The issue has drawn attention because it comes after the IMF said an audit by Senegal’s Court of Auditors found “significant underreporting” of fiscal deficits and public debt between 2019 and 2023.

According to the IMF, the average fiscal deficit over that period was revised upward by 5.6 percentage points of GDP, while central government debt at the end of 2023 was revised from 74.4% to 99.7% of GDP. The Fund said the revision reflected previously undisclosed liabilities, including hidden loans equal to 25.3 percentage points of GDP. 

Those findings became central to Senegal’s discussions with the IMF after its earlier $1.8 billion programme was derailed. 

What is established on the public record is therefore twofold: Senegal’s debt and deficit figures for 2019-2023 were officially revised after an audit, and fresh questions have since arisen over the disclosure of newer financing operations. 

What has not been officially established in the same way is that the more recent €650 million transactions are identical in nature to the historical hidden liabilities identified by the audit. 

Senegal fits a broader African pattern

Senegal’s case fits into a broader African pattern in which debt distress has been worsened not only by the scale of borrowing, but by weak disclosure, delayed reporting, off-balance-sheet obligations and borrowing through state-owned entities. Across these cases, the central issue has often been whether official debt records fully captured the state’s true obligations at the time they were incurred.

Mozambique: the clearest hidden debt scandal

Mozambique remains the clearest documented example of hidden sovereign borrowing in Africa. The World Bank says the crisis erupted in 2016 after the discovery of previously undisclosed debts linked to three state-owned companies. Those companies contracted more than $2 billion in debt in 2013 and 2014, backed by government guarantees issued without parliamentary approval. The Bank said about $1.3 billion of that debt remained undisclosed until 2016. 

The consequences in Mozambique were severe and immediate. Donor confidence collapsed, external support was suspended, and the country entered a fiscal and debt crisis that became one of the continent’s most prominent debt scandals. Later legal proceedings reinforced the scale of the case. In 2024, London High Court rulings and legal summaries said Mozambique was entitled to about $825 million from Emirati-Lebanese multinational shipbuilding group Privinvest and related parties, plus an indemnity for future liabilities estimated at about $1.5 billion in litigation tied to the $2 billion borrowing scheme. 

Republic of Congo: oil-backed debt and incomplete reporting

A joint World Bank-IMF debt sustainability analysis said Congo had weaknesses in public debt management and claims reporting, highlighted by the disclosure in June 2017 of oil-backed loans contracted between 2014 and 2015. 

The analysis said the debt stock included oil-backed debt contracted by the state oil company Société Nationale des Pétroles du Congo (SNPC) and guaranteed by the central government. It also said some liabilities, including debt from other state-owned enterprises and non-guaranteed SNPC debt, were not included because information was limited. 

Congo’s case showed how borrowing routed through a state-owned oil company and backed by future oil revenues could complicate the visibility of public obligations. IMF and World Bank documents linked those reporting weaknesses to the country’s debt distress and restructuring challenges. 

Zambia: incomplete disclosure of creditor exposure

In 2021, Reuters, citing research by the China Africa Research Initiative, reported that Zambia’s debt to Chinese public and private lenders was about $6.6 billion, nearly double the amount previously disclosed by the former government. 

The same reporting said Chinese banks and funds had disbursed $7.77 billion in loans to Zambia and its state-owned enterprises from 2000 to August 2021, of which at least $1.2 billion had been repaid. The researchers said this did not change Zambia’s total debt load, but showed that the previous authorities had not been transparent about the heavy weight of Chinese financiers among external creditors. 

That distinction matters because not all transparency failures take the form of secret loans missing entirely from headline debt statistics. In Zambia, the issue was also the composition of the debt, the role of state-owned enterprises, and the scale of exposure to one creditor group, all of which became more important once the country entered default and restructuring talks required a clearer picture of the debt stock.

Debt transparency concerns are widening

The wider context is that international institutions have warned that public debt is becoming harder to track as governments use more complex financing arrangements. 

The World Bank said in its 2025 Radical Debt Transparency report that while the share of low-income countries publishing some debt data has risen from below 60% in 2020 to above 75%, only 25% disclose loan-level information on newly contracted debt. 

They also said that complex financing arrangements have complicated debt reporting, indicating that the issue is not only whether debt data is published, but also how much detail is made public.

According to data from the Chinese Loans to Africa (CLA) Database, managed by Boston University’s Global Development Policy Centre, Chinese institutions signed 1,319 loan commitments worth $180.87 billion with 49 African governments and seven regional bodies between 2000 and 2024. The loans came from 42 Chinese lenders, including state policy banks, commercial banks and government agencies.

It is important to note that the database tracks loan commitments, not actual disbursements, repayments or defaults, which means that the figures are not the same as total debt owed.

Chinese lending to Africa accelerated sharply in the 2010s, especially after Beijing launched the Belt and Road Initiative (BRI) in 2013. In several peak years, annual commitments to Africa exceeded $10 billion, funding large-scale infrastructure projects such as railways and expressways.

More broadly, 2025 recorded the highest BRI engagement globally, with $128.4 billion in construction contracts and $85.2 billion in investments worldwide. China’s energy-related engagement alone reached $93.9 billion in 2025, more than double the level recorded in 2024, the highest since the BRI began.

Although recent lending to Africa has slowed compared to its 2016 peak, China remains deeply involved in strategic sectors.

China’s footprint in East Africa

In East Africa, Chinese loans have heavily targeted transportation and energy. Kenya has received billions for projects such as the Standard Gauge Railway, bypass highways and port-linked infrastructure.

Ethiopia has secured major financing for the Addis-Djibouti Railway, expressways and telecom expansion.

Uganda used Chinese loans to build the Kampala-Entebbe Expressway and upgrade oil-region roads.

Tanzania, Rwanda, Djibouti and Burundi have also tapped Chinese financing for roads, power projects and ICT systems.

Energy and telecom investments, especially in Ethiopia, Kenya and Uganda, have been central to China’s role in the region.

Meanwhile, recent data suggest Beijing is shifting strategy. Instead of funding mega-projects, China has increasingly moved toward smaller, more commercially viable and strategic investments.

These figures reflect holdings by foreign governments, banks and institutional investors, and they provide a window into global economic ties with the world ’s largest debtor nation.

Here’s the breakdown of the top 10 foreign holders of U.S. debt (in billion US dollars):

U.S. Treasury securities are widely viewed as safe , liquid assets. Governments and investors around the world buy them to store foreign exchange reserves, manage currency stability and diversify portfolios. Foreign purchases help keep U.S. borrowing costs lower by ensuring steady demand for government debt.

Yet these foreign holdings have not grown as fast as the overall U.S. debt stack. Congressional Research Service reports show that although total foreign ownership in dollar terms has increased over recent years, it now represents a smaller percentage of overall U.S. debt than it did a decade ago.

Singapore will provide grants totalling Special Drawing Rights (SDR) 25.48 million, equivalent to about $34.7 million, to two IMF facilities focused on poverty reduction and debt relief.

The largest share — SDR 21 million, or about US$28.6 million — will go to the IMF’s Poverty Reduction and Growth Trust (PRGT), which offers concessional loans to low-income countries facing fiscal stress and balance-of-payments problems.

A further SDR 4.48 million, equivalent to around $6.1 million, will be directed to the Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries (PRG-HIPC Trust) to support the IMF’s debt relief efforts for Sudan.

MAS said Singapore’s contribution to the PRGT will be drawn from its Official Foreign Reserves, while the Sudan-related grant will come from Singapore’s existing resources held in IMF accounts and will not affect reserve levels.

The move follows a 2021 IMF allocation of SDR 650 billion to boost global liquidity during the pandemic. Singapore received SDR 3.73 billion from that allocation, despite not requiring the additional reserves, and is now redirecting part of its share to countries in greater need.

MAS said the contributions reflect Singapore’s interest, as a small and highly open economy , in supporting global financial stability and collective action through the IMF. The amounts are aligned with Singapore’s quota share at the Fund.

Beyond grants, Singapore will also channel SDR 746 million — about US$1.01 billion — to the IMF’s Resilience and Sustainability Trust in the form of a loan, supporting longer-term financing for vulnerable countries facing challenges such as climate change and pandemic preparedness.

MAS said the combined measures underscore Singapore’s support for multilateral efforts to stabilise fragile economies, at a time when debt pressures and external shocks continue to weigh heavily on the world’s poorest countries.

For the IMF, the vision is to use the Shanghai Centre as a regional hub for research, policy dialogue and outreach, with a focus on emerging and middle-income economies. 

It is also expected to expand the Fund’s presence in a region that now drives more than half of global growth. China provided financial backing for the facility.

Chinese journalist Xu Zeyu said the opening is also the latest affirmation of China’s rising monetary status, noting that the renminbi joined the IMF’s Special Drawing Rights basket in 2016 with a 10.92% weight, later increased to 12.28% in 2022. 

This, Xu said, proved the currency’s growing acceptance as a “freely usable currency” and its impact on the global monetary landscape.

Johannes Wiegand, a veteran IMF economist, has been appointed the centre’s first director. Its opening was marked by a seminar on macroeconomic challenges in emerging markets, including structural change, finance and the rise of artificial intelligence.

Xu added that the Shanghai Centre could accelerate RMB internationalisation by deepening IMF research on regional financial connectivity and strengthening the yuan’s function as a regional anchor currency—providing Asian economies with more stable, autonomous trade settlement options.

The new outpost comes at a time when demand for IMF lending is at record levels. The Fund currently has around $162 billion in credit outstanding—its highest ever—with 86 countries owing money. Argentina, Ukraine and Egypt account for nearly half of the total.

Founded in 1944 to stabilise the post-war global economy, the IMF now has 191 members and a lending capacity of about $1 trillion. It finances its operations through quotas paid by member states, with wealthier countries acting as creditors and earning interest. Last year, roughly 50 such countries received around $5 billion in interest payments.

Argentina remains the IMF’s largest borrower, with debts of about $57 billion following years of economic crises and repeated bailouts. Ukraine , engulfed in war, owes more than $14bn, while Egypt has leaned on the Fund to manage inflation, currency shortages and fiscal stress.

For Beijing, hosting an IMF hub aligns with its push to expand influence in global economic institutions. Yet the Shanghai centre will not shift the Fund’s decision-making power, which remains anchored in Washington and weighted toward advanced economies.

For emerging Asian countries, the centre could offer easier access to technical support and policy advice, though it does not alter borrowing rules or the IMF’s often-criticised loan conditions.

Xu alleged that Tang still owes him the money after he transferred large sums to her between 2012 and 2018. He says she has returned part of the funds but not the full amount, prompting him to file a lawsuit this year.

Tang has rejected the accusations, stating that the money was used to support what she called their “big family of 300 children.” She claimed on social media that the vast majority of the funds were spent on living costs and childcare expenses.

When questioned online, Tang insisted the number was not exaggerated, saying it could even be under-reported. She also said many of the children lack official household registration documents.

Tang further claimed that a recent court hearing ended in her favour, dismissing Xu’s demand for repayment. She said she is now raising 11 children said to have been fathered by Xu and is fighting for custody of their two daughters.

Duoyi Network responded with a public statement, accusing an unnamed individual of spreading false information and urging social media platforms to remove damaging posts.

The controversy has rekindled criticism of Xu, who has previously faced accusations of promoting misogynistic and polygamous views. He once publicly stated his ambition to father at least 50 “high-quality sons.”

The claims have sparked widespread anger online, with many users questioning the ethical and legal implications if the allegations are true.

