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The global financial landscape has undergone a remarkable transformation in recent times. Remarkably, the issue of the de-dollarization of international trade is slowly but steadily gathering momentum. A rising trend toward de-dollarization is challenging the longstanding supremacy of the United States in the international financial system. As the dominant global reserve currency, the US dollar remains pivotal in international trade, investment, and financial transactions.…
- The prospect of establishing a common currency will be a top agenda at the upcoming BRICS Summit in Durban, South Africa later this year.
- The Shanghai Cooperation Organization (SCO) is working towards trading in their own national currencies.
- Roughly 40 percent of international trade transactions in goods are invoiced in dollars
The prospect of establishing a common currency will be a top agenda at the upcoming BRICS Summit in Durban, South Africa later this year.
Should the common currency be formed, it will be based on a basket of the currencies of the BRICS countries; the Chinese RMB Yuan, the Russian Ruble, the Indian Rupee, the Brazilian Real, and the South African Rand.
Russian Foreign Minister Sergey Lavrov has on several occasions announced plans by the BRICS countries to unify their currencies and untangle themselves from dollar dependency.
At a media conference during his Africa tour at the start of …
- As a signatory to the ICC, South Africa is under a legal obligation to heed the warrant and arrest the leader of Russia.
- The European Union, as well as the United States, have all sent diplomatic envoys to South Africa urging the administration in Pretoria to broker some kind of peace talks.
- South Africa’s Minister of International Relations and Cooperation Naledi Pandor raised the issue of double standards in the ICC.
South Africa has extended an invitation to Russia’s President Vladimir Putin to attend the BRICS Summit later this year in South Africa amidst an arrest warrant issued by the International Criminal Court (ICC) on Putin for the invasion of Ukraine.
BRICS is made up of the world’s largest emerging economies of Brazil, Russia, India, China, and South Africa. The five countries will be holding their 15th annual summit in Durban South Africa later this year.
Following the issuance of …
- EU insists it has not put sanctions on food and fertilizers from Russia
- Malawi receives the first consignment of 20,000 tonnes of Russian fertilizers
- The EU, UN might consider releasing more fertilizers and food embargoed at European ports to Africa
The EU insists that food and fertilizer are not part of the sanctions it has imposed on Russia due to the ongoing conflict with Ukraine, yet the global supply of much-needed fertilizer is in short supply which begs the question; is Russia hoarding fertiliser supplies?
While the EU says it is not to blame, Russia says it is the Western sanctions that are causing the decrease in fertilizer exports. It only makes sense that Russia would hold back fertilizers to increase its own domestic food production in the face of future uncertainties in the still very volatile situation.
The sanctions on other sectors of Russia’s economy are spiralling to the …
Official data has shown that the cost of transacting in international currencies is often 2 or 3 per cent higher than dealing in local alternatives. The higher cost often creates significant international trade obstacles. Ultimately, the progressive decision-making of the Russian government could save Africa from the damaging effects of a strong dollar. Consequently, international trade will become accessible to businesses in Africa. This will boost economic growth in the respective partner countries.…
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World trade is increasingly relying on new technologies to meet demand and Asia is likely to take centre stage in the future of global trade.
Analysts predict Southeast Asia will be the world’s busiest trade area by trade volume.
The International Monetary Fund (IMF) reports that billions of dollars are already been invested in warehouses and distribution centers across with ports investing in automated vehicles and cranes to increase efficiency and cut costs in the long term.
Trade in the modern world is global. Flow of goods, services, capital, people and data connects us all. Value chains of even the smallest of daily consumer products are global. Raw, a raw material from Africa is developed in Asia and consumed in the Americas -, that is the modern world and countries that wish to be competitive must adopt.
However, this view of a ‘world village’ is changing, in the wake
At the close of 2022, between September to December, food prices soared around the world and with no signs of this abating in 2023, countries in Africa will have to move with speed to mitigate a looming food crisis.
Food inflation is particularly pronounced and severe in low-income and middle-income countries. According to most recent sector reports, up to 94.1% of low-income countries around the world suffer food inflation.
With increasing food prices, the cost of living is increasing, and it is no better in lower-middle-income countries of which 92.9% are contending with food inflation.
Even the upper-middle-income countries are also facing food inflation with 89% reporting unprecedented double-digit inflation.
According to the International Monetary Fund (IMF), maize prices in December 2022 went up by 27% while wheat shot up 13% higher compared to the same period in 2021.
- The Russia-Ukraine war has impacted Africa’s economic growth by increasing food shortage
- Africa is facing impending food crisis that will see over 140 million go hungry in 2023
- Economists remain optimistic Africa can recover against all odds
Economic growth in Sub-Saharan Africa (SSA) was projected to contract from 4.1% in 2021 to 3.3% in 2022, a regression caused by a general global economic slowdown.
Africa’s dependency on long supply chains left it vulnerable to adverse economic conditions in the global market and the global supply end. Covid-19 dealt the world a blow but Africa sailed through the storm, barely.
However, the Russia-Ukraine war disrupted grain and oil supply dumping Africa’s growth prospects notwithstanding that a number of African states are on the brink of a debt crisis.
Things were made worse with the ongoing catastrophic effects of global …
- Elon Musk Starlink satellite internet in Tanzania expected as early as first quarter of 2023
- Tesla to access nickel and cobalt from Tanzania’s Kabanga mines by 2025
- Tanzania, Kabanga form Tembo Nickel Corporation at 16% and 84% shares respectively
Elon Musk in Tanzania: Did you know, there are over 3250 satellites hovering in the Lower Earth Orbit over you? The number is not shocking, what is impressive is the entire satellite constellation is owned by a single company, Elon Musk’s Starlink.
In his ambitious effort to offer faster internet coverage globally, the world’s richest man actually plans to have as many as 42,000 satellites in the Lower Earth Orbit (LEO).
As we enter the New Year 2023, Tanzania is set to become the fourth African country to allow internet service provision from Starlink’s LEO satellites.
Even though Tanzania has already laid down some 7,910Km of fibre optic cable that …
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.…