Search Results

President Akufo-Addo Lauds IMF Support Amid Positive Shifts Facebook X (Twitter) WhatsApp Copy link louis Buyisiwe Mar 18, 2024 ​ IMF boss to meet Akufo-Addo Ghana's partnership with the International Monetary Fund (IMF), initiated in July 2022, has borne fruit, marking a significant turnaround in the nation's economic fortunes. President Nana Addo Dankwa Akufo-Addo, in discussions with IMF Managing Director Kristalina Georgieva, highlighted the positive outcomes of this collaboration, including a steady decline in inflation, reduced interest rates, and a stable currency. These indicators not only reflect the current state of economic stability but also lay a strong foundation for sustained growth and prosperity. The collaboration is anchored in a three-year plan under the Extended Credit Facility (ECF), totaling approximately US$3 billion, aimed at restoring macroeconomic stability, achieving debt sustainability, and fostering an inclusive economic recovery. The plan encompasses fiscal consolidation, inflation control, and the implementation of structural reforms to enhance the economy's resilience to external shocks and internal vulnerabilities. President Akufo-Addo reaffirmed Ghana's commitment to the agreed reforms, stressing the importance of steady progress towards the overarching goal of rapid development and prosperity for its citizens. He praised the IMF for its understanding and support, emphasizing Ghana's unique journey as a trailblazer in Africa's post-colonial development narrative. Meanwhile, Georgieva commended the Ghanaian government for its swift progress in debt restructuring, reflecting the productive nature of the Ghana-IMF partnership. In a related event highlighting Ghana's forward-looking stance, the country hosted an AI conference in collaboration with the IMF, themed "AI as a Catalyst to Transform Economies in Sub-Saharan Africa." This gathering underscores Ghana's commitment to leveraging technological innovations to drive economic transformation, showcasing its role as a model for resilience and innovation in the region. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

Uganda Refinery Project: Clarifications on previous misleading claims Facebook X (Twitter) WhatsApp Copy link louis Buyisiwe Mar 30, 2024 ​ Museveni orders renewal of refinery project Understanding the Real Progress and Challenges Ahead In a recent unfolding surrounding the Uganda Refinery Project, the Ministry of Energy and Mineral Development has stepped forward to address and correct certain inaccuracies reported in an article by the New Vision Newspaper on March 28th, 2024. The article, titled "MUSEVENI ORDERS RENEWAL OF REFINERY CONTRACT," suggested that the Albertine Graben Energy Consortium (AGEC) had successfully met all the required milestones as per the Project Framework Agreement (PFA) and was moving towards the Final Investment Decision (FID) with confidence. However, the Ministry wishes to shed light on the actual situation, stating that AGEC did not meet several crucial deliverables within the stipulated deadlines, leading to the termination of the agreement on June 30th, 2023. This development underscores the complexities and stringent requirements involved in such a significant national project. Key Areas of Concern: Financial Commitments: AGEC did not secure commitment letters from lenders for the full amount of required debt before reaching the FID. Equity Investment: There were no signed commitment letters from equity investors, raising concerns about the financial robustness of the project. Environmental and Social Oversight: The crucial Environmental and Social Impact Assessment (ESIA) remains incomplete, delaying further project milestones. Project Pricing and Viability: The absence of a submitted lump sum turnkey price for the project and the execution of a Commercial Viability Assessment (CVA) are significant red flags. Advisory and Procurement: The procurement of a qualified financial advisor and other procedural requirements were not met, indicating gaps in project management and oversight. Moving Forward: The Ministry encourages AGEC to engage with the new investor group to explore possible participation under a new arrangement . This approach aims to inject fresh momentum into the project, ensuring that it aligns with Uganda's energy sector goals and provides tangible benefits to the Ugandan people. The Uganda Refinery Project is a cornerstone of the nation's energy infrastructure development strategy. While challenges remain, the government's commitment to transparency, due diligence, and strategic partnerships is unwavering. Stakeholders are urged to rely on official communications for accurate updates and to support the collaborative effort towards energy self-sufficiency. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

