Why have many African currencies slumped to record lows?

11/03/22 • 18 min

The economic aftershocks from the covid pandemic and the war in Ukraine are being felt by economies around the world. Many countries have seen their currencies lose their value and a rapid rise in inflation. This is being felt acutely in many African countries where the falling value of many currencies is causing economic hardship because money isn’t buying as much as it did at the beginning of the year. Africa Daily’s Ferdinand Omondi has been looking at the cause and solutions to this economic turmoil.

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What’s the significance of Brazil’s Lula win for Africa?

Brazil, the land of samba and football.

It’s also a country with close ties to Africa, through long years of slavery, centuries ago.

It currently has the largest black population outside of Africa.

With the imminent return to power of Luíz Inácio Lula da Silva, popularly known as Lula, some may wonder what his win means for Africa.

When the left wing leader was president from 2003 to 2010, Brazil-Africa relations blossomed.

Trade to Africa ran into the billions of dollars from 2000 to 2008, and much of this came from mining, infrastructure, construction and agriculture.

But then the relationship declined. So what happened? What changed and what lies ahead?

These are some of the questions Ferdinand Omondi got into with Dr. Alex Vines, Managing Director of the Africa Programme at Chatham House, a think tank in the United Kingdom.

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What next after Ethiopia's peace deal?

It’s two years since the conflict started in Ethiopia. The war has taken it’s toll on people in the affected areas with tens of thousands of people dead. And the World Health Organisation estimates 90% of people in the Tigray region are in need of food aid. This week, negotiators from the opposing TPLF and government forces signed a ceasefire agreement. A disarmament plan and commitment to restore service to Tigray have also been agreed. So, is there hope for peace in Ethiopia? #AfricaDaily