Tag Archives: The World Bank

AMA, Business

Dr. Ngozi Okonjo-Iweala Headlines African Business Stories Roundtable on Mobilizing Diaspora Investment for Africa’s Growth at World Bank Spring Meetings

Maravi Post Reporter
Dr. Ngozi Okonjo-Iweala, GCON, Director General, World Trade Organization and Ms. Yvonne Ike, Managing Director & Head of Sub-Saharan Africa (Ex RSA), Bank of AmericaKanayo Adibe | Photographer

Washington, D.C. 5 May 2025-/African Media Agency (AMA)/- African Business Stories (ABS) convened the third edition of its Roundtable Series during the 2025 World Bank Spring Meetings, hosting a high-level dialogue titled “Leveraging Diaspora Investment for Africa’s Economic Growth.” The event featured WTO Director-General Dr. Ngozi Okonjo-Iweala and other leading African and global voices in development and finance.

Launched in September 2024 on the sidelines of the United Nations General Assembly (UNGA) in New York, the ABS Roundtable Series convenes influential stakeholders to address critical barriers to scaling African businesses — with a focus on closing Africa’s $42 billion financing gap for women-owned enterprises and fostering sustainable growth.

Held at the Washington, D.C. offices of Akin Gump Strauss Hauer & Feld LLP, the ABS Roundtable was made possible through the generous support of Akin LLP, Bank of America, and Moneda Invest Africa. Their partnership underscores a shared commitment to advancing Africa’s economic growth through innovative investment, strategic collaboration, and inclusive development. Bank of America’s partnership in this event reflects its ongoing commitment to sustainable growth and inclusive finance across Africa. The firm continues to support initiatives that unlock capital, scale entrepreneurship, and build resilient financial ecosystems.

Opening keynote speakers President Admassu Tadesse, Group President and Managing Director of Trade & Development Bank, and Mrs. Zainab Ahmed, Executive Director at the World Bank and former Nigerian Minister of Finance, set a powerful tone — challenging participants to move beyond traditional aid models and strengthen Africa’s investment readiness.

A dynamic panel discussion followed, featuring Joan Manda (UNDP Timbuktoo Initiative), Barbara Iyayi (Unicorn Growth Capital), and Chidi Blyden (Culturally Bound), moderated by Kenechi Eze (Moneda Invest). The conversation centered on building trust, creating credible financial vehicles, and transforming Africa’s 44 million SMEs into engines of scalable investment.

President Admassu Tadesse, Group President and Managing Director, Trade and Development Bank Group , Ms. Florie Liser, President & CEO Corporate Council on Africa, Ms. Zainab Ahmed, Executive Director for Nigeria, Angola & South Africa, World Bank Group, Dr. Ngozi Okonjo-Iweala, GCON, Director General, World Trade Organization, Ms. Akaego Okoye, Founder African Business Stories/Convener ABS Roundtable Series and Ms. Yvonne Ike, Managing Director & Head of Sub-Saharan Africa (Ex RSA), Bank of America.Kanayo Adibe | Photographer

The event culminated in an inspiring fireside chat with Dr. Okonjo-Iweala, moderated by Ms. Yvonne Ike, Managing Director at Bank of America and Head of Sub-Saharan Africa (ex-RSA). Addressing a room of investors, policymakers, and entrepreneurs, Dr. Okonjo-Iweala called for a decisive shift away from reliance on foreign aid, urging African countries to mobilize domestic resources, attract private sector investment, and build institutional trust. She emphasized the pivotal moment Africa faces in the global economy:

“Africa’s opportunity lies not in aid — but in adding value, building trust, and using our resources wisely,” said Dr. Okonjo-Iweala.

She stressed that Africa’s critical minerals must be leveraged strategically to drive industrialization rather than perpetuate dependence on raw exports:

“Our critical minerals are in demand — but instead of giving them away raw, we must negotiate smartly, add value locally, create jobs, and become a true hub of global manufacturing and innovation.”

Dr. Okonjo-Iweala also addressed the impacts of global economic shifts — from trade disruptions to shrinking aid budgets — and stressed the urgency of regional collaboration, transparent governance, and strategic investment facilitation to attract both diaspora and global capital.

Closing the session, Dr. Okonjo-Iweala encouraged African entrepreneurs, leaders, and the diaspora to recognize their individual agency:

“Even solving one problem or building one enterprise can have ripple effects across the continent. Everyone has a role to play in building Africa’s future.”

“Events like this roundtable are vital platforms to foster collaboration, deepen trust, and unlock the entrepreneurial potential that exists both within Africa and among its global diaspora,” said Yvonne Ike, Managing Director and Head of Sub-Saharan Africa (ex-RSA) at Bank of America. “It was an honor to join this important dialogue and help shape conversations that will drive long-term impact.”

