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Tag: Okonjo Iweala

  • After Buhari, who is next? Okonjo-Iweala (2) – Dele Sobowale

    “In the beginning of a change, the patriot is a scarce man, and brave, and hated and scorned. When his cause succeeds, the timid join him; for then it costs nothing to be a patriot.” Mark Twain, 1835-1910, in NOTEBOOK, 1935.

    I was prepared for the objections which came through text messages in response to the first part of this advocacy for radical change which was proposed. Three main objections were clear. The first, said the power elite in Nigeria will never allow a good person to rule Nigeria. The second asked a question: which political party will field her? The third repeated the tiresome complaint that Nigeria will not allow an Igbo to be President. These are powerful objections which must be acknowledged; because they have merit. And, since they are very strong, they must be answered fully; if not for any other reason than to re-assure those who after reading are now prepared to join the campaign early. I will name groups which should join the campaign sooner or later. I only hope it will be sooner.

    Having been involved in some changes considered impossible in the past, I want to start with that observation by my favourite American writer – Mark Twain. Let readers be reminded again that when that series of articles titled LAGOS STATE GOVERNORSHIP- 2015 CHRISTIAN AGENDA first started in December 2010 and ran to January 2011, calling for a Christian Governor, I was like the lone voice crying in the wilderness. I was called a day dreamer to my face by even sages and unbelievers. The earthly powers in Lagos had no plans for a Christian to succeed Fashola. The rest is history. Lagos had Ambode in 2015 after an election in which the two political parties featured Christian candidates. Today Sanwo-Olu is Governor. One with God is always a majority anytime.

    Part one ended with the statement “You are not God” – as my answer to those who declare that something is impossible. Each time I hear someone say something new is impossible, what comes to my mind is the observation by Napoleon Bonaparte, 1769-1821, who said the word “impossible” does not or should not exist. I agree with him. Until all those who desire a particular change put all their hearts and souls into the struggle, nobody knows what is “impossible”. At any rate there are other reasons why the doubters are wrong.

    “From factions, APC will break into pieces.”

    Buba Galadima. SUNDAY VANGUARD, July 4, 2020.

    Galadima was one of the founding fathers of the political party called All Progressives Congress, APC. He has since left the party. That is part of the story. APC, at its birth could not have qualified as a political party based on the definition by Edmund Burke, 1729-1797: “Party is a body of men united for promoting by their joint endeavours the national interest, based upon some particular principle in which they are all agreed.” There was no agreement.

    “Alliances are held together by fear; not by love.”

    Harold Macmillan, 1894-1986, VANGUARD BOOK OF QUOTATIONS, p 9.

    By contrast, the APC was a mere conspiracy to seize power based on the hidden ambitions of two of the founders. First, we know that the four legacy parties which fused in April 2013 were: Action Congress of Nigeria, ACN, All Nigeria Peoples Party, ANPP, All Progressive Grand Alliance, APGA, and the Congress for Progressive Change, CPC. They were joined in November of that year by n-PDP – a faction of the Peoples Democratic Party. There is no need at this point to go into more details about the formation of the APC. It was an alliance of groups which had few, if any, “principle in which they are all agreed”. The grand alliance was formed out of fear that most of them will spend their days out of the corridors of Aso Rock. Nothing more elevating united them. But, they successfully peddled the lie of a progressive change to Nigerians and to themselves. But, history never allows any contraption based on fraud to last.

    “All political parties die at last of swallowing their own lies.”

    Dr John Arbuthnot, 1667-1735, VBQ p 191.

    While the others were busy working on the “constitution”, two of the leaders stepped aside and forged their own separate agreement – unknown to other members of the alliance. The leader of the ACN would support the leader of the CPC to emerge the Presidential candidate. In turn the co-conspirator would select his partner in alliance betrayal to be the Vice President. But, how many times have we repeated it. “Men make history; but not just as they please (Karl Marx, 1818-1883, VBQ 93). Thus, right from its birth, a faction consisting of two, was created in the political association. It would not be the last time factions will develop which now threaten the party’s existence. Mark my words; the APC is finished as a formidable political party. The current Caretaker Committee charged with re-constituting the party will labour in vain. The factions within the party are so deeply antagonistic, henceforth any meeting will resemble that of Sicilian Mafia which everybody attends by packing a revolver under his belt.

