Adam Smith

eco215

On training for the past two weeks so I have not had much time to read up and react to stuff these days but normal service will resume soon. This blog post kick-starts a series on famous economists starting with the progenitor of economics – Adam Smith

Evidence exists pointing to a common origin in the mitochondrial DNA of economics. Although prior to this ancestor and as with the evolution of Man according to Charles Darwin, certain species or writings of economic nature in a hitherto vacuous form existed. However, from the very moment the bumbling author who lived with his mother all his life penned the words in the next paragraph, economics had its ‘one step for a man, one giant leap for mankind’ moment.

“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to…

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Africa in 2021: a year in preview

Africa in 2021: a year in preview

The Economics Blog

Africa like many regions across the world had a turbulent 2020.

The COVID-19 crisis tossed the continent in several directions and threatened to sink many of its economies. While countries across the continent have managed to curb the spread of the virus and are working actively towards a vaccine rollout, the anxieties unleashed by the pandemic from the previous year still persist.

The region experienced its first recession in 25 years, threatening to upend decades of hard-won economic progress. According to the World Bank, economic activity contracted by 3.7 percent last year, and growth is forecasted to remain at an average pace of 3 percent between 2021 and 2022.

As the rest of the world gets jabs, Africa risks being left behind. This has severe ramifications for its debilitating economy and its already vulnerable 1.3 billion citizens. There is also an imminent risk that living standards will drop dramatically with…

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Quick Facts – COVID-19 Vaccines in Africa

Quick Facts – COVID-19 Vaccines in Africa

The Economics Blog

The next phase in the fight against the COVID-19 pandemic is vaccination.Although Africa has not recorded as many cases and deaths in comparison to other parts of the world, it has felt the economic and social impact of the pandemic.An effective vaccination strategy is pivotal in reconnecting Africa to the rest of the world, ensuring a smooth post-pandemic recovery and strengthening dilapidated health systems.

Why do we need a vaccine?

A vaccine will help curb the spread of the virus and allow countries across the world to return to “normal”. Vaccines enable people develop immunity to a virus by mimicking an infectious agent – viruses, bacteria or other disease causing organisms. This teaches our immune system to rapidly and effectively fight against it.

How many vaccines are currently being developed?

Researchers are currently testing 64 vaccines in clinical trials on humans. 20 have reached the final stages of testing and…

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Rejigging Nigeria’s economic growth engine: The courage to act

eco215

Four years on from the first annual contraction in economic activity in over three decades, the odds are high, that Nigeria’s economy will experience another full year decline after going into a technical recession in Q3 2020. Across the 2016 recession and ongoing 2020 episode, Nigeria’s economy faced exogenous shocks, a sharp drop in oil prices (which induced recessionary conditions across all major oil exporters) in the former and the COVID-19 outbreak which has pushed the world economy into a recession. Following the discovery of proven vaccine therapies, expert commentary and analyst prognosis, hinged on the assumption that a successful roll-out of COVID-19 vaccination programs across countries, is for a V-shaped economic recovery. For Nigeria, this rebound will be towards an economic growth number between 2-3 percent which implies little change in individual fortunes as real GDP growth roughly matches population growth. Though the recent #ENDSARS protests could be naively…

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Quick Facts – Zambia’s Debt Default

Quick Facts – Zambia’s Debt Default

The Economics Blog

On the 13th of November, Zambia became the first African country to default on its external debt payments since the pandemic started.

The Southern African country failed to pay its $42.5m (£32.3m) interest payment on $1bn worth of Eurobonds maturing in 2024. Many have alluded to the fact that the country’s failure to pay its debt is one of the inevitable costs of the COVID-19 pandemic. But it is an outcome of the government’s negligence and poor fiscal management practices over the years.

According to the Central Bank Governor, Christopher Mvunga, the country deliberately chose not to pay because it wanted to treat all creditors fairly. “It is not that we could not pay. It’s just that if we pay one creditor, then we need to pay all the creditors”, he said

Zambia External Bondholder Committee has also blamed the government for a lack of transparency and concealing the…

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Jerry John Rawlings (22 June 1947 – 12 November 2020)

Jerry John Rawlings (22 June 1947 – 12 November 2020)

The Economics Blog

Ghana’s Ex President, Jerry John (JJ) Rawlings has died at 73.

Rawlings was born in Accra on the 22nd of June 1947, to a Ghanaian mother and a Scottish father. He was educated at the prestigious Achimota, a boarding school based on the British model in Accra. He then joined the Air Force, where he rose to the rank of flight lieutenant.⠀

Rawlings was a charismatic and controversial leader who played a pivotal role in Ghana’s political awakening and transition to a stable democracy. But, he left behind a complicated legacy as he was loved and loathed by many. ⠀

He first gained global prominence in May 1979 when he tried to overthrow the regime of Lieut. Gen. Frederick W.K. Akuffo and the Supreme Military Council. This attempt was thwarted by the General and landed Rawlings in jail. Shortly after, Rawlings was released by his fellow officers and…

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China Today: Geopolitics and International Relations

RickyPolitics

To watch the video analysis of this blog, please go to: https://www.youtube.com/watch?v=danXSkDkI7k

China was one of the wealthiest and most powerful Nations in human history for many centuries. The many dynasties that have ruled over China in its 4000-year history found themselves being a centre of culture, science, wealth and influence in Asia and indeed the world at large. The world has changed dramatically since those glory days of Empire, however, since the Opium Wars in the late 19th century China found itself being dominated by foreign powers and has been playing catch up for over a century. China today may find itself once again being centre stage in International Affairs due to its economic and political influence but unfortunately even more so due to Covid-19, human rights abuses in Xinjiang and indeed across China, and the untimely border skirmishes with India. The Middle Kingdom is now once more in…

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#EndSARS – More Than A Hashtag

#EndSARS – More Than A Hashtag

The Economics Blog

“End SARS, End SARS Now”.

These were the words loudly chanted by Nigerian youths across the country as they Marched peacefully on the streets of Lagos and other major cities including Abuja, the nation’s capital.  

The movement started on twitter with millions of tweets by young Nigerians narrating personal stories of their horrific encounters with SARS, and it gained traction in no time.

The Special Anti-Robbery Squad notoriously know as SARS was created in 1992 with the core mandate of tackling the problem of violent crime, banditry and kidnapping across the country.

Unfortunately, since its inception they have done nothing but intimidate, abuse, extort, harass, and even murder innocent Nigerians.

To worsen matters, the anonymity of the unit has made it even harder for the perpetrators of these crimes to be identified and held accountable for their unjust actions.

SARS usually targets people between the ages of 17 and…

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