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UN Report: 2024 Could Errand Protracted Period of Low Growth

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UN Report: 2024 Could Errand Protracted Period of Low Growth

By: Michael Mike

A United Nations flagship economic report has raised an alarm that protracted period of low growth looms large, and could undermine progress on sustainable development.

According to the report released on Friday, weakening global trade, high borrowing costs, elevated public debt, persistently low investment, and mounting geopolitical tensions put global growth at risk.

The global economic growth is projected to slow from an estimated 2.7 per cent in 2023 to 2.4 per cent in 2024, trending below the pre-pandemic growth rate of 3.0 per cent, according to the United Nations World Economic Situation and Prospects (WESP) 2024, launched on Friday.

This latest forecast comes on the heels of global economic performance exceeding expectations in 2023. However, last year’s stronger-than-expected GDP growth masked short-term risks and structural vulnerabilities, according to the report.

The UN’s flagship economic report presents a sombre economic outlook for the near term. Persistently high interest rates, further escalation of conflicts, sluggish international trade, and increasing climate disasters, pose significant challenges to global growth.

The report stated that the prospects of a prolonged period of tighter credit conditions and higher borrowing costs present strong headwinds for a world economy saddled with debt, while in need of more investments to resuscitate growth, fight climate change and accelerate progress towards the Sustainable Development Goals (SDGs).

Reacting to the report, the United Nations Secretary- General, António Guterres, said: “2024 must be the year when we break out of this quagmire. By unlocking big, bold investments we can drive sustainable development and climate action, and put the global economy on a stronger growth path for all,” adding that:
“We must build on the progress made in the past year towards an SDG Stimulus of at least $500 billion per year in affordable long-term financing for investments in sustainable development and climate action.”

The report stated that growth in several large, developed economies, especially the United States, is projected to decelerate in 2024 given high interest rates, slowing consumer spending and weaker labour markets. The short-term growth prospects for many developing countries – particularly in East Asia, Western Asia and Latin America and the Caribbean – are also deteriorating because of tighter financial conditions, shrinking fiscal space and sluggish external demand.

Low-income and vulnerable economies are facing increasing balance-of-payments pressures and debt sustainability risks. Economic prospects for small island developing States, in particular, will be constrained by heavy debt burdens, high interest rates and increasing climate-related vulnerabilities, which threaten to undermine, and in some cases, even reverse gains made on the SDGs, according to the report.

The report further showed that global inflation is projected to decline further, from an estimated 5.7 per cent in 2023 to 3.9 per cent in 2024. Price pressures are, however, still elevated in many countries and any further escalation of geopolitical conflicts risks renewed increases in inflation.

In about a quarter of all developing countries, annual inflation is projected to exceed 10 per cent in 2024, the report highlighted, showing that since January 2021, consumer prices in developing economies have increased by a cumulative 21.1 per cent, significantly eroding the economic gains made following the COVID-19 recovery. Amid supply-side disruptions, conflicts and extreme weather events, local food price inflation remained high in many developing economies, disproportionately affecting the poorest households.

“Persistently high inflation has further set back progress in poverty eradication, with especially severe impacts in the least developed countries,” said United Nations Under- Secretary-General for Economic and Social Affairs, Li Junhua,.

He said: “It is absolutely imperative that we strengthen global cooperation and the multilateral trading system, reform development finance, address debt challenges and scale up climate financing to help vulnerable countries accelerate towards a path of sustainable and inclusive growth.”

According to the report, the global labour markets have seen an uneven recovery from the pandemic crisis. In developed economies, labour markets have remained resilient despite a slowdown in growth. However, in many developing countries, particularly in Western Asia and Africa, key employment indicators, including unemployment rates, are yet to return to pre- pandemic levels. The global gender employment gap remains high, and gender pay gaps not only persist but have even widened in some occupations.
Stronger international cooperation needed to stimulate growth and promote green transition.

It advised that Governments will need to avoid self-defeating fiscal consolidations and expand fiscal support to stimulate growth at a time when global monetary conditions will remain tight, adding that Central banks around the world continue to face difficult trade-offs in striking a balance between inflation, growth and financial stability objectives. Developing country central banks, in particular, will need to deploy a broad range of macroeconomic and macroprudential policy tools to minimize the adverse spillover effects of monetary tightening in developed economies.

Furthermore, the report emphasized that robust and effective global cooperation initiatives are urgently needed to avoid debt crises and provide adequate financing to developing countries. Low-income countries and middle-income countries with vulnerable fiscal situations need debt relief and debt restructuring to avoid a protracted cycle of weak investment, slow growth and high debt-servicing burdens.

