A newlywed woman, Habiba Ibrahim, has reportedly cut the manhood of her 40-year-old husband, Salisu Idris, while he was asleep.
She was said to have been arrested by the police.
Idris, a commercial motorcycle rider and resident of Kudan in Kaduna State, said the incident happened on May 26 after he returned from the early morning prayers.
He said was lying on his bed to have some rest when his wife suddenly jumped on him with a sharp knife and almost cut off his manhood, but for neighbours who came to his rescue when they heard him shout.
Idris said they got married about four months ago, adding that he was shocked by his wife’s action because they loved each other and there was no prior misunderstanding before the attack.
Daily Trust learnt that Idris was rushed to a hospital in Kudan from where he was referred to the General Hospital Makarfi.
He was later taken to the Ahmadu Bello University Teaching Hospital, Zaria where doctors battled to save his life.
“At the moment, I am more concerned about my condition. I am afraid of remarrying because of this incident,” he said.
Idris’ mother, Rabi Salisu, who looks after him on the hospital bed, said he had never complained to her about his wife.
“Her parents are worried and are willing to settle his medical bills,” she added. Attempts to speak to doctors on Idris’ condition were not successful.
The Kaduna State Police Public Relations officer, ASP Mansur Hassan, could not be reached for comments on the incident either.
Smithfield Foods has donated $500,000 to fund SUN Bucks in North Carolina, a newly established, permanent USDA program that provides food assistance to children and families during the summer.
“Fighting food insecurity and hunger is a top priority for Smithfield,” said Steve Evans, vice president, community development for Smithfield Foods. “We’re humbled to do our part in the communities where we live and work so our neighbors can continue to access healthy and nutritious food throughout the summer when schools aren’t in session.”
Left to right: Jonathan Toms, senior community development manager, Smithfield Foods; Secretary Kody H. Kinsley, North Carolina Health and Human Services; North Carolina Governor Roy Cooper; Steve Evans, vice president, community development, Smithfield Foods; and Stephen Kouba, government affairs manager, Smithfield Foods, celebrate Smithfield’s $500,000 sponsorship of the SUN Bucks program.
“Fighting food insecurity and hunger is a top priority for Smithfield.”
Launching in summer 2024, SUN Bucks, also known as Summer Electronic Benefit Transfer Program for Children (Summer EBT), will be administered by the North Carolina Department of Health and Human Services (NCDHHS) in partnership with the North Carolina Department of Public Instruction. Families will receive $120 per eligible child on a pre-loaded SUN Bucks card they can use to purchase groceries, such as fruit, vegetables and protein, at retail locations currently accepting EBT.
“Good nutrition is the foundation for good health. The SUN Bucks program gives more than a million school children in North Carolina access to the healthy food they need to thrive this summer,” said North Carolina Health and Human Services Secretary Kody H. Kinsley. “NCDHHS is grateful to Smithfield Foods for their contributions to SUN Bucks and for supporting our mission to improve health and well-being for all North Carolinians.”
The SUN Bucks program is anticipated to feed nearly one million school-aged children in North Carolina this summer and have an estimated economic impact of $120 million.
Learn more about North Carolina’s SUN Bucks program details and eligibility here.
Smithfield’s hunger relief program, Helping Hungry Homes®, has provided hundreds of millions of servings of protein all 50 U.S. states, as well as in Poland, Romania and Mexico, since 2008. Smithfield donated nearly 28 million servings of protein to food banks, disaster relief efforts and community outreach programs across the U.S. in 2023 and has pledged to donate 200 million servings of protein by 2025.
The Republic of Korea will commit $14 billion in export financing to support Korean companies investing in Africa while increasing its official development assistance (ODA) to $10 billion by 2030.
The President of Korea, Yoon Suk Yeol announced this on Tuesday in Seoul at the opening of the first Korea-Africa Summit, attended by 25 African heads of state and government, as well as the president of the African Development Bank Group Dr Akinwumi Adesina.
Up to 48 African countries were represented at the summit by either a president, king, prime minister, vice president or minister to discuss, “The Future We Make Together: Shared Growth, Sustainability, and Solidarity.”