Participants committed to deepening collaboration with the African diaspora, creating credible financial structures, and expanding access to capital for the continent’s 44 million SMEs—key pillars for long-term growth.

Akaego Okoye, Founder of African Business Stories and Convener of the ABS Roundtable Series, added:

“Diaspora investment is not just about capital; it’s about building ecosystems and reshaping Africa’s economic narrative. We are proud to create a platform where action-oriented conversations drive real change.”

Distributed by African Media Agency (AMA) on behalf of African Business Stories

About African Business Stories

African Business Stories (ABS) is a platform dedicated to unlocking investment for women-led businesses in Africa by telling their stories and connecting them to investors, resources, and key decision-makers. Through storytelling, strategic convenings, and ecosystem-building initiatives, ABS creates high-impact pathways that accelerate the growth and visibility of female entrepreneurs across the continent.

Press Contact

To explore collaboration opportunities or learn more about the ABS Roundtable Series, contact info@africanbusinessstories.com or visit www.africanbusinessstories.com.

Source : African Media Agency (AMA)

AMA, Environment

World Leaders and Institutions Convene at First FRLD High-Level Dialogue to Advance Climate Resilience and Support for Vulnerable Nations

Maravi Post Reporter
Ibrahima Cheikh Diong, Executive Director of Fund for responding to Loss and Damage (FRLD)

Washington, D.C, 2 May 2025 -/African Media Agency(AMA)/- Today, the Fund for responding to Loss and Damage (FRLD) held its inaugural High-Level Dialogue on the sidelines of the World Bank-IMF Spring Meetings, convened under the leadership of the FRLD Board and in coordination with the United Nations Secretary-General.

Under the theme “Strengthening Response(s) to Loss and Damage through Complementarity, Coherence, and Coordination”, the Dialogue brought together senior representatives of partner governments, multilateral development banks, international financial institutions, UN agencies, climate funds, philanthropic organizations, risk financing and insurance entities and civil society actors to foster collective action in response to the growing impacts of climate change.

The Dialogue welcomed high-level speakers, including COP29 President H.E. Mukhtar Babayev, Ministers from Pakistan, South Africa, and Germany, as well as other senior representatives. In opening remarks, the Co-Chairs of the FRLD Board, Jean-Christophe Donnellier and Richard Sherman, welcomed participants and emphasized the spirit of global solidarity that led to the creation of the Fund. They noted that the Dialogue comes at a critical juncture in the Fund’s development and called for strengthened cooperation to deliver timely and effective support to the most vulnerable nations.

“This Fund was launched to strengthen our global capacity to respond to loss and damage, and this requires a response that is timely, adequate, comprehensive and efficient. It is therefore crucial that we work together to streamline our collective global response,” emphasised Donnellier.

Muhammad Aurangzeb, Minister of Finance of Pakistan

The Minister of Finance of Pakistan, Muhammad Aurangzeb, added the need for speed in responding to loss and damage: “Climate change is an existential threat; we are living it. Even before the floods of 2022. As the Fund becomes operational, our request is for simplicity and agility. We are dealing with our own internal bureaucracies in our own countries. We can’t have decisions to take years; what we need are speedy disbursements.”

A key milestone of the event was the presentation of Proposed Actionable Commitments on Accelerating Action on Climate-Induced Loss and Damage by the Executive Director, Ibrahima Cheikh Diong, on behalf of the Fund and peer financial institutions. He reaffirmed a collective commitment to unify global responses and reduce fragmentation in funding streams: “Today marks the beginning of a new era of coordinated action driven by global solidarity and leadership. We reaffirm our collective commitment with our partners and stakeholders to reduce fragmentation in funding streams and ensure that resources are delivered effectively to those who need them most. Our shared goal is clear: to ensure that the most vulnerable nations affected by climate-induced loss and damage, receive timely and effective support that reflects their priorities and realities”.

This laid the foundation for two roundtables that explored how institutions can better align mandates, close funding gaps, and build strategic partnerships.

Participants discussed opportunities to streamline access to finance, support national readiness and pre-arranged financing mechanisms, and enhance collaboration among funding arrangements such as the Climate Investment Funds, the Adaptation Fund, the Santiago Network and Global Shield. The issue of prevention was brought up, including better use of data and technology. With the gap between the financing available and the needs, prudent and smart approach is necessary.

