<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="234" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-820x234.jpg" alt="" class="wp-image-576818" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-820x234.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-300x86.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-160x46.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-768x220.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-1536x439.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/blog-2099x600-res-weo-c-george-clerckistock-by-getty-images-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Credit: George Clerk/iStock by Getty Images</figcaption></figure>



We project global growth will remain steady at 3.3 percent this year and next, broadly aligned with potential growth that has substantially weakened since before the pandemic. Inflation is declining, to 4.2 percent this year and 3.5 percent next year, in a return to central bank targets that will allow further normalization of monetary policy. This will help draw to a close the global disruptions of recent years, including the pandemic and Russia’s invasion of Ukraine, which precipitated the largest inflation surge in four decades.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2025/01/17/as-one-cycle-ends-another-begins-amid-growing-divergence?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2025/01/10883003/weo-1_original.png" alt="two charts showing world output and consumer price in annual percent change"/></a></figure>



Though the global growth outlook is broadly unchanged from October, divergences across countries are widening. Among advanced economies, the United States is stronger than previously projected on continued strength in domestic demand. We have raised our growth projection for the US this year by 0.5 percentage point, to 2.7 percent.



Growth in the euro area, by contrast, is likely to increase only modestly, to 1 percent from 0.8 percent in 2024. Headwinds include weak momentum, especially in manufacturing, low consumer confidence, and the persistence of a negative energy price shock. European gas prices remain about five times as high as in the United States, versus twice as high before the pandemic.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2025/01/17/as-one-cycle-ends-another-begins-amid-growing-divergence?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2025/01/10883009/weo-2_original.png" alt="chart showing ratio of European gas price benchmark to US counterpart"/></a></figure>



In emerging market economies, growth projections are broadly unchanged, at 4.2 percent and 4.3 percent this year and next. Elevated trade and policy uncertainty is contributing to anemic demand in many countries, but economic activity is likely to pick up as this uncertainty recedes. This includes China, where we now project 4.5 percent growth next year, up 0.4 percentage point from our prior forecast.



Some divergence between large economies has been cyclical, with the US economy operating above its potential while Europe and China are below. Under current policies, this cyclical divergence will dissipate. But the divergence between the US and Europe is more due to structural factors, and the disconnect will linger if these are left unaddressed. It reflects persistently stronger US productivity growth, particularly but not exclusively in the technology sector, linked to a more favorable business environment and deeper capital markets. Over time, this translates into higher returns on US investment, increased inbound capital flows, a stronger dollar and US living standards pulling away from those of other advanced economies. For China, it is notable that potential growth is now more like that of other emerging market economies.



Economic policy uncertainty is elevated, with many governments newly elected in 2024. Our projections incorporate recent market developments and the impact of heightened trade policy uncertainty, assumed to be temporary, but refrain from making assumptions about potential policy changes that are currently under public debate.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2025/01/17/as-one-cycle-ends-another-begins-amid-growing-divergence?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2025/01/10883033/weo-3_original.png" alt="chart showing comparison in real potential GDP in 2019 and 2024 for emerging markets, advanced economies, and US and Germany"/></a></figure>



In the near term, a constellation of risks could further exacerbate these divergences. European economies could slow more than anticipated, especially if investors grow more concerned about public debt sustainability in more vulnerable countries. The main risk is that euro area monetary and fiscal policy could simultaneously run out of room if weaker economic activity pushes interest rates back toward the effective lower bound just as insufficient fiscal consolidation raises risk premia, in turn further constraining fiscal policy. In China, should fiscal and monetary measures prove insufficient to address domestic weakness, the economy is at risk of a debt-deflation stagnation trap, where falling prices raise the real value of debt, undermining activity further. The sharp decline in Chinese government bond yields, seen as haven for local investors, shows rising investor concern. Both in China and Europe, these factors could lower inflation and economic growth.



By contrast, while many of the policy shifts under the incoming US administration are hard to quantify precisely, they are likely to push inflation higher in the near term relative to our baseline. Some indicated policies, such as looser fiscal policy or deregulation efforts, would stimulate aggregate demand and increase inflation in the near term, as spending and investment increase immediately. Other policies, such as higher tariffs or immigration curbs, will play out like negative supply shocks, reducing output and adding to price pressures.



A combination of surging demand and shrinking supply would likely reignite US price pressures, though the effect on economic output in the near term would be ambiguous. Higher inflation would prevent the Federal Reserve from cutting interest rates and could even require rate hikes that would in turn strengthen the dollar and widen US external deficits. The combination of tighter US monetary policy and a stronger dollar would tighten financial conditions, especially for emerging markets and developing economies. Investors already anticipate such an outcome, with the US dollar gaining around 4 percent since the November election.



Overall, these near-term risks could lead to further divergence across economies. In the medium term, about five years, the positive effects of the US fiscal shock may dissipate and could even reverse if fiscal vulnerabilities increase. Deregulation efforts can boost potential growth in the medium term if they remove red tape and stimulate innovation. However, there is a risk that excessive deregulation could also weaken financial safeguards and increase financial vulnerabilities, putting the US economy on a dangerous boom-bust path. Medium-term risks to economic output would be heightened by restrictive trade policies and stricter migration limits.



Renewed inflation pressures, should they arise so soon after the recent surge, could well de-anchor inflation expectations this time around, as people and businesses are now much more vigilant about protecting their real income and profitability. Inflation expectations are further away from central bank targets than in 2017–21, which suggests increased risks of higher inflation. In this environment, monetary policy may need to be more agile and proactive to prevent expectations from de-anchoring, while macro-financial policies will need to remain vigilant to avoid a buildup of financial risks.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2025/01/17/as-one-cycle-ends-another-begins-amid-growing-divergence?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2025/01/10883082/weo-4_original.png" alt="chart showing one-year inflation expectations and deviation from target for advanced and emerging economies in 2017-2021 and 2024 averages"/></a></figure>



The issue is likely to be exacerbated for emerging market economies, given the passthrough of dollar exchange rates to domestic prices and the effects of weaker domestic growth in China. In most cases, the appropriate policy response in emerging market economies will be to let currencies depreciate as needed while adjusting monetary policy to achieve price stability. However, in cases where inflation dynamics have become clearly unanchored or where there are financial stability risks, capital flow management and foreign exchange interventions could help, as long as these are not a substitute for necessary macroeconomic adjustments, in line with the IMF’s Integrated Policy Framework.



For several countries, fiscal policy efforts have been delayed or insufficient to stabilize debt dynamics. It is now urgent to restore fiscal sustainability before it is too late and to build sufficient buffers to address future shocks that could be sizable and recurrent. Additional delays could trigger a worrying spiral where borrowing costs keep rising as markets lose confidence, further increasing adjustment needs. Recent strains in Brazil’s financial markets, like the reaction to the UK’s September 2022 mini-budget, underscore how funding conditions can deteriorate suddenly.



While any sizable fiscal consolidation is bound to weigh on economic activity, countries should take special care to preserve growth as much as possible along the consolidation path, for instance by focusing the adjustment on reducing untargeted transfers or subsidies rather than government investment spending. To achieve this—and help overcome persistent structural differences driving growth divergences—there should be renewed focus on ambitious structural reforms to directly boost growth. These include targeted reforms to better allocate resources, increase government revenues, attract more capital, and foster&nbsp;<a href="https://www.washingtonpost.com/opinions/2025/01/15/global-growth-entrepreneurs-america/?utm_medium=email&amp;utm_source=govdelivery">innovation and competition</a>.



Finally, additional efforts should be made to strengthen and improve our multilateral institutions to help unlock a richer, more resilient, and sustainable global economy. Unilateral policies that distort competition—such as tariffs, nontariff barriers, or subsidies—rarely improve domestic prospects durably. They are unlikely to ameliorate external imbalances and may instead hurt trading partners, spur retaliation, and leave every country worse off.

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As One Cycle Ends, Another Begins Amid Growing Divergence

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/1340fe48fa45052f654f008915dbd9c0.2-1-super.1-820x410.jpg" alt="" class="wp-image-575340" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/1340fe48fa45052f654f008915dbd9c0.2-1-super.1-820x410.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/1340fe48fa45052f654f008915dbd9c0.2-1-super.1-300x150.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/1340fe48fa45052f654f008915dbd9c0.2-1-super.1-160x80.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/1340fe48fa45052f654f008915dbd9c0.2-1-super.1-768x384.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/1340fe48fa45052f654f008915dbd9c0.2-1-super.1.jpg 1360w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">eric1513/Getty Images</figcaption></figure>



US President-elect Donald Trump has vowed to impose 100% tariffs on countries that shun the greenback. But the myriad benefits of de-dollarization, especially in terms of macroeconomic management and growth, are huge, and will likely outweigh the costs of these retaliatory measures.



BELFAST – During the US presidential campaign, Donald Trump <a href="https://www.bloomberg.com/news/articles/2024-09-07/trump-pledges-100-tariff-for-countries-that-shun-the-dollar" target="_blank" rel="noreferrer noopener">pledged</a> to make de-dollarization – efforts to reduce global reliance on the greenback – too costly to contemplate, vowing to impose 100% tariffs on countries that shun the currency. But such a move, part of a broader tariff agenda that the president-elect <a href="https://www.ft.com/content/3c98661c-8b8b-4c84-b32a-611c1c59dd1b" target="_blank" rel="noreferrer noopener">seems determined</a> to enact, would do little to stop the dollar’s demise.



The greenback remains the most important means of exchange and effective store of value, making it the preferred currency for international trade and finance, as well as for foreign-exchange reserves held by central banks to ensure a steady supply of imports and insure against currency crises and macroeconomic instability. But as the world’s economic center of gravity shifts east, de-dollarization is accelerating.



The dollar’s share of foreign-exchange reserves fell from a peak of&nbsp;<a href="https://www.wsj.com/articles/SB120449419552406067" target="_blank" rel="noreferrer noopener">72%</a>&nbsp;in 2002 to&nbsp;<a href="https://www.cfr.org/backgrounder/dollar-worlds-reserve-currency" target="_blank" rel="noreferrer noopener">59%</a>&nbsp;in 2023, driven by&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2024/06/11/dollar-dominance-in-the-international-reserve-system-an-update" target="_blank" rel="noreferrer noopener">increased demand</a>&nbsp;for non-traditional reserve currencies – especially the Chinese renminbi. Moreover, the global oil trade was almost exclusively settled in dollars until last year, when&nbsp;<a href="https://oilprice.com/Latest-Energy-News/World-News/Fifth-of-Global-Oil-Trade-Used-Non-Dollar-Currencies-in-2023.html" target="_blank" rel="noreferrer noopener">one-fifth</a>&nbsp;of these transactions were denominated in other currencies.



