For the first time in the history of the African Development Bank, its Annual Meetings will be held virtually to comply with the COVID-19 pandemic-related social-distancing guidelines. The Governors’ Dialogue and the election of a president will be top of the agenda of the upcoming Meetings scheduled for 26-27 August 2020. This year, which marks […]
Nouriel Roubini NEW YORK – The recent sharp depreciation of the US dollar has led to concerns that it may lose its role as the main global reserve currency. After all, in addition to the US Federal Reserve’s aggressive monetary easing – which threatens to debase the world’s key fiat currency even further – gold prices and […]
Patrick Njoroge NAIROBI – “We are experiencing the sharpest decline in per capita income since 1870,” United Nations Secretary-General (UNSG) António Guterres pointed out in a recent speech, warning that the COVID-19 crisis has put 70-100 million people at risk of being pushed into extreme poverty. Preventing that outcome will require concerted and comprehensive action to reboot and rebuild the […]
Kampala Uganda 19/8/2020, The Uganda Bureau of Statistics (UBOS) in conjunction with the World Bank launched its preliminary results from the first High Frequency Phone COVID 19 business survey report. The launching of the report was presided over by the Executive Director of the bureau Mr. Chris N Mukisa and a representative from the World […]
Abidjan, Côte d’Ivoire, 18 August 2020 – At a ceremony on Monday to commission the permanent secretariat of the African Continental Free Trade Area (AfCFTA), Ghana’s President Nana Akufo-Addo and Moussa Faki Mahamat, chairperson of the AU Commission, reiterated the importance of the body to the continent’s economic transformation agenda. “The economic integration of Africa will […]
August 13, 2020 – Washington, D.C. – As a leader in the Open Government Partnership (OGP) Steering Committee, Nigeria is taking critical steps to tackle corruption and money laundering by enhancing corporate accountability and transparency through a new registry disclosing persons with significant control of companies. President Muhammadu Buhari signed the new beneficial ownership registry […]
Millions of Africa’s coffee farmers have slipped into abject poverty caused by poor prices which are currently barely enough to cover production costs while the rest of the coffee supply chain players enjoy rising profits. The African farmer produces some fine quality coffee, but receives the lowest prices of all growers, globally. African coffee farmers […]
Abidjan, Cote d’Ivoire, 30 June 2020 – The Board of Directors of the African Development Fund (ADF) have approved grants totaling $9.52 million to strengthen responses to the COVID-19 pandemic in East Africa and the Horn, and in the Comoros. The grant, approved on 26 June, is part of the $10 billion COVID-19 Rapid Response […]
Zhang Jun SHANGHAI – Widespread lockdowns and border closures aimed at combating the COVID-19 pandemic have interrupted global supply chains and largely paralyzed the global economy. Yet, the real weakness of today’s global economy is not the vulnerability of its globalized production networks, but rather souring attitudes toward globalization – and toward China in particular. […]
Along with gradual reopening of global economies, production cuts are pushing prices back to $40/barrel much quicker than initially thought JOHANNESBURG, South Africa, June 5, 2020/ — As OPEC prepares to host the 179th Meeting of the OPEC Conference and 11th OPEC and non-OPEC Ministerial Meeting via videoconference next week, the African Energy Chamber is […]
The local foreign exchange market experienced a ramble yesterday with the shilling trading within a narrow band against the U.S. unit. Paltry dollar inflows just about matched demand for foreign currency from the corporate sector and left the USDUGX currency pair unchanged at 3755-3775 band by the closing bell. The pair is likely to trade […]
African equity capital markets activity see downward turn, but increase in domestic investors – Making Finance Work for Africa partnership and PricewaterhouseCoopers (PwC) Nigeria The Making Finance Work for Africa (MFW4A) partnership and PwC Nigeria co-hosted a webinar to explore the impact of COVID-19 on African capital markets last month ABIDJAN, Ivory Coast, June 3, […]
Along with his new responsibilities as Head of Corporate Finance, AME, Abbas’ will also expand his role as Head of Project & Export Finance DUBAI, United Arab Emirates, June 2, 2020/ — Standard Chartered (www.SC.com) has announced that Abbas Husain has been appointed Regional Head of Corporate Finance, Africa and the Middle East (AME). Bringing […]