Category: Africa
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African Union to launch regional credit rating agency in 2024
The African Union (AU) has announced plans to establish a new African credit rating agency in 2024. This initiative aims to address the AU’s concerns regarding what it perceives as biased assessments of countries on the continent by major global rating agencies, namely Moody’s, Fitch, and S&P Global Ratings. Misheck Mutize, the lead expert for…
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New study reveals alarming food access disparity affecting 650 million Africans
In a stark revelation, the 2022 Africa Agriculture Status Report (AASR23) has brought to light a dire situation where approximately 650 million people, constituting 50 percent of Africa’s population, lack adequate economic or physical access to food. This significant disparity in food access has raised serious concerns and highlights the urgent need to address challenges…
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ECO currency challenges: Technical committee attributes delays to external shocks, others
The West African Monetary Agency has acknowledged the challenges posed by global macroeconomic shocks and the inability of member states to fully meet the criteria for the complete rollout of the ECO as the single currency in the West African sub-region by 2027. In response, the technical committee has been tasked with reassessing the roadmap…
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African leaders emphasize in-continent processing of mineral wealth at climate summit
At the recently concluded African Climate Summit in Nairobi, Kenya, African leaders were united in their call for the processing of Africa’s extensive mineral wealth to occur within the continent. They emphasized that “decarbonizing the global economy is also an opportunity to contribute to equality and shared prosperity.” Despite Africa’s rich deposit of critical minerals,…
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Indian investors commit $14 billion to Nigeria, to strengthen several Nigerian sectors
Indian investors commit $14 billion to Nigeria, to strengthen several Nigerian sectors According to the Nigerian presidential spokesperson on Wednesday, Nigeria has received offers of about $14 billion from Indian investors and is seeking to sign an economic cooperation agreement with the South Asian country. Ajuri Ngelale, a spokeswoman, said in a statement that India’s…
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African Development Bank announces $25 billion pledge to boost climate finance in Africa
President of the African Development Bank (AFDB), Akinwunmi Adesina, has announced a pledge by the AFDB to allocate $25 billion in funding to Africa’s Climate Fund over the next 27 years. This ambitious financial commitment he said underscores the AFDB’s dedication to advancing climate finance initiatives in Africa, with the goal of expediting the transition…
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Collaborate to deal with perceived risk of investing in Africa – Amin Adam to African countries
The Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, has urged African countries to collaborate to address the perceived risk of investing in Africa. The minister said that available data suggests that out of the $2.3 trillion allocated for investment in renewable energy worldwide, only $55 billion has been invested in Africa,…
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AfDB launches $1b Youth Adapt initiative to support small businesses
The African Development Bank has announced a $1 billion Youth Adapt initiative to provide seed financing to promote businesses of young people in Africa. In collaboration with the Global Centre on Adaptation, the bank rolled out the Youth Adapt policy with an investment of $4 million into 33 businesses of young people in 19 African…
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Ken Ofori – Atta encourages African leaders to share in vision of Afreximbank
Ghana’s Finance Minister, Ken Ofori Atta has charged African leaders to share in the vision of the Pan- African bank to give deepened credence to the bank. He indicated that there is the need for Afreximbank to strategically position its self to meet the dynamic needs of the continent. According to him, although the bank…
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Afreximbank to establish African Quality Assurance Centres across Africa
As part of moves to strengthen intra African trade and ensure that goods and services exchanged on the continent meet global standards, the African Export and Import Bank (Afreximbank), in collaboration with key stakeholders is rolling out African Quality Assurance Centres. The centres when fully activated will not only boost trade within the African Continent…