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Ali Bongo: Gabon leader ‘seriously ill but recovering’
November 12, 2018 | 0 Comments
The Gabonese president is being treated in Saudi Arabia

The Gabonese president is being treated in Saudi Arabia

Gabonese President Ali Bongo is seriously ill but on the mend, his spokesman says, ending weeks of official silence on his condition.

Speculation has mounted on the health of President Bongo, 59, with some reports saying he suffered a stroke.

He is being treated in Saudi Arabia, with the initial announcement last month saying he was suffering fatigue.

His spokesman Ike Ngouoni said Mr Bongo was “recovering all of his physical abilities”.

No mention was made of a stroke but the president had suffered “bleeding which required medical care”, Mr Ngouoni said.

Ali Bongo succeeded his father Omar Bongo as president in 2009, who governed the western African nation for more than 40 years.

He narrowly won re-election in 2016 in a poll marred by violence and accusations of fraud.

Earlier this month, with President Bongo away in the Saudi capital Riyadh, Gabon’s opposition leader Jean Ping again claimed victory in the poll.

On Friday a Gabonese newspaper was suspended for three months for saying the country was on “autopilot” and that the prime minister should be appointed interim leader.

*Source BBC

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PDP Tells V.P Osinbajo to Answer N33bn Corruption Allegation
November 12, 2018 | 0 Comments

By Teslim Olawore

Osinbajo

Osinbajo

The Peoples Democratic Party (PDP), has asked  Vice President Yemi Osinbajo to stop preaching and parading himself like a saint until he clears the air on the N33 billion  fraud  allegation as exposed by the House of Representatives.

The party in a statement on Saturday by Kola Ologbondiyan, National Publicity Secretary said Vice President owes it as a personal moral burden, both as a preacher and  professor of law, to directly explain how the fund meant for the well being of Nigerians suffering in the North-East  was mismanaged, instead of the lame attempts to dismiss the allegation and divert public attention from the scandal.

He said, “Nigerians were thoroughly appalled to learn, from the House of Representatives, how Prof. Osinbajo, as Acting President, in June 2017, unilaterally pulled N5.8 billion  from the Consolidated Revenue Fund of the Federation, purportedly for emergency intervention on food in the North- East, which has now turned scandalous.

“Professor Osinbajo should explain how, according to findings by the House of Representatives, all the six states of the North-East failed to receive the emergency intervention for food security, for which a major part of the money was claimed to have been expended under his direct supervision as Chairman of the  Board of the National Emergency Management Agency, NEMA.

“What has Professor Osinbajo got to say on the revelation at the public hearing conducted by the House of Representatives that there was no evidence the World Food Programme, WFP, received the 5000 metric tons of rice, which NEMA claimed to have bought and donated to WFP for distribution to victims of insurgency in the region?

“What has our Vice President got to say to the report indicating that four of the companies that supplied food items to the region financed their projects through N2bn they each received as loan from the Central Bank of Nigeria, CBN?” The PDP concluded that the Vice President should therefore advice himself properly by responding to the huge corruption questions and stop his unnecessary posturing.

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Oshiomhole reveals why he was invited by DSS
November 12, 2018 | 0 Comments

By Olayinka Ajayi

Nigeria’s ruling party national chairman of the All Progressives Congress (APC),Adams Oshiomhole has reiterated reasons he was invited by operatives of the nation’s Department of State Services (DSS).

Adams Oshiomole

Adams Oshiomole

PAV gathered that the APC chairman travelled out of the country after he was interrogated by the DSS over allegations of collecting bribe during his party’s primary elections.

Speaking during an interaction with editors in Lagos on Saturday, Oshiomhole said he “saw DSS only once and it was a conversation, not an arrest or detention”.

He said: “The conversation centred around APC primaries. The question now is whether or not it is the DSS job to interfere in a political party’s issues. And if there’s an allegation of corruption, it is the responsibility of EFCC and ICPC.”

The former governor of Edo noted that the DSS did not ask him to return the next day, contrary to media reports.

Oshiomhole said he was billed to travel abroad on Monday but postponed the trip for a meeting with President Muhammadu Buhari. He said he eventually left the country on Tuesday.

Furthermore, the APC chairman said he was not released on administrative bail, adding that Yahaya Bello, governor of Kogi, did not come to pick him up from the DSS office.

