Africa is hemorrhaging over $580 billion every year through corruption and illicit financial outflows, according to the African Development Bank (AfDB), jeopardizing economic growth and worsening the continent’s nearly $2 trillion debt crisis. AfDB President Akinwumi Adesina, speaking in a recent Bloomberg interview, likened the situation to pouring water into a leaking bucket — “It […]
The European Union has provided a 50 million-euro military aid package to Ghana to bolster its security forces amid a surge in violent extremist activities by armed groups linked to al-Qaeda and the Islamic State. The donation, made during a handover ceremony in Accra on Wednesday (26 February), includes advanced communication systems, riverine assets, and […]
Algeria’s economic foundations are showing serious cracks, including an unsustainable fiscal system, rigid economic structure, dependence on oil and mounting external vulnerabilities, the IMF warned in a new report. The budget deficit expanded to 13.9% of GDP in 2024, one of the highest in the region, the IMF said, noting that this sharp deterioration stems […]