It added that in addition, global climate finance must be massively scaled up. Reducing – and eventually eliminating – fossil fuel subsidies, following through on international financing commitments, such as the $100 billion pledge to support developing countries, and promoting technology transfer are critical for strengthening climate action worldwide. It also underscores the ever- increasing role of industrial policies to bolster innovation and productive capacity, build resilience and accelerate a green transition.

UN Report: 2024 Could Errand Protracted Period of Low Growth

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Senegal President sacks Prime Minister Sonko, dissolves government amid growing tensions

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Senegal President sacks Prime Minister Sonko, dissolves government amid growing tensions

By: Zagazola Makama

Senegalese President Bassirou Diomaye Faye has dismissed Prime Minister Ousmane Sonko and dissolved the country’s government following months of growing political tensions between the two leaders.

The decision was announced late Friday through a presidential decree broadcast on state television.

According to the decree read by a presidential aide, President Faye “ended the duties of Ousmane Sonko and consequently those of the ministers and secretaries of state who are members of the government.”

No immediate replacement for Sonko was announced as of the time of filing this report.

The dismissal followed a parliamentary session earlier in the week during which Sonko openly criticised President Faye, further exposing divisions within the ruling political establishment.

Political observers said relations between the two leaders had deteriorated in recent months over issues relating to party leadership, governance direction and the management of state affairs.

Analysts noted that the development could introduce fresh political uncertainty in Senegal at a time the country is facing mounting economic pressures, including rising public debt and broader fiscal challenges.

The dissolution of the government is expected to trigger consultations within the ruling coalition ahead of the appointment of a new prime minister and cabinet.

Senegal has long been regarded as one of West Africa’s more stable democracies, but recent political tensions have continued to attract regional and international attention.

Senegal President sacks Prime Minister Sonko, dissolves government amid growing tensions

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Why the Diomaye–Sonko Split Became Almost Inevitable Amid Senegal’s Power Struggle

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Why the Diomaye–Sonko Split Became Almost Inevitable Amid Senegal’s Power Struggle

By: Zagazola Makama

The dismissal of Senegalese Prime Minister Ousmane Sonko by President Bassirou Diomaye Faye marks the culmination of a political rupture that many observers had long considered unavoidable.

What once appeared to be one of the strongest political alliances in contemporary Senegalese politics gradually evolved into a tense rivalry shaped less by ideology than by competing ambitions, institutional contradictions and the struggle for control of executive authority.

For months, tensions within the ruling camp had become increasingly visible. Though both men emerged from the same political movement and jointly embodied the rise of the PASTEF coalition against former President Macky Sall, the coexistence between a highly charismatic political mentor and a constitutionally empowered head of state proved difficult to sustain.

The crisis is anchored in a fundamental institutional reality:Senegal’s constitutional system ultimately concentrates executive legitimacy in the presidency.

While the Prime Minister exercises substantial governmental authority, the President remains the central pillar of executive power, deriving legitimacy directly from universal suffrage and serving as the supreme authority of the state.

Sources say that the conflict emerged because Sonko increasingly projected himself not merely as head of government, but as an alternative center of political gravity within the state apparatus.

Public speeches, political positioning and repeated demonstrations of personal influence created the perception that two competing executives were operating simultaneously within the same administration.

In highly presidential systems, such arrangements rarely survive for long.

Political theorists have often observed that leaders who attain supreme office tend to resist the emergence of rival figures whose popularity, influence or visibility may overshadow their own authority. The situation in Senegal increasingly reflected that classic tension between institutional legitimacy and political charisma.

Sonko’s political trajectory has long been built around a populist and confrontational style that resonated strongly with segments of Senegalese youth and anti-establishment voters. His appeal stemmed from a mixture of direct rhetoric, anti-system positioning, nationalist discourse and his ability to embody political resistance during years of confrontation with the former administration.

However, the same qualities that fueled his rise may also have contributed to his political isolation. Sourcds note that charismatic populist figures often struggle to adapt from opposition politics to the discipline and compromise required in governance. A political strategy built around constant confrontation can become difficult to reconcile with the institutional restraints of executive power-sharing.

Over time, Sonko appeared increasingly convinced that he remained the true engine behind the ruling coalition’s legitimacy and electoral success. That perception may have encouraged attempts to expand his political influence beyond the traditional boundaries of the prime ministerial office.

For President Diomaye Faye, allowing such an imbalance to persist carried political risks.

The removal of Sonko ultimately reaffirmed a basic constitutional principle, regardless of personal popularity, a Prime Minister remains subordinate to presidential authority in Senegal’s current institutional framework.

By dismissing his Prime Minister, Diomaye signaled that he intended to fully exercise the powers attached to the presidency rather than govern under the shadow of a more dominant political personality.