He said: “I was the one who called Yahaya Bello and he came but I drove home in my own car.”

Oshiomhole lashed out at the Peoples Democratic Party (PDP) for calling on Interpol to arrest him, and for insinuating that he had fled the country over the matter.

He said: “What would they have said if it was the PDP chairman that was invited by DSS, for instance over the dollar bazaar at their Port Harcourt primary?

“They would have said democracy is under threat and would have fired a letter to the UN as they often ridicule themselves.”

The former labour leader alleged that “a few important members of APC may be conniving with PDP because they preferred the impunity of the PDP era”.

Governors Rochas Okorocha of Imo and Ibikunle Amosun of Ogun are aggrieved over the APC primaries. They blame Oshiomhole for their inability to get the gubernatorial tickets of the party for their preferred candidates.

Amosun has said he did not have a hand in Oshiomhole’s invitation by the DSS.

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Africa’s Corruption Burden Costs It US 148 Billion Yet It Needs US 93 Billion For Infrastructural Development
November 12, 2018 | 0 Comments

By Nevson Mpofu

Dr Otiende Amollo

Dr Otiende Amollo

Harare—-Corruption continues to prevail despite efforts by several African Governments to come up with Legislation, stringent policies and holistic strategies on stamping it. Africa has the highest number of countries muddled in corrupt activities. Corruption is in two types, grand, of high rankings and petty corruption of low rankings.

A Kenyan Legal Expert Honourable. Dr Otiende Amollo a Legislator, Ombudsman Emeritus, Kenya is currently in Zimbabwe. He is attending a Legal Resources Foundation Human Rights conference titled, enhancing Human Rights and access to Justice in Zimbabwe and Africa. In a two day emotional symposium, He stressed that corruption drives poverty. To extremes it derails Human Rights and degrades the environment. To the worst of everything, it derails development and impedes Government and private sector growth and development.

‘’It is pathetic that corruption still lives in Africa despite legal framework by several Governments of Africa.. African countries are still muddled in sheer poverty because they are derailed efforts by corruption. Where there is corruption, Human Rights are infringed, abused massively.

‘’Let us note that impunity is bred in situations where Human Rights are not fairly exercised. In circumstances where corruption takes centre stage as the story is told in Africa, Human Rights are trodden under the six feet of the country tunnel.

‘’Africa’s most constraint burden reducing economic growth and development, causing extreme poverty is corruption. Africa needs to under- go a screening exercise to eliminate those who do corruption. They make others suffer. They contribute to economic melt-down.

‘’The kind of corruption is worst at its definition. This is Grand corruption which derails Human Rights, derails growth and development. It also impedes private sector development. As long as there is corruption, African countries will get it difficult to achieve on the Millennium Development Goals of the United Nations which targets 2030 to reduce extreme poverty, and hunger, achieve Universal Primary Education and gender equality. .

DR Amollo pointed out that corruption has over past decades caused Human Rights violations. This he said, is evidenced by poverty that has been raised from the ground by violation of human rights in Africa, ‘

‘’Corruption is the cause of Human Rights violations which have made Africa become exposed to extreme Absolute poverty. This poverty still lives, but we need to come up with measures meant to eradicate it.

‘’It is sad to note that corruption continues to cause poverty and vulnerability of African children who are the leaders tomorrow. Research concludes, countries with high corruption have high rates of poverty prevalence, lack of Human Rights and poor Governance.

The Legal Expert also pointed that according to the 2014 Corruption Perception Index out of 173 countries ranked at bottom are Somalia, Sudan, and North Korea. He noted that these countries continue to have high rates of Human Rights violations. These abuses of People’s rights culminates in extreme poverty and vulnerability to orphans and disadvantaged people who fail to access Legal Rights resources because of lack of money and low education.

DR Amollo revealed the Goldenberg scandal, the worst corruption which rocked Kenya between 1990 and 1999. It was about smuggled gold from Congo. The Exporters were paid in Kenyan shillings. This had over 35% of foreign currency earning. It cost 10% of Annual Gross Domestic Product. Since then it has come up with the Kenya Anti-Corruption Commission of 2012. Later it came with the Ethics and Anti-Corruption Commission.

