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.

Oil prices have surged above $100 per barrel as military strikes, tanker attacks and the disruption of shipping through the Strait of Hormuz rattle global markets.

Global energy watchdog, the International Energy Agency (IEA), said on Thursday, March 12, the conflict has created the "largest supply disruption in the history of the global oil market", removing millions of barrels a day from the market.

The Strait of Hormuz alone normally carries about one-fifth of the world’s oil supply. With shipping traffic collapsing after Iranian retaliation and US-Israeli strikes, global energy markets have entered a period of extreme volatility.

For Africa, the consequences could be severe.

According to a Ghanaian financial analyst, Nelson Cudjoe Kuagbedzi, the biggest risk for African economies lies in the disruption of international supply chains.

“Okay, so I think the biggest risk has to do basically with the disruption in the international supply chains,” he told Global South  World. “Most of the goods and products that we use in Africa are imported, most especially petroleum products.”

That vulnerability is rooted in the structure of Africa’s energy sector. Despite producing crude oil, the continent lacks sufficient refining capacity and therefore imports much of the fuel it consumes.

In fact, Africa imports more than 70% of its refined petroleum products, leaving economies highly exposed to fluctuations in global oil markets.

Nelson says the continent’s limited production also makes it impossible to cushion the impact of a prolonged conflict.

“It is also important to know that the total crude output in Africa represents less than 10% of global crude output,” he explained.

The crisis also exposes another longstanding economic challenge of how Africa exports raw materials but imports many finished products.

“We haven't also developed our economies enough to the extent that we will use homegrown solutions to solve homegrown policies,” Kuagbedzi said.

“I mean, raw cocoa, raw gold, raw coffee, raw timber.”

For him, the war should serve as a wake-up call.

However, the Middle East remains the backbone of global oil supply. Many members of the Organisation of Petroleum Exporting Countries (OPEC) are located in the region, producing a significant share of the petroleum used worldwide.

According to Nelson, that concentration makes Africa particularly vulnerable.

“Most of the OPEC members that produce the chunk of the petroleum products, whether crude or refined, that we use in Africa, most of those OPEC members are in the Middle East,” he said.

With tanker traffic through the Strait of Hormuz disrupted and oil shipments stalled, markets are already reacting. Brent crude surged past $100 per barrel for the first time since the Ukraine war's energy shock.

If the crisis deepens, some analysts warn prices could climb much higher, intensifying inflation worldwide.

Shop owner Zhang Huoqing, who launched her plush business in March 2017, said the trend began when a wholesaler attempted to return one of the misstitched toys. Although she initially agreed, the buyer later decided to keep it. As interest grew from other customers asking about the unusual design, Zhang chose to produce the upside-down version intentionally.

The once-accidental design quickly evolved into a new product line, selling strongly as demand increased on social media and through wholesale channels. What might have been dismissed as a factory flaw has instead highlighted how a small imperfection can capture global attention — and generate real commercial value.

Upcoming local council elections in the Maldives are under scrutiny following concerns about the accuracy of the voters’ register. Questions have been raised about potential inconsistencies in voter lists, prompting debate over electoral integrity and the need for safeguards to ensure that elections reflect the will of eligible voters.

Political parties praised for transparent and democratic primary elections

Recent party primaries in the Maldives have been commended for their transparency and adherence to democratic processes. Observers have highlighted the conduct of the primaries as a positive sign for internal party democracy , particularly as political groups prepare candidates for upcoming local council elections.

Foreign observers invited and National Complaints Bureau established ahead of elections

The Maldivian authorities have invited foreign observers to monitor forthcoming elections, while also establishing a National Complaints Bureau to handle election-related grievances. These measures are intended to enhance transparency, build public confidence in the electoral process, and provide formal channels for addressing disputes.

Government expands emergency healthcare with new ambulances and medical launches

The government has expanded emergency healthcare services by procuring 56 ambulances for MVR 65.3 million, which have been handed over to islands across the country. In addition, plans are underway to equip atoll hospitals with speedboats and medical launches by the end of January to improve access to urgent medical care in remote communities.

