Africa - The African Mirror

Feb

2024

Africa’s debt crisis needs a bold new approach: expert outlines a way forward

IT hasn’t been easy for African states to finance their developmental and environmental policy objectives over the past few years. Recent events suggest that the situation may be improving. For the first time in two years, three African states have been able to access international financial markets, albeit at high-interest rates. Kenya, for example, is now paying over 10% compared to about 7% in 2014. Many African countries continue to face challenging sovereign debt situations. DANNY BRADLOW, Professor/Senior Research Fellow, Centre for Advancement of Scholarship, University of Pretoria Total external debts as a share of Africa’s export earnings increased from…

Feb

2024

By SETH ONYANGO, BIRD STORY AGENCY

Africa’s growth trend signals return to faster expansion

BUSINESS

ELEVEN of the world's 20 fastest-growing economies will be in Africa in 2024, according to new forecasts from the African Development Bank (AfDB), despite recent shocks like inflation, increased debt and higher interest rates. The 2024 outlook adds some zing to a solid if patchy performance in 2023, when 15 African states posted growth rates of over 5%. Growth in 2024 will push the combined continental GDP to around US$3.5 trillion, according to German data research firm, Statista. Economic acceleration across the continent stems from structural shifts, enhanced infrastructure, and investment-driven productivity, signalling a robust continental revival. “Growth in Africa’s…

Feb

2024

By RACHEL SAVAGE

Africa’s economic growth fell to 3.2% in 2023, says African Devt Bank

BUSINESS

AFRICA'S economic growth fell to 3.2% last year from 4.1% in 2022, the African Development Bank said, but it projected higher growth this year for all regions except central Africa. The AfDB said political instability and China's economic slowdown were compounding the shocks of COVID-19 and Russia's war in Ukraine. The final figure for 2023 was below the 3.4% growth the AfDB had forecast in November. It also cut its regional growth estimates for central and north Africa, amid a recession in oil producer Equatorial Guinea and the aftermath of devastating flooding in Libya. "The shocks buffeting African economies since 2020…

Feb

2024

By SETH ONYANGO, BIRD STORY AGENCY

Africa’s green energy potential lures crypto miners

BUSINESS

NOMADIC crypto miners in search of affordable energy are eyeing Africa, with Ethiopia emerging as a prime location for blockchain mining. This pivot towards the continent is driven by its abundant renewable sources including solar, wind, and hydroelectric power. Ethiopia, with its colossal hydroelectric dam, has seen an increased inflow of bitcoin miners especially from China, who are dodging Beijing's tight controls on crypto activities. China has cracked down on the activity due to its high energy requirements. Bloomberg reported that "19 of 21 electricity-supply deals for mining struck so far are with Chinese companies." China has become an important…

Feb

2024

By BONFACE ORUCHO, BIRD STORY AGENCY

International clubs look to Africa for female football talent

FOOTBALL

AFRICA is growing into a critical supplier of professional female football talent to international clubs outside the continent, according to a new FIFA report. The ‘Global Transfer Report 2023’ released on January 30 by the international football governing body, FIFA, shows that Nigeria and Ghana produced among the highest number (in the top ten globally) of women players in the international transfer market last year. The FIFA report assesses and aggregates the market dynamics of professional and amateur footballers globally. “An all-time record of 74,836 cross-border transfers were made in 2023. Some 23,689 (31.7%) of these moves involved professionals (men…

Jan

2024

By The African Mirror

What we know about the Italian development plan for Africa

SPECIAL FEATURES: ANALYSIS

THE Italian government unveiled at the Italy-Africa summit details of a long-awaited project aimed at boosting development in Africa, hoping it will help spark economic growth that will curb irregular immigration to Europe. Here are the main points of the "Mattei Plan" - named after the late Enrico Mattei, who founded state oil company Eni - as outlined by Prime Minister Giorgia Meloni. AREAS OF INTERVENTION The Italian plan will be developed along five main policy pillars: education and training; agriculture; health; water; and energy - which is the most significant for Rome. The aim is to make Italy an…

Jan

2024

By CONRAD ONYANGO, BIRD STORY AGENCY

Davos: Global economists see bright spots in Africa growth prospects

NEWS

TOP economists agree that Africa's economic prospects for 2024 are positive, as small countries sparkle in the face of sluggish global growth projections. Chief economists from the World Economic Forum, World Bank and United Nations project Africa’s economy will defy the impacts of weak investments, debt crises, inflation, tight financial conditions and extreme weather patterns to record an improvement over 2023. A strong majority (65%) of World Economic Forum Chief Economists expect most of the continent to record at least moderate growth, according to the World Economic Forum Chief Economists Outlook 2024. This comes against a background in which 56%…

Jan

2024

By JESLYN LERH, WENDELL ROELF and ROBERT HARVEY

Red Sea ship diversions boost bunker demand, prices in Africa, Mediterranean

BUSINESS

THE re-routing of a growing number of ships around Africa to avoid potential attacks in the Red Sea is altering refuelling patterns and boosting demand for bunker fuel at far-flung ports, from Mauritius to South Africa to the Canary Islands. Ships are also expected to top up more at Singapore and Rotterdam, the two busiest bunkering ports and where fuel is competitively priced, as they try to hedge against uncertainty over route changes, traders and analysts said. Attacks by Yemen's Houthi militia on merchant ships in the Red Sea and retaliatory U.S. strikes have ratcheted up tensions in the Middle East as the…

Jan

2024

By BONFACE ORUCHO, BIRD STORY AGENCY

Cabo Verde’s malaria victory is a blueprint for Africa

HEALTH

CABO Verde has achieved a significant milestone in the battle against malaria, securing malaria-free certification from the World Health Organization (WHO). In news released on Friday, January 12, WHO explained that indigenous malaria transmission by Anopheles mosquitoes across the archipelago of 10 islands has been halted nationwide for the past three consecutive years. The country's certification is the fourth on the continent, following Mauritius, Morocco, and Algeria in 1973, 2010, and 2019, respectively. Globally, 43 countries now hold malaria-free certifications. According to Tedros Adhanom Ghebreyesus, WHO's Director-General, "WHO’s certification of Cabo Verde as malaria-free is a testament to the power…

Jan

2024

By The African Mirror

Coca-Cola in Africa: a long history full of unexpected twists and turns

SPECIAL FEATURES: ANALYSIS

A new book called Bottled: How Coca-Cola Became African tells the story of how the world’s most famous carbonated drink conquered the continent. It’s a tale of marketing gumption and high politics and is the product of years of research by critical writing lecturer Sara Byala, who researches histories of heritage, sustainability and the ways in which capitalist systems intersect with social and cultural forces in Africa. We asked her some questions about the book. SARA BYALA, Senior Lecturer in Critical Writing, University of Pennsylvania What do you hope readers will take away? There are three main takeaways. The first…