Ubuntunomics

04/05/2023

2023 World Bank Group-IMF Spring Meetings

The 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) took place in Washington D.C.

The Spring Meetings bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organisations and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.

Member countries endorsed measures that can add up to USD 50.0 billion in WBG lending capacity over the next 10 years. Those steps include a revision of the Bank’s minimum equity-to-loan ratio to 19%, a hybrid capital pilot, and a scaled-up bilateral guarantee program.

See more here: https://ubuntunomics.co.za/2023/04/25/resurging-sudanese-conflict-and-rocky-economic-recovery/

Also available on the Ubuntunomics YT: https://youtu.be/fvfFXgTAlsE.

25/04/2023

Ubuntunomics Podcast S03E04: Resurging Sudanese Conflict and Rocky Economic Recovery

This episode looks at the 2023 South Africa Investment Conference, the return of violent conflict in Sudan, and the 2023 Spring Meetings.

See more here: https://ubuntunomics.co.za/2023/04/25/resurging-sudanese-conflict-and-rocky-economic-recovery/

Also available on the Ubuntunomics YT: https://youtu.be/fvfFXgTAlsE.

Ubuntunomics Podcast provides a discussion of how the latest political and economic developments affect sustainability in Africa and the rest of the world. This episode looks at the 2023 South Africa Investment Conference, the return of violent conflict in Sudan, and the 2023 Spring Meetings.

20/04/2023

Risk of Stagflation and Coming Rates Hike:

The IMF concluded its 2023 Article IV Consultations and made the following findings: “South Africa’s economic and social challenges are mounting, risking stagnation amid an unprecedented energy crisis, increasingly binding infrastructure and logistics bottlenecks, a less favourable external environment, and climate shocks.

A recovery in the services sector supported job creation in 2022; however, employment remains below pre-pandemic levels and unemployment close to record highs, on the back of already high poverty and inequality.”

Meanwhile, consumer price inflation was 7.0% in February 2023 (January 2023: 6.9%) mainly due to rising cost of food and non-alcoholic beverages; housing and utilities; transport; and miscellaneous goods and services.

See more here: https://ubuntunomics.co.za/2023/03/28/stagflation-voter-apathy-and-the-multipolar-world-order/.

Also available on the Ubuntunomics YT: https://youtu.be/J7_cIu9jHXU.

13/04/2023

China and Russia Push for Multipolar World

Russian Federation President H.E. Vladimir Putin met with President of the People’s Republic of China H.E. Xi Jinping at the Kremlin in Moscow to discuss bilateral and international matters of mutual-interest. China is Russia’s main trading partner and trade increased by 30.0% to exceeding USD 185.0 billion in 2022.

Currently 65.0% of total trade between China and Russia is conducted in domestic currencies, as opposed to the USD, and China has become the main importer of Russian oil. The two heads of state signed 14 agreements between the two countries to usher in a new era of deeper comprehensive partnerships and strategic cooperation and targeting specific areas of cooperation until 2030.

See more here: https://ubuntunomics.co.za/2023/03/28/stagflation-voter-apathy-and-the-multipolar-world-order/.

Also available on the Ubuntunomics YT: https://youtu.be/J7_cIu9jHXU.

05/04/2023

New President Elected in Nigeria

H.E. Asiwaju Bola Ahmed Tinubu from the All-Progressives Congress (APC) party won the 2023 presidential elections held on 25 February 2023 in Nigeria with 36.6% of the votes from a 26.7% voter turnout.

The opposing Atiku Abubakar from the People’s Democratic Party (PDP) and Peter Gregory Obi from the Labour Party (LP) respectively received 29.1% and 25.4% of the votes. Nigeria has a total of 93.5 million registered voters from its total population of 225.1 million people. In the legislative elections the APC won 192 seats in the 360-member House of Representatives and 63 seats in the 109-member Senate.

This gives the APC a clear majority in both legislatures compared to the PDP which won 126 seats in the House and 44 seats in Senate.

See more here: https://ubuntunomics.co.za/2023/03/28/stagflation-voter-apathy-and-the-multipolar-world-order/.

Also available on the Ubuntunomics YT: https://youtu.be/J7_cIu9jHXU.

28/03/2023

Ubuntunomics Podcast E03S03: Stagflation, Voter Apathy and the Multipolar World Order

This episode looks at the risk of stagnation and the pending interest rates hike in South Africa, the 2023 general elections in Nigeria, and the China and Russian presidents meetings to push ahead with their agenda of a multipolar world order.

See more here: https://ubuntunomics.co.za/2023/03/28/stagflation-voter-apathy-and-the-multipolar-world-order/.

Also available on the Ubuntunomics YT: https://youtu.be/J7_cIu9jHXU.

