The strategic choice of BTC and USDT as preferred cryptocurrencies is rooted in their unique advantages. BTC facilitates decentralised, borderless payments, enabling rapid cross-border transactions that bypass traditional banking intermediaries, which often burden businesses with excessive fees and delays. Meanwhile, USDT provides a stable alternative amid Africa’s frequently volatile currencies, helping businesses maintain consistent pricing and mitigating risks associated with currency fluctuations. Together, these cryptocurrencies streamline payment logistics, enhancing efficiency and reducing operational disruptions in supply chains across the continent.

READ ALSO: Fintech and Crypto: Bridging the Gap in Women’s Financial Inclusion

Countries like Nigeria are at the forefront of this crypto revolution, taking legislative strides to integrate digital assets into their economic frameworks. The 2025 Nigerian Investment and Securities Bill, poised to redefine the legal status of cryptocurrencies, exemplifies this progressive shift. By formally recognising crypto assets, the bill aims to create a safer and more conducive environment for digital trading. Nigeria’s cryptocurrency landscape has evolved markedly, with the government striving to balance regulation and innovation, particularly after previous regulatory crackdowns. The new bill not only modernises existing laws but also fosters fintech innovation, offering diverse investment avenues that cater to the growing interest in digital assets.

Despite the promising landscape, significant challenges remain in integrating cryptocurrencies into trade across Africa. High transaction fees associated with traditional bank transfers, regulatory uncertainties, infrastructural deficiencies, and concerns about security and fraud continue to pose risks. Additionally, cryptocurrency volatility can deter potential users from fully embracing digital assets. However, proactive measures such as improved regulatory frameworks, robust cybersecurity protocols, and increased public education can help mitigate these concerns.

The newly proposed regulations under the Investment and Securities Bill are crucial in fostering a secure crypto ecosystem. By empowering the Nigerian Securities and Exchange Commission to oversee digital assets, the bill seeks to enhance transparency and investor protection—key factors in attracting both local and international investment. Moreover, leveraging blockchain technology for transaction transparency and security can build trust among trading partners and safeguard against fraud. As businesses adapt to the evolving landscape, legislative clarity and technological advancements could further incentivise crypto adoption.

Africa’s future in cryptocurrency looks promising as businesses and governments collaborate to integrate BTC and USDT seamlessly into trade practices. The continued evolution of legal frameworks and accelerated technological adoption could significantly enhance the continent’s global trade competitiveness. With Nigeria leading the charge, the potential for cryptocurrency to drive economic growth and diversification is becoming increasingly evident. This transition not only redefines trade practices within Africa but also strengthens the continent’s position on the global economic stage, fostering innovation, resource control, and strategic partnerships.

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The International Energy Agency (IEA) reports that emergency reserves, totalling 4 billion barrels, provide a buffer against immediate supply disruptions. Still, prolonged conflicts risk inflating transport and insurance costs and strain global logistics.

READ ALSO: Impact of Geopolitical Tensions in the Middle East on Africa’s Oil Prices

Supply and Demand Dynamics in 2024

Global oil supply is forecast to reach 103.5 million barrels per day (mb/d) in 2024. This growth is predominantly driven by non-OPEC+ nations such as the United States, Brazil, and Canada, whose combined output overshadows the Organisation of the Petroleum Exporting Countries (OPEC+) production cuts of 2.2 mb/d.

Demand growth, meanwhile, is expected to slow to approximately 1.1 mb/d. China remains a key consumer, bolstered by its expanding petrochemical sector. Conversely, advanced economies are experiencing subdued growth due to increasing energy efficiency measures and the transition to electric vehicles. This trend suggests a peak in global oil demand by the end of this decade.

The Economic Implications of Price Volatility

Oil prices are projected to stabilise at $65–£75 per barrel in 2024, assuming no major geopolitical shocks. This reflects a delicate equilibrium between rising production and moderated demand. Nonetheless, an extended conflict in the Middle East could drive prices higher, potentially reducing global GDP growth by 0.4 percentage points, as projected by Fitch Ratings.

