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Towards an effective and efficient Multilateral Investment Court in Sub-Saharan Africa: Combating Corruption.

Although the problem of corruption is widespread, in Sub-Saharan Africa, corruption is endemic. There is surmounting evidence that corruption is rapidly impairing political, economic and social development in the Sub-Saharan region of Africa. The effects of corruption on economic growth and economic efficiency have discouraged foreign investment in that part of the African continent. Given the prevalence of corruption, the establishment of a Multilateral Investment Court (MIC) would be noble and timeous in Sub-Saharan Africa. The MIC would offer a platform for a strong dispute-resolution mechanism in dealing with corruption, and this would be mutually beneficial to foreign investors and Sub-Saharan African states. Foreign investors need to hedge their investments and the African states need foreign investment for their economies to grow. An assurance of an independent and efficient corruption-related dispute settlement mechanism would boost investor confidence, thereby attracting investment and development in the region.

Climate Action in Africa in 2024: Lessons to Draw from the Outcomes of the 28th Meeting of the Conference of Parties to the United Nations Framework Convention on Climate Change (COP 28)

The first Global Stocktake took place at COP 28. The findings were concerning but not surprising. The Paris Agreement’s goal of keeping global average temperature well below 2oC above pre-industrial levels and aiming for 1.5oC remains out of reach. 2023 is set to be the warmest year on record. Only about one fifth of the total carbon budget for a 50% probability of limiting global warming to 1.5oC remains. Adaptation responses remain fragmented, inadequate, and unequally distributed.

One Hundred and Eighth Sovereign Debt News Update: Nigeria’s Public Debt to hit N95trn as Senate Approves President Tinubu’s Request to Securitise N7.3 trillion owed to the Central Bank

It remains imperative for both the executive and lawmakers to find the political will to push for judiciousness in debt management; thus, eliminating the danger of excessive and unproductive debt. The government of Nigeria must adopt responsible borrowing practices in order to arrive at a sustainable debt stock. As it stands, the Ways and Means advances facility may be prone to abuse if Presidents can easily approach the CBN for loans without repaying and transferring the burden to the average citizen. The AfSDJN recommends that the Tinubu administration only approaches the Central Bank as a “lender of last resort” in strict conformity with Section 38 (1) of the CBN Act. The Federal Government must devise more proactive ways of raising revenue to reduce such borrowing activities as it increases Nigeria’s debt servicing burden as highlighted. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.

Call for Papers: Taking Stock of the Implementation of the AfCFTA: Continental Efforts, State Commitment and Private Sector Involvement, UPSA Law School, Accra, Ghana (Hybrid)

The sponsoring organizations of the International Conference on the Future of African Trade and the AfCFTA invite submissions and participant nominations for a collaborative exchange and discussion at a two-day hybrid conference to take place on May 16 and 17, 2024. The conference working language will be English and will include paper presentations on topics detailed below.

Webinar Invitation: The Future of International Investment Law in Africa - A Conversation on Two New Books

The webinar brings two together the authors of two new books on the subject of international investment law in Africa and three expert panelists to interrogate thematic issues that arise from the books; their implication for contemporary practices of international investment law in Africa and beyond; and what insights we may draw on them for the future of the regimes on investment law in Africa.

One Hundred and Seventh African Sovereign Debt News Update: Ghana’s Bilateral Creditors Close to Issuing Memorandum of Understanding

As Ghana navigates the complexities arising from its debt crisis, it is equally faced by a galloping inflation, a depreciating currency, a general decline in the quality of life coupled with the high cost of living. It has become clearer that the completion of the review and unlocking of the $600 million disbursement hinges on Ghana’s official creditors swiftly reaching an agreement on specific terms of debt treatment. The AfSDJN continues to urge the IMF to actively and urgently commence deliberations on a new comprehensive, fair and effective sovereign debt restructuring mechanism based in the United Nations that would be binding on all creditors, including commercial creditors, and that would make it difficult for hold-out creditors to prevent sovereign debt workouts.

Towards a United Nations Tax Convention: Prospects and Challenges for Developing Economies

This commentary highlights the prospects and challenges of a UN framework tax convention for developing economies and makes recommendations for mitigating risks. It argues that while the proposed UN framework tax convention may provide a broader forum for increased conversations between developed and developing countries on international cooperation in tax matters, it may not be the magic wand of equal participation in global tax policy formulation hoped for by developing countries. Nevertheless, the adoption of the UN tax resolution is indeed a very significant development in the international tax law and policy space that will form the basis of very engaging conversations in the coming years.

Afronomicslaw and The South Centre Collaborative Webinar: Africa and the Geopolitics of WTO Reforms

Afronomicslaw and The South Centre are delighted to collaborate on this webinar where our Panelists will reflect on some of the most topical issues under the broad umbrella of geopolitics of reforms, Africa and the WTO. Please join us as we reflect on the MC13, reform of the WTO DSM and implications for Africa, Africa in an era of renewed industrial policy, sustainable trade in Africa among others.

Debt-for-Climate Swaps and Illicit Financial Flows: A call for caution in designing climate finance infrastructures

In summary, as stakeholders gather and discuss at the COP28 summit in Dubai, it is important for them to bear in mind that while debt-for-climate or ecological debt for fiscal debt swaps offers a promising approach to addressing debt and climate challenges simultaneously, they need to be implemented with careful attention to transparency, accountability, and integrity. Otherwise, it could become just another pathway to facilitate IFFs in Africa, which have the potential to undermine the fiscal benefits that should ordinarily result from these swaps.