Momentous events in Zimbabwe during the last two years inspired hope among many Zimbabweans that they would experience meaningful political change and sustainable economic growth in their lifetimes. In November 2017, former President Robert Mugabe—who ruled Zimbabwe for nearly 40 years—was ousted in a military coup and his former deputy President Emmerson Mnangagwa was installed
Current Events
Can the U.S. and Africa Prosper Together?
Prosper Africa, the core of the Trump administration’s policy, is a state of mind.
This is not a criticism.
The program is an ambitious effort to get every American political appointee, diplomat, and civil servant engaged on African issues to be on the look-out for commercial opportunities for American businesses and to help American companies…
Beyond The FCPA: New U.S. Regulator Enforcing Against Foreign Corruption
Yet another U.S. regulator is entering the foreign corruption space. The Commodity Futures Trading Commission is a civil agency that oversees commodity and derivatives markets in the United States. It enforces the Commodity Exchange Act, a set of statutes that are enforced criminally by the U.S. Department of Justice. The CFTC has authority to impose…
Angola: Ramping Up the Fight Against Corruption
For the first time in 133 years, Angola has a new penal code. On January 23, 2019, the National Congress of Angola approved the new code, which will replace the one put in place by the Portuguese just after the Congress of Berlin, where the European powers divided Africa into colonial spheres of influence.…
Ethiopia: Africa’s Next Powerhouse?
Ethiopia’s prime minister, Dr. Abiy Ahmed—the youngest African leader at 42 years old—has initiated a series of unprecedented economic and political reforms in his first 12 months in office. The core challenge that he faces is moving the economy from state-led to market-based growth while overseeing far-reaching political reforms. Success is far from guaranteed but…
Tips for Commercial Success in Africa
With an emerging middle class of 400 million people, 10 of the fastest growing economies globally, and the most youthful population of any region, Africa is a continent of significant opportunity. There are also risks, as there are anywhere, including the challenge of combatting corruption, navigating opaque regulations and developing a skilled workforce. Below are…
Top Ten Issues to Watch in Africa in 2019
- Africa’s Growth Prospects. Africa’s gross domestic product (GDP) is expected to grow at 3.8 percent in 2019, which is a significant improvement over last year’s regional growth rate of 2.6 percent. Excluding the continent’s largest economies (Angola, Nigeria and South Africa), which are growing collectively at an average of 2.5 percent, the aggregate growth rate
…
Jay Ireland Joins Covington’s Africa Practice
New York, January 29, 2018 — Jay Ireland has joined Covington as a senior advisor in New York.
Mr. Ireland has nearly four decades of senior executive experience across a number of industry sectors, including telecommunications and media, healthcare, energy, financial services, and manufacturing. Most recently, he served as President and CEO of GE Africa,…
Vive le Prezida! Madagascar Presidential Elections of 2018
Vive le Prezida! Madagascar Presidential Elections of 2018
In November and December 2018, Madagascar went through two rounds of presidential elections. These were supposed to pull the country out of its marasmus of irregularly changing leaders that bedeviled its entire 20th century history.
In 2001, election results were disputed: victory was claimed both…
What Companies Need to Know About World Bank and African Development Bank Debarment (and How to Avoid It)
In March 2017, World Bank Group president Jim Yong Kim announced that the World Bank would provide a record $57 billion in financing for projects in sub-Saharan Africa in the 2018–2020 fiscal year period. Consistent with that commitment, the World Bank’s most recent annual report indicates that $19.8 billion was issued to partner countries and…