Africa’s exposure to global disruptions is closely tied to its reliance on imports and limited intra-continental trade, Kuagbedzi said, arguing that recent crises have underscored the urgency of reducing that dependence.

“Well, I think that we have to deepen African trade,” he said, referencing the African Continental Free Trade Area (AfCFTA), which was created to boost trade among African countries but has yet to reach its full potential.

He warned that continued reliance on external suppliers for essential goods leaves African economies vulnerable when global supply chains are disrupted.

“We cannot continue as a continent to depend on, you know, others for our, you know, supplies in terms of crude oil, in terms of our cereals, in terms of sugar, in terms of everything that we actually import into this country.”

Economists have long argued that such dependence amplifies the impact of global shocks. Analysts, including Dani Rodrik, have pointed to the need for diversification and stronger domestic industries.

"Economic growth and development are possible only through the accumulation of capabilities over time, in areas ranging from skills and technologies to public institutions," wrote in his book, " The Globalisation Paradox ".

Nelson, during the discussion with Abigail Johnson Boakye, intimated that Africa must move beyond exporting raw materials and instead invest in value addition. “I think that we need to diversify our economic basis by adding more value to the raw materials,” he said, pointing to Ghana’s plan to stop exporting raw gold by 2030 as an example of policy direction.

He added that heavy reliance on imports has implications for employment and economic growth. “Once you continue to import, you are creating unemployment in your country, and you are creating a corresponding employment in that country.”

For Nelson, strengthening intra-African trade is central to reducing vulnerability.

“We should try as much as possible to trade within ourselves. We should try as much as possible to deepen our economic and financial relations. And we should also try as much as possible to build our economies based on African solutions that can solve African problems.”

Watch the full interview attached above.

Uruguay continues to position the EU–Mercosur agreement as a historic opportunity, with supporters describing it as the creation of the world’s largest free trade zone. The deal is seen by the government as a strategic bet to expand market access, attract investment, and strengthen Uruguay’s role as a reliable trading partner between South America and Europe, even as negotiations face resistance within the EU.

European Union proposes unlocking €45 billion to ease agricultural protests linked to Mercosur

The European Union has proposed mobilising €45 billion (US$52.2) to calm widespread agricultural protests opposing the EU–Mercosur agreement. The move reflects internal European tensions over the deal, particularly concerns from farmers about competition, standards, and market disruption, developments closely watched in Uruguay, given the agreement’s centrality to its export strategy.

Uruguay’s political system remains divided over the situation in Venezuela

Uruguay’s political landscape is once again split over how to approach the crisis in Venezuela . Disagreements persist across parties on diplomatic positioning, recognition of leadership, and responses to human rights concerns, underscoring long-standing ideological divisions in the country’s foreign policy debates.

Antifascist organisation challenges Yamandú Orsi over comments on Nicolás Maduro

An antifascist organisation has publicly questioned Uruguay's President Yamandú Orsi following his comments on Venezuelan President Nicolás Maduro. Orsi stated that Maduro’s departure would be positive only if it led to the end of authoritarianism and the restoration of democracy, remarks that have sparked criticism and renewed scrutiny of political discourse surrounding Venezuela.

Economic debate intensifies over exchange rate lag, flat dollar, and competitiveness

Uruguay is facing renewed debate over what has been described as a “so-called” exchange rate lag, with data from the end of 2025 fuelling concerns about competitiveness. A flat dollar has helped keep inflation low but at the cost of export competitiveness, while water stress has also brought the issue of guaranteeing potable water supply back into focus, highlighting the interconnected pressures facing the country’s economic model.

India, the world ’s fifth-largest economy, is facing elevated trade uncertainty as negotiations with the US continue to drag on. Any meaningful strengthening in the rupee is likely to depend on clarity over a bilateral trade agreement, economists say.

“We believe the rupee to be undervalued currently, with correction anticipated after there is more clarity on the US-India trade agreement,” said Hanna Luchnikava-Schorsch, head of Asia-Pacific economics at S&P Global Market Intelligence. 

India remains among the highest-tariffed countries globally, with average duties of around 50%, exceeding even those imposed on China . The steep levies have weighed on trade flows as talks between New Delhi and Washington stall.

After higher tariffs came into force in August, India’s exports to the US fell nearly 12% in September and 8.5% in October. Exports rebounded sharply in November, however, rising 22.6%, offering some relief to exporters.

Nomura’s chief economist for India and Asia ex-Japan, Sonal Varma, said the main risk is that India could lose momentum from global supply chain shifts. 

Firms focused on the US market may look elsewhere if high tariffs persist, she warned.

The rupee’s slide gathered pace earlier this month when it breached the psychologically important 90-per-dollar level. The currency began the year at 85.64 to the dollar and crossed the 91 mark in fewer than 15 trading sessions.

Foreign investors have remained largely bearish on India, with net outflows of more than $10 billion across asset classes this year, according to NSDL data. While India’s central bank has reiterated that market forces should determine the exchange rate, it reportedly intervened aggressively this week to curb the rupee’s fall.

The initiative is being developed as a proof‑of‑concept (POC) under the East African Community (EAC) payments integration agenda, with the goal of scaling to other partner states.

“This preparatory work marks a pivotal milestone in our regional payment system integration agenda, moving us closer to a single regional instant payment ecosystem that will facilitate secure, affordable, and real‑time transactions across borders,” said Eng. Daniel Murenzi, the EAC’s Principal Information Technology Officer.

Chairing the Kigali meeting, Fabian Ladislaus Kasole, Assistant Manager for Oversight and Policy at the Bank of Tanzania’s National Payments Directorate, said the two countries are building a “robust technical and operational framework” to ensure the switch‑to‑switch link runs safely and efficiently. “As a region, we remain committed to establishing a framework that enhances cross‑border payment efficiency and financial inclusion,” he added.

How it will work

Once live, the corridor will allow senders in Rwanda or Tanzania to push funds directly from existing bank accounts or mobile money wallets to recipients across the border, with immediate confirmation and settlement through the two national switches.

By creating a direct pathway between the switches, authorities expect to trim intermediary hops and foreign‑denominated routes, which should lower transaction costs, reduce delays, and improve transparency on fees and delivery times.

 The deal marks a revival of earlier efforts as Dangote had visited Zimbabwe in 2015 and explored similar plans in 2018, but those did not advance.

He said the investment package will span a cement plant, a coal mine (or coal supply arrangement), power-generation capacity and a petroleum product pipeline that aligns with Dangote Group’s broader plans for its oil-refining and downstream business.

"We have just signed an agreement between Zimbabwe and the Dangote Group to do various investments in various sectors, some of which are, of course, cement, power generation and a pipeline to bring petroleum products," Dangote said.

Why Zimbabwe now

Dangote commented that the current environment in Zimbabwe shows improved governance , transparency and policy stability compared with his visit a decade ago and cites those as reasons for proceeding now.

From the Zimbabwean side, government officials affirmed that attracting high-impact foreign direct investment is strategic to achieving the nation’s industrialisation goals. The deal aligns with the government’s “Vision 2030” ambition to become a modern, upper‐middle-income industrial economy .

Additionally, the project could generate thousands of jobs, both directly (in the cement plant, mine and power station) and indirectly (in logistics, services and local supply chains). It also helps Zimbabwe reduce its reliance on imports of cement, energy, and potentially petroleum products, thereby breaking supply bottlenecks.

For Zimbabwe, which has, over recent years, suffered from electricity shortages, high industrial import dependence and weak external investment flows, the Dangote commitment represents one of the largest privately-led foreign investment pledges in over a decade.

Opposition parties in Malawi, including the Democratic Progressive Party (DPP) and United Transformation Movement (UTM), are set to file a lawsuit against the Malawi Electoral Commission (MEC) for allegedly refusing to allow an independent audit of the voting system ahead of the 2025 General Elections. The opposition argues that a comprehensive audit is essential for transparency and electoral credibility. They warn that MEC’s resistance could erode public trust and violate electoral laws, especially in light of Malawi's landmark 2020 Constitutional Court ruling emphasising fair and transparent elections. The lawsuit seeks to compel MEC to open both electronic and manual systems to technical and financial audits. Legal experts suggest the case could set a precedent for electoral governance in Malawi.

Malawi court strikes down criminal defamation law

Malawi’s Constitutional Court has declared the country’s criminal defamation law unconstitutional , ending the threat of jail for individuals accused of damaging reputations. Previously outlined in Section 200 of the Penal Code, the law had faced widespread criticism for suppressing free speech. The court ruled that defamation should be handled through civil, not criminal, proceedings. Legal experts and press advocates hailed the decision as a major win for freedom of expression. Journalist Kondwani Nyamasauka called it a “breakthrough,” while lawyer Ayuba James said it affirms that safeguarding speech outweighs punitive defamation laws.

Authority targets 10,000 hectare expansion to spur Malawi’s growth

The Greenbelt Authority (GBA) is ramping up efforts to revitalise Malawi’s agriculture through commercial irrigation. CEO Eric Dudley Chidzungu says the agency is rehabilitating underused government farms to improve food security and drive economic growth. With a focus on high-value crops and large-scale irrigation, GBA has already cultivated 200 hectares of maize in Salima this year, producing over 800 metric tonnes. Plans are underway to expand to 400–500 hectares in the rainy season. Revamp efforts are also targeting districts like Mangochi, Nkhotakota, Karonga, Salima, and Chikwawa, aiming to boost productivity and improve farmer livelihoods.

Malawi’s land reforms win global recognition

The Ministry of Lands has highlighted progress in land reform during an engagement with pioneer land clerks in Blantyre. Principal Secretary Davie Chilonga emphasised the impact of the 2016 Customary Land Act, which allows smallholder farmers to convert customary land to registered private land, enhancing tenure security and investment potential. These reforms aim to improve land access, governance, and economic development. Chilonga also revealed that Madagascar will send officials to learn from Malawi's success, signalling growing international recognition. The ministry continues to refine reforms to secure livelihoods and boost rural productivity.

Tourism minister urges Malawians to promote local content

Tourism Minister Vera Kamtukule has called on Malawians to promote local content as a key driver of national development. Speaking at the USF Local Digital Content Creators Showcase in Lilongwe, she stressed the need for more storytelling in local languages and praised the rise of young creators. Kamtukule urged the youth to use affordable data to produce impactful content that can elevate Malawi's presence across Africa and beyond. Five new creators received grants during the event, reflecting the government's support for the creative industry. She emphasised that showcasing Malawi’s unique culture can boost tourism and attract investment, aiding economic growth.

The Indonesian government has facilitated local bag maker Summit Travel Goods to export 5,830 bags valued at over US$49,000 to US consumers through Tanjung Emas Port. As reported by Ruwia Purnama Adie of Kudus Customs, this initiative aims to empower MSMEs by streamlining export procedures and providing technical guidance, helping local businesses compete internationally and stimulate regional economies.

Spirulina enhances livestock productivity in Indonesia

According to Puji Lestari from BRIN, Indonesians are adopting Spirulina spp. as an effective low-cost feed supplement for livestock, improving the nutrition and growth of animals. Spirulina is nutrient-rich and resilient, thriving in extreme environments while helping combat climate change. Researchers note that supplementing Spirulina at just 1% of an animal's body weight can significantly enhance livestock productivity.