Asylum Seekers in UK Fear Attending Home Office Meetings Amid Rwanda Deportation Threats Facebook X (Twitter) WhatsApp Copy link Mbeki edmond May 15, 2024 ​ Nura says that each time she goes to sign in she's terrified of being detained for Rwanda deportation Asylum seekers in the UK are increasingly fearful of attending Home Office meetings due to the threat of deportation to Rwanda. After speaking to several individuals who now dread these routine appointments, with some even contemplating skipping them altogether. Kidus, a 30-year-old from Eritrea, arrived in the UK in June 2022 on a small boat with about two dozen other people. Despite government plans to deport asylum seekers to Rwanda being announced at that time , he never believed it would happen to him. Recently, however, he received a letter indicating he was being considered for removal, making the threat feel real. Kidus recounts that before leaving France, people smugglers assured him the policy wouldn't affect him. But his fears were heightened when a friend, also from Eritrea and who traveled on the same boat, was detained during a routine Home Office appointment in Liverpool. "If I didn't go there, I know they'll drop my case," he tells us, concerned his asylum application will be cancelled. "But if I go I know they will detain me. So, I'm just confused what I'm going to do." A document from Home Office officials reveals that only 2,143 of the 5,700 asylum seekers Rwanda has agreed to accept regularly attend check-ins and can be located for detention. If individuals like Kidus stop attending, they will join the 3,557 migrants currently missing. Kidus lives in a shared house paid for by the Home Office, making it difficult for him to disappear and increasing his fear of being detained at any time. This constant fear has disrupted his life, causing him to stop attending college and always carry the phone numbers of legal firms. "I'm always just frightened here. So, they might come at night or day and I'm always thinking that they'll come and they'll take me to detention. I'm not feeling safe here," he says. Kidus's friend, Nahom, 26, is currently held in a detention center near London, along with about 40 other asylum seekers who have been told they will be sent to Rwanda. Nahom describes the center as a nightmare and feels increasingly desperate about his situation. "It's like a nightmare, it's like a prison and I don't like it here. I'm really stressed and panicked about the situation," Nahom tells us from the site almost 100 miles away. "They can send my body, but not me alive," he says. "I'm just giving up." In west London, Nura, a woman in her 20s, has decided to continue attending her Home Office meetings despite the risks. She fears being kicked out of her taxpayer-funded hotel if she misses these appointments. The stories of Kidus, Nahom, and Nura highlight the growing fear and uncertainty among asylum seekers in the UK as they face the possibility of deportation to Rwanda. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

US Family Baffled by Son's Link to Failed Congolese Coup; seek release Facebook X (Twitter) WhatsApp Copy link Ayize claire Jun 7, 2024 Rebecca Higbee the mother of Tyler Thompson, points to her son and his friend Marcel during his 21st birthday with his family on Thursday, May 30, 2024, in West Jordan, Utah. Utah resident Tyler Thompson, 21, has been detained in the Democratic Republic of Congo (DRC) following a failed coup attempt last month. His family says they have "zero idea" how he became involved. Thompson, on his first international trip with friend Marcel Malanga, was caught in the aftermath of a coup led by Marcel's father, Christian Malanga, a former DRC politician. The coup attempt on May 19 resulted in the occupation of the Palais de la Nation by heavily armed men. Fifty suspects, including three Americans, were detained . Six people, including Christian Malanga, were killed during the incident. Videos show Thompson being assaulted by Congolese security forces. His family has not heard from him since, and US consular officials have been denied access. Thompson's stepmother, Miranda Thompson, expressed disbelief and concern for his health, describing him as "incredibly kind and generous" and unlikely to participate in a coup willingly. The family has launched a campaign urging public pressure on US officials to secure Thompson's release. The US State Department confirmed it has requested access to detained US citizens but has not yet received it. "We just want to know that he's OK and healthy," said Miranda Thompson. "Any parent would want that." More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

NGO Files Complaint and Seeks Investigation into Deaths of French Personnel During Rwanda Genocide Facebook X (Twitter) WhatsApp Copy link Griffith Sarah Apr 10, 2024 ​ Current Rwandan President Paul kagame on left and late President Juvenal Habyarimana Three decades since the harrowing Rwanda genocide that claimed over 800,000 lives, new efforts are underway to shed light on the unsolved deaths of two French officers and a civilian during the initial days of the 1994 crisis. Survie, a French NGO committed to fostering improved Franco-African relations, alongside family members of the deceased, has officially filed a complaint demanding a thorough investigation into the circumstances surrounding the fatalities of military police personnel Rene Maier, Alain Didot, and Didot's spouse, Gilda, in Kigali, Rwanda's capital. This legal move by Survie aims to unravel the intricacies and assign accountability for the tragic demise of the two gendarmes and a gendarme's wife under enigmatic conditions. The subsequent downing of Habyarimana's aircraft above Kigali was the catalyst for the ensuing mass slaughter, primarily of Tutsis and moderate Hutus, from April to July 1994. Exactly three decades on, "this complaint aims to establish responsibilities in the death of two French gendarmes and the wife of one of them in Kigali [...] in circumstances that remain mysterious," Survie said in a statement . It claimed a French intelligence note that year suggested; "The three French nationals could have been eliminated after they were witnesses" of the 6 April, 1994 assassination of Hutu president Juvenal Habyarimana. The grim sequence of events saw the Didot couple's lives claimed just two days post-Habyarimana's assassination, on April 8, 1994. Alain Didot, who served as a radio technician, had been stationed in Rwanda since 1992 to offer counsel to the Rwandan army and enhance the security of the French embassy's communications systems. Through this complaint, Survie and the grieving families seek not only justice but also clarity on the roles and experiences of French nationals in the tragic unfolding of the Rwanda genocide. The case reopens critical discussions about international involvement and the shadows cast by unresolved deaths amidst one of the 20th century's darkest chapters. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

