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Yahoo
18-07-2025
- Business
- Yahoo
'We are on our own'- Africa looks within to weather growing global tariff turmoil
'We are on our own'- Africa looks within to weather growing global tariff turmoil By Colleen Goko and Libby George JOHANNESBURG (Reuters) -African leaders are pushing to speed up implementation of a continent-wide deal to boost trade as growing concerns over U.S. tariffs, including rates as high as 50% for Lesotho, threaten to decimate industries and hit economic growth. The African Continental Free Trade Area pact designed to unify all 1.4 billion people under Africa's more than 50 nations into a single market, has been legally ratified by 49 countries and officially launched trading in 2021. But translation into action has been sluggish, with less than half of member states actively trading under the framework. The World Bank estimates AfCFTA could increase Africa's intra-continental exports by 81% and proponents point to last year's 12.4% boost in intra-African trade, to $208 billion, according to Afreximbank figures, as early signs of success. "We've got to accelerate the establishment of our own value chain systems. What we are observing now — the weaponisation of trade policy, investment policy, nationalism — is unprecedented and it has a very negative impact on the multilateral trading system," AfCFTA Secretary-General Wamkele Mene told Reuters. "The lesson to observe is that we are on our own as a continent." U.S. President Donald Trump's return to the White House in January put trade relations centre-stage for policymakers worldwide, with his breathless cycle of punitive tariff policies poised to upend decades of globalisation and reshape flows of money and goods. G20 finance chiefs meeting in Durban this week, under South Africa's presidency, have trade high on the agenda. But despite the urgent need to boost African continental trade, accelerating it is beset with challenges. African Union countries have a combined GDP of some $3 trillion - not far off the size of France's economy, a G7 nation. So far, 24 countries are officially trading under AfCFTA, Mene said, including South Africa and Nigeria. Implementation has been inconsistent, said Raheema Parker of Oxford Economics, with weak governance undermining overall effectiveness and informal trade adding complexities. "These barriers are especially pronounced in smaller sub-Saharan economies, which are more vulnerable to external shocks and often lack the administrative and financial capacity," Parker said. INFRASTRUCTURE GAP The biggest constraint to intra-Africa trade is an infrastructure deficit, Mene said. The African Development Bank and Afreximbank collectively invested $65 billion in infrastructure projects since 2020 - barely making a dent in the $100 billion plus estimated annual infrastructure investment shortfall. Johannesburg-based Standard Bank CEO Bill Blackie warned that "without hardened bridges and faster rail links, AfCFTA will remain a paper promise." Other barriers include border delays and complex paperwork requirements. "We need to diminish all the commercial barriers," said Chad's ex-finance minister Abbas Mahamat Tolli. DOWN WITH THE DOLLAR? Currency is also contentious; nearly two-thirds of payments across more than 40 African currencies are clearing through dollar corridors. Afreximbank has called for a shift away from the dollar, citing volatility and high fees. "Local-currency corridors must become the norm to slash costs and tame volatility," said Afreximbank group chief economist Yemi Kale. The recently launched Pan-African Payments and Settlement System links 16 central banks and aims to reduce costs. Leaders say AfCFTA's transformative potential is worth tackling the challenges. "We have a generational chance to build value chains that keep wealth on the continent, develop competitive industries, and create millions of jobs while shaping global supply chains from a position of strength," Kenyan President William Ruto said earlier this month. Solve the daily Crossword
CTV News
18-07-2025
- Business
- CTV News
Trump says big trade deals to be announced soon
U.S. President Donald Trump listens with U.S. Trade Representative Jamieson Greer, right, during a lunch with African leaders at the White House in Washington on July 9, 2025. (Evan Vucci / AP Photo) WASHINGTON - U.S. President Donald Trump said on Friday the U.S. government has some 'big' trade deals to announce soon. 'When I send out the paper that you're paying 35 per cent or 40 per cent tariffs, that's a deal,' he said at the signing of a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens, or so-called 'stablecoins.' 'Then they'll call and see if they can make a little bit different kind of a deal, like opening up their country to trade.' (Reporting by Andrea Shalal, writing by Maiya Keidan)
Reuters
18-07-2025
- Business
- Reuters
'We are on our own'- Africa looks within to weather growing global tariff turmoil