Ubuntunomics Podcast provides a discussion of how the latest political and economic developments affect sustainability in Africa and the rest of the world. This episode looks at the risk of stagnation and the pending interest rates hike in South Africa, the 2023 general elections in Nigeria, and the...

24/03/2023

Listen to the latest Ubuntunomics media engagement.
The interview by SAfm's Oliver Dickinson looks at : Practical ways for consumers to survive the current economic climate

As you heard yesterday (Wed) that newly-released Statistics South Africa figures show that the country's annual consumer price inflation increased from six-point-nine per cent in January to seven p er cent in February this year. Inflation increased by zero-point-seven-percent - month-on-month in Feb...

06/03/2023

The Minister of Finance, Mr Enoch Godongwana delivered the 2023 National Budget Review which explains the policy considerations underlying the numbers presented in the budget.

The Budget Review describes three frameworks. The fiscal framework sets out government’s revenue and spending projections – taking into account the economic outlook – and forecasts the budget balance for the next three years. If spending exceeds revenue, government has a budget deficit, which must be financed by borrowing.

When government borrows money it issues a bond, which entitles the holder to interest payments, referred to in the Budget Review as debt-service costs. The division of revenue shows how taxes and other resources raised by national government will be shared between national, provincial and local government.

The medium-term expenditure framework provides details of government’s three-year spending plans.

See more here: https://ubuntunomics.co.za/2023/02/28/south-african-budget-au-summit-and-russia-ukraine-conflict/.

Also available on the Ubuntunomics YT: https://youtu.be/VIc7Wx5Ls1o.

01/03/2023

Ubuntunomics Podcast provides a discussion of how the latest political and economic developments affect sustainability in Africa and the rest of the world.

This episode looks at the 2023 South African National Budget Review, the 36th African Union Summit, and the Russia-Ukraine conflict after a year of fighting.

See more here: https://ubuntunomics.co.za/2023/02/28/south-african-budget-au-summit-and-russia-ukraine-conflict/.

Also available on the Ubuntunomics YT: https://youtu.be/VIc7Wx5Ls1o.

Ubuntunomics Podcast provides a discussion of how the latest political and economic developments affect sustainability in Africa and the rest of the world. This episode looks at the 2023 South African National Budget Review, the 36th African Union Summit, and the Russia-Ukraine conflict after a year...

27/02/2023

By: Anna Majavu SMMEs that were hoping that government would announce far-reaching measures to fund their shift to renewable energy

27/02/2023

31/01/2023

Understanding the UN Economic Outlook for 2023

Watch to the latest Ubuntunomics media engagement here: https://ubuntunomics.co.za/2023/01/30/understanding-the-un-economic-outlook-for-2023/.

This interview looks at the World Economic Situation and Prospects 2023 report by the UN Department of Economic and Social Affairs (UNDESA) which projects slower growth in the global economy of 1.9% (2022: 3.0%). The discussion assesses the outlook for African economies and some of critical challenges facing the economies on the continent. Siya Biniza joins Dan Moyane on eNCA News Today to analyse the UN global growth forecast.

Also available on the Ubuntunomics YT Channel, see here: https://youtu.be/9xDzq_KYQhM.

Ubuntunomics Media Engagement, expert analysis in media discussions about the most important economic and political developments from Africa. This interview looks at the World Economic Situation and Prospects 2023 report by the UN Department of Economic and Social Affairs (UNDESA) which projects slo...

17/01/2023

This is a special premiere episode for Season 3 and we do a throwback of the best and worst from 2022.

In January 2023, for the South Africa Update this month we also look at the National Plan . In the Regional Update we look at the briefing to the on worsening insecurity in West Africa and the . In the Global Geopolitics Update we look at the continued recovery in 2022.

For more info, listen to the latest episode of the Ubuntunomics Podcast here https://ubuntunomics.co.za/2023/01/17/throwback-2022-the-best-and-the-worst-of-the-year-that-was/.

Also available on the Ubuntunomics YT: https://youtu.be/jFq2HGtMPtc.

Ubuntunomics Podcast, a roundup and discussion of the most important economic and political developments from Africa. This is a special premiere episode for Season 3 and we do a throwback of the best and worst from 2022. For the South Africa Update this month we also look at the National Energy Plan...

10/01/2023

ECOWAS 62nd Ordinary Summit

The 62nd Ordinary Session of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) was held in Abuja to consider reports from the Council of Ministers meeting.

The Summit also held a Foundation Laying Ceremony at the New ECOWAS Headquarters building funded by the Government of the People’s Republic of China. Summit considered reports on the transition to civil rule and political developments in Mali, Guinea and Burkina Faso.

