Friday, March 29

Africa

if oil disappeared tomorrow
  • If oil disappeared tomorrow, thousands of petroleum-based products would vanish with it.
  • If oil disappeared tomorrow, it would be catastrophic for health services everywhere.
  • If oil disappeared tomorrow, millions of jobs would be lost. Tax revenues would be depleted, and industrial production would crimp.

If oil disappeared tomorrow, there would be no more jet fuel, gasoline, or diesel. Internal combustion engines, automobiles, trucks, lorries, and coaches would be stranded. Airplanes powered by jet fuel would be grounded. Freight and passenger rail powered by diesel would halt. People could not get to work; children could not get to school. The shipping industry, transporting both freight and passengers, would be devastated.

There would be no point in calling emergency services. Most ambulances, fire engines, police cars, rescue helicopters, and other emergency vehicles would be stationary. Most phones and computers would also vanish as their plastic components derive from oil, so it would

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Uganda's Diaspora Remittances
  • Uganda’s diaspora remittances have seen 13.4% jump, reaching $1.42 billion.
  • Remittances continue to outshine foreign direct investment and official development assistance as the primary source of external finance for low and middle-income countries.
  • Economies are leveraging diaspora remittances through innovative financial instruments such as diaspora bonds and policies aimed at financial inclusion to enhance their impact on development.

Diaspora remittances from Ugandans living and working abroad increased by 13.4 per cent in the 12 months ending January 2024. This surge, as reported by the Bank of Uganda’s Executive Director of Research, Mr. Adam Mugume, highlights the increasing role of diaspora inflows in the nation’s economy, reaching $1.42 billion, up from the previous $1.25 billion.

Such growth underscores the essential contribution of the Uganda’s diaspora remittances amidst a challenging global financial landscape.

Globally, remittances have emerged as a critical source of external finance for low- and middle-income countries (LMICs), overshadowing foreign …

Hormuud Telecom
  • Hormuud Telecom has launched the 5G network across Somalia, enhancing the speed of internet and communication.
  • This marks a significant leap towards a digitally inclusive society with reliable internet connectivity in the country.
  • A 5G networks is set to stimulate economic growth, create jobs, and revolutionize public services such as healthcare and education.

Hormuud Telecom has unveiled its 5G network, marking a historic moment for its main market Somalia, which now enters into the elite group of African nations such as Kenya and Ethiopia that have embraced this cutting-edge technology.

Hormuud Telecom 5G signal is now present across 30 cities and towns, promising to revolutionize the speed of the internet and communication and transform Somalia’s digital economy.

Enhancing Communication with 5G Technology

The introduction of the 5G network by Hormuud Telecom signifies a monumental leap in improving internet connectivity’s speed and reliability across Somalia. President Hassan Sheikh Mohamud, along …

G7 Flags

The private sector in the African continent is set to receive US480 billion in investments over the next five years.

The investments will be made by a consortium of organizations under the G7 Development Finance Institutions (G7 DFI) which includes the European Investment Bank and the private sector arm of the African Development to support sustainable economic recovery and growth in Africa.

The proposed investments come at a time when the Covid-19 pandemic has caused a severe global economic and health crisis, including in the African continent.

The IMF estimates that sub-Saharan Africa needs additional financing of around $425 billion between now and 2025 to help strengthen the pandemic response spending and reduce poverty in the region.

This marks the first time the G7 DFIs have come together to make a collective partnership commitment to the African continent.

The G7 DFI group consists of CDC, Proparco (France), JICA and JBIC …

www.theexchange.africaz

Farmers across the continent are expected to meet virtually later this month at a time when they have reported massive losses due to the COVID-19 pandemic.

According to Fairtrade Africa Programmes Director Chris Oluoch, farmers in Africa lost an estimated 80 percent of their revenue in 2020 due to the COVID-19 pandemic.

Oluoch says the pandemic has also seen many workers lose their jobs, as companies closed shop due to lack of access to markets as most countries closed their borders.

Most affected was the flower sector where a number of flower farms shut down their businesses.

“In Kenya, about three flower farms completely shut down their business, while in Tanzania, two farms closed shop. The effects of the pandemic continue to cause havoc on the agriculture sector in the region that is already suffering from post-harvest losses,” said Oluoch.

Oluoch was speaking on Tuesday, 15th June 2021 during …

cotton 223736 1920

NAIROBI, Kenya, Jun 13 – East Africa Community (EAC) partner states need to exploit the potential of exporting raw cotton to international markets.

This is according to Kenya’s Principal Secretary for EAC Dr. Kevit Desai who says the region already produced 100,000 metric tonnes of cotton.

This is lower than its existing potential, which is about 400,000 tonnes.

The Principal Secretary said that EAC exports to the world market currently stand at 8 percent, adding that to increase the volume of exports, value chains such as textiles need to be promoted to boost exports.

“We need to harness science, technology, and innovation to boost exports by investing in greater capacity to produce leather and textiles, and turn a crop like pyrethrum into aerosols,” said the PS.

He added that increased investment in the leather and textile sectors would cater to the growing demand in the region for locally manufactured high-quality …

angola visa

Having into consideration the epidemic COVID-19 worldwide situation, the Angolan executive decision to extend the validity period of the documents of foreign citizens who are currently out of Angola.

To this end, documents such as residency authorizations, refugee cards, investor visas, work visas, and temporary permanence visas the validity period of which has terminated as of 28 February 2021 are considered valid until 31 July 2021.

However, in order to benefit from this extension, the individuals which return to Angola must request the renovation or extension of the documents within 5 days after entering Angolan territory.

Also read: How Foreign Countries Can Trade And Invest In Africa

 

Article by Marco Correia Gadanha


gadanha understanding

Marco Correia Gadanha
Marco Correia Gadanha is a partner of the Portuguese law office MC&A. He is specialised in legal advice to international transactions. Marco has extensive experience of legal practice in Portugal and in Portuguese-speaking …

Covid-19 is pushing SubSaharan Africa’s leading economies back into poverty, according to the results of GeoPoll’s six-nation survey on the financial and social impact of the pandemic across the continent.

The poll of 2,400 respondents in South Africa, Nigeria, Ivory Coast, Democratic Republic of Congo, Mozambique and Kenya found rising unemployment, further falls in incomes, drastic cuts in spending on essential and non-essential items, and mounting concern over meeting  bills in the three months ahead.

“The picture that emerges is of a further sharp deterioration in the financial position of many individual Africans in the first quarter of 2021,” said Scott Lansell, GeoPoll’s VP – International Development.

The poll, which was conducted from March 24th to April 12th, found two-thirds of respondents, at 66 per cent, reporting that their income had fallen since January 2021, with 42 per cent saying it had fallen by a lot. This …

africa PV9RXED min

On the eve of World Environment Day, the topic of climate change has become a major subject matter for the developed world and the developing world. Africa is by far one of the lushest continents being ripe for vegetation and the key enabler to save the planet. The UN Sustainable Development Goals seeks to promote sustainability via a global collective. In light of that,  the Billion Tree Initiative is a new commitment by Synergetic Trees and one that is headed by its founder Dr. Bahadur Bahadur to drive global sustainability. 

“Twenty-five years ago, people could be excused for not knowing much, or doing much, about climate change. Today we have no excuse.”  – Desmond Tutu

 

Accordingly to Dr. Bahadur, CEO of Synergetic Trees (ST) is a global network of teams focused on carbon sequestration by planting and caring for trees in the long term. Carbon sequestration is any process …

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