The case continues to dominate Chinese social media, where calls are growing for authorities to investigate the extraordinary claims surrounding the tech entrepreneur.

A recent ranking shows that Barcelona FC sits at the top of the debt table, owing around €1.92 billion, followed by Tottenham Hotspur with roughly €1.36 billion. Other clubs like Everton, Manchester United, Inter Milan, Chelsea, and Juventus are also carrying hundreds of millions in debt.

It’s a reminder that while football may be booming as entertainment, its business model is creaking under financial pressure.

Barcelona’s mountain of debt

Barcelona’s money troubles aren’t new. Years of high player wages, costly transfers, and the massive Camp Nou stadium renovation have left the club deep in the red. According to The Guardian , Barcelona’s debt has ballooned to nearly €2 billion, even as it tries to modernise its facilities and stay competitive in La Liga.

The club’s leaders insist the spending will pay off once the new stadium starts generating revenue. But until then, they’re walking a tightrope, balancing ambition with survival.

Tottenham’s pricey dream

Tottenham Hotspur, meanwhile, is still feeling the cost of its new £1 billion stadium, which opened in 2019. Chairman Daniel Levy admitted the club has been in talks with investors to manage the growing debt load, after reporting an £868 million loss earlier this year

The stadium was meant to turn Tottenham into a global powerhouse, hosting concerts, NFL games, and other big events, but high interest rates and rising costs have made it tough to get ahead.

According to Reuters, many top clubs across Europe are facing similar problems. Spiralling player wages, expensive transfers, and uneven broadcasting revenues have left even the richest teams struggling to balance their books.

Economists have warned that football’s growing debt, especially in Spain, England , and Italy, could threaten the sport’s long-term stability. If clubs can’t pay back what they owe, they might have to sell players, raise ticket prices, or rely on outside investors, changing the game in ways fans might not like.

China’s exports have stayed firm overall, rising 8.3% in September from a year earlier, but shipments to the US plunged 27%. Electric vehicle exports doubled, yet retail sales grew only 3% and spending during the Golden Week holiday was “mildly disappointing,” analysts at Morningstar said.

Residential sales fell 7.6% in the first nine months of the year, and S&P expects new home sales to drop a further 8% in 2025. Economists expect a central bank rate cut by year’s end as authorities look for ways to revive demand.

Across the Pacific , the US faces its own strain. The national debt has topped $38 trillion for the first time, as a government shutdown leaves hundreds of thousands of federal workers unpaid and delays key spending decisions.

“Reaching $38 trillion in debt during a government shutdown is the latest troubling sign that lawmakers are not meeting their basic fiscal duties,” said Michael Peterson of the Peter G. Peterson Foundation. 

The debt has climbed from $34 trillion in January 2024, an unusually fast pace. The Trump administration says it is tightening spending and cutting the deficit. Treasury data show a $468 billion shortfall from April to September, the lowest since 2019. 

But with voter concern about debt rising, and China’s growth slowing, both superpowers head into APEC under pressure to prove they can keep their economies — and their rivalry — under control.

He emphasised the need for greater use of local currencies in cross-border trade, expanded lending from the New Development Bank (NDB), and joint investments in energy, infrastructure, and emerging technologies, including artificial intelligence.

“BRICS can and must play a central role in shaping a fairer, more inclusive global economic order,” Abdelatty said, according to Egypt’s Foreign Ministry.

The appeal comes as global debt levels hit $315 trillion in 2025, according to the Institute of International Finance , with emerging markets accounting for nearly a third. Many African and Asian countries face rising debt-servicing costs as U.S. interest rates remain high and access to concessional financing tightens.

Abdelatty also used the platform to denounce Israel’s war in Gaza, calling it an “unprecedented humanitarian catastrophe,” and reiterated Egypt’s opposition to any forced displacement of Palestinians. He welcomed this week’s UN General Assembly resolution reaffirming international support for a two-state solution.

BRICS , founded in 2009 as a counterweight to Western-led financial institutions, expanded in 2024 to include Saudi Arabia, Egypt, the UAE, Ethiopia, Iran, and Indonesia, alongside original members Brazil, Russia, India, China, and South Africa.

The bloc says its goal is to amplify the voice of the Global South in institutions such as the IMF, World Bank , and WTO.

Treasury Secretary John Mbadi confirmed the talks are well advanced, noting the shift promises substantial savings.

“The moment we move from the US dollar to the renminbi, automatically, the interest rate reduces by almost half,” He added . “To us, that is a big saving.

Kenya spends about $1 billion annually servicing loans to China, roughly one-quarter of its external debt repayments for the fiscal year ending June 2025.

As of March, the country’s total external debt stood at approximately $40.5 billion, of which $5.04 billion is owed to China, while the World Bank accounts for $14.4 billion and eurobond investors $7.52 billion.

Beijing has not officially commented on the negotiations, but has expressed willingness to continue supporting practical cooperation with Kenya and other African nations

Analysts see the proposed restructuring as potentially transformative. It would lower servicing costs in the short term and help conserve Kenya’s dwindling foreign reserves while also supporting China’s broader push to elevate outward global use of the yuan.

If successful, the interest rate on these loans, currently at 6.37 per cent for their dollar form could be reduced by about half.

Ghana’s Acting Commissioner of the Aircraft Accident and Incident Investigation and Prevention Bureau (AIB), John Mmeb Kunyan Wumborti, has reassured the public that the country’s airspace remains the safest in Africa despite the recent military helicopter crash near Obuasi, citing the International Civil Aviation Organisation’s (ICAO) 89% safety rating for Ghana’s aviation sector and stressing that strict protocols by agencies such as the Ghana Civil Aviation Authority continue to guarantee passengers a “99.99% chance” of safe travel.

2028 presidential election

President John Dramani Mahama has confirmed that he will not contest the 2028 presidential election, noting that his mandate under the 1992 Constitution ends on January 7, 2029. He emphasised that his ineligibility to run again provides him with the independence to enforce strict fiscal discipline in the lead-up to the polls. The President’s remarks also addressed opposition New Patriotic Party (NPP) claims suggesting he might seek a third term, stressing that such a move would be unconstitutional under Ghana’s two-term presidential limit.

Helicopter Crash

The Presidency has revealed that a total of GH₵3,576,600 and US$20,000 has been donated to support the children of victims of the August 6 helicopter crash. In a statement issued on Friday, August 29, 2025, Senior Presidential Advisor on Governmental Affairs and Coordinator of the Fund, Dr. Valerie Sawyerr, said the contributions came from 14 individuals and organisations between August 19 and 28. Among the donors are Ghana Airport Ltd, ARB Apex Bank PLC, STL Foundation, Olam Agric, Fidelity Bank Ghana, ADB Bank, GLICO General Insurance, the National Insurance Commission, as well as private individuals, including Kennedy Hedoe, Peter Adongo, Mensah Michael, Appaul Wiredu Lateef, Samuel Hodalor, and Dauda Iddi.

Debt crisis

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has renewed calls for a fairer global approach to Africa’s mounting debt crisis, which has now exceeded US$1.3 trillion. Speaking in Accra after receiving a petition from the African Regional Organisation of the International Trade Union Confederation (ITUC-Africa) and the Trade Union Congress (TUC) of Ghana, Dr. Forson admitted the gravity of the challenge but emphasised that rejecting debt repayment outright is not an option. He argued that Africa instead needs a more sustainable debt framework that takes into account the realities of distressed economies such as Ghana, while ensuring that fiscal responsibility remains intact.

Special-purpose vehicle

The Ghana Chamber of Mines is urging the creation of a Special Purpose Vehicle (SPV) to secure funding for the development of the Western Corridor railway line, a project seen as vital for boosting the mining industry and driving broader economic growth. According to the Chamber’s Chief Operating Officer, Mr. Ahmed Nantogmah, who made the appeal during a visit by Parliament’s Select Committee on Lands and Natural Resources to the Ghana Manganese Company, a dedicated financing mechanism is urgently needed to revamp the rail network that serves the western enclave, home to major mineral operations such as GMC.

A report published in May by the African Export-Import Bank (Afreximbank), titled “State of Play of Debt Burden in Africa and the Caribbean,” reveals that the average debt-to-GDP ratio across the continent remains high, though it differs between countries. In more than 60% of African nations, the ratio is expected to exceed 50% in 2025. Some countries, including Ghana, Cape Verde, and Sudan, face debt levels surpassing 100% of GDP.

However, not all debt should be viewed negatively when it finances productive investments. Debt used for projects that expand a country’s productive capacity can help increase GDP, raise tax revenues, and improve living standards. Investments in infrastructure such as transportation, energy, and communication can encourage business activity, enhance trade, and create employment.

According to the Afreximbank report, Morocco holds 5.9% of Africa’s total external debt in 2025. The country has directed borrowed funds toward large-scale projects in infrastructure, renewable energy, and digital technology. Key projects include the expansion of Tanger Med port, the Noor Ouarzazate solar complex, and the SIR railway project in Greater Casablanca, all contributing to economic growth and improved connectivity.

Senegal, which has around $1 billion in debt and is one of the International Monetary Fund’s (IMF) highest debtors in Africa, has used this borrowing to develop significant infrastructure projects . These include the Blaise Diagne International Airport, the Dakar-Diamniadio Toll Highway, and the Regional Express Train, all under the “Plan Sénégal Émergent.” These investments have enhanced Senegal’s infrastructure, boosted tourism, and supported economic growth.

In Ethiopia, large-scale investment has gone into the Grand Ethiopian Renaissance Dam (GERD), which is designed to more than double the country’s power generation capacity. GERD is Africa’s largest hydropower project and is scheduled for inauguration in September.

Nigeria has also turned to debt, particularly from China, to fund major transportation infrastructure. Projects include the Lagos-Ibadan rail, Itakpe-Warri rail, Abuja-Kaduna rail, Lagos Blue Line Metro rail, and the Abuja Metro rail.

Despite these investments, African countries continue to face challenges such as global interest rate increases, currency depreciation, and rising debt servicing costs. Still, the narrative is evolving as many countries strive to manage borrowing while ensuring development impact.

Ghana has completed its first sale of carbon credits under the Paris Agreement’s Article 6.2 mechanism. The project , spearheaded by Spark+ and Envirofit, involved distributing improved cookstoves across Ghana, which significantly reduce carbon emissions compared to traditional methods. Switzerland, through the KliK Foundation, purchased these credits, which means the emission reductions generated in Ghana will be counted towards Switzerland's national climate targets.

National airline revival

The Ghanaian government is actively engaging TAP Portugal to revive the defunct national carrier. This move is part of a strategic initiative to re-establish Ghana as a regional aviation hub and increase trade, tourism, and connectivity within West Africa and beyond. Discussions with TAP Portugal include possible technical partnerships and even equity participation, highlighting the government's desire to ensure sustainability and competitiveness in the aviation sector. A revived airline could also create jobs, improve export logistics, and enhance Ghana’s soft power globally.

Fuel allowances scrapped for public leaders

In a bold reform, President John Dramani Mahama has announced the complete abolition of fuel allowances for cabinet ministers and political appointees. The government will no longer provide free fuel or allowances for official and private vehicle use by appointed leaders. This move is expected to reduce government expenditure, promote fiscal discipline, and support Ghana’s transition to sustainable energy use. It also aligns with broader public expectations for transparency and efficiency in governance, especially as fuel costs remain a major economic pressure point.