President Yoon Suk Yeol pledged that Korea would extend its Trade and Investment Promotion Frameworks, and Investment Protection Agreements to African countries.
African leaders praised Korea for its open and mutual approach to strengthening cooperation with the continent. They highlighted investment opportunities in their own countries and across the continent.
In his address, Bank Group President Adesina referred to the theme of the summit and said: “To show solidarity with Africa, for the ‘future we make together’, I wish to request that Korea solidify this Korea-Africa Summit by agreeing to rechannel SDRs (Special Drawing Rights) to the African Development Bank.”
Adesina added: “The approval by the IMF Board for use of SDRs of $20 billion for hybrid capital, as championed by our institutions, with immense advocacy of African heads of state and government, marks a new way to scale up development financing.”
The Bank Group president said, “The IMF-approved $20 billion limit for SDR rechannelling for hybrid capital, channelled through the African Development Bank and other multilateral development banks, will deliver $80 billion of new financial support.”
Additionally, Adesina urged Korea to contribute generously to the forthcoming 17th replenishment of the African Development Fund, the concessional window of the Bank Group, as well as to the Alliance for Green Infrastructure in Africa (AGIA), a new initiative by the Bank, in partnership with the African Union and Africa50, to mobilise private financing for green infrastructure in Africa.
The Korea-Africa Economic Cooperation (KOAFEC) Trust Fund (KTF), established by the Korean Government in 2007, and managed by the Bank, is the largest among the Bank’s 17 active bilateral trust funds, in terms of contributions received, and portfolio size.
Adesina’s call for greater financing commitments from wealthier countries like Korea comes on the heels of the 59th Annual Meetings of the Bank, where discussions focused on a comprehensive reform of the global financial architecture, through innovative financing mechanisms like the rechannelling of SDRs, and a re-evaluation of unfavourable debt management practices.
President Adesina praised Korea’s inspiring and determined development journey, that transformed “a poor and aid-dependent country” into “one of the largest donor countries in the world.”
He highlighted the deep relationship between Korea and the Bank, starting from 1982 when Korea became a member of the Bank. Since then, he said, Korea “has contributed close to $795 million to the Bank, the African Development Fund and the Korea Trust Fund.”
“You are investing in the right institution: the African Development Bank,” he declared.
Rwanda’s President Paul Kagame said Korea’s experience shows a country can be radically transformed in the course of a generation. “Is there any reason Africa hasn’t become a high-income region?” he posed.
United Republic of Tanzania President Dr Samia Suluhu Hassan called for investment in clean cooking agenda as part of the just energy transition. She said investment in clean cooking will lower emissions, deforestation and respiratory diseases that affect especially women and children.
“We are working with Dr Adesina (President of the African Development Bank) to fundraise for this agenda,” she said.
President William Ruto publicly acknowledged the African Development Bank’s financial innovations. He told Korea to consider channelling some of the SDRs through the African Development Bank.
Other touchpoints of the bilateral relationship cited by Adesina include the jointly organized Korea-Africa Economic Cooperation Ministerial Conference (KOAFEC), the Korea-Africa Energy Investment Framework, and the $115.4 million KOAFEC Trust Fund, the Bank’s largest bilateral fund.
Providing an update on the $600 million Korea-Africa Energy Investment Framework, sealed in 2021, Adesina said: “We have jointly approved the first two projects: $57 million for the Kenya Transmission Network Improvement Project and $52 million for Eastern Ethiopia Electricity Grid Reinforcement.”
Mohamed Ould Ghazouani, the President of Mauritania and Chairperson of the African Union, and co-chair of the summit alongside host President Yoon described the summit as an opportunity for both sides to renew their commitment to shared growth and partnership based on mutual respect and trust.
A new chapter
The Chairman of the Africa Union Commission Moussa Faki Mahamat observed that the trade volume between Africa and Korea remains insignificant. “In 2022 Africa accounted for 2% of Korea’s trade,” said Mahamat and called for promotion of bilateral trade relations, more exchanges in the private sector and focusing on key value-added areas.
King Mswati III of Eswatini encouraged Korean business community to invest in any part of the continent. “Choose a location to establish industries. Choose anywhere. We are no longer competing but collaborating.”
