Zimbabwe Introduces New Digital Currency Amid Economic Turmoil

Opinion Editorial

The Writer Clive Ayuko is the Managing Editor of Whistling African.

Harare, Zimbabwe – In a bold move to stabilize its embattled economy, Zimbabwe has introduced a new digital currency aimed at curbing hyperinflation and restoring public confidence in the financial system. The Reserve Bank of Zimbabwe (RBZ) announced the launch of the digital Zimbabwean dollar (Zimdollar) marking a significant shift in the country’s monetary policy.

The new currency, officially named ZimCoin, is a Central Bank Digital Currency (CBDC) designed to operate alongside the existing physical currency. The RBZ hopes that the digital currency will enhance transaction efficiency, reduce the cost of printing money, and provide a more secure and transparent monetary system.

Economic Context and Motivations

Zimbabwe has faced chronic economic challenges over the past two decades, with hyperinflation, currency devaluation, and widespread unemployment wreaking havoc on the nation’s economy. The introduction of the ZimCoin comes as part of broader efforts by the government to modernize the financial system and combat inflation, which remains a persistent issue.

Governor John Mangudya of the RBZ stated, “The launch of the ZimCoin represents a new chapter in Zimbabwe’s economic recovery efforts. We believe that a digital currency will provide a more stable and efficient means of conducting transactions, reducing the reliance on physical cash, which has been prone to counterfeiting and other abuses.”

Public Reaction and Challenges

Public reaction to the new currency has been mixed. While some see it as a necessary step towards economic stabilization, others remain skeptical due to the government’s track record with previous monetary reforms. Trust in the RBZ has been eroded over years of economic mismanagement and failed currency initiatives.

One Harare resident, Tafadzwa Moyo, expressed cautious optimism: “If implemented correctly, the ZimCoin could help ease some of the issues we face with cash shortages and inflation. But the government needs to ensure that this is not just another failed experiment.”

The successful implementation of the ZimCoin will depend on overcoming several challenges, including ensuring widespread internet access and digital literacy among the population. With a significant portion of Zimbabweans lacking reliable internet connectivity, the RBZ faces an uphill battle in promoting the adoption of its digital currency.

International and Regional Implications

Zimbabwe’s move to adopt a digital currency is being closely watched by other African nations facing similar economic issues. If successful, the ZimCoin could serve as a model for other countries in the region looking to stabilize their local currencies.

LG Unveils Power-Packed Audio, Innovative Monitors, and Stunning Micro LED Display at Showcase

Nairobi, Kenya 2nd May 2024

LG showcased a range of powerful speakers, like the XBOOM XL9T and XL5S, with booming sound and cool lights for parties. Portable options, such as the XBOOM Go XG8T, offer strong sound on the move. Guests liked the LG TONE Fit TF7 earbuds for comfort and sound quality, including a UVnano tech for cleanliness. In projectors, the LG CineBeam Q offers 4K quality in a compact design. LG also presented gaming monitors and the LG MyView Smart Monitor for productivity and entertainment. They also unveiled the LG MAGNIT, a huge Micro LED display for top-notch picture quality.

Kenya Airways Celebrates 47 Years with discounts for customers

Kenya Airways is marking its 47th anniversary by offering customers 15 per cent discount on tickets to various destinations across its network.

Since its inaugural flight in February 1977, the airline has undergone a remarkable evolution, transcending humble beginnings to emerge as a prominent player in African aviation.

From its strategic hub at the Jomo Kenyatta International Airport (JKIA) in Nairobi, Kenya Airways has played a pivotal role in connecting the African continent to the global stage, fostering vital international links. Over the past year, despite the challenges posed by the COVID-19 pandemic earlier, the airline has demonstrated resilience, proudly achieving the milestone of flying 4 million passengers. This notable accomplishment not only signifies a resurgence in business but also underscores Kenya Airways’ commitment to facilitating travel and fostering economic growth in the region.

“As we mark this 47th anniversary, we extend our deepest gratitude to our valued customers who have been an integral part of our journey. We are delighted to introduce exclusive offers to out valued customers for being a part of our success,” said Kenya Airways Group Managing Director and CEO, Allan Kilavuka

Kenya Airways was recently ranked as Africa’s second most efficient airline in a global on-time performance review of airlines and airports.

The latest On-Time Performance Review report by aviation analytics company Cirium reveals that the airline attained an impressive 71.86 per cent on-time arrival rate out of 41,905 completed flights in 2023.

