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☆ IMF's Georgieva says she told China to 'speed up' work on debt restructuring
▼ + stars: | 2023-04-06 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 6 (Reuters) - International Monetary Fund chief Kristalina Georgieva said she told China's new top economic official, Li Qiang, that China must accelerate its work to reach debt restructuring agreements for countries like Zambia, Ghana and Ethiopia. "The truth is, and I was ... very straightforward on that, it takes far too long for that (debt) resolution," she told an event hosted by Meridian House and Politico. "Yes, China has multiple institutions that deal with that, that makes it complicated domestically, but they have to speed up their participation." Georgieva said that during her visit Chinese officials underscored their commitment to multilateralism, opening up China's economy for more trade, and debt restructuring. Georgieva said Chinese officials also worried about fragmentation, but their foremost concern was securing jobs at home, with a target of creating 12 million jobs this year.

☆ Take Five: An uneasy calm
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +5 min

Kazuo Ueda takes over the helm at the Bank of Japan while U.S. bank earnings kick off and Switzerland's parliament debates the UBS-Credit Suisse tie up. 1/ BANKS' BOTTOM LINESThe uneasy calm that has settled over the U.S. banking sector after the collapse of Silicon Valley Bank will be tested as U.S. financials kick off their earnings season. S&P 500 earnings are predicted to fall 5.0%, I/B/E/S data from Refinitiv showed. Reuters Graphics5/ SPRING MEETINGSPolicymakers and investors head to Washington for the World Bank and International Monetary Fund Spring meetings starting on Monday. It will be the first meeting for Ajay Banga, U.S. nominee to run the World Bank and sole contender for the job.

☆ Uganda’s anti-gay bill is the latest and worst to target LGBTQ Africans
▼ + stars: | 2023-04-06 | by ( Aditi Bhandari | ) www.reuters.com time to read: +14 min

Same-sex activity in Africa is punishable by … Map of the 32 African countries where same-sex activity is illegal. Same-sex activity in Africa … Map of the 22 African countries where same-sex activity is legal. In 1993, Guinea-Bissau became the first African country to legalise LGBTQ activity when it adopted a new Penal Code that didn’t include any laws criminalising it. Country Constitutional protection Broad protections Employment Hate crime Incitement Marriage or civil union Adoption Angola No Yes Yes Yes Yes No No Botswana No No Yes No No No No Cape Verde No No Yes Yes No No No Gabon No No No No No No No Guinea-Bissau No No No No No No No Lesotho No No No No No No No Mozambique No No Yes No No No No Sao Tome and Principe No No Yes Yes No No No Seychelles No No Yes No No No No South Africa Yes Yes Yes No Yes Yes YesNote: Broad protections include laws protecting against discrimination in at least 3 of 4 categories: the provision of goods and services, housing, healthcare and education. Namibia and Mauritius criminalise same-sex activity, but around 35% of respondents said they would dislike having a gay neighbour.

☆ Factbox: The developing countries facing a debt crisis
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +7 min

The cocoa, gold and oil producer has already reached a deal to write down domestic debt and last week kicked off formal debt talks with international bondholders. A $1.9 billion IMF loan has been stalled for months as Tunisia's president has shown little sign of action on key reforms. SRI LANKASri Lanka defaulted on its international debt last year after economic mismanagement, exacerbated by the COVID-19 pandemic, sparked a political crisis and left it without dollars for even essential imports. UKRAINEUkraine just received the first $2.7 billion tranche under a four-year, $15.6 billion IMF loan program. Zambia's currency, the kwacha , has fallen more than 10% against the U.S. dollar this year, which the central bank has said is adding to inflation.

