Photo : REUTERS,Yuri Gripas
NIAS Area Studies
AFRICA MONITOR
Photo : REUTERS,Yuri Gripas
IN BRIEF
by Jerry Franklin and Immaculine Joy Paul
Ghana: IMF sanctions loan of USD 3 billion
On 18 May, BBC reported that Ghana signed a new bailout program with the International Monetary Fund(IMF) worth USD three billion for a period of three years. Currently, the country's debt now accounts for 90 per cent of the total annual value of the economy, with an inflation rate of 40 per cent. Additionally, the country’s foreign reserves are almost blank which makes it difficult to pay for imports. The program has been expected to slow the rate of inflation and ensure a stable local currency which would result in steady prices of basic commodities, including imported goods. (“Ghana IMF loan: Will USD 3 billion solve the economic crisis?,” BBC, 18 May 2023)
Uganda: Fate of African Nations over Ukraine grain deal
On 18 May, in a top-level meeting between Russia’s Foreign Minister Sergei Lavrov and Uganda’s Foreign Minister Jeje Odongo, the latter urged the concerned parties to rethink the stance on the Ukraine black sea grain deal as it affects many African countries. He stated that “We think whatever should be done, should be done in the interests of those in need and not to use their need to the advantage of others.” Lavrov responded: “We would like to understand what specific initiatives President Ramaphosa and his African colleagues, including Uganda’s President Museveni, would like to come up with in order to discuss with us.” (“Uganda's FM urges Moscow to consider plight of African nations over Ukraine grain deal,” Africanews, 18 May 2023)
Somalia: People flee as flood drowns town of Beledweyne
On 18 May, BBC reported on the heavy downpours in central Somalia causing the flooding of the town of Beledweyne. Around 250,000 people fled their homes after the Shabelle River burst. According to Hirshabelle State Interior Minister, 99 per cent of those living in the town and surrounding areas are now homeless. The UN warns that flood could hit Bulo Burde town too which is around 68 miles away. Somalia is just in the recovery path from extreme drought due to the failure of successive rains thus leading to worsening humanitarian conditions. ("Flood engulfs town in central Somalia," BBC, 18 May 2023)