Several factors have contributed to this shift. Global South countries have become the drivers of global economic growth, changing the dynamics of global trade and energy markets. An increasingly multipolar world has ushered in a new age of currency competition, while technological and financial innovations have made it less expensive and more efficient to use local-currency settlement (LCS) for bilateral trade.



Trump, seemingly aware of the enormous economic and geopolitical benefits conferred by the dollar’s status as the world’s main reserve currency, would like to halt this process. After all, the United States is one of the few countries in the highly integrated world economy that still has&nbsp;<a href="https://www.bu.edu/gdp/2022/08/29/how-to-rethink-monetary-sovereignty-in-an-era-of-financial-globalization/" target="_blank" rel="noreferrer noopener">effective monetary sovereignty</a>&nbsp;– namely, the ability to set and achieve its economic and monetary-policy objectives without regard for other countries.



By contrast, as the eurodollar market became the backbone of the privatized international monetary system, more countries issued dollar-denominated sovereign debt, increasing their&nbsp;<a href="https://www.project-syndicate.org/commentary/us-dollar-is-a-problem-for-rich-and-poor-countries-by-hippolyte-fofack-2024-08">reliance on the greenback</a>. In 2011, then-Chinese President Hu Jintao&nbsp;<a href="https://www.ft.com/content/ae01a8f6-21b7-11e0-9e3b-00144feab49a" target="_blank" rel="noreferrer noopener">put it</a>&nbsp;plainly: “The monetary policy of the United States has a major impact on global liquidity and capital flows, and therefore, the liquidity of the US dollar should be kept at a reasonable and stable level.”



Although a recent study by the Federal Reserve Bank of New York singles out geopolitical distance from the US and financial sanctions as the main drivers of&nbsp;<a href="https://www.newyorkfed.org/medialibrary/media/research/economists/goldberg/Driversdollarshare02262024" target="_blank" rel="noreferrer noopener">decreasing demand</a>&nbsp;for the US dollar, de-dollarization is not driven exclusively or even largely by America’s overreliance on the dollar as a foreign-policy tool. Rather, many governments are encouraging the use of instruments denominated in their national unit of account to capture the&nbsp;<a href="https://www.sciencedirect.com/science/article/abs/pii/S0022199614000567" target="_blank" rel="noreferrer noopener">welfare gains</a>&nbsp;associated with having an international currency.



Perhaps the most successful example of this was Europe’s monetary integration, which gave rise to the euro, now a strong second to the dollar, accounting for around&nbsp;<a href="https://www.consilium.europa.eu/en/policies/international-role-euro/" target="_blank" rel="noreferrer noopener">20%</a>&nbsp;of global reserves and over half the EU’s exports worldwide. In 2022, roughly 52% of goods that the European Union imported from non-EU countries, and around 59% of goods that the bloc exported to these countries, were&nbsp;<a href="https://www.ecb.europa.eu/press/other-publications/ire/html/ecb.ire202306~d334007ede.en.html" target="_blank" rel="noreferrer noopener">invoiced in euros</a>.



Following in the EU’s footsteps, Global South countries are&nbsp;<a href="https://www.project-syndicate.org/onpoint/making-global-monetary-system-work-for-global-south-by-hippolyte-fofack-2023-02">leveraging</a>&nbsp;new technologies to promote the use of LCS for bilateral trade, which can ease balance-of-payments constraints and sustain economic growth. China, for example, has developed its own Cross-Border Interbank Payment System, established bilateral swap lines with&nbsp;<a href="https://www.barrons.com/articles/china-debt-belt-road-swap-lines-18ed8e37" target="_blank" rel="noreferrer noopener">nearly 40 foreign central banks</a>, and successfully pushed to&nbsp;<a href="https://www.scmp.com/economy/global-economy/article/3277788/saudi-arabia-open-petroyuan-closer-china-ties-minister-says" target="_blank" rel="noreferrer noopener">denominate oil contracts in renminbi</a>. Total Energies and China National Offshore Oil Corporation&nbsp;<a href="https://thediplomat.com/2023/05/is-france-backing-chinas-currency-against-the-us-dollar/" target="_blank" rel="noreferrer noopener">concluded</a>&nbsp;China’s first purchase of liquefied natural gas in renminbi through the Shanghai Petroleum and Natural Gas Exchange last year.



In 2022, the Reserve Bank of India established a mechanism to enable international trade settlement in rupees, which could save around&nbsp;<a href="https://internationalbanker.com/banking/the-indian-rupee-as-international-currency/" target="_blank" rel="noreferrer noopener">$30 billion</a>&nbsp;in dollar outflows if used for Russian oil imports. Among the BRICS+ countries (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates), trade settled in national currencies has reportedly&nbsp;<a href="https://news.bitcoin.com/brics-beats-dollar-dependence-national-currency-settlements-exceed-usd-payments/" target="_blank" rel="noreferrer noopener">surpassed</a>&nbsp;that in dollars. Cross-border investment in local currency is also&nbsp;<a href="https://www.reuters.com/business/finance/brics-bank-looks-local-currencies-russia-sanctions-bite-2023-08-10/" target="_blank" rel="noreferrer noopener">set to rise</a>, with the BRICS’ New Development Bank raising its local-currency lending from about 22% to 30% by 2026 to mitigate the impact of foreign-exchange fluctuations and remove cash-flow bottlenecks in financing projects.



The Nobel laureate economist&nbsp;<a href="https://www.project-syndicate.org/columnist/joseph-e-stiglitz">Joseph E. Stiglitz</a>&nbsp;estimated the annual cost of reserve hoarding for developing countries at more than&nbsp;<a href="https://www.amazon.com/Making-Globalization-Work-Joseph-Stiglitz/dp/0393330281" target="_blank" rel="noreferrer noopener">$300 billion</a>&nbsp;– 2% of their combined GDP – in the mid-2000s. That figure is undoubtedly higher today, given the increase in excess reserves and the growing number of countries with sub-investment-grade credit ratings&nbsp;<a href="https://www.tandfonline.com/doi/abs/10.1080/14747731.2014.927146" target="_blank" rel="noreferrer noopener">accessing</a>&nbsp;international capital markets.



To be sure, de-dollarization also serves as a hedge against US financial sanctions, which are expected to proliferate under Trump. But the myriad other benefits of pursuing such a policy, especially in terms of macroeconomic management and growth, are huge, and will likely outweigh the costs of the retaliatory tariffs that Trump has promised to impose on currency competitors.



The process may be slow-moving. Powerful&nbsp;<a href="https://www.ecb.europa.eu/press/other-publications/ire/html/ecb.ire202306~d334007ede.en.html" target="_blank" rel="noreferrer noopener">network externalities</a>, coupled with the depth and liquidity of the US capital markets, have made it difficult to dislodge the dollar, even though America&nbsp;<a href="https://www.theguardian.com/business/2014/jan/10/china-surpasses-us-world-largest-trading-nation" target="_blank" rel="noreferrer noopener">lost its status</a>&nbsp;as the world’s largest trading economy more than a decade ago. But the shift to non-traditional reserve currencies in an increasingly multipolar economic system, and the growing importance of the cross-border use of national currencies in fueling growth and achieving global income convergence, suggests de-dollarization will continue. And a tsunami of tariffs and sanctions under the next US administration will surely help it along.

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Trump Can’t Stop De-Dollarization

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="216" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-820x216.jpg" alt="" class="wp-image-575337" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-820x216.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-300x79.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-160x42.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-768x202.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-1536x405.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/cdi-country-focus-final-eng-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Côte d’Ivoire has become a pillar of growth and stability for the region, thanks to its impressive economic resilience and commitment to reform, but efforts to address certain challenges need to be maintained.



The Ivoirien economy has performed strongly over the past decade, with GDP growth averaging 6.4 percent, inflation hovering around 2.2 percent, and a declining proportion of the population living below the national poverty line. The country has maintained macroeconomic stability despite the major shocks that have buffeted the world in recent years.



Nonetheless, structural obstacles persist, including the informal nature of employment, which has diminished but remains pervasive, thereby complicating the country’s mission to achieve stronger and more inclusive growth, broaden the tax base, and deepen the ongoing economic transformation. At the same time, the relative predominance of the cocoa sector and the concentration of industry and services in coastal zones make Côte d’Ivoire vulnerable to the effects of climate change. The economic diversification that is currently under way should help to strengthen economic resilience further.



The Executive Board and staff of the IMF analyzed the situation of Côte d’Ivoire as part of the (recently completed)&nbsp;<a href="https://www.imf.org/en/News/Articles/2024/12/13/pr-24472-cote-divoire-imf-completes-3rd-rev-of-eff-ecf-2nd-rev-of-rsf-concl-2024-art-iv-consult">2024 Article IV consultations and the reviews</a>&nbsp;conducted under the Extended Credit Facility (ECF), the Extended Fund Facility (EFF), and the Resilience and Sustainability Facility (RSF). As the country continues to make progress toward joining the ranks of upper middle-income countries and in tackling climate change, the&nbsp;IMF Country Focus&nbsp;editorial team spoke with Côte d’Ivoire’s Minister of Finance and Budget,&nbsp;Adama Coulibaly, and IMF Mission Chief&nbsp;Olaf Unteroberdoerster.



Côte d’Ivoire is on track to achieve upper middle-income status.&nbsp;What role is the Fund playing in helping the country implement its ambitious development agenda?



Adama Coulibaly:&nbsp;Côte d’Ivoire has become West Africa’s engine of growth and stability. Over the past decade, its GDP growth has been about 3 percentage points higher and inflation almost 4.4 points lower than the respective sub-Saharan African averages. Continuous public investment in high-priority, socially-oriented, infrastructure has helped reduce poverty, despite the growing influx of refugees from neighboring countries.



The Fund’s support has been crucial. Despite the severe shocks that have reverberated around the world, the critical adjustment made since 2023, under Côte d’Ivoire’s EFF- and ECF-supported program, has preserved macroeconomic stability and enabled it to become the first sub-Saharan African country to return to international financial markets since 2022. Standard and Poor’s recently upgraded our country’s sovereign debt rating to BB, one of the best three ratings in Africa.&nbsp;



At the same time, the RSF arrangement, approved in March 2024, is helping us to meet the increasing challenges of climate change. In particular, our continued commitment to reforms under these two programs should help Côte d’Ivoire achieve upper middle-income status and strengthen its resilience to climate change.



Why does domestic revenue mobilization play such an important role in the authorities’ reform agenda?



Olaf Unteroberdoerster: Domestic revenue mobilization is key to creating the fiscal space needed to meet Côte d’Ivoire’s high-priority social protection and infrastructure needs, such as education, health, and transportation. All of this will support the country’s ambitious economic transformation agenda aimed at achieving upper middle-income status.



