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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 …
The potential for Africa to feed the world cannot be underestimated. IFAD’s The Field Report indicates that a quarter of the world’s arable land is found in sub-Saharan Africa yet the region produces only 10 per cent of the world’s agricultural output.
Sadly for Africa, rural poverty keeps driving people away from the countryside to the cities in search of a better life. Year after year, cities that have become overcrowded are putting the vulnerable at risk with forced migration.
Globally, there will be more than 9 billion people on earth by 2050 which is an extra two billion mouths to feed.
If policies are right, Africa is primed to tap into the opportunity offered by this population growth. IFAD indicates that economic growth from agriculture in sub-Saharan Africa is 11 times more effective at reducing extreme poverty than any other sector. African governments have to get their priorities right. …
Last year, the African Continental Free Trade Area (AfCFTA) launched opening up the continent’s 1.3 billion people-strong market. The AfCFTA focuses on increasing intra-African trade which is very low on the continent.
Trade between African countries is limited and is worsened by language barriers and the lack of harmonised payment settlement systems. These challenges are some of the hurdles that the AfCFTA is meant to address.
In addition, the treaty proposes more value addition of resources produced in Africa before exporting them outside the continent. The extractives industry in Africa has suffered immensely from the sale of raw products which denies the continent the opportunity to create jobs that could help address the incessant poverty.
Africa is emerging from the pandemic-induced recession. …
The Polish Ministry of development is launching a new trade and investment agency aimed at supporting Polish businesses to expand abroad, with a focus on African and Asian markets.
In 2017, the Polish Agency for Investment and Trade (PAIH) started operating within the Polish Development Fund (Group PFR) to develop Polish businesses. Group PFR implements financial instruments for trade purposes.
The launch was due to the fact that the Polish government was focusing on several sectors including information communications technology (ICT), pharmacy to cosmetics, biotechnology, fashion and food. …
Climate change in Africa costs a lot, and climate extremes hit the region hardest. Between 2014 and 2018, roughly $5 per year, a person was the adaptation funding to each African – standing on less than $5.5 billion per year (World Economic Forum).
It is more than fair to say without financial support, climate change will probably push Africa’s impoverishment to a whole new level, as millions of Africa might be into extreme poverty by 2030.
The latter proves Africa to be at a relatively disadvantageous position as it contributes the least to global emissions and climate change. Yet, it receives minor financial support towards adaption.
READ: COP26 All Talk, No Walk
The previous 26TH United Nations (UN) Climate Change Conference of the Parties (COP26), dubbed “the world’s best last chance”, provided the global stage with failure.
Despite promising to double funding, high-income countries (and high global emitters) failed …
Enock Godongwana, South Africa’s finance minister appeared at ease for a man delivering his maiden budget speech. A speech whose pronouncements can send the markets soaring or sinking. A lot was riding on this, but the man seemed casual and affable during the delivery of his address he occasionally addressed the members of parliament by name and spoke in his native Xhosa language.
A lot was indeed riding on his presentation today the 23rd of February 2022. The primary expectations of the speech from stakeholders are whether the treasury chief’s plan for 2022 will stimulate economic growth and foreign direct investment. Each South Africa needs urgently.
The finance minister began his address by affirming his commitment from his midterm budget speech to the reconstruction and recovery of the economy and by extension saving lives and livelihoods.
Very noble aspirations and themes. This message is needed by citizens who have grown …
There are two types of businesses that African Americans attempt to boost Africa’s economy and create income.
Businesses seeking to venture into importation and exportation and set-ups creating and investing in production manufacturing in Africa.
Rosa Whitaker, the first assistant United States trade representative for Africa, says that there is so much synergy between Africa and African American business because the region is growing in the areas where African American firms are competitive.
African American companies made a gross profit of about US21.8 billion in the industrial sector in 2013. There is a higher potential for the companies in Africa where consumerism and competitive states are favourable.…
