In the inky blackness of night over Odesa you can hear them flying. That unmistakable buzz of a motorcycle engine powering a set of wings and a payload of explosives that make up a $50,000 deadly drone. Odesa, the grain exporting hub on the Black Sea, is one of cash-strapped Ukraine’s last hopes for hard currency, without which its war effort could founder. The city is also the front line in this war of attrition since the full-scale Russian invasion more than two years ago. With Russia’s Black Sea fleet forced back over the horizon, the drones are a cheap way to sustain attack and spread fear ..read more

Early next year the board of governors at the African Development Bank (AfDB) will elect the bank’s next president, as the incumbent Akinwumi Adesina comes to the end of his second term in office. While Adesina’s would-be successors will not be able to submit their applications until September, and the vote will take place early in 2025, several candidates are already on manoeuvres in an election which could have significant ramifications for the direction of travel at the AfDB. Abbas Mahamat Tolli from Chad, former governor of the Bank of Central African States, announced his candidacy in Mar ..read more

The Central Bank of Kenya (CBK) has revived efforts to separate M-Pesa, the mobile money service, from Safaricom, the country’s telecom leader. The move seeks to bolster transparency, accountability, and regulatory oversight in the financial sector. However, previous attempts at separation, proposed over two years ago, encountered substantial delays and the jury is still out on whether this renewed push to spin off M-Pesa will be any different. At the heart of the delays, says Kamau Thugge, the CBK governor, is a substantial tax liability. “One of the factors delaying the de-linkage of M-Pesa ..read more

It has been a year since the brutal Sudanese civil war erupted between the governmentbacked Sudanese Armed Forces and the Rapid Support Forces (RSF), an armed militia once allied to the regime. Over those twelve months, according to the UN, over 14,000 people have been killed and tens of thousands wounded. Half the country’s population – 25m people – need lifesaving assistance and more than 8.6m people have been forced to flee their homes, including 1.8m refugees. At least 18m people are facing acute hunger, a number that is set to surge as the lean season fast approaches, threatening a potent ..read more

  The Uganda Development Bank (UDB) recently convened a high-level meeting with prominent stakeholders on the sidelines of the International Monetary Fund (IMF) and World Bank spring meetings in Washington DC. The aim of this strategic engagement, which was led by UDB chairman Felix Okoboi and CEO Patricia Ojangole, was to foster partnerships, exchange insights on the evolving role of national development banks in Africa, and chart a course for UDB’s transformation. In his opening remarks Henry Musasizi, minister of state for finance, planning and economic development for Uganda, made a c ..read more

Under its Vision 2035 strategy, the government of Djibouti is seeking to use its excellent transport links to build a fast-growing African economic and trade hub. By taking advantage of the African Continental Free Trade Agreement (AfCFTA), it can strengthen economic ties with other African economies, while acting as a conduit for trade with the rest of the world. Djibouti’s strategy has certainly paid dividends to date. Growth averaged more than 6% between 2013 and 2019, understandably weakened during the Covid-19 pandemic and immediate post-Covid years, but reached 7% in 2023.  The Afri ..read more

Following a series of setbacks in recent years, including the pandemic, record inflation, tighter monetary policy, and escalating debt burdens, Africa’s economy is now rebounding. The International Monetary Fund (IMF) projects that the continent’s economic growth will reach 3.5% in 2024 and 4% in 2025. “Nearly two thirds of the countries on the continent are anticipating higher growth this year, on the back of the modest easing in global financial conditions and a recovery in private investment and consumption,” reads a statement from Wale Edun, Nigeria’s minister of finance and chair of the A ..read more

Following a series of setbacks in recent years, including the pandemic, record inflation, tighter monetary policy, and escalating debt burdens, Africa’s economy is now rebounding. The International Monetary Fund (IMF) projects that the continent’s economic growth will reach 3.5% in 2024 and 4% in 2025. “Nearly two thirds of the countries on the continent are anticipating higher growth this year, on the back of the modest easing in global financial conditions and a recovery in private investment and consumption,” reads a statement from Wale Edun, Nigeria’s minister of finance and chair of the A ..read more

It is essential that we scale up action on key transitions and investment pathways to accelerate progress. Both regionally and nationally, we are seeing opportunities for critical transitions that can turbocharge progress. I will highlight four areas in particular. First, inclusive and sustainable energy. African countries are making tangible progress in securing access to sustainable energy. Access to electricity rose by nearly 10% in the last six years. But although Africa is home to 60 per cent of the world’s most coveted solar resources, the continent only attracted 2% of global investment ..read more

This was the consensus among panellists at a session on leveraging science and technology to advance Africa’s development goals and in particular, Agendas 2030 and 2063.  Kamalidini Souef, Minister of Posts, Telecommunications and Digital Economy, Comoros, said access and affordability are key to realising the full benefits of digitalisation and called for more to be done to improve digital access and tools. He pointed out that countries are moving at varying speeds and some will have advanced more than others. In light of this, there must be more regional cooperation and knowledge sharin ..read more