Rollout of fuel levy

As part of its ongoing efforts to rescue the energy sector from financial instability, Ghana's government has rolled out a GH₵1 (USD 0.096) per litre levy on petrol and diesel. This new charge is designed to raise funds to support power sector reforms, clear legacy debts, and ensure a reliable electricity supply. The levy is expected to contribute significantly to the Energy Sector Recovery Programme, which faces challenges such as rising generation costs, arrears to independent power producers, and infrastructure deficits.

France and Ghana progress on €2.5 billion debt restructuring deal

Ghana and France are advancing negotiations on a €2.5 billion bilateral debt restructuring agreement, which forms part of Ghana’s broader effort to stabilise its macroeconomic framework and meet IMF reform expectations. The deal seeks to extend payment timelines and possibly reduce debt servicing burdens, offering Ghana breathing room amid high public debt and inflation. France’s willingness to engage bilaterally demonstrates confidence in Ghana’s recovery trajectory and strengthens bilateral ties between the two nations.

A report by the Centre for Public Integrity revealed that accommodating ruling Frelimo party politicians on boards of state-owned companies cost over 185 million meticais (USD 2.8 million) in 2023. The NGO noted that the spending on just 33 non-executive board members in seven enterprises surpassed what the state pays 1,760 low-tier public servants. “HCB had two non-executive members, to whom it paid a total of 77.2 million meticais per year,” the report said. “The amount refers to the non-executive members of seven public companies and institutions, namely Hidroeléctrica de Cahora Bassa (HCB), which operates the Cahora Bassa dam on the Zambezi River; the insurance company EMOSE; the rail and port company, CFM; the Matola Silos and Bulk Terminal (STEMA); the National Investment Bank (BNI); the Mozambique Stock Exchange (BVM), and the Mozambique national publishing house (Imprensa Nacional),” reads the report. For its part, the BNI had eight non-executive members up until 2023, earning a total of 16.8 million Meticais a year, Club of Mozambique reports.

Debt-for-climate swaps gaining

Mozambique is pursuing debt-for-climate swaps to redirect debt repayments into climate action. Finance Minister Carla Loveira explained, “We know how exposed our country is to climate change,” adding that there is “interest from some countries” in the swaps. “Mozambique is already designing a climate finance strategy,” she said at the UN’s Financing for Development conference in Spain, confirming that an agreement has been signed with Belgium. The minister added that “there is interest” from some countries in these debt-for-climate swaps, “There are interested countries, some of which have already expressed their interest, and we with which we have already reached an agreement, such as Belgium. And, therefore, this is a segment that we are working on,” Bulletin reports.

Insurgents preying on children in Cabo Delgado

Islamist insurgents in Cabo Delgado have been condemned for abducting over 120 children in recent days. “These armed groups are insurgents, they are terrorists, they are devils,” said Johan Viljoen of the Denis Hurley Peace Institute (DHPI). Human Rights Watch called on militants to release abductees immediately, warning that “the surge in abductions of children in Cabo Delgado adds to the horrors of the conflict.” Viljoen added, “It is their nature to terrorize civilian populations, to abduct children,” Catholic World Report quotes. According to the 1949 Geneva Conventions and their 1977 Additional Protocols, children are entitled to special respect and protection, including being shielded from hostilities, kept with their families, and receiving necessary care and aid. Viljoen, however, contends that insurgents abusing children, through actions like terrorizing civilians and abductions, demonstrate an inherent nature that defies this international legal standard. “Surely nobody would have been expecting them [the armed groups] to observe international law and to observe the Geneva Convention and all of that. It is their nature to terrorize civilian populations, to abduct children. They do it in whichever part of the world they operate,” Viljoen told CWR. The DHPI director decried the “terrible dangers” the children face, explaining that “the boys are forced to take up arms and to fight. The girls are either used for sex or to carry goods or to cook, or they are forced into marriage. So the children face huge dangers.”

TotalEnergies plans LNG project restart

TotalEnergies announced plans to resume its USD 20 billion Mozambique LNG project in 2025 after halting operations due to security threats. The project aims to produce 13 million tons of LNG per year, with expansion potential to 43 million tons. “This is a segment that we are working on,” the company said, positioning Mozambique as a major LNG exporter targeting Asia and the Middle East, Africa News reports. In 2024, TotalEnergies deployed two deepwater rigs in the country – one at the Moho permit and one at the Marine permit. The exploration phase has been completed, with drilling activities officially underway. Two wells have been drilled to date, with a third well in progress and a fourth being planned. Drilling activities come as TotalEnergies expands its presence in the country, increasing its stake in the Moho permit by an additional 10%. TotalEnergies is also accelerating the development of the Marine XX permit – a deepwater block currently in the exploration phase.

EU training boosts military capacity

The EU Military Assistance Mission in Mozambique trained over 450 Mozambican troops in the first half of 2025. Activities ranged from leadership and tactical driving to civil-military cooperation. “In a joint effort to contribute to the social and educational development of the local population,” the mission carried out solidarity initiatives benefiting children, including school supply donations and support for orphanages.

The Ghanaian cedi has rebounded sharply, now trading at ¢12.33 to the US dollar, per Bank of Ghana data. This recovery follows a nearly 25% year-to-date depreciation and is attributed to strong central bank interventions and improved dollar inflows from exports. At the interbank level, the cedi buys at ¢12.3138 and sells at ¢12.3262. It also gained against the British pound (¢16.32) and the euro (¢13.72). The central bank cited stabilising market conditions but stressed the need for continued vigilance. Favourable gold export prices and disciplined fiscal policies are key to sustaining the trend, as Ghana continues debt restructuring talks.

Ghana and Afreximbank in dispute over $768m debt

Ghana, emerging from a major debt restructuring, is now in a dispute with Afreximbank over a $768.4 million loan. Ghana wants the loan restructured like its other debts, but Afreximbank insists it holds “preferred creditor status” and should be repaid in full. The disagreement could delay Ghana’s debt resolution and set a precedent for how regional lenders are treated in future restructurings across Africa. Ghana’s Finance Ministry rejects Afreximbank’s claim, saying its debt is not senior to others. Similar issues have complicated debt talks in countries like Zambia, Kenya, and Ethiopia.

Ghana Integrity Initiative targets local communities in anti-corruption drive

The Ghana Integrity Initiative (GII), in partnership with CDD-Ghana and GACC, and with EU funding, organised a two-day capacity-building workshop for citizen groups in Akuapem North Municipality. The training focused on the Public Financial Management Act, 2016, and aimed to empower participants to combat corruption in their communities. GII’s Programs and Research Officer, Mr. Jacob Tetteh Ahuno, highlighted the importance of collective action and the need to mobilise civil society in the fight against corruption. He urged participants to raise awareness through outreach in schools, churches, mosques, and markets. The workshop, themed “Citizens Anti-Corruption Training,” is part of the EU-funded “Strengthening Accountability, Rule of Law, and Institutional Responsiveness in Ghana” project. Attendees included representatives from churches, PWDs, NCCE, CHRAJ, GHABA, traditional leaders, and the media.

UK trade envoy visits Ghana to strengthen economic ties

The British High Commission in Accra has announced that Bell Ribeiro-Addy, the UK’s Trade Envoy to Ghana, will make her first official visit from 19–22 May 2025, with engagements in Accra and Kumasi. Appointed in January by Prime Minister Keir Starmer, Ribeiro-Addy’s visit underscores the UK’s commitment to deepening trade relations and economic cooperation with Ghana. She will meet with key stakeholders, including Finance Minister Dr. Ato Forson, Trade Minister Elizabeth Ofosu-Adjare, Deputy Education Minister Dr. Clement Apaak, traditional leaders, academics, UK businesses, and the GIPC. Discussions will focus on trade expansion, investment, and mutual economic growth.

Ghana's cocoa faces EU ban over heavy metal contamination – Dutch envoy

Ghana risks having its cocoa rejected by the European market due to contamination from heavy metals, warns Jeroen Verheul, Dutch Ambassador to Ghana. He attributed the threat to illegal mining activities, which not only reduce cocoa production but also pollute water sources that could affect cocoa beans. Verheul noted that some farmers are accepting large sums from gold prospectors to give up their cocoa farms, further worsening the decline. Ghana’s cocoa output has dropped significantly in recent years, posing a direct threat to trade, especially with the Netherlands, which imports about 300,000 metric tonnes of cocoa annually. Speaking to The Ghanaian Times , he emphasised the urgent need to address "Galamsey" and protect Ghana’s cocoa industry.

Zelenskyy clarified that this arrangement does not entail Ukraine incurring any debt, stating, "The main thing for me is we are not debtors. There is no $500 billion debt in the agreement, nor $350, nor $100 billion because that would be unfair."

The current framework focuses on a revenue-sharing model, establishing a jointly controlled fund to manage the proceeds from state-owned mineral resources. While the agreement is part of broader discussions that could potentially encompass future security guarantees, no specific assurances have been confirmed at this stage.

The finalised agreement is expected to be signed following further discussions between Presidents Zelenskyy and Trump on Friday, February 28.

Zelenskyy has consistently maintained that financial aid received during the conflict should not be construed as debt, expressing concerns about agreements that could impose long-term financial burdens on Ukraine.

He emphasised the importance of fair and equitable partnerships, stating, "I'm not going to sign something that ten generations of Ukrainians will be paying for."

However, the harsh reality is that buying an apartment in urban centres has become a financial burden that is devastatingly affecting individuals' lives.

The culprit behind this unaffordability crisis is the exploding number of city dwellers. The 'city dream' is still very much present today. Many still believe the city provides diverse opportunities that could otherwise be hindered in the rural or countryside.

This reality provides little to no accommodation for the teeming urbaners, hence the rise in market seller prices of houses or apartments.

In a city like Hong Kong, an individual will need an average of $26,000 to own an apartment . Similarly, a little over $24,000 and $21,000 will be needed to own a home in Zurich and Singapore, respectively.

Beyond the unaffordability crisis, some homeowners experience financial stress and cutbacks. Many take long-term loans to satisfy this need or dream, which traps them in an endless debt-repayment structure or system.

While others cut back on fun, social life career switching or anything else interesting to own an apartment.

Is it still worth investing in cities?

Zimbabwe is currently in the throes of political upheaval as war veterans have openly demanded the resignation of President Emmerson Mnangagwa. With apprehensions about his potential rule extending beyond constitutional limits, war veteran leader Blessed Geza has articulated intentions for a nationwide shutdown aimed at compelling Mnangagwa to resign. Geza also faces looming arresUt due to his confrontational stance against the president, for which authorities are actively searching him on multiple charges, including inciting violence.

Resurgence of HIV

Zimbabwe is experiencing a resurgence of HIV, influenced by the withdrawal of mobile health clinics which previously provided critical services like antiretroviral drugs, condoms, and testing. This cessation followed the suspension of U.S. foreign aid on January 20, leaving many, particularly vulnerable groups such as sex workers, without necessary healthcare access. With approximately 1.3 million individuals living with HIV/AIDS in Zimbabwe, the fallout from the aid suspension poses significant health risks as condom supplies decrease.

De-dollarisation

Finance Minister Mthuli Ncube has signalled that Zimbabwe is not positioned to initiate de-dollarisation until it restructures its outstanding $21 billion debt, essential for regaining access to international credit. Since defaulting in 1999, Zimbabwe has faced exclusion from capital markets, with potential debt restructuring promising necessary support for balance of payments. The introduction of the new ZiG currency has stumbled, marked by a significant 43% devaluation in September, inciting calls for its reconsideration; the central bank has allocated over $400 million in support measures while tightening liquidity.

