African Finance Ministers Point Fingers Elsewhere


African Finance Ministers Point Fingers Elsewhere

African ministers of finance attribute the poor economic performance of the continent to the worldwide pandemic and the war between Russia and Ukraine at the 55th session of the Economic Commission for Africa. The five-day conference held at the Skylight hotel was informed by a study presented by Djibouti economist Adam Elhiraika (PhD). The 690 million people who are at risk of falling into extreme poverty in Africa and the 149 million that did in the previous year are a few of the woes that mar the economic prospects of the continent. Antonio Pedro who was the active executive secretary suggested a shift from GDP-predicated analysis of economic growth might do some good rather reorienting priorities to the building of human infrastructure. While debt vulnerabilities point to potential systemic risk averaging around 62pc of GDP across the continent, high on the agenda was how to leverage climate finance. The prevailing narrative that the continent contributes the least to climate change while suffering the most was ubiquitous at both this conference and the AU summit a month ago. State Minister for Planning, Nemera Gebeyehu delivered opening remarks championing a bright future for the continent. Greater intra-African trade was further bolstered by the African Continental Free Trade Area (AfCFTA) along with a shift towards more valued exports and enhanced access to finance.

[ssba-buttons]

Radar

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dol...


Radar

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonable interest rates. The bank's Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata...


Radar

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coor...