- The push and pull: oil and gas producers adamant amid the energy transition pressure
- Africa’s food crisis deepens as one billion people unable to afford heathy diet
- Dangote Refinery breaks ground, set to process one million barrels in debut
- President Ruto’s relentless efforts to boost Kenya’s agricultural productivity
- Africa will need pragmatism, not idealism, to achieve a just energy transition
- AfDB warns of $25 billion drain on Africa with new EU carbon tax
- Shareholders pressure Glencore spin off and disposal of coal business in two years
- Airtel Africa launches new data centre business Nxtra
- The Horn of Africa has been grappling with the most severe drought in 40 years since late 2020.
- Rain-fed agriculture in parts of Kenya, Ethiopia, and Somalia worst hit as harvests drop to 70 percent of normal standards.
- A United Nations-backed conference raised $2.4 billion on May 24th to address famine in the Horn of Africa.
The worst drought in a-half-century is causing severe economic hit on economies in the Horn of Africa. This is due to the economies’ heavy reliance on agriculture, and other climate-vulnerable resources.
Drought has led to reduced rainfall and water, severely reducing agricultural production. Crops failed, and pasturelands dried up. As a result, millions of heads of livestock died due to a lack of water and fodder. Millions of farmers are experiencing significant crop losses and decreased livestock productivity. Consequently, huge populations are grappling with thinning incomes and food shortages.
Agricultural losses, food insecurity
- As temperatures keep rising and emissions soar, the planet, too, continues to break (dangerous) new records.
- Climate change is a shared problem that the global community must solve by working together.
- With a strong partnership between Africa, Europe, and the rest of the international community, Kenya, can make significant contributions to the global transition to a net-zero economy.
NAIROBI – Last year in Berlin, the great Kenyan long-distance runner Eliud Kipchoge broke the world marathon record, clocking 02:01:09 and beating his previous time by 30 seconds. His success has made him a legend not only in Kenya but globally. It offers a useful lesson for everyone involved in the fight against climate change. Kipchoge’s winning strategy is rooted in the science of running (as well as 120 miles of hard work every week), and our own approach to the climate crisis must involve the same level of commitment and …
- A total of 34 countries at risk of climate disaster across Africa, Asia, the Caribbean, and the Pacific have mobilised over $150 million towards 2,100 adaptation projects.
- To date, the EU has provided over $58 million for climate adaptation initiatives. EU members Sweden has raised $52 million, while Denmark and Belgium have each raised $14 million.
- Climate vulnerable countries say their needs are growing exponentially and therefore need urgent support to avert disasters.
Ministers from some of the world’s most climate vulnerable countries have called on international institutions and donors to boost access to finance to aid their adaptation to the impacts of changing weather patterns using the Local Climate Adaptive Living Facility (LoCAL).
Without funds, populations face bleak future
LoCAL, which is designed and managed by the UN Capital Development Fund, was identified as part of the climate finance “solution” at a ministerial meeting of member countries in Brussels, …
- Kenya’s Nairobi Securities Exchange posted drop in capitalization in April due to investor flight.
- Other poorly performing bourses were Uganda, Mauritius, Namibia, Morocco, Tanzania, Rwanda and Tunisia.
- Zambia, South Africa, Ghana and Egypt remained positive railing Zimbabwe and Malawi.
Zimbabwe has maintained the lead in the African equity markets returns by recording the highest gains at 112.33 percent year-to-date, the latest data shows. In the period under review, Malawi recorded the highest month-on-month value of 10.96 percent.
At the same time Kenya posted the highest drops both on year-to-date and month-on-month, Nairobi Securities Exchange (NSE) monthly barometer indicates, which stood at negative 15.56 percent and minus 3.52 percent, respectively.
Other poor performers across Africa were Uganda, Mauritius, Namibia, Morocco, Tanzania, Rwanda and Tunisia. In West Africa, Nigeria performed poorly on the month-on-month index but remained positive year-to-date. Zambia, South Africa, Ghana and Egypt remained positive railing Zimbabwe and Malawi.
- Mozambique has been given two years to improve Anti-Money Laundering Framework or face bans on international financial transactions.