The diversification of oil production has also complicated OPEC’s role as a price stabiliser. With the United States ramping up production to 13.3 mb/d, market dynamics are increasingly influenced by non-OPEC actors. This has led some experts to predict a market share war, with Saudi Arabia considering strategies to flood the market to maintain dominance.

Resilience in Market Responses

Despite the volatility, markets have exhibited resilience despite geopolitical uncertainties. For instance, the price shocks seen during the September 2019 attacks on Saudi Arabia’s Abqaiq facility were short-lived, largely due to rapid recovery efforts and efficient supply chain management.

The intersection of Middle Eastern conflicts and global oil markets continues to challenge policymakers and investors alike. While the region’s geopolitical tensions remain a critical factor, diversification of supply sources and technological advancements have mitigated the immediate impacts of disruptions.

Nonetheless, as the world transitions towards sustainable energy and demand peaks within the decade, the oil market must adapt to a future less reliant on fossil fuels. Vigilance and strategic planning will be crucial in navigating this evolving landscape, ensuring energy security while promoting economic stability.

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According to the National Bureau of Statistics (NBS), the Gross Domestic Product (GDP) grew by 4.8% year-on-year in the first three quarters, reaching approximately RMB 94.97 trillion (US$13 trillion). While this growth lags behind the double-digit rates of previous decades, it represents a rebound from pandemic-induced slumps and showcases resilience in a rapidly evolving global economy.

READ ALSO: http://Geostrategic Shifts: China’s Influence vs Western ENgagement in Africa

Retail sales, a barometer of consumer confidence, increased by 4.8% in October 2024, bolstered by record spending during events like Singles’ Day. Industrial output rose 5.8% in the same period, with high-tech sectors achieving an impressive 9.1% growth. These figures underscore the role of technology and domestic consumption as drivers of recovery.

However, challenges remain. The real estate sector, contributing roughly 30% of China’s GDP, has faced enduring pressures, with major developers reporting declining revenues. Externally, intensifying trade disputes, particularly with the U.S., compound the complexity of China’s economic path forward.

Policies Steering the Recovery

China’s central government has rolled out a suite of policy measures aimed at stabilising and stimulating growth. These include tax incentives for small businesses, infrastructure investment worth billions of dollars, and targeted support for struggling sectors like real estate. The People’s Bank of China has also lowered interest rates to spur lending and counteract deflationary pressures.

In tandem with domestic policies, Beijing has reinforced its Belt and Road Initiative (BRI), strengthening economic ties with Africa, Southeast Asia, and the Middle East. These strategic investments, particularly in energy and infrastructure, not only bolster China’s economic standing but also foster regional interdependence.

Global Implications of China’s Rally

The impact of China’s economic activity extends far beyond its borders. Accounting for approximately 18% of global GDP and nearly 11% of global imports, China is a critical player in global trade. A strong Chinese economy can invigorate global growth by driving demand for commodities and manufactured goods. Conversely, any stagnation in China could reverberate globally, particularly in emerging markets reliant on Chinese investment and trade.

1. Commodities Market: China remains the largest consumer of key commodities, including steel, coal, and rare earth metals. A recovery in its construction and manufacturing sectors has triggered a moderate rebound in global commodity prices.

2. Supply Chain Dynamics: As a hub for global manufacturing, China’s recovery has eased bottlenecks in critical supply chains. However, the decoupling trends driven by geopolitical tensions may encourage nations to diversify supply sources, reducing reliance on China in the long term.

3. Financial Markets: Chinese firms’ performance in technology, renewable energy, and electric vehicles (EVs) continues to shape investor sentiment. The country’s recent measures to ease foreign investment restrictions have opened new avenues for global capital inflows.

Challenges to Sustained Growth

China’s recovery is not without hurdles. The demographic shift, marked by a declining working-age population, poses a significant long-term challenge. Additionally, escalating geopolitical tensions, particularly in the Taiwan Strait and South China Sea, risk destabilising economic progress.