Bus-truck collision

A tragic vehicle collision occurred in Matabeleland South Province on February 13, 2025, claiming at least 24 lives. The incident involved a bus and a haulage truck, leading to seventeen fatalities at the scene and seven additional deaths in hospital care, with twelve individuals remaining in critical condition. Eyewitnesses indicated that the bus was en route to Beitbridge, near the South African border, while the truck was transporting a substantial cargo of 34 metric tons of magnesium. The police have confirmed the event and pledged to release more comprehensive details.

Longstanding debt

Zimbabwe's longstanding debt crisis poses a critical issue, with more than $21 billion accumulated over 25 years, largely stemming from unpaid obligations. The country has been in default to significant creditors, most notably the World Bank and the IMF, since 2000, a situation exacerbated by severe drought conditions adversely impacting the agricultural sector.

This incident comes as Zambia continues negotiations to finalise its debt restructuring process with its creditors. Although the country signed a memorandum of understanding with its official creditor committee—co-chaired by China and France—in October 2023, a final agreement with China remains pending. Only after this agreement is reached can debt payments resume.

The mistaken payment comes amid challenges associated with Zambia's debt restructuring efforts, which began in 2020 after it became the first African country to default during the pandemic. It also highlights the complexities of securitised or escrow accounts often tied to project loans .

In response to the situation, Zambia has proposed that the $80 million payment be treated as an advance on the interest accumulating on its debt to China since 2023. "That is the discussion we have... We’re looking for a solution to that," Nkulukusa stated in an interview on December 8 in the capital, Lusaka.

The rising debt load has sparked criticism from opposition politicians and led to a series of credit rating downgrades. However, the Ugandan government defends its borrowing practices, stating that they have bolstered economic growth, which has outpaced many African nations since the COVID-19 pandemic, as noted by Reuters .

According to the Ministry of Finance, external borrowing will plummet from 1.394 trillion Ugandan shillings (about $380 million)  to just 29.9 billion shillings ($8.15 million). 

The ministry shared in a post on the social media platform X on November 12 that the upcoming financial strategy aligns with Uganda’s fourth National Development Plan, which aims to increase the nation’s GDP tenfold, from $50 billion to $500 billion, by 2040.

In August, Fitch Ratings downgraded Uganda's credit rating, citing heavy reliance on domestic debt markets. The report revealed that in the fiscal year ending June 2024 (FY24), Uganda’s net domestic financing reached 4.2% of GDP, substantially higher than the 0.9% initially budgeted. Meanwhile, net external financing dropped sharply, reaching just 0.5% of GDP, a significant decline from 2.6% in FY24 and 2.1% in FY23.

In response to the fiscal challenges, Uganda’s Ministry of Finance announced in September that it plans to reduce overall government spending by over 20% in the 2025/26 financial year, with a budget of 57.4 trillion shillings (around $15.56 billion) compared to 72.1 trillion shillings (around $19.63 billion) for the current year. 

The government’s new debt strategy also involves borrowing 4.01 trillion shillings ($1.09 billion) from the domestic market through Treasury bonds in the coming fiscal year, marking a 54% decrease in debt issuance from the previous period.

Somalia's President Hassan Sheikh Mohamud congratulated Donald Trump on his victory in the 2024 US presidential elections. He expressed eagerness to work collaboratively on security and peace initiatives vital for Somalia's development. This highlights the ongoing robust partnership between Somalia and the US, especially in the context of previous military engagements where Trump had ordered the withdrawal of US troops from Somalia, which was later reversed due to strategic implications.

US cancels $1.14 billion of Somalia's debt

The USA has made strides in alleviating Somalia's financial burden by cancelling  $1.14 billion of the nation's debt, representing roughly a quarter of its remaining obligations. This pivotal agreement aligns with ongoing debt forgiveness efforts aimed at Somalia's recovery from its tumultuous history of civil war and state disintegration. President Mohamud acknowledged the unsustainable nature of this debt and expressed gratitude for the US's support, with the US ambassador celebrating this agreement as a landmark effort towards stability in Somalia’s economy. As Somalia engages in initiatives like the Heavily Indebted Poor Countries Initiative, it is primed for necessary financial reforms, although governance and political stability continue to be pressing concerns for private creditors.

Qatar charity improves water access to 10,000 Somalis

Qatar Charity has recently inaugurated two artesian wells in the Warshiekh region of Somalia, significantly improving access to clean water for nearly 10,000 local residents. Prior to this intervention , inhabitants faced considerable challenges and health risks by travelling up to 10 kilometres for water. This project has been well-received, especially by the local water minister, as it not only addresses water scarcity but also supports agricultural development in the region. This year alone, Qatar Charity has executed 327 water and sanitation projects throughout Somalia, benefiting approximately 285,000 individuals.

Ethiopian embassy in Somalia set to be relocated

The Ethiopian embassy in Somalia is set to relocate from its controversial position at the presidential palace in Mogadishu back to its original site. This decision comes in response to public outcry regarding the embassy's placement amidst deteriorating relations between Somalia and Ethiopia. Somali Foreign Minister Ahmed Moallim Fiqi reinforced that the embassy's location was deemed inappropriate, pledging a swift relocation. Tensions between the nations have been exacerbated by Ethiopia's contentious agreement with Somaliland, which Somalia views as a threat to its sovereignty and national integrity.

Somali convicted in New York for planning attack similar to 9/11 

A federal jury in New York has convicted Cholo Abdi Abdullah, a 34-year-old member of the al Shabaab terrorist group, of conspiring to execute a terrorist attack reminiscent of the 9/11 attacks on the US. Abdullah faces multiple charges, including conspiring to commit murder and supporting terrorism. His background includes training in Somalia and attending flight school in the Philippines, where he conducted research into targeting US infrastructure and gaining access to aircraft cockpits. U.S. Attorney Damian Williams underscored the serious implications of Abdullah’s actions as an attempt to replicate one of history's profound terrorist events. Abdullah is due for sentencing on March 10, with the possibility of life imprisonment for one of the charges raised against him.

Somali Finance Minister Bihi Egeh and US Ambassador Richard Riley formalised the debt relief agreement in Mogadishu. Egeh shared the news on X (formerly Twitter), stating, “The American government debt totalling over $1.14 billion was forgiven today by the United States government,” crediting both recent debt relief processes and the March Paris Club agreement as catalysts for this move.

Ambassador Riley hailed the agreement as a “great day,” noting that this US debt cancellation represented “the largest single component of a total of $4.5 billion in debt owed to multiple countries that were forgiven” under a broader World Bank and International Monetary Fund (IMF) debt relief deal for Somalia. The arrangement is part of the Heavily Indebted Poor Countries (HIPC) Initiative, which was established to help the world’s most financially burdened nations in December 2023.

Somalia’s economy has faced severe challenges, including decades of civil war, violent insurgencies led by the al-Qaeda-linked jihadist group al-Shabab, and recurring climate-related disasters. As of 2022, approximately 54% of Somalia’s population lived below the poverty line, with urban areas bearing the brunt of these economic struggles due to high urbanisation rates.

Despite these obstacles, Somalia has been making strides in economic reform , maintaining a solid track record of macroeconomic management. The IMF praised Somalia’s consistent implementation of the Extended Credit Facility (ECF) programme, which began in January 2024 as a new three-year arrangement aimed at supporting Somalia’s post-HIPC economic goals. The IMF's Executive Board completed its first review of this programme in June 2024.

“We’ve always known that there’s a cost to the persistent stereotypical media narratives about Africa. Now we’re able to put an actual figure to it,” said Moky Makura, executive director of Africa No Filter. “The scale of these figures underscores the urgent need to challenge [these] negative stereotypes about Africa and promote a more balanced narrative.”

Biased reporting on African elections

The report emphasises that global media coverage of African elections is particularly problematic, often focusing on conflict, corruption, poverty, and poor leadership. This portrayal creates a significant gap between perceived and actual investment risks, further reducing Africa’s attractiveness to international investors.

African elections are frequently covered with an overemphasis on violence and fraud, while positive stories about progress and development are often ignored, the study indicates.

“Typically, election coverage is narrowly focused on the horse race between the incumbent and main opposition party or parties. In Africa, it is often peppered with stories of election violence and rumours of corruption,” Makura explained. “The fixation on election drama rather than the issues at stake is sometimes driven by the desire for headline-grabbing stories. It’s easier to sell stories about tainted politicians and violent clashes than it is to dig into healthcare reform or job creation policies.”

Africa vs. the ‘Rest of the World’

The study highlights stark disparities in media coverage between African and non-African countries with similar political and socioeconomic conditions. For example, Malaysia, which experienced a corruption scandal during the same period as Kenya, saw significantly fewer global news articles on corruption compared to Kenya.

A key finding is that 88% of global news articles about Kenya and 69% about Nigeria are negative, compared to just 48% for Malaysia. Similarly, Egypt, whose political regime and press freedom are comparable to that of Thailand, had more headlines focused on violence than its Southeast Asian counterpart.

When compared to other African nations, South Africa and its president, Cyril Ramaphosa, have received more favourable reporting in the media; however, there are media narratives that portray South Africa as failing like other African nations. This disproportionate focus on negative stories in Africa skews global perceptions and plays a role in the continent’s higher borrowing costs.

Higher interest rates due to media bias

According to the study, negative media sentiment directly influences credit ratings and bond yields, which in turn increase borrowing costs for African nations. Egypt, for example, has a negative sentiment score of 66% and faces bond yields of around 15%, while Thailand, with a sentiment score of 32%, has bond yields of just 2.5%.

African nations often pay significantly higher interest rates compared to other regions. The United Nations Conference on Trade and Development (UNCTAD) Secretary-General Rebeca Grynspan  revealed that African countries pay about eight times more in interest than European countries and four times more than the US for the same level of debt.

According to the research, inflated rates are largely driven by heightened perceptions of risk influenced by media portrayals, despite some countries having decent credit ratings.

“The real commercial opportunity is obscured from international investors because of this risk premium,” noted Marcus Courage, chief executive officer of Africa Practice. He added that the $4.2 billion figure only accounts for the impact of negative media on sovereign debt, excluding broader effects on tourism, foreign investment, or aid.

Reducing the debt burden

More economic restrictions are being placed on the people of various African countries as a result of the adoption of additional levies, increased taxes, and other revenue-enhancing measures to pay off debt.

With the World Bank reporting that nine African countries entered 2024 in debt distress , and many more at high risk, the report concludes that a more balanced and accurate media portrayal of Africa could reduce borrowing costs, allowing African countries to invest more in public infrastructure and other critical needs.

The International Monetary Fund (IMF) has declared Uganda's debt to be sustainable, highlighting a stable political and economic context, The Monitor reports. Despite challenges like high public debt interest rates and low private credit, ongoing fiscal consolidation positions Uganda favourably for development. Inflation, which peaked in 2022/2023, has been effectively brought down, supported by the Bank of Uganda's tight monetary policy. The financial sector remains stable but has concerns regarding the sovereign-bank relationship. The IMF's Article Four consultation noted that Uganda's public debt ratio is just above 50% of GDP, and it emphasized the need for sound macroeconomic management and improved tax administration. Uganda is under the leadership of President Museveni, who has held power since 1986, with elections scheduled for January 2026.

  Visa-free travel

Uganda and Mozambique are in negotiations to establish visa-free travel for their citizens as part of efforts to enhance regional integration under the African Continental Free Trade Area (AfCFTA). Mozambique has proposed allowing Ugandans to enter without a visa, especially for holders of diplomatic, official, and honorary passports. If approved, this would eliminate the current visa fee of $50 for Mozambicans traveling to Uganda. According to News Central , the agreement aims to strengthen bilateral relations and boost trade, and discussions also involve political, security, and economic collaborations.

