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Tag: Economy

European Travel Bans are counter-productive and hurting the Oil & Gas Sector’s ability to support Africa’s Economic Recovery

European Travel Bans are counter-productive and hurting the Oil & Gas Sector’s ability to support Africa’s Economic Recovery

AFRICA
JOHANNESBURG, South Africa, July 3, 2020/ -- The continuation of travel restrictions and suspension of visas and travel between Africa and Europe is heavily restraining the oil & gas industry’s recovery efforts. Because of its international nature, the oil & gas sector relies on global value-chains and successful cooperation and movement of people, goods and services between foreign and local contractors. The ongoing travel bans and restrictions of visa issuance are de facto preventing a lot of projects to move forward and to successfully contribute to the recovery of the continent. Major international oil companies such as Total, BP, Shell, Eni, ExxonMobil, Chevron or Equinor and independents such as Kosmos Energy, BW Energy, Maurel & Prom or Tullow Oil that operate a majo...
Communique of the Bureau of the Boards of Governors of the African Development Bank Group following its meeting of today 1 July 2020 regarding the Whistle-Blowers’ Complaint against the President of the Bank Group

Communique of the Bureau of the Boards of Governors of the African Development Bank Group following its meeting of today 1 July 2020 regarding the Whistle-Blowers’ Complaint against the President of the Bank Group

AFRICA
ABIDJAN, Ivory Coast, July 3, 2020/ -- The Bureau recalls its Communiqué issued on June 4th 2020 informing the general public of its decision to authorize an Independent Review of the Report of the Ethics Committee of the Boards of Directors relative to the allegations made by Whistle blowers against the President of the Bank Group.The Bureau agreed on the Terms of Reference for the Independent Review at its meetings of 18 June 2020 and 1st July 2020 and selectedthree persons namely, Mrs. Mary Robinson, Mr. Hassan B. Jallow and Mr. Leonard F. McCarthy to constitutea High-Level Panel of Independent Experts to conduct the said Review – individuals with unquestionable experience, high international reputation and professional integrity. The panel will be chaired by Mrs. Robinson. Mrs. Mar...
AFRICA: Zimbabwe cuts off mobile money transactions during economic crisis.

AFRICA: Zimbabwe cuts off mobile money transactions during economic crisis.

AFRICA, Business, ZIMBABWE
Zimbabwe has suspended trading on the stock exchange as well as all mobile phone monetary transactions. Zimbabwe stock exchange chief executive officer Justin Bgoni said on Sunday, June 28, that trading was suspended until further notice. In a statement on Friday, the government halted these activities with immediate effect citing criminality and economic sabotage. They blame the stock exchange for fuelling the collapse of the Zimbabwe dollar and housing fake counters. Meanwhile, the decision to suspend mobile payments will hit the economy hard. Mobile money is widely used as a form of payment of goods and services. According to central bank data more than 80 per cent of all transactions are conducted on phones due to a shortage of banknotes. The government states that all mob...
Coronavirus – Africa: What will power the post-pandemic global economic recovery?

Coronavirus – Africa: What will power the post-pandemic global economic recovery?

CORONAVIRUS
NEW YORK, United States of America, June 28, 2020/ -- Islands at the forefront Some of the countries and regions at the forefront of this wholescale shift to renewables are islands, where the need to avoid the significant cost of importing fossil fuels, such as oil and gas, provides added motivation.  Mauritius, for example, is planning to generate over a third of its electricity from renewable sources within the next five years. Projects supported by the UN Development Programme (UNDP), will be an important part of this transition, bringing an additional 25 Mega Watts of solar power to Mauritius, including a mini-power grid in Agalega, one of the outer islands. At the current pace, it would take the world forever to come anywhere near a no-carbon system. Rana Adib, Exe...
Significant progress made in fighting tax evasion and illicit financial flows in Africa, but further efforts needed to support domestic revenue mobilization

Significant progress made in fighting tax evasion and illicit financial flows in Africa, but further efforts needed to support domestic revenue mobilization

