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

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…
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South African rand sinks to 3-month low, bonds drop on violent protests

South African rand sinks to 3-month low, bonds drop on violent protests

OLIVIA KUMWENDA-MTAMBO and NQOBILE DLUDLA SOUTH Africa's rand dropped to a three-month low on Tuesday and local and hard currency bonds suffered as violent protests over economic hardship and inequality rippled across the country. Crowds clashed with police and ransacked or set ablaze shopping malls, with dozens of people reported killed as grievances unleashed by the jailing of ex-president Jacob Zuma boiled over into the worst violence in years. The protests rattled financial markets in the continent's most industrialised economy, with the rand dropping as much as 1.8% to 14.67 against the dollar, its lowest level since mid-April. The currency…
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