JOHANNESBURG, July 18 (Reuters) - African leaders are pushing to speed up implementation of a continent-wide deal to boost trade as growing concerns over U.S. tariffs, including rates as high as 50% for Lesotho, threaten to decimate industries and hit economic growth. The African Continental Free Trade Area pact designed to unify all 1.4 billion people under Africa's more than 50 nations into a single market, has been legally ratified by 49 countries and officially launched trading in 2021. But translation into action has been sluggish, with less than half of member states actively trading under the framework. The World Bank estimates AfCFTA could increase Africa's intra-continental exports by 81% and proponents point to last year's 12.4% boost in intra-African trade, to $208 billion, according to Afreximbank figures, as early signs of success. "We've got to accelerate the establishment of our own value chain systems. What we are observing now — the weaponisation of trade policy, investment policy, nationalism — is unprecedented and it has a very negative impact on the multilateral trading system," AfCFTA Secretary-General Wamkele Mene told Reuters. "The lesson to observe is that we are on our own as a continent." U.S. President Donald Trump's return to the White House in January put trade relations centre-stage for policymakers worldwide, with his breathless cycle of punitive tariff policies poised to upend decades of globalisation and reshape flows of money and goods. G20 finance chiefs meeting in Durban this week, under South Africa's presidency, have trade high on the agenda. But despite the urgent need to boost African continental trade, accelerating it is beset with challenges. African Union countries have a combined GDP of some $3 trillion - not far off the size of France's economy, a G7 nation. So far, 24 countries are officially trading under AfCFTA, Mene said, including South Africa and Nigeria. Implementation has been inconsistent, said Raheema Parker of Oxford Economics, with weak governance undermining overall effectiveness and informal trade adding complexities. "These barriers are especially pronounced in smaller sub-Saharan economies, which are more vulnerable to external shocks and often lack the administrative and financial capacity," Parker said. The biggest constraint to intra-Africa trade is an infrastructure deficit, Mene said. The African Development Bank and Afreximbank collectively invested $65 billion in infrastructure projects since 2020 - barely making a dent in the $100 billion plus estimated annual infrastructure investment shortfall. Johannesburg-based Standard Bank CEO Bill Blackie warned that "without hardened bridges and faster rail links, AfCFTA will remain a paper promise." Other barriers include border delays and complex paperwork requirements. "We need to diminish all the commercial barriers," said Chad's ex-finance minister Abbas Mahamat Tolli. Currency is also contentious; nearly two-thirds of payments across more than 40 African currencies are clearing through dollar corridors. Afreximbank has called for a shift away from the dollar, citing volatility and high fees. "Local-currency corridors must become the norm to slash costs and tame volatility," said Afreximbank group chief economist Yemi Kale. The recently launched Pan-African Payments and Settlement System links 16 central banks and aims to reduce costs. Leaders say AfCFTA's transformative potential is worth tackling the challenges. "We have a generational chance to build value chains that keep wealth on the continent, develop competitive industries, and create millions of jobs while shaping global supply chains from a position of strength," Kenyan President William Ruto said earlier this month.
Globe and Mail
16-07-2025
- Politics
- Globe and Mail
Cameroon's President, world's oldest head of state, seeks to extend rule to age 99
In the latest extreme example of the gerontocracy that dominates many African countries, Cameroon's 92-year-old President Paul Biya has announced he will seek to extend his term for another seven years. Mr. Biya, the world's oldest head of state, has ruled Cameroon for 43 years. He routinely disappears from public view for weeks or even months at a time, often to spend time at a luxury hotel in Switzerland. His election candidacy was disclosed in a brief social-media post this week. Of the world's 10 longest-serving political leaders, more than half are in Africa, and none are showing any signs of retiring. Most are at the head of repressive regimes, including Mr. Biya and the 80-year-old Ugandan President Yoweri Museveni, who recently launched his own re-election campaign after nearly four decades in power. 'I cannot shirk my mission,' Mr. Biya said in his social-media post. 'The best is still to come.' In the last election in 2018, he only made one public campaign appearance, but officially collected 71 per cent of the vote in a disputed result. Last year he vanished from public sight for 42 days, provoking rumours that he had died, while his government ordered a ban on any media discussion of his absence. On Tuesday, when he was photographed meeting a senior Vatican official, it was the first time Mr. Biya had been seen in public since May 20. In his rare appearances, he has seemed frail and unsteady on his feet. His aides insist that he governs the country by providing detailed written instructions to his cabinet ministers. In a growing number of African countries, long-ruling presidents look to anoint their sons as next leaders Mr. Biya eliminated term limits in 2008, allowing him to rule indefinitely. He remains the favourite to win this year's election – scheduled for Oct. 12 – but there are growing signs of dissent with his presidency, despite his regime's frequent crackdowns on opposition leaders. 