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Countries
- Nigeria’s headline inflation dropped to 32.15 per cent from 33.40 per cent in July.
- This marks a slight respite for Africa’s most populous nation, which has been battling relentless inflationary pressures for well over a year.
- But the long-term outlook remains uncertain, as analysts warn that this reprieve could be short-lived.
Nigeria inflation cooled in August 2024, largely due to improved food supply driven by favorable weather conditions. According to the National Bureau of Statistics (NBS) update on Monday, the country’s headline inflation dropped to 32.15 per cent from 33.40 per cent in July. This marks a slight respite for Africa’s most populous nation, which has been battling relentless inflationary pressures for well over a year.
The relief in inflation was largely tied to falling food prices. As the harvest brought in abundant supplies of tomatoes, peppers, yams, and other staple foods, food inflation, a key driver of the overall …
- Beijing has undertaken to train 6,000 military personnel and invite 500 African officers to China for skilling.
- As China strengthens its military ties in Africa, the US has faced setbacks, particularly with the recent withdrawal of American troops from Niger.
- Analysts say China’s military push in Africa is part of a broader strategy known as the Global Security Initiative (GSI), launched in 2022.
In a rapidly shifting world, China, already the top trading partner with Africa is going further by announcing a bold $140 million military cooperation plan to train 6,000 personnel across the continent. This development, announced at the 2024 summit on China-Africa cooperation by Chinese President Xi Jinping, has raised eyebrows, particularly among US defense officials, who believe this move is aimed at furthering China’s economic and strategic interests.
But is there more to China’s growing military involvement in Africa? And how does this fit into the larger …
- President Bassirou Diomaye Faye has vowed to put an end to the tragedy playing out on the waters of the Atlantic.
- Senegal’s Mbour city has seen a surge in people leaving its shores, driven by dreams of opportunity, but facing the harsh reality of death.
- On Sunday, a rickety boat left Mbour, with 89 young people. Within hours, however, tragedy struck killing 37. The owner of the ill-fated boat turned himself in on Monday.
The Atlantic Ocean is known for its beauty, but for many young West Africans, it has become a deadly grave as people smugglers take advantage of their hopelessness to exploit them. Last Sunday, a rickety boat left the shores of Mbour city, Senegal, filled with 89 hopeful young people embarking on a perilous journey to Europe. Within hours, however, tragedy struck.
The boat, one of the many artisanal fishing vessels known as pirogues, capsized, leaving behind …
- Growth attributed to increase in Foreign Direct Investment (FDI), which increased by 11.6 per cent from $8.2 billion at the end of 2020, to $9.2 billion.
- The stock of Other Investment (OI) liabilities increased from $4.9 billion in 2020 to $6.2 billion in 2022. Similarly, Portfolio Investment (PI) rose from $253.4 million to $266.4 million in 2022.
- The OI liabilities accounted for 39.2 per cent of total foreign liabilities in 2022, and were mainly in the form of loans, and currency and deposits.
Kenya’s foreign liabilities
Europe and Africa account for the biggest share of Kenya’s foreign liabilities mainly Foreign Direct Investments (FDIs), an official government report shows, as the country continues to retain its East Africa’s economic power status.
This comes on the back of an increase in the stock of Kenya’s foreign liabilities, which went up by 17.9 per cent from $13.4 billion at the end …
- Human Rights Watch says that the focus should be on progressive revenue generation and accountability over public funds.
- HRW further recommends strengthening social contract to address the root causes of protester anger.
- Finance Bill 2024, in the context of an IMF program with Kenya, was expected to raise US$2.7 billion in additional revenues in the upcoming fiscal year, in part to meet IMF targets.
IMF programs implementation
The Kenyan government and International Monetary Fund should work together to ensure that the IMF program and its implementation align with human rights, Human Rights Watch said today. The focus should be on progressive revenue generation and accountability over public funds.
Following the recent nationwide protests, President William Ruto declined to sign Finance Bill 2024, which included regressive tax measures that risked undermining rights. Any alternative measures should relieve economic pressures by addressing the root causes of protesters’ anger.
“The widespread …
- Results show that long-serving Paul Kagame has floored his challengers, garnering 99% of the presidential vote.
- This move gives Kagame a new 7-year term, and another chance to solve the persistent Rwanda-DRC conflict.
- Rwanda-DRC conflict has evolved into one of the world’s worst humanitarian crises in the world.
Rwanda Elections
Early results show that President Paul Kagame has beaten his challengers, garnering a jaw dropping 99.1 percent of the presidential votes cast on Monday, July 15, 2024. Kagame, who has been at the helm of Rwanda’s governance since 1994 secured victory by a similar margin in 2017.
His main challengers Democratic Green Party’s Frank Habineza and independent Philippe Mpayimana got 0.53 percent and 0.32 percent of the vote respectively.
According to Rwanda’s National Electoral Commission, about nine million people out of a population of 14 million were registered to vote. This represents an increase of two million voters compared to …
- Kenya’s $168Bn plundered development loans were taken over 11 year period between 2010 and 2021
- In one instance, the OAG raised an issue with the missing drawdowns for three loans from BELFIUS Bank and Unicredit totaling €29,510,462 (Sh4.1billion).
- The audit examined how 39 commercial loans valued at $168billiom (Sh1.36 trillion) during the time were used, and whether they were borrowed legally.
The Office of the Auditor General has opened a can of worms on the possible diversion of loans and plunder of funds disbursed to Kenya for development over the past 10 years.
A Special Audit by Auditor General Nancy Gathungu, on loans Kenya took between 2010 & 2021 shows that the country received $ 167.7 billion (Sh1.13 trillion) in the consolidated funds accounts however, the accountability of the funds is in question.
The revelations come at a time when President William Ruto has already gazetted the Presidential Taskforce on …
- Ratings agency Moody’s has downgraded Kenya’s local and foreign-currency long-term issuer ratings to Caa1 from B3, with a negative outlook.
- This downgrade ushers the economy into an era of reduced capacity to rollout revenue-based fiscal consolidation.
- The move also has broader implications for the country’s near-term economic stability.
East Africa’s giant economy is at a pivotal moment following ratings agency Moody’s move to downgrade its local and foreign-currency long-term issuer ratings to Caa1 from B3, with a negative outlook.
This downgrade, which comes just a week after a three-week nationwide revolt forced the government to shelve the Finance Bill 2024, ushers the economy into an era of reduced capacity to roll out revenue-based fiscal consolidation. This negative outlook also has broader implications for the country’s near-term economic stability, Moody’s states.
Kenya’s fiscal consolidation challenges amid negative outlook
Moody’s downgrade signals the Kenyan government’s shift away from planned tax increases, opting …
- Algeria tops countries holding airlines’ blocked funds in Africa at $261 million followed by countries within the XAF Zone that are trapping $140 million.
- Ethiopia has $115 million in blocked funds for airlines while its neighbour Eritrea is sitting on $75 million.
- Zimbabwe closes the top five countries with blocked funds at $69 million.
Airlines across the world continue to struggle to repatriate their profits, with several African countries accounting for the bulk of blocked funds at $880 million. This amount, which represents 52 percent of the total $1.68 billion blocked funds globally continues to act as a hindrance to the growth of the industry post-Covid-19 fallout.
Data from the International Air Transport Association (IATA) has single out Algeria, the XAF Zone, Ethiopia, Eritrea, and Zimbabwe as the top five countries in Africa where airlines are struggling to repatriate their profits.
Across Africa, Algeria tops among …