    “The most common and durable source of factions has been the various and unequal distribution of property.” That was the verdict of James Madison, 1751-1836, one of the Founding Fathers of America. While the APC handled opposition admirably, it was unable to manage victory as well. The cracks are now too deep to paper over. The factions which will destroy the APC are here to stay. Buhari, as agreed, became Presidential candidate. The attempt to present his Vice President candidate met stiff resistance ostensibly on account of the rejection of a Muslim-Muslim ticket. One co-conspirator got his wish; the other failed. That was not part of the original script – despite all the attempts to put up a brave face. It was not the last time the loser’s party will be treated badly.

    The APC won the election – mostly on the strength of the funds and media support provided by the Southern members of the coalition, mostly ACN, and one major Northerner. Hardly anybody from Katsina state or Daura was seen among the frontline warriors throughout the campaign. Sixteen of the first twenty appointments by the newly-elected President went to the North; and most of the appointees were either from Katsina state and Daura or their in-laws and associates – starting with the all-powerful posts of Chief of Staff and Director General of DSS. The monkey-work-baboon chop business was the beginning of a lot of monkey business which formed the pattern of “unequal distribution of property” – meaning our national wealth.

    “All animals are equal; but some are more equal than others.”

    George Orwell, 1903-1950, in ANIMAL FARM.

    The President, inadvertently or deliberately, created the biggest factions ever in any elected government from the start of his tenure – which lasted for the first four years. Some astute members of the conspiracy accurately read the hand writing on the wall. Without waiting for the party and the President, they seized control of the National Assembly, NASS; and held it successfully for the four years despite all attempts to dislodge them. There was an irony in that. While Jonathan lost control of the NASS towards the end, Buhari lost it right from the start. That was the first majour sign that this coalition would not last long. Remarkably, it survived to gain power for a second term. But, like the first term, the only beneficiaries have been Buhari and his close associates. The rest are now in the wilderness. The dissolution of the National Working Committee, NWC, by the President has now sent the conspiracy back to its beginning without a good candidate to rally round and with the members a lot wiser. None of the legacy members will again concede the Presidency to another without a serious fight. Buhari has taught all the other parties, especially the ACN, a lesson their leader(s) will never forget. Somebody in that group is rueing the day he made a deal with Buhari. Nothing has turned out the way he envisaged.

    I went to this great length to draw the attention of those doubting the chances of a fresh candidate to the fact that APC, as “party”, is finished. Buhari will definitely want to choose his successor in the faction which will still call itself APC. But, only a lunatic or a desperado will want to run on Buhari’s dismal record. Yet, no APC candidate can distance himself from the disasters created eight years of Buhari rule. That, in a nutshell, is the situation with APC. Anybody who believes that the PDP will return to Aso Rock must have a different crystal ball than mine. But, bear in mind that mine had been tested for accuracy of prophecy. PDP can only win on one condition; and it is not my business to tell them. Just remember that APC did not exist until two years to the 2015 elections. The PDP is now just as fractured as the APC.

    “Let us not seek the Republican answer or the Democratic answer, but the right answer”. Senator John Kennedy, 1917-1963, in Maryland, USA, Feb. 1958.

    Kennedy became the first Catholic to be US President two years after delivering that address. A lot of his fellow Catholics told him he had no chance of winning. But, Americans thought differently. Like Kennedy, this is actually not a campaign for an Igbo woman per se as President for Nigeria. It is a campaign for the right candidate who just happened to be both. Further, it is not a party-based campaign. The most important things in life often have nothing to do with party. The monumental corruption we now experience have demolished Buhari’s anti-corruption credentials. Our cardinal problem in 2023 will be the debt burden. If anybody has any other candidate who can help us better, they should bring him/her out. Until then, our future points to Okonjo-Iweala.