From a trade perspective, the re-escalation of U.S.-China tariff disputes threatens the already fragile relationship between the two economic superpowers. Emerging sanctions on high-tech exports to China could stifle innovation in critical industries such as AI and semiconductor manufacturing.

Future Outlook

Looking ahead, China’s economic policies will play a pivotal role in determining global market stability. Key areas to watch include its transition towards green energy, the evolution of its domestic consumption model, and its ability to manage external shocks. Experts predict that China’s GDP growth could stabilise at 5% annually by 2025, driven by innovation in AI, renewable energy, and advanced manufacturing.

For the global economy, China’s trajectory offers a dual narrative: on the one hand, a strong Chinese recovery can drive international trade and bolster commodity markets; on the other, lingering uncertainties necessitate cautious optimism. Policymakers worldwide will need to balance their economic dependencies on China while navigating the intricacies of a multipolar global market.

China’s economic rally is emblematic of resilience and adaptation in a time of global volatility. With targeted policy interventions and a pivot toward innovation-driven growth, the nation has demonstrated its capacity to navigate complex challenges. Yet, the global implications of its recovery are far-reaching, influencing markets, trade flows, and geopolitical alignments.

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Lourenço emphasised the need for a “new international financial architecture” that not only combats illicit financial flows but also ensures the recovery of assets lost to corruption. He expressed concern that current financial systems heavily favour wealthy nations, while developing countries struggle to secure the resources necessary for growth. “We want to help construct a new international financial system where closer cooperation between states is essential to combat illicit capital flows and recover assets,” Lourenço stated. He stressed that the global financial framework must evolve to reflect modern realities.

A major part of Lourenço’s argument centred on the link between financial justice and achieving the Sustainable Development Goals (SDGs). He highlighted how recovering assets from corruption could provide critical resources for education, healthcare, infrastructure, and social protection programs—key to improving living conditions for millions in the developing world. “The resources recovered from asset recovery directly impact the implementation of the Sustainable Development Goals and, consequently, the well-being of the population,” he said.

He also discussed Angola’s progress in fighting corruption, noting that the country had successfully recovered stolen assets through court rulings. Lourenço particularly praised the United Kingdom for returning $2.5 billion of embezzled funds to Angola, calling it a positive example of international cooperation. However, he expressed disappointment with countries slow to return stolen assets, criticising their lack of respect for Angola’s judicial decisions. “Unfortunately, not all nations that initially accepted corrupt assets now respect our court rulings to return them,” Lourenço lamented. He underscored that these funds are critical for development in countries once impoverished by colonial exploitation.

Lourenço called for reforms in global financial institutions such as the World Bank and the International Monetary Fund (IMF), arguing that African countries remain under-represented despite the profound impact these institutions have on their economies. “Angola advocates for urgent reforms that provide African nations with fairer representation within the main international financial institutions,” Lourenço stated. He emphasised that African nations must have a stronger voice in shaping the policies that affect their development.

Beyond his critique of the current financial system, Lourenço laid out a roadmap for a more equitable future. He detailed Angola’s economic transformation efforts, including diversification, debt reduction, and investment in priority sectors such as health, education, and social protection. He also highlighted Angola’s commitment to clean energy, with 67% of the country’s energy now sourced from renewable resources, including hydroelectric and solar energy. These initiatives, Lourenço explained, are part of Angola’s broader strategy to drive national development and contribute to global efforts against climate change.

“We are working hard to place Angola on a path of progress and development through policies aligned with our National Development Plan,” Lourenço said, emphasising that Angola’s success relies on global cooperation. He pointed to infrastructure projects, such as water transfer systems to address drought in southern Angola and the electrification of the country, as examples of how recovered assets can improve citizens’ well-being.

Concluding his speech, President Lourenço reinforced the theme of the 79th UNGA, “leaving no one behind,” and stressed that sustainable development, peace, and human dignity must guide global financial reforms. He urged the international community to mobilise efforts and resources to ensure that all nations, regardless of size or economic power, can fully participate in the global economy.