Efforts to mobilize domestic revenue have thus far enabled significant progress, in particular toward complying with the West African Economic and Monetary Union’s deficit ceiling of 3 percent of GDP by 2025. These efforts have also been instrumental in preserving Côte d’Ivoire’s rating as a “moderate” debt-distress risk and, more broadly, in enabling the country to maintain one of the best credit ratings in sub-Saharan Africa.



To capitalize on these good results, the authorities recently adopted a global medium-term revenue mobilization strategy that provides a roadmap toward a fairer, simpler, and more inclusive tax system. This is designed to improve outcomes and drive revenue mobilization more autonomously, with strong popular support.



What are Côte d’Ivoire’s priorities for improving the business climate and increasing private sector involvement in the country’s development?



Adama Coulibaly:&nbsp;To stimulate private sector productivity and economic diversification, Côte d’Ivoire is prioritizing the delivery of high-quality public services, particularly in the energy sector, and improving governance. This will require actions targeted on human capital building, financial inclusion, and climate change resilience. The government will continue to reduce the prevalence of informal work by tackling gender inequalities, providing vocational training aligned with the needs of the private sector, making it even easier for businesses to register officially, and expanding social protection and universal health coverage—all of which are in keeping with our national development plan.



The government is also committed to complying with the recommendations of the Financial Action Task Force (FATF) on anti-money laundering and combating the financing of terrorism. The aim is to be removed from the FATF “grey list” as soon as possible, based on the significant progress made to date and rapid implementation of the remaining measures in the action plan.



What are Côte d’Ivoire’s main climate change vulnerabilities, and how is the Fund helping it to address them?



Olaf Unteroberdoerster: Côte d’Ivoire is highly vulnerable to climate change owing to rising temperatures and sea levels, and changes in rainfall patterns that increase the risk of flooding and coastal erosion. As the world’s largest producer and exporter of cocoa, it is heavily dependent on agriculture; and, as industrial and service activities are concentrated in coastal zones, it is important to continue adopting the measures needed to avoid a potentially considerable impact on the country’s economy.



Côte d’Ivoire has embarked on an ambitious reform agenda, supported by the IMF and a US$1.3 billion arrangement under the RSF. The program is built around the following six key pillars: integrating climate change into key aspects of public finance management; strengthening governance of climate policies; reinforcing safeguards for the agricultural sector; creating a framework for green and sustainable financing; building resilience to climate hazards; and controlling and reducing greenhouse gas emissions.



Following a climate financing roundtable in July, convened jointly by the Ivoirien government, the IMF and the World Bank, Côte d’Ivoire announced a wide range of initiatives at the recent COP29 meetings to catalyze climate financing in the country. These include strengthening the coordination of budget support, including grants; speeding up the implementation of adaptation projects through a project preparation financing mechanism; establishing a green finance facility for Côte d’Ivoire with a view to promoting green growth; and enhancing support for the financing of private-sector investment.

cdi-country-focus-final-eng

Côte d’Ivoire: Fostering Economic Transformation and Adapting to Climate Change

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash-820x547.jpeg" alt="" class="wp-image-573977" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash-768x513.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash-1536x1025.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/zach-wear-Spd6b8giits-unsplash.jpeg 1627w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption"> Photo: Cattle in Iganga, Uganda by Zach Wear (@zachwear)</figcaption></figure>



It’s an inescapable fact that livestock are central to many African economies, communities, and cultures. Cattle, goats, sheep, and camels are an enormous driver of African development and catalyst of improved living standards, food security, nutrition, and gender equality.



However, within global sustainability discussions, livestock are often seen as the problem, rather than the solution. And while calls for reduced livestock herds may be valid in some Global North contexts, this is not a panacea for reducing emissions, protecting biodiversity, or restoring land in Africa.



In fact, to unlock the full potential of green finance at the heart of all three UN environmental summits last year, we must acknowledge that a multifaceted approach – one embracing livestock, rather than rejecting it – is the only pathway to a greener and more equal Africa.



It’s true, food systems account for more than <a href="https://www.nature.com/articles/s43016-021-00225-9">one third</a> of greenhouse gas emissions, including more than <a href="https://www.worldbank.org/en/news/feature/2024/05/16/tanzania-afe-greener-future-reducing-methane-in-waste-and-livestock-sectors">14 per cent</a> from the livestock sector. But narratives vilifying livestock ignore important context.



Livestock are <a href="https://academic.oup.com/af/article/10/4/22/5943506">increasingly important</a> to many developing nations, especially to 250 million African pastoralists, who produce over half of the continents’ meat, milk, and eggs and are uniquely exposed to the impacts of climate change. Animal source foods are especially important to development, as they are rich in bioavailable nutrients and play an important role in preventing malnutrition – a problem that costs African economies up to <a href="https://www.afro.who.int/news/whos-africa-nutrition-report-highlights-increase-malnutrition-africa">16 per cent</a><a href="https://www.afro.who.int/news/whos-africa-nutrition-report-highlights-increase-malnutrition-africa"> </a>of annual GDP, as they are inaccessible to many.



It is clear that, while reductions in livestock herds may align with climate goals in some contexts, a one-size-fits-all approach is neither equitable, nor feasible. And yet, despite bearing <a href="https://www.statista.com/statistics/1287508/africa-share-in-global-co2-emissions/#:~:text=Africa%20accounted%20for%203.9%20percent,share%20among%20all%20world's%20regions.">limited</a> historical responsibility for climate change, and suffering <a href="https://wmo.int/news/media-centre/africa-faces-disproportionate-burden-from-climate-change-and-adaptation-costs">disproportionately</a> from its impacts, Africa faces calls to reduce herd numbers.



Better, not fewer, livestock is the answer to the sustainability challenge. A greener African livestock sector can reduce agricultural emissions, protect biodiversity, restore degraded land, improve livelihoods, secure food systems, and contribute to healthier communities.



This is not a pipe dream – research has already demonstrated how a more sustainable livestock sector can deliver these priorities.



Improved livestock nutrition through supplements and carefully managed forage, for example, can help animals grow stronger, produce more milk, and withstand disease, becoming up to <a href="https://cgspace.cgiar.org/items/5dcec4bc-102f-4a10-8135-af0fb3374a54">67 per cent</a> more productive, emitting significantly less methane.



Sustainable livestock management practices also support planetary health, reversing the processes of land degradation and biodiversity loss. Targeted grazing, where farmers control the frequency, location, intensity, season, and duration of livestock grazing, has been shown to reduce invasive plant species up to <a href="https://bioone.org/journals/rangeland-ecology-and-management/volume-75/issue-1/j.rama.2020.11.007/Targeted-Grazing-of-an-Invasive-Grass-Improves-Outcomes-for-Native/10.1016/j.rama.2020.11.007.short">37 per cent</a>.



These efforts show that livestock can be a part of the solution, not just a source of the problem. Moreover, pan-African strategies and frameworks already exist, such as the <a href="https://au.int/sites/default/files/documents/40790-doc-AU_Green_Recovery_Action_Plan_ENGLISH1.pdf">African Union’s Green Recovery Action Plan</a> and <a href="https://au.int/en/documents/20220628/african-union-climate-change-and-resilient-development-strategy-and-action-plan">Climate Change and Resilient Development Action Plan</a>, established to enable the green transition and advocate for a people-centered approach..



However, for all their ambition, these initiatives are missing two essential elements — neither of which has been fully realised.



Firstly, there is the intractable issue of finance. Even though Africa is home to nine of the 10 countries most vulnerable to climate change, it receives just <a href="https://www.afdb.org/en/news-and-events/cop29-african-leaders-urge-rapid-increase-climate-finance-adaptation-and-green-growth-78689#:~:text=Although%20Africa%20contributes%20less%20than,most%20vulnerable%20to%20climate%20change.">three per cent</a> of global climate finance. Member states already divert up to <a href="https://wmo.int/news/media-centre/africa-faces-disproportionate-burden-from-climate-change-and-adaptation-costs">9 per cent </a>of their national budgets to respond to climate extremes. It is imperative that financial commitments made towards the African continent to address climate change – particularly those by Global North nations who bear greater responsibility for the climate crisis – are honored. They have “talked the talk”; now it is time to “walk the walk”.



Secondly, frameworks need strong national-level buy-in. While the onus is on high-income countries to support climate action in countries least responsible for historic emissions, national governments must still play an active role in adopting climate mitigation and adaptation strategies. Sustainable development will not be achieved passively. They must seek out and leverage available national budgets, building strategic private-public sector alliances to drive sustainable investments in their own context-specific sustainable development pathways.



A crucial first step on this journey can be addressing the underrepresentation of livestock in national-level governance and regulatory instruments. By embedding livestock into <a href="https://unfccc.int/process-and-meetings/the-paris-agreement/nationally-determined-contributions-ndcs">Nationally Determined Contributions</a>; <a href="https://www.cbd.int/nbsap">National Biodiversity Strategies and Action Plans</a>; <a href="https://www.worldbank.org/en/topic/agriculture/publication/climate-smart-agriculture-investment-plans-bringing-climate-smart-agriculture-to-life">Climate-Smart Agriculture Investment Plans</a>, and <a href="https://www.unccd.int/land-and-life/land-degradation-neutrality/projects-programmes/ldn-target-setting">Land Degradation Neutrality</a> targets, the negative perception of this sector can be changed. Active participation for livestock in these national-level frameworks can help the sector shift from being a perceived problem to a catalyst for sustainable development. In turn, this can engender a virtuous cycle of investment for context-specific climate, biodiversity, and land research for livestock, which it has <a href="https://livestockdata.org/publications/climate-investment-case-livestock-sector">lacked</a>.



As we move into the second half of this critical decade for climate action, the role of livestock in sustainable growth must be reimagined with urgency and equity at its core. Livestock are not just a source of food or income — they are the cultural and socioeconomic bedrock of many developing nations, especially in Africa and the Global South.



In order to tackle the three interconnected planetary crises – climate change, biodiversity loss, and land degradation – global narratives must move beyond blanket prescriptions. Only by embracing local realities, can we build the collective momentum required to achieve meaningful success.