MDP leaders call for unity as Adam Azim secures Male’ mayoral ticket

Within the Maldivian Democratic Party, Adam Azim has urged party members to unite ahead of elections after securing the Male' mayoral ticket in the party’s primary. Ali Azim publicly congratulated him, stating he would work to ensure victory, as the MDP navigates broader political developments and prepares for upcoming electoral contests.

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.

Speaking during a visit by members of the South‑South Development Commission (SSDC) to the refinery and fertiliser complex over the weekend, the refinery’s chief executive, Aliko Dangote said the plant will deliver roughly 50 million litres of Premium Motor Spirit (PMS) daily beginning December 1, with a similar target for January, and plans to scale up to 1.7 billion litres per month by February 2026.

“In line with our commitment to national well-being, and consistent with our track record of ensuring a holiday season free of fuel scarcity, the Dangote Petroleum Refinery will supply 1.5 billion litres of PMS to the Nigerian market this month. This represents 50 million litres per day. We are formally notifying the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of this commitment. We will supply another 1.5 billion litres in January and increase to 1.7 billion litres in February, which translates to about 60 million litres per day,” Dangote said.

The announcement comes on the back of growing pressure on Nigeria’s energy sector to end decades of chronic fuel shortages, long petrol-station queues, and volatile prices.

The Dangote refinery first began partial petrol distribution in 2024, addressing some of Nigeria’s fuel needs. Yet despite this progress, imported fuel still accounted for a large portion of the monthly supply.

Between August 2024 and October 2025, the country imported approximately 15.01 billion litres of Premium Motor Spirit.

The Communist Party of Cuba has officially convened its 11th Plenary Session of the Central Committee, marking another key moment in the island’s political calendar. This session reflects the country’s continuing effort to maintain centralised political coordination while addressing emerging national concerns. The announcement signals that the party leadership aims to evaluate ongoing national priorities and reinforce political alignment among its members. The decision to convene the 11th plenum underscores the CCP’s ongoing strategy of maintaining stable leadership structures amid evolving domestic and international conditions.

Party leadership outlines central committee agenda for the upcoming session

The 11th Plenary Session will bring together the Central Committee of the Communist Party, with the agenda reportedly focused on several internal and national issues. The explicit convening of the session indicates that party leadership intends to oversee critical aspects of governance, evaluate the political performance of institutions, and discuss the nation’s immediate priorities. This move continues a pattern in which the Central Committee meets to recalibrate strategies in response to changing socioeconomic pressures on the island.

Economic plan, hurricane damages, and “important issues” dominate PCC agenda

Among the detailed topics expected to be addressed at the plenary are Cuba’s national economic plan, the damages caused by Melissa, and other unspecified but “important issues.” This reflects the country’s need to manage multiple crises at once, economic stagnation, infrastructure challenges following natural disasters, and the broader strain on state resources. The reference to Melissa’s damages suggests a push to coordinate governmental response efforts and reinforce recovery initiatives. At the same time, highlighting “important issues” signals the party’s recognition that a wide range of political, economic, and social concerns now require attention at the highest levels of decision-making.

Government to conduct national review of its programme to correct distortions and boost the economy

A study and analysis of the Government Program will be carried out across Cuba with the intention of correcting distortions and implementing measures to boost the national economy. This initiative reflects an acknowledgement that structural problems and inefficiencies persist within the Cuban system and that a comprehensive review is necessary to stabilise conditions. The nationwide assessment indicates that authorities aim not only to diagnose the roots of the distortions but also to develop solutions that can strengthen the economic framework. This process is expected to engage officials at various administrative levels to ensure that corrections are implemented consistently across the nation.

Debate intensifies over the impact of U.S. unilateral sanctions

The question “Are the USA’s Unilateral Sanctions on Cuba a Good Thing?” reflects the ongoing debate, both domestically and internationally, about the real impact of U.S. restrictions on the island. The discussion continues to shape public discourse, as policymakers, analysts, and citizens evaluate whether the sanctions are causing undue suffering for the population, effectively pressuring the government, or creating new geopolitical tensions. By raising the issue at this moment, the roundup shows that sanctions remain central to Cuba’s economic difficulties and political narrative. The debate also highlights the growing pressure on policymakers to either negotiate relief mechanisms or adjust internal strategies to mitigate the effects of sanctions.