    “In the end it will not matter to us whether we fought with flails or reeds. It will matter on which side we fought.” GK Chesterton, 1874-1936, VBQ p 60.

    I am under no illusion that male politicians will give up power easily. Power has to be fought for by those desiring real transformation of our society. Strategies are required; so are foot soldiers. Next week, I will close this series by pointing out those I expect will be on the frontline of this struggle. They must be sick and tired of our present crop of politicians who have nothing more to offer.

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  • Swimming against WTO and Okonjo-Iweala’s candidacy, By Owei Lakemfa

    By Owei Lakemfa.

     

    TRUTH is not always as innocent as it looks or is portrayed. Quite often, it is a burden, especially to the heart, and it is difficult to discharge. The truth can also be a temptation. For instance, for some time now, I have thought of addressing the issue of the World Trade Organisation, WTO and Nigeria’s candidate, Dr. Ngozi Okonjo-Iweala. The truth is that I have lacked the courage to do so due to a number of truths. The first is that her father, Prof. Chukwuka Okonjo, the noted Mathematician was a father figure to those who mentored me when I was a student. Many of these mentors revived the Academic Staff Union of Universities, ASUU and turned it into an efficient fighting force for the defence of education in a country run mostly by leaders contemptuous of education and steeped in corruption, regional and ethno-religious jingoism. So, the truth is that it is difficult for me to critically analyse his daughter even when I know their philosophies are on parallel lines.

     

    The second truth is that Dr. Okonjo-Iweala’s curriculum vitae is so long, windy, weighty and suffocating that she is either a genius like Albert Einstein or an endlessly recycled agent of Western interests. The type of Black elites Franz Fanon described as “Black Skin, White Masks.” A third truth is that she is so well-connected nationally and globally that to write anything, no matter how innocuous, that may portray her in a light less illuminating than she is used to, is to risk serious retribution. It would amount to a person lying down while tonnes of bricks are off loaded on him. That, in plain language, is committing suicide.

     

    A fourth truth is that the personae of Dr. Okonjo-Iweala has been so ingrained in the consciousness or sub-consciousness of many Nigerian middle class elements, that to say anything negative about her is to commit a crime, if not a sin. In fact, there are some rooting for her to succeed Buhari as the next President of Nigeria, my dear country that lays prostrate after decades of relentless pounding by her progressive and conservative children.

     

    The fifth truth is that the Buhari government withdrew the Nigerian nominee for the race of the WTO Director General, Mr. Yonov Frederick Agah, and replaced him with Dr. Okonjo-Iweala. There was no explanation for this unusual step, especially when it came after the African Union, AU, had short-listed Agah, who is the WTO Deputy Director General; Eloi Laourou of Benin Republic; and Egypt’s Abdulhammed Mamdouh as its official candidates. Did the Buhari government take this step having come to the conclusion that she has a better chance? Was it taken to appease the increasing agitation by our Igbo compatriots who have been completely marginalised, or was it pressure from her mother agency, the imperial World Bank and its Western owners?

     

    The sixth truth responsible for my reluctance is the fact that she is Nigeria’s official candidate; would I not be accused of being unpatriotic if I make public my views? Lastly, in a world gripped by a pandemic of falsehood; where many wear face masks not to be infected with the truth, maintain social distancing not to be plagued by the truth, and like Pontius Pilate, wash their hands off the truth so it can be nailed at Golgotha, does it make sense to be a cross bearer of the truth? Or it makes more sense to deny the truth thrice before the cock crows even once?

     

    I was privileged to learn trade unionism at the feet of the greatest trade union organiser in Nigerian history, Wahab Omorilewa Goodluck, who used to say: “You tell the truth, you die, you don’t tell the truth, you die; so why not tell the truth and die?”

     

    Trade had been central to European voyages across the world. The Europeans came to Africa in search of new markets. They first traded in goods like mirrors and guns, and then humans. When slave trade was no longer lucrative, they banned it and used this as pretext to colonise some African societies like Lagos. They also colonised many African states for allegedly impeding ‘free trade’.