Nestle (NESN.S) and Hershey (HSY.N) said they paid the LID premium. But when the COVID pandemic cratered demand, global cocoa prices plunged before they built up a cushion. Ivory Coast and Ghana say companies should pay both premiums. Industry data from the International Cocoa Organisation (ICCO) shows cocoa output in Ivory Coast rose to record levels in the 2020/21 season. Of the roughly 2 million tonnes of cocoa Ivory Coast produces each year, between 20-30% is grown illegally in protected forests by an estimated 1.3 million people, many of them children.

BEIJING/ WASHINGTON, March 30 (Reuters) - China on Thursday called remarks by U.S. Treasury Secretary Janet Yellen "irresponsible" and "unreasonable" after Yellen said Beijing's lending activities leave developing countries "trapped in debt." Yellen on Wednesday said she was concerned by some of China's activities globally, particularly its lending to developing countries. "We do not accept unreasonable accusations from the United States," Chinese Foreign Ministry spokesperson Mao Ning said in a news briefing on Thursday. "The United States should take practical actions to help developing countries, instead of pointing fingers at other countries and making irresponsible remarks," Mao added. China says it has always followed international rules and carried out investment and financing cooperation with developing countries with openness and transparency.

☆ Kamala Harris announces Tanzania trade boost during Africa tour
▼ + stars: | 2023-03-30 | by ( Nuzulack Dausen | ) www.reuters.com time to read: +4 min

[1/4] U.S. Vice President Kamala Harris talks to her Tanzanian counterpart Philip Mpango as she arrives in Tanzania, the second stop of a three-nation tour of Africa, at the Julius Nyerere Airport in Dar es Salaam, Tanzania March 29, 2023. "Working together, it is our shared goal to increase economic investment in Tanzania and strengthen our economic ties," Harris said, listing a number of initiatives. China has invested heavily in Africa in the last two decades, and last November the Tanzanian president met China's President Xi Jinping during a state visit to Beijing. Under Hassan, Tanzania has returned to international engagement after a period of isolationism enforced by her predecessor John Magufuli, who cancelled all his ministers' foreign trips and discouraged travel. "Madam President, under your leadership Tanzania has taken important and meaningful steps and President Joe Biden and I applaud you," Harris said, standing alongside Hassan.

U.S. Vice President Kamala Harris is the highest ranking in a string of top administration officials to travel through Africa this year. The Biden administration is pushing hard for American businesses to invest in Africa despite the obstacles they face there, more than a decade after China began expanding its economic and political ties with countries across the continent. Vice President Kamala Harris pledged Tuesday in Ghana’s seaside capital to “double down” on efforts to bring billions of dollars in investments to Africa, a continent that many Western investors still view as high risk. Ms. Harris is the highest ranking in a string of top White House and Biden administration officials to travel through Africa this year, promising to unlock American investment as both the U.S. and China look to tap into the continent’s vast natural resources.

WASHINGTON, March 29 (Reuters) - The United States is working hard to counter China's influence in international institutions and in lending to developing countries, U.S. Treasury Secretary Janet Yellen said on Wednesday. Yellen said she was concerned by some of China's activities globally, particularly in lending to developing countries. China has lent hundreds of billions of dollars to build infrastructure in developing countries, but lending has tailed off since 2016 as many projects have failed to pay the expected financial dividends. China is negotiating debt restructurings with countries including Zambia, Ghana and Sri Lanka and has been criticised for holding up the processes. In response, it has called on the World Bank and International Monetary Fund to also offer debt relief.

☆ Kamala Harris wraps up Ghana visit, heads to Tanzania
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] U.S. Vice President Kamala Harris meets with women entrepreneurs during her week-long trip to Ghana, Tanzania and Zambia, in Accra, Ghana March 29, 2023. REUTERS/Francis KokorokoACCRA, March 29 (Reuters) - U.S. Vice President Kamala Harris will meet Ghanaian women entrepreneurs on Wednesday to discuss economic empowerment and leadership, her last engagement in Accra before heading to Tanzania to continue her week-long African tour. She is scheduled to leave Ghana after her roundtable with women entrepreneurs and fly to the Tanzanian commercial capital Dar es Salaam, where she will meet President Samia Suluhu Hassan on Thursday and fulfil other engagements. On Friday, she will fly to Zambia, where she will meet President Hakainde Hichilema and participate in other events. Reporting by Francis Kokoroko; Writing by Estelle Shirbon; Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ Kamala Harris gets some star power in Ghana visit
▼ + stars: | 2023-03-28 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsKamala Harris gets some star power in Ghana visitPostedU.S. Vice President Kamala Harris visited a music studio in Accra during a visit to Ghana, where she was joined by actors Idris Elba and Sheryl Lee Ralph.