AFRICA
ADDIS ABABA, Ethiopia, June 27, 2020/ -- Tax Transparency in Africa 2020, launched today as part of the Africa Initiative, depicts the state of play for 32 African Union Member States, members of the Initiative and three non-members. It shows the progress achieved on the two cornerstones of the Initiative: (i) raising political awareness and commitment, and (ii) developing capacities in tax transparency and exchange of information (EOI). Tax transparency and EOI have a crucial role to play in helping African governments stem illicit financial flows (IFFs) and increase domestic revenue mobilisation. "The ongoing COVID-19 crisis will completely end any tolerance towards all forms of tax evasion,” said Maria José Garde, Chair of the Global Forum on Transparency and Exchange of Information...
African Economic and Social Awakening: Lessons from Singapore (By Leoncio Amada NZE NLANG)

African Economic and Social Awakening: Lessons from Singapore (By Leoncio Amada NZE NLANG)

AFRICA
MALABO, Equatorial Guinea, June 26, 2020/ -- By Leoncio Amada NZE NLANG, Executive President of the African Energy Chamber for the CEMAC RegionWith 1.2 billion people and the youngest population on the planet, the African continent has great potential and much room for improvement to become one of the most vibrant economic centers globally. To achieve this, the continent will have to undertake deep and painful but necessary structural reforms in its socio-economic architecture, if we are ever to get on board train that leads to progress and sustainable development. In this regard, the development model of Singapore offers several lessons.Singapore is a relatively young country, like many in Africa, but is now globally considered as an example to follow in terms of sustainable economic dev...
County Covid-19 response readiness to determine re-opening of economy, President Kenyatta tells Governors

County Covid-19 response readiness to determine re-opening of economy, President Kenyatta tells Governors

AFRICA
NAIROBI, 26th June 2020 – Yesterday, President Uhuru Kenyatta told Governors that the decision to re-open the country's economy will be informed by the level of preparedness by the devolved units to respond to Covid-19 infections. The President said the decision will largely be determined by the counties capacity to effectively respond to new cases of Covid-19 imported into their territories. "County readiness to respond to new imported cases of infection will largely determine our national readiness to re-open the country as a whole. H.E Uhuru Kenyatta, the President of Kenya with the governors during the conference "I say this because the nation is the sum total of all the 47 counties. If the counties have met the necessary thresholds, then the nation will be ready to re-ope...
Coronavirus – Africa: Treat climate crisis with same urgency as COVID-19 pandemic; new Economic Commission for Africa (ECA) paper

Coronavirus – Africa: Treat climate crisis with same urgency as COVID-19 pandemic; new Economic Commission for Africa (ECA) paper

AFRICA
ADDIS ABABA, Ethiopia, June 25, 2020/ -- A post coronavirus recovery in Africa should address the fundamental causes of vulnerabilities and go beyond fiscal and monetary adjustments whose sole aim is to ensure the survival and perpetuation of the current system of production, consumption and distribution which is responsible for the climate crisis, according to a new discussion paper published by the Economic Commission for Africa (ECA). In the discussion paper produced against the backdrop of the unprecedented global health crisis, titled; Climate Change and Development in Africa Post COVID-19: Some Critical Reflections, the ECA’s African Climate Policy Centre’s (ACPC) argues that a new political economy based on cohesion, equality and environmental sustainability is required to enabl...
Internet Society Report Highlights Opportunity to Advance Digital Economy in Africa

Internet Society Report Highlights Opportunity to Advance Digital Economy in Africa

TECHNOLOGY
WASHINGTON D.C., United States of America, June 24, 2020/ -- A new report published today by the Internet Society (www.InternetSociety.org) explains the steps African countries can take to bring faster and less expensive Internet connectivity to the continent. The report illustrates how better connectivity represents a key opportunity for countries to continue to develop more resilient digital economies. Entitled “Anchoring the African Internet Ecosystem: Lessons from Kenya and Nigeria’s Internet Exchange Points Growth (https://bit.ly/3dqPyv1),” the report reveals how a vibrant Internet ecosystem is critical to bringing faster, and more affordable Internet to Africa. Internet exchange points (IXPs) are locations where Internet service providers (ISPs) and other n...
Africa’s agriculture value chains must go digital to transform production – webinar

Africa’s agriculture value chains must go digital to transform production – webinar

AFRICA
ABIDJAN, Ivory Coast, June 23, 2020/ -- Africa must seize the opportunity of the COVID-19 pandemic to deepen the digitalization of agricultural value chains and transform the sector, speakers at a webinar jointly hosted by the FAO Investment Centre and the African Development Bank (www.AfDB.org) said.The webinar, held on 10 June, is the first of a four-part series discussing transforming agriculture in Africa through digitalization. It explored digital responses that can be quickly deployed to address the disruptions to food systems, caused by COVID-19. It also examined the requirements for digital transformation in agriculture on the continent.Nearly 500 people, representing agri-tech, telecom, government agency implementers, policymakers, farmers and development partners, participated. ...
Coronavirus – Africa: Clustering in special economic zones can boost the creative industry in Central Africa, says ECA’s Pedro

