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Where Lusaka leads, others will follow?
Waiting for unspecified ‘progress’ to be achieved before releasing funds looted by corrupt former leaders is unconscionable
African companies ranked by growth in revenue, compiled with data company Statista. Plus: digitising informal trade and agriculture; success stories invite investment; banking on the unbanked; solar power shines; will co-working work on the continent?
Bigger than expected move comes after naira hits fresh low against the dollar
Outgoing president Muhammadu Buhari seeks to cement legacy with rebranded Nigeria Air
Chronic shortage of currency tips into crisis as African power giant fails to profit from rising oil prices
Food inflation soared to 23% in August on the back of higher cost of essentials including cereals and meat
People across continent struggle to cope with impact of weak currencies and high prices
China has built much of the continent’s infrastructure while Russia has deployed mercenaries to prop up dictatorships
Beijing was Lusaka’s biggest creditor with $6bn in loans before southern African country’s default in 2020
Economic progress has been made, but gains are being threatened by the Covid pandemic, which has squeezed economies, and the war in Ukraine, which has raised food prices
Continent needs businesses that can raise finance to invest and are competent enough to reap the gains from scale and specialisation
Covid exposed Africa’s dependence on overseas production but local initiatives show potential
Raising yields will not only improve lives but could also be an important factor driving national development
Finance minister pushes for ‘big, ambitious agenda’ backed by international lenders
Africa’s largest economy has some of the worst outcomes in the world
‘Democracy is only real if it extends to social and economic areas — it’s not just about having elections every five years’
Countries point to hypocrisy from the west and point out that hundreds of millions of Africans still lack access to basic electricity
Whereas once it sought UN votes, Tokyo now has much more urgent needs given the hunt for rare metals and other commodities
Explanations for continent’s struggle to develop are complex and disputed
Companies face being overwhelmed by infrastructure problems, unreliable energy, tax and customs burdens, as well as cheap Chinese imports
Increased costs are forcing farmers to reduce output and the world’s poorest continent is expected to be hardest hit
Dubai-based airline to halt services from September after being unable to move reported $85mn out of the country
Central bank seeks to counter soaring inflation and depreciating currency
Rising food costs and naira’s weakness against the dollar push rate of price growth to 19.6%
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