That chimed with President Teodoro Nguema Obiang Mbasogo who spoke about his country’s 2050 vision for diversification of the economy and looked “forward to Korean companies investing in attractive Equatorial Guinea. We will provide appropriate guarantees and support for investors.
Togolese leader Faure Gnassingbe spoke about the opportunities his country presents. “Togo is an open economy. We are small in size… We have a major seaport which needs to be expanded to promote trade.”
The President of Cote d’Ivoire Alassane Ouattara said the summit had created “a turning point in the relationship between Korea and Africa.”
Zimbabwe’s President Emmerson Mnangagwa said, “The Journey travelled by Korea is a beacon and source of encouragement to Africa as it works to lift its people out of poverty.”
In his closing remarks, President Yoon of Korea summed up the summit as “a new chapter for Korea-Africa relations.”
He also outlined Korea’s areas of interest for support and partnership in Africa: digitalisation, e-government, education and capacity building, climate change, food security and critical minerals. A Korea-Africa critical minerals dialogue is scheduled to be inaugurated later this year.
On the sidelines of the Summit, Adesina held bilateral meetings with the Korean Minister of Agriculture, Food and Rural Affairs, Song Miryung.
The African Development Bank signed two agreements: a Memorandum of Understanding between the Bank and Korea Trade Insurance Corporation (K-SURE), and a Letter of Intent between the Bank and Korea Overseas Infrastructure and Urban Development Corporation (KIND).
Financial technology companies, OPay and Kuda Microfinance Bank have been given the all clear by the Central Bank of Nigeria to resume onboarding new customers.
In separate statements on Monday, both companies announced that the Central Bank has authorised them to start enrolling new users.
On April 29, CBN directed the fintech companies to pause enrollment of new customers after the government alleged their platforms were being used to carry out illicit foreign exchange transactions.
In a ruling delivered on April 24, a High Court in Abuja granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze more than 1,000 bank accounts belonging to individuals and companies over “unauthorised foreign exchange” transactions.
However, it was discovered that most of the accounts were operated by commercial banks while about 10% were domiciled with the fintechs.
OPay said it will strictly follow the approved know your customer (KYC) verification procedures and urged its customers to ensure that they complete the verification process for all accounts and meet all requirements.
“This milestone highlights our dedication to following the rules, keeping your information safe and secure, and preventing any shady activities.
“Our mission remains the same: to make financial services more inclusive through technology, make transactions a breeze, and provide a hassle-free payment experience for all Nigerians. And, we’re not stopping there! Keep an eye out for new and exciting features on the OPay app.” It added.
Similarly, Kuda Bank announced it will resume registering new customers this week.
The company said it has been collaborating with the CBN to fulfil recent regulatory requirements by putting more controls in place.
“As you probably already know, we’ve been working with the CBN to meet recent regulatory requirements by putting more account controls in place,” Kuda said.
“Based on the work we’ve done, we’ll resume signing up new customers this week.”
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Narendra Modi may have led his Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) to a historic third term, but the landslide victory that many had expected failed to materialise. With half of the 640 million votes counted, Modi’s Bharatiya Janata Party (BJP) and its political allies were on course to win 290 seats. It’s enough to form a coalition government – but is 60 fewer seats than it won in the 2019 election.
Despite being fragmented and perceived as weak on a national level, the Congress Party-led opposition, the Indian National Developmental Inclusive Alliance (or India), managed to gain traction in regional strongholds such as Tamil Nadu, Punjab and Maharastra, creating a more competitive electoral landscape.
In 2019, the BJP secured a majority in its own right. This time it will need to rely on its electoral alliances to maintain power. Nonetheless, Modi’s victory holds significant implications for India’s political landscape and future direction.
The BJP has employed a nuanced strategy over its ten-year tenure in office. It has tried to tailor its agenda to resonate with the diverse priorities and concerns of different regions across India. This approach has involved emphasising specific local issues, cultural narratives and economic needs that vary from one state to another.