Accelerated rollout of free meals programme in Indonesia

In a recent virtual meeting, Indonesia’s leaders, led by Karnavian, were urged to expedite the rollout of the MBG programme, aimed at improving child nutrition and creating jobs. This flagship initiative, launched on January 6, targets vulnerable groups and seeks to strengthen local food supply chains, furthering economic growth at regional and national levels.

Indonesia negotiates zero tariffs on key commodities with the US

As reported by Susiwijono Moegiarso, Indonesia is negotiating with the US for zero tariffs on key commodities like crude palm oil, coffee, and cocoa, despite a 19% tariff currently in place. Discussions led by Economic Affairs Minister Airlangga Hartarto are also aiming to address restrictions and enhance bilateral trade capabilities.

Ex-minister sentenced for sugar import scandal

Former Indonesian trade minister Thomas Trikasih Lembong was sentenced to 4.5 years in prison for improperly issuing sugar import permits, resulting in significant state losses. The Jakarta court found him guilty of prioritising private interests over regulatory procedures. Lembong contended his prosecution was politically motivated due to his opposition ties, though prosecutors refuted this claim.

At 92, Cameroon’s President Paul Biya has announced his bid for an eighth term in the October 12 election, aiming to extend his 43-year rule. In a post on X, Biya cited “insistent calls” from citizens to run again. In power since 1982, he scrapped term limits in 2008 and has never lost an election. His bid comes amid growing criticism over alleged corruption, embezzlement, and poor governance. If re-elected, Biya would remain in office until nearly 100.

Cameroon’s economic update: Harnessing forests and natural wealth for sustainable growth

The World Bank has released its 2025 Cameroon Economic Update, titled “Cameroon’s Green Gold: Unlocking the Value of Forests and Natural Capital.” The report emphasises sustainable forest and resource management as drivers of inclusive, resilient growth, while offering a detailed analysis of recent economic trends and outlook. In 2024, Cameroon’s GDP grew by 3.5% (up from 3.2% in 2023), boosted by cocoa prices, cotton yields, and power supply improvements. Inflation dropped sharply from 7.4% to 4.5%, aided by tighter monetary policy and price controls. The current account deficit narrowed to 3.4% of GDP, though the fiscal deficit widened to 1.5% due to rising expenditures and weaker revenues. Public debt inched up to 46.8%, mainly from external borrowing.

Société Générale signs agreement with Cameroon to sell Société Générale Cameroun

Société Générale has agreed to sell its 58.08% stake in Société Générale Cameroun to the State of Cameroon, which would raise its ownership to 83.68%. The state will assume all operations, clients, and employees of the subsidiary. The deal, pending regulatory approval, is expected to close by end-2025 and boost Societe Generale’s CET1 ratio by about 6 basis points.

Cameroon LGBTQI groups host "impactful" cultural event

On July 3, Yaoundé’s Kyriakides Park came alive with “Spectacle Culturel,” a vibrant event celebrating diversity in the arts under the theme “For an inclusive and non-discriminatory artistic environment.” Organised by the Unity platform, a coalition of 39 civil society groups, and coordinated by CAMFAIDS, the show featured theatre, music, slam, and dance to highlight LGBTQI rights and fight stigma in the cultural sector. Unity president Michel Engama stressed the event’s goal to amplify silenced voices, while CAMFAIDS' Ebenezer Munkam called it a vital step toward building a more inclusive and equitable artistic world in Cameroon.

Cameroon priest says synodality counters ‘nauseating’ politics

In sharp contrast to the “nauseating” and divisive nature of Cameroon’s electoral politics, Father Humphrey Tatah Mbuy is calling for a renewed focus on synodality, a path rooted in unity, listening, and inclusion, as the nation prepares for its 2025 elections and Jubilee Year of Hope. Mbuy described synodality as a “spiritual renewal” that prioritises truth, honesty, and fraternity, unlike election tactics marked by manipulation and exclusion. He noted the challenge facing Christian politicians caught between political strategy and the Church’s call for inclusive, Christ-centred leadership. As both politics and the Church demand action in 2025, Mbuy stressed that synodality offers a hopeful alternative where “no one is left behind” in building a unified people of God.

Egypt’s anti-drug body has initiated a nationwide campaign titled “Drugs won’t just ruin you alone” to raise awareness among drivers about the dangers of drug abuse, particularly in public transport hubs. This effort, reported by the Fund for Drug Control and Treatment of Addiction in collaboration with the Egyptian Red Crescent, coincides with heightened roadside drug testing for drivers. Aimed at correcting misconceptions about drug use, the campaign provides information about addiction treatment services via a hotline, with 620 calls for help noted.

Archaeological discovery of 5,500-year-old 'polish pyramids'

An archaeological breakthrough has unveiled a set of triangular burial mounds, referred to as the 'Polish pyramids', near Wyskoć in central Poland, some 3,000 miles from Egypt. These structures, believed to be 5,500 years old, were uncovered by researchers from Adam Mickiewicz University during a routine survey. According to Artur Golis, these mounds, associated with the Funnelbeaker culture, feature significant architectural elements and may hold artifacts tied to ancient burial practices.

Turkey's Bony Socks invests $100 million in Egyptian manufacturing facility

Turkish apparel manufacturer Bony Socks has committed $100 million to establish a manufacturing facility in 10th of Ramadan City, Egypt, as reported by Türkiye Today. The investment, facilitated by the Egyptian Commercial Office in Istanbul, aims to create 2,500 jobs and transform Egypt into a vital production hub for both African and European markets. This move aligns with Egypt’s strategy to attract foreign investments in high-potential sectors like textiles, contributing to significant bilateral trade growth.

Belgium returns ancient sarcophagus to Egypt after a decade

Belgian authorities have returned a 3,000-year-old wooden sarcophagus , dating back to the Ptolemaic period, to Egypt after nearly ten years in custody. This return was reported following a formal ceremony in Brussels where the sarcophagus and a ceremonial beard were presented to Egypt's ambassador, H.E. Ahmed Abu Zeid. The sarcophagus, adorned with hieroglyphic inscriptions and skilled craftsmanship, represents a significant effort by Egypt to reclaim its cultural heritage from abroad.

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Tonga became the first Pacific Island country to host a Climate Finance Readiness Writeshop and Validation Exercise (4–7 March 2025), marking a major step in boosting its capacity to access climate finance. Co-hosted by the Pacific Community (SPC) and MEIDECC, the event trained 42 participants from government, civil society, and private sectors on developing quality funding proposals using tools like the Woven Logical Framework and PINT. The programme included a field visit to a mangrove restoration project and concluded with a Validation Exercise refining Tonga’s Climate Change Fund proposal. Lu’isa Tu’iafitu Malolo, MEIDECC’s Climate Change Director, emphasised that the workshop strengthens Tonga’s capacity to develop, implement, and monitor effective climate projects—a model for other Pacific nations.

PM presents Tonga's biggest budget $992.8 million

Tonga’s largest budget yet— $992.8 million for 2025-26 —was presented by Prime Minister Hon. Dr 'Aisake Eke to Parliament on 3 June. This includes $748.9 million in cash and $243.9 million in in-kind aid from development partners. Dr. Eke said the budget aligns with His Majesty’s address, the National Development Summit, and government strategic plans, aiming to address Tonga’s economic and social challenges and enhance prosperity. A $29.1 million deficit is projected, mainly due to infrastructure investments, and will be financed by $30 million in local bonds.

Key priorities include:

Samoa and Tonga ready for clash

Oceania Rugby and the Samoan and Tongan Under-20 teams are set to clash at Apia Park on Saturday , June 7, despite heavy rain from Tropical Disturbance 07F. Oceania Rugby’s Wayne Schuster said preparations are on track and alternative plans are in place if needed. If the match is cancelled, Tonga would be awarded the trophy. The winner qualifies for the World Rugby Under-20 Trophy in Spain. Samoa’s captain, East Timor Xanana Viliamu, said the team is prepared for Tonga’s physicality, having practised against local teams using Tonga’s style. “It’s an honour to lead the team,” Viliamu said.

Pacific Central Bankers and Alliance for Financial Inclusion meet in Tonga

Six Pacific central banks are meeting in Nukuʻalofa, Tonga, this week to discuss how financial inclusion can boost economic resilience and social equity. Prime Minister Hon. ‘Aisake Eke opened the meeting on 3 June 2025, hosted by the Alliance for Financial Inclusion (AFI), with over 70 participants from Fiji, Papua New Guinea, Samoa, Vanuatu, Solomon Islands, and Tonga, plus guest delegates from Seychelles and Kenya. Topics include digital innovation, cross-sector collaboration, data governance, and the launch of Tonga’s Fintech Regulatory Sandbox. Tonga’s Reserve Bank Governor, Tatafu Moeaki, emphasised its role in fostering safe testing of digital financial solutions. On 6 June, PIRI governors will endorse the Nuku’alofa Pledge for inclusive and climate-resilient financial systems.

Seabased secures 10MW wave energy project in Tonga

Seabased has signed an MoU with Tonga and SIDS DOCK to build a 10MW wave energy plant offshore Tonga. The project will start with a 2MW phase, expected to save $2 million, displace 2 million litres of fuel, and power 2,800 homes. The second phase will add 8MW, saving up to $10.5 million and 42 million litres of fuel. The plant aims to meet half of Tonga’s energy needs and cut emissions by 20%. Tonga’s minister, Albert Vaea, emphasised the relief renewable energy could bring to high-cost island economies. Seabased CEO Laurent Albert highlighted additional benefits like desalination and green hydrogen production.

The Philippines’ wellness market grew 21% to $43.3 billion in 2023, now accounting for 9.9% of GDP, per the Global Wellness Institute. Ranked 8th in Asia Pacific and 23rd globally, the sector is attracting tourists and investors. Manila is emerging as a "playground city," blending luxury real estate with lifestyle offerings, while branded residences from groups like The Ascott Limited are reshaping hospitality and real estate.

Treasury sanctions Philippines-based company for cyber scams

The Treasury Department sanctioned Funnull Technology Inc. , a Philippine company tied to “pig butchering” crypto scams, citing over $200 million in U.S. victim losses. The department also sanctioned Burma’s Karen National Army and proposed restrictions on Cambodia-based Huione Group for similar scams. Crypto crime losses surged 66% in 2024 to $9.3 billion, highlighting the need for urgent policy action.

Fortinet survey reveals Philippines’ cybersecurity under siege

Fortinet reports a surge in sophisticated cyber threats in the Philippines and Asia Pacific, driven by attackers using AI to scale stealthy, fast-moving attacks. New threats include deepfake BEC, AI-powered social engineering, and polymorphic malware, with only 9% of Philippine firms feeling fully prepared. Traditional ransomware and phishing remain prevalent, but stealthy threats like unpatched systems and cloud misconfigurations now pose even greater risks.

