Monday, April 29

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

TOP 5 RICHEST MUSICIANS IN EAST AFRICA 2018 - YouTube

 

 

Forbes recently. released a list of Africa’s top dollar musicians and here is the list in descending order.

 

  1. Youssou N’Dour (Senegal) – Net worth $145

 

Youssou N’Dour, AKA Youssou Madjiguéne Ndour, is a Senegalese singer, songwriter, composer, occasional actor, businessman, and, wait for it, a politician too. Yes, Africa’s wealthiest musician is shooting for the executive office and is not the only one on the list with aspirations of becoming their country’s president.

Youssou owns the biggest media house in Senegal with radio and Tv stations. He also boasts vast investments in real estate.

 

  1. Akon – net worth $80 million

World fames Akon is Africa’s second richest musician. Born Aliaume Damala Badara Akon Thiam, the US based star is also originally from Senegal. Akon who is also an actor and a businessman, has accumulated wealth from a diverse range of investments.

Akon writes songs and produces …

Affirmative Finance Action for Women in Africa (AFAWA)

Women entrepreneurs from Africa have a reason to smile following a move by the African Development Bank Group to launch a project seeking to enhance viability and sustainability of these businesses.

While all countries will be considered, preference will be given to proposals implemented in the following countries: Cameroon, Congo, Democratic Republique of Congo, Gabon, Kenya, Lesotho, Madagascar, Malawi, Morocco, Mozambique, Senegal, South Africa,Tanzania, Rwanda and Zambia to align with the ongoing Affirmative Finance Action for Women in Africa (AFAWA) Guarantee for Growth Program pipeline.

The AFAWA program dubbed allows entrepreneurship enablers, which include business associations and civil society organizations, play an important role in empowering women to establish bankable SMEs and other businesses.

However, the enablers themselves often face challenges, such as long-term growth plans and lack of financing, which reduce their reach, impact and sustainability.

Funding requests may be for a specific project or for an indicative program …

bill

Petition to Investigate Bill Gates for 'Crimes Against Humanity' Goes Viral | Neon Nettle in 2021 | Bill gates, Refugee crisis, Women in africa

When one of the World’s richest couples decides to divorce then yes we are all warrant to Tweet our P and Qs. So, as the social media world continues to dot the couples’ i’s and cross their t’s let as look at ‘the poor man’ in one of the World’s wealthiest people.

As of February this year, Bill Gates’ net worth of over $137 billion, keeping the world renown philanthropist right up their with the rest of the World’s richest people.

But that is not what makes Bill Gates standout, it is his willingness to aide the world’s poorest that sets him apart from the other World titans.

Only recently, through the Bill & Melinda Gates Foundation, Bill Gates, has set aside a $306 million package in agricultural development grants for Africa and other parts of the developing World.

Over the years, Bill Gates has invariably donated and granted Africa …

Africa Trade - AFCFTA - The Exchange - www.theexchange.africa

On 1 January 2021, trade began within the African Continental Free Trade Area (‘AfCFTA’). After years of preparation, and being postponed due to the COVID-19 pandemic, AfCFTA becomes the largest free trade area in the world based on the number of participating countries since the World Trade Organization (‘WTO’) was formed and connects some 1.3 billion people across the African continent.

Among many other key developments under the AfCFTA, member states have agreed to remove 90 per cent of tariff lines on non–sensitive products within five years for developing countries and within ten years for least developed countries.

The AfCFTA seeks to provide member states a comprehensive and mutually beneficial trade agreement that aims to boost intra-African trade. As noted by the World Bank, “[a]s the global economy is in turmoil due to the COVID-19 pandemic, creation of the vast AfCFTA regional market serves as a major opportunity to

desert-locust-Christel SAGNIEZ-Pixabay

East Africa has since late 2019 been fighting swarms of desert locusts which have posed a serious threat to crops and grazing across the region. 

The locust plague In Kenya is the worst in 70 years. In the last two months, new swarms have been breeding and hatching leaving farmers devastated as they try to cope with the negative effects from previous pests not to mention the dry spells and floods that hit the region further destroying crops. 

“We expect the worst if the young hatch in March and April,” Kelvin Shingles, Kenya Country Director for German Agro Action (Deutsche Welthungerhilfe) said in a press release. 

In Ethiopia, Somalia and Kenya, it is reported that up to 38 percent of cropland and 48 percent of pastureland have been affected. 69 percent of households have also suffered losses due to the plague according to the Southern Africa Food and

A public water source in one part of Africa. The continent needs to invest at least US$35 billion every year to stem water scarcity challenges. www.theexchange.africa

Data from the United Nations Environment Programme (UNEP) shows that Africa will have an acute water shortage in 25 of the 55 countries on the African continent by 2025. The data warns that these countries will record water levels below 1,700 cubic meters per capita per year.

Sub-Saharan Africa (SSA) is home to 50 per cent of the world’s entire population that does not have access to clean water. The water crisis is prevalent. For a better perspective, out of the two billion people living in water insecure, about 1 billion of these are in the SSA countries plagued by water problems. Again, the numbers translate to every 1 in 8 people lacking water on the planet on a daily basis…

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