In India’s northern states, such as Madhya Pradesh, the BJP has focused on national security and Hindu nationalism. In the south, meanwhile, it has prioritised economic development and infrastructure projects. This approach resonated with voters in the south who were frustrated with the status quo and sought better governance and economic progress.
The BJP won its first ever seat in Kerala in the south-west, traditionally a stronghold for the Congress Party and the Communist Party of India (Marxist). Local movie star, Suresh Gopi, won a big majority in the temple city of Thrissur. He campaigned on development issues, while avoiding any talk of Hindu nationalism, despite this being a theme which has played well for the BJP elsewhere.
India: a vast and diverse country with a huge mix of cultures and political loyalties.Volina/Shutterstock
Interestingly, religious nationalism did not resonate as strongly with the electorate in general. This was even the case in Uttar Pradesh in the north-east, despite the huge publicity coup afforded Modi in January when he inaugurated a temple to Ram at Ayodhya on the site of a former mosque. The Socialist party and Congress alliance won 42 of 80 seats, five more than the BJP. This is a blow for the BJP, and particularly for Yogi Adityanath, the state’s chief minister, a strong contender as Modi’s successor.
This reduced margin of victory indicates that the BJP may need to recalibrate its approach, particularly concerning its Hindu nationalist, or “Hindutva” policies. While religious nationalism has been a powerful tool in mobilising support during the BJP’s first two terms, the recent election results suggest that it might not always be sufficient to secure widespread victories.
But, as you’d expect in such a massive and populous country, there have been other factors at play. Extensive welfare measures introduced by the Modi government have significantly bolstered his support.
But despite the resilience and buoyancy of the Indian economy under Modi’s leadership, challenges remain. Stagnation in the manufacturing sector and the government’s poor performance on job creation have cast shadows over Modi’s growth narrative. While digital advancements and welfare initiatives have been successful, addressing these economic concerns is crucial for sustaining long-term growth and stability.
Diversity is strength
The strength of India’s democracy lies in its vibrant political discourse and the celebrated concept of the “argumentative Indian”. This culture of debate and dissent is vital for a healthy democracy, as it ensures that multiple voices and perspectives are heard and considered.
Instances such as the BJP government’s delayed response to the farmers’ protests underscore the importance of addressing public grievances and adapting policies based on feedback. The government’s eventual willingness to engage in dialogue and retract controversial agricultural laws demonstrated a responsiveness that can strengthen democracy by showing a commitment to listening and adjusting to the populace’s concerns.
Many people, meanwhile, expressed discomfort with the Modi government’s extreme positions on privacy and diverse beliefs. For instance, watering down the Information (RTI) Act of 2005, which was intended as a powerful tool for exposing corruption and ensuring good governance. India has fallen 11 places in the World Press Freedom Index to 161 out of 180 countries as freedom of expression has come under strain.
The BJP must now ensure that its third term does not lead to the marginalisation of minority voices or the erosion of democratic norms. Instead, it should use this period to foster a more inclusive political environment that encourages healthy debate and innovation.
Meanwhile, despite being formed relatively recently, in July 2023, the opposition India coalition put on an impressive performance. The coalition must now develop a sustained and coherent platform that resonates with a broader population segment.
By promoting a political landscape that values diverse perspectives and robust debate, India can continue to build a dynamic and inclusive democracy. This balance is essential for addressing the nation’s complex challenges and ensuring that democratic principles are upheld for future generations.
Modi’s narrow win suggests Indian voters saw through religious rhetoric, opting instead to curtail his political power
Supporters of the ruling Bharatiya Janata Party dance at a party office in Guwahati, India, during counting of India’s national election on June 4, 2024.
AP Photo/Anupam NathSumit Ganguly, Indiana University
The BJP needs 272 seats to form a government on its own, failing which it will need the help of its coalition partners, the National Democratic Alliance.
The Conversation U.S. spoke with Sumit Ganguly, distinguished professor of political science and the Tagore chair in Indian Cultures and Civilizations at Indiana University, to understand more about the election results and what they mean for Indian democracy.
The BJP had talked about an overwhelming victory, but it seems it will not get a majority. How do you explain these results?