The future of livestock is not predetermined — it is a choice. To be successful, this choice needs to be one of shared responsibility, inclusion, equality and a strong commitment to leave no one behind.

zach-wear-Spd6b8giits-unsplash

Better, not fewer, livestock is the key to a greener future in Africa

Africa in 2025

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/World-Bank-Group-staff-at-the-Zambia-Country-Private-Sector-Diagnostic-launch-in-Lusaka-on-Thursday.-Photo-Courtesty-820x523.jpg" alt="" class="wp-image-567777" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/World-Bank-Group-staff-at-the-Zambia-Country-Private-Sector-Diagnostic-launch-in-Lusaka-on-Thursday.-Photo-Courtesty-820x523.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/World-Bank-Group-staff-at-the-Zambia-Country-Private-Sector-Diagnostic-launch-in-Lusaka-on-Thursday.-Photo-Courtesty-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/World-Bank-Group-staff-at-the-Zambia-Country-Private-Sector-Diagnostic-launch-in-Lusaka-on-Thursday.-Photo-Courtesty-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/World-Bank-Group-staff-at-the-Zambia-Country-Private-Sector-Diagnostic-launch-in-Lusaka-on-Thursday.-Photo-Courtesty-768x490.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/World-Bank-Group-staff-at-the-Zambia-Country-Private-Sector-Diagnostic-launch-in-Lusaka-on-Thursday.-Photo-Courtesty.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Zambia is endowed with so many positive attributes. It has a strong mining industry, the right conditions for agriculture, plenty of sunshine for renewable energy, and Victoria Falls, one of the greatest natural attractions in the world. A stable political system and a young, hardworking population are helping the country recover from recent crises.



Building on these strengths with an enabling policy environment could position the country to attract critical investments from foreign and domestic sources. This will generate jobs, raise incomes and boost shared prosperity in the country.



In the new Zambia Country Private Sector Diagnostic, the World Bank Group finds that four sectors – mining, farming, renewable energy, and tourism – could attract up to $21 billion in cumulative new investments by 2030. These sectors could also create an additional 80,000 jobs as well as many more indirect livelihood opportunities in the economy.



A few well-chosen reforms will help Zambia get there. The report identified the four sectors for their potential to impact investment and boost economic growth in the context of feasible policy actions. Let’s look at each of these in turn.



In mining, attracting new investments requires a stable and predictable policy environment. Frequent changes to the mining tax regime—with 11 modifications in the past 19 years—have understandably made companies reluctant to make long term commitments in the sector.



The Ministry of Mines and Mineral Development could expand access to prospective areas through a transparent licensing system and tenure security. Two years ago, the government had to stop issuing mining licenses for eight months while it investigated corruption. When it resumed, there was a backlog of 2,000 applications.



Standardizing exploration licenses to ten years and introducing non-exclusive reconnaissance licenses to allow companies to collect geodata could unlock Zambia’s mineral resource potential.



In the renewable energy sector, Zambia is well-positioned to become a regional source of solar power. Right now, almost all the country’s energy comes from hydropower. But increasingly frequent droughts make hydropower less reliable, especially as electricity demand rises in the country.



The CPSD highlights the need for the state utility, ZESCO, to facilitate the smooth implementation of the already enacted laws enabling independent power producers to access the grid and sell power directly to customers, such as mining companies. This could unlock up to $1 billion in investments by 2030 and add up to 1,000 megawatts of installed solar capacity.



Zambia also has the potential to become a key player in regional agricultural markets. To enhance Zambia&#8217;s agricultural competitiveness, the government must rethink its market interventions. Currently, nearly 90 percent of the agriculture budget goes to the Farmer Input Support Program and the Food Reserve Agency. Reshaping these programs to fund crucial infrastructure like all-season roads and irrigation systems would improve market access, productivity, and resilience to climate shocks.



Finally, the report highlights that despite its remarkable attractions, Zambia lags behind other regional tourist destinations. In 2019, each international visitor contributed just $1,417 to the economy, compared to $3,650 in Kenya and $5,198 in Tanzania. The report emphasizes that Zambia could greatly benefit from an eco-friendly tourism industry, currently saddled with heavy regulatory costs, which could attract visitors from all over the world by making better use of its wildlife reserves and national parks.



Implementing these reforms will require sustained commitment from the government and all stakeholders, but the potential rewards—a more robust Zambian economy—will be worth the efforts. &nbsp;



Mary Porter Peschka is IFC’s Regional Director for Eastern Africa. Nathan Belete is the World Bank’s Country Director for Zambia, Malawi, Tanzania, and Zimbabwe.

World Bank Group staff at the Zambia Country Private Sector Diagnostic launch in Lusaka on Thursday. Photo Courtesty

Several Well-Targeted Reforms Could Attract Billions in Investment to Zambia

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-820x546.jpg" alt="" class="wp-image-566085" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1.jpg 1201w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Rabat, Morocco&nbsp;– In a milestone celebration of African leadership, Dr. Akinwumi Adesina&#8217;s decade-long impact on continental development has earned him the inaugural &#8220;African of the Decade&#8221; award. The&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC5JgF0yrrvOiGrvAGknr-2BK7BA6H-2FmR-2FxhNqLVDLRgxw5-2BSaVeHFBi7E5qvUIYDeLug-3D-3D5kOH_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49Oucmvx8xSvxS37h7LM1F8g2awPhMbvGplyFofWvD19aa-2FGUELu0XXDHZ3m2o-2BZfBZpQvh-2FanPcrZ9mm8W9w2rtrvEDw9jB5dwSmKZBacPaUm1XoLscHZW6-2FfNyHFpNKL28IlMhCZbSqeCjYM-2FjSzQQ-3D">African Development Bank Group President received this distinguished honor</a>&nbsp;at last week&#8217;s Africa Investment Forum in Rabat, marking a defining moment in the history of the All-Africa Business Leaders Awards.



The prestigious award, introduced by the ABN Group in collaboration with CNBC Africa, honors individuals who have made a lasting and profound impact on the continent. Dr. Adesina, who will conclude his 10-year tenure as head of the African Development Bank Group next year, is widely celebrated for his visionary leadership and achievements in improving the lives of millions across Africa.



ABN Group Chairman Rakesh Wahi presented the award to Dr. Adesina during the 2024 Africa Investment Forum in Rabat, Morocco. In a citation read by CNBC Africa Chief Editor Godfrey Mutizwa, the awards committee praised Adesina for his unwavering commitment to ethical and responsible leadership and his ability to drive meaningful change across Africa, particularly through the Bank’s&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC69uOBtMTWdeAaLbNAEGp4P4K6lRkuuIdiEO9A5BCUELsEFMjF8oK-2FHjl09T0L7VSM4-2B4zUKqXgvt2phLrschebPTUUUYhIlD36oisgGIXgugcDQD-2F6oyP6LQcTPd1OkPncRrqkMcnetooTA42jDYnE-3DYvup_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49DFRbcyiy9qoxMGgjztdi56eiVvSDVZLUFkN17dv43Ct9o6-2FyCOtTAn1ChROgaoSDoiuRMBenpWURNFDs3FG1x415acPJbHV7oG6nwe79i7GQGQZk4pbWCqo4MbPXXfYGj0yKu8ElPDl5Hrg5gBp-2FII-3D">High5 strategic priorities</a>.



“Dr. Adesina has demonstrated a significant impact on the African continent through innovative solutions, projects, or initiatives that address the continent&#8217;s pressing socio-economic and environmental challenges. He has consistently shown leadership, vision, and dedication, driving positive change in sustainable development in Africa,” Wahi said.



The awards committee highlighted Adesina’s innovative collaborations, including leading the African Development Bank in a&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC69uOBtMTWdeAaLbNAEGp4P4K6lRkuuIdiEO9A5BCUELSDDjIAZnBdDgmOTtRXcwgleVdIfpe3YDqrW8HDAnNn959meTkywR1tklGs7Kq8pc-2FT3bOL-2Bn67SQ-2Fv74UfpLY34bm4mNcUToeba4kxkzLeJTSkFJiARX4OkA5EUTAs4c65h1quK5OWefrOn47EqjBA-3D-3Df6Wh_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49Gin2LLYHzEJuN4ZtZLsx6Nw-2ButgvPC-2B93EIxCK7DjkxggtcWS4CgYYfAuKwk2aYUa-2FElESIlvkux8lmIIEzYhjKw6H7giBCBXj6FcwhDsmqwjD1KfKzj-2B8kXzX0CAb8uhAeJcwThRjjN8x4lEBac5U-3D">groundbreaking partnership</a>&nbsp;with the World Bank to provide electricity access to 300 million Africans.



The award also recognizes Adesina’s earlier role as Nigeria’s Agriculture Minister.



“Over ten years ago, Dr. Akinmumi Adesina&#8217;s impactful tenure as Nigeria&#8217;s Minister of Agriculture revolutionized the country&#8217;s agro-industrial value chains and transformed the lives of millions of small-holder farmers,” Wahi stated.



Under Adesina’s tenure, Nigeria ended 40 years of corruption in the fertilizer sector by developing and implementing an innovative electronic wallet system, which directly provides farmers with subsidized farm inputs at scale using their mobile phones.



Since assuming leadership of the African Development Bank in 2015, Adesina,&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC7CyhXvJjyYmVKjYoq0qjCaZR5EVVtI0gq-2FmXPz-2FaODfJ-2F-2Bar-2BbQvYIPtUnbTfTiMVCY4-2FmqDDV0WILK1t2g3D0TLp4zc-2B3YmdOFYMTTaZe0SwA4_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49FZnVbBT6lBIpOLbDBaafJDei0qMBQUZ6Dz-2BP53E5MS-2BROVDl4gXeAzP4oqpCwmHIdiq641ZpBONCmp0jNiUL1AIvZ9wXhsbVo3Es-2BE5HXDlbFGJDZrA24irLi9mS-2BQVxHY-2FVnY7Vj-2B8VtXW2UcGOPQ-3D">a World Food Prize laureate,</a>&nbsp;has been instrumental in attracting global investment, championed innovative development strategies, and consistently positioned Africa as a continent of immense potential and opportunity.



Accompanied by his wife Mrs Grace Yemisi Adesina, the African Development Bank president expressed his gratitude for the honor, describing the award as a testament to what is possible in the transformative power of Africa’s potential. “I dedicate this recognition to the resilient people of Africa and all those working tirelessly to advance the continent’s development,” he said.



“God did not make a mistake when he made me an African…and I will do all I can, to my final breath, for Africa,” Adesina vowed.

PRST receiving ABN award 1

African Development Bank’s Adesina Wins Inaugural ‘African of the Decade’ Award

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-820x547.jpg" alt="" class="wp-image-564841" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/John-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">John Humphrey is His Majesty’s Trade Commissioner to Africa at the UK’s Department for Business and Trade</figcaption></figure>



As the world navigates uncertain times &#8211; economic turbulence, climate change, conflict and global inequality &#8211; building economic bridges between communities that foster mutual trade, investment and understanding offers a beacon of hope. The recent UK-Francophone West and Central Africa Forum (WCAF) in London, which was heavily oversubscribed, felt like such a bridge, bringing people together and highlighting the vast potential for collaboration between the UK and Francophone Africa.



