Tuesday, November 29

West Africa

  • The African Investment Conference is an annual showcase event to create partnership investments projects between African and British investors
  • The United Kingdom provided more than US$500 million to support projects in the West African region in 2021
  • Research by Investment Monitor shows that the collective gross domestic product of the West African region has exponentially grown from US$105 billion in 2000 to US$659 billion in 2020

The United Kingdom Export Finance (UKEF) released a report on January 25 showing that the country provided more than US$500 million to support projects in the West African region in 2021.

This is the largest amount the UK has injected to support investments in West Africa in over two decades.

At the African Investment Meeting Conference, Boris Johnson, the UK Prime Minister, confirmed that his country was already one of Africa’s most prominent commercial partners. The United Kingdom is determined to invest more, and …

Read More
  • The West African region has approximately 385 million people
  • Adopting a regional currency would aid in the removal of trade and monetary barriers.
  • Have Nigeria and Ghana who are examining their own central bank digital currencies lost faith in the common currency project?

Digital currencies are killing the ambition of having a common legal tender, the Eco, in Western Africa.

Work that has been done for over two decades to realize the Eco appears to have gone down the drain as Nigeria surfaces its central bank digital currency, the eNaira, and Ghana prepares to launch its own, the e-cedi.

What is a central bank digital currency (CBDC)

It is the virtual, electronic, or digital currency of a country. CBDCs are regulated by the Central Bank of a state.

Read: Copper gives Zambian Kwacha’s muscle against the US Dollar

Nigeria and Ghana are the first countries to roll out such projects …