Lourenço’s speech was a powerful call for a fairer, more transparent international financial system, resonating with broader demands for financial justice and reform. His address underscored Angola’s commitment to leading the charge for a more equitable global future.

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Microfinance in Africa began gaining momentum in the 1990s with institutions like the Grameen Bank inspiring a wave of similar ventures. As of 2024, the microfinance sector has witnessed exponential growth, with over 3,000 MFIs operating across the continent, according to the African Development Bank (AfDB). These institutions provide essential financial services—ranging from microloans to savings and insurance—to individuals and small businesses traditionally excluded from the formal banking system.

Impact on Poverty Alleviation

According to the World Bank, over 60% of Africa’s population lives on less than $1.90 a day, a threshold defining extreme poverty. Microfinance institutions (MFIs) offer a glimmer of hope by providing access to capital for entrepreneurship and small businesses, which are essential for economic growth.

Microfinance has contributed to a 15% reduction in poverty rates in several African nations over the past decade. In countries such as Kenya, Uganda, and Ghana, microfinance has empowered over 20 million people by enabling them to start or expand small businesses, thereby increasing their income and economic stability.

Key Statistics and Reports

• Growth in Microloans: The total value of microloans disbursed in Africa reached approximately USD 8 billion in 2024, a significant increase from USD 4.5 billion in 2019 (Microfinance Information Exchange, MIX).
• Employment Generation: MFIs are estimated to have created over 5 million jobs in Africa, with a notable impact in rural areas where formal employment opportunities are scarce (International Finance Corporation, IFC).
• Women Empowerment: Women constitute over 70% of microfinance clients in Africa, underscoring the sector’s role in advancing gender equality. The McKinsey Global Institute highlights that women’s participation in microfinance has led to a 25% increase in household incomes and improved access to education and healthcare.

Challenges and Future Outlook

Despite its successes, the microfinance sector in Africa faces challenges, including high default rates and limited access to capital. However, innovative models such as digital microfinance platforms are emerging as solutions. The integration of mobile technology has facilitated broader reach and more efficient service delivery, exemplified by initiatives like M-Pesa in Kenya.

The future of microfinance in Africa looks promising, with ongoing investments and strategic partnerships aimed at scaling impact. The sector is expected to play a crucial role in achieving the United Nations Sustainable Development Goals (SDGs), particularly Goal 1: No Poverty.

In summary, microfinance continues to be a vital tool in the quest for economic empowerment and poverty alleviation in Africa. As the sector evolves, its ability to adapt and innovate will determine its effectiveness in meeting the diverse needs of Africa’s growing population.

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The Global Power Women Yearbook (GPWY) 2024 event took place on 25th September 2024 at the Graduate Centre, City University of New York (CUNY), under the theme “Advancing the Transformative Power of Technology through Women’s Lens: Shaping the Future of Business and Governance.” Organized by the Centre for Economic and Leadership Development (CELD) in collaboration with Amazons Watch Magazine (AWM), the event brought together influential women leaders from around the globe to celebrate their achievements, share insights, and discuss the pivotal role of women in shaping the future of business and governance through technology.

Since becoming CEO, Nettey has spearheaded transformative initiatives that prioritise diversity and inclusion at Standard Chartered Bank Ghana. Her leadership has not only driven business success but also positioned the bank as a leader in promoting women’s empowerment.

“I am deeply honoured to receive the Global Female Leadership Impact Award,” said Nettey. “This recognition underscores the importance of collaboration and support in creating pathways for women in leadership. I dedicate this award to all the women striving to break barriers and lead change in their communities.”

Nettey has championed programs that provide mentorship and resources to aspiring female leaders and entrepreneurs in Ghana. Her efforts have significantly increased visibility and opportunities for women in business, particularly in the traditionally male-dominated finance industry.

