• Contact
Wednesday, October 4, 2023
  • Login
The African Business - News About African business
  • Home
  • EconomyNew
    These are the 10 most popular jobs that pay more than $100K, study finds

    These are the 10 most popular jobs that pay more than $100K, study finds

    See what Kenya is using to attract investment from global EV firms

    See what Kenya is using to attract investment from global EV firms

    6 infrastructure projects to drive Angola economic growth

    6 infrastructure projects to drive Angola economic growth

    Trending Tags

  • Business
    Chocolate could get even pricier if Africa’s cocoa crop flops

    Chocolate could get even pricier if Africa’s cocoa crop flops

    Sale of luxury villas starts in new Zimbabwean city for the rich

    Sale of luxury villas starts in new Zimbabwean city for the rich

    Industry Leaders Ignite Innovation at Women Who Build Africa's Tech Assembly in Nairobi

    Industry Leaders Ignite Innovation at Women Who Build Africa’s Tech Assembly in Nairobi

    Virgin Active to expand office space and meeting rooms in gyms

    Virgin Active to expand office space and meeting rooms in gyms

    Dangote, Bua show grit amid global sugar crises

    Dangote, Bua show grit amid global sugar crises

    800 million+ carats of diamonds in Angola reserves

    800 million+ carats of diamonds in Angola reserves

    Hindenburg 2.0? George Soros-backed group plans 'expose' on Indian firms: Report

    Hindenburg 2.0? George Soros-backed group plans ‘expose’ on Indian firms: Report

    Viktor Bout still has his eye on Africa

    Viktor Bout still has his eye on Africa

    SADC countries may benefit from ANGOSAT 2

    SADC countries may benefit from ANGOSAT 2

  • Finance
    Nigeria asks banks to save forex gains amid currency risks

    Nigeria asks banks to save forex gains amid currency risks

    PayPal finally launches Apple Pay support for its credit and debit cards

    PayPal finally launches Apple Pay support for its credit and debit cards

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
  • Home
  • EconomyNew
    These are the 10 most popular jobs that pay more than $100K, study finds

    These are the 10 most popular jobs that pay more than $100K, study finds

    See what Kenya is using to attract investment from global EV firms

    See what Kenya is using to attract investment from global EV firms

    6 infrastructure projects to drive Angola economic growth

    6 infrastructure projects to drive Angola economic growth

    Trending Tags

  • Business
    Chocolate could get even pricier if Africa’s cocoa crop flops

    Chocolate could get even pricier if Africa’s cocoa crop flops

    Sale of luxury villas starts in new Zimbabwean city for the rich

    Sale of luxury villas starts in new Zimbabwean city for the rich

    Industry Leaders Ignite Innovation at Women Who Build Africa's Tech Assembly in Nairobi

    Industry Leaders Ignite Innovation at Women Who Build Africa’s Tech Assembly in Nairobi

    Virgin Active to expand office space and meeting rooms in gyms

    Virgin Active to expand office space and meeting rooms in gyms

    Dangote, Bua show grit amid global sugar crises

    Dangote, Bua show grit amid global sugar crises

    800 million+ carats of diamonds in Angola reserves

    800 million+ carats of diamonds in Angola reserves

    Hindenburg 2.0? George Soros-backed group plans 'expose' on Indian firms: Report

    Hindenburg 2.0? George Soros-backed group plans ‘expose’ on Indian firms: Report

    Viktor Bout still has his eye on Africa

    Viktor Bout still has his eye on Africa

    SADC countries may benefit from ANGOSAT 2

    SADC countries may benefit from ANGOSAT 2

  • Finance
    Nigeria asks banks to save forex gains amid currency risks

    Nigeria asks banks to save forex gains amid currency risks

    PayPal finally launches Apple Pay support for its credit and debit cards

    PayPal finally launches Apple Pay support for its credit and debit cards

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
The African Business - News About African business
No Result
View All Result
Home Economy

Africa must better insulate from Fed shocks, Uganda banker says

African countries should also work together to mitigate the impact of climate change that’s affecting food crop inflation: Michael Atingi-Ego.

TAB by TAB
15/10/2022
in Economy
0
Fed hikes rates 75 basis points, intensifying inflation fight
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

Africa must better insulate from Fed shocks, Uganda banker says

African nations bearing the brunt of food insecurity and the negative effects of the Federal Reserve’s rate hikes must bolster their resilience against future external shocks, according to the Bank of Uganda’s deputy governor.