AfriCatalyst calls for establishment of an African Methane Abatement Bond framework to finance methane action

Dakar, 19^th January – AfriCatalyst, a leading Dakar-based global development advisory group, has urged African leaders to develop a framework for issuing African Methane Abatement Bonds (AMAB). This urgent appeal accompanied the launch of AfriCatalyst’s groundbreaking report that sheds lights on the alarming surge in methane emissions across the continent and emphasizes the need for immediate global action to mobilize the resources needed to address this environmental crisis.

The report reveals that methane emissions in Africa have risen at an annual rate of 2 percent from 1990 to 2022, contributing a staggering 14 percent to the total global methane emissions. Notably, 19 African countries are responsible for 80 percent of the continent’s methane emissions, with Nigeria, Sudan, the Democratic Republic of Congo, and Egypt contributing half of the total. These emissions predominantly emanate from the agricultural sector (51%), energy production (35%), and waste management (14%).

While almost all African nations have outlined their Nationally Determined Contributions (NDCs), the lack of adequate financing impedes achievement of these goals. Only 2 percent of global climate financing was allocated towards methane abatement last year, and sub-Saharan Africa received a mere 6 percent of global methane financing.

In the report, AfriCatalyst has identified several avenues for boosting domestic and external financing for methane action in Africa. Its launch follows a high-level panel session held by AfriCatalyst in November, 2023, under the theme “Financing Methane Action in Africa.”

“Financing methane action faces a number of challenges. The first relates to the limited awareness on methane abatement in Africa and how to finance methane abatement efforts across the continent. There is strong evidence that if we do have ambitious methane abatement objectives in Africa, certainly we will be able to make the continent meet its commitments under the Paris Accord,” remarked Daouda Sembene, AfriCatalyst’s CEO, and co-author of the report.

According to AfriCatalyst, a collaborative effort by the 19 top African methane emitters could unlock additional funding by leveraging available financing from various partners, including European Union (EU) grants which could total nearly 6.4 billion Euros under the Neighborhood, Development, and International Cooperation Instrument – Global Europe (NDICI). Such financial support could be complemented by technical assistance from reputable institutions such as the African Development Bank (AfDB), International Monetary Fund (IMF), and the World Bank.

Recognizing that additional financing alone will not suffice, AfriCatalyst is also calling for innovative solutions aligned with the continent’s realities and specific circumstances. According to the International Energy Agency (IEA), the required spending needs for low-income and middle-income countries amounts to $6.8 billion, while the continent needs $15-20 billion to reduce energy-related methane emissions by 75% by 2030. Innovative strategies, including increased domestic revenue mobilization, leveraging philanthropic funds, and recycling Special Drawing Rights (SDRs) through multilateral development banks like the African Development Bank (AfDB), could fill the gap.

“Africa is the least risky region to do investment – the default rate for financed projects is only 5.5%, the lowest in the world,” Abdoul Salam Bello, Executive Director for the Africa Group II, at the World Bank Group, observed during the webinar in November. “We need to change the narrative of risk by harnessing digital technologies, exploring concessional funding, and establishing a one-stop shop for all investing instruments.”

Dr. Al-Hamndou Dorsouma, Division Manager, Climate and Green Growth Development at African Development Bank Group, further added, “Last year (2022), the African Development Bank allocated 45% of its budget financing to climate action, and we are committed to meeting the Paris Agreement targets by 2025 through applying greenhouse gas accounting tools to estimate methane emissions reduction from each of our projects.”

In its report, AfriCatalyst envisions the issuance of African Methane Abatement Bonds (AMAB) as a pivotal step towards mobilizing innovative financing to support the formulation and implementation of methane abatement measures outlined in countries’ national plans.

The AMAB framework would also create a private investment vehicle to support African Small and Medium-sized Enterprises (SMEs) and entrepreneurs in developing practices that contribute to methane emission reduction.

Airtel Africa registers its 150 millionth customer

Africa, 19 December 2023: Airtel Africa has registered its 150 millionth customer. Airtel Africa is very proud to give millions of people access to reliable and high-quality digital and mobile money services, often for the first time. Led by the purpose of transforming lives, connecting 150 million customers is a significant milestone that underscores the company’s commitment to enriching the lives of its customers. Looking forward, Airtel Africa is focused on further expansion, increased innovation, and continued investments to ensure a digitally empowered future for all.
The growth reflects Airtel Africa’s commitment to reaching more people, with more services, in more places than ever before. By bringing mobile banking, data, and telecoms to underserved communities across sub- Saharan Africa, Airtel Africa is driving financial and digital inclusion and helping to unlock the potential of people, businesses, and societies.
In response to the increased demand for accessible and affordable services, Airtel Africa is continuing to expand its network and invest in the future through fiber and 5G. This is supported by new, best-in-class digital products, services, and content.
Airtel Africa’s Group CEO, Segun Ogunsanya, would like to thank each one of the stakeholders for their continued commitment and support in helping the company reach this milestone. But as everyone knows, this is just the beginning of a journey that will see many more milestones in the coming years.

