The World’s Leading Economies are Welcoming Africa as a Permanent Member
The Group of 20 nations agreed to grant the African Union permanent membership status in a move aimed at giving the continent a stronger voice on global issues such as climate change and emerging-market debt. Summit host Indian Prime Minister Narendra Modi made the announcement in New Delhi on Saturday at the start of the […]
The Traditional Development Finance Model has not Worked for Africa Over the Past Six Decades
Even though the world economy has grown in the past few decades, most African nations lag economically and grapple with abject poverty. Their commodities are highly susceptible to market fluctuations and natural disasters, and their societies are prone to instability, making it difficult to attract foreign investment. That is why most African nations turn to […]
Ghana is Working on Legislation to Regulate the Production of Carbon Credits in the Country
This decision trails efforts made by other African nations, including Zimbabwe and Kenya, to enact legislation aimed at ensuring that the government and local communities receive a greater share of benefits from offset production. Carbon credits have become a big industry, with wealthier nations offsetting their emissions by either financing clean and sustainable energy projects […]
Without Proper Labour Protections, AI Adoption can Exploit African Workers
Unemployment remains a pressing concern across Africa, where job opportunities are crucial for economic growth and stability. Amid the rising tide of artificial intelligence (AI) adoption, questions remain about its impact on employment dynamics, particularly in a region with unique socioeconomic challenges, and where approximately half a billion jobs need to be created by 2050. […]
The AU Needs IMF to Release $650 Billion in Social Drawing Rights to Combat the Climate Crisis
The 55-member group also demanded that at least $100 billion in existing SDRs be channeled to Africa through institutions such as the African Development Bank, with a group of donors to be established by the time the COP28 climate summit starts on Nov. 30. Multilateral development banks should be recapitalized to provide at least $500 […]
Realizing Africa’s Inaugural Digital Free Zone
In a significant development for Africa’s digital landscape, Lagos-based Itana, formerly known as Talent City, has announced that it secured $2 million in pre-seed funding. Founded by Luqman Edu, Coco Liu, and Iyinoluwa Aboyeji, this funding is pivotal in realizing their vision to enhance Nigeria’s ease-of-doing-business index, stimulate foreign direct investment, and catalyze employment opportunities […]
DRC Startup Provides Bespoke Digital Content, Coding, Programming, Training and e-learning to SMEs
ITOT Africa, an ed-tech startup based in Lubumbashi and launched in 2017, recently received $59,000 in matching funds from the Catalytic Africa initiative, supporting an investment made into the startup by DRC Impact Angels. The startup’s flagship product Okademy is an online learning, on-demand training and career tracking platform. Meanwhile, with its network of affiliated […]
Zambia Agrees to Return Control of Konkola Copper Mines to Vedanta Resources
This was announced by mines minister Paul Kabuswe on Tuesday, ending a row over the ownership of the assets that erupted in 2019 when authorities seized the mines. The government, which owns a 20% stake in KCM through ZCCM-IH, will allow Vedanta to resume control and operate KCM’s mines and smelter after the company renewed […]
CBN Is trying Different Ways to Stabilise the FX Rate and Clear the Backlog
In the beginning of the week, a press conference in Lagos featured Mr Ade Shonubi, the acting governor of the Central Bank of Nigeria (CBN). In that conference, he said the CBN was partnering with local banks to clear out forex backlogs —estimated at $10 billion— in two weeks. According to Shonubi, banks have already […]
UK Court Gives Mozambican President a Free Pass
Mozambican President Filipe Nyusi cannot be sued in Britain over allegations he accepted unlawful payments in the country’s lawsuit against Credit Suisse and others over the $2bn “tuna bond” scandal, London’s High Court ruled on Monday. The tuna bond or “hidden debt” case has triggered criminal investigations from Maputo to New York, plus a series of […]
