Category: Africa
-
What does 2023 hold? Predictions in payments for the year ahead for Africa
The sharp economic slowdown brings new difficulties ahead for Africa – including high international food and fuel prices, financial shocks from the tightening of monetary policy in advanced economies, and increased food insecurity in various parts of the region. All of this follows the economic and social effects of the pandemic. 2023 is going to…
-
EIU analysts forecast grim economic outlook for Africa in 2023
There are major concerns surround the heavy burden of debt servicing, the instability created by election cycles, geopolitics and war, as well as the lingering threat of food insecurity caused by conflict and adverse weather conditions on the African continent. Africa’s economic recovery has been disrupted in 2022 by a range of internal and external…
-
AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition
With the growing global concerns over food security, The African Union Development Agency – AUDA-NEPAD has held a two-day workshop for stakeholders including the youth and the media to proffer solutions to creating more awareness of the need for proper nutrition and ensuring food security in Africa. This comes at a time when COVID-19 has…
-
Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.
The Managing Director of Agricultural Development Bank Plc, Dr. John Kofi Mensah has disclosed that the African Continental Free Trade Area (AfCFTA) will help agribusiness entrepreneurs to access the African Market. The AfCTA is a single market (duty-free-quota-free) trading bloc covering the entire African Continent with a total population of 1.3 billion to create a…
-
Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns
The International Monetary Fund has warned of “economic collapse” in many African economies as the impact of the Russian-Ukraine war has worsened with commodity price shocks and increased cost of living for hundreds of millions of people. According to IMF Managing Director Kristalina Georgieva, inflation is now higher than expected. It has broadened beyond food…
-
Africa’s internet economy to cross $180 billion by 2025: Report
Africa’s Internet economy has the potential to reach 5.2% of the continent’s gross domestic product (GDP) by 2025, contributing nearly $180 billion to its economy, according to a report from Google and the International Finance Corporation (IFC). The report titled e-Conomy Africa 2020, pointed out that the internet economy in Africa is bound to see exponential…
-
Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia
Vice President, Dr. Mahamudu Bawumia, has reiterated the need for a regional approach to enhance the competitiveness of Africa. According to him, this will help create conditions that are conducive to increase trade investments on the continent and ensure higher economic growth. Addressing the 22nd Annual General Meeting (AGM) of the African Trade Insurance (ATI)…
-
As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty
On Wednesday June 15, 2022, Nigeria’s National Bureau of Statistics (NBS) released the Consumer Price (CPI) Index report which showed the country’s inflation rate at an 11-month high of 17.71%, up from 16.82% in April. The report, which was seen by Business Insider Africa, noted that the increase was driven mainly by skyrocketing food and…
-
Ticket prices to rise following B.A schedule change on Accra-London-Accra route
Stakeholders in the aviation sector are warning of a hike in ticket prices for passengers using British Airways on the Accra-London-Accra route following the reduction in the number of days that the airline flies to and from Ghana. The airline as a result of several factors including a shortage of staff has decided to cut…
-
Bawumia calls for more AfDB support as African economies battle global challenges
Vice President, Dr. Mahamudu Bawumia, has urged the Africa Development Bank (AfDB) and the Africa Development Fund to offer more support to African economies in the midst of on-going global economic challenges. According to him, the AfDB has lived up to its billing of being at the forefront of the continent’s development, adding that the…