- Mozambique was placed on the grey list of the FATF for non-compliance with anti-money laundering and terrorist financing.
- If Mozambique fails to comply with the FATF standards, it will be backlisted under non-cooperative countries and territories (NCCTs).
The Financial Action Task Force (FATF) has given Mozambique two years to improve its framework to prevent and combat money laundering and terrorist financing. Authorities in Maputo will suffer wide sweeping bans in international financial transactions if they fail. Currently, policymakers in the country have their feet on the gas pedal, sealing leakages in Mozambique’s financial flows.
Under pressure, the government has set up an executive committee led by Luís Cezerilo to seek Mozambique’s removal from Grey List. The listing has placed the country among the most vulnerable to crimes of money laundering and terrorism …
- Africa is home to 65 percent of the world’s uncultivated fertile land, but millions sleep hungry daily.
- Amini Corp seeks to address the scarcity of data in Africa as well as facilitate capital investment.
- The scarcity of high-quality environmental data prevents others from building climate solutions such as farmer insurance schemes.
Amini Corp, a Kenyan-based climate tech startup, has raised $2 million in pre-seed funding which it plans to channel into developing an environmental data platform for Africa. The funding was secured through an oversubscribed round led by top European Climate Tech Fund, Pale Blue Dot.
Other investors in the venture are Superorganism, RaliCap, W3i, Emurgo Kepple Ventures and angel investors from the global tech community.
Amini Corp seeks to address the scarcity of data in Africa as well as facilitate capital investment. The company also promotes climate resilience, and helps accelerate economic development opportunities in the region.…
- Africa’s average GDP will stabilize at around 4 percent in the course of the next two years, notes AfDB.
- The continent needs alternative sources of imports and new export markets to counter disruptions caused by the war in Ukraine.
- Economists are urging African economies to look at expediting intra-African trade to stave off global shocks.
A significant number of African nations continue to show economic resilience in the face of tougher global challenges. The latest update by the African Development Bank (AfDB) on economic review says the continent has a stable outlook in the 2023-2024 financial year.
Africa’s Macroeconomic Performance and Outlook report provides an up-to-date assessment of the continent’s macroeconomic performance and a forecast of expected performance on the backdrop of global economic challenges.
Africa average GDP to stabilise at 4 percent
The lender estimates that Africa’s average GDP will stabilise at around 4 percent in the course of …
- Kenya is among the top three countries receiving the most international remittances across sub-Saharan Africa, after Nigeria and Ghana. Overall, the US, Saudi Arabia and UK account for nearly three-quarters of total annual inflows into Kenya.
- Kenyans living abroad sent home $357 million in March 2023, a 15.5 percent increase compared to February.
- As a whole remittances from the African diaspora are estimated at $95.6 billion annually, making it a key foreign exchange earner.
Diaspora remittances have risen to become Kenya’s largest foreign exchange earner, surpassing the country’s key exports such as tourism, tea, coffee and horticulture. According to Central Bank of Kenya (CBK) data, diaspora remittances rose by 8.34 percent to $4.027 billion in 2022. In the same period under review, tea exports earned the country $1.2 billion, horticulture $901 million, chemicals $521 million, coffee $301 million and petroleum products $77 million. The widening disparity highlights the crucial role …
- Artificial Intelligence (AI) has the potential to revolutionize Africa’s climate-smart agriculture initiatives.
- Nigeria’s Data Science Centre in Lagos projects to train over one million Nigerians in data science by 2027.
- Rwanda is looking to invest $76.5 million over the next five years in setting up comprehensive AI ecosystem.
Across Africa, an increasing number of countries are embracing Artificial Intelligence (AI) investments. AI is programming that provides machines the ability to think, learn and act on their own.
In 2014, Africa Heads of State from 32 countries signed what has now become known as the Smart Africa Alliance. The deal was dedicated to identifying priorities and stimulating investment in AI-powered investments.
Through the alliance and with the backing of Facebook and Google, the African Institute of Mathematical Sciences has launched a master’s degree in AI. Since then, all around Africa, nations are embracing and investing in AI technologies.