Zimbabwe since the early 1980s has been rocked by massive grand corruption by politicians who got protection from Robert Mugabe. Some of them were ill-treated and killed when they attempted to bare all. A good example is of the Willow vale Motor scandal of 1989 which led to Maurice Nyagumbos suicide. The country had exported a big fleet of Japanese Toyota Cressida type of cars to Ghana. The story is still told in the Zimbabwean history. It brought a number of challenges in terms of Gross Domestic Product. Those are some of the Zimbabwean economic challenges with impacts socially and politically on the lives of people pinned in poverty and vulnerability

Giving a key note address Justice Charles Mkandawire , President of the Commonwealth Judges and Magistrate Association and Judge of the High Court of Malawi  said the major challenge which impedes development in Africa is that despite some laws enshrined in International protocols and national constitutions , corruption continues to disadvantage majority of Africans .

He said these at last are plunged into muddled conditions of poverty. At last these communities fail to access  basic needs because of lack of finance , education and less legal resources at their disposal .Those who engage in grand corruption in decision making positions creates a situation where-by Human Rights are violated at the expense of humanity , well-being and proper administration at Governance levels .

‘’Corruption circumvents wheels of Justice Delivery and the rule of Law. This is the path to Human Rights violated to certain extents which disadvantages the communities at peace. Those whose human rights are violated have no access to Justice because of the poverty created by grand corruption in high offices.

‘’The challenges lies with countries in Africa where those in high rankings if involved in corruption look for legal representation against cases they create. The defence on their side leaves them scot free. The legal battle between the poor affected and the rich of high rankings fails on the side of the poor.

‘’No-wonder why the poor emulates this corruption at their low level causing petty corruption. Most of these cases take long to discover. Even if they get discovered sometimes evidence related to such cases is not found. At most, such cases go undiscovered and unearthed out, this leading to more corruption.

Muchaneta Mundopa Executive Director of Transparency International said although there are International protocols and national laws to combat corruption, many countries are immensely embedded in endless corruption. Some of these International protocols are the United Nations Convention against Transactional Organised Crime [UNCATOC] of the year 2000 which has got 159 Member states. The other one is the Anti-Bribery Convention and the African Union Convention on Protection and combating Crime and the African Charter on Human and People’s Rights of 2003.

‘’There are a number of treaties signed by member states which must be followed in terms of their procedures and measures but the challenge still prevails in Africa . Yes, corruption is also a thorny issue in some other countries, but Africa remains the home of massive corruption by people of high rankings. This leads to several violations of human and people’s rights which still need to be addressed.

‘’Civil Society is much worried by these practices which remain unaddressed. The main issue is that, Africa has the history of liberation struggle which gives immunity to some people like leaders who commit such crimes. Although this is lowering down slowly in Africa, the rate of corruption continues to because of abuse of power by politicians and those who follow them. In some instances, corruption rises because of poverty in many communities ‘’

Transparency International Director further cleared the air by urging countries to follow International protocols. She also said constitutions of various countries must spell out on the really definition of corruption by coming up with national laws and policies which do not favour or give immunity to Leaders.

Strengthening measures to prevent corruption, experts suggests need the voices of the people in their constitutions. The need for International co-operation, working together and collective action promotes integrity, dignity and transparency.

 

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56 Political Parties Ready For 2019 General Elections- INEC
November 10, 2018 | 0 Comments

By Teslim Olawore

The Independent National Electoral Commission (INEC) says 56 political parties out of the registered 91 parties in the country are set to participate in the February 2019, general elections. The Resident Electoral Commissioner (REC) in charge of Rivers, Mr Obo Effanga, said this while speaking to newsman on Friday in Port Harcourt.

He said that INEC was interested in all the 91 registered political parties, adding that the commission would only deal with political parties that registered for the election in 2019. The REC assured the people of Rivers state that the commission was ready to ensure free, fair and credible elections in the 2019 general elections, stressing that “we assure you that on the day of the elections, every material needed for the elections would be ready to ensure free, fair and credible process.”

Effanga noted that the Card Readers would be used for the 2019 general elections. He explained that any voter who was not accredited by the Card Reader would not cast his or her vote. He, therefore, called on community leaders to advise their youths against disrupting the elections, emphasising that any community that could not control its youths to be of good conduct, INEC would not conduct elections in such community.

The REC urged stakeholders to play their part properly, saying that security agencies, the political class, among others, should ensure that the 2019 general elections were successful. He called on the electorate to pick up their Permanent Voter Cards at their areas of registration to enable them to exercise their franchise on the day of the election.