GPWC 2024 highlighted the extraordinary achievements of women leaders and their influence across various sectors. Attendees included H.E. Robinah Nabbanja, Prime Minister of Uganda; Dr. Filomena Gonçalves, Minister of Health, Cape Verde; First Ladies such as H.E. Rossana Maria Briceño of Belize, H.E. Leticia Ocampos of Paraguay, Dr. Isaura Nyusi (Mozambique), H.E Arya Devi Ali (Guyana), H.E. Dinisia Dos Reis Embaló, (Guinea-Bissau); Olive Birungi Lumonya, Deputy Director General, Uganda Civil Aviation Authority; Mary Ellen Iskenderian, President and CEO of Women’s World Banking; Abby Huang, Founder/CEO, Dime Inc.; Ruthe Farmer, Founder, Last Mile Education Fund; Amira Youssef, VP, SocialPost, among other esteemed guests.

About the Global Power Women Conference (GPWC)
The Global Power Women (GPW) Yearbook is an exclusive and timeless compilation of highly inspirational success stories, achievements, innovations, and impact generated by the world’s top Power Women. This extraordinary book transcends time, showcasing the remarkable tales of triumph, innovation, and influence woven by the world’s most influential women. It immerses readers in a powerful captivating narrative, illustrating the profound impact of women’s leadership resonating across diverse sectors and global landscapes.

About the Centre for Economic and Leadership Development (CELD)
CELD is a global institution dedicated to empowering women and promoting leadership development. It advocates for gender equality and sustainable development, uplifting women leaders worldwide.

About Amazons Watch Magazine (AWM)
AWM is a leading platform celebrating women’s achievements globally. Through inspirational stories, AWM champions gender equality and advocates for the empowerment of women across various sectors.

For more information about GPWC 2024:
Phone: +44 7471066570
Email: alo_ed@africanleadership.co.uk , info@celd.org.uk

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The growth is largely driven by the increasing demand for mobile financial services and the inadequacies of traditional banking systems in reaching underserved populations. Countries like Nigeria, Kenya, and South Africa are leading the charge, boasting some of the most advanced fintech ecosystems on the continent.

Nigeria, for example, is home to companies like Flutterwave and Paystack, which have revolutionised payment systems by offering seamless digital payment platforms. Kenya’s mobile money service continues to be a shining example of how fintech can transform economies by providing financial services to even the most rural areas.

Some of the top fintech companies shaping this landscape include:

• Yoco: South Africa-based Yoco provides small businesses with the tools to accept card payments and manage their operations through a simplified digital platform.
• Flutterwave: A Nigerian payment company that offers seamless payments for businesses and individuals, with services available across Africa and beyond.
• Critical Ideas, Inc.: Innovating financial solutions for the African market with a focus on mobile and digital banking technologies.
• JUMO: This South African fintech uses artificial intelligence to deliver financial services, including savings and credit products, to underbanked individuals and businesses.
• Fawry: One of Egypt’s leading electronic payment networks, Fawry provides convenient and reliable financial services to businesses and consumers.
• Interswitch: Nigeria’s pioneering digital payment platform, offering a range of financial products and services across the continent.
• Cellulant Corporation: An African fintech providing digital payment solutions across several African markets, with a focus on connecting merchants, banks, and consumers.
• Opay: This Nigeria-based mobile payments service is expanding rapidly across multiple markets with its e-wallet services.
• Touch and Pay Technologies: A fintech based in Nigeria, specializing in contactless payment systems designed for urban environments.
• MFS Africa: A leading digital payments gateway connecting multiple mobile money platforms across Africa.
• Naked Insurance: A South African insurtech that offers transparent, AI-powered insurance solutions for cars and homes.
• Paystack: Acquired by Stripe in 2020, Paystack continues to be a major player in digital payments, providing solutions for businesses to accept online payments.
• Yellow Card Financial Inc.: A cryptocurrency exchange platform providing Africans with access to crypto markets.
• CrowdInvest: An emerging crowdfunding platform that connects African entrepreneurs with investors.
• Kuda: A Nigerian digital bank that offers seamless, branchless banking services to individuals and businesses.
• Lipa Payments: A fintech based in Kenya that simplifies mobile payments and provides innovative financial solutions for businesses.
• Mukuru: A South Africa-based fintech that focuses on remittance services for Africans living abroad, enabling easy money transfers to their home countries.
• PiggyVest: A Nigerian fintech app designed to help users save and invest easily.
• Pineapple: A South African insurtech providing peer-to-peer insurance that allows users to take control of their insurance policies.
• Tala: A global fintech with a strong presence in Kenya, offering credit and financial services through mobile apps.
• Thndr: An Egyptian fintech app providing users with a platform to invest in stocks, bonds, and other financial products.
• Pula: An insurtech company offering agricultural insurance solutions to farmers across Africa, helping them manage risks associated with weather and crop failure.

