African nations - The African Mirror

Jan

2024

African nations bet on Sovereign Wealth Funds to catalyze sustainable economic development

MOZAMBIQUE, pinning its hopes on vast natural gas reserves to drive sustainable economic development, has created a national investment savings fund called the Mozambique Sovereign Fund. According to Reuters, the country's parliament last month approved the fund's establishment, anticipating it to accumulate up to US $91.7 billion by 2040. In an interview with news platform 360 Mozambique, Max Tonela, the Minister of Economy and Finance, highlighted that revenues from natural gas “will peak in the 2040s at more than 6 billion dollars a year.” Mozambique exported its first natural gas cargo to Europe in 2022 from the Coral Sul floating…

Nov

2023

By The African Mirror

Saudi Arabia to sign deals worth over $500 mln with African nations -minister

NEWS

THE Saudi Fund for Development will sign agreements worth 2 billion riyals ($533 million) with African countries, Saudi Finance Minister Mohammed Al-Jadaan said during the Saudi-Arab-African Economic Conference in Riyadh. "We are working with partners to support Ghana and other countries regarding their debt," Jadaan added. Saudi Investment Minister Khalid Al-Falih later said at the same conference the kingdom's more than $700 billion wealth fund, the Public Investment Fund, will make some "game-changing" investments in Africa. Saudi Energy Minister Prince Abdulaziz bin Salman, also at the conference, signed preliminary agreements with African countries including Nigeria, Senegal, Chad and Ethiopia on…

Jun

2023

By The African Mirror

Blue Renaissance: African nations’ bold commitment to oceanic prosperity

NEWS

BIRD STORY AGENCY ON June 14th, experts in the blue economy and government officials from various African nations signed the Moroni Declaration in Comoros. This development expresses a shared goal and dedication to advancing the blue economy as an essential catalyst for growth, innovation, and resilience. During the two-day 'Blue Future Ministerial Conference on Blue Economy and Climate Action in Africa: Island and Coastal States at the Forefront,' attended by over ten countries, leaders from Africa's island and coastal states issued a declaration showcasing their proactive commitment to the preservation of oceanic and sea waters within their jurisdictions. This declaration…

Mar

2023

By SETH ONYANGO, BIRD STORY AGENCY

Breaking the mould: Africa’s non-traditional wealth hubs spring up

BUSINESS

SMALLER African nations are giving rise to a new generation of millionaires, challenging the 'big five" wealth markets on the continent – South Africa, Egypt, Nigeria, Kenya, and Morocco - some of which have experienced millionaire "flight" over the past decade. According to the latest Africa Wealth Report published by Henley & Partners and New World Wealth, the growth of high-net-worth individuals in traditional powerhouse economies like South Africa, Egypt, and Nigeria is cooling off. In contrast, emerging markets such as Rwanda, Cote d'Ivoire, and Zambia are experiencing a surge in their millionaire populations, indicating a shift in wealth generation…

Feb

2023

By The African Mirror

Macron flies to Africa to counter waning French influence

NEWS

FRENCH President Emmanuel Macron will fly to Africa this week in a bid to counter Russian efforts to dislodge France from the continent after Paris suffered a series of military and political setbacks in its former sphere of influence. Macron will visit three African nations around the Congo basin as well as Angola, with the focus of the trip being ostensibly away from France's troubled former colonies in the Sahel, where anti-French sentiment is on the rise. Ahead of the trip on Monday evening, Macron is expected to spell out his new African policy in a speech and press conference…

Apr

2022

By The African Mirror

Why African nations’ support for UN action on Russia/Ukraine is so mixed

NEWS

TIM COCKS WESTERN powers seeking to isolate Russia over Ukraine are disappointed at what they see as lukewarm support from African nations at the U.N. general assembly - where their 54 votes form a bloc large enough to swing resolutions. The Ukraine war comes at a time of heightened rivalry between the West, China and Russia over Africa's natural resources, trade and security ties. Below are some reasons for the continent's divided stance: HEARTS AND MINDS On the day of the invasion, February 24, the African Union unequivocally called on Russia to respect "the territorial integrity and national sovereignty of…

Dec

2021

By The African Mirror

‘Omicron ‘blaming’ shows persistence of racism in healthcare’

HEALTH

DONNA BRYSON THE persistence of racism is evident once again with the "blaming and shaming" of African nations for the Omicron variant of the coronavirus, health advocate Dr Joia Crear-Perry said on Wednesday. Speaking at a Reuters Next panel on racial disparities in Black maternal healthcare, Crear-Perry said the medical profession in the United States needed to stop resorting to racist tropes and start truth-telling. "Even if you look at the latest blaming and shaming that's happening around the latest Omicron variant you see the same history, the same racist trope of blaming certain places, assuming white nations and nations…

Jul

2021

By The African Mirror

Fintech revolution: A window for Africa to leap through

BUSINESS

CONRAD ONYANGO, BIRD NEWSROOM From Seychelles to Somalia, smaller African nations are rapidly expanding financial inclusion and making huge strides in cashless payment technologies and in the process helping to build Africa as a global centre of fintech excellence, a new report reveals. More and more African countries are joining the top 100 global league of fintech hubs, as a wave of innovation washes over the continent. The latest global rankings show Africa topped the list of new entrants, with seven out of 18 new fintech hubs found in Africa. Seychelles is among the new entrants, shooting to position 59,…