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Countries
- Kenya’s high-interest rates hit 13 per cent in the last review by the Central Bank of Kenya.
- Since mid-2023, however, the World Bank’s index of commodity prices has remained essentially unchanged.
- World Bank reiterates that between mid-2022 and mid-2023, global commodity prices plummeted by nearly 40 per cent.
Kenyan consumers will have to bear the high cost of borrowing for much longer as Central Banks will not loosen their monetary policies any time soon, the World Bank has said.
The lender says the continued tightening will be a result of the prevalent global economic shocks, such as the Middle East conflict, which is threatening to halt the inflationary decline that has occurred in the past two years.
…“Global commodity prices are leveling off after a steep descent that played a decisive role in whittling down overall inflation last year,” the World Bank says in its latest commodity markets outlook. “However,
- There is a debt crisis in Africa as countries struggle to repay international loans.
- According to the World Bank, nine African countries entered 2024 in debt distress, with another 15 at high risk of distress and 14 more categorised as moderate risk.
- According to the United Nations, Africa’s public debt will stay above pre-pandemic levels in 2024 and 2025.
At 4 per cent, Africa is projected to be the second fastest-growing economic region in the world in 2024, according to a report by the International Monetary Fund (IMF). However, behind the headline figure is a less optimistic reality.
Many African countries have suffered from slow post-COVID-19 recovery, climate change shocks, worsening food security situation, political instability, weak global growth, and high-interest rates. These economic shocks have pushed over 55 million people into poverty since 2020. The situation is increasingly alarming as more than half of the continent’s countries are in …
- 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 …
- In Kenya, a concerning 75.4% of women journalists have reported experiencing online harassment.
- Several sub-Saharan African countries have enacted national frameworks, such as the Cybercrimes Act to counter the menace.
- However, while legal frameworks provide avenues for recourse, more proactive measures are needed to combat online violence effectively.
In an era dominated by digital platforms and social media, the rise of disinformation and online harassment poses significant challenges for journalists across the globe.
According to Clarice Wambua, a lawyer at leading corporate and commercial law firm Cliffe Dekker Hofmeyr (CDH) Kenya, this is especially true for women journalists in sub-Saharan Africa, who provide a vital service to society and must not be bullied into silence.
She notes that the pursuit of truth is of utmost importance, but women journalists in Africa often encounter difficult situations. Despite their valuable contributions to the field, they often face different types of harassment, which …
- Egypt’s economy has recently been on life support as the national debt continued to mount.
- The investments from Saudi Arabia and further funds anticipated from the World Bank and IMF will give Egypt enough cash to meet its debt obligations and maintain stability in its recently floated currency.
- The significant official and bilateral support announced and marked policy steps that Egypt has taken will, if maintained, support macroeconomic balancing.
Egypt’s economy on life support
Egypt’s economy has recently been on life support as the national debt continued to mount. The Egyptian currency has weakened against the US dollar, with rising inflation rates close to 30 per cent, occasioning a capital flight. Moreover, the overlapping global shocks and the domestic supply of bottlenecks have adversely impacted the country’s economic activity.
Egypt has also suffered from rising global interest rates and soaring commodity prices in international markets. These overlapping factors widen the …
- Kenya’s private sector activity and new orders rises for the first time in six months.
- Selling price inflation hits long-run average as cost burdens ease.
- However, PMI shows lowest confidence towards future output in the survey’s history.
Kenya’s business conditions improved in February, expanding private sector activity due to a further softening of inflationary pressures supported a fresh increase in new order volumes.
Stanbic Bank Kenya Purchasing Managers Index (PMI) for February registered at 51.3 per cent as lower fuel prices helped to cool input cost inflation to a 26-month low, supporting the softest increase in output prices for one-and-a-half years.
Improving business conditions are said to have led Kenyan companies to expand staffing levels at a faster rate albeit by largely hiring casuals pointing to a cautionary stance towards hiring permanently.
Nevertheless, confidence regarding future activity fell to a survey low, suggesting a broad degree of uncertainty that activity …
- The African Development Bank has donated $20 million to Senegal to enhance food security and support small producers post-COVID through the PRESAN-PC project.
- Infrastructure development, including agricultural boreholes and solar-powered systems, aims to increase farm production and resilience to climate change.
- The project benefits vulnerable women and youth, includes contributions from various sources, and impacts 31,000 households across multiple Senegalese regions.
In an ambitious move to ensure food security and enhance the livelihoods of its small producers, Senegal has received a significant financial boost. On a notable day in March 2024, the African Development Bank Group allocated a $20 million donation to the nation for the Post-Covid Food and Nutrition Security Enhancement Project (PRESAN-PC).
The initiative aims to transform Senegal’s agricultural landscape, benefiting vulnerable women and young people through increased farm production and income.
African Development Bank’s $20 million donation to Senegal
The African Development Bank’s generous donation comes from …
- The Biden administration has refined US sanctions on Zimbabwe targeting specific leaders linked to human rights abuses and corruption.
- New sanctions leverage the Global Magnitsky Act, and they focus on individuals and entities undermining democracy and involved in graft.
- The strategy supports the objectives of the Zimbabwe Democracy and Economic Recovery Act, emphasizing the need for political and economic reforms in Zimbabwe.
In a policy shift, President Joe Biden has overhauled the United States’ sanctions strategy towards Zimbabwe, introducing a set of measures aimed directly at key figures within President Emmerson Mnangagwa’s administration.
This move marks a departure from a broader sanctions regime that has been in place for over two decades, focusing instead on those at the heart of human rights abuses and corruption within the Zimbabwean government.
This restructuring of sanctions is part of the US’s ongoing commitment to fostering accountability for human rights abuses and corruption in …
- Every year, the Serengeti wildebeest migration involves the movement of vast herds of gnu, zebras, and gazelles.
- It is a tourism spectacle that sees Tanzania cash in on yearly tourism revenues of roughly $2,250 million.
- Tanzania tourism accounts for more than 14% of the country’s GDP.
Known as one of the greatest shows on earth, the great Serengeti wildebeest migration involves the movement of a huge herd of wildebeest, accompanied by large numbers of zebra, and smaller numbers of Grant’s gazelle, Thomson’s gazelle, eeland, and impala.
This annual spectacle in Tanzania has become a global sensation and is the visual brand of African safaris, making a multibillion-dollar business. According to the Tanzania National Business Council (TNBC) forecast, the share of tourism in the country’s GDP will reach 19.5 per cent in 2025/26.
Besides being a tourism spectacle, the great migration is also crucial to enriching global research and a better