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Africa agribusiness, a US$1 trillion business by 2030
November 9, 2018 | 0 Comments
Agribusiness will become the ‘new oil” on the continent, African Investment Forum participants said
JOHANNESBURG, South Africa, November 9, 2018/ — As project sponsors, borrowers, lenders and investors gathered at the Africa Investment Forum  to make deals on investment opportunities, leaders of the continent’s  top agribusiness companies shared their thoughts on the future of the industry. With its vast agricultural potential, Africa’s agribusiness sector is predicted to reach US$1 trillion by 2030. Agribusiness will become the ‘new oil” on the continent, African Investment Forum participants said, fueling the motor of inclusive growth.

“Agriculture is a key priority for the African Development Bank, through our Feed Africa strategy,” said Jennifer Blanke, the African Development Bank Vice President for Agriculture, Human and Social Development.  “Understand that by transforming Africa’s agriculture sector it will become the engine that drives Africa’s economic transformation through increased income, better jobs higher on the value chain, improved nutrition, and so on,” she said in her opening remarks at an Africa Investment Forum session titled, Agribusiness: investment conversation with industry leaders.

Some agribusiness leaders said there is a need to invest US$45 billion per year to harness the power of agriculture and move up the value chain to create jobs and wealth. At present, only US$7 billion is invested in the sector. Investments from the private sector, leaders said, will create the adequate environment and enhance the emergence of locally owned agro-processing industries, capable of creating jobs and increasing incomes in rural Africa. The continent could become a net exporter of agricultural commodities, replacing US$110 billion worth of imports, as well as doubling its share of market value for select processed commodities.

The full-capacity session was a highlight of the Africa Investment Forum, organised by the African Development Bank. The event brought representatives from multilateral financial institutions, pension funds, sovereign wealth funds, government officials and private investors to Johannesburg, South Africa for three days.

Participants in the agribusiness session discussed the industry’s entire value chain. Leading the ‘fireside chat’ was a roundtable of experts that included Aliko Dangote, President and CEO of the Dangote Group; Zainab Shamsuna Ahmed, Minister of Finance of Nigeria; William Asiko, CEO, Grow Africa; John George Coumantaros, Chairman, Flour Mills of Nigeria and TP Nchocho, CEO, Land and Agricultural Bank of South Africa

“We need to do the research to produce the right solutions to the issues we might face along the value chain. Youth are particularly involved in this aspect as they know how to develop tools addressing issues such as water management and release”, said Aliko Dangote.

Agribusiness can also promote industrialisation and urban employment, break the ‘productivity gap’ of development, and improve the quality of life for all Africans. Attendees said Africa’s agricultural potential needs to be unlocked.

Session participants said they want to bring African agriculture to the next level. For the small and medium scale farmers, the main challenge remains access to finance. Zainab Shamsuna, Nigeria’s Minister of Finance urged investors and development partners to adapt their policies to accommodate more participants in the agriculture value chain,

“I want us to eat what we grow and consume what we produce”, Shamsuna said.

In closing the session, Edward Mabaya, Manager of Agribusiness Development at the African Development Bank highlighted the vast investment opportunities in Africa’s agribusiness including seed, fertilizer, mechanization, processing and storage.

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Peter Pham appointed as Special Envoy for the Great Lakes Region of Africa
November 9, 2018 | 0 Comments

Secretary Pompeo is pleased to announce the appointment of Dr. J. Peter Pham to serve as the United States Special Envoy for the Great Lakes Region of Africa. Dr. Pham will be responsible for coordinating the implementation of U.S. policy on the cross-border security, political, and economic issues in the Great Lakes region, with an emphasis on strengthening democratic institutions and civil society, as well as the safe and voluntary return of the region’s refugees and internally displaced persons.

Dr. Pham serves as Vice President and Director of the Africa Center at the Atlantic Council. He brings to the Department vast Africa experience as the former vice president of the Association for the Study of the Middle East and Africa (ASMEA) and editor-in-chief of its quarterly Journal of the Middle East and Africa; an associate professor of Africana studies at James Madison University, where he was director of the Nelson Institute for International and Public Affairs; and on the Senior Advisory Group of the U.S. Africa Command.