At the heart of the initiative is the recognition that a connected digital space could become one of Africa’s greatest strategic assets. By 2030, the continent is projected to host more than 1.5 billion people, most of whom will be young, mobile-centric, and eager for digital participation.

During the summit, member countries agreed to align their digital policies, regulatory frameworks and standards so that cross-border digital services, data flows, and startups can operate more seamlessly across Africa.

“Africa has the money, the investors, the startups, and the innovation, but too often, these ecosystems operate in silos. SANIA is here to bring them together and connect them,” Ralph Oyini, Director of Digital Transformation and Services at Smart Africa, said.

Additionally, Smart Africa's CEO, Lacina Koné, made an initial commitment to enable the scaling of African digital start-ups across borders, supported by a $115 million fund.

“We believe digital transformation can accelerate integration if we align our policies across borders,” Koné said .

The project, championed by the Smart Africa Alliance since 2013, has grown into a coordinated movement involving 42 member states.

What once sounded like a distant vision is now taking shape through platforms such as SANIA, which connects African startups with investors, and the Smart Africa Data Exchange (SADX), a cross-border data interoperability pilot currently running in Benin, Ghana and Rwanda.

Now, this push is important because each African country has its digital laws, data-protection rules, telecom standards, and ICT policies. This fragmentation makes it difficult for digital services, startups, mobile money systems, and data to move easily across borders.

A unified market would allow a digital identity issued in Nairobi to work seamlessly in Abidjan, or a fintech from Accra to scale across borders without navigating dozens of regulatory hurdles.

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.

Historically, Tesla has sought to sell automobiles in India's thriving market; however, the exceptionally high tariffs have hindered these plans. Elon Musk has remarked that these tariffs are among the most prohibitive globally. Despite these obstacles, Tesla is progressing; it has finalized showroom locations and is actively recruiting in India, suggesting imminent market entry.

In March, Tesla imported a Model Y from Germany valued at $46,000, illuminating the tariff's impact, as it doubles the cost of the vehicle to consumers. Mr. Taneja highlighted the price anxiety, stating, "The same car which we're sending is 100% more expensive than what it is." He emphasized the company’s cautious approach to timing its entry into India, designating the market as "very hot."

The recent financial performance of Tesla revealed a 71% decline in net profit for the first quarter, further complicating its entry strategy. The company is engaged in discussions with Indian officials to potentially lower tariffs, with Prime Minister Modi's administration negotiating with the U.S. to address the 100% levies in a bilateral trade agreement.

While the United States advocates for the removal of these tariffs, it appears that India is hesitant to reduce the duties drastically, particularly given strong opposition from local automakers such as Tata Motors and Mahindra and Mahindra. Furthermore, Musk announced intentions to visit India this year, following a conversation with Prime Minister Modi regarding technology collaboration.

Previously, Musk had planned a visit to India to unveil a substantial investment of $2 billion to $3 billion, which included establishing a manufacturing facility for electric vehicles. Unfortunately, he canceled this trip at the last moment.

These workers use acid to retrieve the gold from circuit boards.

Although it involves many health risks due to the exposure to these harmful chemicals in the process, the business is gradually growing.

The average working group in this business is able to retrieve around 150 grams of gold each month. The gold is then sold at local markets.

After the gold is retrieved, it goes through various processes to be refined after which it is purified and sold. It is sometimes used to make jewellry which is also sold on the market.

A recent workshop revealed that 2,000 - 3,000 people die annually in HCM City due to fine dust pollution from traffic. Associate Professor Vũ Anh Tuấn from the Centre for Transport Research at Việt Nam-Germany University discussed solutions with VOV. HCM City, with around eight million motorbikes and over one million cars, faces severe traffic jams and public health issues. Research from a Việt Nam-Germany cooperation program showed that PM2.5 and PM10 fine dust contribute to these deaths and reduced life expectancy, as per WHO limits, reports Viet Nam News .

