Latest news with #AFRICAN
The Sun
28-05-2025
- Sport
- The Sun
Eto'o, Adebayor, Okocha play exhibition game in Somalia
THREE AFRICAN football legends -- Samuel Eto'o, Emmanuel Adebayor and Jay-Jay Okocha -- took to the pitch in Somalia on Tuesday for an exhibition match aimed at restoring the country's image. The three superstars were part of a FIFA-backed 'peace tour' that Somalia hopes will help it once again host international fixtures. Somalia has been in a state of near-constant internal conflict since 1991 and its national team has had to play matches mostly in neighbouring Djibouti. The national stadium in Mogadishu, the capital, was heavily damaged after being used as a base by Al-Qaeda-linked Al-Shabaab insurgents from 2008 and then by African Union peacekeepers who chased them out of the city. It was renovated and reopened for sports in 2020. The arrival of Cameroon icon Eto'o, former Togo striker Adebayor and ex-Nigeria playmaker Okocha for what was billed as the first high-profile match in three decades was labelled 'a historic day' by the sports ministry. The three stars led an international team to an 8-4 victory against a team of local players. 'We just pray for God to give you guys peace, so that you can build your country,' Adebayor told reporters after the match, adding that the occasion was 'beautiful and incredible'. Security Minister Mohamed Ali Haga described the match as a chance to 'change the perception of the world towards Somalia... and show the world that Mogadishu is peaceful and can host other African matches'. Security was tight around the stadium in southern Mogadishu. Hundreds of fans showed up hours in advance of the match, many waving the Somali flag. 'This is a great day for me -- to watch a player like Eto'o who has inspired me so much -- I cannot miss such a great occasion. It is like I'm seated in the Barcelona stadium,' one fan, Mowlid Ali, told AFP. 'The game here today is not a simple football match. This match will definitely demonstrate how Somalia is reviving from the war that has ravaged the country for a long time,' added another, Abdirahman Dhere. Somalia has reportedly asked FIFA and Confederation of African Football (CAF) to re-evaluate its security situation to be able to hold future fixtures. Delegates from the CAF and Council for East and Central Africa Football Associations were present for the match.
The Sun
28-05-2025
- Sport
- The Sun
Eto'o, Adebayor, Okocha Play Historic Match in Somalia
THREE AFRICAN football legends -- Samuel Eto'o, Emmanuel Adebayor and Jay-Jay Okocha -- took to the pitch in Somalia on Tuesday for an exhibition match aimed at restoring the country's image. The three superstars were part of a FIFA-backed 'peace tour' that Somalia hopes will help it once again host international fixtures. Somalia has been in a state of near-constant internal conflict since 1991 and its national team has had to play matches mostly in neighbouring Djibouti. The national stadium in Mogadishu, the capital, was heavily damaged after being used as a base by Al-Qaeda-linked Al-Shabaab insurgents from 2008 and then by African Union peacekeepers who chased them out of the city. It was renovated and reopened for sports in 2020. The arrival of Cameroon icon Eto'o, former Togo striker Adebayor and ex-Nigeria playmaker Okocha for what was billed as the first high-profile match in three decades was labelled 'a historic day' by the sports ministry. The three stars led an international team to an 8-4 victory against a team of local players. 'We just pray for God to give you guys peace, so that you can build your country,' Adebayor told reporters after the match, adding that the occasion was 'beautiful and incredible'. Security Minister Mohamed Ali Haga described the match as a chance to 'change the perception of the world towards Somalia... and show the world that Mogadishu is peaceful and can host other African matches'. Security was tight around the stadium in southern Mogadishu. Hundreds of fans showed up hours in advance of the match, many waving the Somali flag. 'This is a great day for me -- to watch a player like Eto'o who has inspired me so much -- I cannot miss such a great occasion. It is like I'm seated in the Barcelona stadium,' one fan, Mowlid Ali, told AFP. 'The game here today is not a simple football match. This match will definitely demonstrate how Somalia is reviving from the war that has ravaged the country for a long time,' added another, Abdirahman Dhere. Somalia has reportedly asked FIFA and Confederation of African Football (CAF) to re-evaluate its security situation to be able to hold future fixtures. Delegates from the CAF and Council for East and Central Africa Football Associations were present for the match.