The Future of Fintech in Africa

As of 2021, there were 562 million registered mobile money accounts across the continent, representing more than half of the global total. This growth is remarkable, particularly in regions where traditional banking infrastructure is either lacking or inaccessible.

The fintech revolution is not just about financial inclusion; it is also driving significant economic growth. A report by McKinsey & Company estimates that fintech could boost Africa’s GDP by $150 billion by 2025. Digital finance is creating jobs, attracting foreign investment, and fostering innovation across the continent.

Nigeria, Africa’s largest economy, has seen the fintech sector grow by 60% annually, according to a report by Disrupt Africa. With companies like Interswitch, Flutterwave, and Paga dominating the digital payments space, Nigeria has become a hotspot for global fintech investors. In 2021, Stripe, an American fintech company, acquired Paystack in a deal reportedly worth $200 million, showcasing the global interest in African fintech.

READ ALSO: From Beats to Billions: The Business Boom of Afrobeats

While the growth of fintech in Africa is remarkable, it does not come without challenges. Regulatory frameworks across the continent are often outdated, and governments are struggling to keep pace with the rapid advancements in technology. The lack of clear regulations can create uncertainty for fintech companies, potentially slowing down growth.

As mobile phone penetration continues to increase—projected to reach 615 million users by 2025—the potential for fintech growth remains immense. The sector is likely to expand beyond payments and remittances into areas like insurance, wealth management, and lending.

Additionally, the rise of blockchain technology and cryptocurrencies offers further potential for fintech innovation. Africa has joined the cryptocurrency adoption race. In 2021, Chainalysis reported that the African crypto market grew by over 1200%, with countries like Nigeria and South Africa at the forefront.

Africa’s fintech revolution is just beginning. With the right regulatory frameworks, continued innovation, and increased investment, the continent is poised to become one of the top global leaders in digital finance.

The post The Rise of Fintech: How Africa is Leading the Digital Finance Revolution appeared first on African Leadership Magazine.

Dr. Greenidge also serves as a key speaker at the event, themed “Multi-Stakeholder Partnerships to Drive Transformation Towards Sustainable and Resilient Societies.” He shares his insights on sustainable economic growth and global financial challenges.

As Governor of the Central Bank of Barbados, Dr. Greenidge has led the implementation of critical economic reforms aimed at stabilising and strengthening the country’s financial system. His leadership plays a pivotal role in driving policy innovations that enhance Barbados’ fiscal sustainability, promoting economic resilience in the face of global financial volatility.

A seasoned economist with extensive international experience, Dr. Greenidge has worked with global financial institutions such as the International Monetary Fund (IMF), where he contributed to developing economic strategies for emerging markets. His efforts in championing inclusive economic policies and financial reforms are instrumental in restoring investor confidence and promoting growth in Barbados.

Dr. Greenidge’s Keynote Speech at IFAL 2024
As a speaker at IFAL 2024, Dr. Greenidge addresses critical global financial issues, focussing on the role of central banks in fostering economic stability and growth in small and vulnerable economies. He emphasises the importance of multi-stakeholder partnerships in tackling the challenges of climate change, poverty, and economic inequality—issues that are particularly pressing in the Caribbean region.