Personal loans getting difficult

Banks in Vietnam are making it easier to get small personal loans, but the approval process is still strict. Borrowers of less than VND100 million (USD3,973) do not need a feasibility plan to repay but still have to provide financial records and other information. Some borrowers find the process inconvenient and are turning to consumer finance companies instead. Viet Nam News reports that bad debt at consumer finance companies and banks has been increasing, causing concern for the industry. Getting a personal loan will continue to be difficult and interest rates will remain high.

Enterprises increase in number

In July, Hà Nội authorities issued certificates to 3,007 new enterprises, marking a 20% increase compared to the same period last year. These new businesses have a total registered capital of VNĐ24.1 trillion (US$959 million), a 4% rise. However, 447 firms dissolved, and 2,015 suspended operations, up 52% and 43%, respectively. Additionally, 997 companies resumed operations, a 56% increase, adds Viet Nam News . In the first seven months of this year, nearly 18,000 new enterprises were established in Hà Nội, with a total registered capital of VNĐ162.1 trillion (USD6.4 million).

Market rebounds, VN-Index hits 1,200 points

Shares rebounded on Tuesday, August 6, with the VN-Index reaching 1,210 points after a sell-off on Monday, August 5. Viet Nam News reports that the market saw gains in blue-chip stocks and a strong performance in the securities sector. Foreign investors continued to withdraw capital from the main trading exchange.

Vietjet offers 30% off on Business and SkyBoss tickets

Vietjet is offering up to a 30% discount on Business and SkyBoss tickets for all domestic and international routes. The promotion is available for booking until August 31 and for flights between August 19 and November 30, 2024. SkyBoss tickets offer premium services and up to 50kg of checked baggage. Additionally, passengers flying directly between Vietnam and China will receive 20kg of free checked baggage, as reported by Viet Nam News .

Uzbekistan’s trade turnover of natural and artificial gas reached $515.1 million from January through April 2024, according to Trend News Agency . Data from Uzbekistan’s Statistics Agency reveals a significant increase of 137.3% compared to the same period last year when the trade turnover was $217 million. During the first four months of 2024, Uzbekistan’s exports of natural and artificial gas amounted to $52.3 million, marking a 55.6% decrease from the $117.9 million recorded in the same period of 2023. Meanwhile, imports surged to $462.8 million, a 202.2% rise from the $153.1 million reported in January–April 2023.

Exports to Russia

Uzbekistan has significantly increased its export of fruits and vegetables to Russia, with a 26% increase in supply compared to the previous year. Shipments of white cabbage, fresh persimmons, cauliflower, and carrots have all seen significant increases. The potential for mutual trade between the two countries is wide, and efforts are underway to simplify supply conditions and make bilateral trade more transparent, reports KunUz . Integration of information systems in the field of phytosanitary is also being worked on to simplify control procedures.

Foreign trade gains

Uzbekistan's foreign trade turnover in 1Q24 reached nearly $21bn, up 6% from the previous year. According to Daryo , despite a deficit of $3.9bn, exports grew by 9% while imports increased by 3.9%. China is the largest trade partner, with a total trade volume of $3.96bn, followed by Russia at $3.84bn. Other key trading partners include Kazakhstan, Turkey, South Korea, France, Germany, Afghanistan, Turkmenistan, and India.

Bilateral collaboration with Azerbaijan

A signing ceremony for bilateral documents was held in Quba during the Second Azerbaijan – Uzbekistan Interregional Forum, as reported by UzA . The event saw the signing of memoranda of understanding and cooperation in trade, economic, and cultural-humanitarian spheres between Termez and Bilasuvar, Namangan and Mingachevir, and Gulistan and Fuzuli. Additionally, a roadmap for preparing the state visit of President Ilham Aliyev of Azerbaijan to Uzbekistan was approved at the forum. It was noted that implementing these documents will foster closer relations and strengthen direct ties between the people of both nations.

Humanitarian aid to Afghanistan

Uzbekistan has sent 200 tons of humanitarian aid to Afghanistan for those affected by mudflows and floods. The aid includes food, tents, and water storage tanks, and was delivered to Balkh province through the Airitom border crossing. According to Akipress , the ceremony was attended by officials from both countries, and Uzbekistan was thanked for their support. Afghanistan has suffered severe casualties from the floods, with over 70 people dead in April and over 300 in May.