'He's transforming a democratic institution like the presidency into African royalty,' Colbert Gwain, a social activist in Cameroon's northwestern region, said in an interview. Felix Nkongho Agbor, a lawyer and human-rights advocate, said Mr. Biya's bid to extend his rule is 'a stark reminder of the urgent need for political renewal' in Cameroon and 'a reflection of a system that resists change at all costs.' Mr. Biya is the front-runner in October's election largely because the opposition is fragmented. In a social-media post, Mr. Agbor said this should be a wake-up call for opposition parties, prompting them to unite and organize a joint campaign. In a sign of the rising unhappiness with Mr. Biya's lengthy reign, two of his closest allies resigned from his cabinet in recent weeks, announcing their own plans to contest the election. One of them, former employment minister Issa Tchiroma Bakary, issued an election manifesto in which he complained that Mr. Biya's four decades in power 'has gradually stifled progress, paralyzed our institutions, and broken the bond of trust between the state and its citizens.' He added: 'A country cannot exist to serve one man. It must live to serve its people. The time has come to return power to the population.' A national French-language newspaper, Le Messager, covered Mr. Biya's candidacy announcement with a front-page headline that suggested, in crude words, that the country was doomed. Its story said Mr. Biya had presided over decades of poverty and poor governance and is now so weakened by age that he lacks any control over the country. While some newspapers and activists are willing to speak out, many ordinary people are afraid of reprisals if they talk to the media about Mr. Biya's long rule. In the capital, Yaoundé, a group of young people on motorcycles were gazing at the front-page headline in Le Messager on Monday. One of them ventured that he agreed with the headline, but all of them were too nervous to give their names. One even suggested that the journalist asking the questions might be a spy for the government. Elderly rulers in Africa are sometimes touted as bulwarks of political stability, but their lengthy reigns can trigger coups or fierce succession battles, and their secret illnesses can be accompanied by destructive power struggles when they refuse to step down. Robert Mugabe is perhaps the most famous example. After dominating Zimbabwe for decades, he was finally toppled in a military coup in 2017 when he was 93. The final years of his rule were marked by damaging feuds as insiders jostled for power with his wife, Grace. Among the continent's oldest autocrats today are 83-year-old Teodoro Obiang, who seized power in oil-rich Equatorial Guinea in a coup in 1979, and 81-year-old Denis Sassou Nguesso, who has ruled the Republic of Congo for almost all of the past 46 years. Many such regimes are run by complex presidential clans, which can be fractured as their aging leaders move closer to their likely departure, according to Serge Loungou, a lecturer in political geography at Omar Bongo University in Gabon. 'As such leaders approach an end-of-reign phase, intense succession rivalries tend to play out,' he wrote in a recent commentary. 'These rivalries are fuelled by deep-seated conflicts within presidential families, and can lead to prolonged social and political instability.'
News.com.au
10-07-2025
- Politics
- News.com.au
Viral moment Donald Trump praises Liberian leader on English, his native tongue
A less than 20 second exchange at a lunch between US President Donald Trump and African leaders has gone viral. As the leaders sat around a table in the White House's State Dining Room on Wednesday, Mr Trump praised the president of Liberia on his English-speaking skills and asked where he learnt to speak the language. However, English is the official language of the country. 'Thank you, and such good English,' Mr Trump told Joseph Boakai. (Watch in the video player above). Mr Boakai took the compliment with a polite laugh. 'Where did you learn to speak so beautifully?' Mr Trump asked. 'Were you educated? Where?' 'Yes, sir,' Mr Boakai said. 'In Liberia?' Mr Trump pressed. 'Yes, sir,' the Liberian president said again. Mr Trump continued: 'That's very interesting. It's beautiful English. I have people at this table who can't speak nearly as well.' Liberia was founded by African-Americans. US engagement in Liberia began in the 1820s when the Congress- and slaveholder-funded American Colonization Society began sending freed slaves to its shores. Thousands of 'Americo-Liberian' settlers followed, declaring themselves independent in 1847 and setting up a government to rule over a native African majority. The country has a diverse array of indigenous languages and a number of creolised dialects, while Kpelle-speakers are the largest single linguistic group. Mr Boakai himself can read and write in Mendi and Kissi but converses in Liberia's official tongue and lingua franca — English. The awkward exchange quickly made headlines and was plastered across social media. While some social media users labelled the moment 'embarrassing' and slammed the US President for being ignorant, others shared they didn't know English was the official language of the West African nation either. — with AFP Read related topics: Donald Trump
