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Devastating coronavirus disease: AfDB to rescue women businesses
| The African Development Bank (AfDB) says it is mobilising $5 billion through its Affirmative Finance Action for Women to support women businesses in Africa in view of the outbreak of the novel coronavirus disease (COVID-19) pandemic. The President of the AfDB, Dr Akinwumi Adesina, who disclosed this at the Virtual 2020 International Forum on African Leadership, said the move was to help revive the businesses of women. He noted that the coronavirus pandemic had collapsed many businesses owned by women in Africa. The programme organised by the African Leadership Magazine in Malawi was on the theme, “Rethinking Global Partnerships and Africa’s Economic Resurgence.” “We must build back by ensuring that women are strongly supported, as majority of them have lost incomes, due to their greater dependence on informal markets and sectors such as tourism, hospitality and trade, all of which have been devastated by the lockdowns,” he said. Dr Adesina said the bank would continue to raise resources to support women across Africa. He said the world had become more fragile to the coronavirus disease, saying “all are affected — developed and developing countries. There’s no coronavirus for developed countries and coronavirus for developing countries.” Dr Akinwumi said the pandemic had laid bare the divide in the labour market. He said those with skills were able to keep their jobs, while low skilled workers, especially those employed in the informal sector, lost jobs worsened by the lockdowns. “It’s estimated that up to 30 million jobs will be lost in Africa by the end of the year,” Dr Akinwumi said. He said Africa must build back by focusing on the youth, many of whom had no jobs prior to the pandemic. “That’s why the African Development Bank will support the launch of the Youth Entrepreneurship Investment Banks to create a viable financial ecosystem to unleash the entrepreneurship and businesses of young people,” Dr Akinwumi stressed. The AfDB President said Africa must build back by focusing sharply on food and nutritional security. “For many, the risk of hunger is higher than coronavirus. Without food, medicines or vaccines don’t work. There is vaccination against coronavirus, but there is no vaccination against hunger,” Dr Akinwumi said. He said the AfDB had provided over $384 million for countries to address immediate food and nutrition issues, including providing access to improved seeds, farm inputs, strategic food reserves and opening up of regional trade corridors to facilitate trade in food. ###### Dr Adesina Pix/samba/08-12-2020 Caption: Dr Adesina |
The Africa Investment Network has entered a new partnership with 17 Asset Management to expand investment opportunities for Africans in the diaspora.
The two organisations will work together to open more pathways for diaspora investors, provide better data on markets, and connect investors to viable projects across the continent.
The partnership will focus on mapping investment opportunities across countries and sectors, building a Diaspora Pathways Program to guide new investors, and creating a shared research platform that provides market insights, returns benchmarks, regulatory updates and sector outlooks.
The two groups will also develop a trade and deal catalogue to help match businesses with partners.
As part of the collaboration, both institutions will host investment roadshows through the Global Africa Summit series, starting with GAS Accra from December 11 to 12 at the Alisa Hotel.
The event will showcase deals, hold sector briefings and connect investors with government and private sector actors.
Africa Investment Network founder and Chief Executive Jane Reindorf Osei noted that diaspora capital remains one of Africa’s strongest advantages because it is patient, purpose driven and closely linked to local development outcomes.
She explained that the partnership will help direct more diaspora investment into areas where it can make the most impact.
Chairman of 17 Asset Management, John Morris, highlighted that the joint effort will blend strong investment design with Africa Investment Network’s networks and convening power.
He stressed that improved research and compliant market access will give diaspora investors more confidence across different markets.
The two institutions will open their diaspora investment platform in the second quarter of 2026, followed by the launch of a co investment window.
Investment roadshows will also be held in North America, the Caribbean and key African centres next year.
Africa Investment Network and 17 Asset Management invited governments, development finance institutions, family offices, asset managers and other partners to support deal creation, risk sharing and market building initiatives aimed at boosting diaspora participation.
By: Jacob Aggrey
Government Communications Minister Felix Kwakye Ofosu insists that neither President Mahama nor the National Democratic Congress has filed any petition seeking the removal of the Electoral Commission Chairperson and her two deputies.
In a one on one Interview with GHone, he explained that the President only forwarded petitions he received, as required by law, and has not initiated any action against the EC leadership.
According to him, the identities and motives of the petitioners remain unknown to government, and the Presidency is not involved in that part of the process.
Mr Kwakye Ofosu stressed that while the NDC has openly disagreed with some actions of the Electoral Commission in the past, the party has not submitted any petition asking for the removal of the EC Chair or her deputies.
He noted that comments by the NDC National Chairman, Johnson Asiedu Nketiah, questioning the EC’s competence, do not amount to a formal petition.
He added that criticism of public officials is normal and does not automatically translate into a request for their removal.
Mr Kwakye Ofosu explained that once a petition is received, the President’s only role is to forward it to the Chief Justice.
The Chief Justice then decides if the allegations have merit. If they do, a committee is set up to investigate.
He said those named in the petitions will be officially informed by the Chief Justice, not the Presidency.
They will then have the opportunity to appear before the committee, respond to the claims, and provide any evidence in their defence.
Mr Kwakye Ofosu expressed confidence that the process will be fair and will protect the rights of all those involved.
By: Jacob Aggrey
