Why Combatting Illicit Financial Flows Must Be Africa’s Top Priority
By Robert Mwanyumba, Africa Regional Coordinator, Transparency International Illicit financial flows (IFFs) are notoriously difficult to measure. In 2020, UN Trade and Development estimated that Africa loses an $89 billion annually to illicit financial flows (IFFs), which is about 3.7 percent of the continent’s GDP. This staggering figure—surpassing the total annual foreign aid to the […]
Multi-Billion Dolar Investment Signals New Era Of Industrial Transformation For West Africa
Africa’s contribution to the global GDP currently stands at 3%, contributing only 2% to the world’s manufacturing value add (UNIDO 2024). Resource-rich nations with economies based on the export of commodities are only able to capture a maximum of 30% of its value. A strategic shift toward product valorisation and export could generate returns exceeding […]
Limpopo Business Awards To Recognise SMMEs Transforming The Province’s Economy
All roads will lead to Limpopo on 2 April 2025 where the province is set to honour its dynamic Small, Micro and Medium-Sized Enterprises (SMME) sector with the inaugural Limpopo Business Awards. This prestigious event is a collaborative initiative between the Limpopo Provincial Government (LPG) and Standard Bank of South Africa (SBSA). It aims to celebrate […]
Global Leaders Convene For Finance In Common Summit: Advancing Sustainable Development And Economic Resilience
The Finance in Common Summit (FiCS) Secretariat, in collaboration with co-hosts the Development Bank of Southern Africa (DBSA), Agence Française de Développement (AFD), and the Asian Infrastructure Investment Bank (AIIB), proudly welcomes a distinguished delegation of global leaders, policymakers, and financial experts to this pivotal three-day gathering. Among the esteemed guests expected at to grace […]
Russia’s Lavrov Arrives in South Africa for G20 Meeting
A G20 foreign ministers’ meeting is underway in Johannesburg, but US Secretary of State Marco Rubio is notably absent. Instead, the US will be represented by acting ambassador Dana Brown. Russian Foreign Minister Sergey Lavrov arrived in the country on Thursday. China’s Wang Yi is also attending, along with delegations from the EU, UN, and […]
AfDB Predicts Stronger Growth for the African Economy in 2025
The African Development Bank (AfDB) has forecasted a 4.1% growth rate for Africa in 2025, up from the 3.2% recorded in 2024. According to the organization, the growth will be driven by economic reforms across multiple nations, easing inflationary pressures, and better debt management. South Sudan is projected to have the most growth, with a […]
Microsoft Announces Initiative to Equip 1 Million Nigerians with AI Skills
Microsoft has unveiled a $1 million plan to train one million Nigerians in AI and digital skills over the next two years, partnering with organizations like Tech4Dev and Data Science Nigeria. The company views AI as a future driver of Nigeria’s economic growth, potentially adding $15 billion to the country’s economy. However, while the initiative […]
Africa Energy Bank Aims to Tackle Power Shortage Amid Climate Concerns
A group of African countries plans to create the Africa Energy Bank (AEB) to finance oil and gas projects, countering reduced fossil fuel investments from Western institutions. Led by the African Petroleum Producers Organization (APPO) and Afreximbank, the initiative seeks to bolster Africa’s industrial growth by expanding energy access. However, environmentalists argue that fossil fuels […]
Barrick and Mali Poised to End Two-year Mining Rift
Barrick Gold has inked a new agreement with Bamako to finally resolve a nearly two-year dispute over its mining assets in the country. The deal, which awaits the formal approval of the Malian government, will see Barrick pay the sum of $438 million in exchange for the release of detained employees, seized gold, and the […]
Kenya Pledges Support for Sudan Peace Efforts Despite Rising Tensions
Despite Khartoum’s accusation that Nairobi infringed on its sovereignty by hosting a Rapid Support Forces (RSF) delegation, Kenya has declared that it is willing to assist in Sudan’s peace process. Sudan’s condemnation followed a gathering at the Kenyatta International Conference Center in Nairobi, where RSF deputy commander Abdel-Rahim Hamdan Dagalo hinted at a forthcoming parallel […]