Author: Albert Nangara

• Black tax, also known as the “financial burden of supporting extended family,” is a growing issue in Africa that affects individuals, families, and society as a whole.
• It is a cultural norm that has developed over time and is deeply ingrained in many African societies.
• The financial burden of supporting extended family members can be overwhelming, and the emotional and psychological toll can be significant.

Black tax is a term used to describe the financial burden that is often placed on black individuals, particularly in the African community. This burden can take many forms, from supporting extended family members to paying for education and other expenses. While it can be a source of pride and a way to support one’s community, black tax can also be a significant financial strain that can make it difficult for individuals to achieve their own financial goals. In this article, we will explore what …

• Visiting U.S. Millennium Challenge Corporation (MCC) Deputy Chief Executive Officer (DCEO) Mahmoud Bah and Minister of Economy and Finance Max Tonela signed a key agreement called an Aide Memoire during a meeting at the Ministry of Economy and Finance.
• The Government of the Republic of Mozambique developed the goals and reforms documented in the Aide Memoire.
• The priorities include connectivity and rural transport, promotion of investment in commercial agriculture, and integrated climate management and coastal development.

On January 30, 2023, the visiting U.S. Millennium Challenge Corporation (MCC) Deputy Chief Executive Officer (DCEO) Mahmoud Bah and the Minister of Economy and Finance of Mozambique, Max Tonela, signed a key agreement called an Aide Memoire during a meeting at the Ministry of Economy and Finance in Mozambique. This non-binding document details the two governments’ agreement on the scope and objectives of MCC’s compact with Mozambique. The signing of the proposed compact …

• South African Reserve Bank (SARB) announced a 25 basis points hike, taking the repurchase rate (repo rate) to 7.25 per cent from 7 per cent.
• The prime lending rate will increase from 10.5 per cent to 10.75 per cent.
• Inflation in South Africa was reported to have eased to 7.1 per cent in December 2022.

The South African Reserve Bank (SARB) has announced a 25 basis points hike, taking the repurchase rate (repo rate) from 7 per cent to 7.25 per cent. The prime lending rate in the country is expected to increase from 10.5 per cent to 10.75 per cent as a result of the change, which will come into effect on January 31, 2023.

The repo rate, also known as the repurchase rate, is the rate at which the South African Reserve Bank lends money to commercial banks. The SARB, and essentially all central banks, use the repo …

• The second Africa Food Summit held in Dakar has ended with development partners committing US$30 billion to back the continent’s resolve to boost agricultural productivity.
• The summit was a key moment in Africa’s ability to feed itself and achieve food self-sufficiency and food sovereignty.

The second Africa Food Summit held in Dakar, Senegal has ended with development partners committing US$30 billion to back the continent’s resolve to boost agricultural productivity and become a global breadbasket. The summit was organized by the Senegalese government and the African Development Bank and rallied dozens of dignitaries, including 34 heads of state and government, 70 government ministers, and development partners.

The major theme of the summit ‘Feed Africa: food sovereignty and resilience.’ Which was that African countries need to increase their food production capacity, rather than relying heavily on imports that have left them vulnerable to price spikes and shortages. The continent is facing …

Italy’s Prime Minister, Giorgia Meloni, recently visited Libya to meet with the country’s Prime Minister Abdulhamid Dbeibah. The trip was an opportunity to address the two most pressing issues facing Italy and the European Union: energy and migration. During her visit, the largest single investment in Libya’s energy sector in over 20 years was signed, worth US$8 billion.

ENI CEO, Claudio Descalzi, signed the deal with Libya’s National Oil Corporation (NOC) to develop two offshore fields in Block NC-41, north of Libya. The deal is estimated to start pumping gas by 2026 and reach 750 million cubic feet per day. Meloni called the deal “significant and historic” and said it would help secure Europe’s energy sources.

Eni said it was the first major project in Libya since early 2000 and involved the development of two offshore gas fields.

