Politics

African leaders want record World Bank financing to address climate change

Published

8 months ago

April 29, 2024

Ahead of a World Bank conference scheduled for later this year, African leaders on Monday called for rich countries to commit to record contributions to a low-interest World Bank facility for developing nations.

The leaders stressed that most African countries depend on the fund to sponsor development and combat climate change.

At a meeting in Japan in December, donors will promise to give money to the International Development Association (IDA), a World Bank organization that gives loans with low-interest rates and long terms.

“We call on our partners to meet us at this historic moment of solidarity and respond effectively by increasing their IDA contributions… to at least $120 billion,” Kenya’s President William Ruto told a meeting of African leaders and the World Bank to discuss IDA funding.

African economies were facing a “deepening development and debt crisis that threatens our economic stability, and urgent climate emergencies that demand immediate and collective action for our planet’s survival,” Ruto said.

He talked about the terrible floods in Kenya and the serious drought in Southern African countries like Malawi. If donors promise the least amount that African leaders have asked for, it will be a new high.

The previous high was $93 billion, which was raised in 2021. IDA loans are given out every three years, and donors usually give their money at a world meeting before the loan is given out.

The World Bank said that IDA lends money to 75 poor countries around the world at low interest rates. More than half of these countries are in Africa. Governments use the money to improve access to healthcare and energy, put money into farms, and build important things like roads.

The president of the World Bank, Ajay Banga, promised to cut down on the “burdensome” rules that guide lending to countries under the IDA. This would make the process more efficient and get money to countries that need it more quickly.

“We believe a simpler and reimagined IDA can be deployed with more focus to make a meaningful impact,” he said.

Related Topics:Featured IMF International loan World Bank

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Politics

Burkina Faso releases 4 French spies after Moroccan intervention

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

In a diplomatic spat over their imprisonment, France and Morocco announced Thursday that four French nationals detained in Burkina Faso for a year had been freed after mediation from Morocco.

They were spies, according to a prior statement made by the director of France’s foreign intelligence organisation, the DGSE.

A request for comment was not answered by the DGSE or a representative of the French military, which is in charge of the agency.

Since December 2023, they have been held in Ouagadougou.

President Emmanuel Macron hailed King Mohammed of Morocco on Wednesday for his intervention, “which made possible the liberation of our four countrymen who had been held in Burkina Faso for a year,” according to a statement from the French administration.

King Mohammed and President Ibrahim Traore of Burkina Faso were also commended by Morocco’s foreign ministry, which stated that “this humanitarian act” was made possible by their positive bilateral ties.

In October, France made peace with Morocco, one of its former protectorates, after three years of hostilities between Paris and Rabat stoked by immigration concerns and the disputed Western Sahara region.

Morocco offers Burkina Faso and other military-ruled Sahel republics Atlantic trade.

However, France’s relations with former West and Central African colonies, such as Burkina Faso, remain difficult. In Ouagadougou, French troops and diplomats were ejected, the defence attache and ambassador were asked to depart, and certain French media were suspended.

The military junta that took control in 2022 in Burkina Faso has been criticized by international rights groups for cracking down on free expression and harassing dissidents to handle a security crisis precipitated by Al Qaeda and Islamic State extremists.

Politics

Ghana: President-elect Mahama appoints anti-corruption team

Published

3 days ago

December 19, 2024

Ifeoluwa Dada

According to a statement released by his transition team on Wednesday, Ghana’s President-elect, John Dramani Mahama, has designated an anti-corruption committee to investigate allegations of wrongdoing.

When he takes office next month, Mahama, the leading opposition candidate in the presidential election held on December 7 and who received almost 56% of the vote, has pledged to reclaim the proceeds of corruption and hold those responsible for it accountable.

In anticipation, an anti-graft squad has been established. The parliament’s Committee on Assurances, which has previously raised suspicions of governmental corruption, is chaired by MP Samuel Okudzeto Ablakwah.

An investigative journalist, a private attorney, a former auditor general, and a former police officer with experience in high-profile robbery cases make up the other three members.

After looking into alleged financial irregularities that took place during the previous administration, Daniel Dumelovo, the former auditor general, was fired.

Recovering lost assets and fighting corruption were two of Mahama’s main campaign pledges.

“He intends to hit the ground running on these commitments,” the statement said.

Eight years after leaving office, former President Mahama is back to head the West African country. Despite not being personally contaminated, he faced criticism during his 2012–2016 administration due to claims of political corruption.