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Gold-producing nations in West Africa are racing to build gold refineries. Guinea’s Nimba Gold Refinery is expected to open in July. Mines Minister Bouna Sylla says the country retains less than 1% of the revenue from the $7 billion worth of gold it mines in a year. And the new refinery would change that. Guinea …
Rising oil prices due to the conflict involving the U.S., Israel, and Iran are a concern for inflation across Africa. The conflict has effectively closed the Strait of Hormuz, a crucial passage for one-fifth of the world’s oil. Some oil producers, like Angola and Libya, may benefit from the high prices, but this advantage could …
Julius Neequaye Kotey has headed Ghana’s Driver and Vehicle Licensing Authority for a little over one year, but has already made a significant impact, digitizing the vehicle licensing system. Kotey says he envisions “a DVLA where everything is digitized.” He tells Africawatch he believes that will “improve efficiency, curb avoidable infractions, reduce revenue leakages, and …
Africa’s economies have been battered by external shocks over the past three years, and several countries are in debt trouble. That gives governments a dilemma: Austerity measures can help attract foreign investment that improves the economy, but at the price of raising the cost of living and provoking popular backlash. Menzi Ndhlovu and Ronak Gopaldas …
Kenya Airways carried more than 5 million passengers in 2019, but lost more than $300 million in 2020, as COVID-19 curtailed travel. It wasn’t the first time Kenya Airways, like many larger carriers, needed a government bailout. Air travel is a crucial service, but in Africa, it might be more sustainable to have a few …
The African Continental Free Trade Area was supposed to go into effect on January 1, 2021, but more than a year later, no trading under its provisions has happened. AfCFTA’s top official says it takes time for nations to reach complex agreements to cover more than 8,000 categories of products, as well as informing small …
False start for the African Continental Free Trade Area Read More »
After trying to ban cryptocurrencies, Nigeria’s Central Bank launched its own digital currency, the eNaira. It immediately proved popular in a country where many people have used cryptocurrencies for cross-border trade or remittances. But it is not an economic panacea: It won’t end Nigeria’s foreign-exchange volatility or stem the devaluation of the naira. Doyin Olagunju …
Like many African cities, Accra has grown rapidly over the last few decades, and it’s experiencing a construction boom in the city center. But most of the housing built is far too expensive for the majority of the people, who work in the informal economy and have incomes too irregular to get loans. The privatization …
The African Continental Free Trade Agreement went into effect on Jan. 1, after being signed by all but one of the continent’s nations and ratified by two-thirds of them. It is intended to stimulate Africa’s economy by eliminating tariffs and other barriers to intracontinental trade, creating one market for 1.3 billion people. Yet getting it …
The use of Internet-based “cryptocurrencies” such as bitcoin, which in the West are considered too risky for general use, is growing in African countries such as Nigeria, as people find them a convenient way to transfer money across borders. Alexis Akwagyiram and Tom Wilson report. A few months ago, Abolaji Odunjo made a fundamental change …