Dr. Greenidge’s expertise in economic policy has made him a respected voice in international financial circles, where he advocates for strategic reforms that not only stabilise economies but also promote sustainable development.

Notable Attendees
High-profile figures in attendance include H.E. Rt. Hon. Raila Odinga, Former Prime Minister, Republic of Kenya; Her Excellency Nomvula Paula Mokonyane, Deputy Secretary-General, African National Congress, South Africa; Ms. Reta Jo Lewis, President and Chairman, U.S. Export-Import (EXIM) Bank; H.E. Sen. Douye Diri, CON, Executive Governor, Bayelsa State, Nigeria; H.E. Mr. Agbu Kefas, Executive Governor, Taraba State, Nigeria; H.E. Martin Gama Abucha, Hon. Minister, Ministry of Mining, Republic of South Sudan; Mr. Harry Kalaba, President, Citizens First Party, Zambia; Senator Barr Sunday Marshall Katung, Senator for Southern Kaduna, Nigeria; Mr. Stephen L. Hightower, President and CEO, Hightowers Petroleum Co. (HPC), USA; Dr. Benedito Paulo Manuel, Director General, Sociedade Mineira De Catoca Lda, Angola; Dr. Mustapha Abdul-Hamid, Managing Director, National Petroleum Authority, Ghana; Mr. Olusegun Alebiosu, Managing Director/CEO, First Bank of Nigeria Limited; Eng. Victor B. Mapani, Managing Director, Zambia Electricity Supply Corporation Limited (ZESCO); Mr. Daniel Asiedu, Managing Director, OmniBSIC Bank Limited, Ghana; and Dr. Jesca Mhoja Nkwabi, CEO, KOM Group of Companies, Tanzania.

About IFAL and African Leadership Magazine
The International Forum on African-Caribbean Leadership (IFAL) is an annual platform that fosters dialogue among global leaders from Africa and the Caribbean to explore solutions for shared challenges. Organised by African Leadership Magazine, IFAL provides a space for leaders to collaborate on strategies that promote sustainable development and economic transformation.

For information, contact:

King Richard Igimoh
Group Editor
African Leadership Organisation

editor@africanleadership.co.uk
King.richards@africanleadership.co.uk

The post Dr. Kevin Greenidge Bags Global Leadership Excellence Award at IFAL 2024 appeared first on African Leadership Magazine.

A seasoned banker and Chartered Accountant with nearly 30 years of experience, Mr. Asiedu has built an extensive career in auditing, business consulting, banking, financial management, and investment. His academic achievements include an Executive Master’s Degree in Business Administration (Finance), a Master of Arts in Economic Policy Management, and a Master of Science in Development Finance, all from the University of Ghana. He also holds a bachelor’s degree in mechanical engineering from the University of Ibadan, Nigeria.

Mr. Asiedu has participated in executive programs at prestigious institutions like Harvard Business School, Columbia University, the Wharton School, and INSEAD, continuously enhancing his expertise in banking and finance. His leadership record includes serving as the Managing Director of the Agricultural Development Bank (ADB), where he achieved significant growth in profitability and strengthened the bank’s balance sheet. He also led Zenith Bank Ghana Limited as Managing Director/CEO, where his leadership earned the bank numerous awards.

Currently, as Managing Director of OmniBSIC Bank, Mr. Asiedu has guided the institution to full capitalisation and profitability within just three years. Notably, in the third quarter of 2023, the bank saw a 316% increase in Profit Before Tax (PBT) and a 104% rise in customer deposits compared to the previous year—an impressive reflection of his strategic vision.

His contributions to the banking sector have earned him multiple awards, including the Global Well-Respected CEO in Banking Award 2023 by Executive Business Magazine (Singapore) and Personality of the Year (Private Sector) at both the Ghana CEO Awards 2023 and the Ghana Business Awards 2023.

