African Debt: At some point, the hole becomes just too big to fill

“Nigeria, Ghana, Kenya, South Africa, and others have all announced new borrowing initiatives that will only exacerbate the current financial crisis. And what’s worse is that they’re largely planning on using the proceeds from raw material sales to repay those loans. But by the time those loans come due, commodities won’t be nearly as valuable as they are today.”

via The Africa Report

Nigeria: Rising inflation/energy prices force small businesses to close

“Nigeria’s mounting inflation in parallel with growing costs of energy are driving small and medium businesses away; at a time when the whole economy is suffering from the impact of the pandemic.”

via The Africa Report

Coronavirus warrior Dr John Nkengasong is not happy about corruption in PPE procurement

“Speaking to the investigation currently underway in South Africa, after PPE deals worth over $299m were suspected to be fraudulent, Nkengasong said, ‘I remain hopeful that the government of South Africa will complete its investigation, and bring various people to order and penalise them appropriately for the collective good of the people of South Africa.'”

via The Africa Report

How the African Union is rallying to combat COVID-19

“The pandemic adversely affected most AU plans, with physical meetings or summits being postponed after most AU member states imposed travel restrictions and national lockdowns to prevent the spread of the virus.”

via The Africa Report

‘Africa must tap the incredible opportunity before it’

“We are at a historic moment: our choice is between reversal and renewal – either going back to pre-crisis models of growth or building a new, more sustainable and inclusive model that can deliver even greater development gains in the long run.”

via The Africa Report

Coronavirus: Which African airlines are taking off and when?

“After more than three months without flying, airline companies are finally seeing the light at the end of the tunnel. Since 25 June, Royal Air Maroc began operating a portion of its domestic flights (Agadir, Dakhla, Laâyoune and Oujda) from its Casablanca hub, followed by its other hubs, Marrakech and Tangier. The low-cost airline Air Arabia Maroc will also resume operations on the same date.”

via The Africa Report

Buhari’s COVID-19 economic plan: old wine in new wineskins

“There are two main pillars to the economic sustainability plan. The first is job creation and the second an infusion of cash. These will be achieved through targeted investments in agriculture and agro-processing, manufacturing, renewable energy, housing, information technology. The proposal also included cash transfers as well as ‘survival funds’ for medium and small scale enterprises.”

via The Africa Report

Energy can power Africa’s recovery from pandemic and recession

“Economic development starts with access to modern energy. It underpins vital food supplies, powers homes and hospitals, and enables people to work, study and travel. But the disruptions caused by the COVID-19 crisis threaten to make it increasingly difficult to meet the UN Sustainable Development Goal of bringing affordable, reliable, sustainable and modern energy to all.”

via The Africa Report

Coronavirus: Africa leads vaccine quest with trials in Johannesburg

“COVID-19 has hit South Africa harder than any other country on the continent. That makes it a good place to test the vaccine candidate, as volunteers are likely to come into contact with the virus relatively quickly. The study will follow up to 2,000 volunteers over 12 months.”

via The Africa Report

Coronavirus: Now is the time to invest in Africa’s creative industries

“Despite the effects of COVID-19, Africa’s young creative industries remain ripe for investment opportunities. African music, film, and fashion continue to gain global popularity, with companies like Netflix and Universal Music Group expanding their presence on the continent.”

via The Africa Report