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Africa
- AfDB asks policymakers to put in place an orderly and predictable way of dealing with Africa’s $824Bn debt pile.
- According to AfDB, Africa’s ballooning external debt reached $824 billion in 2021.
- AfDB president says there is urgent need for increased concessional financing, particularly for low-income countries.
Africa’s immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries’ future growth, African Development Bank (AfDB) President Dr Akinwumi Adesina has said.
Adesina at the Semafor Africa Summit taking place on the sidelines of the International Monetary Fund and World Bank 2024 Spring Meetings, highlighted the challenges posed by Africa’s ballooning external debt, which reached $824 billion in 2021, with countries dedicating 65 per cent of their GDP to servicing these obligations.
He said the continent would pay $74 billion in debt service payments this year alone, a sharp increase from $17 billion in 2010. “I …
- Meg Whitman, US Ambassador to Kenya, highlights key investment opportunities in Kenya, particularly in the creative industry and clean energy.
- She noted that Kenya has the potential to become the Singapore of Africa through vertical business integration, job creation, innovation, and foreign direct investment.
- AmCham Business Summit 2024 seeks to strengthen bilateral trade and investment between the US, Kenya, and East Africa.
The fourth edition of the regional American Chamber of Commerce Kenya (AmCham) Business Summit, has officially kicked off in Nairobi, Kenya, under the theme, ‘Catalyzing The Future of US-East Africa Trade and Investment’.
This year’s forum underscores AmCham Business Summit as the premier platform for strengthening bilateral trade and investment between the United States, Kenya, and East Africa.
Hosted by the American Chamber of Commerce (AmCham), the two-day Summit has brought together delegates from the United States of America, East and Sub-Saharan Africa in efforts to deliberate and …
- UN faults UK-Rwanda asylum treaty citing concerns on potentially harmful impact on global responsibility-sharing, human rights, and refugee protection.
- Spearheaded by Prime Minister Rishi Sunak, the legislation mandates judges to deem Rwanda as a safe third country.
- With deportation flights slated to start in July, the move is sparking weighty debates over the ethical implications of outsourcing asylum responsibilities.
This week’s passage of the “Safety of Rwanda” Bill by the UK Parliament has triggered alarm bells within the United Nations (UN), with two prominent leaders, Filippo Grandi, the UN High Commissioner for Refugees, and Volker Türk, the UN High Commissioner for Human Rights, raising concerns over its potentially harmful impact on global responsibility-sharing, human rights, and refugee protection.
Spearheaded by Prime Minister Rishi Sunak, the legislation mandates judges to deem Rwanda as a safe third country, paving the way for the deportation of thousands of migrants who have sought refuge …
Ahead of the US-Africa Summit in December, the Russia-Africa Summit next year and as new geopolitical alliances form, Africa is under great pressure to take sides.
China is increasingly becoming a strong economic powerhouse while Russia is making its own stand. The West finds itself reliving history, scrambling for portions of Africa.
This summer was most fulfilling for me, not because the Earth’s revolution had finally brought the sun to shine on my part of the World, I live in Tanzania, East Africa, its spring and summer all year around.
- Africa is under increasing pressure to take sides in new global alliances
- Africa wants an economic proposal in the upcoming US-Africa Summit
- 2022 witnessed the highest number of diplomats & presidents visiting Africa
No, it was not the weather, the reason my summer was most memorable is that my daughter came to visit from the US. We had excellent family …
Meanwhile, Africa is looking to take pre-emptive action to avert the inevitable food crisis.
The United States has pledged support to help the continent grow and distribute more food. The aid will come through the African Development Bank (AfDB). The Bank is looking to fund a significant increase in food production in an effort to ward off the food crisis wrought by the Russia-Ukraine war.
In May this year, the AfDB set up a US$1.5 billion African Emergency Food Production Facility. It was established with the aim of supporting some 20 million smallholder farmers produce more food and to do so more sustainably.…
The connection bypass road launched by the five presidents of the East African Community (EAC) has set precedence in the importance of neighbouring countries undertaking joint projects to improve transport infrastructure between and amongst themselves.
This point is underlined in the World Bank report; “Patterns of shipping, transshipping, and distribution mean that trade depends not only on the quality of infrastructure in the two trading countries but also of that in key third party countries on the trading network.”
The point is that while two countries can come together to improve transport infrastructure, it is not enough because trade, in many cases, goes much further than the border between two countries.…
The Kenyan economy’s leading indices of economic activity show ongoing solid growth in the second quarter of 2022, according to CBK, with strong activity in storage and transport, retail and wholesale trade, construction, information and communication, and lodging and food services.
“Despite decreased agricultural performance and sluggish global growth, the economy is anticipated to remain resilient throughout the balance of 2022,” CBK added.
Goods exports have been strong, increasing by 11.0 per cent in the year to August 2022 compared to the same time in 2021.…
The continent comes in last in terms of funding and green development mechanisms in the global carbon market, which increased by 164% to a record $851 billion last year.
The largest market for trading carbon credits is in Africa, but what are the responsibilities of the sellers and buyers? Munyazikwiye questioned.
According to Mohamed Adow, the founder of the climate think tank Power Shift Africa, “Rich countries do not want to decarbonize their economies. It’s a sky trap. Rather than cutting emissions, they pay poor countries to run projects that lower emissions and take credit for that. Africa doesn’t have emissions to cut, but emissions to avoid.”
Adow urged all African leaders to take the helm of climate talks in their nations because “you need to choose the appropriate climate path if you’re the least developed and confront the highest climate vulnerabilities.”…
Ghana’s case specifically plays out with the dramatic effect consistent with a Shakespearean tragedy. The west African nation ironically is a darling of the West in terms of foreign direct investment. Yet, its debt levels have breached what multilateral institutions consider to be sustainable. A painful irony in the case of Ghana is that it was offered the opportunity to renegotiate the terms of its debts through the World Bank’s Debt Service Suspension Initiative. However, Ghana did not elect to participate.
A second painful irony is that Ghana, this time around, does not owe most of its debts to multilateral institutions like the International Monetary Fund or the World Bank. It owes the bulk of its debt to private lenders like the world’s largest asset manager Black Rock, and its has expressed that it has no interest in renegotiating the terms of Ghana’s sovereign debt.
If Ghana had borrowed from …