Dubai Chamber boosts trade with the Philippines

Dubai Chamber of Commerce hosted 180 business meetings in Manila as part of its New Horizons initiative, fostering ties with the Philippine Chamber of Commerce. The mission involved 17 Dubai firms across various sectors, including F&B, automotive, and construction. A key highlight was the signing of a Memorandum of Understanding (MoU) to enhance trade collaboration. Bilateral non-oil trade reached AED 3.1 billion in 2024, with investment opportunities in tourism, telecom, and healthcare.

Philippines trade deficit narrows in April 2025

The Philippines’ trade deficit shrank to -$3.494 billion in April 2025, from -$4.127 billion in March. This improvement suggests stronger exports, lower imports, or both, reflecting economic resilience and possibly easing pressure on the peso.

South African firm Grindrod will invest $80 million over two years to expand the Matola Coal Terminal at Maputo Port from 8 million to 12 million tonnes annually. President Daniel Chapo, at the launch of new administrative facilities, emphasised prioritising rail over road to boost efficiency and regional competitiveness. The investment aims to create 800 direct jobs by 2027 and enhance sustainable development through integrated logistics.

Jihadist attacks in Mozambique as Total plans gas project restart

Islamic State-linked militants have renewed attacks in northern Mozambique, including deadly raids on military posts and a wildlife reserve, as TotalEnergies prepares to restart its major gas project. Analysts link the violence to recent announcements, including $4.7 billion in new funding from the US.

Mozambique keeps key interest rate steady at 18% in June

Mozambique’s benchmark interest rate for credit will remain at 18% in June, according to the Mozambican Banking Association (AMB). The rate has fallen steadily from 24.1% in January 2024, with a 0.5 percentage point cut in May and earlier in March. The AMB kept it steady at 19% in February and April. This decline follows reductions in the central bank’s monetary policy interest rate (MIMO rate), which dropped from 12.25% in January to 11.75% in March, reflecting continued low inflation expectations despite fiscal risks. Meanwhile, credit to the economy rose slightly in March to nearly 285 billion meticais (€3.99 billion), after a notable drop in February.

Government settles all unpaid debt service from 2024

Mozambique fully cleared its 2024 external debt arrears in Q1 2025 , paying $210.34 million (€185.6 million) in principal and interest, according to a Ministry of Finance report. Over half of the €47.3 million in unpaid debt was owed to Portugal. Payment delays had been blamed on post-election unrest and budget shortfalls. The report warns of added fiscal pressure in 2025 due to residual obligations and debt management system limitations.

Chapo wants fewer trucks, more trains to the port of Maputo

Mozambique’s President Daniel Chapo has called the growing use of road transport for coal and magnetite to the Matola Coal Terminal “unacceptable,” urging a return to boost efficiency and competitiveness. Speaking at the inauguration of Grindrod’s new office and the launch of an $80 million expansion, Chapo stressed that Matola’s infrastructure was built for rail. He also highlighted the $160 million container terminal project and the broader port expansion under the 25-year extension of the Maputo Port Development Company (MPDC) concession, which includes $600 million in planned investments. MPDC aims to modernise facilities, reduce logistics costs, and create new jobs, reinforcing Mozambique’s role as a logistics hub in southern Africa.

Brazil is increasingly partnering with China to advance renewable energy and digital infrastructure. During President Lula’s recent state visit to China, he announced key agreements, including a $1 billion deal with Envision Group to produce sustainable aviation fuel and a partnership with Windey Energy to launch a renewable energy R&D centre. China also pledged $4.76 billion in additional investment. Lula highlighted the growing trade between the two nations, which has risen from $6.6 billion in 2003 to $160 billion today. As founding members of BRICS, Brazil and China continue to deepen their strategic ties.

Brazil renews tariffs and quotas on steel products

Brazil has renewed 25% tariffs on 19 steel products and extended the measure to four more, effective for another 12 months, according to the Ministry of Development, Industry, Trade and Services. The quota system on steel imports remains in place. Initially imposed in April 2023 to counter a surge of cheap steel, mainly from China, the tariffs exclude imports under trade agreements or special regimes.

Brazil mid-May consumer prices rise below expectations

Brazil’s consumer prices rose less than expected in mid-May, easing to 0.44%—below the 0.48% forecast—despite recent floods, IBGE reported. Annual inflation slowed to 3.70%, the lowest mid-month reading since October 2020, staying within the central bank’s target range. Food inflation was milder than feared, rising 0.26%, down from 0.61% in April. Analysts say the data support a continued rate-cutting cycle, although flood-related price pressures may still emerge in the coming months.

Argentina sends troops to secure crime-plagued border with Brazil

On May 26, 2025, Argentina launched Operation Guaçurarí , a six-month security campaign targeting a 25-km border stretch with Brazil plagued by drug trafficking and violence. The effort focuses on dismantling criminal networks, including Brazil’s PCC and Comando Vermelho gangs. The move follows a 400% rise in drug seizures and seven contract killings in 2023. Despite Brazil not being consulted, local mayors support the initiative. Federal forces will work with Misiones and Santa Catarina authorities, using drones and surveillance to monitor key routes. The operation is part of the wider Plan Roca military deployment across northern Argentina.

Brazil's budget missteps continue to unsettle investors

For the second time in six months, a Brazilian government plan to ease investor concerns backfired, sparking a market selloff and renewed doubts about President Lula’s commitment to fiscal discipline. A proposed tax hike on financial transactions, including a controversial 3.5% levy on offshore investments, triggered the backlash. Finance Minister Fernando Haddad quickly scrapped the offshore tax, denying any move toward capital controls. The episode revealed growing tension between markets and Lula’s administration, with investors questioning fiscal credibility despite a larger-than-expected budget freeze. Haddad, once seen as a stabilising force, moved ahead without central bank input, deepening the disconnect.

Guatemalan President Bernardo Arévalo de León announced that on May 22, Guatemala will sign an agreement with the U.S. to modernise its ports, beginning with the expansion and renovation of Puerto Quetzal. He called it a historic step toward creating better commercial conditions for both Guatemalans and international investors.

India to donate 600 artificial limbs to Guatemala in humanitarian effort

India will provide around 600 artificial limbs in a humanitarian initiative set to begin in October 2025 in Guatemala. The 50-day camp, organized by Bhagwan Mahaveer Viklang Sahayata Samiti (BMVSS), will take place at Guatemala’s Ministry of Defence and marks the 33rd global camp under India’s India for Humanity programme. The initiative coincides with the 53rd anniversary of India–Guatemala diplomatic ties and aims to strengthen bilateral cooperation.

Community culinary tours in Guatemala

Martsam Travel’s “From Market to Mayan Table” offers an immersive culinary journey through Guatemala, blending gastronomy, heritage, and regenerative tourism. Starting in Antigua, travellers join Mayan women for market tours and home-cooked meals, exploring traditional ingredients and cooking techniques. The experience includes hands-on preparation of ancestral dishes in a restored colonial home and features handmade aprons from a Maya sewing cooperative, symbolising cultural connection and community support.

Central America Festival highlights literature and dialogue in Guatemala

The Central America Festival kicked off in Guatemala , spotlighting literature, cultural exchange, and democratic values. Featuring over 60 writers and artists from Latin America and Europe, the event includes book launches, panel discussions, and artistic dialogues. Highlights include Nicaraguan author Gioconda Belli’s new novel, a panel with EU and Costa Rican leaders, and a tribute to Nobel laureate Miguel Ángel Asturias. Expanding beyond Guatemala City, events also take place in Totonicapán to engage broader communities. The festival runs through May 24.

IDB Invest finances Laki to strengthen SCF in Guatemala, El Salvador, and Honduras

IDB Invest has approved up to $50 million in financing for Laki and its subsidiaries to boost short-term funding access for MSME suppliers in El Salvador, Guatemala, and Honduras. The package includes a $10M supplier factoring facility, a $20M revolving import credit line, and a $20M uncommitted facility for future capital and sustainability projects. Advisory support will also help enhance ESG practices and operational transparency.

With 93% of its land covered by rainforest, the country is planning to start oil production from recently discovered offshore reserves.

Although this exercise threatens the carbon-negative status of the country, President Chan Santokhi claims the status will stay the same.

"The oil production can go hand in hand with the carbon negative status because we have also implemented, in addition to the oil and gas, our solar energy program. We will increase the solar energy, which will have a positive impact on our carbon-negative status. We will protect our forests," he told AFP.

This echoes his pledge at COP28 in Dubai in 2023.

“Let’s be very clear. Suriname will maintain its carbon negative status even when the offshore oil and gas industry is developed,” President Chan Santokhi said during his speech at the High-Level Segment of the 28th Conference of the Parties (COP).

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.

The Federal Government of Nigeria has launched the Nigerian Climate Investment Platform (NCIP) to mobilise up to $500 million for climate-resilient infrastructure, adaptation, and innovation projects nationwide. Jointly developed by the Nigeria Sovereign Investment Authority (NSIA), the Green Climate Fund (GCF), and the National Council on Climate Change (NCCC), the platform was unveiled after a high-level stakeholder meeting in Abuja. Finance Minister Wale Edun highlighted NCIP as a strategic tool for inclusive growth, export competitiveness, and sectoral transformation. He praised the NSIA’s capacity to lead the initiative and urged Nigeria to tap into global climate finance to drive economic diversification and resilience.

Nigeria’s digital economy attracted $191 million in foreign direct investment in Q1 2024

The Federal Government has announced that Nigeria’s communications and digital economy sector attracted $191 million in foreign direct investment in Q1 2024—a 900% increase from $22 million in Q1 2023. Minister Bosun Tijani credited the surge to reforms under President Tinubu’s Renewed Hope Agenda, the 3 Million Technical Talent (3MTT) program, and a new $2 billion fund to roll out 90,000 km of fibre optic infrastructure by Q4 2025. He said these efforts are positioning Nigeria as a global digital economy leader.

Dangote Refinery pledges to stabilise and lower petrol prices in Nigeria

Dangote Petroleum Refinery has pledged to maintain stable petrol prices despite global crude oil fluctuations. In a statement on Monday, spokesperson Anthony Chiejiena said the 650,000 bpd refinery remains committed to easing fuel costs for Nigerians, with prices locally ranging between N910 and N930 per litre. The move aligns with President Tinubu’s recently approved Nigeria First Policy and aims to support the economy while ensuring affordable, high-quality fuel.

Cannes director says Nigeria needs more good fathers

Akinola Davies Jr., who made history as the first Nigerian director to compete at Cannes, lost his father at age two and says he's been "collecting father figures" ever since. His debut film, My Father’s Shadow , in the running for the Caméra d’Or, explores this theme against the backdrop of Nigeria’s 1993 military coup. Set in Lagos, the film follows a father and his two sons as the country’s hopes for democracy are crushed. Davies contrasts harsh, authoritarian figures like General Sani Abacha with a gentler, more nurturing father figure portrayed by Sope Dirisu. “This film is about accountability—how sons learn from their father's strengths and flaws,” Davies told AFP , adding that Nigeria, too, has long been searching for a true father figure to guide it.

ADC says APC’s misrule has brought Nigeria to its knees

The African Democratic Congress (ADC) condemned the ruling APC for Nigeria’s worsening economic decline since 2015. Speaking in Abuja, ADC’s Board of Trustees Chairman, Mani Ahmed, highlighted rising poverty—about five million Nigerians fall into poverty yearly despite the country’s resources. He called for competent leadership and good governance, saying ADC remains committed to driving meaningful change in Nigeria.

