The Russia-Africa summit, held amid the ongoing geopolitical crisis between Russia and Ukraine, ended last week with promises of debt relief and food supplies to strengthen economic ties between Moscow and the African nation. As the West continues to isolate Russia, some African leaders have chosen the path of diplomatic neutrality and closer ties with Moscow.
A highlight of this year’s summit was President Putin’s announcement of debt relief for African countries. However, experts are skeptical that this alone will be effective in convincing African countries to turn to Russia for economic partnerships.
On the latest episode of Business Africa, hosted by Nadia Colombe, policy analyst Ovigwe Eguegu offers his thoughts on the issue, explaining that while debt relief has been welcomed by some countries, it may not be enough to transform Africa Continental perception of Russia.
Libya grain market ‘unaffected’ by Russian-Ukrainian war so far
Despite the crisis in Ukraine and Russia‘s exit from the Black Sea grain deal, the Libyan grain market has so far remained relatively unaffected. Cereal dealers in Libya report that the soaring global grain prices and fertilizers have not had a significant impact on the country’s grain trade.
Cyberattack rattles Kenya’s digital financial system
However, not all news from Africa is positive, as Kenya’s digital financial system recently suffered a blow from a cyberattack. The mobile service product M-Pesa, owned by Safaricom, experienced disruption, impacting financial transactions worth approximately $640 million daily.