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- Kenya-Ethiopia Trade Relations: Legislators Advocate for Policy Alignment to Boost Ties
- Visualising the state of debt in Africa 2024
- Abu Dhabi radiates optimism as over 300 startups join AIM Congress 2024
- TLcom Capital Raises $154 million in Funding to Boost Its African Growth
- Africa’s $824Bn debt, resource-backed opaque loans slowing growth — AfDB
- LB Investment brings $1.2 trillion portfolio display to AIM Congress spotlight
- AmCham Summit kicks off, setting course for robust future of US-East Africa trade ties
- Why the UN is raising the red flag on the UK-Rwanda asylum treaty
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 …
Zimbabwe’s Finance Minister Mthuli Ncube delivered an optimistic 2021 $426 billion worth national budget. The upcoming year’s budget under the theme: Building Resilience and Sustainable Economic Recovery, is meant to be a gateway for an economic revival in the struggling country.
The budget allocated a sizable proportion of the funds towards the health and education sectors.
Key Budget Highlights
- Budget size $421.6 billion
- Revenue collection projected at $390.8 billion
- Public debt $1.9 million
- The economy is expected to grow 7.4% in 2021 following a consecutive decline in the past two years.
- Year on year inflation is projected to end the year 2021 at 9%
- Upward review of tax-free threshold on salaries and 2% transaction levy and bonus.
- Foreign currency-denominated corporate tax payments.
- Tightening of Informal sector tax (Presumptive tax) collections.
Economic Recovery
The minister presented optimistic growth metrics. The budget projects an anticipated 7.4% economic growth trajectory following two …
President Uhuru Kenyatta has urged the Africa Centres for Disease Control and Prevention (Africa CDC) to prepare harmonised COVID-19 protocols that will ensure participants are safe during the African Union meetings scheduled for February next year.
President Kenyatta emphasized that the protocols will determine whether the African Union (AU) meetings will be virtual or physical given the challenges occasioned by the COVID-19 pandemic.
“The Africa Centres for Disease Control and Prevention should give protocols that they think will ensure participants are safe and that will determine whether we will have virtual or physical meetings,” the President said.
President Kenyatta spoke Thursday evening during a virtual meeting of the Bureau of the Assembly of the AU Heads of State and Government and chairpersons of the Regional Economic Communities (RECs).
Also read: Housing and construction sector key in post pandemic recoveries -Uhuru Kenyatta
The meeting was convened by President Cyril Ramaphosa of …
The Food and Agriculture Organization of the United Nations (FAO) is increasing efforts aimed at bolstering the global response to Fall Armyworm (FAW), considered one of the top 10 devastating plant pests affecting food and agriculture.
According to a statement from the organisation, the Director-General, QU Dongyu, noted today that great strides had been made by the Global Action for Fall Armyworm Control (GA), a coordination mechanism established by him a year ago, but emphasized that many challenges remain to be tackled in the sustainable management of this pest.
Speaking at a virtual meeting of the Global Action’s third steering committee, the Director-General noted FAW’s reach was expanding, noting that it had been reported in four new countries in Asia and the Near East.
FAW is a voracious transboundary insect which targets maize and other food crops. Originating in the Americas, it invaded Africa in 2016 and has spread …
A few years ago, Nigerian Jessica Mathews made headlines after she invented the energy harnessing soccer ball. The invention entailed soccer balls that harness the kinetic energy they gather when they are kicked around so that they can be used for lighting in the home.
This was an incredibly beneficial invention, given the challenges of electricity in most of Africa; 60 % of the population has no access to electricity. In several countries, those who do have access to electricity experience intermittent power cuts. Noisy and fume producing generators are widely used to power business and home lights. However, that is only for those with an advantage in terms of affluence. For those who do not have the same level of privilege, candles, or paraffin lamps akin to those used in 18th century Europe are still the primary source of lighting.
Zimbabwe’s William Sachiti, the inventor of the driverless …
Analysts at the African Trade Insurance Agency (ATI) annual roundtable noted that Africa is expected to see a subdued economic recovery in 2021 and not likely to reach 2019 growth levels until 2022.
The ATI virtual discussion hosted Uganda, Ghana and Senegal, international financial partners and risk analysts to discuss the most urgent risks and mitigation solutions.
During the virtual meeting, ATI’s newly appointed Chief Executive Officer, Manuel Moses emphasized the importance of partnerships that will help African economies recover from the pandemic. He also said that ATI with the support of partners like the European Investment Bank and the African Development Bank, it plans to go through rapid membership expansions so as to lend more support to the most vulnerable economies.
One of the striking features of the impact of the pandemic that was revealed as a key factor that should guide the continent’s recovery is that the pandemic …
In a few months, COVID-19 has disrupted our lives, and we are yet to grasp the full extent of it. While the pandemic is global, it exposes current inequalities in Africa: the biggest impact will be on the most fragile countries – as well as on the impoverished, the uninsured, and the information-poor. Beyond the number of infections, deaths, jobs lost and the hit on national economies, COVID-19 will trigger a surge in extreme poverty on the African continent. Various studies have already predicted that an additional 12 million Africans will be pushed below the threshold of living with an income of less than USD 1.9 per day.
While it is easy to dwell on the challenges faced in an unexpected year like 2020, true entrepreneurs have a natural gift to focus on solutions, take action and find a silver lining to the crisis. Specifically, social entrepreneurs have a vital …