International Women's Day, 2024 - Kenya appears in the Misogynistic Minority Facebook X (Twitter) WhatsApp Copy link louis Buyisiwe Mar 8, 2024 ​ women attending women's daay Celebration in East Africa In a world where strides toward gender equality are increasingly recognized and supported, a concerning minority still harbors misogynistic views that threaten the progress made in empowering women and girls. Despite national surveys revealing overwhelming majorities in favor of gender equality across the globe, from over 90% support in nations like Canada, Sweden, and the United Kingdom, to around 55% in countries such as Kenya, Russia, and South Korea, this minority remains a significant barrier. This group, often viewing women as lesser than men, not only denies women autonomy over their lives and bodies but also seeks to limit their political, social, and economic freedoms. The behavior of such individuals ranges from ridicule and intimidation to outright physical abuse, undermining the fundamental principles of gender equality enshrined in pivotal international documents like the Universal Declaration of Human Rights. Misogynists' dismissal of gender equality laws and policies, which form a core part of many regional treaties and national frameworks, poses a challenge to achieving a world where women have equal rights and opportunities. Addressing this issue requires not only legal and policy reforms but also a cultural shift to dismantle deeply ingrained misogynistic attitudes. The fight for gender equality traces its roots back to centuries of women's oppression under male-dominated structures through laws, physical force, and societal norms. Historically, women were largely confined to roles within the household, reliant on fathers and husbands for decisions, and often married off at young ages with limited personal freedom. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

Iranian Asylum Seeker in UK Faces Deportation to Rwanda, Shares Harrowing Journey and Fears Facebook X (Twitter) WhatsApp Copy link Mbeki edmond May 8, 2024 ​ In December 2022, Roozbeh, a 34-year-old civil engineer from Iran, sought refuge in the United Kingdom after converting from Islam to Christianity—a decision that put his life at risk under his home country's regime. However, instead of finding permanent sanctuary, he received a notice of intent to deport him to Rwanda, sparking new fears of detention and possible extradition back to Iran. Roozbeh's escape from Iran was fraught with peril. After crossing into Turkey, he was clandestinely transported across multiple borders, crammed into lorries where the distinction between day and night blurred during his three-week journey to France. The smugglers, communicating in English, Turkish, and Kurdish, coerced the group to wade deep into the sea and board water-logged dinghies under the guise of reaching a "safe country." Upon arrival in the UK, Roozbeh was rescued by a Border Force boat, a moment of profound relief marked by the simple provision of hats and gloves that mitigated the biting cold. Initially processed and sent to Liverpool, he found a semblance of peace and community support, volunteering with local charities where even the English staff expressed anxiety over the UK's deportation policies to Rwanda. Unfamiliar with Rwanda and disconnected from global news for years, Roozbeh was shocked to learn that it could be his next destination. His research revealed troubling diplomatic ties between Rwanda and Iran, intensifying his fears of being sent back to the very dangers he had fled. This looming threat disrupts the safety he has experienced in the UK, where local friends have even offered him places to hide. Roozbeh is now caught in a haunting limbo, required to report bi-weekly as he awaits an asylum interview that has yet to be scheduled. His story underscores the paradox faced by many asylum seekers in the UK: rescued from perilous journeys only to face the prospect of deportation to countries where their safety cannot be assured. Despite the UK's attempt to use Rwanda as a deterrent for dangerous crossings , for Roozbeh and many like him, the risk of staying put in their home countries is often far worse than the treacherous paths they embark on in search of safety. This policy, he argues, only delays the death they tried so desperately to escape. In Roozbeh's words, "Why did you not just leave us to die in the Channel if your plan was to send us to Rwanda? By sending us there you are just delaying that death." His plea highlights a desperate hope for a chance to live freely, away from the nightmares that now follow him into his waking hours. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

