World
Russia Broadening its Economic Presence in Zimbabwe
By Kestér Kenn Klomegâh
Like many African countries, Zimbabwe’s economy needs sustainable resuscitation. On his mid-January 2019 official working visit to Moscow, President Emmerson Mnangagwa told Sputnik News Agency (SNA) in an interview: “We have always had cooperation in the field of defence and security with Russia. This we are not abandoning. At the moment, we don’t have much economic muscle to buy such things which we would want to buy from the Russian Federation.”
“But down the line, as Zimbabwe becomes stronger in terms of its economic muscle, we should be able to buy the type of military hardware, which we know the Russian Federation has and is the state-of-the-art type of equipment that they have, we are not in a hurry,” Mnangagwa added.
By his words, President Mnangagwa set the tone and precedence by adhering to the principle “African solutions to African problems” formulated by African themselves which Russia supports.
With many African elite, at least, during the past decade, Foreign Minister Sergey Lavrov has held in-depth discussions on the current situation in Africa and always points to the possibility of continuing to promote effective bilateral co-operation in many spheres and to work together towards fully using existing potentials. He always reminds that Moscow firmly supports the principle formulated by the African countries, “African solutions to African problems.”
According to any experts, most often talked about economic diplomacy. What is abundantly clear is how to stimulate African governments into exploring investment opportunities in Russia and Russian investors into Africa within some framework of mutual-co-operation.
Professor Vladimir Shubin, at the Institute for African Studies under the Russian Academy of Sciences, said several years ago that “African leaders have to pay high attention to and take significant steps in promoting their achievements and highlighting their most development needs.”
In an acknowledgement, he said, Africa has a great potential for bilateral relationships with Russia. But the relations in many spheres, especially in economic cooperation, are lagging behind.
Shubin, however, pointed to the truth that “Africans have to acknowledge the fact that the world has progressively changed and they must be seen changing with the similar positive pace. It’s about time Africans have to take development issues seriously and work progressively towards establishing good governance and drastically seek improvement in the welfare for its large impoverished population.”
President Vladimir Putin pledges to help Zimbabwean counterpart President Mnangagwa “to stabilise the political situation” by investing in the country. Zimbabwe has been looking for foreign investment in installing its energy, building infrastructure, modernising agriculture and industry — foreign investors who could offer the necessary boost to employment creating sectors.
Quite expectedly, Vyacheslav Volodin, the Chairman of the State Duma, told an instant meeting held with the Ambassadors of African countries in the Russian Federation, that Russia would take adequate steps to deliver on pledges and promises with Africa countries. “We propose to move from intentions to concrete steps,” he said.
During his time at his diplomatic post in 2019, Zimbabwe’s Ambassador to Russia, Major General (rtd) Nicholas Mike Sango, said in an interview discussion that, “For a long time, Russia’s foreign policy on Africa has failed to pronounce itself in practical terms as evidenced by the countable forays into Africa by Russian officials. The Russian Federation has the capacity and ability to assist Africa overcome these challenges leveraging on Africa’s vast resources.”
Mike Sango further expressed his views as follows: “Africa’s expectation is that Russia, while largely in the extractive industry, will steadily transfer technologies for local processing of raw materials as a catalyst for Africa’s development.”
He said that the country was open to investment in energy and transport, including the construction of railways and highways, and was looking to attract and secure foreign investment and co-operation to transform the country’s economy.
Zimbabwe’s key priorities summarised as follows (in order of priority):
Energy: For industry and commerce to thrive there has to be sufficient power. Presently, Zimbabwe has a power deficit of 750 MW. The most reliable source is the 750 MW Hydro power plant which has been affected by low water levels due to two years of drought. The country is relying on power imports.
Agriculture Support: Agriculture is the economic mainstay and provides 15% of GDP. Water harnessing through dam construction, irrigation mechanisation, and agricultural machinery are key areas.