The MPC, however, maintained the Cash Reserve Ratio (CRR) at 45% for commercial banks and increased the CRR of merchant banks from 10% to 14%.

Ahead of the two-day meeting, Cardoso said in an interview with the Financial Times that the Central Bank would do everything to stabilise Nigeria's economy and inflation levels even if it meant increasing interest rates.

“There is every indication that the MPC would do whatever is necessary. They will continue to do what has to be done to ensure that inflation comes down,” he said.

However, experts lament that consumers and citizens will be the bearers of the burden this rate hike will impose.

According to Chijioke Ekechukwu, an economic expert, who spoke to Xinhua , "This will ultimately be borne by consumers through higher prices of goods and services. There are other drivers of inflation, which are not within the control of the monetary policy."

Uche Uwaleke, a capital market expert also stated that the rate hike "Has the potential of triggering portfolio rebalancing in favour of fixed-income securities." Adding that the over-reliance on the monetary policy rate to battle inflation does not "make any meaningful impact due to the significant non-monetary factors driving inflation in Nigeria."

In April, Nigeria's headline consumer inflation surged to a new 28-year high, reaching 33.69% year-on-year, up from 33.20% in March. This increase marked the rise in inflation for the 16th consecutive month for the country.

The National Bureau of Statistics (NBS) reported that on a year-on-year basis, the headline inflation rate stood at 11.47% points higher than the rate recorded in April 2023, which was 22.22%.

Additionally, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, marking a decrease of 0.73% compared to the rate recorded in March 2024 (3.02%).

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.

In 2023, however, investments reduced to $2.27 billion just like pre-2016. This is highlighted by Eghosa Omoigui from EchoVC according to a report filed by Africanews .

An explanation given by the former UN Chief Innovation Officer, Dr. Gabre-Madhin , suggests that the African venture capital is going through the mill due to the unavailability of domestic sources. Hence, she advises the building of sturdy investment hubs in Africa to maintain startups on the continent.

"The most important structural issue is that the base of venture capital in Africa is almost entirely foreign investment," she said .

Additionally, Dr. Gabre-Madhin took the initiative and launched the Timbuktoo Fund at the World Economic Forum (WEF) in Davos earlier this year, which opens African tech entrepreneurs up to $1 billion .

"One of the most important initiatives... is to mitigate single-country risk by going across borders as soon as possible," she said as she expanded that it will take the unity of multiple African countries to see a change in the venture capital landscape.

Traditionally, Ethiopian coffee has found its way into the markets of Saudi Arabia, South Korea, the United States, Germany, and Japan. However, recent years have seen the Ethiopian government successfully penetrate new markets, including China, the United Arab Emirates, and Sudan. This diversification strategy has played a crucial role in the resilience and growth of Ethiopia's coffee export sector.

Coffee production is the backbone of Ethiopia's agriculture-led economy, and the country is celebrated for its coffee's rich quality. The global demand for Ethiopian coffee remains strong due to its unique characteristics.

Despite the impressive revenue from coffee exports, experts point out that the sector faces challenges, particularly in value addition. The majority of Ethiopian coffee exports are raw beans, which means the full potential of the sector is not being realised. There is a significant opportunity for Ethiopia to increase its revenue by investing in processing and branding its coffee for the international market.

According to a 2021 study by LIGS University, "Ethiopia's coffee export plays an essential role in the country’s economy. However, some obstacles affect the export process and expectations. Among them are product quality considerations, decreasing supply, increasing demand, lack of price negotiations, and product branding. Lack of promotion, lack of quality, continuity, lack of transportation, lack of modern sudden, lack of modern education to the farmers, and the other challenges, most Ethiopian coffee exporter companies have no confidence to answer the researchers' requests."

In the 2023 fiscal year , Ethiopia earned $1.3 billion from exporting around 240,000 tons of coffee. This marked a decrease from the record-high $1.4 billion revenue from about 300,000 tons of coffee exported in 2022.

“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.