Deaths from road accidents

In Uganda, 239 schoolchildren aged 5 to 18 have been killed in road accidents within the past nine months, according to police. The fatalities occurred primarily during school drop-offs and pickups as the new school term began. Authorities emphasised the shared responsibility of parents, teachers, and motorists for ensuring children's safety on the roads, Pune reports. With around 20,000 annual road accidents resulting in over 2,000 deaths nationwide, officials urge increased vigilance, especially when transporting young children on motorcycles.

Citizens urged to participate in budget processes

Uganda's Speaker of Parliament, Anita Among has emphasised the importance of increased citizen participation in budget processes during the 7th Annual African Network of Parliamentary Budget Offices (An-PBO) Conference. She highlighted that citizen involvement enhances transparency and accountability in governance and budgeting, citing Zimbabwe's pre-budget conferences as a model. According to Zaywa , Among called for better financial and technical support for parliamentary budget offices to improve their effectiveness. The conference is a platform for knowledge sharing and collaboration among African parliamentary budget offices, focusing on enhancing fiscal oversight and public finance management. Among was also named patron of the An-PBO.

Uganda launches airline

Uganda Airlines has launched direct flights between Entebbe International Airport and Abuja's Nnamdi Azikiwe International Airport, with the inaugural flight landing on September 12, 2024. African Tourism and Travel Association reports that the new route, operating twice weekly on Thursdays and Sundays, is aimed at enhancing economic and social ties between Uganda and Nigeria, becoming Uganda Airlines' 14th destination. The launch coincided with the 4th Nigeria-Uganda Trade and Business Forum, where stakeholders explored trade opportunities. Ugandan officials emphasized the route's potential to boost trade, tourism, and investment while reducing travel time and costs for business travellers, aligning with Uganda's goal of improving intra-African trade.

In Q1'24, Nigeria spent N2.46 trillion to service its N121.67 trillion ($91.46 billion) public debt, comprising N1.47 trillion ($991 million) in foreign debt service payments and N989.24 billion ($666 million) in domestic debt service payments. The domestic debt for the 36 states and the Federal Capital Territory stood at N4.07 trillion. The increase in domestic debt was from new borrowing to part-finance the 2024 budget deficit and securitisation of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria. The government expects improvements in revenue to enhance debt sustainability as reported by Vanguard .

Manufacturing regulatory functions

Manufacturing experts at the MAN CEO breakfast meeting in Lagos on Thursday, June 20 called for the adoption of good regulatory governance principles to address the impact of overlapping regulatory functions on business operations. They emphasised the need to minimise regulatory risk and harmonize regulations to reduce operational costs and promote business growth. MAN President, Otunba Francis, also noted the importance of harmonisation in creating a more coherent and business-friendly regulatory environment. NAN further reports that the Chairman of MAN Ikeja Branch, Elder Robert Ugbaja, called for collaborative efforts to develop practical strategies for regulatory harmonization to unlock the full capacities of Nigerian businesses and industries.

Cholera outbreak

The World Health Organisation has reported a global resurgence of cholera, with over 195,000 cases and 1,900 deaths in 24 countries in 2024. Nigeria is struggling to contain the spread, with 882 suspected cases and 16 deaths. The outbreak is most severe in Bayelsa State. Lagos State is also affected, with challenges in managing the disease due to poor access to clean water and sanitation facilities, reports NairaMetrics . Efforts to curb the spread of cholera have included improving water, sanitation, and hygiene practices, as well as deploying rapid diagnostic tests and enhancing surveillance. However, persistent challenges of urban slums, lack of potable water, and limited healthcare infrastructure hinder progress. The World Health Organisation has faced challenges in managing the outbreak, with a high demand for vaccines exceeding supply.

Foreign exchange gains

Nigeria's foreign exchange reserves have reached a three-month high, standing at $33.58 billion as of June 19, 2024. This milestone comes after a period of stability in the exchange rate and a surge in financial commitments from the World Bank. NairaMetrics reports that the Central Bank of Nigeria has seen a 5% increase in reserves in the last two months, with improved liquidity in forex turnover. Multiple loans and support from international organizations, such as Afrexim Bank and the World Bank, are expected to further stabilise the country's forex market and support its economy.

UK study visas issued to Nigerians fall by 38%

Recent statistics from the UK Home Office indicate a significant 38% reduction in the issuance of study visas to Nigerian nationals from March 2023 to March 2024. The report highlights a downturn in study visas granted to individuals from India and Nigeria, the two principal sources of study visa applicants for the UK. Indian nationals saw a 16% decrease in visa approvals during the same period. According to NairaMetrics , this downward trend is seemingly linked to the January 2024 policy amendment that limits international students from having dependents accompany them, except for those engaged in research-oriented postgraduate studies.

Sri Lanka is reportedly nearing the final stages of negotiations with a consortium of creditors to restructure its national debt. According to Bloomberg, confidential sources indicate that the discussions involve bilateral lenders. Anonymous insiders have informed the Daily Mirror that draft agreements, or memorandums of understanding, are being exchanged between the Sri Lankan government and the official creditor committee. This committee includes representatives from India, Hungary, and the Paris Club. These drafts are crucial for finalising a deal that was preliminarily agreed upon in November, aiming to resolve the last outstanding matters before reaching a conclusive settlement.

Renewable energy strides

On Thursday, Sri Lanka's legislative body passed a bill aimed at encouraging investments in renewable energy and diminishing deficits within its government-controlled electricity entity. This step is in line with the commitments made under a $2.9 billion agreement with the International Monetary Fund, reports Hindustan Times . The bill was ratified by a margin of 44 votes out of the total 225 members, as announced by Speaker Mahinda Abeywardena. The Minister of Power and Energy, Kanchana Wijesekera, informed the assembly that the newly enacted Electricity Bill is expected to enhance the profitability of the Ceylon Electricity Board and boost investments in the renewable energy domain.

Elon Musk's Starlink approved

Elon Musk's Starlink, the satellite unit of SpaceX, has received preliminary approval to offer internet services in Sri Lanka. This came after discussions between Musk and President Ranil Wickremesinghe. Reuters reports that the service aims to improve internet connectivity, particularly in rural areas, and is also being introduced in Indonesia. In addition, Musk's company xAI is planning to build the world's largest supercomputer in Memphis, Tennessee, which represents a significant investment in the city's future.

Sri Lankan shares surge

The stock market of Sri Lanka witnessed a significant uplift, predominantly propelled by advancements in the essential financial and industrial segments. Notably, Ceylon Tobacco Company Plc and LOLC Holdings Plc emerged as the leading performers, with their share prices escalating by 1.9%. The upbeat market sentiment was further evidenced by the surge in trading volume, which escalated to 49.2 million shares from the prior session's 37.2 million. According to Finimize , the market's turnover experienced a substantial increase, reaching 1.56 billion Sri Lankan rupees (equivalent to $5.15 million), up from 1.25 billion rupees ($14.9 million), signalling a heightened level of investor engagement and market dynamism.

Capital Alliance to expand

Capital Alliance (CAL), headquartered in Colombo and offering comprehensive solutions in frontier capital markets, is setting its sights on broader horizons. The company intends to venture into additional frontier markets, targeting areas with a collective GDP between 1-1.5 trillion over the coming 3-5 years. CAL Group's CEO, Kanishke Mannakkara, conveyed to Mirror Business that such strategic growth could bolster smaller markets, including Sri Lanka, in drawing international investments. The expansion is anticipated to enhance CAL's ability to present diverse arrays of products across different markets.

Uzbekistan and South Korea discussed bilateral cooperation in various fields, including energy, information and communication technologies, and infrastructure. The meeting resulted in identifying further steps to deepen collaboration and holding meetings with key Korean government officials and leading companies, Azer News reported.

Turkey - Uzbekistan trade

Turkey and Uzbekistan aim to boost trade volume to $5 billion. At a recent meeting, Turkish Deputy Minister of Trade Mustafa Tuzcu highlighted Uzbekistan's significance as a key partner in foreign trade, to increase trade volume. Turkiye Newspaper indicated that both countries are committed to enhancing cooperation in complementary sectors and maintaining dialogue. The meeting also emphasized historical and cultural connections between the two nations.

Femicide research

Gender-related killings, or femicide, have reached alarming levels, with nearly 89,000 women and girls intentionally killed in 2022. UN Women's regional programme, "Making Every Woman and Girl Count," is researching femicide in Kazakhstan, Tajikistan, and Uzbekistan to address data gaps and promote effective interventions to prevent gender-based violence. According to UN Women , the initiative aims to establish a cohesive methodology for research and gain a deeper understanding of femicide in the region. With over 250 applicants, the initiative is set to advance research on femicide. It will include an orientation webinar, in-person workshop, data collection and analysis, and publication of final products in November 2024.

Public debt

Uzbekistan's public debt is projected to reach $37.9bn by the end of 2024, constituting 37.9% of the country's GDP. The external debt is expected to be $31.1bn, with noticeable fluctuations in borrowing agreements in recent years. Expenditures on servicing the debt in 2024 are forecasted to reach $3.9bn, representing 3.7% of GDP, media agency Daryo reported.

UN Human Rights committee

Uzbekistan's Akmal Saidov, director of the National Center for Human Rights, has been elected to the UN Human Rights Committee for the first time. He will serve from 2025 to 2028, making Uzbekistan the first Central Asian country to join the committee. The committee monitors the implementation of the International Covenant on Civil and Political Rights by its 173 member states, ensuring civil and political rights are fully respected. According to the Times of Central Asia , Saidov received the most votes in the election held at the United Nations headquarters in New York on May 29.

On Thursday, May 30, the National Oceanic and Atmospheric Administration (NOAA) released its forecast for the upcoming hurricane season, and the outlook is concerning. The organisation predicts an “above average” season, with 17 to 25 named storms, 8 to 13 hurricanes, and 4 to 7 major hurricanes of category 3 or higher. According to Dominica News Online , this forecast significantly exceeds the average season, which typically has 14 named storms, seven hurricanes, and three major hurricanes. NOAA Administrator Dr Rick Spinrad highlighted that this forecast is the highest ever issued by NOAA for its May outlook.

Over $30 million worth of drugs destroyed by police

On Friday, May 21, over $30 million worth of drugs were incinerated at the Special Service Unit compound at Morne Bruce. Police Inspector Fixton Henderson reported that on May 24, 2024, the Drug Squad of the Commonwealth of Dominica Police Force (CDPF) burned 9,988 kilogrammes of cannabis valued at $14,982,000 and 606.64 kilogrammes of cocaine valued at $16,075,960. He explained that the drugs had been seized during various police operations and some were held as exhibits in court cases that have now concluded. Dominica News Online adds that Henderson emphasised the CDPF's commitment to transparency and its ongoing efforts to enforce the Drugs Prevention of Misuse Act of Dominica, aiming to mitigate the impact of illegal drugs on Dominican society.

Rising national debt

Concerns over Dominica's national debt persist, despite optimistic economic growth forecasts. The country's aim to become the world's first climate-resilient nation by 2030 has created a funding gap of $1.5 billion. With a heavy reliance on the Citizenship By Investment Programme for development funding, concerns over the sustainability of the economy have been raised. As reported by Dominica News Online , the International Monetary Fund (IMF) has advised that Dominica ranks as the third most indebted island in the Caribbean. The Caribbean Policy Development Centre (CPDC) has suggested sovereign debt restructuring to address the significant debt distress. The CPDC also highlighted the impact of rising debts on vulnerable sectors such as education, health, and farming.