Retail trade sales in Brazil rose 0.8% from February to March 2025, reaching their highest level since the series began in January 2000, according to IBGE's Monthly Survey of Trade. This marks the third consecutive monthly gain, pushing the quarterly moving average up 0.6%. Growth was broad-based, with six of eight sectors showing increases. Key contributors included pharmaceuticals and supermarkets. Books, newspapers, and stationery saw a 28.2% jump, driven by textbook sales delayed to March due to changes in the school calendar. Office and tech equipment rose 3.0%, following stock adjustments linked to currency fluctuations. Other gains came from household items (1.5%), pharmaceuticals (1.2%), apparel (1.2%), and supermarkets (0.4%). Meanwhile, furniture (-0.4%) and fuels (-2.1%) declined. Extended retail trade also grew 1.9%, led by vehicles (1.7%) and construction materials (0.6%).

Brazil industrial confidence rises to 48.9

Brazil’s Industrial Entrepreneur Confidence Index (ICEI) edged up to 48.9 in May 2025 from 48 in April, staying below the neutral 50 mark for the fifth straight month. Improved confidence came amid signs of recovery and a weaker dollar, despite high domestic interest rates. Business performance expectations rose to 51.3, while broader economic outlook improved to 42.5. Current business conditions also saw modest gains, with business confidence at 47.3 and economic sentiment at 37.3.

Brazil blacklists over 500 amazon farms in anti-deforestation crackdown

On May 6, Brazil’s Ministry of Environment blacklisted 545 rural properties in Pará for illegal deforestation, barring them from selling crops and livestock domestically and abroad. This marks one of the country’s largest satellite-driven crackdowns, replacing individual embargoes with mass penalties based on remote sensing data. Most affected lands are near Castelo dos Sonhos in Altamira—an area plagued by violence and rampant deforestation. Farmers have until June 6 to remove livestock or face fines. While appeals are allowed, many may miss deadlines for agricultural credit. The move has sparked fear and resistance among local producers.

BRICS de-dollarisation advances as Brazil eyes yuan bonds

Brazil is weighing two key financial measures : issuing its first sovereign bonds in Chinese yuan, known as “Panda Bonds,” and a Central Bank proposal to limit stablecoin transfers to non-Brazilian wallets, according to government sources. While the bond plan remains under review, its approval would mark a significant step in diversifying Brazil’s funding sources and deepening financial ties with China. The move aligns with broader efforts by BRICS nations to reduce reliance on the U.S. dollar. If issued, the Panda Bonds would be traded in China’s domestic market and settled in yuan, reinforcing Brazil’s growing role in the global shift toward multipolar finance.

Nigeria, Brazil to collaborate on homogeneous spirituality for tourism development

The National Institute for Cultural Orientation (NICO) will partner with the Brazilian Consulate to accredit Yoruba traditional practitioners, such as babalawos, Ifa priests, and traditional kings, before they are granted visas to Brazil. NICO’s executive secretary, Otunba Biodun Ajiboye, announced the initiative at a press conference on the World Orisha Congress (WOOCON) in Lagos. The move aims to curb unethical practices by individuals posing as traditional practitioners and to preserve the integrity of Yoruba Orisha traditions. NICO also plans to create a platform to support global traditional worshipers visiting Nigeria for cultural exploration. Brazilian Consul General Manuel Inocencio de Lacerda Santos Junior praised the effort to uphold Yoruba heritage in Brazil.

"We had barely set foot inside when they told me payment was in dollars," Michael told AFP, declining to provide his last name.

The state-owned supermarket, which opened in January, is the first of several planned dollar-denominated stores aimed at reviving Cuba’s struggling economy . While officials see these stores as a means to attract much-needed foreign currency, their existence highlights growing inequality, as many Cubans who earn in the local peso find themselves unable to shop in these exclusive outlets.

Hong Kong's Chief Executive, John Lee, highlighted the need for this policy change in his annual policy address.

"To promote the trade of spirits and drive the development of high value-added industries such as logistics and storage, tourism and high-end catering consumption, the government referred to the successful experience of abolishing the wine tax to promote the trade of red wine and decided that from today, for spirits with an import price of above 200 HK dollars [25.8 USD], the tax rate on the part above 200 HK dollars will be reduced from 100 percent to 10 percent, while the tax rate remains unchanged on the part valued at 200 HK dollars and below. For spirits with an import price lower than 200 HK dollars or below, the tax rate remains unchanged," John Lee explained in footage provided by AFP.

The city has faced economic challenges, including a decline in local demand due to changes in residents' lifestyles and a wave of middle-class emigration during the COVID-19 pandemic.

The liquor tax cut is expected to reignite Hong Kong's nightlife industry, which has seen a significant downturn. Preliminary data showed that revenue at the city's bars was down about 28% in the first half of 2024 compared to the same period in 2019.

By making liquor more affordable, the government hopes to attract both locals and tourists back to the city's bars and restaurants, thereby boosting overall economic activity.

This isn't the first time Hong Kong has used tax policy to stimulate the alcohol market. In 2008, the city abolished wine duties, leading to an 80% increase in imports within a year and the establishment of hundreds of new wine-related businesses.

The government is optimistic that the current tax cut will have a similar positive impact on the liquor market.

Tanzania's economic landscape shows encouraging signs as the current account deficit for the year leading up to August 2024 has narrowed to US$2.57 billion from US$3.85 billion the previous year. This improvement is attributed to robust export growth, particularly in goods and services, which reached US$15.06 billion, driven by a surge in tourism and significant exports of gold, tobacco, and horticultural products. Traditional exports totalled US$1.1 billion, while non-traditional exports soared to US$6.57 billion, with gold exports alone witnessing an 8.2% increase to US$3.19 billion. Additionally, service receipts, primarily from travel and transport, contributed US$6.95 billion, reflecting a marked 21.7% rise in tourist arrivals, IPP Media reports.

First PPP power transmission project

Tanzania is also advancing its energy infrastructure, currently negotiating with two foreign entities for its inaugural Public-Private Partnership (PPP) power transmission projects, valued at an impressive $1.2 billion. Currently, power transmission remains solely under the control of Tanzania Electric Supply Company (TANESCO). With aspirations to draw lessons from successful PPP models in Latin America and Asia, the government faces notable challenges such as regulatory barriers and skills shortages in governmental agencies. These PPP initiatives aim to enhance electricity access and reliability while reducing transmission losses and costs for consumers. As reported by Daily News , despite benefiting from an overarching electricity surplus, the government has earmarked $1.9 billion for the enhancement of transmission infrastructure, addressing ongoing issues in power accessibility.

Longest bridge in East Africa opened

In another pivotal development, Tanzania has inaugurated the Magufuli Bridge, now recognised as East Africa's longest bridge, standing at 3.2 kilometres across Lake Victoria in the Mwanza region. Constructed for £240 million ($300 million) by Chinese contractors, this bridge connects the Misungwi and Sengerema districts, entirely financed by the Tanzanian government. Although construction began in December 2019, it was delayed due to the COVID-19 pandemic, with completion achieved on October 6, 2023. This infrastructure is set to significantly bolster regional connectivity with neighbouring countries such as Rwanda, Burundi, and Uganda, ranking among Africa's top ten longest bridges. The bridge has been named to honour the late President John Magufuli, who first envisioned the project.

Importance of conservation

The creative sector, particularly film, also plays a role in Tanzania's socio-economic development. Filmmaker Aika Kirei is utilising her animated series "Chiku and Katope" as a medium to educate primary school students about environmental conservation. VOA reports that through this innovative storytelling approach, Kirei aims to instil a sense of environmental stewardship in young viewers, highlighting the vital importance of sustainability and conservation efforts for future generations.

Economic boost

Furthermore, the economic contributions from Barrick Gold's Twiga partnership, encompassing the North Mara and Bulyanhulu gold mines, significantly bolstered the Tanzanian economy, accounting for 51% of the government's revenue from the extractive sector. According to the latest assessments by Mining Review Africa , these mines have excelled in safety initiatives, with Bulyanhulu being the recipient of an Occupational Safety and Health Award. Barrick Gold is actively conducting exploration efforts aimed at replenishing and expanding its mining reserves, whilst concurrently identifying new mining opportunities. The initial phase of the Barrick-Twiga Future Forward Education initiative has seen an investment of $10 million into local school infrastructure, with further investments planned.

According to the Corruption Perceptions Index (CPI) by Transparency International, these countries, especially Somalia demonstrate the most severe mismanagement of public funds and corruption.

The CPI ranks 180 countries and territories by their perceived levels of public sector corruption on a scale from 0 (highly corrupt) to 100 (very clean). In 2023, the global average score was 43, indicating that corruption remains a significant challenge worldwide.

Here is a list of the 10 most corrupt countries in the world with their scores:

Somalia - 11

Venezuela - 13

Syria - 13

South Sudan - 13

Yemen - 16

North Korea - 17

Nicaragua - 17

Haiti - 17

Equatorial Guinea - 17

Turkmenistan - 18

Lybia - 18

The UAE cabinet has approved a balanced budget for the 2025 fiscal year, with expenditures set to increase by nearly 12% to 71.5 billion dirhams ($19.47 billion). Revenue is also projected at 71.5 billion dirhams, maintaining the budget's balance. Nearly 40% of the budget will focus on social development, including significant allocations for education and healthcare. Over 35% will support government affairs, with smaller portions for infrastructure and economic sectors. This budget is part of the UAE's multi-year financial plan for 2022-2026, Zawya reports.

Insurance market leader

The MENA region's insurance market reached a turnover of 50.8 billion USD in 2023, a 9.2% increase from 2022. Non-life premiums dominate, making up 81.2% of the total. According to Atlas Magazine , Saudi Arabia leads the market with 17.45 billion USD (34.4% share), followed by the United Arab Emirates at 14.71 billion USD (29% share).

Crypto exempt from VAT

The United Arab Emirates has announced that cryptocurrency transactions will be exempt from value-added tax (VAT) starting 15 November 2024, with retroactive effect from 1 January 2018. This decision, communicated by the Federal Tax Authority, clarifies that digital assets will not incur the standard 5% VAT, aligning their tax treatment with traditional financial services. As reported by The Paypers , the UAE's regulatory framework supports fintech innovation and aims to bolster cybersecurity amid increasing digital transactions. Collaboration among fintech companies, regulators, and financial institutions is essential to address security challenges.

Goodwill campaign for Lebanon

Sheikh Theyab Bin Mohamed has launched a two-week philanthropic campaign in the UAE, running from October 8 to October 21, to support the people of Lebanon, under the slogan "The UAE Stands with Lebanon." This initiative follows President Sheikh Mohamed bin Zayed Al Nahyan's order for a $100 million relief aid package and the dispatch of six planes with 205 tonnes of essential supplies. Bernama adds that the campaign aims to engage community members and organizations in providing humanitarian support to Lebanon amid its ongoing crisis.