☆ Kamala Harris Pledges $100 Million to West Africa Nations to Fight Extremist Threat
▼ + stars: | 2023-03-27 | by ( Annie Linskey | ) www.wsj.com time to read: 1 min

Vice President Kamala Harris with Ghana’s President Nana Akufo-Addo, in blue tie, in Accra, Ghana, the first stop on her three-country Africa trip. ACCRA, Ghana—Vice President Kamala Harris announced Monday that the U.S. will provide $100 million over 10 years in new security aid to help West African countries fend off threats posed by terrorist and extremist groups, including al Qaeda, that have been expanding in the region. The bulk of the money—at least $86 million—will be provided over the next three years to Ghana, Benin, Ivory Coast, Guinea and Togo, according to the Biden administration. The funds “will address security governance and development issues in the region,” Ms. Harris said in the Ghanaian capital, Accra, her first stop on a three-country Africa trip.

☆ Kamala Harris starts Africa tour in Ghana, announces security aid
▼ + stars: | 2023-03-27 | by ( Francis Kokoroko | ) www.reuters.com time to read: +4 min

Akufo-Addo reiterated that he was concerned about Wagner's presence in West Africa. Several countries across West Africa and the Sahel region have been struggling to quell Islamist insurgencies that have caused humanitarian disasters and fuelled discontent -- contributing factors to military coups in Mali and Burkina Faso. "We appreciate your leadership in response to recent democratic back-sliding in West Africa," Harris told Akufo-Addo. [1/5] U.S. Vice President Kamala Harris meets with Ghana's President Nana Akufo-Addo during her week-long trip to Ghana, Tanzania and Zambia, in Accra, Ghana March 27, 2023. REUTERS/Francis Kokoroko 1 2 3 4 5After Ghana, Harris will head to Tanzania and Zambia.

JOHANNESBURG, March 27 (Reuters) - Multilateral development banks (MDBs) reluctant to offer debt relief need to shoulder an "equitable burden" in sovereign debt restructurings, a People's Bank of China official said on Monday. But with countries such as Zambia, Sri Lanka and Ghana having defaulted, China has faced criticism for holding up the debt restructuring processes. Jin also said that removing investments in "productive assets" from debt stock calculations in debt restructuring situations "should be encouraged". He acknowledged diverging opinions within China about debt restructuring, which he attributed partly to a lack of experience. "At most 15 years ago, in the multilateral forums China was always on the side of the borrowing countries," Jin said.

REUTERS/Thomas Suen/File PhotoJOHANNESBURG, March 28 (Reuters) - China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building "Belt & Road" infrastructure, according to a study published Tuesday. People's Bank of China (PBOC) swap lines accounted for $170 billion of the rescue financing, including in Suriname, Sri Lanka and Egypt. China's rescue lending is "opaque and uncoordinated," said Brad Parks, one of the report's authors, and director of AidData, a research lab at William & Mary College in the United States. China is negotiating debt restructurings with countries including Zambia, Ghana and Sri Lanka and has been criticised for holding up the processes. In response, it has called on the World Bank and International Monetary Fund to also offer debt relief.

