Author: Editorial Staff

THE IMF has issued a cautionary statement regarding sub-Saharan Africa’s debt situation, underscoring ongoing challenges despite a decline in debt levels following a series of sovereign defaults. While debt-to-GDP ratios are projected to decrease, the region continues to face hurdles in accessing affordable financing, prompting spending cuts and jeopardising growth prospects. According to the IMF’s biannual Regional Economic Outlook report, sub-Saharan Africa’s public debt-to-GDP ratio peaked at 60.1 percent last year and is forecasted to decrease to 58.5 percent in 2024 and 56.8 percent in 2025. Despite this decrease, accessing new financing remains arduous and costly for many countries in…

THE IMF has issued a sobering assessment of sub-Saharan Africa’s economic performance, highlighting a widening income gap compared to the rest of the world amidst a tepid recovery. The IMF’s biannual Regional Economic Outlook report, unveiled during its Spring Meetings in Washington, underscores the region’s ongoing challenges and vulnerabilities. ‘While accounting for population growth, the income gap with the rest of the world is widening,’ stated the IMF in its report, reflecting on the region’s economic trajectory. Despite a projected growth rate of 3.8 percent for 2024—an improvement from 3.4 percent in 2023—sub-Saharan Africa faces significant headwinds, including the lingering…

ANGOLA, the seventh-largest country in Africa, has long been synonymous with its substantial oil reserves, which have fuelled its economy for decades. However, a new chapter is unfolding in this Southern African nation as international attention shifts towards its untapped mineral wealth. While oil remains a cornerstone of Angola’s fiscal revenues, it is the allure of minerals like diamonds, copper, cobalt, and rare earths that is sparking renewed interest and investment. ‘The fascinating thing about Angola is, it has so many mineral deposits but so few mines,’ remarks Bryony Richards, an economic geologist at the University of Utah. ‘There are…

NAMPOWER, Namibia’s leading power utility, has set an ambitious goal to achieve 80 percent energy self-sufficiency by the year 2028, aiming to enhance the country’s energy security and reduce dependence on electricity imports. Kahenge Haulofu, NamPower’s managing director, shared insights into the utility’s strategic vision, stating, ‘NamPower is well on its strategic path to implement local generation projects. In addition, NamPower manages a diverse supply portfolio that includes its power stations, local Independent Power Producers (IPPs), and diversified import contracts.’ NamPower’s endeavours towards energy self-sufficiency involve the active pursuit of renewable local generation projects, with a combined capacity of 274…

IN a significant development in the fight against cholera, the World Health Organisation (WHO) has granted prequalification to Euvichol-S, a new oral cholera vaccine (OCV). Gavi, the vaccine alliance, and UNICEF have welcomed this news, emphasising its crucial role in addressing the ongoing surge in cholera outbreaks worldwide. The prequalification of Euvichol-S, manufactured by EuBiologics, heralds a breakthrough in vaccine production. This simplified formulation of Euvichol-Plus streamlines the manufacturing process, enabling larger volumes of vaccine to be produced faster and at a lower cost. This comes as a timely response to the acute global upsurge of cholera outbreaks, facilitating the…

IN a significant legal development, US District Judge Alvin Hellerstein in Manhattan has ruled that BNP Paribas must confront a lawsuit alleging its complicity in Sudan’s genocide between 1997 and 2011. The French bank stands accused of providing banking services that violated American sanctions, facilitating human rights abuses perpetrated by the Sudanese government. Judge Hellerstein expressed his decision, stating, ‘There are too many facts that tend to show that there was a relationship between the financing and the human rights abuses.’ While he deemed it premature to determine the extent of the bank’s responsibility for these abuses, which reportedly encompassed…

CHAD has issued a direct challenge to US military presence in another African nation, signalling its intent to terminate a crucial security agreement that governs the operations of American troops in the country. According to four sources familiar with the matter, Chadian officials conveyed their intent through a letter to the US defence attaché last week, putting at risk a significant American military foothold in the region. ‘The move blindsided US officials,’ one source told CNN, speaking on condition of anonymity. ‘Chad’s threat to terminate the SOFA agreement was unexpected.’ In the letter, sent to the US defence attaché last…

ACCORDING to forecasts from the International Monetary Fund (IMF), Nigeria’s economy, which held the title of Africa’s largest in 2022, is set to slip to fourth place this year. Egypt, which claimed the top position in 2023, is also projected to fall behind South Africa. The IMF’s World Economic Outlook estimates Nigeria’s gross domestic product (GDP) at $253bn for this year, trailing behind energy-rich Algeria at $267bn, Egypt at $348bn, and South Africa at $373bn. Both Nigeria and Egypt have faced challenges such as high inflation and currency devaluations, impacting their economic standings. Since assuming office at the end of…

IN a strategic move to counter the growing influence of fast-fashion behemoths Shein and Temu in South Africa’s retail landscape, online fashion retailer Zando unveiled its international e-commerce arm, Zando Global, on Thursday. The burgeoning popularity of Shein and Temu, fuelled by the allure of their budget-friendly apparel like $10 tops and $5 biker shorts, has exerted pressure on local brick-and-mortar and online fashion retailers. Zando’s response comes in the form of Zando Global, aimed at providing South African consumers with a reliable alternative for accessing international products. Addressing consumer concerns about product quality, delivery reliability, and returns processes associated…

IN the fast-evolving landscape of technology, where innovation and insight shape the future, Professor Ojo Emmanuel Ademola emerges as a leading authority, heralding a new era of technological wisdom and progress. Serving as the Contributing Editor in Technology at African Briefing, Professor Ademola’s profound expertise spans cybersecurity, artificial intelligence, information technology, and climate change, enriching the dialogue and setting new standards of excellence. His groundbreaking contributions have earned him prestigious accolades, notably becoming the first professor of African descent to achieve Chartered Manager Status and Nigeria’s inaugural professor of cybersecurity and information technology management. These distinctions underscore his exceptional proficiency…