When it was announced in 2023 that the African Union would become a full member of the G20, I darkly joked on a podcast that the AU’s entry into the body could very well mark the moment the G20 lost its status as one of the most important global coordination forums. Mark my words, I said, soon The Economist will be like “Uhhh, the G20 is OVER – it’s the ...
Tag: economic crisis
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Bolivia, battling an economic crisis that has plunged it into social unrest, risks defaulting on its loan payments if it does not obtain new foreign financing, President Luis Arce told AFP on Wednesday. "We are trying not to default. We have ...
Chinese Construction Projects in Kenya Stall Amid Worsening Economy
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China-Africa Trade Fair Gets Underway in the Central Chinese Province of Hunan
Rwandan President Paul Kagame (photo) was the keynote speaker on Sunday at the kick-off of the four-day China-Africa Economic and Trade Expo in the Hunan provincial capital of Changsha. The expo was also attended by China's most senior foreign policy official, Yang Jiechi, who ...
By the Numbers: New Report Breaks Down Current State of China-Africa Trade and Economic Ties
The Chinese government published a lengthy 108-page report on Saturday that details the current state of economic and trade ties with Africa. The timing of the report's release was intended to coincide with the opening of the China-Africa Trade Expo that began in Changsha on ...
Momentum is Building For the IMF to Issue $650 Billion in New Capital Intended to Help Developing Countries
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Rich Countries Give IMF the Green Light to Boost Funding Through New Special Drawing Rights
The IMF moved one step closer on Tuesday to providing developing countries with a badly-needed cash infusion after the fund was granted approval by wealthy G20 nations to proceed with the issuance of new so-called Special Drawing Rights (SDRs).
With Its Chinese Parent Company on the Verge of Bankruptcy, the Fate of Ghana’s Africa World Airlines Looks Grim
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What did Xi Jinping Really Say at Davos?
It’s fascinating to read Xi Jinping’s address to the World Economic Forum and then to read the comments about the speech. What U.S. commentators focus on, and what they ignore, reveal much about the challenges posed by China’s rise to established powers like the United States. The ...
It’s Not All Gloomy
The last few weeks have been marked by a pervasive gloominess about Africa's future. As Zambia was defaulting on its Eurobond debt, the G20 was praising itself effusively for coming up with a debt response unlikely ...
China’s Role in Africa’s Economic Transformation
Over the past 20 years China has played a pivotal, arguably indispensable role in Africa's economic development. China is by far Africa's largest bilateral trading partner, a major source of foreign investment and a vital player in helping Africa to close ...
The Collectivity Question
Is unrelenting grimness more palatable if it is also instructive? Africa's current debt crisis will soon provide an answer. The continent's slide into debt distress due to the COVID-19 pandemic has been very revealing of Africa's position in the world. Despite ...
Ghana’s Finance Minister: “Africa Is Not Asking for Charity. It Is Asking for Equity.”
Ghana's Finance Minister Ken Ofori-Atta issued an urgent call for action on African debt relief in a column published in the Financial Times on Monday that also included stinging rebukes of the United States, China, and the financial services industry for their perceived failures.