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AfDB Postpones 2020 Africa Investment Forum to 2021

The decision follows a careful evaluation of the impact and evolution of the COVID-19 global pandemic, the attendant risk of a possible second wave, and its associated effects on global travel, investments, as well as social distancing rules.

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The African Development Bank (AfDB) has announced the postponement of the 2020 Africa Investment Forum to 2021, due to the ongoing Covid-19 pandemic.

The Forum, which is a three-day event, was scheduled to take place this month in South Africa’s largest city of Johannesburg.

According to the statement on the AfDB website, “The decision follows a careful evaluation of the impact and evolution of the COVID-19 global pandemic, the attendant risk of a possible second wave, and its associated effects on global travel, investments, as well as social distancing rules.”

Related: http://Accra To Host AfDB’s Annual Meetings In 2021

“The Forum will continue to curate new deals, track investments and advance the financial closure of transactions and existing deals through its innovative digital platforms.”

During last year’s event, 57 deals valued at $67.7 billion were tabled for discussions and 52 deals worth $40.1 billion secured investment interest, according to the AfDB.

However, the AfDB did not give any prospective date for when the rescheduled event is likely to be held.

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Nigeria Suffers The Worst Economic Recession In 33 Years

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The news of Nigeria sinking into its worst recession in 33 years has left most Nigerians asking how the giant of Africa got here. News Central speaks with Muktar Mohammed, a finance analyst who further explains the implication of this recession.

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Business Edge with Joe Hanson discussing Nigeria’s Second Recession And Last MPC Of 2020

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Business Edge with Joe Hanson discussing Nigeria’s Second Recession In Five Years And Last MPC Of 2020 with Tunji Andrews and Janet Ogunkoya Nigeria is in her second recession in five years and on the news, we had Dr Emma Anoliefo, a Philosopher and a Scholar of Political Economy of the Alternative Persuasion. He is the National Coordinator Technical of Save Nigeria Economy Movement And Founder of Coalition of Scholars For Alternative Development Agenda for Nigeria (COSADAN)

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S/Africa’s Financial Stability Threatened By High Govt Debts – SARB

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The South African Reserve Bank (SARB) has warned the government against incurring high public debts to save its financial system.

The central bank said high debts are a precursor to a potential collapse of the financial system.

South Africa’s debts amount to 84% of its Gross Domestic Product (GDP) as the economy battles the dire effects of the global COVID-19 pandemic.

In its bi-annual review of the nation’s financial soundness, the apex bank in the country said a close affiliation between the financial sector and the government has become risky.

The document said “the interconnectedness between the financial sector and the sovereign has emerged as a major threat to financial stability in South Africa,”

South Africa in March announced its second recession in two years as President Cyril Ramaphosa faces more pressure to put the country’s flailing economy on a solid pedestal.

The President’s policies have been put under the spotlight in recent months as the nation struggles to come out of a hard-biting recession and a pandemic.

The SARB said in September that a GDP contraction of -8.2% is expected in the third quarter of 2020, as against earlier projections of -7.3%.

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