Browsing: Africa

Africa and the African diaspora has and continues to make a global impact on culture and society around the world. Music, food, art, sports, architecture, science, business, agriculture are just a few of the industries that the impact and influence of Africa and the African diaspora can be seen. www.theexchange.africa
Economic growth in Sub-Saharan Africa (SSA) softened markedly in 2022 to 3.4 per cent as inflationary pressure, weak external demand, and tighter global financial conditions, tempered post-pandemic recoveries in many countries.
Food price pressures, already significant even before the pandemic, have intensified further because of adverse weather shocks, supply disruptions worsened by Russia’s invasion of Ukraine, increased fragility and insecurity, and, in some countries, large currency depreciations.
According to the World Bank, annual food price inflation exceeded 20 per cent in over a quarter of all countries last year, dampening growth in real income and consumer demand, and deepening food in security.
A substantial deceleration in global growth and falling non-energy commodity prices have weighed on economic activity across SSA, particularly in metal exporters.
Despite a recent easing of global food and energy prices, import costs remained elevated, contributing to widening current account deficits.
Pandemic-induced weakness in fiscal positions lingered,

Idris Elba and Sabrina Dhowre Elba were honoured with the 2023 Crystal Award at the World Economic Forum in Davos for their leadership in advocating for poor small-scale farmers worldwide. The Crystal Award recognizes exceptional artists and cultural leaders whose contributions to society have made a tangible impact on improving the state of the world.

As Goodwill Ambassadors for the United Nations’ International Fund for Agricultural Development (IFAD) since 2020, the Elbas have been vocal supporters of greater investment in agriculture and rural development, particularly in Africa, where severe weather events and conflicts have further impacted farmers’ ability to produce food for their families, communities, and countries. Despite the vital role these farmers play in ensuring global food security, 75 percent of the world’s hungry and poorest people live in rural areas of developing countries.

The Importance of Small-Scale Farmers in Africa

Small-scale farmers play a vital role in feeding …

The African continent is home to some of the most beautiful and diverse countries in the world. From its vast deserts and savannas to its lush rainforests, Africa has something for everyone. But what many people don’t know is that Africa has great potential as a medical tourism hub.

Medical tourism refers to travelling abroad for medical care or treatments not available at home or which are more expensive there than elsewhere. With this in mind, it’s easy to see why Africa could become an attractive destination for those seeking quality healthcare services at lower costs than they would find back home.

Medical tourists mainly seek services related to cosmetic surgery, fertility treatments, dental work, orthopaedics, and cardiac care. These services are often sought due to their relative affordability in the destination country and the expertise and high quality of care that can be found in some of these countries. …

Africa's human development cannot proceed until the first and most basic need—food—is met. A report by AusAID titled Improving food security in Africa reveals that over two-thirds of the population relies on agriculture for income and basic food needs. With food, fuel, and fertiliser crises that have followed the extended Russia-Ukraine crisis, the World Bank has described the current conditions in sub-Saharan Africa as "the perfect storm," which includes the COVID-19 pandemic, skyrocketing inflation, a growing debt burden, and harsh weather.

The World Food Programme's 2022 Global Report on Food Crises estimates that 140 million people across Africa are experiencing food insecurity on a regular basis.

With many countries facing food security issues, many nations have partnered with the World Bank to implement a series of short-, medium-, and long-term actions to combat the effects of food insecurity, such as overreliance on imports and persistent drought. These measures are also…

Economies the world over have made significant recoveries from the effects of the Covid-19 pandemic, Russia-Ukraine conflict and disruptive supply chains with positive growth recorded in 2022.
Many of these key economies are in Africa.
However, majority of the African continent remains highly exposed to risks that could hinder growth in 2023.
One of the major concerns is debt serving, where African nation's debt as a percentage of GDP has been rising faster than expected over the past decade.
It is estimated on average that most African nations' Debt to GDP ratio, as of 2022, stands at 24.1 per cent with some countries having even higher rates.
About 35 per cent of the continent’s external debt is owed to banks, asset managers and oil traders in the West, with Chinese lenders accounting for around 12 per cent.
Of the about $444 billion in debt repayments governments in the continent will
  • The agreement reaffirms the US commitment to elevating a strong private sector voice in AfCFTA implementation.
  • Through exploring these challenges and opportunities in-depth, the U.S.-Africa Leaders Summit seeks to chart new avenues for improved U.S.-Africa cooperation.
  • The business forum focuses on growing the commercial partnership between the U.S. and Africa, with priority discussion topics including the U.S.-Africa commitment to trade and investment.

The United States Chamber of Commerce’s U.S.-Africa Business Center (USAfBC) and the African Continental Free Trade Area Secretariat (AfCFTA) on Wednesday signed a Memorandum of Understanding (MoU) to launch a working group to help advance trade and investment between the U.S. and Africa. 

The agreement reaffirms the US commitment to elevating a strong private sector voice in AfCFTA implementation. 

Scott Eisner, President of the U.S.-Africa Business Center, said coordination between the private sector and the AfCFTA is key to unlocking Africa’s full economic potential.

“As the world’s leading

Uganda Bureau of Statistics has indicated that the country’s inflation has for the first time since 2012 hit double digits, rising to 10 per cent in September 2022 from 2.7 per cent in January 2022 and 4.9 per cent in April 2022.

It is said that inflation above an annual average of 5 per cent retards economic growth and derails economic development.

According to an article titled Uganda grapples with soaring inflation amid persistent global uncertainties, the rise in inflation has been brought about by issues such as tightening of global financial conditions, which triggered investors' exit from the domestic debt market, thus stoking depreciation pressures on the Uganda Shilling; the Russia-Ukraine conflict, which disrupted global production and supply chains; extended drought in some regions of the country; and increased global commodity prices.…

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AfCFTA’s successful implementation can boost trade and promote Africa’s economic recovery and growth. The AfCFTA is the world’s most extensive free trade area in terms of size and number of nations, with a combined GDP of around $3.4 trillion.
Increased integration would improve incomes, generate employment, stimulate investment, and make establishing regional supply chains easier. In comparison to Africa’s external trade, intra-African trade remains tiny. In 2020, just 18 per cent of exports went to other African nations.…

For Africa, energy security should come first due to the fact that the continent is the least polluter but it bears a disproportionate burden wrought on by climate change impacts. From 1850-2020, according to analysts, Africa’s global emissions contribution have remained below 3 per cent. However, the continent lost about 5– 15 per cent of GDP per capita growth annually from 1986 – 2015. 

With the aggressive shift to clean energy, Africa risks even worse human and economic crises due to the multipronged dangers of climate change and the possible displacements caused by mining activities. 

Already, climate change-related catastrophes have triggered internal displacement of 2.6 million people going by 2021 estimates. Violence and displacement are some outcomes of climate-related disasters which leaves millions facing acute food shortages and increasing vulnerability. If mining in the DR Congo, and Africa at large, continues as it has for decades, then the displacements, hunger…

COP27 outcomes were far and few for Africa, yet the UN announced an Executive Action Plan for the Early Warning for All initiative, which calls for initial new targeted investments of US$3.1 billion between 2023 and 2027, which is equivalent to a cost of just 50 cents per person per year.  

This warning system comes to address crucial issues of extreme weather conditions such as disaster risk knowledge, observations and forecasting, preparedness and response, and communication of early warnings.

A couple of the notable outcomes for Africa included the continent's rainforest giant, the Democratic Republic of Congo (DRC) collaboration with Brazil and Indonesia, to launch a partnership to cooperate on forest preservation after a decade of on-off talks on a trilateral alliance.…

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