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Browsing: Africa’s agenda 2063
Africa’s blue economy is set to flourish and gain a whole new prominence in 2023, with increased investments lining up to exploit this lucrative but undervalued sector.
One of the major announcements that has signalled an increased interest in the blue economy came out of the twenty-seventh session of the Conference of the Parties (COP 27) in Sharm el-Sheikh, Egypt in November 2022. The World Bank announced a Mangrove Blue Carbon Pilot Program, an initiative meant to catalyze financing and provide operational response to developmental challenges in coastal-marine areas of the African continent.
Dubbed the Blue Economy for Resilient Africa Program (BE4RAP), the initiative seeks to respond to the challenge coastal countries face in managing their marine resources, to spur economic growth and reduce poverty, while adapting to the effects of climate change. The program is set to convene a “Focus on Africa Blue Marketplace” in 2023.
Building on the …
AfCFTA facilitates better access to trade across the continent for all Commonwealth citizens in member states; being one of world’s largest trading blocs. During her visit to Kenya in 2018, SG Scotland noted that, “AfCFTA gives the perfect platform to facilitate trade across the Commonwealth. Nineteen members of the AU are part of the Commonwealth family, the protocol is groundbreaking news because research shows, that when Commonwealth countries trade with each other, its 19 per cent cheaper and this is the Commonwealth Advantage.”
The combined GDP of Commonwealth countries, with a total population of over 2.4B, is now around $13 trillion and is estimated to reach $19.5 trillion in 2027. “With intra-Commonwealth trade expected to surpass $700 billion in 2022, and Commonwealth countries comprising a number of free trade zones including the Africa Continental Free Trade Area (AfCFTA), the Commonwealth Business Forum, provided a valuable opportunity to capitalize on global…
Over the past decade Africa has been rife with infrastructure developments that hitherto continue to steadily transform the continent, spurring the much-needed economic development. This is well aligned to aspiration 2 of Africa’s Agenda 2063, which advocates for ‘an integrated continent politically united based on the ideas of Pan Africanism and the vision of African Renaissance’ with the key priority area of developing world class infrastructure that crisscrosses Africa.
Inadequate infrastructure in Sub-Saharan Africa has remained an existential hurdle to the continent’s achievement of robust economic growth. According to a report by Deloitte, this status quo has reduced national economic growth by two percentage points every year, and cut business productivity by as much as 40 per cent. In reiteration, another report by McKinsey and Company highlights that Africa faces an infrastructure paradox, in that there is need and availability of funding together with a large pipeline of potential projects…
In the wake of the ongoing devastating drought that continues to ravage the Horn of Africa at an alarming rate, it is imperative to urgently redress Africa’s perennial water crisis. The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) reports that communities in the Horn of Africa are experiencing one of the most severe La Niña-induced droughts leading Kenya and Somalia to declare national emergencies due to poor and unpredictable rainy seasons. According to the World Food Programme (WFP), an estimated 13 million people are grappling with a major drought caused by the driest conditions since 1981.
This has been the aftermath of three failed rainy seasons in Kenya, Ethiopia and Somalia that have led to extreme water shortages, consequently leading to the decimation of crops and livestock deaths, forcing families from their homes and triggering conflict between communities. The root of this deleterious crisis has been climate…
- Africa is the second driest continent in the world after Australia and millions of Africans lack access to clean water, while still perennially suffering from shortages
- Africa loses 5% of its GDP every year due to water scarcity, with the Middle East and North Africa (MENA) region experiencing the greatest economic loss from climate-related water scarcity
- The theme for the recently passed World Water Day celebrated annually on March 22nd was ‘Ground water-Making the Invisible Visible’.
Africa is endowed with abundant natural water resources, being home to large freshwater bodies revitalizing the continent in a myriad of ways, spurring various social and economic initiatives. However, in stark irony, Africa is the second driest continent in the world after Australia, and millions of Africans lack access to clean water, while still perennially suffering from shortages. This has remained among the long-standing wounds ailing the continent, which need to be urgently remedied.…
The scope of green finance is broad and encompasses initiatives taken by both public and private entities such as financial institutions, governments and international organizations in developing and supporting sustainable impacts through key financial instruments which lay the foundations of sustainable business models and investments.
Projects that fall under the green finance umbrella include the reduction of industrial pollution and lowering the carbon footprint, climate change mitigation, biodiversity conservation, promotion of renewable sources of energy plus energy efficiency, circular economy initiatives, sustainable use of natural resources and many more.
For Africa to tackle the climate menace, it needs concerted efforts from all the above parties for desired outcomes to be reaped.…
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