Kenya Airways Leases Aircraft to Enhance Operational Efficiency over the Festive Season

Nairobi, 20th December 2023 – Kenya’s national carrier, Kenya Airways (KQ) has signed a short-term lease agreement with Hi Fly, one of the world’s leading lease and charter specialist airlines to enhance operational efficiency during the peak festive season.

The ACMI lease will see the immediate introduction of an A330 Airbus into the KQ fleet to support operational efficiency as well as enhance capacity in the market.
Commenting on the new development, Kenya Airways Group Managing Director and CEO, Allan Kilavuka said that the airline needed to take practical steps in the short term to address the pertinent challenges in the market. “With the current capacity constraints on the back of the growing demand for airline travel, we need to balance our customers’ immediate needs by bringing more capacity into the market,” said Kilavuka.

The arrival of the aircraft will also support the anticipated increased number of travellers following the recent announcement by President William Ruto on ending visa requirements for all visitors to Kenya starting January in 2024 making Kenya visa-free country.

According to Kilavuka, this was the quickest way to immediately deal with capacity challenges because it enables us to get an aircraft that is ready to fly. “With the arrival of the aircraft, we expect to see improved operational stability and efficiency, as well as enhanced capacity for the convenience of our passengers,” noted Kilavuka.
The wide-bodied aircraft has a capacity for 299 passengers, split into 24 in the business cabin and 275 in the economy class. And as a wide-bodied plane, it augments the existing cargo space with additional belly capacity.

Air France-KLM Demonstrates Commitment to Community Transformation by Distributing Sanitary Pads to Girls in The Art of Music Junior Mentorship Program

NAIROBI, KENYA: December 8, 2023 — In a significant gesture of support for the well-being and development of young girls, Air France-KLM has today partnered with The Art of Music Foundation to distribute sanitary pads to participants in the Junior Mentorship program. The initiative is part of Air France-KLM’s ongoing commitment to community transformation.

The Art of Music Junior Mentorship program, a subsidiary of The Art of Music Foundation, is designed to provide young adults in primary and secondary school with opportunities for physical, emotional, and spiritual growth.

Over the past five years, the program has impacted 120 youth aged 12 to 22 years, from two of Kenya’s largest slums, Korogocho and Mukuru. These members, during school holidays, engage in a transformative journey that empowers them, offering encouragement for personal growth and aiding in the setting and achievement of professional goals.

Air France-KLM’s donation underscores the airline’s dedication to making a positive impact on the communities it serves. Recognizing the importance of addressing the specific needs of young girls, Air France-KLM’s contribution ensures that participants in the Junior Mentorship program have access to essential hygiene products, supporting their overall well-being.

“As Air France-KLM, we are keen on nurturing the dreams and aspirations of a generation. This initiative symbolizes our commitment to community transformation and empowerment, affirming that when we invest in the well-being and development of our youth, we cultivate a future of boundless possibilities,” said Air France-KLM Country Sales Manager for Kenya and offline markets, Hildabeta Amiani.

The Art of Music Foundation representative Peris Thiiru added: “The Junior Mentorship program is not just about education; it’s about holistic development and empowerment. We are excited to have Air France-KLM join hands with us in this endeavor. This contribution goes beyond meeting a basic need; it sends a powerful message of care and support”.

Air France-KLM’s involvement in this initiative aligns with its broader corporate social responsibility goals, emphasizing its role as a socially responsible corporate citizen. By investing in the well-being and development of young girls, Air France-KLM is contributing to the creation of a more empowered and resilient community.

TELECOMMUNICATIONS COMPANY FIBREHOME SIGNS AGREEMENTS WITH CHINESE FIRM CP CABLES TO INCREASE ACCESS TO INTERNET

Nairobi, Kenya 29th November 2023

By Clive Ayuko

In Kenya approximately 9.8million living in the urban and semi urban areas have access to broadband internet with 38 percent of this number accessing the internet through low-speed dial-up internet. Various telecommunications firms like Safaricom and Airtel have rolled out 5G networks. The uses of high speed internet networks are numerous ranging from online gaming without any interference, watching streaming services like Netflix, ShowMax with no glitches, machine operations and control of robots remotely or making conference calls. The possibilities offered by high speed internet connections are endless.

