Stay informed with free updates Simply sign up to the Climate change myFT Digest — delivered directly to your inbox. For years, many African countries have struggled to position themselves in relation to the climate debate raging in the global north. The continent of 54 countries, which has emitted less than 3 per cent of … Read More “African nations unite on Nairobi Declaration” »
European business schools are looking south to Africa. The continent is teeming with entrepreneurial talent, with a youthful population, rapidly urbanising economies and abundant natural resources. But many African entrepreneurs face obstacles that can hold them back, such as limited access to education, financing and mentorship. Schools based in Europe are stepping up to help … Read More “Europe’s business schools target Africa’s entrepreneurs” »
Nigerians are turning to expensive emergency loans to cover the cost of essentials, as the country’s economic woes push more people into poverty and fears grow of a consumer debt crisis. High inflation and a controversial austerity drive by the government have weighed down on Nigerians’ incomes at a time when payday loan providers have … Read More “Nigerians resort to emergency loans as austerity and inflation bite” »
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A prominent investor in emerging market debt has become the latest outfit to float the idea of South Africa’s government using its central bank’s foreign exchange reserve gains to tackle the country’s rising debt burden. … Read More “Ramaphosa government faces calls to tap foreign exchange gains to ease debt burden” »
Nigeria’s currency has tumbled to record lows against the US dollar, putting further pressure on new president Bola Tinubu as he tries to reform Africa’s largest economy. Tinubu took the reins in May, pledging to break with the policies of his predecessors and attract foreign investment to Nigeria. Allowing the naira to float more freely … Read More “Nigeria’s record currency slide continues as dollars dry up” »
The 20,000km of railway that criss-cross South Africa once symbolised the nation’s mining might, carrying trains loaded with coal and iron ore destined for India, China and other markets under the state’s Transnet freight monopoly. But the volume of cargo carried by Africa’s biggest rail network has collapsed by a third in the past five … Read More “Ramaphosa moves to stop Transnet shunting South Africa into sidings” »
Zimbabwe’s president is preparing to restart talks on $14bn of unpaid debt as deep divisions persist over disputed elections in the southern African country. Emmerson Mnangagwa is betting that international concerns over his re-election and increasing signs of cronyism will not block a potential deal to restructure longstanding debts to the World Bank, African Development … Read More “Zimbabwe aims to shake off election criticism with new debt deal” »
Receive free Nigeria updates We’ll send you a myFT Daily Digest email rounding up the latest Nigeria news every morning. Nigeria’s Senate has unanimously approved the appointment of a new central bank governor and four deputies amid a worsening rout of the country’s naira currency against the US dollar. Olayemi Cardoso, a former local executive … Read More “Nigeria’s Senate confirms new central bank governor amid currency rout” »
Brad Setser is a senior fellow at the Council on Foreign Relations and a former Treasury Department official. Theo Maret is a research analyst at Global Sovereign Advisory and writes a sovereign debt newsletter. In June Zambia finally reached a restructuring deal with its overseas government creditors, more than two-and-a-half years after the country defaulted … Read More “Ten lessons from Zambia’s (incomplete) restructuring “ »
Receive free Climate change updates We’ll send you a myFT Daily Digest email rounding up the latest Climate change news every morning. Kenya’s president has called for a global debt relief deal to help indebted African nations fight the damaging effects of climate change, insisting the two issues are indelibly linked. William Ruto said most … Read More “Kenya’s president William Ruto calls for African debt relief to fight climate change” »