The project includes two gas fields, called “Structure A” and “Structure E” …

• Africa is a continent with a rapidly growing population and a developing economy. However, one of the major challenges that Africa faces is a lack of reliable and accessible electricity.
• Nuclear power generation is one of the options that could potentially solve Africa’s power problems, but it is also a controversial and complex issue.
• Nuclear power plants use heat from nuclear fission to produce steam, which then drives turbines connected to generators to produce electricity.

South Africa has been experiencing a series of constant rolling blackouts for the past few years. While load shedding may have become a norm in the country, it is not the only African country experiencing an energy crisis.

The struggle to keep the lights on is not unique to South Africa and can be described as a Cape to Lagos problem.

Zimbabwean citizens experience power outages that last up to 19 hours a day which …

• The UN report attributes this slowdown to the ongoing COVID-19 pandemic, Russia’s war in Ukraine, high inflation, and the climate crisis.
• Africa has long been dependent on exports and foreign investment to drive its economic growth.
• The slow global economic growth also means that African countries will have less access to funding from international organizations like the World Bank and the International Monetary Fund (IMF).

The recent United Nations (UN) report on the state of the global economy has painted a dim picture in 2023, with slow growth projected for the global economy. The report attributes this slowdown to the ongoing COVID-19 pandemic, Russia’s war in Ukraine, high inflation, and the climate crisis.

While the near-term economic outlook remains uncertain, the report forecasts a moderate pick-up of growth to 2.7 per cent in 2024. However, the report also states that “myriad economic, financial, geopolitical, and environmental risks persist.” This means …

• Unemployment is a significant problem in Africa, with many countries experiencing high rates of joblessness.
• The unemployment rate in Africa was 7.1 per cent in 2020, which is significantly higher than the global average. Youth unemployment in Africa is even more severe, with the youth unemployment rate at 12.9 per cent.
• Harnessing 4IR presents opportunities to address unemployment in Africa

The Fourth Industrial Revolution (4IR) has the potential to propel Africa’s economy and address one of its major challenges – unemployment. 4IR technologies, such as artificial intelligence, blockchain, and the Internet of Things, are creating new job opportunities and improving productivity in many sectors. However, harnessing 4IR to address unemployment in Africa requires overcoming some challenges.

What is the 4th Industrial Revolution?

4IR stands for the “Fourth Industrial Revolution.” It refers to the current trend of automation and data exchange in manufacturing and other industries, driven by the development of …

• The Monetary Policy Committee of the Bank of Mozambique (CPMO) has decided to keep its benchmark interest rate unchanged at 17.25 per cent.
• This decision was based on the prevalence of high risks and uncertainties surrounding inflation forecasts.
• Despite the uncertainties and risks, the CPMO remains optimistic that inflation will continue to fall in the medium term.  

The Monetary Policy Committee of the Bank of Mozambique (CPMO), meeting in Maputo on Wednesday, decided to keep its benchmark interest rate, the Monetary Policy Interest Rate (MIMO), unchanged at 17.25 per cent. This is the rate used by the central bank in its interventions on the interbank money market to regulate liquidity. The rate rose from 15.25 to 17.25 per cent last September.

In a press statement, the CPMO said the decision not to alter interest rates was due “to the prevalence of the high risks and uncertainties underlying the forecasts for …

• The United States has been working to increase its economic and political engagement with Africa in recent years.
• Yellen arrived in Dakar, fresh off a nearly three-hour meeting with China’s vice premier Liu He.
• The Biden administration is trying to counter China’s growing influence and infrastructure in the region by offering African countries an alternative path on economic and political security

US-Africa relations have been on the rise in recent years, and the recent visit by US Treasury Secretary Janet Yellen to Senegal has further solidified the commitment of the United States to expand economic opportunities for all in Africa.

Yellen’s visit to Senegal, which took place on January 18, 2023, was a clear demonstration of the importance the United States places on its relationship with Africa. During her visit, Yellen met with young entrepreneurs and business leaders, and delivered a speech emphasizing the potential of Africa’s young entrepreneurs and …