Category: INTERNATIONAL
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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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Global food price index declines in August
Strong supply conditions push international commodity quotations lower except for rice and sugar International food commodity prices declined in August, led by staples other than rice and sugar, the Food and Agriculture Organization of the United Nations (FAO) has reported. The FAO Food Price Index, which tracks monthly changes in the international prices of globally-traded…
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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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China cuts key interest rate as recovery falters
The People’s Bank of China (PBOC) lowered its one-year loan prime rate to 3.45% from 3.55%. The country’s post-Covid recovery has been hit by a property crisis, falling exports and weak consumer spending. The cut comes as other major economies raised rates to tackle rising prices. The PBOC last cut its one-year rate – on…