The WCAF, now in its third consecutive year, has established itself as a premier platform for fostering meaningful partnerships between governments, private sectors, and civil society. This year&#8217;s forum, organised by UK Export Finance in conjunction with DMA, was attended by high-profile government dignitaries from 9 African nations. They were welcomed by the UK Minister for Africa, Lord Collins, and the UK Minister Services, Small Businesses and Exports, Gareth Thomas and senior UK government officials from various relevant departments.



The UK government&#8217;s commitment to strengthening its economic ties with Africa is clear. As an example, we announced a finance deal worth over £60 million of support from British firms to help Cameroon improve vast swathes of land for farming. These sorts of deals are setting the tone for the UK’s vision of a stronger trading relationship with Africa which promotes sustainable, mutual growth which creates jobs and prosperity and improves people’s daily lives, especially for women and for young people.



So, what&#8217;s next? As we look to the future, it&#8217;s essential to build on the momentum generated by the WCAF. This means continuing to foster meaningful partnerships, driving growth and economic development, and promoting transparency and cooperation. The next edition is planned to be in Africa, which will make the event even more accessible and relevant.



Several key areas hold significant potential for further collaboration and investment opportunities between the UK and Africa: &#8211;



&nbsp;*Agriculture*: With Africa&#8217;s vast agricultural potential, partnerships can focus on improving yields, enhancing global food security, and promoting sustainable agricultural practices.



&#8211; *Energy*: As Africa increases energy access and transitions to cleaner energy sources, collaborations can centre on developing critical energy infrastructure, promoting energy efficiency, and enhancing energy access.



&nbsp;&#8211; *Healthcare*: Partnerships can focus on improving healthcare infrastructure, enhancing access to quality healthcare services, and promoting innovative healthcare solutions.



&#8211; *Sustainability*: Collaborations can prioritize sustainable development, focusing on environmental conservation, climate change mitigation, and promoting eco-friendly practices.



The WCAF has demonstrated the power of collaboration and investment in unlocking the vast potential of UK-Africa relations. As we move forward, it&#8217;s essential to build on this momentum, fostering meaningful partnerships that drive growth, economic development, and sustainable progress.



&nbsp;By working together, we can unlock the vast potential of the African continent and create a brighter economic future for all. The UK&#8217;s commitment to strengthening ties with Africa is clear, and the WCAF serves as a great example of this commitment. As we continue this journey, it&#8217;s essential to recognise the importance of transparency, understanding, cooperation, and mutual benefit.



By prioritizing these values, we can ensure that our partnerships are equitable, sustainable, and beneficial to all parties involved. The future of UK-Africa relations holds tremendous promise, and it&#8217;s up to us to seize this opportunity. Let&#8217;s work together to unlock the vast potential of the African continent and create a brighter economic future for all.

John 1

Forging new ties in UK-Africa relations

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="667" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-820x667.jpg" alt="" class="wp-image-561205" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-820x667.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-300x244.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-111x90.jpg 111w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-768x625.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-1536x1250.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Iain Williamson, Group Chief Executive Officer, Old Mutual Group</figcaption></figure>



Johannesburg, 26 November 2024&nbsp;– South Africa needs more policy certainty, reform, and “gutsy” decisions from a political perspective if it is to achieve the much needed 4-5% growth required to begin elevating our economic prospects from current forecasts.



A healthier inflation prognosis and the prospect of deeper rate cuts have laid the foundations for a growth outlook nearing 1.7% next year, with foreign investors showing signs of interest for the first time since Covid-19. Ratings downgrades and the dreaded “Greylisting” kept these deep-pocketed investors on the sidelines until now, but some of the bigger players are beginning to sharpen their pencils to work out when the best time will be to jump back into the SA market. This is an opportunity that should not be missed. While SA remains on the Greylist, this is subject to reassessment in February 2025, while in a surprise move, ratings agency S&amp;P Global has raised the outlook on SA’s rating from stable to positive.



The recent Medium-Term Budget Policy Statement, meanwhile, highlighted sobering realities on the state of government revenue and the need for spending cuts and reform. A positive that has not gone unnoticed by these investors and ratings agencies is the Government of National Unity (GNU) showing signs of traction. It is imperative that if SA is to derive the benefits from the tailwinds of rate cuts, that prospective investment policy certainty and pro-business reforms follow in the wake of the recent national elections.



As it stands, South Africa is set to receive a boost from potentially further rate cuts following the two, minimal 25 basis points cuts in September and November this year, taking the repo rate to 7.75%. Further rate cuts will assist overburdened consumers further. The impact of lower inflation is already being seen in lower credit default rates.



Old Mutual, which is well on track to launch our bank next year, sees the falling interest rates as a positive for the bank. While they result in less endowment from a loan book perspective, they also lead to lower defaults on credit provision and encourage higher deposits.



While the global decline in inflation is a major milestone, the International Monetary Fund (IMF) cautions that downside risks are rising and now dominate the global outlook. These include an escalation in regional conflicts, monetary policy remaining tight for too long (SA is a clear case in point), a possible resurgence of financial market volatility with adverse effects on sovereign debt markets, a deeper growth slowdown in China, and the continued ratcheting up of protectionist policies. A weaker rand following the Trump victory in the US and its negative impact on imports like fuel will also need to be closely monitored.



However, the banking and insurance sectors in Africa are well-placed to help navigate risks and maximise opportunities, driving financial inclusion and closing existing gaps to solutions. In SA and the rest of Africa, savings rates remain too low, while the continent is also woefully under-insured in pure risk life and disability.



According to Deloitte’s 2024/25 insurance outlook report the continent’s youthful and growing population presents vast market opportunities. Insurtech will increasingly use mobile technologies to offer microinsurance products to underserved segments. It is pleasing to see Insurtech and fintech innovators like Omari make inroads in this space, where improved and affordable access to solutions like affordable digital home insurance can improve lives in emerging countries like Zimbabwe.



PWC&#8217;s insurance 2030 report notes that companies that build themselves around the customer can reach the point where insurance will finally be bought rather than sold. I think from both an insurance and banking perspective, this depends on the nature of the product – direct digital sales can work where consumers are comfortable doing things digitally and there is a fast feedback loop, such as in day-to-day transacting. However, they get extremely uncomfortable when transactions are large and more complex and need to be able to speak to someone who can guide them and give them confidence – a trusted conversation with an advisor.



Our approach is, therefore, to drive digital and AI solutions more broadly to enable efficiency and a great user experience while ensuring experienced and trusted human advisors are always available when things get more complicated, or a highly tailored solution is required.



The solution is, in fact, less about products and more about how a financial journey is supported over a lifetime. The most successful financial services businesses in the current, volatile landscape will consistently show up as quality advisory partners to help make decisions and then offer rewards for making good decisions and taking care of things that were not always seen as a high priority, like prioritising saving over spending.



However, it will be critical to future-proof businesses to keep pace.



Old Mutual, with our exciting banking launch imminent, is extremely well-placed to benefit from these trends while helping close the financial inclusion and insurance penetration gaps.

Ian Williamson 1

SA Inc needs more gutsy decisions from policymakers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/51993583140_693261c881_o-820x555.jpeg" alt="" class="wp-image-557103" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/51993583140_693261c881_o-820x555.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/51993583140_693261c881_o-300x203.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/51993583140_693261c881_o-133x90.jpeg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/51993583140_693261c881_o-768x520.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/51993583140_693261c881_o-1536x1039.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/51993583140_693261c881_o-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Isatu Mustapha Conteh (24 years) shows a mosquito net she received after a visit to Mawoma Health Clinic, Port Loko, Sierra Leone on 10th August 2021. Isatu is a student and is holding her only child Rachel Zainab Koroma (7 months).</figcaption></figure>



Authored by, Honourable Khumbize Kandodo Chiponda, MP, Minister of Health in Malawi  and Dr. Michael Charles Adekunle Charles, CEO RBM Partnership to End Malaria



For years, concerted efforts by African nations, backed by international donors, have made remarkable strides in reducing malaria cases and deaths, bringing us closer to the goal of a malaria-free world. However, this hard-won progress is now at a tipping point, with new threats looming and insufficient funding. Without increased commitments from key stakeholders, our fight against malaria may falter, endangering millions.



As the next Global Fund replenishment round approaches, the need for support from G7 nations has never been more urgent. Countries such as Nigeria (accounting for 31% of malaria cases), the Democratic Republic of Congo (12%), Niger (6%), and Tanzania (4%), alongside <a href="https://www.unicef.org/malawi/stories/nipping-malaria-bud">Malawi which ranks among the top 15 countries most affected countries</a>, are already severely impacted by this disease.



Currently, we face <a href="https://alma2030.org/heads-of-state-and-government/african-union-malaria-progress-reports/2023-africa-malaria-progress-report/">a funding gap of $1.5 billion</a> just to maintain essential malaria services; without this, cases and deaths will inevitably rise. An additional $5.2 billion is needed annually to make meaningful progress towards the elimination of malaria. Beyond this, the wider health sector urgently needs $11 billion to adapt to the impacts of climate change. It is crucial that we act now to prevent further escalation, especially as the full extent of its potential impact is still unknown.



The recent report from the RBM Partnership to End Malaria, in collaboration with the Malaria Atlas Project, warns of dire consequences if funding declines. If current funding levels are simply maintained, Africa could see an additional <a href="https://endmalaria.org/news/malaria-kill-300000-more-people-if-critical-funding-not-received">112 million malaria cases and up to 280,000 more deaths between 2027 and 2029</a>.This projection is the likely result based on a “perfect storm” of challenges with implementing tools, rising biological threats, and a worsening climate.



Across the continent, countries such as Malawi already face the brunt of this disease. <a href="https://www.who.int/publications/i/item/9789240086173">According to the 2023 World Malaria report</a>, Malawi recorded an estimated 4,472,000 million cases in 2022. As we discuss scale of malaria cases, it’s clear that without substantial, predictable funding, the resurgence of malaria will disproportionately affect vulnerable groups, especially women and children, who are at the highest risk in our country. &nbsp;The toll on these groups is devasting, not just in terms of health but also through disrupted education and limitations on the caregivers’ ability to participate in the workforce. Beyond this, the broader economic impacts are severe, with malaria limiting productivity, driving up healthcare costs, and hindering growth &#8211; ultimately stalling Africa&#8217;s potential.



Over the last two decades, we have seen that great progress can be made in the fight against malaria, with sustained funding. However, the reality is that when resources dip, malaria resurges with devastating speed. Recent research findings have projected that if there is a cut to malaria funding, <a href="https://endmalaria.org/news/malaria-kill-300000-more-people-if-critical-funding-not-received">this could lead to an estimated 137.2 million additional malaria cases and up to 337,000 additional malaria deaths</a>. Ultimately, robust and predictable funding is critical not only to sustain current interventions but to incorporate innovative tools such as advanced medicines, vaccines, and vector control strategies that could finally eliminate this disease.