Here are the top five cocoa-producing nations whose annual surplus continually boosts their gross domestic products (GDPs).

Cote d'Ivoire

Cote d'Ivoire continues to hold its position as the leading cocoa-producing nation globally by contributing 44% of the total production. According to a 2024 report from Statista , Cote d'Ivoire harvested around 1.45 million tons of cocoa beans in the 2012/2013 season. The country is projected to increase cocoa production to 1.8 million tons by the end of the 2024 season.

Ghana

As usual, Ghana closely follows, contributing 14% to the world's total cocoa production. According to Joseph Aidoo , the Chief Executive Officer of the Ghana Cocoa Board, the country is projected to produce between 650,000 to 700,000 tons of cocoa beans by the end of the 2023-2024 season, compared to an earlier forecast of 850,000 tons. The season concludes in September.

Ecuador

Ecuador typically produces an average of 337,000 tons of cocoa annually. However, in the 2022/2023 crop year, production increased to 454,000 tons . As the third-largest cocoa producer, it holds a 9% share of the global output. Nevertheless, forecasts indicate a slight dip in production for the 2023/2024 season, with an expected output of 430 thousand tons, lower than the previous year's yield.

Cameroon

Cameroon contributes 6% of the world's total cocoa production in 300,000 metric tons. Statista projects Cameroon to produce 300,000 tons of cocoa in the 2023/2024 crop year. The country has always shown its prowess in cocoa production, producing 225,000 tons of cocoa beans in 2012/2013.

Nigeria

Just like Cameroon, Nigeria contributes 6% of the global cocoa production. Visual Capitalist shows Nigeria produced around 280,000 tons of cocoa beans in 2022. The country, however, produced around 238,000 tons of cocoa beans in 2023, according to Statista . It is expected to improve with a production of about 270 thousand tons in 2023/2024.

The Nigeria National Petroleum Corporation attributes the ongoing fuel scarcity in the nation to panic buying and unethical conduct by certain petroleum marketers exploiting the current situation for profit. According to Punch , the corporation pledges to resolve queueing issues by the following week. Nevertheless, marketers refute allegations of malpractice, asserting their innocence regarding the scarcity. The NNPC spokesperson emphasises that the distribution by marketers is currently under scrutiny. Marketers are, however, advocating for heightened government intervention to saturate markets with fuel products. Nigeria is currently facing a severe fuel scarcity crisis, which has led to widespread transportation paralysis, increased costs for businesses and citizens, and overall disruption of daily life

Anti-malaria strategies

To enhance Nigeria's efforts in combating malaria morbidity and mortality, Nigeria's Ministry of Health and Social Welfare convened a gathering of key healthcare stakeholders and experts on May 4, as reported by Premium Times . The event, titled "Ministerial Roundtable Meeting: Rethinking Malaria Elimination in Nigeria," brought together representatives from national and international health organizations to reassess the country's approach and strategies towards malaria eradication. Despite Nigeria's sustained efforts to reduce malaria cases, it still bears the highest burden of the disease globally. According to the 2022 World Malaria Report, Nigeria accounts for approximately 27% of the global malaria burden and 31.3% of related deaths, marking the highest figures worldwide.

Fight against workers using fake certificates

Nigeria's Federal Government has raised concerns over the potential presence of individuals with counterfeit educational credentials within both public and private sectors. The Minister of Education, Prof. Tahir Mamman, voiced these apprehensions while receiving a report from an inter-ministerial committee mandated to investigate illegitimate academic degrees at his office on Friday, May 3, 2024. As reported by Pulse Nigeria, the Federal Government mandated the committee to scrutinize the operations of over 100 private universities and their counterparts in Benin Republic, Togo, and other nations following an exposé by a journalist from Daily Nigerian. The investigative report uncovered how certain diploma mills exploited loopholes in the Nigerian system to evade scrutiny. Mamman expressed dismay at the findings and pledged collaboration with relevant agencies to restore integrity to the education sector and eradicate counterfeit practices.