     

    After the Second World War, the victorious allies decided to control the economy and finances of the world. They met in 1944 at the Mount Washington Hotel, Bretton Woods, New Hampshire, United States, US, where the American International Bank for Reconstruction and Development, IBRD, which was charged with giving out loans, credits and grants, was rechristened the World Bank. A sister agency, the International Monetary Fund, IMF, was also established at the meeting to remove ‘trade barriers’. They became known as the ‘Bretton Woods Twins’ or ‘Institutions’.

     

    To ensure control, the allies shared the leadership of the two institutions. Subsequently, since 1944, only Europeans are allowed to be the Managing Director of the IMF. The absolute control of the IMF Board by US and Western Europe, ensures this dictatorial practice.

     

    On the other hand, although the World Bank is made up of 189 countries, only an American can be its President. In other words, Dr. Okonjo-Iweala, despite her 25-year service in the Bank and holding such a high sounding position as Managing Director (Operations) cannot be World Bank President.

     

    In 1947, the allies decided also to control world trade by floating the General Agreement on Tariffs and Trade, GATT. This body was renamed on January 1, 1995 as the World Trade Organisation, WTO. So, the Western allies succeeded in creating a monopoly over world finance, investment, trade and economic governance. This same group holds military monopoly as the North Atlantic Treaty Organisation, NATO.

     

    While all these were being perfected, most of the world was under European colonialism. At that time, in Africa, only Egypt, Ethiopia and Liberia were independent with South Africa under Apartheid. However, when many African and Asian countries became independent, they decided in 1964, to break the World Bank-IMF-WTO monopoly by establishing an equitable agency: the United Nations Conference on Trade and Development, UNCTAD.

     

    So, the IMF and the World Bank are two monkeys who take turns carrying each other on their backs while their child, the WTO, hops from one tree to another playing at nurturing world trade. That imperial family of three have for 55 years now, carried out a sustained fight to kill UNCTAD, the baby born by the wider world to handle beneficial trade, multilateral relations and all-round human development. They have already aborted UNCTAD’s attempt to give birth to a New World Economic Order in which all humanity will benefit from an increasingly interdependent and globalised world.

     

    Next, we will discuss the fruitlessness of an Okonjo-Iweala leadership of the neo-colonial WTO.

  • WTO DG: FG inaugurates strategy team for Okonjo- Iweala

    WTO DG: FG inaugurates strategy team for Okonjo- Iweala

    The Minister of Industry, Trade and Investment, Adeniyi Adebayo, has inaugurated a campaign strategy team for Dr. Ngozi Okonjo-Iweala, who is vying to be the next Director-General of the World Trade Organisation (WTO).

    Adebayo said the team was key to ensuring she emerges as the Director-General of WTO.

    He said the decision of President Muhammadu Buhari to nominate the former Minister of Finance was in good faith given the overriding consideration of the needs to boost Africa’s chances and promote gender mainstreaming at the world’s top trade post.

    He also expressed optimism she would win the contest based on her capabilities and wealth of experience at the highest level of World Bank as a development economist, diplomat and one of the Africa’s most trusted technocrats.

    Adeniyi described Okonjo-Iweala as a bold reformer, skillful negotiator with abilities to broker numerous agreements that would promote fair trade, saying such a candidate should be selected for the position.

    The Minister of State for Industry, Trade and Investment, Amb. Mariam Yalwaji Katagum, who is the team leader, assured it would deliver on its mandate.

  • Okonjo-Iweala raises alarm: Some influential Nigerians sabotaging my campaign for WTO job

    Okonjo-Iweala raises alarm: Some influential Nigerians sabotaging my campaign for WTO job

    Nigeria’s former Minister of Finance and candidate for the Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo- Iweala has raised the alarm that some highly placed Nigerians are making moves to sabotage her campaign for the position.

    In a statement on Friday by her Media Adviser, Mr Paul Nwabuikwu, the former minister said
    these persons and their cohorts are peddling outright lies and distortions designed to invent a non-existent scandal in order to paint her and her campaign in negative light.