Coronavirus – Africa: Clustering in special economic zones can boost the creative industry in Central Africa, says ECA’s Pedro

AFRICA
YAOUNDE, Cameroon, June 22, 2020 -- The creative industries constitute an important lever for economic diversification in Central Africa and can help countries of the sub-region build back better in a post-COVID-19 dispensation, said the Head of ECA’s Office for Central Africa – Antonio Pedro – to a range of actors from across Francophone Africa who attended a virtual conference dubbed “ResiliArt”. The event was convened by UNESCO’s Regional Office for Central Africa, as a sequel to a 15 April 2020 global conference organized by UNESCO’s Director General, to have culture ministers and professionals unpack the challenges posed by global crises to artists and their cohorts as well as articulate strategies to build a stronger and more resilient art industry in Central Africa. Mr. Pedro...
Coronavirus – Africa: New report, COVID-19 in African Cities – Impacts, Responses and Policies, launched by Economic Commission for Africa (ECA) & partners

Coronavirus – Africa: New report, COVID-19 in African Cities – Impacts, Responses and Policies, launched by Economic Commission for Africa (ECA) & partners

AFRICA
ADDIS ABABA, Ethiopia, June 18, 2020/ -- With the ongoing coronavirus pandemic crippling economies the world over and set to trigger into motion Africa’s first recession in 25 years, the Economic Commission for Africa and its partners teamed-up to produce a new report which proposes several interventions to promptly and effectively address COVID-19 challenges on the continent at the urban level. The report titled; COVID-19 in African Cities: Impacts, Responses and Policies, analyses the current situation within the African continent and efforts channeled at mitigating the global pandemic within the context of cities in the region.Produced by the ECA, UN Habitat, UN Capital Development Fund (UNCDF), United Cities and Local Governments of Africa (UCLG), African Development Bank (AfD...
#ACACaresCovid19: The economics of advertising – Association for Communications and Advertising (ACA) invests in futures

#ACACaresCovid19: The economics of advertising – Association for Communications and Advertising (ACA) invests in futures

AFRICA
CAPE TOWN, South Africa, June 16, 2020 -- Bizcommunity (Bizcommunity.com), in collaboration with the ACA (Association for Communications and Advertising), announces an exciting new content collaboration aimed at unpacking the economics and contribution of advertising to business. As it has in just about every other area, the coronavirus is instigating opportunities for fast-tracked and often overdue change within the advertising, marketing and media sector. As an endorsed protector and elevator of industry interests and policies, since 2002, the ACA is spearheading and making possible Bizcommunity’s weekly series, acknowledging South Africa’s creative marketing industry at the centre of conversations around uniting and future-proofing the economies it serves. Case studies about h...
National and County Gvts agree on terms for gradual re-opening of the economy

National and County Gvts agree on terms for gradual re-opening of the economy

AFRICA
NAIROBI, 12th June 2020, —A meeting of the national and county governments convened today by President Uhuru Kenyatta at State House, Nairobi agreed on a raft of Covid-19 response measures to be put in place ahead of the gradual re-opening of the country's economy. The measures which are aimed at safeguarding Kenyans against the adverse health and socioeconomic impacts of Covid-19 include the attainment of a national 30,500 isolation bed capacity within one month. Deputy President Dr. William Ruto flanked by Governors Dr. Alfred Mutua (Machakos) and Lee Kinyanjui (Nakuru) arrives for the third Extraordinary Session of the National and County Governments Coordinating Summit on the Coronavirus pandemic convened by President Uhuru Kenyatta at State House, Nairobi. The third extra-or...
Sudan embraces digital payments to build a more inclusive economy