Related posts

These are the 10 most popular jobs that pay more than $100K, study finds

These are the 10 most popular jobs that pay more than $100K, study finds

30/09/2023
1
See what Kenya is using to attract investment from global EV firms

See what Kenya is using to attract investment from global EV firms

26/09/2023
1

“Africa is an innocent bystander and is being badly hit,” Michael Atingi-Ego said in an interview in Washington Friday. “It’s high time we, as Africans, come with our own solutions because it looks like these shocks are going to become more frequent and the intensity is going to become stronger.”

The Federal Reserve’s most aggressive monetary-policy tightening since the early 1980s has sent the US currency surging, heightening debt risks for developing countries that borrowed heavily in greenbacks and effectively locking some out of capital markets. It’s also raising the cost of dollar-priced energy and food imports particularly in sub-Saharan Africa, where floods and droughts are adding to price pressures induced by Russia’s war in Ukraine.

Atingi-Ego’s comments highlight differences in opinion among some of Africa’s top central bankers who’ve either backed the Fed’s attempts to cool inflation or criticized it for failing to take the impact of its actions on developing markets into account.

South Africa’s Lesetja Kganyago said this week that Fed inaction could lead to bigger costs down the line while Kenya’s Patrick Njoroge warned that the spillover effects for emerging markets will have costly spillback consequences.

“The Fed has got an obligation to the US so now we need to ask ourselves: ‘how do we increase our resilience to some of these exogenous shocks?’” said Atingi-Ego, who has led the Bank of Uganda since Emmanuel Tumusiime-Mutebile, Africa’s longest-serving central bank governor, died in office in January. “So, what can we learn from this so that we can mitigate future shocks? Otherwise, we’ll continue crying.”

Uganda is focused on building resilience through boosting local production, promoting value addition, expanding its export base and seeking to take advantage of regional trade opportunities presented by the African Continental Free Trade Area, he said.

African countries should also work together to mitigate the impact of climate change that’s affecting food crop inflation particularly in sub-Saharan Africa, the world’s most food insecure region, and “conserve our environments so that we’re not affected by the vagaries of weather,” Atingi-Ego said.

The East African central bank flagged the impact of adverse weather conditions on food production as a risk to its inflation outlook Oct. 6, when it raised its key interest rate to the highest level since 2019. Headline inflation is expected to peak in the second quarter of 2023 and return to the central bank’s medium-term target of 5% a year later, Atingi-Ego said.

Uganda’s successes in handling outbursts of the Ebola virus and strong surveillance systems mean it has the capacity to deal with a current outbreak, he said. The Sudan virus, one of the pathogens known to cause the Ebola virus disease, was detected in Uganda on Sept. 20. As of Oct. 12, the government reported 54 cases and 19 deaths in five districts in the country’s central and western regions.

Africa must better insulate from Fed shocks, Uganda banker says

Source: Moneyweb
Previous Post

Africa’s airline industry to return to profit in 2024

Next Post

Lufthansa’s incredible first-class suite will come with one-meter wide seats, wardrobe space, and a large dining table for a date in the skies

Next Post
Lufthansa’s incredible first-class suite will come with one-meter wide seats, wardrobe space, and a large dining table for a date in the skies

Lufthansa’s incredible first-class suite will come with one-meter wide seats, wardrobe space, and a large dining table for a date in the skies

RECOMMENDED NEWS

Kenya seeks partnership with Apple

Kenya seeks partnership with Apple

2 weeks ago
2
The Roots of America’s Middle East Decline

The Roots of America’s Middle East Decline

2 years ago
5
Joe Biden autographed book for late son’s nurse

Joe Biden autographed book for late son’s nurse

8 months ago
1
Jumia moves top bosses to Africa from Dubai in profit push

Jumia moves top bosses to Africa from Dubai in profit push

10 months ago
4

BROWSE BY CATEGORIES

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Ads

Categories

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized
The African Business - News About African business

We bring you the best Premium news about African Business.

Follow us on social media:

Recent News

  • These are the 10 most popular jobs that pay more than $100K, study finds
  • Chocolate could get even pricier if Africa’s cocoa crop flops
  • Sale of luxury villas starts in new Zimbabwean city for the rich

Category

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Legal Information

Terms and Conditions
Privacy Policy
Complaints Book

  • Contact

© 2021 The African Business

No Result
View All Result
  • Home
  • Economy
  • Business
  • Finance
  • Opinion
  • Lifestyle
  • Sports
  • Green Economy

© 2021 The African Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In