Dr. Pham will assume the work previously undertaken by Senior Coordinator for the Great Lakes, Ambassador Larry Wohlers. U.S. ambassadors to the countries of the Great Lakes region remain charged with the conduct of bilateral relations. Dr. Pham will work in close coordination with the Assistant Secretary for African Affairs and our ambassadors in the region to further the Department’s work toward lasting peace, stability, and economic prosperity in the Great Lakes region.

*The statement was issued by Heather Nauert,  State Department Spokesperson in Washington, DC on November 9, 2018

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Africa Enjoys Oil Boom as Drilling Spreads Across Continent
November 8, 2018 | 0 Comments

-Oil and gas rigs across Africa are at a three-year high

-Companies including BP and Total are ramping up projects

By 

Africa is finally seeing the benefits from the recovery in crude prices as companies ramp up drilling from Algeria to Namibia.

 The rigs are returning and wildcatters are getting excited again after a years-long hiatus during the oil-price slump. From majors like Total SA to independents like Tullow Oil Plc, companies are snapping up exploration rights and doing deals.
“When you go for business development, trying to acquire licenses or make partnerships in West Africa, you can sense the competition,” Gilbert Yevi, senior vice president of exploration and production for Sasol Ltd., said in an interview in Cape Town. “It’s like a new California gold rush.”

Just a year ago Africa’s upstream was a very different story. At the continent’s biggest oil and gas conference, crude seemed like it may just hold at $50 a barrel over the long term. Beyond the activity of Africa-focused explorers like Tullow in Ghana, exploration in most countries was in a rut.

But as Africa Oil Week returns to Cape Town on Tuesday, nations throughout the continent are planning to sell exploration licenses or move ahead with major projects.

And the prize — for both companies and countries — could be huge. There could be at least 41 billion barrels of oil and 319 trillion cubic feet of gas yet to be discovered in sub-Saharan Africa, according to a 2016 U.S. Geological Survey report.

Exploration Ramp-Up

In 2018, the number of oil and gas rigs in Africa reached a three-year high, according to Baker Hughes. There are more prospects to come as the Republic of Congo, the newest member of the Organization of Petroleum Exporting Countries, offers both onshore and offshore blocks.

Cairn Energy Plc is moving forward with its project in Senegal, the largest offshore oil find of 2014, which is expected to produce 100,000 barrels a day. “It has completely changed the potential for Senegal in a very positive way,” CEO Simon Thomson said in an interview. “It shows what can happen through the drillbit, through exploration.”

Exxon Mobil Corp. is targeting western and southern Africa for the world’s next big bonanza and recently bought a stake in a frontier exploration block offshore Namibia. The company is also expected to spend hundreds of millions in Mozambique with partner Rosneft Oil Co. PJSC and other explorers on blocks won in 2015.

Mozambique will see $156 billion in tax revenue from Exxon’s onshore liquefied natural gas project, according to the company. The supermajor is planning the most capacity of any LNG facility planned in the north of the country.

Total and Eni SpA are also nearing production sharing deals for oil and gas in Ivory Coast, two people familiar with the matter said Nov. 1. Both companies signed separate contracts for offshore oil exploration in Algeria last week.

For all the excitement, Sasol’s Yevi did strike some notes of caution. In past booms, the African oil industry has fallen into a number of traps. The first is approving projects quickly enough to ensure they don’t miss out on the benefits of a period of higher prices. “If the cycle is not long, sometimes we only catch the tail end of it in Africa,” he said.

To successfully develop its natural resources, Africa needs to have the capability within governments and regulators to control how the windfall is spent in other sectors, Yevi said.

“Converting volume into value is undoubtedly sub-Saharan Africa’s Achilles heel,” said Adam Pollard, a senior research analyst at consultant Wood Mackenzie Ltd. Still, that hasn’t dampened enthusiasm because “the continent has been responsible for some company-making discoveries in the past.”

*Bloomberg

 

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2019 Budget: Nigerian Senate Wants Early Preparation
November 8, 2018 | 0 Comments

By Teslim Olawore

Senator Abdul'Aziz Murtala Nyako

Senator Abdul’Aziz Murtala Nyako

The Chairman Senate Committee on Special Duties, Senator Abdul’Aziz Murtala Nyako, has called for early
preparation and submission of the 2019 budget by the Federal Government to enable the National Assembly
commence work on it as early as possible.

He made the call on Wednesday during a visit to the Special Duties Office (SDO), Office of the Secretary to the
Government of the Federation (SGF), Federal Secretariat Complex Abuja.

