of its membership was issued in late April, a little less than an year after the country submitted its application to join the Group mid last year.

Following the declaration, Ireland’s top ranking government official the Minister for Finance Mr. Paschal Donohoe explained that its membership will serve to create investment opportunities for Irish businesses.

Short of detailing what business sectors will be targeted, the minister said the membership will help to advance shared development priorities, a view shared by the Bank’s President, Mr. Akinwumi Adesina,

The Bank’s president maintained that joining of its newest international member …

With the evolution from cash to digital currencies, the fintech future for Africa looks bright…

Africa appears to have narrowly escaped the level of devastation that COVID19 is wreaking in the global north with China as its entry.[1] As if the virus followed the global supply chain to destroy it.[2] The global supply chain links China to the global north before connecting to Africa[3] so by the time the virus got here African leaders shut the borders – that is the saving grace despite the doom’s day prophecies of Bill Gates.[4] Africa got it right this time around without the help of the western saviors which begs George Ayittey’s famous quote “Africa is poor because she is not free”.[5]

According to the IMF[6] and WorldBank[7], Africa would experience her first recession in 25 years, but it would not be as severe as the global north.[8] Her recovery in my view could be fast-tracked by four mega …

The coronavirus (COVID-19) fight is getting into a different dynamic as Tanzania anticipates unlocking its tourism potential, some of the East African member states decided to close their borders to curb the highly contagious virus.

Zambia closes its border with Tanzania

The transit landscape between Tanzania and Zambia just got stuck, as Tunduma-Nakonde border got closed to curb the coronavirus pandemic.

The shutdown came to life on Monday, May 11, after border district confirmed 76 new cases on Saturday, which was the steepest increase to date. Hence, Zambia has around 267 confirmed cases and 7 people have died from the virus.

Zambian Health Minister Chitalu Chilufya said the closing the border allows for cleaning, disinfection and virus testing to be conducted in Nakonde. But also retraining immigration staff at the border on how to deal with the entry of persons and goods, according to information from The Citizen.

However, according …

The Bank of Tanzania (BoT) has aligned various approved policy measures necessary for rescuing the economy from gruesome effects of the Coronavirus (COVID-19), which has already demonstrated its impacts by destabilizing the tourism and aviation sector in Tanzania.

The bank announced the new move on Tuesday, through a statement.

As Tanzania still records nearly 500 confirmed cases and 16 deaths, the central bank’s Monetary Policy Committee (MPC), which met on 8 May 2020, agreed on the measures to “safeguard the financial sector stability and continue facilitating the financial intermediation process” according to the central bank’s statement.

How local banks get saved

Tanzanian business shutdown and some worrying about their loan repayment schedules, the central bank has emerged with a rather customized solution to aid the banking and business community in that manner.

The bank has urged banks and other financial institutions to assess financial challenges faced by borrowers triggered …

The globe is at a stand-still position and Africa is hurting and expected to also sustain serious repercussions from the novel coronavirus (COVID-19) pandemic, which has already claimed nearly 2,000 lives, infected over 60,000 people and around 21,000 managed to recover According to the latest data by the John Hopkins University and Africa Center for Disease Control on COVID-19 in Africa.

The pandemic has brought rather crucial ideas from South Africa’s President and African Union chairperson Cyril Ramaphosa on Africa requesting a two-year debt standstill to provide governments with the fiscal space to fight the coronavirus pandemic.

As the world strives to attain a balance between staying safe and breathing life back to the economy, Africa is taking the entire perspective of the pandemic on its axis, while other nations move around several measures, some African nations have managed to somewhat contain the virus to a certain extent.

The

On Sunday, May 10th, statistics from the WorldOmeter showed that New York state had recorded 41 fatalities in 24 hours, down from a high of almost two thousand deaths in Mid April. This was a significant drop in deaths with total US fatalities dropping to below a thousand.

This is a similar drop being recorded all over the world with record low levels being recorded in European hotspots of Italy, France, Spain, and United Kingdown with figures almost going to double digits. It is expected that the effects of the disease might not be felt in a few months.

However, as global figures decline, the same can not be said of Africa which has since a significant rise, blatant disobeying containment measures, and rise of unscientific measures to curb the disease. According to Africa CDC, the AU backed entity, there are 63,293 confirmed cases spread across the continent with 2,290 …

“It’s getting better by the day,” said Minal Shah, who has two children that attend the Academy. “It took us a few days, in the beginning, to settle with the new routines and now it’s become a new way of learning for all of us.”

Most Academy parents have found that the best way they can help their child during online learning is to help them organise their time wisely, provide a good workspace and be there for them for moral support.

“We have been providing a quiet and conducive study location for our child,” said Colin Williams, a parent of an Academy student. “Lots of hugs and emotional support are also included, along with additional art supplies, books, and study materials. We’re also answering any questions our daughter may have and we help her with researching.”

With schools being shut, daily routines have become less structured. This has encouraged …

The novel coronavirus (COVID-19) is stealing the life out of the billion-dollar tourism industry in Tanzania, the government has already laid out a warning that at about 477,000 jobs could be lost, while revenue will shrink by 77 per cent if the virus outbreak endures hurting people past October this year.

According to the Tanzanian ministry of tourism, the number of tourists arriving in Tanzania rose from 1.3 million in 2017 to 1.5 million in 2018, whereas this increment made the sector to garner $2.4 billion (7.2 per cent increase) compared to 2.3 billion in 2017.

This means that the forex earning sector could collapse as the virus outbreak takes various dynamics over time and space in Tanzania, thus currently health authorities reports indicated 480 people have contracted the virus and 16 people succumbed by the virus.

Tanzania is one of Africa’s leading tourism markets, with exotic landscapes of the …