Livestock artificial insemination Initiative

The Livestock Development Unit (LDU) within the Division of Agriculture has initiated a proactive engagement with farmers interested in artificial insemination for their small ruminants. In 2023, a group of 34 farmers collectively decided to import 150 straws of Boer and Nubian goat semen from the United States. This strategic initiative aims to enhance the genetic quality of local herds and boost overall productivity in the region, reports Dominica News Online . Since its inception, the LDU has been providing technical assistance to farmers, offering guidance on the intricacies of artificial insemination, and creating favourable conditions for successful conception and pregnancy. As of April 2024, the initial batch of eighteen farmers has begun the insemination process, which is expected to be completed within the next seven weeks. Additional sessions will be scheduled based on farmers’ requests.

Catholic church mourns cardinal

His Eminence Cardinal Kelvin Felix passed away at 3 pm today in Castries, St. Lucia, leaving the Catholic Church in deep mourning. He was 91. Born on February 15, 1933, in Roseau, Dominica, Kelvin Edward Felix, OBE, SLMH, DAH, served as the Roman Catholic Archbishop Emeritus of Castries, St. Lucia. According to Dominica News Online , Cardinal Felix's path to the priesthood began with his ordination on April 8, 1956. In 1962, he left the West Indies to attend St. Francis Xavier University in Nova Scotia, where he earned a Diploma in Adult Education. He later obtained a master’s degree in Sociology and Anthropology from the University of Notre Dame in Indiana in 1967 and completed post-graduate studies in Sociology at the University of Bradford in England in 1970.

The loan agreement signed in Riyadh, Saudi Arabia's capital, is an effort by Uganda to diversify its external funding following protracted discussions with the World Bank to resume lending.

The funding injection from IDB comes as a response to Uganda's persistent efforts to advance its infrastructure funding. The allocated funds are earmarked for the construction of a bridge over the River Nile in the northwest region of Uganda, along with the development of approximately 105 kilometers of roads, as disclosed by the Finance Ministry.

“This funding will go towards construction of Masindi-Port Bridge where the ferry crosses river nile & connects to Renkunye-Apac-Lira road. The other road project is Kyenjojo-Kihura-Bwizi-Rwamwanja-Kahunge(68km)/Mparo-Bwizi (37km) road which connects Kamwenge town to Kampala Fort Portal highway,” the Ugandan Ministry of Finance posted on X.

Adding that, “IDB is the 3rd largest multilateral donor to Uganda contributing over 20% support in areas of roads, energy and education (skills development)”

The World Bank, historically a key financier for Uganda, on August 8, 2023, the World Bank made public its decision to halt any further financial support to Uganda, citing reservations about the nation's anti-homosexuality legislation, deeming it in direct opposition to the core values upheld by the World Bank Group. 

“Uganda’s Anti-Homosexuality Act fundamentally contradicts the World Bank Group’s values. We believe our vision to eradicate poverty on a livable planet can only succeed if it includes everyone irrespective of race, gender, or sexuality. This law undermines those efforts. Inclusion and non-discrimination sit at the heart of our work around the world. No new public financing to Uganda will be presented to our Board of Executive Directors until the efficacy of the additional measures has been tested.”

Zambia is seeking to learn from China's successful malaria elimination efforts to speed up its own pace. According to Africa Xinhuanet , the country aims to eliminate malaria by 2030 and plans to begin using malaria vaccines next year. Malaria remains a significant public health concern in Zambia, accounting for 30% of the disease burden. Zambia is also facing challenges such as poor adherence to interventions and lack of local production of drugs. Pregnant women and children under five are the most vulnerable to malaria, and the government is prioritising services for these groups. China has provided support to the malaria fight, including the provision of vehicles and laboratory equipment, as well as training programs.

Wasteful spending on laptops

A Bloomberg report shows that a review of Zambia’s public debt revealed exaggerated expenses and careless expenditures, such as the government's acquisition of excessively priced computers and laptops for public schools lacking electricity. Among the loans scrutinised in the audit was one used to procure 10,000 laptops at $3,900 each, significantly higher than their estimated cost of $630, as outlined in the report by the Zambian Office of the Auditor General released recently. The government's excess expenditure on laptops and desktop computers amounted to approximately $96 million, according to the report. This highlights how Zambia has ended up defaulting on its $13.4 billion in loans.

Increase in annual inflation

Zambia's annual inflation rate has reached its highest level in 26 months and shows signs of further escalation due to a severe drought in some regions and ongoing currency depreciation, which are driving up prices. Statistician-General Mulenga Musepa disclosed that consumer prices surged by 13.8% in April, slightly surpassing the 13.7% recorded in the previous month. Monthly, prices increased by 1%, down from 1.2% in March, as reported in Lusaka, the capital, on Thursday. Bloomberg adds that, since the beginning of March, the kwacha has depreciated by approximately 10% against the dollar, making it the world's second-worst-performing currency during this period. The surge in demand for dollars in Zambia can be attributed in part to a drought induced by El Niño, resulting in crop failures and necessitating increased food imports for the southern African nation.

Drought-induced emergencies

Southern Africa is facing widespread droughts, leading to national emergencies in countries like Zambia and Zimbabwe. In response, the Water Convention and its partners convened a workshop in Zambia to strengthen transboundary water cooperation and develop solutions. Social News XYZ explains that the focus was on sharing challenges, problem-solving, and exchanging good practices on water allocation agreements and other transboundary arrangements, to mitigate potential conflicts and support hydro-diplomacy and peace. The workshop was organized with funding and technical support from various organizations, including the Ministry of Foreign Affairs of Finland, the European Union, and the United Nations Economic Commission for Africa. Zambia also aims to be a party to the Convention by the 10th Meeting of the Parties in October 2024.

Electric battery manufacturing plant

Commerce, Trade, and Industry Minister Chipoka Mulenga has announced the completion of feasibility studies for an electric battery manufacturing plant. In April 2022, Zambia and the Democratic Republic of Congo inked cooperative agreements to pursue electric battery production. Last August, Mulenga informed the nation that feasibility studies for the project were 45% complete, highlighting the ample raw materials sourced from FQM’s Enterprise Nickel Mine in Kalumbila District for electric car battery manufacturing. Mulenga on April 24, however, informed News Diggers that his team has finalised their study and plans to update President Hakainde Hichilema on its findings next week.

Brazil has joined the Lusophone Compact to boost private sector development in Portuguese-speaking African countries. The initiative aims to strengthen economic ties through investments, trade, and cooperation. The African Development Bank has already approved investments in energy, transport, and enterprise development projects in these countries. Brazil's membership will further strengthen South-South Cooperation under the Compact. According to the African Development Bank Group , the move is seen as a testament to Brazil's strategy to deepen economic and political ties with African countries.

Debt relief program

Brazil has announced a credit and debt relief program for small and medium-sized enterprises (SMEs). The program aims to support SMEs by providing access to key information, analysis, reports, news and interviews in English, Spanish and Portuguese, reports media agency Bnamericas . This includes access to over 31,000 projects in Latin America, 39,000 global companies operating in the region, and 95,000 key contacts related to companies and projects.

Tax collection

Brazil's tax collection slowed in March, posing a challenge to the government's budget target. Analysts describe the data as "disappointing," as the government aims for a balanced primary budget this year. Bloomberg indicated that despite setting a record for this time of year, collection growth slowed from the previous month.

Ancestral lands

Brazilian Indigenous people are demanding demarcation of their ancestral lands, as they fight against a proposal that seeks to limit their rights. According to reports from TeleSur , the Temporal Framework declared unconstitutional in 2023, was reintroduced, leading to violence and the murder of Indigenous leaders. The Brazilian government, under Jair Bolsonaro, has stopped demarcating Indigenous lands, leaving them vulnerable to extractivist businessmen. The Indigenous community hopes the Supreme Court will declare the law unconstitutional.

Real estate tax

Brazil has launched a public consultation on charging real estate tax for concession assets, including railway, port, highway, and airport operators. This move is part of the federal government's efforts to attract private investment in infrastructure projects. The consultation will also involve local government and law firms, and subscribers can access key information about projects and companies in Latin America, reports media agency Bnamericas .

President Faye's recent inauguration marked a generational shift in Senegalese leadership, with the appointment of Ousmane Sonko as prime minister and the formation of a predominantly male cabinet. With this, coupled with promises of reforms, the new administration intends to break away from historical reliance on external influences, particularly from former colonial power France.

“Senegal has the ambition to deepen its financial sector and expand the range of products available for financing businesses and projects. Senegal can become a benchmark financial hub in West Africa, we have to believe in it…It will be about making our formal or informal private sector, and each Senegalese, key player in a sovereign Senegal with the support of a strong and credible State. A credible state is one with a solid macroeconomic framework and available room for maneuver, capable of supporting the private sector and coping with shock in an uncertain world. Only in this way can we gradually free ourselves from the bonds of external dependence,” the new Minister of Economy, Planning, and Cooperation, Abdourahmane Sarr said .

Since 2019, public debt has seen a notable rise, climbing to 69.1% of GDP in 2020, 73.3% in 2021, and further to 75% of GDP in 2022, the World Bank reported.

Audit of oils and gas contracts

Central to the government's agenda is the audit of oil, gas, and mining contracts, aimed at ensuring transparency and fair resource exploitation. To kick start the initiative for freedom from external dependence, President Faye announced audit as one of his first policy initiatives. In his inaugural speech , he said, "The exploitation of our natural resources, which according to the constitution belong to the people, will receive particular attention from my government. I will proceed with the disclosure of the effective ownership of extractive companies and with an audit of the mining, oil, and gas sector."

Renegotiation of contracts

Minister of Energy and Mines, Birame Souleye Diop, emphasized the need for scrutiny and hinted at potential renegotiations to better serve the interests of the Senegalese people. This will involve "publishing the contracts, carrying out a mining audit, working in the interests of the people and, if necessary, renegotiating all existing contracts," he said. This initiative has drawn attention to key players in the sector, including multinational companies like Kosmos Energy, BP, and Woodside Energy, among others. The commencement of Senegal's inaugural offshore oil venture is slated for mid-2024. Spearheaded by Woodside Energy (WDS.AX), the Sangomar oil and gas project is anticipated to yield approximately 100,000 barrels per day.

Lessons from Ghana

Senegal's aspirations for economic sovereignty draw parallels with Ghana's "Beyond Aid" vision , declared by President Nana Akufo-Addo in 2017. “It is time to build our economies that are not dependent on charity and handouts... we are not disclaiming aid, but we do want to discard a mindset of dependency… It is unhealthy for both the giver and the receiver, said Akufo-Addo,” the president said.

The Ghanaian model aimed at mobilizing domestic resources to reduce dependency on foreign aid, reflecting a broader sentiment across Africa to achieve self-sufficiency. However, in 2023, the country made a U-turn to external aid when the International Monetary Fund (IMF) approved a three-year, $3 billion loan on May 17 to get the West African country out of its worst economic crisis in decades. The World Bank’s metrics highlight Ghana as one of the most indebted countries on the continent, with a debt of $58 billion representing 105% of its GDP. "We focus a lot on the external debt to international creditors, but it is important to bear in mind that most of Ghana's public debt is domestic debt held by the country's commercial banks," says Marc Raffinot, a senior lecturer at Paris Dauphine University and a development specialist.

