BIZweek n°372 10 déc 2021
BIZweek n°372 10 déc 2021
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  • Parution : n°372 de 10 déc 2021

  • Périodicité : hebdomadaire

  • Editeur : Capital Publications Ltd

  • Format : (260 x 370) mm

  • Nombre de pages : 9

  • Taille du fichier PDF : 1,7 Mo

  • Dans ce numéro : le variant omicron en Afrique du Sud.

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VENDREDI 10 DÉCEMBRE 2021 BIZWEEK ÉDITION 372 ACTA PUBLICA 2021 AFRICAN ECONOMIC CONFERENCE (AEC) Experts call for African Crypto Currency, Integrated Capital Market to Ease Business Costs A common crypto currency and an integrated capital market could boost trade in Africa and sustain growth after the Covid-19 crisis, experts said at the 2021 African Economic Conference on Friday 3rd December. The continent first needs to harmonise national rules and protocols governing the financial systems of individual countries to make the reforms workable Anouar Hassoune, Professor of Finance and CEO of the West Africa Rating Agency, believes that a common crypto currency will ease the cost of doing business and give the continent an identity. «We need to comeup with a crypto currency that is acceptable to each member state. It’s better to do it at the continental level, and we have the expertise to do it. It’s a matter of governance, not an issue of technology,» Hassoune stressed. He added that the proposed crypto currency could serve as an alternative to monetise some of the continent’s endowments, such as gold and other commodities. Augustine Ujunwa, an economist at the West African Monetary Institute, said a well-functioning integrated capital market is crucial in raising debt to finance Africa’s development needs. «Currently, our markets are small, our countries are smalland we need to adopt a regional approach towards integrating markets. But, before we get there, we must harmonise our laws, regulations and protocols governing our fintech and digital systems,» he said. Role of Central banks Ujunwa said central bank financing had become critical, especially in the wake of the Covid-19 crisis. «Central banks should go beyond their price stability role and pursue a growth-focused Malachy McAllister appointed as Chief Executive Officer of AfrAsia Bank AfrAsia Bank has appointed its new Chief Executive Officer. Malachy McAllister has taken office since 03 December 2021. An experienced banker with a strong commercial, financial and operational track record, Malachy brings over 32 years of expertise acrossinternational markets, including 16 years at senior leadership levels. A seasoned banker with a track record of strategic leadership spanning multiple continents, Malachy has led critical businesses at HSBC in China, Malaysia and France before takingup the role of CEO of HSBC Russia in 2015. During his tenure, he sustained business development and rebuilt profitability despite a deep recession, increasing country sanctions, and COVID-19 challenges. monetary policy. They should begin to think of innovative ways of providing finance for the critical sectors of the economy.» The panel, moderated by Marie-Laure Akin-Olugbade, African Development Bank Director General for West Africa, also explored the role of central banks in financing Africa’s development, and Islamic financing. Emmanuelle Riedel Drouin, head of the Economic and Financial Transition Department at Agence Française de Développement, supported the idea of a pan-African crypto currency, but said there were some prerequisites. «We should not forget that there is a lot of work to be done on the digital infrastructure, the development of payment systems, payment system interoperability really needs to be worked on, so there is a lot of work to be done in collaboration with the financial institutions on digitalisation of delivery and payment channels,» she said. Diversify funding sources She added that while central banks have a crucial role, it is essential for economies to diversify funding sources to lessen dependence on them. Panelists noted that the existence of various regional groupings and their different protocols, including cross-border payments, need to be addressed to facilitate the implementation of an integrated capital market. Experience has shown that some countries are reluctant to allow other protocols to interface with their systems, they said. The 2021 African Economic Conference was held in a hybrid format, with key delegates gathering on the Cabo Verde island of Sal, as wellas virtually. It brought together a wide range of stakeholders, including policymakers, development institutions, the private sector, and researchers, to discuss ways to sustainably grow the continent’s development funding sources. The conference was organised by the African Development Bank, the United Nations Development Programme, and the Economic Commission for Africa. People’s Choice Awards  : Éclatante victoire de Courts Mammouth La chaîne d’ameublement et d’électroménager préférée des Mauriciens conserve sa première place dans le cœur de la population. Courts Mammouth a en effet remporté haut la main le Overall People’s Choice et Large Business Special Award lors de la toute première édition des Mauritius People’s Choice Awards, organisés par MBN (Mauritius). L’objectif de ce concours réservé aux entreprises est d’aider à la relance de l’économie mauricienne, avec pas moins de 24 catégories représentant autant de secteurs économiques locaux. « Nous avons estimé que le concept de nomination donnerait aux entreprises du bon contenu pour se faire mieux connaître. Tout en renforçant leur bonne volonté et leur crédibilité », explique Denise Pitot, directrice de MBN (Mauritius). Cerise sur le gâteau, la catégorie Vente au Détail est celle qui a réuni le plus de votants au sein des 24 catégories représentées dans les People’s Choice Awards. Cette performance remarquable renforce encore davantage le sentiment d’accomplissement au sein des équipes de Courts Mammouth suite à cette victoire. 4
