Ghana Ranks Top in Africa’s Investment Attractiveness – Report
Ghana ranks sixth on the continent in terms of investment attractiveness, outperforming other West African countries. Ghana ranked sixth in the continent’s investment attractiveness in RMB’s “Where to Invest in Africa” 2021 report, outperforming its West African neighbors.
Ghana has risen to the top of the sub-new region’s rankings, ahead of Côte d’Ivoire, Senegal, and Nigeria.
RMB, the corporate and investment banking arm of FirstRand Bank Ltd, said Ghana entered the current Covid crisis on a relatively stronger footing than its African peers, with its economy avoiding a recession in 2020 and registering 0.4 percent growth, outperforming Sub-Saharan Africa economies, which contracted by 3.2 percent on average.
For Ghana, the next several years will be defined by the government’s capacity to consolidate fiscal spending, which is unquestionably required to reduce the country’s debt burden.
China weds AU, African leaders in anti-sanctions call for Zimbabwe
China has joined African countries in pressuring the US and other Western governments to lift their two-decade-old economic embargo on Zimbabwe, claiming that it has driven the country’s economy to its knees.
As Zimbabwe observed its ‘Anti-Sanctions Day’ on October 25, Beijing, the African Union (AU), the Southern African Development Community (SADC), and other African countries released strong-worded solidarity messages.
In March 2003, the United States slapped sanctions on Zimbabwe, which were later expanded to encompass roughly 250 people associated with then-president Robert Mugabe for allegedly subverting democracy. However, Bunnaj gathered that ordinary people have been harmed as a result of the sanction.
Nigerian army claims ISWAP’s new leader killed in military operation
Nigeria’s army announced on Thursday that the new commander of the insurgent group Islamic State West Africa Province (ISWAP) was killed in a military operation earlier this month, two weeks after the group’s former leader Abu Musab al-Barnawi was kiled.
ISWAP is an offshoot of Boko Haram, a Nigerian insurgent group that has been fighting the Nigerian military for more than a decade. The Nigerian military conducted multiple ground and air attacks on suspected rebel strongholds, according to army spokesman Brigadier Benard Onyuko, during which ISWAP’s new leader, Malam Bako, was killed.
However, Bako’s death could not be independently verified, and there was no immediate confirmation from ISWAP. Bako would be the fourth leader of an Islamist insurgent group to die in West Africa this year if his death is confirmed.
Africa courts EU for unused World Bank, IMF reserves
African countries are courting European Union members to reallocate their unused reserves at the World Bank and the IMF to help cash-strapped states grappling with debt and the pandemic’s effects.
They argue that reallocation, together with trade agreements and the elimination of injustice — such as worldwide vaccine distribution and certification — are crucial to future relations with Europe.
Without elaborating, the EU promised greater debt sustainability assistance, including reaching out to nations who hold a significant portion of Africa’s debt.
Ethiopia ‘concerned’ by Sudan coup
Ethiopia is wringing its hands over the political turmoil in Sudan, even as it grapples with the crisis in Tigray, which will commemorate a year this week.
Ethiopia was among the first responders in the region when the military seized control in Sudan in a coup on Monday, expressing worry and urging all political parties to “calm and de-escalate” and “to exert every effort towards a peaceful end to this crisis.”
Bunnaj, on the other hand, gathered that this is due to the diplomatic ties and shared goals that the two countries have.
Task force makes move for new Kenya Power debt relief plan
The presidential task committee tasked with reviewing Kenya Power’s operations wants the repayment of Ksh53.27 billion ($530 million) debts held by the troubled state agency postponed for two years to relieve financial strains.
The debts, which were borrowed from the International Development Agency, China Exim Bank, and Japan Development Bank, are guaranteed by the government and hence must be paid by it.
Kenya Power disclosures show that on-lent loans accounted for 48.4 percent of its Ksh109.96 billion ($11 million) debt as at end of June last year, pointing to reliance on debt to run operations. Kenya Power claims that a moratorium will allow it to meet operating duties until the situation improves.
Moratoriums on loans and a reassessment of expensive electricity purchase contracts between Kenya Power and independent power producers, according to the presidential task team, are critical to turning the country’s fortunes around.
ECOWAS Commission delegation holds talks with Guinea leaders
On Friday, a delegation from the Economic Community of West African States (Ecowas) met with Guinean politicians in a bid to address disputes with the military junta. The three-day visit began on Thursday with the arrival of a delegation led by Ecowas Commission President Jean-Claude Kassi Brou.
The visit comes nearly two months after the EU imposed a suspension on the country in retaliation for the toppling of former President Alpha Conde’s government in September. Ecowas has since issued an order for the military to return authority within six months, among other things. However, the junta and many Guineans argue that the time allotted is insufficient.
Mr Brou was quoted on Friday saying in Conakry that he and his delegation was in the country to find out how the bloc could help the country’s smooth transition to civilian rule. He told journalists at a press conference that Ecowas wanted to see a “successful transition that helps the return to constitutional order.”
Mr Brou was quoted in Conakry as stating that he and his entourage were in the nation to see how the bloc could help the country transition to civilian governance smoothly. He expressed his desire for a “successful transition that helps the return to constitutional order” at a press conference, according to journalists.
Uganda: Schools to reopen in January, after almost two years
Ugandan schools, which have been closed since March last year because of the pandemic, will resume in January despite low vaccination rates, according to the country’s president. Despite Museveni’s claim that “right now 4.7 million vaccines” are accessible, and another 23 million doses are due by the end of the year, Ugandans have indicated a reluctance to be vaccinated.
“Walk to the health centres or be carried there… go by motorcycle taxi, go by bicycle or go by vehicle and be immunised,” Museveni said. Bunnaj learned that many teachers have taken on other professions to help support their families while their careers remain on hold.
SA to offer Covid jabs at polling stations
South Africa announced on Friday that during next week’s local government elections, 1,000 vaccination centers will be set up at chosen polling stations to allow voters to get vaccinated after casting their ballots.
Because of the pandemic, the electoral commission attempted to postpone the elections, but the Constitutional Court rejected the request, ordering that they be held on November 1.
Around 1,000 vaccination sites will be set up around some of the 23,000 polling centers, focusing on areas with low immunization rates.
“We hope this arrangement will offer convenience” for people who will have travelled to cast their ballots, “to vaccinate in one trip”, Health Minister Joe Phaahla revealed.
U.S. ‘lashed’ for withholding $700 million in aid to Sudan
On Friday, a spokesman for Sudan’s main opposition coalition, the Forces for Freedom and Change (FFC), criticized the United States’ decision to withhold 700 million dollars in aid from the country, saying Sudan should not be penalised for what happened under former President Omar al-Bashir.
After the country’s military forces arrested civilian leaders and officials, the US suspended 700 million dollars in economic aid to Sudan on Monday.
During a news briefing, US State Department spokesman Ned Price said the United States condemned Sudanese military forces’ actions that resulted in the detention of Sudanese civilian government officials and other political leaders, including Prime Minister Abdalla Hamdok.
On Oct. 25, the Sudanese Army started steps to dismantle the military-civilian coalition reigning in Sudan during the transitional era.
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