CHINA MUST EASE AFRICAN DEBT BURDEN – GHANA’S FINANCE MINISTER

Ghana's Finance Minister, Ken Ofori-Atta

Ghana's finance minister said China should step up debt relief for African countries in economic distress due to the coronavirus pandemic. This was reported by the Reuters news agency, citing a statement by the Minister of Finance of Ghana.

“I believe that China should act more actively,” Ken Ofori-Atta said during a conversation with Masoud Ahmed, head of the Washington Center for Global Development.

Ofori-Atta is currently chairing the Africa Development Committee, a ministerial forum whose members are consulting with the World Bank and the International Monetary Fund on development.

“The African debt to China is about 145 billion US dollars; this year it will be necessary to pay more than 8 billion ... This must be taken into account,” he added.

According to reporters, African governments have requested $100 billion in assistance to combat the pandemic, as well as a moratorium on external debt and the complete cancellation of some debts. 

Mr. Ofori-Atta added that African countries intend to increase their special drawing rights and foreign exchange reserves, managed by the IMF, to protect against defaults on commercial debts.

Africa accounts for only a small proportion of coronavirus infections globally, but the continent's health systems are already under serious pressure, with continent economies expected to decline, putting at least 20 million jobs at risk.

On Tuesday, April 7, China said it recognized that developing countries were facing more serious problems during the fight against the pandemic but did not mention any specific debt relief measures that were planned to be implemented.

At a media briefing, the representative of the Chinese Foreign Ministry, Zhao Lijian, said that China would discuss bilateral requests from the countries concerned.

WORLD BANK GRANTS LOAN TO REPUBLIC OF BENIN

The World Bank



The World Bank has granted a loan amounting to six billion FCFA to the Republic of Benin to finance the country's development projects. 


The project is to lead to the development of the poorest communities to have basic socio-economic services and towards education, health, and water sectors.

The financing will also help carry out several activities within the framework of the initial project, particularly the strengthening of institutional capacities within communes and communities. 

The main purpose of the project, which was launched in 2005, is to promote the development of Benin's fragile infrastructure.

The project will be recognized to focus on the sectoral ministries, communes, and village communities to increase access of the poorest communities to the basic social and financial services.

GOOGLE ENHANCES AFRICA'S ECONOMY ON THE INTERNET MARKET

Google: The giant search engine plays a significant role in Africa's business



Africa's unstable economy and continuous ethnic conflicts are major causes that prevent its development. Many potential investors do not trust or have any confidence when it comes to business in regard to Africa.  


Despite the continent, low internet connectivity and obstacles in the infrastructure, Google, one of the world's internet giants, wants to expand its services to Africa.

Even though Africa lags far behind other big emerging markets in the internet market and despite the expense of internet service, Google executives say Africa represents one of the fastest growth rates for the internet in the world. 

According to the World Bank and research sites, Nigeria already has 24 million users. Other big users are South Africa and Kenya.

The amount of money invested by Google in its effort to get more people on the line is yet to be known. But Google says it has around 40 employees working on Africa-focused projects.  

Among the first major plans of Google on the continent, since setting offices there three years ago, Google Maps was the expansion of google maps. Five years ago, detailed online maps weren't very available. There are now Google maps of 51 African countries.

Other technology companies are also targeting the continent's market. Microsoft Corporation, International Business Machines Corp,  Cisco Systems Inc, and Hewlett-Packard Co have sales offices throughout Africa, selling office equipment and software to 
fast-growing companies.