VENDREDI 10 DÉCEMBRE 2021 BIZWEEK ÉDITION 372 NGOZI OKONJO- IWEALA, director-general of the World Trade Organization THARMAN SHANMUGA- RATNAM, senior minister in Singapore and chair of the Group of Thirty LAWRENCE H. SUMMERS, Charles W. Eliot University Professor at Harvard University and a former US Treasury secretary POST SCRIPTUM FINANCE & DEVELOPMENT MAGAZINE Rethinking Multilateralism for a Pandemic Era Has multilateralism failed us during the pandemic ? Maybe not entirely, but we must organize ourselves on a whole-of-society basis within nations and rethink how we collaborate internationally to mitigate its profound consequences for livelihoods, social cohesion, and global order, World Trade Organization Director-General Ngozi Okonjo-Iweala, Singapore Senior Minister Tharman Shanmugaratnam, and former US Treasury Secretary Larry Summers write in the latest edition of Finance & Development Magazine. Future crises may depend on a fundamental reset of international cooperation We are nowhere near the end of the pandemic. Delta will not be the last highly transmissible variant. Large unvaccinated groups and the unchecked spread of the virus around the world raise the prospect of further mutations, possibly evading today’s vaccines, that will create new waves everywhere. Yet COVID-19 is also a forerunner of more, and possibly worse, pandemics to come. Scientists have repeatedly warned that without greatly strengthened proactive strategies, global health threats will emerge more often, spread more rapidly, and take more lives. Together with the world’s dwindling biodiversity and climate crisis, to which they are inextricably linked, infectious disease threats represent the primary international challenge of our times. Recognizing this new reality of a pandemic era is not fearmongering but rather prudent public policy and responsible politics. We must organize ourselves on a whole-ofsociety basis within nations and rethink how we collaborate internationally to mitigate its profound consequences for livelihoods, social cohesion, and global order. COVID-19’s only benefit has been to put the case beyond doubt. Our collective failure to heed scientific advice and invest in pandemic prevention and preparedness has inflicted a catastrophic toll. Official data put the number of deaths at over 5 million ; credible unofficial estimates are a multiple of that number. Many more people have survived serious illness, with longtermconsequences for their well-being and nations’human capital that have yet to be determined. The world has experienced the deepest economic contraction since World War II and a significant rollback in progressin education, poverty eradication, and inclusive development for a large swath of its population. The IMF has projected large cumulative losses in global GDP by 2025, with particular impact on the developing world. From aid to strategic investment Overcoming today’s pandemic remains the immediate task. Rich nations must make good on pledges to donate their projected substantial surplus vaccines, along with grants to bridge the $23 billion shortfall needed to get jabs into arms and provide test kits and other medical supplies. All that is « The current system of global health security is not fit for purpose. It is too fragmented, overly dependent on discretionary bilateral aid, and dangerously underfunded. We must repair the system with urgency. The next pandemic could strike at any time, whether from a deadly influenza strain or another pathogen that jumps from animals to humans. It may even strike while the world continues to struggle » with COVID-19 a very small price to shorten the pandemic everywhere. But we also need a more fundamental reset to avoid blundering into pandemics again and again with enormous human and economic costs. The current system of global health security is not fit for purpose. It is too fragmented, overly dependent on discretionary bilateral aid, and dangerously underfunded. We must repair the system with urgency. The next pandemic could strike at any time, whether from a deadly influenza strain or another pathogen that jumps from animals to humans. It may even strike while the world continues to struggle with COVID-19. We cannot avoid outbreaks altogether. But we can sharply reduce the risk that they will blowup into pandemics. The world has the scientific and technological capabilities and the financial resources to do so. However, to mobilize these resources, we need a new way of thinking about international cooperation. Rather than financing global health security under the mantle of «aid for other nations,» we must treat it as a strategic investment in global public goods that benefit every nation—rich or poor. The Group of 20 major advanced and developing economies (G20) established a high-level independent panel (HLIP) to conduct a full review of the gaps in global public goods. It was aided by extensive consultation with experts, the global health organizations, and the Global Preparedness Monitoring Board, an independent group established by the World Health Organization (WHO) and World Bank. The gaps the HLIP identified are large. We need a massively scaled-up network of genomic surveillance, integrating national, regional, and global capabilities. Such a network is critical to detecting and instantly sharing information on pathogens that could cause infectious disease outbreaks, identifying their genome sequences, and accelerating the development of medical countermeasures. We must also close long-standing gaps in core health care capacities within nations to thwart both emerging and endemic infectious diseases and mitigate comorbidities. These capacities benefit individual nations in normal times but are also critical to pandemic prevention and preparedness globally. They therefore require both domestic and international financing. This, coupled with a broader strengthening of public health systems, will require many developing economies to spend an additional 1 percent of GDP, at least over the next five years. The additional spending must be complemented by enhanced external grant support for investments in lower-income countries that are in the nature of global public goods. Global supply capacity Crucial too is building the global capacity needed to radically speedup supplies of vaccines and other vital materials to avoid prolonging a pandemic and repeating the staggering inequalities of access that COVID-19 has revealed. We need a globally distributed development, manufacturing, and delivery ecosystem that is kept in use in normal times and can pivot swiftly to provide the medical countermeasures specific to each pandemic. In the absence of a larger global supply capacity ready early in a pandemic, producing nations will remain prone to prioritize the needs of their own populations over global needs. The private sector currently has little incentive to invest in this ever-warmsupply capacity on the scale required ahead of a pandemic, even if there is scope for dual uses to meet ongoing needs in normal times. We can therefore build the necessary supply ecosystem only through a major public-private investment initiative. 5 Cont’d on page 6

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