President Akufo-Addo of Ghana stated that The 13th African Games symbolize Sportsmanship and unity. Facebook X (Twitter) WhatsApp Copy link louis Buyisiwe Mar 12, 2024 ​ A symbolic depiction of diverse all Africa games President Nana Akufo-Addo hailed the 13th African Games as a monumental celebration of unity, sportsmanship, and excellence, setting a vibrant stage for athletes across the continent to showcase their prowess and shared dreams through the universal language of sports. In his inspirational speech during the grand opening ceremony at the University of Ghana Stadium, President Akufo-Addo emphasized the Games as a beacon of hope, embodying the continent's rich heritage and collective ambitions. "This event transcends sports; it's a unifying force that reminds us of our interconnected destinies and aspirations," he remarked. The ceremony was a kaleidoscope of cultures, with delegations from nations stretching from Ghana to Ethiopia, and Tunisia to South Africa, parading in a dazzling display of solidarity and national pride. The event was a testament to Africa's diversity and unity, with athletes from various disciplines making a symbolic entrance, mirroring the continent's vibrant mosaic. The air was electric as top Ghanaian and international artists, including Shatta Wale, King Promise, and South African star Kamo Mphela, performed, turning the stadium into a melting pot of exhilarating music and dance, further highlighting the Games' spirit of celebration and togetherness. With over 13,000 participants, including 5,000 athletes and thousands of volunteers, technical staff, and dignitaries, the 13th African Games are set to be a landmark event. It promises to captivate more than two billion viewers worldwide through television, radio, and digital platforms, showcasing Africa's sporting excellence and unity to a global audience . More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

The Impact of Pregnancy Support Grants in South Africa Facebook X (Twitter) WhatsApp Copy link louis Buyisiwe Feb 26, 2024 ​ Empowering Mothers, Nurturing Futures: South Africa's Path to Prosperity Through Pregnancy Support Grants Empowering Early Development: The Case for Pregnancy Support Grants in South Africa The critical window from conception to a child's second birthday represents a golden opportunity to shape their future health and potential. Adequate nutrition for the mother during pregnancy and for the child post-birth is paramount to prevent undernutrition and its long-term consequences, such as stunting, which can lead to lifelong health and social challenges. While many regions globally recognize the value of maternity benefits, with over 80% coverage in Europe and Central Asia, Africa lags behind at just 16%, and South Africa currently offers no benefits to pregnant women. Addressing this gap by providing pregnancy support grants could significantly improve maternal nutrition and access to essential antenatal care, laying a foundation for healthier, more productive future generations. A Cost-Effective Strategy for National Well-being Research indicates that extending child support grants to include the pregnancy period could yield substantial healthcare savings for the South African government, estimated at R31,200 ($1,600) per child over the first 1,000 days. This could translate to a national saving of about R14 billion ($720 million) across all newborns during this critical period. The majority of pregnancies in South Africa occur in impoverished or female-headed households, where financial constraints often lead to food insecurity. Implementing a pregnancy support grant could alleviate these pressures, ensuring better nutritional choices and overall well-being for mothers and their unborn children. Investing in the Future through Pregnancy Support A pilot study in the Western Cape demonstrated the potential success of a pregnancy support grant, where recipients used funds to purchase nutritious foods, highlighting both the economic and psychological benefits of such support. Despite concerns, evidence suggests that child support grants do not incentivize pregnancy but rather provide crucial aid to those in need. Learning from global examples in countries like India, Mexico, and Brazil, South Africa has the opportunity to transform the lives of women and children, drive economic growth, and realize significant government savings by investing in pregnancy support grants. This policy change could mark a significant step towards breaking the cycle of malnutrition and poverty, enhancing the nation's health and economic future. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

Burkina Faso Prolongs Military Rule by Five Years Facebook X (Twitter) WhatsApp Copy link Ayize claire May 28, 2024 ​ Burkina Faso's military government has extended its rule by five years. Capt. Ibrahim Traoré, who seized power nearly two years ago, will be eligible to run in the next presidential election, according to state media. Capt. Traoré had initially pledged to restore civilian government by July 1, but this deadline has been pushed back. The announcement was made following a national consultation meeting in Ouagadougou. The new 60-month transition period will start on July 2. Elections may be held earlier if security improves , as noted by Reuters. Burkina Faso has been under military rule since Lt. Col. Paul-Henri Damiba ousted President Roch Kaboré in January 2022, citing failure to control Islamist violence. In September 2022, Capt. Traoré overthrew Col. Damiba, promising to improve security and restore civilian rule within 21 months. He later emphasized that elections are secondary to reclaiming jihadist-held territories. The new charter removes quotas for assembly seats, instead selecting deputies based on "patriotism." The national consultation saw swift decisions, with political parties reportedly absent at the start. International bodies, including the EU and UN, have accused Burkina Faso of serious human rights violations in its fight against Islamists, such as indiscriminate killings and forced disappearances of civilians. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