While G7 pledges are essential, domestic financing in malaria-endemic countries also remains a critical pillar in the fight. We are proud that African nations have been demonstrating their resolve to combat malaria through significant increases in health funding, despite economic challenges. <a href="https://alma2030.org/heads-of-state-and-government/african-union-malaria-progress-reports/2023-africa-malaria-progress-report/">Zambia and Benin have made remarkable strides, for instance, boosting their health budgets by 174% and 140%</a> respectively between 2021 and 2023. But national efforts can only go so far; 70% of malaria funding usually comes from external donors, highlighting the importance of sustained international backing to complement local efforts.



African nations today remain at the epicentre of the global malaria burden, with countries like Nigeria alone accounting for nearly half of all cases. However, the prevalence of malaria in these regions does not mean that it will always be contained. &nbsp;We can’t be complacent; if not, without immediate, decisive action, malaria could spread beyond Africa, potentially reaching new regions including Europe and spreading further in the USA.



Malaria is a solvable crisis. The progress we&#8217;ve made over the last two decades proves we have the tools and knowledge to eliminate this disease. As the Health Minister of Malawi, we urge the G7 nations to rise to this challenge. The path to a malaria-free world is clear, but only if we act now with resolve, commitment, and unity.

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Keeping up the fight – A renewed push for replenishment commitments

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="799" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UNFSS2023_Dr-Mayaki.jpg" alt="" class="wp-image-555777" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UNFSS2023_Dr-Mayaki.jpg 799w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UNFSS2023_Dr-Mayaki-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UNFSS2023_Dr-Mayaki-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/UNFSS2023_Dr-Mayaki-768x512.jpg 768w" sizes="auto, (max-width: 799px) 100vw, 799px" /><figcaption class="wp-element-caption">Dr. Ibrahim Mayaki, Chair of the <a href="https://www.zerohungercoalition.org/en">Zero Hunger Coalition</a> and African Union Special Envoy for Food Systems</figcaption></figure>



Africa’s relationship with the world is changing.



Since the end of the second world war, the prevailing multilateral model has largely seen Africa through the prism of dependency on overseas development assistance, or “ODA” – where public funds are sent to support development for either humanitarian or politically strategic reasons.&nbsp;



It is becoming increasingly clear now that we are transitioning to a “post-ODA” world. Many historically important government donors are slashing their ODA budgets, for instance France’s <a href="https://focus2030.org/france-reneges-on-its-official-development-assistance-commitments">€742 million budget cut</a> in 2024 and plans are underway for similar levels of cuts in <a href="https://www.devex.com/news/money-matters-what-next-for-the-shrinking-german-aid-budget-108120#:~:text=Germany%20is%20planning%20to%20cut,humanitarian%20aid%20budget%20next%20year.&amp;text=Sign%20up%20to%20this%20weekly,in%20your%20inbox%20every%20Monday.">Germany </a>&nbsp;and the<a href="https://www.bbc.co.uk/news/articles/c4gz29yn00no"> United States</a> next year.



Meanwhile, Africa is forging ahead in drafting an ambitious and broad transformation agenda. In the agriculture sector, for instance, its new Comprehensive African Agricultural Development Programme (CAADP) will set growth targets to scale up sustainable food production, agro-Industrialization, and trade while promoting inclusive and equitable livelihoods.



Why does this matter? In any era of change, it is easy for international collaboration to simply recede. But instead, we must reimagine how the relationship between Africa and the world is structured, based upon the principles of mutual self-interest and agency.



By 2100, Africa is projected to be home to <a href="https://ourworldindata.org/region-population-2100#:~:text=In%202023%2C%20Africa%20is%20home,live%20in%20Asia%20or%20Africa.">four in 10</a> people on the planet. Between now and 2030 alone, Africa’s food and agriculture economy could potentially <a href="https://www.weforum.org/stories/2024/04/unlocking-africas-1-trillion-food-economy/">more than triple</a> from $280 billion to $1 trillion in value annually. The continent is home to 65 per cent of the world’s <a href="https://www.afdb.org/fileadmin/uploads/afdb/Documents/Generic-Documents/Brochure_Feed_Africa_-En.pdf">uncultivated</a> arable land, and its young and growing work force has the potential for huge productivity gains of <a href="https://ourworldindata.org/africa-yields-problem#:~:text=The%20amount%20of%20'value%20added,half%20of%20this%20regional%20average.">as much as 50 per cent</a> if given the right skills and resources.



Take Sierra Leone’s “<a href="https://feedsalone.gov.sl/wp-content/uploads/2024/10/PRINT-FEED-SALONE-1-Y-REPORT-FINAL.pdf">Feed Salone</a>” strategy as an example. <a href="https://feedsalone.gov.sl/wp-content/uploads/2024/10/PRINT-FEED-SALONE-1-Y-REPORT-FINAL.pdf">In just one year</a>, Government-led initiatives generated over 10,000 agricultural jobs, reduced rice imports by 15 per cent, and raised cocoa exports by 20 per cent, translating directly to enhanced food security, economic growth and resilience.



The world would be short-sighted to not see the opportunity that Africa presents on the global stage in terms of both growth but also stability. As countries become stronger, they are better able to stem migration, encourage innovation and contribute to global development goals. One should remember that faced with economic stagnation, political turmoil or environmental challenges, in the past, countries like Spain, Italy, Portugal and Sweden were once, also, nations of emigration.



Despite this potential and progress to date, African nations remain at the very sharp end of global challenges. They <a href="https://www.ipcc.ch/report/ar6/wg3/">bear the brunt </a>of climate change despite accounting for the smallest share – <a href="https://cdn.cdp.net/cdp-production/cms/reports/documents/000/005/023/original/CDP_Africa_Report_2020.pdf?1583855467">less than 4 per cent</a> – of global emissions.



Southern Africa, for example, has suffered its worst drought in 40 years this past year. In Zambia, where <a href="https://openknowledge.worldbank.org/entities/publication/07d6fc7c-3271-53bf-9390-7a4e8368c9c4">70 per cent</a> of the population is employed in the agricultural sector, <a href="https://www.actionagainsthunger.org/story/climate-change-is-a-tragedy-for-farmers-in-zambia-a-successful-harvest-needs-more-than-just-seeds/">6.6 million</a> people were in urgent need of humanitarian assistance and 1.35 million faced hunger as a result.



Serving national debt in many countries has also become unwieldy as a result. In fact, the Global South paid out<a href="https://www.devex.com/news/global-south-now-repays-more-in-debt-than-it-gets-in-grants-and-loans-107490#:~:text=Development%20finance-,Global%20south%20now%20repays%20more%20in%20debt%20than%20it%20gets,receive%20in%20grants%20and%20loans."> tens of billions more </a>in debt repayments last year than they received in new lending or in development aid.



So what does a win-win outcome look like for Africa and the rest of the world? For starters, it should focus on empowering smallholder farmers – who are the true &#8220;foot-soldiers&#8221; in Africa’s development – by ensuring they have access to much-needed climate finance and to innovative, low-cost, people-driven solutions to boost their yields and resilience.



Additionally, supporting Africa’s burgeoning small and medium-sized enterprises can play a transformative role in building the continent’s agri-food economy&nbsp; – <a href="https://www.unido.org/sites/default/files/unido-publications/2024-11/Ending%20Hunger%20is%20Possible.pdf">including</a> access to technologies and finance; skills training; investment in infrastructure; and trade, both within Africa and beyond.



Brazil, in its role of President of the G20 this year, is already catalysing formidable political momentum towards this goal. Its newly launched <a href="https://www.g20.org/en/tracks/sherpa-track/hunger-and-poverty">Global Alliance on Hunger and Poverty</a> aims to catalyse funds and knowledge to accelerate this transformation.



The World Bank is seeking <a href="https://www.cgdev.org/publication/abcs-ifis-understanding-world-banks-ida21-replenishment#:~:text=What%20is%20the%20financing%20outlook,target%20figure%20of%20%24100%20billion.">over $100 billion </a>replenishment for its International Development Association (IDA), which provides concessional loans to low- and lower-middle-income countries, helping to reduce poverty. Some countries, including Spain, Latvia, Denmark, Poland, Brazil, have already committed to increasing their funding pledges to this work.



History has shown us how quickly countries can shift in their development trajectory – <a href="https://www.worldbank.org/en/country/korea/overview">Korea</a>, for example, has transformed in little over one generation from an aid-receiving to a high-income country. Africa’s turn could quite well be next, and it’s in everyone’s interests to help realise this potential.

UNFSS2023_Dr Mayaki

The global multilateral order must be reimagined to address Africa’s development challenges

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="669" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/52426176087_a1ae82ce2f_o-1-820x669.jpg" alt="" class="wp-image-555774" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/52426176087_a1ae82ce2f_o-1-820x669.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/52426176087_a1ae82ce2f_o-1-300x245.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/52426176087_a1ae82ce2f_o-1-110x90.jpg 110w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/52426176087_a1ae82ce2f_o-1-768x627.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/52426176087_a1ae82ce2f_o-1-1536x1254.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/52426176087_a1ae82ce2f_o-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ousmane Badiane, Executive Chairperson, <a href="https://akademiya2063.org/">AKADEMIYA2063</a></figcaption></figure>



The 2023–2024 El Niño-induced drought, regarded as one of the most powerful El Niño–Southern Oscillation events in recorded history, has resulted in widespread droughts, flooding, and other natural disasters across the globe and in <a href="https://akademiya2063.org/publications.php?type=el_nino_induced_drought">Southern Africa</a> in particular. Meanwhile, East Africa recently experienced the <a href="https://earthobservatory.nasa.gov/images/150712/worst-drought-on-record-parches-horn-of-africa#:~:text=A%20combination%20of%20human%2Dinduced,University%20of%20California%2C%20Santa%20Barbara.">worst recorded</a> drought in the region in at least 70 years.&nbsp;



These disasters are getting worse with each passing year, exacerbating the effects of climate change on Africa, which is already affected <a href="https://unfccc.int/news/africa-climate-week-2023-charting-a-fresh-course-for-climate-action">disproportionately</a>.



Agriculture is the primary channel through which climate change disrupts African economies, but it is also the sector with the biggest potential to lead adaptation to climate change. There is a real opportunity for Africa to better leverage its own resources to devise a robust response to the climate crisis.



Trade can be a huge part of the solution. A <a href="https://www.resakss.org/node/6906">recent report</a> on trends and drivers behind Africa&#8217;s agricultural trade performance explores the intricate relationship between climate change and trade. While climate change poses a threat to trade, there are numerous opportunities for win-win solutions. Trade can serve as a robust mechanism for adapting to and mitigating the impacts of climate change, steering Africa toward its food security and sustainable development goals.



