Covid-19

The incremental change in the level of greenhouse gas (GHG) emissions in the atmosphere has led to climate change characterised by rising global temperatures. This has resulted in extreme and often devastating weather across the globe with subsequent negative impact on the world’s economies and societies. The International Energy Agency (IEA) and the US Energy Information Administration (EIA) in July and October 2021 respectively issued projections to the effect that there is no peak in sight for carbon emissions and fossil fuels consumption. According to their data, the projections indicate that by 2050: - a) based on the current policy positions, there will likely be a 50% increase in energy consumption, b) carbon emissions will hit record high levels in the coming years as global economies recover from the disruptions of the COVID-19 pandemic, c) even though renewables will continue to be the fastest-growing new source of energy, hydrocarbon-based fuels will still meet the bulk of the projected demand and finally, d) that despite increased climate ambitions, the levels of funding that governments are allocating to sustainable climate-friendly recoveries is inadequate.

The News and Events published every week include conferences, major developments in the field of International Economic Law in Africa at the national, sub-regional and regional levels as well as relevant case law.

These recent procedural and substantive trends encompassed in the WAU conference demonstrate a renewed and welcomed interest for arbitration of mega disputes in the African continent and the MENA region, both international arbitration hubs that are gaining prominence. Whilst challenges remain, biases against arbitrating disputes in these regions are being debunked by the experience of Africa and MENA with dispute resolution, the advent of institutions and “arbitration friendly” jurisprudence.

The News and Events published every week include conferences, major developments in the field of International Economic Law in Africa at the national, sub-regional and regional levels as well as relevant case law.

It is difficult in just a few lines to deal with a subject as complex as the monetary cooperation agreement that is supposed to govern the transition from the CFA franc to the ECO. The “franc zone” in Africa comprises two types of CFA Franc, each with a specific denomination: that of the countries of West Africa and that of Central Africa, to which is added the franc of the Union of the Comoros. The focus here is on the West African zone.

Il est difficile en peu de pages d’aborder un sujet aussi complexe que l’accord de coopération monétaire censé entériner le passage du Franc CFA à l’ECO[2]. Entendons-nous bien. La « zone franc » en Afrique comprend deux types de Franc CFA ayant chacun une dénomination spécifique : celui des pays de l’Afrique de l’Ouest et celui de l’Afrique centrale [3]; à quoi s’ajoute le franc de l’Union des Comores. Le propos porte ici sur la zone Afrique de l’Ouest.

The News and Events published every week include conferences, major developments in the field of International Economic Law in Africa at the national, sub-regional and regional levels as well as relevant case law.

One of the lessons of the sovereign debt crisis spurred by the COVID-19 global pandemic is that China now plays an outsize role in the African economy, having displaced Western governments and key international organizations to become Africa’s largest bilateral creditor, source of foreign direct investment, and trading partner. After four years of not-so benign neglect Washington’s attention is again focused on Africa, largely to curb the rising influence of China on the continent. However, the United States may discover that in this 21st century “scramble for Africa” many states have already chosen to align their economic interests with Beijing, with serious implications for Washington’s position at the apex of the global financial order. Nowhere is this more clear than in China’s unveiling of its e-currency, the digital yuan, and the potential it has for helping displace the U.S. dollar as the world’s reserve currency.

Its prudent to address questions having to do with the sequencing of the two Phases of the protocol and whether this sequencing was opted for practical reasons or if the ratification of the first set of the protocols is a precondition for the ratification of the second. The answer to this question will inter alia have implications on which States can participate in phase II negotiations and whether or not leapfrogging of protocols is a possibility for member States. Moreover, in light of the great appetite to realize the objectives of the AfCFTA and fast track trading under this instrument, it might be worth considering what incentives (price of entry) can be set to encourage early adopters.

The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.