“The Santiago Network and FRLD are linked by design but also purpose. One of our core functions is to enable access to finance, technology and capacity building. The Santiago Network brings an existing toolbox, technical guidance and technical assistance platform and a regional presence with 15 members ready to provide support. This is a call to expand our collective response to Loss & Damage. We need to collaborate but also act in synchronicity” said Carolina Fuentes Castellanos, Director of the Santiago Network Secretariat.

The event concluded with reflections and recommendations on the way forward, highlighting the FRLD’s ambition to begin disbursing an initial $250 million primarily delivered in grants to support bottom-up, country-led and community-driven interventions, with at least 50% of funding earmarked for Small Island Developing States (SIDS) and Least Developed Countries (LDCs). The Co-Chairs reaffirmed the Fund’s commitment to being an inclusive and coordinating force within the climate finance ecosystem.

The full outcomes from this dialogue will be included in the FRLD’s annual report that will be presented at the upcoming COP and CMA, shaping future climate finance policies. The dialogue will set the stage for continuous engagement, ensuring sustainable and inclusive financial mechanisms for affected communities.

Distributed by African Media Agency. on behalf of IC Publications

About the FRLD:

The Fund for responding to Loss and Damage (FRLD) addresses the urgent and growing needs of vulnerable communities in developing countries facing the irreversible impacts of climate change. It finances initiatives to help vulnerable communities recover from climate-related losses and damage resulting from incidents such as climate-induced extreme weather events, rising sea levels, and other climate-induced crises. These initiatives are tailored to respond directly to country-specific needs and priorities, ensuring that solutions are locally driven and contextually appropriate.

Media Contact:

Giulia Pivetti

Email: g.pivetti@icpublications.com

WhatsApp: +39 340 276 8881

Margaret Mutesi 

Email: mmutesi@frld.org

Mobile: +1 202 6501312

Source : African Media Agency (AMA)

Lifestyle

Political upheaval Is redrawing Africa’s fiscal landscape

Maravi Post Reporter

Just months after his return to power in December 2024, Ghana’s President John Mahama faces a critical challenge that could define his second term: managing a ballooning public debt while offering relief to citizens worn down by years of austerity.

According to a new joint white paper from Pangea-Risk and Acre Impact Capital, titled “The Impact of Political Change on Africa’s Credit Outlook in 2025,” the Mahama administration has scrapped five taxes introduced in 2023 under IMF loan conditions, including a 1% levy on mobile money transfers and VAT on vehicle insurance. These tax cuts, worth an estimated $430 million annually, aim to ease the burden on households but risk widening Ghana’s fiscal deficit and straining its $3 billion IMF program.

“The removal of IMF-linked taxes may further constrain Ghana’s fiscal position and complicate its relationship with the IMF,” the report warns. As Ghana remains largely locked out of international credit markets, the government’s push to renegotiate IMF terms underscores the tightrope it must walk between economic populism and fiscal discipline.

Across Africa, the election cycles of 2024 and 2025 are stress-testing public finances in fragile democracies. From Ghana to Gabon, political transitions, some peaceful, others turbulent, are reshaping investor sentiment, altering fiscal strategies, and exposing deep-seated vulnerabilities in African debt economies.

In South Africa, the African National Congress (ANC) lost its parliamentary majority for the first time in 30 years, paving the way for a coalition Government of National Unity (GNU). While markets initially welcomed the GNU, with the rand appreciating by 4%, increased appetite for local bonds, and record highs on the Johannesburg Stock Exchange, the honeymoon appears to be fading.

“GNU partners have already compelled the ANC-led finance ministry to reduce the planned VAT increase from 2% to 1%, spread over two years,” the report notes, warning that this concession will limit revenue growth. South Africa’s public debt is expected to peak at 76.2% of GDP in 2025/26, with debt servicing projected to consume 22% of government revenue. Yet the country’s strong domestic creditor base provides a buffer against global volatility.

Cameroon presents a different picture, with political uncertainty at the core of its economic fragility. President Paul Biya, now 92, is set to run again in the October 2025 elections, stoking concerns about leadership continuity. “Speculation over his health and succession has rattled domestic and external stakeholders,” the report says.

The country’s IMF program expires in July, with continued support contingent on tough fiscal reforms, including a $151 million surplus by March, restrained borrowing, and a sharp increase in non-oil tax revenues to $1.67 billion. Yet in November 2024, Cameroon managed to raise less than 30% of its $22 million bond issuance target, reflecting investor wariness amid political uncertainty.

Not all stories are cautionary. Côte d’Ivoire, despite rising political tension over a potential fourth-term bid by President Alassane Ouattara, continues to display fiscal resilience. “The country’s adherence to reform and sound debt management has earned it credit rating upgrades and positive IMF reviews,” the report states.