Northern leaders warn against relocation of US and French military bases

Northern leaders are warning against the relocation of US and French military bases from the Sahel to Nigeria. They are concerned about the impact on Nigeria's defence and security, as well as the potential negative effects on the economy and environment. As reported by BusinessDay , the leaders argue that hosting foreign troops could disproportionately affect lower-income populations and lead to environmental degradation. They also highlight Nigeria's historical opposition to defence agreements with foreign countries. Notable signatories to the letter include prominent figures such as former INEC chairman Attahiru Muhammadu Jega and former Minister of State for Petroleum Resources Kabiru Sulaiman Chafe.

Fitch upgrades Nigeria's credit outlook

Fitch upgraded Nigeria's credit outlook to positive from stable, attributing the change to fiscal and monetary reforms. The reforms include foreign exchange liberalisation, fuel subsidy removal, and electricity tariff hikes. According to Vanguard , the upgrades reflect a return of inflows to the official foreign exchange market and a notable rise in foreign portfolio investment. However, challenges remain, including high inflation and FX market instability. The Central Bank of Nigeria has raised the monetary policy rate, and further increases are anticipated. Moody's also revised its outlook for Nigeria from stable to positive in December 2023.

In the first two months of the year, Vietnam's total footwear export earnings reached 3.1 billion USD, with major contributions from the US, the EU, the UK and China.

The US led with a turnover of 1,1 billion USD, representing a 25% increase year-on-year and comprising over a third of Vietnam's footwear exports. China. the second largest buyer, purchased over 318 million USD worth of footwear, marking an 11.4% increase year-on-year, and Belgium's purchases amounted to 191 million USD, reflecting a 10% increase compared to the previous year.

The development strategy for Vietnam's textile, leather, and footwear industries sets ambitious targets for the future. Local media agency Vietnam Plus explained that by 2025, the country aims to achieve a footwear export turnover of 27-28 billion USD, with a more impressive goal of reaching 38-39 billion USD by 2030.

The unexpected rise of the U.S. dollar is fuelled by a myriad of factors that have collectively propelled it to multi-year highs. According to Bloomberg's insights, this increased dollar's value echoes across global markets, triggering widespread concerns among investors and policymakers.

The dollar's strength is significant for international trade dynamics, Bloomberg highlights. That is, a thriving dollar renders U.S. exports more expensive for foreign buyers, potentially dampening demand and exerting downward pressure on trade balances.

Moreover, Bloomberg's examination highlights the challenges the dollar's strength poses to emerging market economies like the Maldives and Bolivia . These nations struggle with substantial dollar-denominated debt, making them particularly vulnerable to currency fluctuations. As the dollar appreciates, the cost of servicing this debt rises, potentially triggering financial instability and magnifying existing vulnerabilities.

“The US dollar keeps turning up the heat on other central banks,” said Helen Given, a foreign exchange trader at Monex. “Given the current global environment where central banks appear to be looking to end their tightening cycles, there doesn’t seem to be a safe way out from the dollar’s continued dominance.”

The effects of the strong dollar extend beyond trade and emerging markets to encompass broader implications for financial markets and investor sentiment. Bloomberg 's analysis indicates that a stronger dollar tends to weigh on commodity prices, particularly those denominated in dollars such as oil and gold.

As these challenges persist, Japan has issued increasingly dire warnings about its preparedness to intervene to strengthen the yen, which is drifting near a 34-year low. Meanwhile, Turkey has surprised markets by implementing a rate hike to strengthen the lira. Additionally, China and Indonesia have taken steps to stabilise their currencies, while Sweden and India find themselves similarly under pressure to address currency concerns.

The White House will host the first trilateral summit between the Philippines, Japan, and the United States on April 11, aiming to strengthen ties based on historical friendship, economic relations, democratic values, and a shared vision for a free and open Indo-Pacific. The leaders will also reaffirm the ironclad alliances between the United States and the Philippines, and the United States and Japan, local media Money Control reports.

Gaming market

The Philippines is expected to become the second largest gaming market in the ASEAN region, after Macau, with PAGCOR Chairman, Alejandro H Tengco, predicting gaming revenue to reach a new high of $6.1 billion this year. News outlet AGB reports that the privatisation and regulatory reforms are expected to attract more integrated resorts and boost the electronic gaming sector.