Senator Nyako said the visit was to keep abreast of the performance and the implementation of the 2017 budget
and monitor how the funds appropriated to the agency were being utilized for the year under review.

The Senator lamented the delay in the release of funds which jeopardized the functions of the office in terms of
monitoring and inspection of Federal Executive Council (FEC) approved projects and constituency projects,
stating that this could amount to undue pressure on the part of management.

While commending the management for utilizing the little fund allocated to the office, he urged them to put in
their best performance in the implementation of projects as this year’s release was much lower than last year,
noting that only 10 percent of the budget was released recently.

The Permanent Secretary, SDO, Chief William Alo, while giving a brief on the performance of the 2017 budget,
commended the Senate Committee team.

He noted that their visit is in line with the theory of separation of powers between the Executive and the
Legislative arm of government, checks and balances which is a prelude to ensuring good governance,
accountability, due process and transparency.

He added that inadequate funding and late releases were responsible for non-execution of some of the projects
planned for the year under review.

It will be recalled that the Special Duties Office (SDO) has the mandate of monitoring the implementation of
Federal Executive Council decisions, including programs, policies and projectssubmitted by Ministries,

Departments and Agencies (MDAs) apart from overseeing the implementation of zonal
intervention/constituency projects nationwide

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African renewables advocacy coalition calls on AfDB to commit to 100% renewable future
November 7, 2018 | 0 Comments

By Wallace Mawire

In a bid to have Africa commit to 100% renewable energy and to increase transparency in the continent’s energy sector, Zero – a coalition campaign between climate change volunteers and Non-Profit Organisations (NGOs) around the continent – was launched Tuesday 6 November, 2018  in Johannesburg, South Africa at the Sandton Convention Centre on the side-lines of the African Development Bank’s (AfDB) Africa Investment Forum.

According to Nicole Rodel, African Climate Reality Project Communications Coordinator, the African Climate Change Reality Project (ACRP) – the African branch of Nobel Laureate and former US Vice President Al Gore’s The Climate Reality Project – is leading the campaign. The campaign is driven by Africans for Africans to build a movement towards clean energy from the grassroots up.

“Our ultimate goal is for a low carbon sustainable future for all Africans and the shift from fossil fuels like coal, oil, and gas to renewable energy is vital as the latter is less costly and will create more jobs, build sustainable infrastructure, and does not contribute to pollution or harmful emissions which cause irreversible damage to our climate.

“We believe the AfDB is moving in the right direction in terms of clean energy finance for the future of Africans, but they continue to invest in new fossil fuel development in Africa and are not as transparent as they should be,” says Nicole Rodel, African Climate Reality Project’s Communications Coordinator.

 

 

In 2017 the AfDB’s energy investments portfolio consisted of 100% renewable energy, amounting to 1.4 GW of clean electricity. This indicates the Bank is leading Africa towards the energy of the future. The Bank has approved power generation projects with 1,400 megawatts cumulative specifically from renewables in 2017.  Both show its commitment towards achieving the Paris Agreement’s target of keeping the global temperature increase to 1.5°C above pre-industrial levels.

“We have been tracking the Bank’s progress towards transparency and easy access to information and have noticed that the AfDB is ranked fourth in the 2018 Aid Transparency Index. However, we feel that in an industry where standards are low this could be improved,” says Ahmed Mokgopo, 350Africa.org campaigner.

The Zero coalition calls on the Bank for increased transparency concerning the disclosure of possible and impending investments. This much-needed improvement in transparency gives public citizens a chance to voice their opinions on investments that threaten their well-being and quality of life, and allows the AfDB to explore alternative options to development.  Furthermore, the campaign calls on the Bank to disclose and share the greenhouse gas (GHG) emissions data for the projects and portfolios it supports.

This will send a strong message to potential investors and policymakers of the importance of decoupling Africa’s growth and development from GHG emissions.

All African countries have endorsed the Paris Climate Agreement and the goal to limit global temperature increase to 1.5ºC above pre-industrial levels. In accordance with international reports, most notable the recent report by the Intergovernmental Panel on Climate Change (IPCC), African countries are among the most vulnerable countries to climate change.

The IPCC report also warns of the devastating impacts of warming beyond 1.5ºC.  As temperatures continue rising, Africans will experience catastrophic impacts related to climate change.