$100 billion investments

India aims to attract $100 billion in investments from the United Arab Emirates, announced Commerce and Industry Minister Piyush Goyal. Following the 12th India-UAE High-Level Task Force meeting, he highlighted that key sectors like data centres, AI, renewable energy, and transmission infrastructure will see significant funding. Currently, UAE's direct equity investments in India total just under $20 billion, with nearly $3 billion invested in the last fiscal year. Over the past five years, UAE's annual investments in India have tripled, making it the seventh-largest investor in the country, Business Today reports.

Despite global economic uncertainties and domestic challenges, Zheng emphasised that the fundamentals of China's economy remain robust.

"The National Holiday that just concluded saw strong market consumption, and we are fully confident in achieving the goals of economic and societal development for the year. We are also fully confident in maintaining stable, healthy and sustainable development. This is the first aspect of my briefing to you today," Zheng said.

He further stated "Overall, when we look at the current development, and the development forecast, the fundamentals of our country's economic development have not changed. With the continued release of various policies, particularly incremental packages, market expectations have recently significantly improved."

In September, China unveiled a range of stimulus measures aimed at boosting economic activity. These measures included tax cuts, increased infrastructure spending, and policies to support small and medium-sized enterprises.

The announcement of these initiatives led to a surge in stock market performance, reflecting investor optimism about China's economic prospects.

Interestingly, Zheng noted that there would be no need for additional large-scale fiscal spending for the remainder of the year. "The Chinese economy isn't in a crisis," he said, "and we don't need to announce a large fiscal spending package to help China hit its GDP target".

The country has set an ambitious growth target of 5% for 2024. According to the National Bureau of Statistics, China's GDP grew 4.7% in the second quarter and 5.3% in the first three months of 2024.

The Financial Action Task Force (FATF) has commended Mozambique for its unwavering commitment towards combating money laundering and terrorist financing, as efforts are underway for the nation to be removed from the FATF's 'grey list'. The latest progress report indicates substantial advancements, showcasing updates on six specific action items, the implementation of improved risk-based supervision, and the allocation of enhanced resources to the Financial Intelligence Unit (FIU). According to COB , despite these improvements, Mozambique still faces the challenge of fulfilling six remaining actions before the upcoming report due on November 24, a timeline dictated by its inclusion in the grey list on October 22, 2022.

Elections amid insurgencies

As Mozambique approaches critical elections this week, it is doing so under the shadow of persistent jihadist violence and severe drought-induced hunger affecting its populace. Approximately 17 million voters are set to cast their ballots to elect a new president, alongside members of parliament and provincial assemblies, marking an end to President Filipe Nyusi's extended two-term rule. Candidates are notably prioritising the cessation of the insurgency in Cabo Delgado, an area that has witnessed violence leading to the displacement of 1.3 million individuals. Despite facing corruption scandals and allegations of electoral fraud, the ruling Frelimo party is anticipated to win once more, reports KSAT .

History of Mozambique

Tracing the historical context of Mozambique reveals a series of significant events since gaining independence from Portugal on June 25, 1975. The country was established after a liberation struggle led by the Frelimo party, which later transitioned into a one-party Marxist state by 1977 under President Samora Machel. Following a tragic civil war lasting from 1977 to 1992, which claimed approximately one million lives and devastated the economy, a peace accord was signed, leading to the first democratic elections in 1994, maintained by Frelimo's continued dominance in elections ever since. As reported by Barron's , from 2017 to 2024, Mozambique has faced violent attacks connected to the Islamic State group, particularly in Cabo Delgado, resulting in military interventions from foreign nations and ongoing efforts aimed at peace and reintegration of combatants into civilian sectors.

Things to know about Mozambique

Despite boasting considerable natural gas reserves, Mozambique remains one of the poorest nations globally, with over 33 million inhabitants. The legacy of a destructive civil war and ongoing challenges, such as rampant poverty (afflicting around 74.5% of its population), underscore the urgency for economic stability. The Cabo Delgado province, rich in gas, has been the site of jihadist violence that has claimed nearly 5,800 lives since 2017. Barron's reports that support from regional forces like Rwanda and South Africa have been mobilised to address this crisis, and a recent promise of substantial gas revenue—potentially exceeding $6 billion annually—brings cautious optimism for future economic growth. However, further development efforts have faced hindrances from ongoing violence. Furthermore, Mozambique's vulnerability to climate-related disasters has been starkly illustrated through the damage inflicted by cyclones Idai and Kenneth in 2019.

First cashew factory

To stimulate economic diversification and bolster local agriculture, a new cashew nut processing factory has been inaugurated in Palma, Cabo Delgado, amidst improved security conditions. Funded by The Sunshine Approach Foundation with an investment of 30 million meticais (approximately US$1.3 million), this facility boasts a processing capacity of 1,500 tons of cashew nuts per year and is projected to create employment opportunities for around 100 individuals. This project is part of broader initiatives aimed at stabilizing and industrializing the region, reflecting renewed confidence from investors in Cabo Delgado, reports COB .

Join us as we explore the largest central banks around the world and how much they are worth in trillion dollars!

Here is a list of 10 such central banks:

Federal Reserve System (USA) - $7.45 trillion

Bank of Japan - $5.21 trillion

People's Bank of China - $5.14 trillion

Deutsche Bundesbank (Germany) - $2.72 trillion

Bank of France -$1.72 trillion

Bank of Italy - $1.55 trillion

Bank of Spain - $1.31 trillion

Bank of England - $1.29 trillion

Swiss National Bank (Switzerland) - $1.03 trillion

Reserve Bank of India - $0.81 trillion

This surge in gold prices , which have risen more than 20% this year, is an indication that the Federal Reserve may soon cut its benchmark interest rate.

Antonio Ernesto Di Giacomo, a senior market analyst at XS said, “The historic rise in the price of gold above $2,500 per ounce reflects growing global economic uncertainty and investors’ continued search for safety. With economic, geopolitical, and monetary factors driving this surge, gold is solidifying its position as a safe haven in times of volatility,” he is quoted by the Guardian .

A factor contributing to gold’s record-breaking price is the increased demand from central banks, particularly in China, which are purchasing gold to reduce their reliance on the US dollar. 

Additionally, ongoing volatility in the stock market has made gold an attractive safe-haven asset, with analysts anticipating continued market instability throughout the remainder of 2024.

A recent Global Firepower report highlighted the countries with the largest proven oil reserves worldwide. In Africa, Libya leads with 50 billion barrels of crude oil reserves, followed by Nigeria with 37 billion barrels.

Here are the top 7 African countries with the largest oil reserves in 2024:

Libya

Libya tops the list with an impressive 50 billion barrels of proven oil reserves. Despite political instability, Libya's vast oil wealth remains a cornerstone of its economy. On the global train, Libya ranks 9th.

Nigeria

Nigeria, Africa's most populous country, holds around 37 billion barrels of proven oil reserves. As the 11th country globally, the oil industry is vital to Nigeria's economy, accounting for over 80% of its export earnings.

Algeria

Algeria ranks 3rd in Africa with approximately 12.2 billion barrels of oil reserves. The country is a significant player in the African oil market, with its energy sector being a major contributor to its GDP. Globally, Algeria comes 16th on the list.

Angola

Angola's oil reserves are estimated at 7.8 billion barrels. The oil sector is crucial to Angola's economy, generating significant revenue and employment, which places it 4th among African countries in terms of oil reserves.

Sudan

Sudan holds about 5 billion barrels of oil reserves. Despite facing economic challenges, Sudan's oil reserves remain a key asset for the country's development.

South Sudan

South Sudan, which gained independence from Sudan in 2011, has 3.75 billion barrels of oil reserves. Oil is a crucial part of South Sudan's economy, although the country faces significant infrastructural and political challenges.

Egypt

Egypt's oil reserves stand at 3.3 billion barrels. The country is a significant player in the North African oil market, with its energy sector contributing to economic growth and stability.

“Türkiye stands out with a staggering growth of over 157% in wealth per adult between 2022 and 2023, leaving all other nations far behind,” Swiss bank UBS wrote.

According to the report, one of the primary drivers of this wealth increase is the significant rise in asset prices, particularly in real estate. As inflation soared to over 71%, the value of assets like homes also surged, contributing to the overall increase in wealth.

Turkey's wealth growth stands in contrast to other countries. The next-highest countries in terms of average wealth growth per adult were Qatar and South Africa, with increases of nearly 20% and 16%, respectively. In comparison, the United States saw a modest 2.5% growth in average wealth per adult.

While the wealth growth figures are impressive, they come with significant challenges. The high inflation rate in the country has eroded the purchasing power of many Turks, leading to economic hardships for a large portion of the population.

The Turkish lira has lost nearly 83% of its value against the dollar over the past five years, further complicating the economic landscape.

However, the report expands that the world in general is recovering quickly from the 2022 wealth slump.

"Last year, global wealth rebounded from its 2022 slump. Wealth is steadily growing throughout the world – albeit at different speeds – with very few exceptions. The proportion of people in the world in the lowest wealth bracket has shrunk since 2008, while the proportion of people in every other wealth bracket has grown," UBS said.

Additionally, the bank projects that by 2028, the world will experience a huge leap in adults with wealth over a million dollars.

"By 2028, the number of adults with wealth of over USD one million will have risen in 52 of the 56 markets in our sample, according to our estimates. In at least one market – Taiwan – this increase may reach 50%. Two notable exceptions are expected to be the United Kingdom and the Netherlands," the report adds.

Qatar Islamic Bank's net profit for H1 2024 increased by 5.6% to 2.065 billion riyals ($550 million). Total income rose by 12.4% to 5.66 billion riyals ($1.5 billion). Total assets and customer deposits also saw year-on-year increases, as reported by Zawya . The board of directors has proposed an interim cash dividend of QAR 0.25 per share.

Qatari students win bronze medal

Qatari students won a bronze medal in the 35th International Biology Olympiad in Kazakhstan. The team consisted of four students from different schools and was supported by elite trainers. The competition saw participation from 80 countries and aimed to showcase outstanding students in biology. The event is a rigorous competition that tests students' abilities to solve biological problems, reports The Peninsula .

Qatar's cement market expected to accelerate

Qatar's cement market is expected to reach USD 1,550.9 million by 2032 due to high demand from the construction and marine sectors. The country is experiencing significant growth in infrastructure development, with government investment driving demand for cement. The market is estimated to grow at a CAGR of 5.2% and Doha and Al Khor are expected to hold around 45% of the market share by 2032. According to WhaTech , major players in the market include Southern Province Cement Company, Qatar National Cement Company, and Yamama Cement Company. The construction industry and infrastructure projects, including preparations for the FIFA World Cup 2022, are driving the demand for cement in Qatar.

Hybrid cloud environment

Ooredoo, Qatar Airways, and Cisco have partnered to implement a hybrid cloud environment, aiming to modernise Qatar Airways' IT infrastructure. The collaboration will enhance operational efficiency and customer experience, setting a new benchmark for excellence in the aviation sector. Cisco's advanced solutions will be implemented, driving innovation and digital transformation for Qatar Airways. This initiative will transform the operational dynamics of the airline and enhance Qatar's reputation as a hub of technological excellence, reports I Love Qatar .

