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African Union seeks $100bn of IMF’s Special Drawing Rights in major shift
The African Union proposed that the International Monetary Fund consider issuing $650 billion in special drawing rights to combat the climate crisis.
The 55-member group also demanded that at least $100 billion in existing SDRs be channelled to Africa through institutions such as the African Development Bank, with a group of donors to be established by the time the COP28 climate summit starts on Nov. 30.
Multilateral development banks should be recapitalized to provide at least $500 billion in concessional finance a year, it said.
The list of demands in an updated declaration from the continent’s first climate summit are considerably stronger than an initial announcement on Sept. 7 in Nairobi, Kenya, which focused on debt relief and climate finance to fund renewable energy.
Government delegations argued late into the night earlier this week on the wording of the statement that will serve as their unified position at COP28 in Dubai.
“We call for collective global action to mobilize the necessary capital for both development and climate action,” the African Union said in the statement released on Friday.
Africa, the world’s least developed continent, has barely contributed to the greenhouse gas emissions that are driving climate change, but its nations are among the hardest hit by cyclones, drought and floods. That, coupled with a debt burden exacerbated by the Covid-19 pandemic, is hindering economic growth.
Fifteen African heads of state attended this week’s summit in Nairobi, according to information from the organizers. United Nations Secretary-General Antonio Guterres and Ursula von der Leyen, president of the European Commission, were also present.
Other changes from the earlier declaration include:
Mobilizing $30 billion to invest in water projects by 2030
Drawing attention to the “inordinate borrowing costs” levied on poor nations that are a “root cause of recurring debt crises”
A revaluation of the gross domestic product of Africa to reflect its natural capital such as carbon sinks in its forests.
source: Bloomberg
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
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Prophet Courage Heavens set to launch ‘Predestination’ book on March 23
Prophet Courage A. Heavens is set to launch the much-awaited book titled ‘Predestination’ on Sunday, March 23, 2025 at 5:00PM.
The launch, which is expected to impact lives, will take place at Crossgates Ministries, Flattop, off N1 Highway, opposite Angel Hauz.
The book is aimed at addressing the way people struggle to understand how free will and destiny align.
It is also aimed at providing clarity on God’s sovereignty and one’s place in His divine plan.
The various chapters of the book address various issues through scriptures and personal stories.
Committed to impacting society, part of the proceeds from the book will go into Courage Heavens Education Legacy (CHEL), an educational foundation transforming lives.
CHEL is dedicated to providing financial support and mentorship to brilliant but needy students, ensuring they have access to quality education and opportunities for a better future.
Prophet Courage Heavens is a prolific writer and previously authored Eli Eli Lama Sabachthani, a powerful book that encourages unwavering faith in times of trials.
In addition, he has written seven more prophetic and life-changing books that are yet to be published.
He is dedicated to raising the next generation for impactful ministry. As the leader of Crossgates Ministries, he nurtures believers in faith and purpose.
