t has been nearly a year since European leaders and their African counterparts converged in Brussels for a summit billed as the beginning of a ‘renewed partnership’ between the two continents.
The summit’s final declaration dubbed ‘the Joint Vision for 2030’ promised among other things to invest in Africa $25 billion per year over the next seven years, 450 million Covid vaccines and over $300 billion to spend on energy and infrastructure.
Almost a year later, European leaders and their African counterparts are struggling to get moving.
There has been no major decision from Brussels on investment or infrastructure, two things African leaders deeply care about.
The war in Ukraine has had Europe distracted, and even caused tension with African countries who have chosen neutrality.
The summit also appears to have done little to improve mutual trust. With Europe still not keen on supporting a patent waiver on vaccines, doubts have grown on whether Brussels is serious about Africa’s health sovereignty ambitions.
Geert Laporte is a Europe-Africa expert at the European Centre for Development Policy Management. He joins the show with insights on how the two continents can advance their often fractious, complex relationship.
Ethiopia moots currency devaluation
A dollar shortage in Ethiopia has put so much strain on the local currency – the Birr, with a major gulf in the official and black market exchange rates.
As a remedy, the country’s central bank is considering devaluing the currency.
The move is necessary for Addis Ababa to attract IMF support, and to boost exports.
Davos 2023: Economists warn of recession
A majority of private and public sector chief economists surveyed by the World Economic Forum (WEF) expect a global recession in 2023.
It is not good news for African economies already struggling to recover from pandemic stress.