☆ Al Qaeda Closes In on a Stalwart U.S. Ally in Africa
▼ + stars: | 2023-03-26 | by ( Michael M. Phillips | Photographs Diana Zeyneb Alhindawi For The Wall Street Journal | ) www.wsj.com time to read: 1 min

BAWKU, Ghana—The good news according to Salifu Bashru , an elder of the Mamprusi people, is that if al Qaeda militants attack, they’ll probably kill his rivals from the Kusasi community first. The bitter, 65-year dispute between Mamprusi and Kusasi over which ethnic group rules this small northern Ghanaian city has turned deadly in recent months, with neighbors exchanging machine-gun fire and each side vowing never to let the other get its way.

☆ In Ghana, Kamala Harris 'excited about the future of Africa'
▼ + stars: | 2023-03-26 | by ( ) www.cnbc.com time to read: +5 min

U.S. Vice President, Kamala Harris, arrives at the Kotoka International Airport as she begins her trip to Ghana, Tanzania and Zambia, in Accra, Ghana, March 26, 2023. Vice President Kamala Harris was greeted by schoolchildren, dancers and drummers as she arrived Sunday in Ghana for the start of a weeklong visit to Africa intended to deepen U.S. relationships amid global competition over the continent's future. "What an honor it is to be here in Ghana and on the continent of Africa," Harris said. Harris is the highest-profile member of President Joe Biden's administration to visit Africa this year. In the evening, they will attend a state banquet with the Ghanaian president and first lady.

☆ Bitcoin is poised to blow up Africa's $86 billion banking system
▼ + stars: | 2023-03-26 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +16 min

Then there's mobile money, which has been around since the early 2000s. Africa's mobile money transactions rose 39% to more than $700 billion in 2021, according to data from the GSM Association, a non-profit representing mobile network operators worldwide. That cash network was extraordinarily difficult and expensive to build, which is why there aren't a lot of direct competitors. Bitnob is SMS-based and piggybacks on the mobile money system, making it easier for people to send money directly into bank accounts and mobile money wallets in African countries. "We're able to settle into bank accounts or mobile money accounts, without the recipients having to interact with bitcoin themselves," Parah tells CNBC.

☆ US Vice President Harris promises greater investment for Africa
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +2 min

[1/7] U.S. Vice President, Kamala Harris, arrives at the Kotoka International Airport as she begins her trip to Ghana, Tanzania and Zambia, in Accra, Ghana, March 26, 2023. The administration of U.S. President Joe Biden has sought to strengthen ties with Africa, in part to offer an alternative to rival powers. Biden is yet to visit Africa as president. On this trip, Harris will also discuss China's engagement in technology and economic issues in Africa that concern the United States, as well as China's involvement in debt restructuring, senior U.S. officials said last week. Harris will meet Ghana President Nana Akufo-Addo this week and will visit a former slave castle from which slaves were sent to America during the slave trade era.

☆ How this 26-year-old went from running bitcoin trading desks in Taco Bells to creating the largest crypto exchange in Africa
▼ + stars: | 2023-03-25 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +28 min

Yellow Card CEO Chris Maurice just before meeting with the Securities and Exchange Commission in Accra, Ghana. Chris MauriceFrom there, Yellow Card users can send or receive digital cash in eligible markets. Zoom In Icon Arrows pointing outwards Yellow Card CEO Chris Maurice in Accra, Ghana loading cash onto his Mobile Money account, MoMo. Yellow Card has facilitated $1.75 billion in transactions since launching in 2019 and has about 220 employees – mostly in Africa. A resident checks his phone outside a mobile money kiosk in the Kibera district of Nairobi, Kenya, on Monday, Aug. 1, 2022.

WASHINGTON, March 24 (Reuters) - Vice President Kamala Harris starts a weeklong trip to Africa this weekend as the United States seeks to pitch itself as a better partner than China, which has invested heavily in the continent over several decades. Harris will discuss China's engagement in technology and economic issues in Africa that concern the United States, as well as China's involvement in debt restructuring, senior U.S. officials said. The White House hosted an Africa Leaders Summit in December, and President Joe Biden is expected to travel to Africa this year. "The Vice President is very much looking forward to returning to Lusaka, which is a part of her family's story and a source of pride," one of the officials said. Harris will also meet with young leaders and business representatives and discuss topics such as climate change and food insecurity.

