Africa's Sustainable Development Goals Progress Stalls

Jul 24 , 2023

Africa needs 194 billion dollars annually to achieve Sustainable Development Goals (SDGs) by 2030, according to a report by Africa's Development Dynamics. It points out that the annual sustainable gap is equivalent to seven per cent of Africa's Gross Domestic Product and 34pc of its investments in 2021. The average inflation rate for the continent is projected to reach 15.5pc in 2023. It is at the highest level in 27 years, with peaks above 15pc in 11 African countries. The report suggests that Africa attracts the lowest share of capital from institutional investors compared to other regions, despite growing from 48 billion dollars in 2010 to over 112 billion dollars in 2021. Africa has the world's youngest population, with a median age of 19 years, compared to 30 for Latin America and the Caribbean, 31 for developing Asia, and 42 for Europe. The proportion of African youth completing an upper-secondary or tertiary education could reach 34pc by 2040. The report proposes a new narrative assessing Africa's economic, social, and institutional performance aligned with the African Union 2063 targets. Mousa Faki Mahatmat, chairperson of the African Union Commission, and Mathias Corman, secretary general of the Organisation for Economic Co-operation, called for the deepening and integration of domestic capital markets, the development of local currency bonds, and the implementation of the African Continental Free Trade Area (AfCFTA) to harmonise policies among countries and facilitate value chains to development.


Ministry Ponders Tax Waivers for Rural Energy Solutions

Tax exemptions for off-grid energy technologies like solar pumps and mini-grids are under discussion, spearheaded by the Ministry of Water & Energy. Commonly used by rural households, officials disclose their simultaneous plan to develop 300 mini-grids in the next six years. According to Birhanu Weldu, the lead executive of rural energy technology development, the initiative tackles the country's low electrification rate and reliance on charcoal and firewood. Charcoal, fuel wood, and...


Rural Land Proclamation Comes to Light

A landmark legislation that grants title holders in rural areas the right to use the property as collateral was unanimously ratified by Parliament last week. It primarily focuses on extending access to finance for farmers and pastoralists, through a structured land title system. It also introduces criminal penalties for the illegal transfer of property. Replacing the 18-year-old proclamation for rural land management, the law sentences individuals engaging in land invasions and unauthoris...


Ethiopian Unveils $50m Domestic Terminal Renovation

With a rising demand for domestic travel, Ethiopian Airlines has renovated its terminal at Addis Abeba Bole International Airport with 50 million dollars to handle customers. The expanded terminal has doubled its previous size to 25,750Sqm and accommodates 200 daily flights to and from 22 domestic destinations. It includes four contact gates, 10 remote departure gates, 22 check-in counters with automated baggage screening systems, shops and restaurants. The terminal also features a dedica...