Africa’s austerity apocalypse

For the IMF to publicly wonder whether neoliberalism may have been oversold is like the egg-industry admitting that it may not have always been perfectly clear whether their practices of caging hens in batteries placed the well-being of animals first.

continue reading »

A decade after write-offs, Africa sliding back into debt trap

With their economies floundering and currencies sinking, African states that have borrowed heavily in dollars may be slipping back into the debt trap – and ultimately default – only a decade after a far-reaching round of debt forgiveness.

Some are looking to issue more Eurobonds to refinance existing foreign currency loans, but with US interest rates set to rise soon, the inevitably higher borrowing costs will do little to alleviate pressure on creaking state budgets.

continue reading »

Offshore interests not aligned with Africa’s development agenda

Offshore financial centres can help curb illicit flows by exchanging tax information and providing transparent beneficial ownership information.

In its recent op-ed, Jersey Finance provides a defence of the offshore financial centre’s legal code and regulatory framework against charges by “pressure groups” of alleged financial improprieties. The author also promotes Jersey’s financial services to current and potential clients that intend to invest in Africa.

continue reading »

What can Africa learn from the Greek crisis?

In recent days many of our readers have requested analysis of the Greek/Euro crisis and how to relate it to Africa’s long and bruising experience with major international creditors.

So we put the following question to a range of thinkers and commentators: What can African politicians learn from the Greek crisis and Syriza’s approach to dealing with creditors? What wider connections do you draw?

continue reading »

How S&P evaluates South Africa’s credit rating

JOHANNESBURGCredit rating agency, Standard & Poor’s says the primary sources of data its uses to determine South Africa’s credit rating come from domestic institutions, such as Statistics South Africa, the South African Reserve Bank (Sarb) and the National Treasury.

continue reading »

Why saying ‘seven out of ten fastest growing economies are in Africa’ carries no real meaning

Before, during and after the US Africa summit one of the most frequently repeated factoids supporting the Africa Rising meme was that ‘seven out of ten fastest growing economies are in Africa.’ In reality this is both a far less accurate and much less impressive statistic than it sounds.  More generally, narratives on African economic development tend to be loosely connected to facts, and instead are driven more by hype.

continue reading »

P.IVA 11273390150
Direttore Responsabile Giuseppe Frangi