Summit noted the commitments from transitional authorities to respect the 24-month transition timetables in Burkina Faso and Guinea; and expressed concern over the worsening insecurity in Burkina Faso, proposed a gradual lifting of economic and financial sanctions against transitional authorities in Guinea.

Summit noted the progress of establishing a multi-stakeholder Joint Monitoring and Evaluation Mechanism of the transition timetable in Mali. Summit also extended the implementation plan for establishing the ECOWAS customs union by five years and instructed the Ministerial Committee on the Single Currency Program of ECOWAS to find consensus on the outstanding matters towards establishing a conducive environment for the launch of the ECO currency by 2027.

For more info, listen to the latest episode of the Ubuntunomics Podcast here: https://ubuntunomics.co.za/2022/12/20/ramaphosa-re-election-rising-rates-and-further-tensions/.

Also available on the Ubuntunomics YT: https://youtu.be/Nxa0THD9IQ0.

24/12/2022

4 Dec: National Assembly Votes Against Ramaphosa’s Impeachment

The National Assembly debated the report of the Independent Panel established to investigate whether there is prima facie evidence to institute an impeachment inquest against President Cyril Ramaphosa, in terms of Section 89 of the South African Constitution.

Political parties represented in the National Assembly expressed mixed views on the report’s recommendations that the President has a case to answer following the controversial robbery at the President’s farm involving large amounts of money in foreign currency.

However, only 149 members of the National Assembly (including 5 members of the ruling party) voted to adopt the report and establishing impeachment proceedings against President Ramaphosa versus 214 votes against this.

For more info, listen to the latest episode of the Ubuntunomics Podcast here: https://ubuntunomics.co.za/2022/12/20/ramaphosa-re-election-rising-rates-and-further-tensions/.

Also available on the Ubuntunomics YT: https://youtu.be/Nxa0THD9IQ0.

20/12/2022

In December 2022, for the South Africa Update this month we look at the failed attempt against Cyril , the of CEO, and the of Judge Hlophe.

In the Africa Regional Update we look at the 62nd Ordinary , the latest milestone towards civilian rule in , and the latest status report on progress towards in .

In the Global Geopolitics Update we look at the -Latin America Forum, the US raising rates again, and the U.S.-Africa Leaders’ Summit.

For more info, listen to the latest episode of the Ubuntunomics Podcast here: https://ubuntunomics.co.za/2022/12/20/ramaphosa-re-election-rising-rates-and-further-tensions/.

Also available on the Ubuntunomics YT: https://youtu.be/Nxa0THD9IQ0.

Ubuntunomics Podcast, a roundup and discussion of the most important economic and political developments from Africa. For the South Africa Update this month we look at the failed impeachment attempt against President Cyril Ramaphosa, the Resignation of Eskom CEO, and the suspension of Judge Hlophe.....

15/12/2022

South Africa’s JETP-IP

South Africa’s Cabinet endorsed the Just Energy Transition Partnership Investment Plan (JETP-IP) and expressed its appreciation of the detailed work undertaken to develop it.

According to the JETP-IP, South Africa will need approximately USD 98.0 billion over the next five years to enable a just transition and achieve the targets set out in the Nationally Determined Contribution.

The JETP-IP includes a portfolio of investments across the electricity sector, green hydrogen and new energy vehicles. Particularly, the JETP-IP focuses on investing in electricity transmission and distribution networks and expanding renewable energy sources.

At COP27 South Africa, France and Germany signed loan agreements for EUR 600.0 million in concessional financing to support the JETP-IP.

For more info, listen to the latest episode of the Ubuntunomics Podcast here: https://ubuntunomics.co.za/2022/11/22/empty-promises-cautious-optimism-and-total-uncertainty/

Also available on the Ubuntunomics YT Channel, see here: https://youtu.be/gnIW7MI3O84

05/12/2022

28 October 2022: Matekane Inaugurated as Prime Minister of Lesotho

Mr Ntsokoane Samuel Matekane has been inaugurated as the Prime Minister of the Kingdom of Lesotho after winning won 56 out of the 79 contested constituencies in the National Assembly elections that took place on 7 October 2022.

Mr Matekane vowed to be a true and faithful Prime Minister, emphasising the importance of ensuring implementation of the reforms agenda and promised to uproot corruption while also carrying forward “The Lesotho We Want.”

As promised, Prime Minister Matekane has appointed 15 new cabinet ministers which cuts the number of ministries from 26 since coming into power.

For more info, listen to the latest episode of the Ubuntunomics Podcast here: https://ubuntunomics.co.za/2022/11/22/empty-promises-cautious-optimism-and-total-uncertainty/

Also available on the Ubuntunomics YT Channel, see here: https://youtu.be/gnIW7MI3O84