Trending
- Africa to benefit as global investors increase ESG investments in 2024
- From US Dollar to diversification: How BRICS Pay will impact US-Africa trade
- Zambia reduces interest rates on student loans by 5 per cent
- Twiga Foods raises undisclosed funding despite massive layoffs
- No more excuses: Commonwealth to call for accelerated action on climate crisis at COP28
- London’s Verto and UBA spearhead cross-border payments in East Africa
- Mozambique’s $80 Billion Green Energy Gamble: A Strategic Shift with Global Implications
- Financial professionals must lead Africa’s switch to sustainable growth
Browsing: Russia-Ukraine conflict
- Seven African leaders have visited Ukraine and Russia in an effort to put an end to the almost 16-month-old war.
- The Ukraine-Russia war is negatively affecting production and supply of food in Africa and across the globe.
- The African peace mission coincides with Ukraine’s counteroffensive to drive out Russian forces out of occupied lands.
Stung by worsening negative effects of the Russia-Ukraine war on their economies, seven African leaders have visited Kyiv and Moscow in an effort to put an end to the almost 16-month-old war.
African Peace Initiative Mission
In an initiative dubbed African Peace Initiative Mission, the seven were the presidents of Comoros, Senegal, South Africa, and Zambia, as well as Egypt’s prime minister and top envoys from the Republic of Congo and Uganda.
The ongoing war between Ukraine and Russia is increasingly negatively affecting Africa’s economic development. Continued loss of lives, higher economic costs to trade and …
Xi Jinping has elevated the China-Africa friendship to its most significant level since Mao Zedong’s reign. With Xi getting a third five-year term and perhaps staying in power even longer, those relations will strengthen further. Thus, Africa will remain pivotal in China’s plans for global economic control.…
A currency crisis is defined as a quick and abrupt depreciation of a country’s currency. Currency depreciation goes in tandem with turbulent markets and a loss of confidence in the country’s economy. Historically, crises have arisen when market expectations induce significant movements in the value of currencies.
The global economy is now in turmoil. As the world economy enters another era of a currency crisis, the value of the US dollar keeps rising. Over half of all international trade is billed in dollars. A stronger dollar thus hurts consumers globally, particularly in Africa, who rely on dollars to pay for imports.
The US Federal Reserve’s hawkish approach to increasing interest rates more aggressively than central banks in other major countries has contributed to the dollar’s appreciation. The fact that investors generally see the dollar as a “safe haven” asset during times of economic turmoil has added to its resilience.…