Part of the answer lies in the Modi government’s failure to realize that while economic benefits had been substantial, their distribution has been uneven. India has seen a growth in inequality and persistent unemployment both in rural and urban areas. Unemployment of those aged 20 to 24 years is at a high of 44.49%. And that is the overall national number; that data does not tell us that it may be much worse in certain regions.
The other explanation is that Modi’s exploitation of historic Hindu-Muslim tensions seems to have run its natural course. You can beat the religious drum – and Modi did with rhetoric including calling Muslims “infiltrators” – but then the day-to-day issues of jobs, housing and other such necessities take over, and these are the things people care about the most.
BJP made a miscalculation, in my analysis. It failed to realize that in a country where only 11.3% of children get adequate nutrition, Hindu pride cannot be eaten – ultimately, it’s the price of potatoes and other essentials that matter.
Let’s talk about Uttar Pradesh, the northern Indian state with 80 parliamentary seats. It plays a crucial role in any national election, and Modi and his alliance are set to lose the state. What happened?
It’s another example of the same miscalculation we are seeing nationally by the BJP. The chief minister of the state,Yogi Adityanath, saw himself as a firebrand Hindu nationalist leader and likely a successor of Modi.
But he, too, failed to take into account how his policies were playing out in the poorer segments of the state’s population, who are mainly Muslims and those at the bottom of India’s caste hierarchy.
He pursued grand infrastructure projects such as new highways and airports, and those might well have appealed to the middle class – but not to the poor.
Uttar Pradesh Chief Minister Yogi Adityanath addresses an election rally in Prayagraj, India, on May 19, 2024.AP Photo/Rajesh Kumar Singh
Additionally, years of presiding over a state government that has used police power to suppress dissent, often those of the poor and marginalized, have taken their toll on Adityanath’s support.
What explains BJP’s inroads into the southern state of Kerala, where it is on course to make history by winning a parliamentary seat for the first time?
The gains in the south are perplexing and will require more data on voting patterns for a more accurate analysis.
The other issue in the south is that the practice of Hinduism is quite different, including festivals and other regional traditions. The BJP’s vision of Hinduism is based on the “great tradition” of northern India, which believes in the trinity of Brahma, Vishnu and Shiva as the creator, the sustainer and the destroyer gods.
The southern states are also engines of economic growth and end up subsidizing the poorer states of the north. As a consequence, there is resentment against the BJP, which has long had its political base in northern India.
In July 2023, 26 opposition parties formed a coalition called INDIA – the Indian National Developmental and Inclusive Alliance – to challenge the BJP in the election. Were they given a fair chance?
No, the playing field was far from level. The mass media has been mostly co-opted by the ruling BJP to advance its agenda. Apart from one or two regional newspapers, all the national dailies scrupulously avoid any criticism of the BJP, and the major television channels mostly act as cheerleaders of the government’s policies.
A number of intelligence agencies are alleged to have been used for blatantly partisan purposes against the opposition parties. Political leaders have been jailed on charges that may prove to be dubious. For example, Arvind Kejriwal, the highly popular chief minister of New Delhi, was charged with alleged improprieties in the allocation of liquor licenses and jailed just days after election dates were announced.
Despite the electoral losses, Modi is expected to return as prime minister for a third term. Given that the BJP got just two seats in the 1984 elections, what factors led to the party’s meteoric rise?
The BJP has built a solid organizational base across the country, unlike the Indian National Congress, the principal opposition party. And the Congress party has done little to revitalize its political foundations, which had eroded in the 1970s after then-Prime Minister Indira Gandhi imposed a state of emergency and a non-Congress government came into power for the first time.
The BJP has also appealed to the sentiments of the majority Hindu population through slogans that paint India’s principal minority, Muslims, as the source of myriad societal problems. Hate crimes against Muslims and other minorities surged across India over the past few years.
In December 1992, Hindu nationalists destroyed the 16th-century Babri Mosque. How crucial was that to BJP’s rise to power? And what should we read into BJP losing its seat in Ayodhya?
The destruction of the Babri Mosque certainly galvanized an important segment of the Hindu electorate and led to a growth in support for the BJP. In 1999 – just seven years after the event – the BJP first came to power in a coalition government in which it had 182 out of 543 seats in the Indian Parliament. Two national elections later, in 2004, Modi assumed office as the prime minister with a clear-cut majority of 282 seats.