The decision may also represent an attempt to consolidate state authority, reassure institutional actors and prevent the emergence of dual centers of power capable of paralysing governance. Yet the move is not without danger.

Sonko still commands significant grassroots support and retains strong influence within sections of PASTEF and among politically mobilized youth constituencies. His removal could deepen divisions inside the ruling coalition and potentially reshape Senegal’s political landscape ahead of future elections.

One of the major questions now facing Senegalese politics is whether PASTEF can survive the split without suffering a major internal fracture. Political history across Africa shows that when alliances forged in opposition reach power, tensions often emerge over authority, succession and control of state institutions.

Some party officials and elected representatives may rally behind the President, who controls the state apparatus and constitutional legitimacy. Others may remain loyal to Sonko due to his personal popularity and historical role in the movement’s rise.

The outcome of that struggle could determine whether Senegal experiences a relatively stable political recomposition or enters a prolonged period of institutional tension.

Another key factor will be public sentiment. During years of opposition politics, confrontation and political mobilisation energized large sections of the electorate. However, governing presents different expectations. Many Senegalese citizens now appear increasingly concerned with economic management, institutional stability, governance reforms and social calm rather than perpetual political conflict.

That shift may strengthen Diomaye’s position if he succeeds in presenting himself as a stabilizing statesman capable of governing above partisan rivalries. At the same time, any perception that Sonko has been politically sidelined or unfairly neutralized could trigger renewed political mobilisation among his supporters.

The crisis illustrates a recurring lesson in political systems across the world. Conquering power together is often easier than sharing it afterward. The Diomaye–Sonko alliance was extraordinarily effective as an opposition force united against a common adversary. But once in office, the unresolved question of who truly embodied executive authority became increasingly difficult to avoid.

What began as political complementarity gradually transformed into institutional competition.

The final outcome remains uncertain. Diomaye may emerge stronger by consolidating presidential authority, or Sonko could retain enough political capital to remain a major force capable of reshaping Senegal’s future political balance.

Either way, the rupture marks a turning point in Senegalese politics and may redefine the future trajectory of one of West Africa’s most closely watched democracies.

Why the Diomaye–Sonko Split Became Almost Inevitable Amid Senegal’s Power Struggle

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Beyond the Frontline: Ashlee Momoh Foundation Restores Hope to Widows of Fallen Heroes

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Beyond the Frontline: Ashlee Momoh Foundation Restores Hope to Widows of Fallen Heroes

By Comrade Philip Ikodor

KADUNA – When a soldier falls in the line of duty, the echoes of the final salute eventually fade, but for the families left behind, a silent and grueling battle begins. While these brave men defended the nation’s sovereignty with courage, their widows are often left to navigate a minefield of poverty, trauma, and social isolation.

In a decisive move to address these challenges, the Ashlee Momoh Foundation (AMF) held a special outreach event at the Golden Orange Gate Hotel in Kaduna State on Thursday, May 21, 2026. The initiative sought to provide a lifeline to the families of departed heroes, framed not as charity, but as a profound national debt of gratitude.

The Chairperson and CEO of the Foundation, Princess Ashlee Momoh, emphasized that the AMF remains committed to ensuring no widow walks alone. She noted that the sacrifice of a soldier continues in the quiet hallways of homes where wives suddenly become sole providers.

“Many military widows face a daunting reality: sudden loss of income, housing insecurity, and a lack of access to specialized mental health support,” Princess Momoh stated. “Unless intentional interventions are made, these families remain trapped in a cycle of hardship that dishonors the legacy of the departed. Your story does not end in sorrow; it continues in purpose.”

Princess Momoh outlined the Foundation’s three strategic pillars designed to bridge the gap between loss and self-sufficiency:

Economic Independence: Providing small business grants, financial literacy, and vocational skills to restore dignity and autonomy.

Securing the Future: Offering scholarships and tuition assistance so that children do not pay for their fathers’ patriotism with their education. Emotional Fortitude: Establishing counseling and wellness groups to ensure widows are seen, heard, and sustained.

The Chairperson called for a “whole-of-society” approach, urging the government, private sector, and philanthropic organizations to join in collective action. While government intervention is pivotal, she noted that partnerships are essential to scaling the impact of these programs.

The event featured the distribution of empowerment gift items and the announcement of new scholarship awards. Prominent guests, partners and volunteers in attendance included Special Guests of Honor, Air Commodore Chris Dola (Rtd), PhD, and General Brown Yakubu (Rtd), CEO of Golden Orange Gate Hotel, both of whom delivered goodwill messages and also contributed immensely in support of the Foundation’s mission.

Beyond the Frontline: Ashlee Momoh Foundation Restores Hope to Widows of Fallen Heroes

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