Treasury Cabinet Secretary Njuguna Ndung'u told Business Daily that the government is ready to shift its focus towards eastern markets following a prosperous Eurobond sale.

He said the plan entails accessing the Chinese market through a Panda bond, targeting the Japanese market with a Samurai bond, and engaging the Middle East with a Sharia-compliant Sukuk bond.

“Yes indeed. We need to diversify to other markets, the Chinese market with Panda bonds, the Japanese market with Samurai bonds, and the Middle East with Wakala Sukuk bonds. All these diversified bond markets will support financing projects and programmes under the Bottom-Up Economic Transformation Agenda,” Prof Ndung’u said

With this, the country aims to reduce its dependence on Western capital markets.

Nigeria defeated Ghana 2-1 in a friendly match , showcasing resilience and determination on both sides. Despite being down to 10 men, Ghana put up a strong fight, but ultimately Nigeria secured the win with a penalty and a late goal. Nigeria's upcoming match against Mali and Ghana's upcoming match against Uganda are highly anticipated, promising further competitive football action.

Power outages

The Independent Power Generators, Ghana (IPGG) has accused the Volta River Authority (VRA), the main generator and supplier of electricity in Ghana of excessively exporting electricity to neighbouring countries, causing power outages. The IPGG's CEO, Dr Elikplim Kwabla Apetorgbor, argues that the VRA is not meeting its domestic obligations and is exporting the most affordable hydro generation to neighbouring countries. “It is a great disservice to mother Ghana and Ghanaians for VRA to be exporting the most affordable hydro generation to neighbouring countries – Burkina Faso, Togo and Benin whilst the Ministry of Energy, PURC [Public Utilities Regulator Commission] and ECG [Electricity Company of Ghana] remain unconcerned and force the Ghanaian taxpayers pay for the expensive thermal generation and also sleep in the dark”, Apetorgbor is quoted by local media Adom Online .

Medal haul at African Games

Ghana won 68 medals at the African Games, the largest haul in the West African nation's history after hosting the sports event in its capital city, Accra. Ghana's President Nana Akufo-Addo praised Ghanaians for their confidence in hosting the 13th African Games. “Let the success of these games serve as a catalyst to invest further in sports development and empower the youth to reach greater heights on the international stage. Our nation won a total of 68 medals - 19 gold, 29 silver, and 20 bronze - by far the largest haul in our nation’s history at this prestigious event,” said the president in a congratulatory message on March 23, local media Joy Online reported.

Public debt soars

Ghana's public debt reached GH₵610 billion (approximately $49.952 billion) as of December 2023, a 26.85% increase from the previous year’s GH₵446.3 billion (approximately $34.352 billion), indicating a significant debt burden. This represents 72.5% of the country's GDP. Despite the nation’s domestic debt exchange program, Ghana's year-to-date public debt level soared by GH₵163.7 billion (approximately $12.6 billion), according to the Bank of Ghana (BoG). Positively, there was an increase in Ghana's Nominal GDP from GH₵614.3 billion (approximately $ 47.283 billion) to GH₵841.6 billion (approximately $ 64.779 billion) indicating a rise in the nation's total economic production, local media Daily Guide Network reports.

Calls to host World Rugby tournaments

Rugby Africa President Herbert Mensah believes Ghana should host future World Rugby competitions due to its potential to become a destination for prominent international sporting events. He emphasized Ghana's state-of-the-art rugby stadium at the University of Ghana Rugby Stadium in Accra. "As President of Rugby Africa, I’m going to my board, I’m also on the Council for World Rugby, that Ghana should be considered as a place where we should be staging world competitions if we can keep the maintenance up. If we can bring World Rugby competitions here, at least 2 or perhaps 3," Mensah is quoted by local media Peace Online .

Seychelles is on track to clear its longstanding debt owed to the Russian government by the year 2027. The restructuring agreement outlines that Seychelles will make a lump-sum upfront payment of $1.9 million this year, and settle the remaining $800,000 between 2024 and 2027, the Nation reported. The Cabinet has granted approval for Finance Minister Naadir Hassan to sign the settlement agreement on behalf of Seychelles.  The funds for repayment will be sourced from the government's accounts, according to Dick Labonte, the Director-General of the Debt Management Division at the Ministry of Finance, National Planning, and Trade. “During the period when agreement terms were unsettled, interest accumulated. However, with our upfront payment now, it encompasses accrued interest, subject to a 4.5 percent interest rate. Additionally, the remaining balance, to be paid between 2024 and 2027, will incur normal interest rates rather than accumulated interest.” The loan was granted to Seychelles in 1987.

US-African relations

A delegation from the United States Congress engaged in discussions with the Speaker of the National Assembly in Seychelles, Roger Mancienne, along with other key parliamentary figures. The Congress delegation, led by US Ambassador Henry Jardine, expressed the goal of strengthening US-Africa relations and fostering collaborative policymaking through legislative channels, the Nation reports. The talks covered various subjects, including maritime security, environmental protection, trade and investment, and the exchange of parliamentary practices. During the discussions, the delegation from the United States Congress highlighted the enduring commitment of the United States to provide aid and support despite the evolving dynamics of certain cases, such as piracy and maritime terrorism.

Turtle nesting

The Director of the Biodiversity Conservation Section at the Ministry of Agriculture, Climate Change, and Environment, Ashley Dias, has said that the turtle nesting season in Seychelles is progressing well, with no confirmed poaching incidents reported for the hawksbill turtle. "The nesting season is from October up until March and April, and so far, it's going well. There are no records confirming poaching, but there were signs that indicated possible poaching. However, this is difficult to prove due to the lack of evidence,” she told Seychelles News Agency .  She added that to enhance coordination and enforcement, a project is being developed in collaboration with local authorities, including the Seychelles Coast Guard, Police, and Seychelles Fishing Authority, to establish an enforcement task force. In addition to monitoring efforts, the Conservation Department is actively engaged in public awareness campaigns on the subject of turtle conservation. Past initiatives have included volunteer programs aimed at involving the community in the protection of turtles during the nesting season in Seychelles. "The volunteer programme for sea turtles was not done this year; we plan to re-launch it around mid-August to September. But we have other activities as well, such as presentations in schools as well as internship opportunities for secondary and post-secondary students," said Dias.

Proposed constitutional amendments

In his recent State of the Nation Address, Seychelles President Wavel Ramkalawan unveiled plans to present a bill for the 11th amendment to the country's Constitution. The proposed amendment seeks to introduce fixed dates for elections in Seychelles and address issues related to presidential immunity, Seychelles News Agency reported. President Ramkalawan emphasized the need for democratic enhancements during his address, highlighting key changes such as removing provisions regarding presidential immunity and addressing the practice of a president resigning, calling for an election, and subsequently standing again. "If a president resigns, it means he is out, and new elections will be held. We will also redefine in what instances a vice president can continue the mandate of an elected president and when new elections will take place," he said.

New regulations for imported vehicles

New regulations governing the importation of vehicles are set to be implemented in Seychelles, emphasizing minimum safety requirements for motor vehicle dealers. The regulations, expected to be in force before January 2025, will significantly impact dealers, mandating a physical place of trade and requiring after-sales service. Additionally, dealers must issue a warranty of at least three years or 50,000 km on each vehicle sold, Seychelles News Agency reports. The Principal Secretary for Trade, Francis Lebon, said, "We have worked very hard to have this minimum safety standard, which will guarantee that all cars remain roadworthy and protect all passengers and drivers. If importing hybrid or electric vehicles, you will need to ensure that the garage has certified technicians to repair these types of vehicles. They will also have to ensure the availability of spare parts for the vehicles that they sell." The regulations extend to the provision of instruction manuals for all vehicles and include specific requirements for the storage and disposal of lithium batteries in hybrid and electric vehicles.

Indonesia's government's debt, which makes up 38.75% of the GDP, is at Rp 8,253.09 trillion ($528 billion) as of January 2024, a 1.33% increase from December 2023. According to the Jakarta Globe , the debt structure consists of government bonds (SBN) and loans amounting to Rp 975.06 trillion (approximately $62.19 billion). Indonesia’s Finance Minister Sri Mulyani said that the government's disciplined approach to debt management contributes to maintaining the country's sovereign ratings at investment grade. "The government consistently manages debt carefully and prudently, mitigating risks related to interest rates, currency, liquidity, and optimal maturity," the minister told reporters.

Inauguration of explosives factory

Indonesian President Joko Widodo is set to inaugurate an explosives factory on February 29 in Bontang City, on the eastern coast of the island of Borneo in the East Kalimantan province in Indonesia, with a production capacity of around 75,000 tons of explosives annually. The factory is expected to support mining activities in East Kalimantan province and to help the Southeast Asian nation make the most of its resources of ammonium nitrate in various sectors to reduce the volume of imports and achieve energy self-sufficiency, state news agency Antara reports.

Survey to track Javan leopards

The Indonesian Ministry of Environment and Forestry and the Save Indonesian Nature & Threatened Species (SINTAS) Foundation have begun a population survey of the Javan leopard on Java Island to determine its exact number and provide valid data on its population. According to the Director General of the Indonesian Natural Resources and Ecosystem Conservation of the ministry, Satyawan Pudyatmoko the collected data will be used to update the Javan Leopard Conservation Strategy and Action Plan document. He is quoted by Antara to have said "The basic data (gathered from the survey) is very important for developing the conservation program." The Javan leopard is an endemic species on Java Island and is threatened with extinction.

Importation of 1.6 million tonnes of rice

The National Food Agency (Bapanas) has announced that the government of the Southeast Asian country plans to import an additional 1.6 million tons of rice to fill its rice reserves. "This 1.6 (million tons) is being prepared. The president asked that there be a minimum of 1.2 (million tons) in stock at Bulog, while actually, he wanted it to be three million tons," Bapanas Head Arief Prasetyo Adi is quoted by the Indonesian state news agency. According to the official, the government has an import quota of two million tons for the rice reserve stock, but the realization of imported rice has only reached 500 thousand tons. As the country waits for the main harvest season to begin, President Joko Widodo of Indonesia issued an order requiring a minimum stock of 1.2 million and 3 million tonnes of reserve rice stock, the state agency reports

Free lunch programme

Indonesia's Coordinating Minister for Economic Affairs, Airlangga Hartarto, has announced that the government’s free lunch programme will cost Rp15,000 (US$0.96) per beneficiary. The programme which aims to cover over 80 million beneficiaries by 2029 was proposed by Indonesian president-elect and vice president-elect, Prabowo Subianto and Gibran Rakabuming Raka in their vision and mission programme. It aims to address stunting and will target students and also provide nutritional assistance to pregnant women and toddlers, state agency Antara reported.

In a surprising turn of events, hundreds of Ugandans are crossing the Busia border into Kenya for their Christmas shopping, primarily drawn by the declining value of the Kenyan shilling. The depreciation of the Kenyan shilling against the Ugandan shilling, currently at Ksh24.5 ($0.16) compared to last year's Ksh35 ($0.22), has made goods more cost-effective in Kenya, attracting cross-border shoppers, The Nation reports. This shift marks a departure from the past when Kenyans were the ones heading to Uganda for similar purchases.

External debt surge

An analysis by the Controller of Budget (CoB) reveals a 17.6% increase in Kenya's dollar-denominated loans since 2013, attributed to the weakening of the Kenyan shilling against major world currencies. The exchange rate, which stood at Sh86.31 ($0.55) against the US dollar in December 2013, has now reached Sh148.10 ($0.95) in September 2023, The Nation reports. “The depreciation of the Kenya shilling against the major world currencies has increased the public external debt stock. For instance, dollar-denominated debt has grown by 17.6 per cent due to currency depreciation over the last 10 years,” the CoB stated. Over 60% of Kenya's external debt is denominated in US dollars, emphasizing the vulnerability of the country's total debt to foreign currency fluctuations. The National Treasury plans to diversify external debt into various currencies to manage forex volatility, the COB further indicated.