What’s next for Modi? And what do the results tell us about Indian democracy?
It’s certainly possible that Modi will form the government with coalition partners. I believe that Modi, as an astute politician, will most likely learn from this setback and adapt his tactics to new realities.
Supporters of another political party, the Trinamool Congress, celebrate the election results in Kolkata, India, on June 4, 2024.AP Photo/Bikas Das
The results might also be a useful corrective – the Indian voter has once again demonstrated that he or she might be willing to put up with some things but not others.
Indian voters have demonstrated in the past that when they see democracy being threatened, they tend to punish leaders with autocratic tendencies. We saw this when the late Prime Minister Indira Gandhi suffered a crushing defeat in the elections in 1977. The elections followed a state of emergency that Gandhi had imposed on the country, suspending all civil liberties. Back then, it was India’s poor who voted her out of power.
This time around, we might need to wait on additional electoral data about how particular caste and income groups voted.
Sumit Ganguly, Distinguished Professor of Political Science and the Tagore Chair in Indian Cultures and Civilizations, Indiana University
East Africa is fastest growing region, West Africa to pick up, and Southern Africa to record slight increase in growth; Report proposes bold reforms of the global financial architecture, stronger African voice in MDBs.
African economies remain resilient, despite challenges that are testing economies worldwide. According to the latest African Development Bank Group’s African Economic Outlook (https://apo-opa.co/3KrFNjn), 41 countries on the continent are projected to experience stronger growth rates in 2024 than they did in 2023.
The report unveiled at the Bank’s Annual Meetings on Thursday in Nairobi, described Africa’s growth potential as ‘remarkable’. The continent will retain its 2023 ranking as the second fastest-growing region after developing Asia in 2024 and 2025. The theme of the 2024 AEO, “Driving Africa’s Transformation: The Reform of the Global Financial Architecture,” aligns with the Bank’s Annual Meetings’ theme.
African Development Bank President Dr Akinwumi Adesina said while the Bank was proud of the growth projections of many African countries as reflected in the report, it was not blind to the challenges. “Africa’s future is bright, but need to make sure we tackle governance, transparency, accountability, and management of our natural capital. We need to make sure resources are used for the benefit of the people of this continent… The kind of resilience we are talking about cannot happen unless we deal with the issue of climate change.”
He added: “We must make sure we are investing in our young people—in their skills, talents, entrepreneurship, and giving them tools. That is why I am excited about what we are doing with the Youth Entrepreneurship Investment Banks.”
The report warns that Africa is off track to meet almost all of the Sustainable Development Goals by 2030.
It argues that unless corrective action is taken, including to reverse the steepening poverty curve, Africa will be home to almost 9 out of 10 (or 87%) of the world’s extreme poor by 2030.
According to the African Economic Outlook, the rebound in Africa’s average growth includes a rise to 3.7% in 2024 and 4.3% in 2025, exceeding the projected global average of 3.2%. Of this figure, 17 African economies are projected to grow by more than 5 percent in 2024. The number could rise to 24 in 2025, as the pace of growth accelerates.
This growth trajectory is expected to surpass pre-2023 levels, with East Africa leading as the fastest-growing region (up to 3.4 percentage points). Other regions are also projected to witness moderate to robust growth.
In a presentation, Chief Economist and Vice President of the African Development Bank, Prof Kevin Chika Urama, underscored why strategic policies and firm political commitment are key to the effective use of resource wealth for domestic revenue generation.
He also described hard infrastructure, including roads, railways, and bridges, and soft infrastructure, including knowledge and institutional governance capacity, as “two wings of an aircraft”.
“Investing in productive infrastructure is key to accelerating Africa’s structural transformation,” he said.
Growth performance and outlook by region:
Growth prospects vary across Africa’s regions, reflecting differences in economic structure, commodity dependence, and policies.
