Africa

IMF expects South Africa’s growth to stabilize at 1.4% in medium term

Business /

The International Monetary Fund (IMF) said Wednesday that it expects South Africa’s economic growth to stabilize at 1.4% in the medium term. Economic growth slowed to 0.7% in 2023, partly due to widespread power shortages and disruptions at rails and ports, the IMF said in a report after its executive board concluded post financing assessment discussions with South Africa. Growth is forecast to reach 1% in 2024 with improved investor sentiment and electricity generation, according to the IMF. “The new government of national unity that took office in June faces significant challenges, including declining real per capita growth, high unemployment, poverty, and inequality, and a rising level of public debt,” said the report. “The new administration has committed to address these challenges by continuing ongoing structural reforms aimed at addressing supply constraints and bolstering inclusive growth, while maintaining fiscal discipline,” it added. While inflation declined to the South African Reserve Bank’s 3%-6% target range last year, it moderated further to 5.1% this June, said the IMF. The financial agency said it anticipates inflation declining toward the mid-point of the central bank’s target range in the second quarter of 2025.

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57 million tonnes of plastic pollution annually, study finds

Discover /

A new University of Leeds study, published in Nature, reveals that the world generates 57 million tonnes of plastic pollution annually. This pollution reaches every corner of the globe, from the deepest oceans to the highest peaks, with over two-thirds originating from the Global South. Using AI to analyze waste management across over 50,000 municipalities, researchers found that much of the pollution comes from areas where waste is poorly managed. Notably, 15% of the global population lacks adequate waste collection services, contributing significantly to plastic pollution in Southeast Asia and Sub-Saharan Africa. Among the worst offenders, Lagos, Nigeria tops the list, followed by New Delhi, Luanda, Karachi, and Cairo. Nigeria is second in the global rankings, with the Democratic Republic of Congo also making the top 10. Dr. Costas Velis, lead researcher, emphasizes that the issue stems from inadequate resources and infrastructure rather than the actions of any particular region. He argues that effective waste collection should be considered a fundamental aspect of sanitation. With global plastic production expected to triple, the UN warns that “our planet is choking in plastic.”

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Fuel Crisis Worsens in Nigeria

Africa /

Nigerians are grappling with a severe fuel crisis, marked by chronic shortages and soaring petrol prices. Despite being a major oil producer, Nigeria depends on imported petroleum due to inadequate refining capacity. The state-run Nigerian National Petroleum Corporation (NNPC) offers the lowest fuel prices, but when NNPC raises its rates, private stations follow suit. Currently, petrol prices range from $0.56 per liter at NNPC stations to $0.74 or more at independent garages. With many households and vehicles relying on petrol and diesel for power due to unreliable electricity, the ongoing fuel shortages are worsening the cost-of-living crisis. This situation follows government reforms aimed at ending fuel subsidies and floating the currency, which have already led to a significant rise in inflation.

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Burkina Faso issues new passport without ECOWAS logo

Africa /

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Libya: Migrant boat capsizes off 1 dead, 22 missing

Africa /

A boat carrying 32 migrants capsized off the Libyan coast Tuesday, leaving one dead and 22 missing, according to Libyan authorities. The coast guard in Tobruk rescued nine survivors who were taken to a local port and hospital. The boat, which departed from Bab al-Zaitoun near Tobruk, sank after its engine failed, as reported by local aid group Abreen. The migrants were from Egypt and Syria. Libya, a major transit point for migrants fleeing conflict and poverty, has seen repeated maritime tragedies. In December, 61 migrants drowned near Zuwara. The ongoing chaos in Libya, exacerbated by the 2011 NATO-backed uprising, has enabled human traffickers to exploit migrants, leading to numerous deaths and disappearances. The International Organization for Migration reported 434 deaths and 611 missing migrants off Libya in the past eight months, with over 14,100 intercepted and returned. Those returned face harsh conditions in detention centers, including forced labor and abuse.

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