In this edition of Business Africa, we explore the lifting of the diamond embargo in the Central African Republic, marking a pivotal moment for the country's economy and development. We also examine GIMPay, the revolutionary Nigerian solution transforming cross-border payments and promoting economic autonomy within the UEMOA region. Finally, we analyze the rise of the circular economy in Ghana, where the textile industry faces environmental challenges while exploring sustainable solutions to reduce waste and create local economic opportunities.
Central African Republic: Shaping diamond's future post-embargo [Business Africa]
Ndéa Yoka, host and producer of Business Africa.
Central African Republic: Shaping the future of diamonds Post-embargo
The Central African Republic is finally able to export its diamonds after 11 years of embargo, a major decision that could revive its economy. This reopening comes after a dramatic drop in diamond export revenues, which have fallen by more than 80% since the embargo. However, despite this potential for recovery, significant challenges remain, such as fraud, smuggling, and insecurity in mining areas.
In an interview with us, Dr. Jean Marie Biada, an expert economist in public finance, highlights these challenges. According to him, "Lifting this embargo represents a lifeline for the Central African authorities, offering them the opportunity to generate substantial revenues and support the country's development."
GIMpay: Simplifying Payments and Boosting the West African Economy
The Regional Payment Salon, held in Dakar from November 26 to 28, addressed the issues of financial inclusion and the digital transformation of payments within the UEMOA. The event was notably marked by the announcement of GIMpay, an innovative payment scheme that will facilitate cross-border transactions and strengthen the region's monetary sovereignty.
This report by Yannick Djanhoun highlights how this initiative opens new economic opportunities for businesses and citizens in West Africa.
Circular Economy: A Model for Textiles in Ghana?
The "Oburoni Wawu," second-hand clothes flooding the Kantamanto market, generate massive pollution, with 40% of these garments being burned, releasing toxic substances and exacerbating environmental risks.
In response to this challenge, Mary Lancelot, founder of MLC Fashion, is transforming textile and plastic waste into sustainable products while supporting the circular economy and creating local jobs. Her commitment exemplifies the transformation of a major environmental problem into a creative and sustainable solution. A report by Peter Adattor.