In Kenya Data By the Communications Authority of Kenya CA the number of mobile data subscriptions as at 49.4 million with 539,000 on 5G, 22.5 million Kenyans on 4G networks, 16 million on 2G and 10.3 million on 3G networks. These coupled with various other factors have driven the demand for reliable high speed internet. These numbers coupled with various other factors have driven the demand for high speed internet with global china based fibre giant FibreHome Technologies Co. Ltd and Kenya based CP CABLES limited hoping to fill the increased demand.

Speaking at a Nairobi Hotel during the unveiling of the partnership Deputy Chief Executive Officer of FibreHome International Technologies Mr Bruce Wang reiterated the significance of the partnership acknowledging that the project will have far reaching impact on communities. He continued to add, ” the two companies have a broad basis for cooperation and a common development vision in the fields of optical fibre cables and ODN. We choose to partner with CP CABLES due to their dedication to excellent service delivery in the communications industry.”

Also present during the signing ceremony was the Group Chairman of CP CABLES Mr Rashmi Shah who gave credence to the partnership saying the partnership will ensure the availability of quality fibre optic products at affordable prices and will fill the gaps and demand for fibre optics products in the country.

Bezos Earth Fund to Sponsor World’s Largest Youth-Led Energy Event

Washington, DC – November, 28, 2023

Bezos Earth Fund to headline sponsor the world’s largest youth-led energy event, 2023 Global Student Energy Summit, uniting 650+ youth from 150+ countries.
Transformative space for collaboration on energy solutions, engaging 30,000+ young people.
Launchpad for 15 youth-led clean energy start-ups.
Platform for youth climate activists and advocates, training and supporting 30 COP28 delegates.

The Bezos Earth Fund announced its headline sponsorship of the 2023 Global Student Energy Summit (SES 2023), under the theme “Reimagining the Future”, hosted by New York University Abu Dhabi from November 28th to December 1st, 2023. This historic event will take place at the margins of COP28, bringing together 650+ young people from over 150 countries with industry leaders and energy experts, championing youth participation in driving a just and equitable clean energy future.

SES is the world’s largest youth-led energy event, ensuring equal gender representation and diverse perspectives with 40% of attendees experiencing their first international conference. The summit provides a transformative space for collaboration on energy solutions, engaging over 30,000 young people in virtual and in-person capacity-building and digital engagement sessions leading up to SES 2023.

Andrew Steer, President and CEO of the Bezos Earth Fund, expressed enthusiasm for this groundbreaking partnership, stating, ” Since its founding in 2009, Student Energy has become the world’s largest youth-led organization working on energy, empowering a network of 50,000 young people in over 120 countries accelerating the transition to a sustainable and equitable energy future. Our support of SES 2023 aligns seamlessly with Bezos Earth Fund’s mission to foster innovation, collaboration, and action in the realm of clean energy. The youth-led initiatives and start-ups emerging from this summit are pivotal in driving systemic change, and we are proud to be part of this movement.”

As the next generation of energy sector leaders, young people are presented with a challenge and unique opportunity. According to the International Energy Agency’s (IEA) Net-Zero Emissions Scenario, over 30 million jobs will be created in low-carbon technologies by 2030. However, the Energy Transition Skills Report, conducted by Student Energy in partnership with Ørsted, indicates that 47.6% of the survey’s 2,000 youth respondents lack awareness about existing job opportunities. With over half the global population under 30, young people need training to participate in the energy sector to bridge labor shortfalls, promote economic development and social welfare, and support climate resilience in the most vulnerable communities.

The summit serves as a catalyst for action and entrepreneurship, supporting 15 youth-led clean energy start-ups in priority regions through training and seed funding. “Climate change is an issue that affects each and every single one of us, and there are millions of young people all around the world who share the same feeling of frustration but still manage to find the drive to fight for change. SES23 is a platform to not only connect us with each other, but also sit at the table with representatives of governments, companies and institutions during these 3 days, whilst fostering a lifelong connection to join forces and increase global efforts of accelerating the adoption of renewable energy,” said Lydia Sanz Lozano, Co-Vice Chair of Programming, SES.
Additionally, SES 2023 acts as a launchpad for youth climate activists and advocates, training and supporting delegates to join a COP28 delegation that amplifies key messages from SES 2023 through partner-driven events. SES will be coming to the Middle East for the first time, highlighting the vision of the UAE’s energy transition.
Nicole Iseppi, Managing Director of Global Energy Innovation at the Bezos Earth Fund, added, “Leveraging the strategic location and timing of SES, we will support up to 40 SES delegates to attend COP28. Our partnership provides students with the opportunity to engage in the UN proceedings and will enrich the conversations at the highest level of climate change negotiations by ensuring that a diverse group of youth leaders are at the table. We have a responsibility to support young innovators and elevate their voices on the global stage. SES 2023 is not just a summit; it’s a platform for tangible change, and we are excited to be a part of it.”