Indian travellers to make UPI payments

NPCI International Payments Limited (NIPL) has partnered with QNB, the largest financial institution in the Middle East and Africa, based in Qatar, to introduce QR code-based Unified Payments Interface (UPI) payments across the country. This significant milestone will enable UPI payment acceptance through the QNB merchant network, providing substantial benefits to Indian travellers visiting and transiting through Qatar, as reported by Connected to India .

The plan involves giving 10,000 baht (approximately $275) in digital money to 50 million eligible citizens. This digital cash can be spent at local businesses, stimulating domestic consumption and economic activity.

Registration for the programme will begin on August 1, 2024, with both businesses and individuals eligible to participate, Prime Minister Srettha Thavisin posted on X .

"The Digital wallet registration opens on August 1. At today's meeting, we considered preparation for opening registration and overall operations. The relevant agencies have been assigned to take action," Srettha wrote on Monday, July 15.

To qualify for the 10,000-baht digital handout, recipients must meet the following criteria: they should be at least 16 years old by September 30, have no more than 500,000 baht ($13,879) in their bank accounts, and their 2023 earnings should not exceed 840,000 baht ($23,320) according to their tax filings.

Additionally, the government has implemented measures to prevent fraud. Tens of thousands of shop owners and cash recipients with a history of fraudulent activities in previous programmes will be excluded from the Digital Wallet initiative.

The Thai government anticipates that the Digital Wallet programme will create an "economic tornado," boosting the country's gross domestic product (GDP) growth by 1.2 to 1.6 percentage points.

"The digital wallet project is a big government project that will add money to the pockets of citizens, entrepreneurs, and the economy as a whole," Thavisin added.

Despite its potential benefits, the Digital Wallet programme has faced criticism from economists and financial experts. Critics argue that the handout may not contribute to sustainable economic growth and could lead to inflationary pressures.

Additionally, the programme's financing has been a contentious issue, with initial plans to fund it through the state Bank for Agriculture and Agricultural Cooperatives being revised due to expert warnings. The funding will now come from the 2024 and 2025 fiscal budgets.

The Digital Wallet programme was a major campaign promise of the ruling Pheu Thai party, led by Prime Minister Srettha Thavisin.

In early 2024, Sri Lanka welcomed nearly 200,000 Indian tourists, with a focus on showcasing its diverse attractions and strengthening ties with India. The country aims to attract 2.5 million tourists in 2024, with a significant focus on MICE tourism. Tourism revenues exceeded USD 2 billion in 2023 and over USD 1.25 billion in the first four months of 2024. Sri Lanka is also emphasising visa-free entry for Indian travellers and aims to increase the MICE sector's share of total tourist arrivals, as reported by TravelBiz Monitor .

$1 billion investments

Sri Lanka has secured 35 investment agreements this year, according to State Minister of Investment Promotion Dilum Amunugama. The Ministry of Investment Promotion has achieved its goal of attracting investments totalling USD 1 billion, as set by the Ministry of Finance, the Minister announced. Amunugama made these remarks during the inauguration of the second and third phases of the Bingiriya Export Processing Zone. Newswire highlights that following President Ranil Wickremesinghe's directives, the Ministry is now exploring the development of new investment zones in Iranavila, Mankulam, and Kankasanthuari, he added.

Reduction in bilateral engagements

The government has decided to limit its bilateral engagements, including hosting foreign leaders, except for Indian Prime Minister Narendra Modi, in the coming months due to the presidential elections, according to Daily Mirror. The focus will be entirely on the elections. Visits from leaders of countries such as the United Arab Emirates and the Maldives have been postponed due to time constraints for President Ranil Wickremesinghe. However, Prime Minister Modi is expected to visit Sri Lanka before the elections, although the dates have not been officially confirmed. The Election Commission is expected to issue the election notice on either July 30 or 31, Daily Mirror reports.

Ex-president Sirisena to complete compensation payments

Sri Lanka's Supreme Court has ordered former President Sirisena to complete compensation payments to the victims of the 2019 Easter terror attacks before August 30. The court previously ruled that Sirisena and others failed to prevent the attacks and ordered them to pay compensation. Sirisena has paid Rs. 58 million ($191,625) out of the ordered Rs. 100 million ($330,388) and requested six years to pay the remaining amount. The deadline was originally set for July 12, 2023, Hindustan Times reports.

Sri Lanka to cut power prices

Sri Lanka has implemented a 22.5% reduction in power prices to ease financial strain on its citizens amid a severe economic crisis. This decision comes after previous price hikes to meet IMF bailout conditions. The reduction aims to aid economic recovery and provide relief to consumers, while also helping the country maintain its inflation target of 5%. According to Gulf Today , this move is part of broader fiscal reforms mandated by the IMF to stabilise the economy.

Vietnam's goods export turnover soared to an estimated $190.08 billion, marking a year-on-year rise of 14.5%. This impressive growth is propelled by both domestic and foreign-invested sectors, with the domestic economic sector witnessing an export rise of 20.6% to $53.39 billion which accounts for 28.1% of the total.

The foreign-invested sector, including crude oil, also posted a 12.3% increase to $136.69 billion, making up the remaining 71.9.

The country's key export sectors in the first half of 2024 included electronics, computers, and components which made up $32.91 billion (an upward of 28.6% year-on-year).

Nonetheless, the FDI sector in Vietnam has been a major player, recording a trade surplus of $23.98 billion when factoring in crude oil activities. This indicates the strong performance of foreign enterprises operating within Vietnam and their contribution to the nation's economy.

Vietnam's General Statistics Office added that China and the United States were Vietnam's biggest trade partners in the first half of 2024, with total trade values of $94.8 billion and $61.4 billion, respectively. Other significant trade partners included the ASEAN bloc ($40.8 billion), South Korea ($38.4 billion), the European Union ($32 billion), and Japan ($21.7 billion).

"While India loses thousands of millionaires each year, with many migrating to the UAE, concerns over the outflows may well be mitigated as with wealth growth of 85% over the past decade, the country continues to produce far more new high-net-worth individuals than it loses to emigration," the report states.

The report also highlights the top destinations for millionaire migrants, with the UAE, Singapore, and the US emerging as the most popular choices. These countries offer attractive business environments, high standards of living, and excellent education and healthcare systems, making them magnets for HNWIs.

On the global front, the Henley & Partners report projects 128,000 millionaire relocations in 2024 against the 120,000 figures of 2023.

UAE as the top destinaion

The United Arab Emirates (UAE) is set to continue as a leading destination for global wealth as it is expected to draw in a net increase of 6,700 millionaires by the close of 2024. This will be the third year in a row that the UAE tops the charts in attracting the world's affluent individuals.

The forecasted migration of 6,700 millionaires to the UAE nearly doubles the United States' expected figure of 3,800 by the end of 2024. The UAE's growing reputation as a sanctuary for affluent individuals is linked to a variety of contributing factors.

The UAE's attractive tax regulations, advantageous geographic positioning, superior infrastructure, and the launch of the "golden visa" scheme have established it as a top choice for millionaires looking for secure and prosperous ventures.

The Henley Private Wealth Migration Report , published on June 18, highlights the increasing allure of the UAE for high-net-worth individuals (HNWIs) across the globe, as evidenced by the latest data.

Latin America is home to a thriving hub of innovation, with several countries leveraging creative ideas to drive economic growth.

Here are 5 Latin American countries that are leading the way in innovative economic development:

Brazil

Brazil is one of Latin America's largest economies, and it is home to several innovative companies, including Nubank , which is a digital bank that boasts an impressive customer base, with 80.4 million clients in Brazil alone, and an additional 1.51 million across Mexico and Colombia. The company's revenue stands at $1.69 billion. Following its initial public offering (IPO) in December 2021, Nubank's valuation soared to a staggering $45 billion, solidifying its position as a financial industry powerhouse. Organisation for Economic Co-operation and Development projects Brazil's economy to grow at 1.9%.

Chile

Chile has been a pioneer in innovation and technology in Latin America. From being the first country in Latin America to launch a 5G network, the country has a thriving startup ecosystem. Chile also has a strong entrepreneurial culture and a highly developed financial system. According to the Organisation for Economic Co-operation and Development (OECD) forecast on Thursday, May 2, the country's economy is projected to grow by 2.3% in 2024.

Mexico

Mexico has been a leader in innovation in Latin America, with a highly developed startup ecosystem and a strong entrepreneurial culture. Despite the incidents of violence, the country is also home to several innovative companies, including Kavak , which is a used car marketplace that has become one of the most valuable startups in Latin America. Just like Brazil, Mexico is expected to grow at 1.9% this year.

Colombia

Colombia has undergone a remarkable transformation in recent years, emerging as a hub for innovation and entrepreneurship. The country's startup ecosystem is thriving, with a vibrant culture of creativity and risk-taking. Colombia is proud to be the birthplace of pioneering companies like Rappi, a revolutionary delivery service that has become one of the most precious startups in Latin America. It is also projected to grow at 1.2% .

Argentina

Like many other Latin American countries, Argentina is home to several innovative companies. Mercado Libre , headquartered in Montevideo, Uruguay, and incorporated in Delaware, USA, runs online marketplaces for e-commerce and auctions, facilitating global transactions. The country is forecasted to grow at 2.7% by 2025.

Chile is seeking to become the world's top lithium producer, but environmentalists are concerned about the impact of lithium extraction on the fragile ecosystems in the Atacama desert. The extraction process involves pumping water from salt flats, leading to concerns about water scarcity and environmental degradation. Indigenous Colla people are also at risk of losing their traditional way of life due to dwindling water sources, as reported by France24 .

Increased internet users

Internet usage in Chile has seen a significant surge in the first quarter of 2024, with both fixed and mobile internet traffic experiencing a 12% year-over-year increase, as reported by Subtel's latest statistics. Notably, fixed traffic continues to dominate, accounting for nearly five times the volume of mobile traffic, with a substantial total of almost 7.9 million terabytes. This growth highlights the expanding online presence in Chile, with both fixed and mobile internet services contributing to the upward trend, according to Telecompaper .

Strides in fruit exports

Over the last week, the Chilean Agricultural and Livestock Service (SAG) in collaboration with Frutas de Chile has engaged in strategic discussions with plant health officials from Japan, Korea, and China. These meetings are part of a concerted effort to gear up for the 2024-2025 fruit export campaign and to facilitate the introduction of new varieties of Chilean fruits into these Asian markets. According to Fresh Plaza , the team, spearheaded by SAG's national director José Guajardo, comprises experts from SAG and stakeholders from the private sector. Their dialogue has centred on the progress and plant health prerequisites necessary for the exportation of Chilean agricultural products, including apples, to these nations.

World's largest astronomy camera

Boasting a resolution surpassing 3.2 gigapixels, the heaviest digital camera in optical astronomy, tipping the scales at nearly three tons, is poised for a groundbreaking ten-year survey and is set to be mounted beneath the pristine skies of northern Chile. As reported by Reuters , The components necessary to construct the Vera C. Rubin Observatory, encompassing both a terrestrial telescope and the colossal camera, have been transported via multiple conveyances to the peak of Cerro Pachón in the Coquimbo region, situated at the fringe of the Atacama desert and approximately 565 kilometres to the north of Santiago.