With a vibrant economy driven by oil, gas, and mining, Côte d’Ivoire is on track to cut its fiscal deficit from 4.5% in 2024 to 3% in 2025. In December 2024, it launched a landmark debt swap backed by the World Bank, converting $420 million in expensive commercial debt into concessional financing, a move projected to save $350 million over five years.

Meanwhile in Gabon, the transition from military rule is unfolding with both urgency and risk. The interim government, led by General Brice Oligui Nguema following the 2023 coup, has scheduled elections for April 12, 2025, in a bid to regain international legitimacy.

Despite strained public finances, the government has increased infrastructure spending by 67% and public sector wages by 12%. These moves have pushed Gabon’s debt-to-GDP ratio past the 70% threshold set by the Economic and Monetary Community of Central Africa (CEMAC), with projections pointing to more than 80% in 2025.

In January 2025, the World Bank suspended funding over $27 million in unpaid arrears. To avert default on a $605 million Eurobond due in June, Gabon orchestrated a buyback of half the bond via Morocco’s Attijariwafa Bank and issued a new $570 million Eurobond in February. “Though costly, the refinancing has eased immediate repayment pressures,” the report explains. A peaceful election in April could strengthen Gabon’s hand in IMF negotiations and unlock concessional financing for infrastructure.

Source: Africanews

Human Rights, Malawi, SADC, Top News

World Bank withdraws £235m loan Tanzania loan over pregnant schoolgirl ban

Maravi Post Reporter

Tanzania has lost a £235m (US$300 million) loan from the World Bank after reaffirming its policy of banning pregnant girls from school.

The money, a significant portion of a US$500m funding package awarded in 2018, was intended to help the east African nation’s education ministry to improve access to secondary education and was scheduled for approval last month.

However, the Washington-based lender has now decided against presenting the education program to its board amid concerns over human rights violations, an official confirmed.

“The World Bank supports policies that encourage girls’ education and make it possible for young girls to study in schools until they reach their full potential. The economic and social returns for girls finishing their education are very high in every society for both current and future generations,” a bank spokesperson said in a statement.

“Working with our partners, the World Bank will continue to advocate girls’ access to education through our dialogue with the Tanzanian government.”

It also criticised Tanzanian legislation which bars citizens from questioning official statistics, saying the law will undermine the production of useful, high-quality data.

Tanzania’s policy of expelling pregnant girls from primary and secondary school dates back to 1961 but has intensified in recent years. In June President John Magufuli announced that as long as he was in power no student would not be allowed to return to school after giving birth.

In 2017, a Human Rights Watch report concluded that the discriminatory policy contributed to 1.5m children being out of school in the country.

The World Bank’s decision to withdraw the loan came the same day Denmark scrapped plans to offer £7.5m in aid following “unacceptable homophobic comments” from a senior politician.

Copenhagen, Tanzania‘s second-biggest donor, provided 349 million crowns (£41m) to the East African country last year.

“I am very concerned about the negative development in Tanzania. Most recently the totally unacceptable homophobic statements from a commissioner.”

“I have therefore decided to withhold DKK 65m in the country.  Respect for human rights is crucial for Denmark.” Danish development minister Ulla Tornaes said on Twitter.

 

Malawi

Commercial Court reduces time it takes to conclude a case by 72%

Henry Chizimba
Commercial Court: reduces time it takes to conclude a commercial matter by 72%

STORY HIGHLIGHTS

  • The World Bank paid rentals for the Commercial Court for 2 years in Mpico House (previously MDC House).
  • It funded the publication of previous series of Commercial Law Reports and is currently funding a further series yet to be published.
  • It also funded the training of judges by sending them to Tanzania, Zambia, UK, and USA to learn how they run commercial courts and to be trained in mediation.
  • It also funded the training of magistrates locally in the best practices of handling commercial matters.

 

BLANTYRE—(MaraviPost)—The Commercial Court—the Commercial Division of the High Court of Malawi—has reduced the time it takes to conclude cases by 72% percent, The Maravi Post has learnt.

In an interview, the Judge of the  a specCommercial Court Justice John Katsala said that the commercial matters used to take longer time to conclude beforeialized court was established. Justice Katsala stated that The World Bank assisted a great deal in the establishment of the Commercial Court by, among others, funding the training of judges and magistrates and paying the court’s rentals at Mpico House for 2 years.

“Commercial matters used to take almost a year to conclude before the establishment of a court specializing in commercial matters. The Commercial Court has managed to reduce the time taken to conclude commercial disputes from an average of 350 days to an average of just 97 days,” Justice Katsala said.