    The statement said, “It has come to our attention that there is an ongoing effort by some well-connected Nigerians to sabotage the campaign of Dr Ngozi Okonjo-Iweala as the country’s candidate for Director-General of the World Trade Organization.

    “As part of this campaign, these persons and their cohorts are peddling outright lies and distortions designed to invent a non-existent ‘scandal’ in order to paint the Candidate and her campaign in negative light.

    “An example of this is the effort to misrepresent the Campaign’s relationship with Mercury Communications, one of the organizations and individuals that have done voluntary, pro bono work for the Campaign.

    “Mercury was never formally engaged by Dr Okonjo-Iweala and its work for the Campaign was done strictly on volunteer basis.

    “Against this background, the attempt by these elements to manufacture a ‘controversy’ in the local and international media by distorting the facts and creating falsehoods to link the Campaign with some of Mercury’s current or past clients to push a false impression is contemptible.”

    The minister in the statement said that it is sad that the elements behind this campaign are placing their “squalid concerns above the interests of the country.”

    She added, “We urge all well-meaning Nigerians to ignore this condemnable effort.

    “Dr Okonjo-Iweala is humbled that her campaign is progressing in the right direction and that her candidacy has been embraced by many Nigerians, including a growing number of spirited volunteers.”

    While appreciating the strong show of support by both the Presidency and Nigerians, despite the efforts of the persons engaged in this negative exercise, Okonjo-Iweala assured that she would continue to do her best to make her candidacy count for the country.

    Meanwhile, Mercury on Friday also issued a statement denying receiving the campaign contract of Okonjo-Iweala for the WTO job.

    “Mercury does not and has never had a contract to represent Dr. Ngozi Okonjo-Iweala’s campaign for WTO. Her campaign team is comprised of volunteers.
    A small number of Mercury employees are volunteering to help Dr Ngozi in her campaign for WTO Director General. She is not a client of our firm and the campaign has never had a contract with Mercury. An administrative error was made when the staff volunteered, leading to a precautionary LDA registration. This was cancelled because it was unnecessary,” the statement said.

  • AU legal counsel kicks against Okonjo-Iweala’s candidacy for World Trade Organisation DG

    The African Union’s legal counsel has kicked against the nomination to contest for the position of World Trade Organisation director-general.

    In July 2019, the Executive Council of the AU invited member states to present nominations into the office of the DG of the WTO so that the AU would agree on a consensus candidature.

    Nigeria initially nominated Fedrick Agah while Benin and Egypt fielded Messrs Eloi Laourou and Abdulhameed Mamdouh respectively.

    On June 4, 2020, Nigeria withdrew the nomination of Fedrick Agah and replaced him with Okonjo-Iweala.

    The counsel said the executive council during its 35th ordinary session held in Niamey, Niger, had asked member countries to present candidates to the AU ministerial committee on candidature by November 30, 2019, to allow it endorse a consensus candidate at its February 2020 ordinary session.

    He said three countries presented their candidates; Eloi Laourou (Benin), Abdulhameed Mamdouh (Egypt) and Yunov Agah (Nigeria).

    “During the February 2020 summit, the three candidates were considered,” the letter read.

    “However, due to the lack of consensus to agree on one suitable candidate during the February 2020 summit, the executive council through decision Ex Cl 1090 (XXXVI) recalled the Ex Cl Dec 10T2 (XXXV) and endorsed respectively the candidates from Benin, Egypt and Nigeria as shortlisted for the post of the director-general of the WTO (the names of the candidates were incorporated in the report of the committee on international candidatures presented to the executive council).

    “Moreover, it requested the ministerial committee on African candidatures within the international system to consider the matter and report to the executive council’s 3rd ordinary session with a view to agreeing on a single candidate.”

    The office of the legal counsel also argued that the submission of candidates had to follow certain conditions which were listed as:

    “All candidatures shall be submitted to the committee, through the AU commission (the political affairs department). The political affairs department should acknowledge receipt containing the date and the stamp of submission,” it said.