<h2 class="wp-block-heading" id="h-optimization-of-scarce-water-resources-through-trade">Optimization of scarce water resources through trade</h2>



Water is a critical factor in growing crops and putting food on the table across the globe. In fact, commodities traded globally embody specific quantities of water required to produce and export them. Therefore, trading with commodities is also trading with water virtually. While water is growing scarcer across the globe, and climate change is worsening this issue, trade provides opportunities to alleviate the pressures of future water scarcity on food production.&nbsp;



<a href="https://www.resakss.org/sites/default/files/2024_aatm_individual_chapters/Chapter%203_AATM%202024.pdf" target="_blank" rel="noreferrer noopener">Virtual water</a> trade — the water content embedded in traded agricultural products — can be strategically leveraged to transform food systems and bolster resilience to shocks such as droughts and floods. For instance, Africa could realign the production of &#8220;thirsty&#8221; commodities like millet, mangoes, beans, sorghum, and rice to water-rich regions, while drier nations focus on less water-intensive yet nutritionally essential foods, such as vegetables.



Complemented by investments in infrastructure, irrigation, and water management practices, trade in virtual water presents an opportunity for specialization and cooperation between water-rich and water-stressed nations to sustainably exploit Africa’s agriculture potential to transform intra-African trade and ensure the continent&#8217;s food security.



<h2 class="wp-block-heading" id="h-minding-future-emission-intensity-of-african-food-trade">Minding Future Emission Intensity of African Food Trade</h2>



There is <a href="https://www.resakss.org/sites/default/files/2024_aatm_individual_chapters/Chapter%202_AATM%202024.pdf">evidence</a> to demonstrate the extent to which greenhouse gas emissions are embedded in trade flows and are likely to expand with increased trade. The key to tackling climate change and bolstering food systems is to produce smarter and trade better. There are innovations ready and waiting that can contribute to lowering the carbon footprint in the production and trading of commodities across Africa.



A key priority is to embrace artificial intelligence (AI) and remote sensing innovations for better tracking and measuring of greenhouse gas emissions. Emissions tracking in real-time and across land cover and land use with sufficient continent-wide coverage provides granular understanding of emissions dynamics required for informed decisions to support mitigation strategies and shift toward more sustainable and climate-friendly agrifood systems.&nbsp;



<h2 class="wp-block-heading" id="h-prioritizing-technology-innovations-and-infrastructure-nbsp">Prioritizing Technology Innovations and Infrastructure&nbsp;</h2>



Africa has been experiencing the <a href="https://www.resakss.org/sites/default/files/2024_aatm_individual_chapters/Chapter%202_AATM%202024.pdf">third-fastest growth</a> in agricultural exports, after the Americas and Asia, and the second-fastest growth in imports, after Asia. In years to come, the continent will have an increasingly important role in feeding the world.&nbsp;



As the continent’s agriculture sector expands, the threat of climate change must be at the forefront of our minds. There is an urgent need for governments to invest in technology innovations and infrastructure to address resource scarcity, along with investments in emissions-lowering innovations. Mainstreaming these measures into Africa’s trade policy frameworks to ensure that trade can play its role as a strategy to adapt to climate change will pay dividends – many times over – in generations to come.

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Intra-African Trade: The Secret Ingredient for Climate-Proofing the Continent’s Agrifood Systems

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="628" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CMEP-socials-02_03.jpg" alt="" class="wp-image-553828" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CMEP-socials-02_03.jpg 1200w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CMEP-socials-02_03-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CMEP-socials-02_03-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CMEP-socials-02_03-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CMEP-socials-02_03-768x402.jpg 768w" sizes="auto, (max-width: 1200px) 100vw, 1200px" /></figure>



A mid-career executive program opens perspectives to market development in emerging economies



It’s a recurring problem in developing countries. Governments and local businesses lack the liquidity to finance pressing development projects and priorities. Borrowing money from distant financial hubs leaves them vulnerable to currency fluctuations.



This underscores the urgent need to develop local capital markets that connect investors to the critical needs of the economy. By doing so, these markets can reduce dependence on foreign debt and support stable growth. Yet in developing countries, capital markets often struggle to thrive, increasing the demand for knowledge sharing to advance their development.



In 2016, International Finance Corporation, the private-sector arm of the World Bank Group, partnered with the Milken Institute to create an ambitious program to transfer that knowledge by building the capacity of capital market regulators and financial professionals in middle- and lower-income countries.



The program equips participants with advanced skills, knowledge, and experience to develop effective and sustainable local capital markets in their home countries. In 2021, the English program was expanded to include francophone countries in partnership with Paris Europlace.



So far, the <a href="https://ifc.org/cmp">Capital Markets Postgraduate Program</a> has brought 270 officials from 64 developing and emerging economies to George Washington University in Washington, D.C., USA and Université Paris Dauphine-PSL in Paris, France. In August 2024, the U.S. side of the program moved to Georgetown University.



The participants undergo nine months of rigorous training on financial markets and on how they can be leveraged to address their home countries’ development needs.



Just as important as the training itself is the networking in the years that follow. Graduates return home and exchange ideas and expertise with each other and other colleagues, mentoring junior staff and sharing knowhow.



IFC recently carried out a <a href="http://wrld.bg/yTIf50TokT3">survey</a> of the program’s graduates on their professional growth and impact. It’s a diverse bunch—officials from the central banks of Madagascar, Egypt, and Botswana, regulators from Kenya, Pakistan, Uzbekistan, and the Philippines, to cite but a few examples. What joined them was a conviction that the program had helped their careers and given them useful knowledge they could share with colleagues.



At their home institutions, a striking 77% of respondents reported taking on new responsibilities, highlighting a significant shift in their roles. Nearly half said they were promoted, and 94 percent said they had gone on to mentor others with the knowledge derived from the program—a good sign that vertical knowledge-sharing has led to the horizontal variety, as the program’s designers had hoped.



The program has spread valuable knowledge across ministries of economy and finance, central banks, securities and exchange commissions, and stock exchanges throughout the emerging market economies.



Testimonies reflected these gains. After graduating in 2017, Christopher Legilisho was closely involved in helping the Nairobi Securities Exchange get approvals from the central bank to establish a derivatives market—which strengthens investors’ participation through a more efficient distribution of risk and allows domestic companies to access long-term financing.



Leah Simasiku joined a green-finance working group at Zambia’s Securities and Exchange Commission that helped design the country’s first green bond—a $200 million issuance for renewable energy. “When I have a new project, I search the network and find out which jurisdictions have done something similar,” said Simasiku, so her team can work on innovative capital markets products “without having to reinvent the wheel.”



“You always have someone to ring,” says Kenya’s Kefa Michael Ngoiri. “You can discuss something over the phone and before you know it, you’ve come up with a solution.”



The program has helped officials gauge the power of capital markets to strengthen their economies. “We have an economy that is so vast, so rich in every aspect. But we have a capital market that is yet to grow to its potential. In a country of over 200 million people, you have a listing of just 150 to 200 public companies,” said Dr. Timi Agama, a 2017 graduate who, in 2024, became Director General of <a>Nigeria’s Securities and Exchange Commission.</a>



Through the Capital Markets Postgraduate Program, education is proving to be a foundation for advancing local capital markets—one of development’s most critical and promising areas.



Click <a href="http://wrld.bg/yTIf50TokT3">here</a> to download IFC’s Capital Markets Postgraduate Program report.

CMEP-socials-02_03

Teaching Capital Markets

The World Bank and other IFIs should get serious about climate adaptation in low-income countries

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="234" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/blog-2099x600-fad-property-tax-istock-2152079686-c-vuk8691-820x234.jpg" alt="" class="wp-image-553242" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/blog-2099x600-fad-property-tax-istock-2152079686-c-vuk8691-820x234.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/blog-2099x600-fad-property-tax-istock-2152079686-c-vuk8691-300x86.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/blog-2099x600-fad-property-tax-istock-2152079686-c-vuk8691-160x46.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/blog-2099x600-fad-property-tax-istock-2152079686-c-vuk8691-768x220.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/blog-2099x600-fad-property-tax-istock-2152079686-c-vuk8691-1536x439.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/blog-2099x600-fad-property-tax-istock-2152079686-c-vuk8691-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Credit: vuk8691/iStock by Getty Images</figcaption></figure>



The world’s governments must raise an additional&nbsp;<a href="https://www.elibrary.imf.org/view/journals/061/2023/005/061.2023.issue-005-en.xml?cid=541463-com-dsp-crossref&amp;utm_medium=email&amp;utm_source=govdelivery">$3 trillion</a>&nbsp;to achieve sustainable and inclusive economic growth goals this decade. The cost in emerging markets equals 4 percent of gross domestic product—and 16 percent for low-income countries.



How can countries finance such staggering price tags? Large cities such as Delhi and Lagos show a way forward: Taxing property more efficiently can play a meaningful role in raising revenue at the local level, allowing countries to invest more in their people,&nbsp;<a href="https://www.imf.org/en/Publications/imf-how-to-notes/Issues/2024/09/19/How-to-Design-and-Implement-Property-Tax-Reforms-555103?utm_medium=email&amp;utm_source=govdelivery">new IMF analysis</a>&nbsp;shows. Previous&nbsp;<a href="https://www.elibrary.imf.org/view/journals/006/2023/006/006.2023.issue-006-en.xml?cid=535449-com-dsp-crossref&amp;utm_medium=email&amp;utm_source=govdelivery">IMF research</a>&nbsp;has shown that countries have ample potential to raise more domestic tax revenue if they need it—up to 5 percentage points of GDP over two decades.



Of course, the&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2024/09/16/political-parties-of-all-stripes-are-pushing-for-higher-government-spending?utm_medium=email&amp;utm_source=govdelivery">political challenges</a>&nbsp;of such reforms are far from trivial, as recent events in several countries suggest that raising taxes can create social unrest. More efficient real estate taxes have an advantage in this regard: by being locally collected and spent, they may be politically less challenging than increases in broad-base national taxes.



Recurrent taxes on immovable property could help local governments capture the wealth generated through construction-intensive urbanization. Generating such revenue fairly is especially important given the difficulty in developing countries of taxing income and wealth, which can be highly mobile.



