Africa, like the rest of the world, is working out ways of recovering from the devastating effects of the Coronavirus pandemic.
On Business Africa this week, we assess the impact of the pandemic on China-Africa trade relations, share updates on the process of decolonising the CFA Franc and profile an enterprising company in Cameroon that’s dealing with the issues of phone waste management.
– China-Africa trade after Covid-19 –
Many experts are worried about the amount of debt that African countries are getting from China.Will African countries grow the financial muscle to repay? Or will China write off many as debt burdens? Or will there be a doomsday scenario where economic colonisation takes place? Cédric Achille MBENG MEZUI, a financial sector expert who has just published his 4th book which spells out different approaches towards debt management and common vehicles to mobilize financing for regional industrial projects. His book emphasises deepening of local financial systems. He shared his insights on China-Africa trade in the aftermath of Covid-19.
– France transfers €5bn to BCEAO –
The Bank of France has reportedly started transferring foreign currency reserves to a tune of 5 billion Euros to the Central Bank of West African States (BCEAO).
This process is part of the reform of the CFA Franc which was announced in December 2019 by the French and Ivorian presidents.
The transfer happens ahead of a summit French president Emmanuel Macron is holding with African countries to discuss the revival of economic fortunes following the Coronavirus pandemic.
– Phone waste management –
Smartphones contain up to 46 different materials which are potentially harmful when disposed of in landfills where they release toxic chemicals into the soil and waterways.
This can have a negative impact on the health of local residents.
Proper Recycling helps to reclaim such materials, repurpose them and most importantly reduce the need to mine virgin materials.
Let’s take a trip to Cameroon where an NGO is paving the way for e-waste collection.