Wildlife award

The Wildlife Sentinel Award (WiSe) Philippines has been launched to recognise outstanding achievements in combating wildlife crime in the country. Nominations are open until May 31, 2024, and open to individuals, units, and groups in investigation and law enforcement agencies and prosecution services. The award aims to honour those who contributed excellently to protecting the Philippines' biodiversity, reports local media Traffic .

Earthquake

A powerful earthquake with a magnitude of at least 7.5 struck Mindanao in the southern Philippines, triggering tsunami warnings that were later lifted. The earthquake resulted in at least one death and caused evacuation orders in both the Philippines and Japan, reports media agency Aljazeera .

Free trade

The EU and the Philippines have announced the restart of free trade talks after a seven-year halt, with the EU being the fifth largest trade partner for the Philippines in 2023. Talks were previously halted in 2017 during Rodrigo Duterte's presidency. Media agency Bloomberg reports that the trade deal will ensure mutual market access and diversify supply chains, offering more opportunities for professionals and service providers.

Beyond the financial crisis, Lebanon finds itself entangled in regional geopolitics. Ongoing conflicts, notably the Israel-Hamas war and escalating tensions along the Lebanon-Israeli border contribute to the country's instability, with fears of war spillover intensifying.

Yet, against this tumultuous backdrop, Beirut Souks is poised for a revival, with plans for over 180 shops to open by July 2024. "We are in the midst of a phased re-launch, with commitments on over 90% of Beirut Souks’ leaseable space. The gradual opening of stores will commence in the second quarter of 2024, aiming for close to 100% occupancy by summer," Beirut Souks's General Manager, Adib Al Nakib, told GSW.

The United Nations' World Economic Situation and Prospects (WESP) 2024 report outlines several challenges. Despite a vibrant tourism season and robust remittance flows, Lebanon's GDP contracted by 0.2% in 2023, and inflation skyrocketed from 171.2% in 2022 to 230.4% in 2023.

While the outlook for 2024 and 2025 hints at a potential economic recovery with expected growth rates of 1.7% and 3.8%, respectively, concerns linger, particularly regarding inflation, projected to remain elevated at 78.1% in 2024 and 30.7% in 2025.

"Beirut's souks are part of the economy. While the heart of Beirut has a distinct advantage, it's not clear that its souks can develop independently. A healthy economic recovery is only possible within the framework of a regional agreement, as was the case at the end of the civil war in the 90s," Economics professor Jassem Ajaka said in an exclusive interview with GSW.

Ajaka also underscored the challenges facing potential investors, including consumer purchasing power and country risk levels. "If the country emerges from political chaos, Beirut's souks would be a favourite choice for investors," he added.

Lebanon's economy is thus greatly dependent on the political landscape and geopolitical interference.

"We acknowledge the challenging external factors that may impact our anticipated launch. As significant contributors to the economic landscape in the area, we have implemented various measures to create a positive environment for investments and have shown adaptability to changing needs and challenges. However, it is essential to recognize that complete insulation may not be achieved," Al Nakib noted.

Analysts, lawmakers, and officials suggest that the prevailing political paralysis is diminishing prospects for crucial reforms that could attract foreign support and prevent social unrest. Ongoing political divisions continue to hinder the formation of an executive authority capable of implementing reforms or reaching an agreement with the International Monetary Fund (IMF) and donor countries.

In 2022, Lebanon agreed to $3 billion in financing from the IMF, contingent upon the implementation of key measures to address its financial crisis. The outgoing cabinet also approved a revised financial recovery plan during that period.

However, these developments have been eclipsed by the enduring political deadlock and banking sector opposition to the proposed plan. As of today, one of the world's most severe financial crises is still ongoing.

"No sustainable recovery is possible in the current political and geopolitical context. Political power needs to break the deadlock it is in: elect its president, form a government, mitigate political conflicts, and begin economic reforms. It's the only way!" Ajaka emphasized.

As Lebanon grapples with multifaceted challenges, Beirut Souks stands at the crossroads of hope and realism, navigating a delicate balance between economic revival and the broader geopolitical context.