The appeal of property taxes is clear when we look at revenue raised in advanced economies: more than 1 percent of GDP on average in OECD countries, and nearly 3 percent in some advanced economies. By contrast, they raise only around 0.1 percent of GDP in emerging Asia and Africa.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2024/11/11/how-property-taxes-can-help-low-income-countries-to-develop?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2024/11/10506443/fad-property-tax-chart-newsletter_original.png" alt="column chart showing revenues from property taxes as a percent of GDP in various groups of economies"/></a></figure>



Achieving such a large growth requires improving property-tax coverage and addressing the capacity challenges in valuing real estate as ways to reverse the current revenue underperformance. New property identification technologies and simplified valuation methods have become widely available. With policy reforms and better technology, recurrent property tax revenues in developing countries should be at least 10 times higher than current levels.



<h2 class="wp-block-heading" id="h-local-revenue-and-spending">Local revenue and spending</h2>



When well designed, property taxes become a reliable and progressive form of municipal financing. They enhance the accountability of local governments, since proceeds can be used to fund better local public services, and taxes the increase in wealth of those who own real estate that has appreciated due to urbanization and associated public-infrastructure development. The tight link at the local level between revenue and spending shields property taxes from national politics and imposes higher accountability standards on local councils for the effective use of the resources.&nbsp;



National legislation should regulate how much property taxes can differ across a country, limiting divergences in the level of local public services funded by this source. Municipalities should limit exemptions to a narrow range of public organizations, and forgone revenues should be regularly reported.



The impact on “asset-rich but cash-poor” households such as pensioners can be softened by deferring taxes until the property is sold, at which point full payment is due.



<h2 class="wp-block-heading" id="h-satellites-and-drones">Satellites and drones</h2>



It’s best to take a gradual approach to property-tax reform, using modern technology to broaden the coverage of area-based taxes (expressed as a fixed rate per square meter). The goal should be to transition to full value-based property taxes in coming years as countries gain experience in implementation and market price information is meticulously recorded for periodic property valuation.



Modern mapping technology, such as satellite imagery and aerial photography by drones, can be used to fast-track the expansion and coverage of property taxes to all parcels that ought to be included in the fiscal register.



Indian officials in Delhi and the greater Bangalore metropolitan area have started using satellite imagery to map properties in a geographic information system. In Africa, several municipalities have made impressive strides. Lagos&nbsp;<a href="https://www.theafricareport.com/3393/lagos-proves-africas-property-tax-potential/?utm_medium=email&amp;utm_source=govdelivery">increased</a>&nbsp;tax collection fivefold to more than $1 billion in 2011 by broadening the base of its property tax, coupled with better enforcement.



The increased precision of satellite images enables the accurate measuring of surface areas and the development of fiscal-register maps that depict buildings and their alterations. This allows the fast roll-out of an area-based property tax until valuation capacity has advanced to migrate toward a market value-based property-tax system that can raise more revenue.



Demand for capacity development from the IMF in this area indicates that many countries are seeing the benefits from this combination of the right policies and technology enablers. It makes property-tax reform effective and politically appealing, especially when its objectives are communicated properly to the public.

blog-2099×600-fad-property-tax-istock-2152079686-c-vuk8691

How Property Taxes Can Help Low-Income Countries to Develop

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-820x547.jpg" alt="" class="wp-image-551750" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2183020112-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">BAKU, AZERBAIJAN &#8211; NOVEMBER 05: People walk past a COP29 sign in front of the COP29 headquarters on November 5, 2024 in Baku, Azerbaijan. The 2024 UN Climate Change Conference (UNFCCC COP29) will be held from November 11-22 in Baku. (Photo by Aziz Karimov/Getty Images)</figcaption></figure>



A gathering of 198 leaders, representing the contracting parties of almost all the world’s nations, would be significant whatever the context and the epoch.



At this particular juncture in humankind’s history, the Conference of the Parties (COP), convening in Baku, Azerbaijan between 11-22 November for the 29th year (COP29), is encumbered with an enormous burden of responsibility. As the decision-making body of the United Nations Framework Convention on Climate Change, COP29 needs to focus the entire world’s attention on Earth’s climate crisis, and adopt urgent measures to alter course.



Last year’s <a href="https://unfccc.int/sites/default/files/resource/cma2023_L17_adv.pdf">COP28 summit struck a historic accord</a>. Nations reaffirmed the goal of capping, by the end of the century, global warming at 1.5°C compared to pre-industrial levels. They went further, agreeing to escalate their climate programs to transition away from fossil fuels, starting with tripling the capacity of renewable energies by 2030.



But not enough has changed, and a year later the situation facing COP29 has worsened. Climate scientists concur that global warming is happening much faster than previously predicted. The United Nations’ expert advisory body, the Intergovernmental Panel on Climate Change (IPCC), projects that the <a>1.5°C threshold </a>will be exceeded by 2028 unless the world adopts far more decisive countermeasures. “With every increment of global warming, regional changes in mean climate and extremes become more widespread and pronounced,” <a href="https://www.ipcc.ch/report/ar6/syr/downloads/report/IPCC_AR6_SYR_SPM.pdf">it reports</a>. <a></a>



Many other science-based reports paint a similar picture. The <a href="https://www.unep.org/resources/emissions-gap-report-2024">Emissions Gap Report 2024</a> published last month by the United Nations Environment Programme (UNEP), for instance, notes that holistic industrial and production policies must drive a 7.5 percent annual reduction in greenhouse gas (GHG) emissions, effective immediately, to avoid breaching the 1.5°C threshold by 2030. The fact that GHG emissions are instead rising at an annual pace of 1.3 percent is further, compounding evidence that the status quo is actually accelerating us all towards an impending dystopia.



At a time when there are wars, unfolding human tragedies and deepening crises in all corners of the globe, it seems misdirected to use words such as “dystopia”, “precipice”, and “catastrophe” to describe climate impacts.



But they are apt to the describe Earth’s dire situation. Whether we are edging dangerously close to a tipping point is moot. We are experiencing and witnessing the impacts consistently, even continuously, in regions throughout the world. South-eastern America has just been devastated by not one, but two of the most intense hurricanes ever recorded. Hurricanes Helene and Milton wrought havoc; apart from the loss of hundreds of lives, the extreme storm surges and near-unprecedented rainfall and flash-flooding caused immense damage to property, infrastructure, industries and livelihoods.



Simultaneously, large parts of southern Africa are suffering from the effects of a severe drought. In respect of its exposure to the damaging consequences of climate change, sub-Saharan Africa is one of the world’s most vulnerable regions. Tens of millions of African people are disproportionately dependent on agriculture. But the ocean warming climate phenomenon has drastically shifted <a href="https://earthobservatory.nasa.gov/images/152005/el-nino-forecast-to-contribute-to-food-insecurity">rainfall patterns</a>, causing a prolonged dry spell which compromised the growing season earlier this year. This has extended into an ongoing hotter and drier period, one which is now the worst drought in a century. Five countries – Lesotho, Malawi, Namibia, Zambia and Zimbabwe – have declared a state of drought disaster. The UN’s <a href="https://www.wfp.org/emergencies/southern-africa-drought">World Food Programme</a> reports that 27 million people in the region now face food insecurity, and 21 million children are suffering malnutrition.



The juxtaposition of deluge and drought is tragic in its manifestations and impacts in both North America and southern Africa. But structural inequities – let us call them what they are, injustices – are at play. The majority of developed nations – those that hold most of the levers of power, influence and finance – are in the Global North. Their industrialized economies have largely created the climate crisis; together, the world’s three giant economic blocs continue to generate close to 60 percent of global GHG emissions. However, it is the Global South – the term for the world’s developing countries – that experiences the severest impacts and can least afford the necessary resilience and mitigation measures.



This is why COP29’s agenda includes matters related to finance. Trillions of dollars will be required to assist developing countries’ mitigation and resilience programs, and to fund the complex mesh of climate solutions and green energy and industry transitions across the entire, interconnected world.  



And interwoven within the climate emergency is a broader point, one which extends into how – indeed, whether – the world can build upon the arc of progress made since the Enlightenment, then the Industrial Revolution, and in our own Digital Age.&nbsp;&nbsp;&nbsp;



In 2015, UN member states formulated and agreed upon 17 Sustainable Development Goals (SDGs) to uplift the lives of all the world’s citizens, with a targeted timeframe of 2030 to achieve these goals. With the deadline just five years away, there is a worrying underachievement: only a minority of the 17 SDGs reflect either on-track or moderate progress, and for more than a third of the goals there has been stagnation or regression.



The SDGs are not a specific COP29 agenda issue. But the links to our climate emergency are clear. Without urgently needed solutions, climate impacts jeopardize our water supplies and food production, they compromise lives and livelihoods, and threaten natural systems and biodiversity. The climate crisis propels involuntary migration, impinges upon the productivity of people and the sustainability of cities, and forces a reprioritization of governments’ spending away from critical initiatives involving gender equality, education and the creation of employment opportunities. These interrelated problems are spiraling precisely because of our continuing underinvestment in climate adaptation and resilience measures, and in real, lasting solutions. <a></a>



In its very latest, October 2024 report A Green and Just Planet, the G20 countries’ expert group estimates that $4.2 trillion is required, annually, to effectively combat climate change and achieve the SDGs by 2030.



The number seems unfathomable and unachievable. But governments can find these allocations. Global weapons spending is almost $2.5 trillion, fossil fuels subsidies total $7 trillion, and in 2000 leaders rapidly mobilized $11.7 trillion in emergency funds to combat and mitigate the Covid-19 pandemic.&nbsp; &nbsp;



A difficult truth for all of us as global citizens is that climate data and science, in its cold clarity, is often of little interest, or even unwelcome, to those who neither revel in its critical thinking nor embrace the realities – the facts – it unlocks.



COP29’s challenge lies in facing up to these hard facts. Unless the world’s leaders agree to implement urgent policy changes, and negotiate financing to systemize the trillions of dollars needed to fund holistic climate mitigation and transition initiatives, the 1.5°C limit will very soon be exceeded. This will push our planet to the very edge of habitability.



All 8.2 billion of us are imperilled.



If this isn’t reason enough, we should pause to think about all the people yet to be born. If humankind lasts as long as the typical mammalian species, <a href="https://globalprioritiesinstitute.org/wp-content/uploads/Toby-Newberry_How-many-lives-does-the-future-hold.pdf">100 trillion</a> people will follow us over the next 700,000 years before, possibly, we face extinction.



Our descendants would surely ask us to be careful with Mother Earth at this critical moment in time.



The author is co-facilitator of the Outcome Document of the Fourth International Conference on Financing for Development.

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As One Cycle Ends, Another Begins Amid Growing Divergence

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Intra-African Trade: The Secret Ingredient for Climate-Proofing the Continent’s Agrifood Systems

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The World Bank and other IFIs should get serious about climate adaptation in low-income countries

How Property Taxes Can Help Low-Income Countries to Develop

Why Should We Care About COP29? One Reason is Enough, But There Are 100 Trillion

China as a Model Development Partner

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