Bishops against abortion and euthanasia advocacy

Chilean bishops have expressed strong disapproval of President Gabriel Boric's intention to support legislation that would decriminalise euthanasia and advance another bill to regulate legal abortion within the nation. President Boric publicised these legislative initiatives on June 1, in the course of the customary presidential address to Congress, an event akin to the State of the Union address in the United States. “I am convinced of the need to have a democratic debate on sexual and reproductive rights. That is why, during the second half of this year, we will introduce a bill on legal abortion. (…) The women of Chile deserve their right to decide,” Boric declared according to Catholic World Report .

"President of the UAE His Highness Sheikh Mohamed bin Zayed Al Nahyan assured (Pakistan of) the UAE's support in all circumstances and made the commitment of investing US $10 billion in multiple sectors," a statement from Pakistan's Prime Minister's Office said.

Sharif arrived in Abu Dhabi on Thursday, May 23. This visit marks the first time since his election this year. The visit is also a part of the country's efforts to ramp up foreign investments to bolster the economy which has suffered high inflation rates.

Meanwhile, after successfully concluding a short-term $3 billion IMF bailout programme last month, Pakistan has extended yet another warm welcome to an IMF team for discussions on the nation's budget and economic recovery strategies.

According to Reuters , IMF shared that its team led by mission chief Nathan Porter concluded discussions with Pakistani authorities after he visited the country on Thursday, May 23, 2024.

"The mission and the authorities will continue policy discussions virtually over the coming days aiming to finalise discussions, including the financial support needed to underpin the authorities' reform efforts from the IMF and Pakistan's bilateral and multilateral partners," Porter said .

Additionally, Pakistan is anticipated to request a minimum of $6 billion through the new programme and seek additional financing from the IMF under the Resilience and Sustainability Trust.

The government of Lesotho has approved the importation of poultry meat from Brazil. Negotiations began in November of last year. Lesotho imports approximately 8,000 tons of poultry meat annually. Brazil exports poultry products to 172 countries, constituting 38% of the global trade in this product. Last year, Brazil's poultry exports surpassed $9.61 billion, totalling 5 million tons. Since the beginning of 2023, Brazil has expanded its export markets to include 121 new agricultural products in 51 countries across five continents. The achievement is the result of coordinated efforts between the Ministry of Agriculture and Livestock and the Ministry of Foreign Affairs.

Constitutional reforms

Lesotho is once again tackling key constitutional reforms to stabilise its turbulent political landscape, but a new obstacle has emerged: a disagreement between the government and parts of civil society on the approach. Last week, Law and Justice Minister Richard Ramoeletsi introduced the long-awaited Tenth and Eleventh Amendments to the Constitution Bills, which the previous government under Prime Minister Moeketsi Majoro failed to pass before the 2022 elections. While the current government aims to amend the existing constitution, some civil society organizations, including the Transformation Resource Centre (TRC), advocate for drafting a new one. According to News24 , the TRC criticized the government for "continued misdirection against sound counsel and advisory to its political leadership on astute principles of engagement in constitutionally legitimate reform procedures," arguing that the Bills represent a "dismemberment of the constitution's original design."

Houses donated to workers

40 houses were donated to families living in Kgubetswana Township in Clarens, Free State, as part of the Lesotho Highlands Water Project. The houses were originally built for project staff and were intended to be sold, but due to affordability issues, they were donated to the original occupants. According to SA News , the current value of the houses is between R380,000 and R640,000, and the transfer of ownership is being finalised. The project aims to provide water to South Africa’s Gauteng region and generate hydroelectricity for Lesotho, with Phase II expected to be completed by 2028.

Diamond mine sale

Lucapa Diamond is selling its 70% stake in the Mothae mine in Lesotho to focus on its core assets in Africa and Australia. The mine produces large, high-value diamonds and has attracted significant interest from potential buyers. The company also holds a stake in the Lulo mine in Angola and is involved in exploration projects in several countries. The diamond industry has faced challenges due to excess stockpiles and the growing popularity of laboratory-made diamonds, as reported by the Northern Miner .

Lesotho nationals arrested for money laundering

Four Lesotho nationals are in police custody following their arrest for possession of suspected stolen property and money laundering. According to Algoa FM , police spokesperson Colonel Adele Myburgh reported that Sesing Tsabane, 32, was the first suspect arrested last week in Orkney, where he was found with chemicals used to wash dye-stained notes. The investigation then led police to another house, where Letlala Elias Qabano, 36, Joshua Molibeli, 34, and Molefe Abel Fusi, 26, were arrested. A substantial amount of dye-stained money was discovered at the scene. According to the South African Police Service (SAPS), there is a possibility that these men could be linked to ATM bombings. The case has been postponed to May 27th in the Klerksdorp Magistrates Court.

NITA-U, the statutory body responsible for coordinating government IT services, is the implementing agency for the Uganda Digital Acceleration Project (UDAP). Launched in 2021, UDAP includes a $60 million grant and a $140 million loan.

In the latest development, reliable sources informed the Monitor that World Bank officials have repeatedly expressed concerns during project review meetings about NITA-U's prolonged delays in clearing key contracts for the project.

“When the ToRs for every component are generated, they go through the committees for review and then shared with the World Bank and then sent back to NITA-U to initiate procurement. It is now apparent they tend to sit on bid documents and contracts,” the Monitor's sources revealed, pointing to another procurement that has remained pending since last September.

The World Bank further reverted through an email that “As part of the routine Implementation Support Mission for Uganda Digital Acceleration Project (UDAP-GovNet), the Bank has been discussing the status of the implementation with project stakeholders and approaches to fast-track implementation of the UDAP-GovNet project.”

A request to NITA-U’s Communication Manager Florence Mukankusi to disprove or ascertain the World Bank's position has, however, gone unanswered.

President Kais Saied of Tunisia has embarked on a historic visit to Tehran, marking the first instance of a Tunisian leader visiting Iran. According to the Tehran Times , the unexpected journey was motivated by President Saied's intention to honour the late Iranian President Ebrahim Raisi and Foreign Minister Hossein Amir Abdollahian, who tragically perished in a helicopter crash in northwestern Iran on Sunday. Previously, President Saied had met with his Iranian counterpart during various summits, where they agreed to enhance cooperation and strengthen the relationship between Iran and Tunisia.

Support for Saied amid lawyers' strike

Tunisia protestors rallied in support of President Kais Saied amid a lawyers' strike prompted by the violent arrest of lawyer Sonia Dahmani. International organisations and foreign authorities have expressed concerns over the arrests, with President Saied speaking out against foreign interference. The strike and protests were in response to the raid of the Bar Association offices in Tunis and the arrest of Dahmani, who was charged with distributing false information and disrupting public order as reported by Jurist News . The protestors gathered in front of the Municipal Theatre of Tunis carrying banners condemning foreign interference, and the presence of migrants, and affirming Tunisia’s independence and sovereignty.

Journalist arrested over social media posts

Tunisian journalist Houssem Hajlaoui, co-founder of the independent news website Inkyfada, was arrested over old social media posts from 2020-2023. The Committee to Protect Journalists is calling for his immediate and unconditional release, citing concerns over the government's targeting of journalists and civil society figures. Hajlaoui's arrest is part of a wider crackdown on independent media and civil society in Tunisia.

Foreign investments soar

Foreign direct investments (FDI) in Tunisia reached 516.8 million dinars during the period, marking a 27.7 percent increase year-on-year. However, portfolio investments fell by 98 percent, totalling just 600,000 dinars, reports Azad News Agency . By sector, FDI in manufacturing led with 250.5 million dinars, followed by the energy sector with 176.9 million dinars, the services sector with 84.5 million dinars, and the agricultural sector with 4.9 million dinars, according to FIPA.

IMARS load training exercise

The U.S. Air Force and Army conducted a joint training exercise with the Tunisian Air Force to practice loading the M142 HIMARS rocket system onto a C-130J Super Hercules. The exercise took place at Ramstein Air Base in Germany, involving Tunisian and U.S. Air Force loadmasters and U.S. Army HIMARS personnel. According to Dvids , the training aimed to ensure precision and safety in the loading process, as the HIMARS system can be transported aboard aircraft for rapid deployment. The exercise was part of the larger African Lion exercise, which focuses on strengthening readiness and interoperability among participating nations.

According to a report from Uganda's finance ministry posted on X on Tuesday, May 21, 2024, the increase in export revenue was due to the increase in the preference for tobacco, simsim (sesame), hides and skins as well as gold.

"The merchandise exports increased to USD 634.43 million in March 2024 from USD 633.0 million in Feb.2024.This was mainly due to a rise in export receipts from tobacco, simsim (sesame), hides & skins and gold," the finance ministry wrote on X .

Additionally, the ministry explained the increase was also attributed to investor confidence in Ugnada's business environment, especially in the manufacturing sector.

"Investors were more optimistic about the business environment, especially in the manufacturing & wholesale trade sectors. This is shown by the Business Tendency Index which remained above the 50-mark threshold increasing to 55.57 in April 2024 from 55.54 the previous month," the ministry added.

The tides seem to be turning in favour of the Ugandan economy as it has experienced magnificent successes this year.

For the first time in history, Uganda has joined other countries like Rwanda and Tanzania to graduate from the UN's Least Developed Countries status after meeting the laid down criteria.

According to the United Nations , Uganda and the aforementioned countries will be assessed again in 2027 and if they meet the criteria, they will be graduated.

“The Committee found that Rwanda, Uganda and the United Republic of Tanzania fulfilled the criteria for graduation for the first time. These countries will be considered for graduation at the next triennial review in 2027,” the report said.

Many countries compare the strength of their currencies against the Dollar's performance to determine their economic health and international standing.

While countries like Japan, Britain, and Switzerland boast of currencies that compare to the dollar, some African countries equally boast of the stability of their currencies and the respective influence they carry globally.

In this article, we explore the strongest legal tenders in some African currencies.

1. Tunisian Dinar (Tunisia) Currency Name: Dinar Code: TND Current Exchange Rate: $1 = 3.14

2.  Libyan Dinar (Libya) Currency Name: Dinar Code: LYD Current Exchange Rate: $1 = 4.86

3. Moroccan Dirham (Morocco) Currency Name: Dirham Code: MAD Current Exchange Rate: $1 = DH 10.02

4. Botswana Pula (Botswana) Currency Name: Pula Code: BWP Current Exchange Rate: $1 = 13.61

5.  Seychellois Rupee (Seychelles) Currency Name: Seychellois Rupee Code: SCR Current Exchange Rate: $1 = SRe 13.86

 6. Ghanaian Cedi (Ghana) Currency Name: Cedi Code: GHC Current Exchange Rate: $1 = GH₵ 13.89

 7. Eritrean Nakfa (Eritrea) Currency Name: Nakfa Code: ERN Current Exchange Rate: $1 = Nfk 15.00

8. South African Rand (South African) Currency Name: Rand Code: ZAR Current Exchange Rate: $1 = R 18.35

 9. Zambian Kwacha (Zambia) Currency Name: Kwacha Code: ZMW Current Exchange Rate: $1 = ZK 27.37

 10. Egyptian Pound (Egypt) Currency Name: Egyptian Pound Code: EGP Current Exchange Rate: $1 = E£ 47. 40

Businesses including supermarkets have placed premium charges above the market rate on their goods, making customers who pay in the new currency pay more, while other informal traders reject the ZiG.