Zawya
29-04-2025
- Business
- Zawya
Will Africa's financial stability fund rise to the debt challenge?
Angola will use its chairmanship of the African Union this year to advance the creation of a continental financial stability mechanism, its finance minister said, to cushion economies from sliding into a liquidity crisis due to external debt repayments. Here are some key aspects of the proposed African Financing Stability Mechanism (AFSM): WHY ARE AFRICAN LEADERS CREATING THE AFSM? With public debt soaring 170% in the past 15 years to more than $1.8 trillion, the 54-nation continent faces heightened external refinancing risks that could morph into a liquidity crisis. Debt repayments, which the African Development Bank (AfDB) estimates at $10 billion annually between now and 2033, come as the region faces slower economic growth, exchange rate volatility and dwindling aid. Angola took over the rotating chairmanship of the African Union in February, and Finance Minister Vera Daves de Sousa said on Friday the AFSM would be a priority to galvanise funds from regional institutions to deal with the debt burden. All this happens against the backdrop of U.S. President Donald Trump's tariffs sparking market turmoil and a sell-off in risky assets, sending borrowing costs higher and potentially limiting market access for smaller, riskier economies -so-called frontier markets- many of which are in Africa. HOW WILL IT WORK? The AfDB, the continent's multilateral development bank, will play a key role though it is unclear whether the mechanism will be hosted within the lender or as a separate entity. Next steps include establishing a legal treaty to govern the facility, African officials said. Modelled on the European Stability Mechanism (ESM), the AFSM is designed to save countries in the region about $20 billion in debt servicing costs in the next 10 years, the AfDB estimates. It will exclusively focus on debt refinancing, backers said, avoiding roles assigned to other bodies like the International Monetary Fund, which also backstops countries facing balance of payments challenges. Once up and running, the AFSM will initially provide debt refinancing loans to members, before branching out to primary and secondary purchase of members' bonds. It will also weigh providing guarantees to members. WHAT WILL ITS CAPACITY BE? The AFSM hopes for an Aa/AA rating, and to attain it will likely offer 20% membership to non-African entities such as highly-rated foreign governments and multilateral development banks. No African country has a rating of Aa/AA. Under that scenario, the AFSM would need $3 billion in capital, split between debt and equity, to start operations, and then provide members with $5 billion for annual refinancing. Its capital would need to grow to $16 billion over the next decade to keep up with members' refinancing requirements, boosting its capacity to $30 billion. Member countries would pay $236 million in the first decade in annual instalments, backers of the initiative said. WHAT DOES IT MEAN FOR INVESTORS? There has been scepticism around the plan, mainly because many economies in the region, like Kenya and Angola, have already been struggling with external repayments, raising questions of their financial capacity to bankroll the AFSM. Senegal and Mozambique are also struggling with debt. But AFSM backers, including Angola's de Sousa, say the initiative can tackle debt challenges over the long term. Countries that tap the facility will have to carry out macroeconomic reforms designed to strengthen their economies in exchange for cash, the AfDB said. Supporters say the AFSM is not designed to provide bailouts to countries, but to prevent them from happening, while building a foundation for sustainable growth and development. (Reporting by Duncan Miriri; Additional reporting by Karin Strohecker in Washington DC; Editing by Aidan Lewis)
Reuters
29-04-2025
- Business
- Reuters
Will Africa's financial stability fund rise to the debt challenge?