East Africa, the continent’s fastest-growing region, will see real GDP growth rising from an estimated 1.5% in 2023 to 4.9% in 2024 and 5.7% in 2025. The downward revision of 0.2 percentage point for 2024 compared with the forecast in the January 2024 Africa’s Macroeconomic Performance and Outlook (MEO) (https://apo-opa.co/4bY0sqN) is due to larger-than-expected contractions in Sudan and South Sudan following the ongoing conflict in the former.
Africa’s future is bright, but need to make sure we tackle governance, transparency, accountability, and management of our natural capital
Growth in Central Africa is forecast to moderate from 4.3% in 2023 to 4.1% in 2024 before improving strongly to 4.7% in 2025. The upgraded forecast is due to expectations of stronger growth in Chad and the Democratic Republic of Congo as a result of favourable metal prices.
Growth is projected to pick up in West Africa, rising from an estimated 3.6% in 2023 to 4.2% in 2024 and consolidating at 4.4% the following year. This is an upgrade of 0.3 percentage point for 2024 over the January MEO 2024 projections, reflecting stronger growth in the region’s large economies—Côte d’Ivoire, Ghana, Nigeria, and Senegal.
In North Africa, growth is projected to decline from an estimated 4.1% in 2023 to 3.6% in 2024 and 4.2% in 2025, with a downward revision of 0.3 percentage point for 2024 from the January 2024 MEO. Except for Libya and Mauritania, growth has been revised downward for all other countries in the region.
Growth in Southern Africa is projected to pick up slightly from an estimated 1.6% in 2023 to 2.2% in 2024 and firm up to 2.7% in 2025. The growth rates for 2024 and 2025 show an upgrade of 0.1 percentage point over the January 2024 projections, mainly reflecting a 0.7 percentage point increase in South Africa’s projected growth. Due to South Africa’s larger weight in the region, the upgraded growth forecast offset the combined effect of downward revisions in Angola, Botswana, Lesotho, Zambia, and Zimbabwe.
African Economic Outlook makes bold proposals to reform the global financial architecture
The African Economic Outlook 2024 calls for an overhaul of the global financial architecture to transform African economies. This includes giving Africa a greater voice in multilateral development banks and international financial institutions, reflecting its growing share of global gross domestic product and rich natural resources.
Adesina said, “Let’s be clear. By seeking to transform the global financial architecture, Africa is just asking for a fair share of access and availability of resources to build on our vast economic opportunities.”
The report highlights the glaring inadequacies of the current global financial system in closing Africa’s financing gap for structural transformation, estimated at US$402.2 billion annually between now and 2030. To rectify these disparities, the report proposes a bold agenda for reforming the global financial architecture, including in the five following key areas:
Leveraging Private Sector Financing: The African Economic Outlook advocates for greater private sector participation to complement public investments, particularly in areas with high social returns such as climate action and human capital development.
Simplifying the Global Climate Finance Architecture: The report calls for streamlining the global climate finance architecture to enhance coordination and facilitate access for African countries, which are disproportionately affected by climate change.
Reforming Multilateral Development Banks (MDBs): The AEO urges MDBs to revise their business models to provide long-term concessional financing at scale, to developing countries, bolstering their capital positions, channeling a portion of IMF’s Special Drawing Rights (SDRs) to MDBs and ensuring a healthy replenishment of the concessional windows of the African Development Bank and the World Bank—the African Development Fund and the International Development Association.
Streamlining Debt Resolution Mechanisms: Recognizing the slow and cumbersome nature of existing debt resolution mechanisms, the African Economic Outlook advocates for reforms to expedite debt workouts and ensure sustainable debt management, including innovative market-based solutions like “Brady bonds,” debt relief for climate purposes, and sovereign debt authority systems.
Enhancing Domestic Resource Mobilization: The report emphasizes the importance of strengthening domestic revenue mobilization through improved tax policies, enhancing efficiency in government revenue collection and utilization, combatting illicit financial flows and tax avoidance, and leveraging Africa’s abundant natural resources.
According to the report, “Domestic resource mobilization is good, but so is the prudent use of such resources. Countries should therefore strengthen capacity to improve public finance management”
Every year, the African Economic Outlook report provides timely evidence and analysis crucial for African policymakers, empowering them to make informed decisions.