As a result of this, government has issued a notice that businesses using exchange rates higher than the official rate of 13.5 ZiG per U.S. dollar will be liable to pay a fine of 200,000 ZiG ($14,815).

“Anyone offering "goods or services at an exchange rate above the prevailing interbank foreign currency selling rate" would be guilty of a civil infringement,” a government notice quoted by The East African read.

The government has been making efforts to maintain the value of the ZiG currency as there’s a general rejection of the ZiG. Despite government’s directive that schools should accept the payment of fees in local currency, reports indicate that some schools are rejecting the new Gold Currency.

Zimbabwe's Treasury on Tuesday moved to enforce the use of the ZiG as the official unit of exchange for transactions.

“Uganda has been awarded a recognition award of best investment destination in Africa,” she said.

Over the past two years, Uganda has attracted over $1 billion in Foreign Direct Investment (FDI) from the UAE alone, showcasing the international business community's growing confidence in the nation's economy.

The country's strategic approach to attracting FDI has been diverse. It has focused on establishing a stable business environment characterised by reliable electricity, efficient transportation infrastructure, tax incentives, and high-quality internet connectivity. These elements have been crucial in positioning Uganda as a top investment hub on the continent.

The World Bank has also recognised Uganda's economic prospects, projecting an increase in the country's GDP growth from 5.3% in 2023 to 6.0% in 2024 despite Western sanctions. This growth is partly fuelled by FDI and contributes over 4% to Uganda's GDP.

Sanctions from the West

Uganda has faced a series of sanctions from Western countries, primarily the United States and the United Kingdom. These sanctions have been imposed due to various concerns, including human rights violations and corruption.

The US has targeted individuals and entities in Uganda for their alleged involvement in human rights abuses and corruption. For instance, the US Treasury Department in 2022 sanctioned a Belgian businessman, Alain Goetz, behind African Gold Refinery (AGR), a Ugandan-based company as it accused him of contributing to armed conflict through illicit gold trade from the Democratic Republic of the Congo.

In April 2024, the UK also imposed sanctions on Ugandan politicians, including the Speaker of Parliament, Anita Annet Among over allegations of corruption and stealing from vulnerable communities. This move was part of the UK's Global Anti-Corruption Sanctions regime.

Despite these sanctions, Uganda's economy is projected to grow. The World Bank predicts an increase in Uganda's GDP growth partly due to infrastructure investments ahead of new oil production in 2025.

The president of Uganda, Yoweri Museveni , has also stated that US economic sanctions will not derail the country's economy, emphasising Uganda's resilience and self-reliance.

The Zim dollar lost over 70% of its value on the official market and depreciated on the black market.

The new currency, the Zig, will be backed by gold reserves. The highest denomination of ZiG is the 200 ZiG note which translates to $15.

According to local media Mwanzo TV , Individuals will be allowed to withdraw a maximum of ZiG 3,000 and companies ZiG 30,000 per week with no limits on cash withdrawals for the parliament, courts, and international organizations.

The ZiG is the sixth currency Zimbabwe has used since the collapse of the Zimbabwe dollar in 2009.

There are concerns about how well this new currency can perform against the US dollar . Meanwhile, Mwanzo TV reports that a digital version of the currency has lost a quarter of its value against the US dollar on the black market.

At the launch of the new currency also known as 'Zimb Gold', Zimbabwe's Reserve Bank governor, John Mushayavanhu , directed all banks to convert any US dollars in their possession, as well as those held in their vaults, into ZiG.

"With effect from today, banks shall convert the current Zimbabwe dollar balances to ZiG," Mushayavanhu said, adding that it "will circulate with other currencies in the basket. If we implement these measures, we expect them to impact inflation."

Fifteen days have passed since the introduction of 'Zimb Gold,' declared to have been in circulation since April 8. However, ZiG has not yet fully supplanted all transactions due to the government's decision to postpone distribution until April 30.

Zimbabwean currencies have historically faced off against the US dollar, with the latter consistently emerging victorious. Will the outcome be any different when ZiG eventually takes over after a few years?

Zimbabwe's history with the US dollar

Zimbabwe's history with the US dollar is a complex one, marked by economic challenges and currency changes. The Zimbabwean dollar (ZWD) was introduced in 1980 to replace the Rhodesian dollar at par and was initially worth more than the US dollar in the official exchange market. In the early 21st century, the country experienced extreme hyperinflation, leading to the dramatic devaluation of the ZWD.

This resulted in three redenominations and a $100 trillion banknote issuance . The hyperinflation led to the abandonment of the ZWD in 2009. In its place, multiple foreign currencies, including the US dollar, were used for transactions. In 2016, Zimbabwe introduced bond notes and coins to address the shortage of US dollars, which were pegged to the US dollar but not accepted outside the country.

Subsequently, Zimbabwe ended a decade of official use of the US dollar in most domestic transactions, reintroducing a local currency (RTGS Dollar) that had been abandoned in 2009 due to hyperinflation in 2019. In April 2024, the RTGS Dollar was replaced with a new gold-backed currency called ZiG. Throughout this period, the US dollar has played a critical role in Zimbabwe's economy, serving as a stable currency during times of economic turmoil.

Why did Zimbabwe switch from US dollars to ZiG?

Zimbabwe switched from the US dollar to the new gold-backed currency, ZiG, as part of its latest attempt to create a stable and reliable currency that can help alleviate the economic challenges the country has faced for the past 25 years .

The previous currency, the RTGS, had lost a significant portion of its value, and annual inflation had reached a seven-month high of 55% in March . The central bank committed to backing the amount of local currency in circulation with an equivalent value in precious minerals, mainly gold, or foreign exchange, to prevent the currency from losing value like its predecessors.

The switch also comes at a time when Zimbabwe is dealing with the effects of a serious drought, which has destroyed half of the country's maize crop , further emphasising the need for economic stability. The ZiG is the country's sixth attempt at introducing a revamped currency.

The current state of the ZiG

In the absence of the new currency ZiG, Zimbabweans are compelled to rely on the US dollar for their transactions. Nevertheless, Zimbabwe's informal traders, constituting approximately 75% of the nation's workforce, have ceased accepting the ZIMdollar, also known as the RTGS dollar, due to concerns over its depreciating value.

As reported by Africanews , an economist, Happy Zengeni explained that there happens to be inadequate or transparent measures that will push the newly introduced ZiG to thrive.

"When you introduce new measures, you will be hoping that you will bring stability and lower inflation but you need to be disciplined and sincere about the process," economist Happy Zengeni explained. "The ordinary Zimbabwean cannot inject liquidity into the economy but capacity rests with the authorities so they need to be sincere about it."

The report highlights a positive trend, as Nigeria's overall capital importation rose by 2.62% compared to the same quarter in 2022. The top contributors to this surge were other investments, accounting for 54.64% ($594.74 million) of the total capital imported, followed by portfolio investment with 28.46% ($309.76 million), and Foreign Direct Investment (FDI) with 16.90% ($183.97 million).

Breaking down the sectors, the production and manufacturing sector emerged as the leader, attracting $450.11 million, representing 41.35% of the total capital imported in Q4 2023. The banking sector followed with $283.30 million (26.03%), and financing with $135.59 million (12.46%).

The United Kingdom played a pivotal role in contributing to this positive trend, being the largest source of capital importation with $267.24 million and a 24.55% share. Mauritius followed closely with $226.18 million (20.78%), and the Netherlands with $149.93 million (13.77%).

Lagos State stood out as the prime destination, receiving $771.68 million, which accounted for a substantial 65.38% of the total capital importation in Q4 2023. Abuja (FCT) followed with $370.80 million (34.07%), and Rivers State with $6.00 million (0.55%).

In terms of banking institutions, Stanbic IBTC Bank Plc led the way by receiving the highest capital importation into Nigeria in Q4 2023, totaling $499.45 million (45.88%). Citibank Nigeria Limited followed with $229.06 million (21.04%), and Rand Merchant Bank Plc secured $85.85 million (7.89%).

The Chadian Minister of Infrastructure, Idriss Saleh Bachar has held discussions with his Cameroonian counterpart, Emmanuel Nganou Djoumessi, on joint infrastructure collaborations between the two states. This happened during a working visit to Cameroon on November 20, 2023, local media Journal du Tchad reported. The meeting, attended by experts from both delegations, focused on key infrastructure projects shared between the two countries. These projects include the Douala-N'Djamena road/rail corridor, the ongoing construction of the Logone bridge connecting Yagoua in Cameroon to Bongor in Chad, and the proposed construction of a new bridge over the Chari, linking N'Djamena from Farcha/Mara to the Kousseri area in Cameroon.

Money laundering

The Basel Institute on Governance has ranked Chad in the top position among African nations most vulnerable to money laundering and terrorist financing, with a score of 8.14. This ranking positions Chad as the second most exposed country globally in this regard, the report indicates. DR Congo, Republic of Congo, Mozambique, Gabon, and Guinea-Bissau, followed respectively. Annually, the Basel Institute on Governance compiles an independent score and ranking known as the Basel AML Index, assessing the global risk of money laundering and terrorist financing. Introduced by the Basel Institute of Governance in 2012, this index provides risk scores derived from data gathered from 15 publicly accessible sources, including institutions such as the Financial Action Task Force (FATF), the World Bank, and the World Economic Forum.

Constitutional referendum

The Transitional Prime Minister of Chad, Saleh Kebzabo has convened a meeting with political parties backing the transition collectively called the ‘Coalition for Yes.’ In his role as the former opposition leader, now serving as Prime Minister, Saleh Kebzabo aims to equip the coalition with the necessary tools to garner public support for the proposed Constitution. "We must demonstrate and prove to our compatriots that salvation lies only in a unitary, decentralized state, characterized by good governance, peace, and national unity," Kebzabo is quoted by WeAfrica24 .

Electricity collaboration

The governments of Chad and Cameroon on November 21 inaugurated the electricity grid interconnection project linking the two countries in Yaoundé. The event was presided over by the Minister of Water and Energy of Cameroon, Gaston Eloundou Essomba with the Chadian delegation in attendance, local media Alwidainfo.com reports. In 2021, the project received a significant contribution with the opening by the World Bank (WB) of a credit line of 305 million dollars for its implementation. The project comprises 1,319 kilometres of transmission lines as well as related high voltage, medium voltage and low voltage equipment to transport energy from Cameroon to Chad, which will make it possible to cover 478 localities with electricity.

ADB grant

The African Development Bank Group has donated 34 million euros to Chad to facilitate the second phase of the Drinking Water and Sanitation Program in semi-urban and rural areas across the country. “By investing in the construction of social and rural infrastructure in areas affected by fragility, the program will contribute to the construction of resilient societies, the reduction of isolation and inequalities between women and men, the promotion of inclusive economic development and strengthening access to basic health services,” said Mamadi Souaré, acting head of the African Development Bank country office in Chad. The project includes the construction of boreholes, submerged pumps and hydraulic production units, Journal du Tchad reports.