African Trade and Investment Development Insurance Boosts Burundi's Renewable Energy with $7.7M Hydropower Facebook X (Twitter) WhatsApp Copy link louis Buyisiwe Mar 28, 2024 ​ Mpanda hydroelectric power station one of other big power projects in Burundi Bujumbura, Burundi - African Trade and Investment Development Insurance (Atidi) has announced its backing for the pioneering $7.7 million Ruvyironza Hydropower Project in Burundi, offering a significant political risk insurance cover. This initiative marks a crucial step in bolstering the nation's renewable energy sector and enhancing access to electricity. The Ruvyironza project, spearheaded by Songa Energy in collaboration with Virunga Power, introduces a 1.65 megawatt (MW) run-of-the-river facility, setting a precedent as the first hydro Independent Power Producer (IPP) to connect to Burundi's national grid. This follows the 7.5 MW Upper Mulembwe solar project, also insured by Atidi, underscoring a growing commitment to renewable resources in the region. Construction of the hydropower plant commenced in May 2023, with expectations to initiate commercial operations by year-end. The project, financed by Virunga Power, renowned for their expertise in renewable energy ventures and rural grid development, is part of a broader strategy to produce over 10 MW from two hydropower installations. Atidi, established by the Common Market for Eastern and Southern Africa (Comesa) in 2000, plays a pivotal role in mitigating investment and political risks, thereby encouraging foreign direct investment across Africa. The insurer's involvement in the Ruvyironza project aligns with its mission to support sustainable development initiatives, particularly those aimed at achieving Sustainable Development Goal (SDG) 7 – ensuring universal access to affordable, reliable, and modern energy services. Burundi's energy sector, with less than 15% of its population having electricity access, stands to gain immensely from this venture. The generated power will be supplied to the national utility, la Régie de Production et de Distribution de l'Eau et de l'Electricité (Regideso), under a 25-year Power Purchase Agreement (PPA), facilitated through a newly constructed 2.4km transmission line. This landmark project not only propels Burundi towards a sustainable energy future but also exemplifies the significant impact of collaborative efforts between governments, private sector entities, and insurance underwriters in transforming the African energy landscape . More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024

African Development Bank Chief's advice to avoid Natural Resource-Backed Loans Facebook X (Twitter) WhatsApp Copy link louis Buyisiwe Mar 13, 2024 ​ Akinwumi Adesina, the President of the African Development Bank The President of the African Development Bank, has strongly advised against the continuation of natural resource-backed loans by African nations, labeling them as detrimental and unsustainable. In a recent interview with the Associated Press, Adesina highlighted the complexities and inherent risks of these financial arrangements, which have surged due to increased demand for critical minerals essential for renewable energy and electric vehicles. Adesina pointed out the primary challenges with natural resource-backed loans: the difficulty in accurately pricing underground assets such as minerals, oil, and gas, and the asymmetric nature of negotiations that typically favor lenders. These loans are often secured with the promise of future natural resource exports, aimed at financing infrastructural developments but end up placing recipient countries in disadvantageous positions. The bank's initiative to assist African countries in renegotiating such loans comes as a response to the numerous issues that arise from these deals, including a lack of transparency, potential for corruption, and a significant power imbalance that can lead to exploitative terms. Adesina emphasized the need for transparency and fair valuation in loan agreements to prevent exploitation and ensure sustainable debt management. The issue has become particularly pressing as countries like Chad have faced severe financial crises due to the burdensome repayments of oil-backed loans. With at least 11 African countries engaged in such financial arrangements, primarily with China and Western entities like Glencore, Trafigura, and Standard Chartered, the call for a reevaluation of these loans is growing louder. The African Development Bank's stance reflects a broader concern over the impact of natural resource-backed loans on the economic stability and sovereignty of African nations. As the continent moves towards sustainable development, the push for fairer and more transparent financial practices is gaining momentum. More Stories Ethiopia Death Toll from Ethiopian Landslides Rises to 157, Official Says Read More Community Jul 22, 2024 South Sudan South Sudan's Basketball Team: Forging a New countie's image Read More Sports Jul 22, 2024 Nigerian Manchester United Secure NIgerian-Danish Wonderkid Chido Obi-Martin from Arsenal Read More Sports Jul 21, 2024