Sudan embraces digital payments to build a more inclusive economy

AFRICA
KHARTOUM, Sudan, June 11, 2020/ -- As part of its vision to transform its economy, the Republic of Sudan announced yesterday a new commitment to accelerate the transition from cash to digital payments. By joining the United Nations-based Better Than Cash Alliance (www.BetterThanCash.org), the government commits to increasing financial inclusion and transparency, taking steps to build an economy that benefits all citizens. Moving from cash to responsible (https://bit.ly/2UrKZKg) digital payments is central to the government’s economic recovery and reform strategy. In particular, digital payments will be critical to the success of the recently announced Sudan Family Support Program, which will provide monthly direct digital transfers to around 80 percent of Sudanese f...
Scientists and Economists from Honoris United Universities In Global Selection for Lindau Nobel Laureate Meetings

Scientists and Economists from Honoris United Universities In Global Selection for Lindau Nobel Laureate Meetings

INTERNATIONAL
CASABLANCA, Morocco, June 11, 2020/ -- Honoris United Universities (www.Honoris.net), the first and largest pan-African network of private higher education institutions, yesterday announced that five science and three economics students from across the network have been selected amongst 1,034 young scientists and economists from over 100 countries to participate in the 70th Lindau Nobel Laureate Meeting and the 7th Lindau Meeting on Economic Sciences in 2021. The Meetings, which will bring together young scientists and economists alongside Nobel Laureates in physics, chemistry, physiology & medicine, as well as economic sciences from across the world, form part of a partnership established between Honoris United Universities and Lindau Nobel Laureate Meetings last year, to increase...
Coronavirus – Africa: Finance Committees briefed on Digital Economy and Taxation Policy

Coronavirus – Africa: Finance Committees briefed on Digital Economy and Taxation Policy

CORONAVIRUS
CAPE TOWN, South Africa, June 10, 2020/ -- The Standing Committee on Finance together with the Select Committee on Finance were briefed by the Parliamentary Budget Office on the digital economy and taxation policy. The committees called on the National Treasury and the South African Revenue Services (Sars) to develop clear legislative and policy frameworks on maximising revenue collection from the digital economy. The committees held a view that South Africa’s revenue collection may be negatively affected if digital business activities are not taxed. They believe that revenue from the digital economy could augment South Africa’s shrinking revenue base, which is smaller because of the fourth industrial revolution and the impact of the Covid-19 pandemic. The committees will hold a follow...
Coronavirus – Africa: COVID-19 to plunge Global Economy into Worst Recession

Coronavirus – Africa: COVID-19 to plunge Global Economy into Worst Recession

CORONAVIRUS
WASHINGTON D.C., United States of America, June 9, 2020/ -- The swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. According to World Bank forecasts, the global economy will shrink by 5.2% this year. That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870, the World Bank says in its June 2020 Global Economic Prospects. Economic activity among advanced economies is anticipated to shrink 7% in 2020 as domestic demand and supply, trade, and finance have been severely disrupted. Emerging market and developing economies (EMDEs) are expected to shrink by 2.5% this year, their first contracti...
Coronavirus – Africa: Joint Statement on the Role of a Sustainable Ocean Economy in a post-COVID-19 World

Coronavirus – Africa: Joint Statement on the Role of a Sustainable Ocean Economy in a post-COVID-19 World

INTERNATIONAL
OTTAWA, Canada, June 9, 2020/ -- Yesterday, the High Level Panel for a Sustainable Ocean Economy issued the following statement to mark World Oceans Day: “Today, we celebrate World Oceans Day under unprecedented circumstances, as the world battles the COVID-19 pandemic and its associated health and economic challenges. We, the members of the High Level Panel for a Sustainable Ocean Economy, propose the ocean as a solution to a more resilient and prosperous world. This will be more important than ever as we embark on post-COVID-19 recovery. “Blue nature is central to the planet and its people. The ocean covers over 70 per cent of the earth’s surface, absorbs about a quarter of all carbon emissions, and captures more than 90 per cent of the additional heat they generate. A fundamental...
Govt suspends Kisita mining license

Govt suspends Kisita mining license

AFRICA
Kampala, Uganda --- The Government has suspended the mining license of Kisita mining company over tax default. According to the State Minister of Energy and Mineral Development, Sarah Opendi, the company owes government sh1.2b. While addressing the media at Uganda Media Center yesterday, Opendi says that mines have been taken over by illegal miners and mafias in Mubende. “The illegal miners, the mafias that have taken over the mines, I want to appeal to you that if you want to mine, come and apply to us so that you are given a prospecting license, an exploration license, and a mining license,” Opendi said, adding that the Ministry decided to suspend the mining license of Kisiita Mining company. She said the ministry and Uganda Revenue Authority (URA) officials visited the mini...