    “Candidatures shall be submitted to the commission at least two (2) months prior to the sessions of the executive council, which shall consider them. The submission shall be accompanied by relevant information related to the submitted candidatures, including the nature of each post, date and place of elections.”

    It said the condition on which candidate submission may be accepted after the deadline is when “no other candidatures for the position have been submitted in the prescribed time; the submission of candidatures has been closed; and there are more vacancies reserved for Africa than the submissions received, among others”.

    The counsel, therefore, said it has taken a position that Okonjo-Iweala’s nomination was against laid-down rules.

    President Muhammadu Buhari had nominated Okonjo-Iweala, a former managing director (operations) at the World Bank, for the position on June 4, 2020, to replace Yunov Agah as Nigeria’s candidate.

  • WTO accepts Okonjo-Iweala’s nomination for DG

    The World Trade Organisation (WTO) has accepted the nomination of Ngozi Okonjo-Iweala as one of the candidates for the office of the director-general of the organisation.

    “Nigeria, on 9 June 2020, nominated Dr Ngozi Okonjo-Iweala for the post of WTO Director-General to succeed the current Director-General, Mr Roberto Azevêdo, who has announced he will step down on 31 August 2020,” the organisation said on its website.

    When President Muhammadu Buhari endorsed Ngozi Okonjo-Iweala for the World Trade Organisation (WTO) top job, Egypt went on the offensive.

    Egypt argued that the executive decision of the African Union (AU) which had set a deadline of November 30, 2019 for African countries to nominate candidates had been violated.

    They claimed Iweala’s nomination was late and should not be recognised.

    The WTO, however, said on Tuesday that nominations are still open till July 8, 2020.

    “According to the timetable announced by the Chair of the General Council, David Walker, the nomination period will close on 8 July 2020,” WTO said.

    “Shortly after the nomination period has closed, candidates will be invited to meet with members at a special General Council meeting, present their views and take questions from the membership”.

    Okonjo-Iweala is replacing Yonov Frederick Agah is Nigeria’s ambassador/permanent representative to the WTO.

  • WHO appoints Okonjo-Iweala as COVID-19 Special Envoy

    WHO appoints Okonjo-Iweala as COVID-19 Special Envoy

    The World Health Organisation (WHO) on Friday named former Minister of Finance, Dr. Ngozi Okonjo-Iweala, as a Special Envoy for the newly inaugurated Access to COVID-19 Tools (ACT) Accelerator.

    She is to serve alongside British business executive, Sir Andrew Witty in the same capacity, to mobilise international commitment to the initiative.

    Director-General of the organisation, Dr. Tedros Ghebreyesus, made the announcement during the launch of the ACT Accelerator — via webinar from Geneva.

    “I would especially like to thank Sir Andrew Witty and Dr. Ngozi Okonjo-Iweala for agreeing to act as Special Envoys for the ACT Accelerator,” Ghebreyesus said in his remarks.

    The initiative is an international collaboration aimed at accelerating the development, production, and equitable distribution of COVID-18 drugs, tests kits, and vaccines around the world.

    This is the fourth international assignment given to Okonjo-Iweala in less than two months.

    On March 7, President Cyril Ramaphosa of South Africa appointed her a member of the country’s Economic Advisory Council, which comprises indigenous and international economic experts.

    The council advises the president and government on the development and implementation of economic policies toward advancing inclusive growth.

    A month later on April 10, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, named Okonjo-Iweala a member of the fund’s External Advisory Group.

    The group comprises prominent individuals from around the world, who will serve as Georgieva’s special advisers.

    Okonjo-Iweala is one of the four Special Envoys the African Union (AU) appointed on April 12 to mobilise international support for its efforts toward addressing the coronavirus pandemic.

    The AU special envoys are charged with soliciting the support of the G20, the European Union and other international financial institutions for the organisation’s response.

    Okonjo-Iweala is an internationally respected economist and development expert, who has served as Managing Director of the World Bank, among other assignments.