NAIROBI, April 29 (Reuters) - Angola will use its chairmanship of the African Union this year to advance the creation of a continental financial stability mechanism, its finance minister said, to cushion economies from sliding into a liquidity crisis due to external debt repayments. Here are some key aspects of the proposed African Financing Stability Mechanism (AFSM): WHY ARE AFRICAN LEADERS CREATING THE AFSM? With public debt soaring 170% in the past 15 years to more than $1.8 trillion, the 54-nation continent faces heightened external refinancing risks that could morph into a liquidity crisis. Debt repayments, which the African Development Bank (AfDB) estimates at $10 billion annually between now and 2033, come as the region faces slower economic growth, exchange rate volatility and dwindling aid. Angola took over the rotating chairmanship of the African Union in February, and Finance Minister Vera Daves de Sousa said on Friday the AFSM would be a priority to galvanise funds from regional institutions to deal with the debt burden. All this happens against the backdrop of U.S. President Donald Trump's tariffs sparking market turmoil and a sell-off in risky assets, sending borrowing costs higher and potentially limiting market access for smaller, riskier economies -so-called frontier markets- many of which are in Africa. HOW WILL IT WORK? The AfDB, the continent's multilateral development bank, will play a key role though it is unclear whether the mechanism will be hosted within the lender or as a separate entity. Next steps include establishing a legal treaty to govern the facility, African officials said. Modelled on the European Stability Mechanism (ESM), the AFSM is designed to save countries in the region about $20 billion in debt servicing costs in the next 10 years, the AfDB estimates. It will exclusively focus on debt refinancing, backers said, avoiding roles assigned to other bodies like the International Monetary Fund, which also backstops countries facing balance of payments challenges. Once up and running, the AFSM will initially provide debt refinancing loans to members, before branching out to primary and secondary purchase of members' bonds. It will also weigh providing guarantees to members. WHAT WILL ITS CAPACITY BE? The AFSM hopes for an Aa/AA rating, and to attain it will likely offer 20% membership to non-African entities such as highly-rated foreign governments and multilateral development banks. No African country has a rating of Aa/AA. Under that scenario, the AFSM would need $3 billion in capital, split between debt and equity, to start operations, and then provide members with $5 billion for annual refinancing. Its capital would need to grow to $16 billion over the next decade to keep up with members' refinancing requirements, boosting its capacity to $30 billion. Member countries would pay $236 million in the first decade in annual instalments, backers of the initiative said. WHAT DOES IT MEAN FOR INVESTORS? There has been scepticism around the plan, mainly because many economies in the region, like Kenya and Angola, have already been struggling with external repayments, raising questions of their financial capacity to bankroll the AFSM. Senegal and Mozambique are also struggling with debt. But AFSM backers, including Angola's de Sousa, say the initiative can tackle debt challenges over the long term. Countries that tap the facility will have to carry out macroeconomic reforms designed to strengthen their economies in exchange for cash, the AfDB said. Supporters say the AFSM is not designed to provide bailouts to countries, but to prevent them from happening, while building a foundation for sustainable growth and development.
TimesLIVE
24-04-2025
- Business
- TimesLIVE
Vitriol, aggression won't halt presidential bid, Ivory Coast's Thiam says
'I'm a business person. I'm not a warrior, I'm not a rebel. I don't carry a Kalashnikov. I've been speaking in a very moderate tone, asking for reconciliation and peace, and this has only been met with aggression,' he said. 'It's only met with aggression, vitriol, toxicity. But, you know, I intend to stick to the course and try to take the country in a different direction.' Elected leader of the PDCI in 2023, Thiam was a leading contender for the election, though 83-year-old incumbent Alassane Ouattara has yet to say whether he will run again. Thiam renounced his French citizenship in February to meet eligibility conditions for the election. Ivory Coast law states that candidates must be Ivorian citizens and cannot hold another nationality. Last month a decision published in France's official journal showed that Thiam had been relieved of his French citizenship. 'The Ivorian authorities have never objected to this, and now we are given a 1961 law that is 64 years old and that has never been used for anybody. So suddenly it's pulled out of a drawer and applied to me,' he said. AFRICAN VOTERS SHOULD DECIDE Thiam served as a minister in Ivory Coast until the ouster of former President Henri Konan Bedie in a 1999 military coup. He then left the country, working for consultancy firm McKinsey and insurers Aviva and Prudential before his 2015 appointment as CEO of Credit Suisse, where he was ousted five years later. 'Africans need to have the right and the possibility to choose freely who should lead them. That's all we're asking for. And if people think I was away too long they can express that in the ballot box,' he said. 'It's not for the government to decide who runs opposition parties or who gets to run against them.' Ivory Coast suffered more than a decade of civil war in the early 2000s, in which some 3,000 civilians were killed, but it emerged to reclaim its spot as a West African powerhouse, with one of the continent's fastest growing economies. However, Thiam said he was worried that interference by the authorities with who could run in elections might fuel violence. 'There was a huge conflict in 2010 so it was a very, very painful process and you would have expected that lessons would have been learnt from it,' he said.