“The costs of this damage, including increased civil unrest, migration and destruction of infrastructure, will require significant funding to ensure the wellbeing of African lives – and it becomes the responsibility of the region’s governments and public institutions, like the AfDB, to lead the world by example towards demonstrable and marked reduction in emissions,” says Rodel.

While the AfDB claims to support the shift to renewable energy, it is unfortunate that the Bank’s energy portfolio still consists of more than 45% of fossil fuels investments from coal, oil and gas. This stands in contrast to the 100% renewable energy vision of the Climate Vulnerable Forum, of which many African countries are a member.

“We are sure that AfDB can offer more support for this important endeavour which will lead to rapid advancement and support energy players on the African continent to shift to renewable energy projects. The transformation will inevitably begin by using a robust methodology to comprehensively measure and report emissions from its portfolio, including emissions from non-energy sectors and financial intermediaries,” concludes Michael David Terungwa, Climate Reality Leader and founder of Global Initiative for Food Security and Ecosystem Preservation (GIFSEP).

 

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Nigeria:Analysts Express Fear of Inflation as Buhari Approves New Minimum Wage
November 7, 2018 | 0 Comments
By Teslim Olawore
As workers in the country celebrate the N30,000 new minimum wage approved by President Muhammadu Buhari yesterday, analysts have expressed fear that the new wage could put inflationary pressure on the already fragile economy. Those who spoke to newsmen yesterday said the 60 per cent minimum wage increase was likely to lead to a general increase in prices of goods and services in the short-term.
One of them, the CEO, Financial Derivatives Company Limited, Mr. Bismarck Rewane, pointed out that the wage hike would lead to inflationary pressures. He said, “Productivity growth in Nigeria is still minus 0.7 per cent. So, an increase in the minimum wage and all other increases that would follow and it means that basically inflation is likely to increase.
“Our projection is that inflation will go from 11.5 per cent to around 13 per cent because of the wage increase. “If you add the election spending and the promissory notes the government has issued for contractor debt of N483 billion; when we add the money supply of the contractor note, the minimum wage and negative productivity, you have an inflation.”
When asked about the possibility of an interest rate hike, he said, “Not really, because there is a transmission time lag between when money supply rises and when prices rise.
 ” The transmission time lag is between three and six months.” Buhari had earlier received the report of the National Minimum Wage Tripartite Committee yesterday in Abuja and approved the new figure, effectively ending the first phase of the workers’ struggle for pay rise.
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$2bn Chinese loan: Don’t compromise Ghana’s sovereignty – Minority
November 7, 2018 | 0 Comments

By Papisdaff Abdullah.

The Minority in Ghana’s Parliament has cautioned government not to compromise Ghana’s sovereignty to the Chinese government in an attempt to secure loans for infrastructure development.

The caution by the Minority follows the recent agreement signed by President Nana Addo Dankwa Akufo-Addo and the Chinese government for a $2 billion barter agreement for projects.

Contributing to a statement on the floor of Parliament, MP for Wa Central, Rashid Pelpuo said government should learn lessons from their Zambian counterparts where reports suggest that the Chinese government has taken over sections of their economy for failing to pay debt owed the Chinese government.

“Recounting all the benefits we have had from China and the fact that we are considering the request that we continue to enhance that relation and strengthen it saddens my heart.

“Mr. Speaker, it shows that one sided relationship in which Ghana seems to the beneficiary all the time, the loans we have taken, the grants and every other time shows that it is not a relation we should continue in the direction we are going.

“It is what defines you, your worth, and your importance that cements your sovereignty as a country that cannot be taken away by another country. I have seen several African countries in which China’s presence have shown that in the end those countries have lost their sovereignty [like] Zambia…in situations where telecommunications and other benefits that are in the country cannot be decided by the country alone without China not coming in to support,” Hon. Pelpuo said.

The Chairman of Parliament’s Foreign Affairs, Frank Annoh-Dompreh said the country should adopt a bipartisan approach in the $2 billion Sinohydro barter agreement with the Chinese government.

“In exchange of the 2 billion dollars, I will urge that we rather entrust our talents in the hands of the skilful than to bury them…Mr Speaker, Ghana has a long standing relationship with China and I believe that this new agreement is another giant step to transform, enhance and fast track our development agenda.

“Mr. Speaker, the Sino-Hydro agreement is a welcome news that needs a Bi-partisan approach with a singular view of raking in the best interest for our dear country.”

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