Beyond his professional achievements, Mr. Asiedu is an ordained minister and serves as Chairman of the International Presbytery of Fountain Gate Chapel Worldwide, further demonstrating his commitment to community and spiritual leadership.

The IFAL event was attended by distinguished leaders such as H.E. Rt. Hon. Raila Odinga, former Prime Minister of Kenya, and H.E. Nomvula Paula Mokonyane, Deputy Secretary-General of the African National Congress (South Africa), among other prominent figures. The forum provided a platform for global leaders to collaborate and develop strategies to address challenges such as poverty, economic development, and climate change, particularly in Africa and the Caribbean.

Mr. Asiedu’s recognition underscores his dedication to excellence in banking and his pivotal role in advancing the financial sector both in Ghana and internationally.

About the International Forum on African-Caribbean Leadership (IFAL)
The International Forum on African-Caribbean Leadership (IFAL) is an annual event organised by African Leadership Magazine, bringing together leaders to foster collaboration and explore innovative solutions to global challenges, particularly within Africa and the Caribbean.

About African Leadership Magazine

African Leadership Magazine, published by African Leadership (UK) Limited, is dedicated to showcasing Africa’s best leaders on the global stage. The magazine focusses on telling Africa’s story from an African perspective and addressing the continent’s unique challenges. Since its launch, African Leadership Magazine has become a leading pan-African publication, with a readership that includes international investors, business executives, and policymakers.

For more information, contact:
King Richard Igimoh
Group Editor, African Leadership Organisation
editor@africanleadership.co.uk
king.richards@africanleadership.co.uk

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The Economic Rationale for a Unified Currency

One of the primary drivers for adopting a unified African currency is the need for enhanced economic stability. Many African nations face fluctuating exchange rates, volatile inflation, and external debt pressures, particularly those whose economies are reliant on exports of raw materials. A single currency could help insulate African economies from these shocks, enabling long-term economic planning and investment.

Studies have shown that currency convergence fosters deeper economic integration. According to the World Bank, intra-African trade currently accounts for just 17% of total trade on the continent, compared to 68% in Europe. By removing barriers such as exchange rate fluctuations and cross-border payment costs, a single currency could boost intra-African trade significantly, strengthening Africa’s position in global markets.

Lessons from the Eurozone: Caution and Optimism

The Eurozone provides a useful reference point. Since the introduction of the Euro in 1999, Europe has reaped the benefits of currency integration, including price stability, increased trade, and investment. However, the Eurozone crisis of the early 2010s highlights the challenges of creating a unified monetary policy across diverse economies.

Africa’s economic landscape is similarly varied. Countries such as Nigeria, South Africa, and Egypt have large, diversified economies, while others, particularly in the Sahel region, remain heavily dependent on agriculture and foreign aid. To succeed, a unified African currency must be carefully designed to account for these disparities. Regional blocs, like the West African Economic and Monetary Union (WAEMU), which already use a single currency, the CFA franc, offer valuable models for a phased approach to monetary unification.

READ ALSO: Can Africa Achieve a STEM Education Revolution?

Political and Institutional Barriers

Despite the economic case, significant political and institutional challenges remain. For a unified currency to function, Africa would need stronger political coordination and harmonised fiscal policies across its 54 countries. The establishment of a central African monetary authority would be essential to regulate monetary policy and ensure fiscal discipline.

Moreover, any move towards currency convergence must be accompanied by robust financial institutions, capable of managing monetary policy and preventing crises. The International Monetary Fund (IMF) has emphasised the importance of financial governance and accountability in emerging markets, suggesting that Africa’s readiness for a unified currency will depend largely on improvements in these areas.

While the road to a unified African monetary system is fraught with challenges, the potential benefits make it a worthwhile endeavour. A single currency could be transformative for the continent. However, African leaders must learn from global examples like the Eurozone, and prioritise institutional reforms and political coordination.

The post Currency Convergence: The Case for a Unified African Monetary System appeared first on African Leadership Magazine.