Friday, April 26

Africa

Africa's $824Bn Debt
  • 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 …

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AmCham Business Summit 2024
  • 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 …

UK-Rwanda asylum treaty
  • 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 …

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 …

Vaccine - WHO

If the Pharmaceutical Manufacturing Plan for Africa that was recently adopted by the African Union is anything to go by, only few member states have strong regulatory authorities with the functions necessary to oversee the pharmaceutical markets.

Africa represents 14% of the world’s population, however, it only contributes to less than 0.1 per cent of world’s vaccine. According to data by the World Health Organisation, (WHO) there are fewer than 10 African manufacturers with vaccine production. These are based in five countries namely Egypt, Morocco, Senegal, South Africa and Tunisia. There is very limited upstream production with most local companies only engaging in packaging and labelling, and occasionally fill and finish steps. Noteworthy, there are about 80 sterile injectables facilities on the continent, which may provide an opportunity for vaccine production given the primary dosage form in Africa is vials.

How does that capacity affect vaccine availability in the continent?

african tech exchange

I ended my May 2021 essay with the hypothesis “…leading fintechs might turn around and start acquiring the banks” and, sure enough, on the 12th of May 2021, the Competition Authority of Kenya in a gazette notice approved the acquisition of 84.89% stake in Century Microfinance Bank by Branch International Limited – a leading global fintech with operations in Kenya[1]. One of the signs of a maturing ecosystem is home grown ventures mature into unicorns[2], gazelles and zebras[3], increased mergers and acquisitions[4] and the entry of global tech giants hungry for a piece of the action – the subject of this essay. So, whilst the Branch acquisition was unexpected, it was unsurprising when Twitter announced on 14th April 2021 that they are setting up their Africa HQ in Ghana[5]. On the very same day Amazon announced an investment of …

macron ramaposa theexchange.africa

By Emmanuel Macron, Paul Kagame, Cyril Ramaphosa, and Macky Sall

PARIS – The COVID-19 pandemic has taught us that we can no longer treat seemingly faraway crises as distant problems. What happens anywhere can affect people everywhere. That is why addressing the impact and legacy of the pandemic in Africa is so important.

Although Africa has suffered fewer COVID-19 cases and deaths than other areas of the world, the pandemic’s impact on the continent could be more sustained, deep-rooted, and destabilizing for the entire planet. In one year, the pandemic has halted a quarter-century of steady economic growth, disrupted value chains, and caused an unprecedented increase in inequality and poverty.

But it is not only Africa that is at risk of losing its opportunity to emerge fully from COVID-19. The global economy could lose one of its future drivers of growth.

Africa has everything required to overcome the pandemic crisis …

electric-car-2783573_1280

Necessity has called for innovations and radical changes across the globe. Amid concerns over greenhouse gas emissions, policy frameworks have been formulated to pave the way for a greener approach to doing business. Traditional business models are fast being replaced by new technologies and environmentally friendly models.  

The manufacture of internal combustion engines is facing great pressure to being phased out, which in many European countries have already been implemented. Regardless of the transition chaos, Africa is far from embracing the new wave of electric vehicles. Despite the challenges the continent faces towards a carbon-neutral automobile industry, electric cars have the potential to make it on the continent. …

Kenya Geothermal Energy Project Africa Me

Kenya, East Africa’s largest and most advanced economy is currently the leading region exploring and installing geothermal energy capacity (standing at 676 MegaWatts, 2019) according to ESI Africa, hence Kenya is seeking to expand its geothermal mastery.

On a larger scale, the geothermal technology is rather at an initial phase in Africa, as developed nations take the lead, including high-installed capacities in the US with more than 3.8 gigawatts, according to Power Technology publication.

Kenya Electricity Generating company has taken its interest to another level, as it seeks to raise at least $1.95 billion to build new and upgrade existing plants “in a bid to almost double its output from the renewable fuel” according to information from Bloomberg News.

The Kenyan power company ambitions will make Kenya a competitive powerhouse, as the country has a total installed capacity of 2.4GW, the stated-owned company anticipated to sweep more than 651 megawatts …

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