  • Ramaphosa gives Okonjo-Iweala another job, as AU Special envoy

    Ramaphosa gives Okonjo-Iweala another job, as AU Special envoy

    The Chairperson of the African Union, President Cyril Ramaphosa has appointed Dr Ngozi Okonjo-Iweala and three other Africans as AU Special Envoys.

    Their job will be to mobilise international support for Africa’s efforts to address the economic challenges of the COVID-19 pandemic.

    Others appointed are Dr Donald Kaberuka, Mr Tidjane Thiam and Mr Trevor Manuel

    The Special Envoys will be tasked with soliciting rapid and concrete support as pledged by the G20, the European Union and other international financial institutions.

    Ramaphosa said: “In the light of the devastating socio-economic and political impact of the pandemic on African countries these institutions need to support African economies that are facing serious economic challenges with a comprehensive stimulus package for Africa, including deferred debt and interest payments.

    “The impact of the coronavirus pandemic has been global in both scale and reach, and this necessitates coordinated international action to capacitate all countries to respond effectively, but most particularly developing countries that continue to shoulder a historical burden of poverty, inequality and underdevelopment,” President Ramaphosa said.

    President Ramaphosa added: “The sentiment expressed in two recent letters written to the G20 by a group of world leaders and a team of esteemed economists underscore the importance of bolstering health systems in poorer countries; this can only be done with the support of the international community.”

    Dr Okonjo-Iweala is an internationally respected economist and development expert and served two terms as Minister of Finance of Nigeria.

    She has also served as Managing Director of the World Bank.

    Dr Kaberuka is an economist and former President and Chairman of the Board of Directors of the African Development Bank (AfDB).

    He is the former Finance Minister of Rwanda and in 2016 was appointed as a Special Envoy of the African Union on sustain-able financing for the AU and funding for Peace in Africa.

    Mr Manuel was the longest-serving Minister of Finance in South Africa and formerly headed the country’s National Planning Commission.

    In 2018 he was appointed as an Investment Envoy by Ramaphosa to engage domestic and international investors as part of the country’s national investment drive.

    Mr Thiam, a French-Ivorian, is a banker and businessman. He is the former Chief Executive Officer of Credit Suisse.

    He also served as Chief Financial Officer and CEO of Prudential.

    He has a background in management consulting and worked for McKinsey and Company.

    Ramaphosa said the appointment of the special envoys would expedite the process of securing economic support to enable countries on the continent to respond swiftly to this grave public health emergency.

    “The African Union is immensely encouraged by the support that has been extended by the international community thus far”, he said.

    “It is an affirmation that as nations of the world, we are all in this together.

    We must now focus on efforts to marshal every resource at our disposal to ensure that this pandemic is contained, and does not result in the collapse of already ailing economies and financial systems on the continent,” President Ramaphosa added.

  • Nigeria’s ex-finance minister, Okonjo-Iweala bags IMF appointment

    Nigeria’s ex-finance minister, Okonjo-Iweala bags IMF appointment

    Nigeria’s former finance minister, Dr Ngozi Okonjo-Iweala was named by the IMF on Friday as a member of its External Advisory Group.

    She is the only one from Africa in the 12-member group that included Mr Kevin Rudd, former Prime Minister of Australia.

    IMF’s Managing Director, Kristalina Georgieva, named the team on Friday in a statement.

    She said the advisory group will provide perspectives from around the globe on key developments and policy issues, especially as the world faces the economic challenges of COVID-19.

    “Even before the spread of COVID-19 and the dramatic health, economic, and financial disruptions it has brought, IMF members confronted a rapidly evolving world and complex policy issues.

    “To serve our membership well in this context, we need top-notch input and expertise from the widest range of sources, inside and outside the Fund.

    “Toward this end, I am proud that an exceptional and diverse group of eminent individuals with high-level policy, market, and private sector experience has agreed to serve on my External Advisory Group.

    “Today we had a dynamic discussion to gain their insights, and to receive informal reactions to our ideas and approaches,” she added.

    The advisory group is expected to meet a few times in a year with the IMF Managing Director, Deputy Managing Directors, and a sub-set of IMF department Directors.