He said the reduction in time taken to conclude commercial disputes is a positive thing to the business community saying that money gets “locked” when commercial disputes are before the courts hence a need to dispose such disputes as fast as possible to unlock the money back into circulation.

Justice Katsala however bemoaned the conduct of some litigants in commercial disputes who play games to delay matters thereby lengthening case conclusion time and wasting courts’ time and resources.

He also said that the court plans to establish a registry in Mzuzu but would be unable to do so soon owing to the fact that its funding is inadequate.

Said justice Katsala: “The Commercial court intends to open a registry in Mzuzu. For us to do that we need to buy office equipments and employ at least two judges. But the sad thing is that we do not have finances. Our funding cannot help us either because it’s inadequate. But we really would love we opened that registry the soonest time possible.”

The Commercial Court is a commercial division of the High Court which was established on 14 May 2007 with assistance from The World Bank. The court was established in order to speed up disposition of commercial disputes arising out of business transaction. The court has about 60 staff members in its two registries—Blantyre and Lilongwe—and together they handle an average of over 600 cases annually.

Business, SADC

World Bank predicts economic growth for Sub-Sahara Africa; as Malawi’s inflation rates spiral down to 15.8% 

Henry Chizimba

 

The World Bank says economic growth in Sub-Saharan Africa likely

WASHINGTON-(MaraviPost)-The World Bank on Wednesday, forecasted an economic growth for Sub-Sahara Africa with the projection of 2.6% in 2017, after the region registered the worst decline in more than two decades in 2016.

This is the latest World Bank’s bi-annual analysis of the state of African economies titled, “Africa’s Pulse” that was released on April 19. The report reveals that the region is showing signs of recovery.

The Africa Pulse’ overview for the urgent implementation of reforms to improve institutions that foster private sector growth, develop local capital markets, improve infrastructure, and strengthen domestic resource mobilization.

According to the Bank, the economic rebound comes on the background of a slowdown in investment growth from nearly 8% to 0.6% between 2014 and 2015.

Africa’s Pulse report, made available to The Maravi Post, shows that the global economic outlook is improving, and should support the recovery in the region. The report also adds that the continent’s aggregate growth is expected to rise to 3.2% in 2018, and 3.5% in 2019, reflecting a recovery in the largest economies.

The analysis indicate that it will remain subdued for oil exporters, while metal exporters are projected to see a moderate uptick.

The GDP growth in countries whose economies depend less on extractive commodities, should remain robust, underpinned by infrastructure investments, resilient services sectors, and the recovery of agricultural production especially the case for Ethiopia, Senegal, and Tanzania.

The report further highlights that a stronger-than-expected tightening of global financing conditions, weaker improvements in commodity prices, and a rise in protectionist sentiment, represent downside external risks to the outlook.

The Africa’s Pulse report dedicates a special section to analyzing the region’s infrastructure performance across sectors, revealing dramatic improvements in quantity and quality of telecommunications contrasted by persistent lags in electricity generation, and access.

“In this environment, fostering public and private investment, notably in infrastructure, is a priority. The region experienced a slowdown in investment growth from nearly 8% in 2014 to 0.6% in 2015,” the report reads in part.

The study therefore highlights that the continent is in dire need of necessary reforms to boost investment and tackle poverty. African countries advised to undertake the much-needed development spending, but to avoid increasing its debt to unsustainable levels.

“With poverty rates still high, regaining the growth momentum is imperative. Growth needs to be more inclusive and will involve tackling the slowdown in investment and the high trade logistics that stand in the way of competitiveness,” World Bank Lead Economist and the report’s author, Punam Chuhan-Pole said.

In his observation, World Bank Chief Economist for the Africa Region, Albert G. Zeufack said while countries move towards fiscal adjustment, there was a need to protect the right conditions for investment so that Sub-Saharan African countries can achieve a more robust recovery.

“We need to implement reforms that increase the productivity of African workers and create a stable macroeconomic environment. Better and more productive jobs are instrumental to tackling poverty on the continent,” Zeufack said.

The World Bank’s African Pulse report coincides with Malawi’s National Statistics Office (NSO), findings that the inflation rates fell slightly last month to 15.8 percent from 16.1% in February in 2017.

The inflation decline has been attributed to decrease in the price of maize, currently selling as low as MK3, 500 per 50 kilogram (kg).

The NSO said the same period last year, inflation rate stood at 22.1%, meaning that prices are softer in 2017 than during the same period in 2016.

While the news of the economic rebound might be good for Malawi, the World Bank has however, warned that the recovery remains weak. This is because the growth is expected to rise only slightly above the population growth, a pace that hampers efforts to boost employment and reduce poverty.