☆ Batteries for hire could help Nigerians ditch their generators
▼ + stars: | 2023-03-22 | by ( Ollie Macnaughton | ) edition.cnn.com time to read: +4 min

As a result, many Nigerians rely on petrol and diesel to fuel the generators that power their homes and businesses. Fuel shortages were a key issue in Nigeria’s recent presidential election and have made it increasingly difficult to run generators. His company Reeddi rents out small, lightweight solar-powered batteries called “Reeddi Capsules” that can power devices including TVs, laptops and refrigerators. One Reeddi Capsule can power a TV for around five hours, or a 15-watt fan for 15 hours. Olubanjo says organizations in countries including Uganda, Ghana and South Africa have expressed an interest in the Reeddi Capsule.

Persons: Olugbenga, Reeddi, Prince William’s Earthshot, Prince, Wales, ” Reeddi, Prince William's Earthshot, “, Olubanjo, ”, Joel Jewell, We’re, Anita Otubu, – Organizations: CNN, International Energy Agency, University of Ibadan, University of Toronto, “, Reeddi, Mobile Power, Sustainable Energy, –, UN Locations: Nigeria, Canada, Ogun State, Lagos, Uganda, Ghana, South Africa, Africa, Zambia

☆ World Bank president expresses deep concern on Zambia debt restructuring
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 21 (Reuters) - World Bank President David Malpass said on Tuesday he remained deeply concerned about the debt restructuring stalemate in Zambia and that the bank is working with India and the International Monetary Fund on the G20 debt restructuring process. Zambia meanwhile has been stuck in default since it became the first COVID-era African nation to do so in November 2020. Its finance minister has said it is pushing to finish the long-delayed Common Framework restructuring by end of March or shortly after. Ghana defaulted on its external debts in December and has since sealed a domestic debt swap and requested a restructuring of its bilateral debts via the G20's Common Framework vehicle. Malpass also said Sri Lanka was now eligible to get $1.75 billion over four years.

JOHANNESBURG, March 17 (Reuters) - Debt restructuring programmes in Ghana and Zambia are going in "diverging directions" due to Zambia's larger exposure to Chinese lenders and its weaker ability to cope with a large amount of debt, investment bank Citi said on Friday. Ghana was likely to get an International Monetary Fund (IMF)board sign-off for a $3 billion rescue loan in the next few weeks, while Zambia's restructuring had stalled, Citi's analysts said in a note to clients. Ghana defaulted on its external debts in December and has since sealed a domestic debt swap and requested a restructuring of its bilateral debts via the G20's Common Framework vehicle. "Our more positive view (on Ghana) is supported by a strong commitment by the IMF and Paris Club to achieve a quick breakthrough," the Citi note said. "Assuming a 12.5% exit yield... suggests an average price uptick of 10 cents" on bond prices, the note said.

☆ Blinken brings aid and praise to Niger as it battles insurgents
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +3 min

Blinken's visit to Niger, the first by a U.S. Secretary of State, signals its importance as a U.S. ally in the Sahel, a senior State Department official told reporters travelling with Blinken. Landlocked Niger and other countries in the Sahel, including its neighbours Mali, Burkina Faso, Nigeria and Chad, are all struggling to repel Islamist insurgents who in some cases have seized control of swathes of territory. The official praised Niger's President Mohamed Bazoum for opposing military coups in Mali and Burkina Faso and for consulting the parliament over security issues rather than deciding alone. Ghana has asserted that Burkina Faso has also hired Wagner mercenaries. "They use a lot of misinformation and disinformation to besmirch the French, I think, and the traditional French security partnership."

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