    Apart from Okonjo-Iweala, the 11 other members are:

    *Mr Tharman Shanmugaratnam, Senior Minister of Singapore and Chairman of the Monetary Authority of Singapore

    *Ms Kristin Forbes, Professor, Massachusetts Institute of Technology

    *Lord Mark Malloch Brown, former United Nations Deputy Secretary-General

    *Mr Feike Sijbesima, Honorary Chair, DSM, Former CEO, Royal DSM

    *Mr Raghuram Rajan, Professor, University of Chicago

    *Ms Ana Botín, Group Executive Chairman, Santander

    **Ms Carmen Reinhart, Professor, Harvard University

    *Mr Mohamed A. El-Erian, Chief Economic Adviser, Allianz

    *Mr Scott Minerd, Chief Investment Officer, Guggenheim Investments

    *Ms Nyaradzayi Gumbonzvanda, Chair of ActionAid International

  • Covid-19: Obasanjo, Okonjo-Iweala, others seek $44bn for Africa

    About 165 World leaders, including Olusegun Obasanjo, former president of Nigeria and Ngozi Okonjo-Iweala, former managing director of the World Bank, have asked the G-20 countries for a $44 billion debt relief for African countries to tackle the novel coronavirus.

    The duo joined over 100 world leaders in demanding “immediate internationally coordinated action–within the next few days–to address our deepening global health and economic crisis from COVID-19”.

    In a letter address to the G20 nations, the leaders said the 2008 to 2010 economic crisis is less complicated than the current pandemic seen across the world.

    “In 2008-2010, the immediate economic crisis could be surmounted when the economic fault line—under-capitalization of the global banking system—was tackled,” the letter read.

    “Now, however, the economic emergency will not be resolved until the health emergency is effectively addressed: the health emergency will not end simply by conquering the disease in one country alone, but by ensuring recovery from COVID-19 in all countries.”

    The also asked the international community to “waive this year’s poorer countries’ debt repayments, including $44 billion due from Africa, and consider future debt relief to allow poor countries the fiscal space to tackle the health and economic impact of the COVID-19 pandemic”.

    “We ask the G20 to task the IMF and the World Bank to further assess the debt sustainability of affected countries.”

    The world leaders, including Tony Blair and Gordon Brown, former prime ministers of the UK; Joyce Banda, former president of Malawi; Ban Ki Moon, former UN secretary-general; Mo Ibrahim, Sudanese billionaire; George Soros, founder and chair of the Open Society Foundations, all asked for an immediate release of $8 billion to battle the pandemic.

    “World leaders must immediately agree to commit $8 billion–as set out by the Global Preparedness Monitoring Board–to fill the most urgent gaps in the COVID-19 response,” the said.

    “This includes: $1 billion this year urgently needed by WHO: This would enable WHO to carry out its critically important mandate in full. While it has launched a public appeal–200,000 individuals and organizations have generously donated more than $100 million–it cannot be expected to depend on charitable donations.

    “$3 billion for Vaccines: The Coalition for Epidemic Preparedness Innovations (CEPI) is coordinating the global research effort to develop and scale up effective COVID-19 vaccines. In addition Gavi, the Vaccine Alliance will have an important role procuring and equitably distributing vaccines to the poorest countries and requires $7.4 billion for its replenishment: this should be fully funded.

    “$2.25 billion for Therapeutics: The COVID-19 Therapeutics Accelerator aims to deliver 100 million treatments by the end of 2020 and is seeking these funds to rapidly develop and scale-up access to therapeutics.”

    They also asked the G20 for “a further $35 billion will be required, as highlighted by WHO, to support countries with weaker health systems”.

    The leaders, of whom are seven Nobel laureates, including Joseph Stiglitz and Malala Yousafzai, the “aim should be to prevent a liquidity crisis turning into a solvency crisis, and a global recession becoming a global depression”.

    Optimistic estimates from Imperial College London suggest there will be 900,000 deaths in Asia and 300,000 in Africa, from COVID-19.