Campaign against alcohol and drug use

A recent raid by the National Authority for the Campaign Against Alcohol and Drug Abuse (NACADA) in Kilimani, Nairobi, resulted in the arrest of 25 individuals and the confiscation of 117 shisha bongs. Despite the ban on shisha since 2017, its use remains prevalent in the country, The Star reports. NACADA officials emphasized ongoing investigations to ascertain licensing compliance and public health standards. NACADA CEO Anthony Omerikwa said, “Shisha was declared illegal in 2017. The sale and use were banned. Our team and multi-agency will continue with the investigations to get to the bottom of it, we are trying to see if this place is licensed, whether they have a public license and also if public health come here to see if it is in the right shape,” he was quoted by The Star . The timing of the operation, linked to increased substance abuse during the Christmas season, underscores efforts to address the correlation between substance abuse and accidents, particularly drunk driving.

Solar-powered borehole benefits over 3,000

The First Lady has sponsored a solar-powered borehole benefiting over 3,000 residents, as a response to persistent drought challenges in Mukur Village, Tiaty. This initiative aims to address water scarcity, boost school attendance, and spur development, KBC reports. In addition to the borehole, the First Lady donated food to residents and outlined plans for long-term food production through kitchen gardens, beekeeping, small-scale irrigation, and the planting of fruit trees. The event emphasised the importance of collective support for vulnerable communities.

Africa Prize for Engineering Innovation

In a testament to Kenya's engineering prowess, six innovators from the country have been shortlisted for the 10th Africa Prize for Engineering Innovation. The recognition underscores Kenya's commitment to groundbreaking engineering solutions on a global scale. Among the shortlisted innovators are Purity Gakuo, Esther Kimani, Christopher Maara, Esther Mueni, Charles Oduk, and Kevin Maina, KBC reports. Their diverse innovations address critical challenges, ranging from affordable solar-powered fridges to early crop pest detection devices and environmentally friendly roofing materials.

“ Somalia’s external debt has fallen from 64 percent of GDP in 2018 to less than 6 percent of GDP by end 2023. This debt relief will facilitate access to critical additional financial resources that will help Somalia strengthen its economy, reduce poverty, and promote job creation,” the statement read.

" The World Bank and IMF will continue working together to provide the technical assistance and policy guidance the authorities need to achieve these goals,” it added.

The Global lenders including the IMF and the World Bank said this debt relief was due to Somalia’s satisfactory progress in meeting the requirements to reach the HIPC Completion Point.

“Somalia has implemented a poverty reduction strategy for at least one year and maintained a track record of sound macroeconomic management as evidenced by the satisfactory implementation of the  Extended Credit Facility (ECF)  supported program. This performance was achieved despite Somalia having to face the global Covid-19 pandemic, prolonged and severe drought, a desert locust infestation, the impact of external shocks on food supply and prices, and significant security risks,” the global lenders indicated.

The World Bank Vice President for Eastern and Southern Africa, Victoria Kwakwa who was quoted by the IMF said, “Reaching the HIPC Completion Point is a historic milestone for which the Somalia Government deserves full credit.” 

The debt relief granted to Somalia was given by bilateral and multilateral creditors including the IMF (US$343.2 million), International Development Association (IDA) (US$448.5 million), the African Development Fund (ADF) (US$131.0 million), multilateral creditors (US$573.1 million), and bilateral and commercial creditors (US$3.0 billion).

The Bilateral creditors include members of the Paris Club, creditors from the Arab Coordination Group, and other official bilateral creditors.  

Somalia’s President, Hassan Sheikh said, “Somalia's debt relief process has been nearly a decade of cross governmental efforts spanning three political administrations. This is a testament to our national commitment and prioritization of this crucial and enabling agenda. We had to reform our laws, systems, policies, and practices.” 

The World Bank also announced the approval of a fresh five-year Country Partnership Framework with Somalia, which centers on continuing assistance to Somalia’s development including infrastructure, jobs, and human capital. The current World Bank investment in Somalia amounts to US$2.3 billion, covering areas including human capital development, access to energy, and initiatives to address recurring climatic challenges like floods and droughts.

“We have no such debt trap in Africa. It's nonsense and the Western countries account for much more of the debt in Africa than China,” he said recently in an interview.

The United States particularly has criticised China accusing it of causing unsustainable debt by financing mega-infrastructure projects whose economic viability is not guaranteed, saying , “some of the implications of the BRI [Bridge and Road Initiative] appear to be that Chinese loans will eventually cause developing countries in the Global South to default on their debts, allowing China to take control of strategic assets such as ports, railways, power stations.”

Ambassador Zhou said the whole story about China-made debt traps is nothing but a narrative created by some forces to disrupt and jeopardise China’s cooperation with other developing countries.

“First of all, this ‘debt trap’ rhetoric goes against economic common sense,” he said, adding, “As we all know, a healthy, right amount of debt is conducive to socio-economic development. Many countries take government debt as an important form of raising funds and lever for economic development. Anyone who talks about only the negatives of debt without mentioning its benefits or even portrays it as a poison for development is simply being ill-informed or amateurish.”

He said: “This debt trap rhetoric also runs counter to facts. China’s investment and financing cooperation with other countries focuses on infrastructure and production sectors and has successfully helped developing countries address the lack of funding, infrastructure, talents and other development bottlenecks and enhance their self-driven development capacity.

“Investment and financing cooperation between China and fellow developing countries is carried out in compliance with international rules, market laws and the principle of debt sustainability,” he explained.

He said a report by the US-based Boston University Global Development Policy Centre noted that the investment and financing cooperation between China and fellow developing countries could help these countries to overcome bottlenecks in development, unlock growth potential and increase global real income by up to three percentage points. “To describe development resources as a ‘debt trap’ is to call white black.”

Zhou said: “This ‘debt trap’ rhetoric wrongly pictures the will of the developing countries. Widely welcomed in the developing world, it offers a good choice for debt-laden countries to meet funding shortfalls and boost economic growth. Leaders of developing countries have noted that China shows up where and when the West will not or are reluctant to and is a true good friend. In fact, as we have seen, not a single cooperation partner has accused China of creating ‘debt traps’.”

Zhou added: “It is a handful of Western countries who have been spreading the fallacy of ‘Chinese debt traps’. The multilateral financial institutions and commercial creditors these countries dominate are the major creditors of developing countries and constitute the major source of stress for them in terms of debt repayment. They are the ones that need to make substantive contributions to easing developing countries’ debt burden.”

By 2020 total Chinese investments in Zimbabwe had topped $2 billion but are set to more than double as “Chinese companies were awarded licenses in the third quarter of 2023 that could see $2,79 billion of investment flow into Zimbabwe, mostly in mining and energy as the government pushes to develop some of Africa’s biggest lithium deposits and end power outages.”

China has refurbished Zimbabwe’s main Robert Mugabe International Airport and the airport at the main tourist resort of Victoria Falls; the former project’s total cost was $153m while the latter was built solely by the Chinese at a cost of $150 million. Other notable Chinese projects include the $1.5 billion Manhize Steel Plant envisaged to be the biggest in Africa upon completion.

China also built Zimbabwe’s new parliament building at a cost of $200 million, “ as a gift ” to the Zimbabwean people.

Zhou’s predecessor Guo Shaochun said in 2022: “The China-financed or invested projects in Zimbabwe mostly cover electricity, airports and communication facilities, the areas most in need of development. Such projects have boosted economic growth, increased tax revenues, created jobs and improved people's livelihood in African countries including Zimbabwe, generating tangible benefits to African people.”

China is Zimbabwe's second-largest trading partner and has remained the biggest investor in Zimbabwe for many years.

A senior Zimbabwe government official Christopher Mutsvangwa said in an interview with Chinese news agency Xinhua in June 2023, "We want more capital from China ... Because capital from China is modernising Africa. It is bringing Africa to the global economic stage which they [Western countries] never did before China."

Among these were sixteen (16) African countries and one (1) South American country that have been taking massive loans from the Chinese government for several years after their respective programmes under the International Monetary Fund (IMF) and World Bank’s Highly Indebted Poor Countries initiative in 1996.

The HIPC initiative was a debt relief programme introduced to assist countries owing unmanageable debt burdens to clear their debts.

In 2005, to accelerate progress toward the  United Nations’ Sustainable Development Goals , the HIPC Initiative was supplemented by the Multilateral Debt Relief Initiative which gave countries completing the HIPC process 100 percent relief on eligible debts by the IMF, the  World Bank , and the  African Development Fund . 

In its latest annual report (2023), the U.S.-China Economic and Security Review Commission listed Ghana, Guinea, Ethiopia, Tanzania and the Democratic Republic of Congo as the top five (5) borrowers from China with $31.1 bn, $21.9 bn, $14.8 bn, $12.6 bn and $12.1 bn respectively.

The rest among the top seventeen (17) were the Republic of Congo, Mozambique, Sudan, Zambia, Bolivia, Chat, Senegal, Niger, Mali, Cameroon, Mauritania, and Sierra Leone.

The report noted that the Chinese government continues to free-ride on international efforts to alleviate distressed countries’ financial burdens by continuously lending to developing countries.

While the U.S. and other international donors including the IMF continue to assist highly indebted countries by exercising debt forgiveness, Chinese lenders continue to increase loans to the country with higher and adjustable interest rates on loans which intend to exceed rates provided by Western governments and multilateral institutions.

“China has an established pattern of lending to Heavily Indebted Poor Countries (HIPC) participants following their initial participation, with the majority of Chinese loans to Comoros, the Republic of the Congo, Côte d’Ivoire, Guinea, Liberia, and Togo occurring after these countries completed the program in the early 2010s. With the notable exception of Côte d’Ivoire, all of these countries have publicly supported China’s conduct in the South China Sea and most have supported China’s policies in Hong Kong and Xinjiang. In addition, China typically does not disclose the terms of its loans, which makes it difficult for developing borrowers to directly compare interest rates across lenders,” parts of the statement indicated.

The U.S.-China Economic and Security Review Commission was created by the United States Congress in October 2000 with the legislative mandate to monitor, investigate, and submit to Congress an annual report on the national security implications of the bilateral trade and economic relationship between the United States and the People’s Republic of China, and to provide recommendations, where appropriate, to Congress for legislative and administrative action.

The U.S.-China Economic and Security Review Commission released its 2023 Annual Report to Congress in November.

The East African country which was to end its programme under the International Monetary Fund (IMF) and the World Bank’s Highly Indebted Poor Countries programme on December 13, 2023 is expected to get debt relief from the international lenders.

This leaves Somalia’s external debt at six (6) percent of GDP from the sixty-four (64) percent in 2018.

The relief was made by commercial creditors ($3 billion), followed by multilateral creditors ($573.1 million), World Bank’s International Development Association ($448.5 million), IMF ($343.2 million) and African Development Fund ($131 million), according to The East African .

The announcement will be made in Washington DC on December 13 after the approval process is completed by the Bretton Woods institution.

This makes Somalia the 37 th country to reach the HIPC completion point.

The HIPC initiative was created by the IMF and World Bank in 1996 to assist poor countries owing unmanageable debt burdens to clear their debts and reduce economic constraints.