SES 2023 key missions include:

Decent Jobs & Economic Development: SES will provide a platform for students to learn about career pathways in the energy sector, gain new industry-relevant skills during workshops and upskilling sessions, and connect with potential employers and mentors/experts from the global energy industry.
Scaling Solutions through Youth Innovation: SES 2023 will unlock an ecosystem of youth-led enterprises by delivering Innovation Jams. This initiative will provide business development training and small-scale seed funding for projects that meet Student Energy’s impact assessment framework.
COP28 & Inclusive Decision-Making: SES 2023 team is closely coordinating efforts with the 2023 COP28 Presidency team to synergize programming and themes, addressing significant barriers that prevent young people’s voices from being heard at decision-making roundtables.

The Bezos Earth Fund, founded by Jeff Bezos, is the largest philanthropic commitment ever to fight climate change and protect nature. The fund supports organizations and efforts working on innovative solutions to climate change, aiming to contribute to a cleaner, greener, and more sustainable planet. The Bezos Earth Fund works with others to monitor 50 key transitions required in this decisive decade, driving systems change across climate, biodiversity, and human development.

KENYA PORT NUMBER TWO IN AFRICA AFTER DJIBOUTI ON EFFICIENCY MANAGING DIRECTOR RUTO SAYS

By Clive Ayuko

Nairobi, Kenya 23rd November 2023

The Kenya Port Authority is the second most efficient port in Africa after the port of Djibouti. The Kenya Port however handles more cargo capacity compared to the port of Djibouti. This was a revelation made by the Managing Director of the Kenya Ports Authority Captain William Ruto who was speaking to the Whistling African on the sidelines of the 4th Edition of the Global Logistics Conference held at the Safaripark Hotel along Thika Road Nairobi Kenya from the 22nd to the 24th of November 2023 whose conference theme was Connecting Continents: Strengthening the Global Supply Chains.

Here is an interview with Captain Ruto on some of the challenges and opportunities and initiatives by the port to increase efficiency at the port.

Whistling African: Can you me who you are and perhaps a brief of why you are here at the 4th Edition of the Global Logistics Conference?

Captain Ruto: My name is Captain William Ruto and I am the Managing Director of the Kenya Ports Authority. We came for this global logistics conference which is very important for the Kenya Ports Authority. You know without logistics you cannot be able to move anything out of the port. The people who are attending this conference are coming from all parts of the world. In this region we have a population of 300 million people who need to be served by the port and if we cannot be efficient as a port then it becomes very costly to do business.

Whistling African: What initiatives has the port put in place to improve or increase efficiency at the Kenya Ports Authority?

Captain William Ruto: We have invested in infrastructure and expanded the capacity of the port to meet the demand. You are aware that at the port of Mombasa we have a capacity of 2.1 million tills with the private sector investing in the creation of a capacity of upto 2.5 million tills. We also have the inland dry ports which are also supporting importers by bringing cargo close to them. As a port we have also embraced digitisation and that is why most of our services are conducted online. At KPA we are paperless and we take pride in that. In terms of efficiency if you have been reading the social media Durban which is the largest port in Africa and handles close to 5.1 million tills the waiting time is between 30 – 40 days and there are over 60 ships waiting even as we speak now and to clear all that backlog they will be able to do so by April 2024. If you come to the port of Maputo they have over 10 ships waiting to be cleared and in Dar es Salaam the waiting time is over 15 days. If you come to the port of Mombasa we have a day or nil waiting time. In terms of efficiency we pride ourselves at number two in Africa after Djibouti but they are very low in terms of the volume of cargo processed at the port of Djibouti.

Whistling African: What challenges do you face as the Kenya ports Authority?

Captain Ruto: The challenge that we have is the non tariff barriers especially in the northern corridor and that is why as Kenya Ports Authority we have rolled out the last mile. Today if you move from Mombasa port with cargo you have more than 30 roadblocks and that is why the government through the president has said all the roadblocks should be removed. We have also invested in security and intelligence and also used some of the funds to buy vehicles to escort cargo moving along the northern corridor to improve efficiency along the northern corridor. Another challenge is there are a number of weigh bridges along the transit route. When you leave the port of Mombasa there is a weighbridge in Mariakani. There is one in Mlolongo, there is another one in Gilgil naivasha and before you get to Uganda we have another weighbridge before you get to Malabe. What we want to do is do away with these weighbridges. The same container when compliant at the port of Mombasa it should also be compliant when it reaches the other side or through the checkpoints along the transit route.