Infrastructure Development: Although the country has a fairly well developed infrastructure, the road and rail infrastructure needs refurbishment and expansion to take trade volumes for the country as well as its neighbours to the north.
Mining: Zimbabwe is endowed with abundant unexploited resources.
Manufacturing: Zimbabwe’s manufacturing sector has been hit hard by illegal economic sanctions. Most industries have outdated and expensive to run machinery. They are in dire need of retooling, refurbishment and funding.
Tourism: Zimbabwe hosts one of the wonders of the world, the Victoria Falls. Investment in infrastructure development in the hotels would complement the opening by larger airports to accommodate larger body aircrafts.
Zimbabwe, a landlocked country in southern Africa, shares a 200-kilometre border on the south with South Africa, bounded on the southwest and west by Botswana, on the north by Zambia and on the northeast and east by Mozambique. Zimbabwe is a member of Southern African Development Community (SADC).
By Adedapo Adesanya
President Donald Trump has named Mr Kevin Warsh as the successor to Mr Jerome Powell as the Federal Reserve chair, ending a prolonged odyssey that has seen unprecedented turmoil around the central bank.
The decision culminates a process that officially began last summer but started much earlier than that, with President Trump launching a criticism against the Powell-led US central bank almost since he took the job in 2018.
“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Mr Trump said in a Truth Social post announcing the selection.
US analysts noted that the 55-year old appear not to ripple market because of his previous experience at the apex bank as Governor, with others saying he wouldn’t always do the bidding of the American president.
If approved by the US Senate, Mr Warsh will take over the position in May, when Mr Powell’s term expires.
Despite having argued for reductions recently, “Warsh has a long hawkish history that markets have not forgotten,” one analyst told Bloomberg.
President Trump has castigated Mr Powell for not lowering interest rates more quickly. His administration also launched a criminal investigation of Powell and the Federal Reserve earlier this month, which led Mr Powell to issue an extraordinary rebuke of President Trump’s efforts to politicize the independent central bank.
By Kestér Kenn Klomegâh
Donald Trump has been leading the United States as its president since January 2025. Washington’s priority is to Make America Great Again (MAGA). Trump’s tariffs have rippled many economies from Latin America through Asian region to the continent of Africa. Trump’s Davos speech has explicitly revealed building a ‘new world order’ based on dominance rather than trust. He has also initiated whirlwind steps to annex Greenland, while further created the Board of Peace, aimed at helping end the two-year war between Israel and Hamas in Gaza and to oversee reconstruction. Trump is handling the three-year old Russia-Ukraine crisis, and other deep-seated religious and ethnic conflicts in Africa.
These emerging trends, at least in a considerable short term, are influencing BRICS which has increased its geopolitical importance, and focusing on uniting the countries in the Global East and Global South. From historical records, BRICS, described as non-western organization, and is loosing its coherence primarily due to differences in geopolitical interests and multinational alignments, and of course, a number of members face threats from the United States while there are variations of approach to the emerging worldwide perceptions.
In this conversation, deputy director of the Center for African Studies at Moscow’s National Research University High School of Economics (HSE), Vsevolod Sviridov, expresses his opinions focusing on BRICS agenda under India’s presidency, South Africa’s G20 chairmanship in 2024, and genegrally putting Africa’s development priorities within the context of emerging trends. Here are the interview excerpts:
What is the likely impact of Washington’s geopolitics and its foreign policy on BRICS?
From my perspective, the current Venezuela-U.S. confrontation, especially Washington’s tightened leverage over Venezuelan oil revenue flows and the knock-on effects for Chinese interests, will be read inside BRICS as a reminder that sovereign resources can still be constrained by financial chokepoints and sanctions politics. This does not automatically translate into BRICS taking Venezuela’s side, but it does strengthen the bloc’s long-running argument for more resilient South-South trade settlement, diversified energy chains, and financing instruments that reduce exposure to coercive measures, because many African and other developing economies face similar vulnerabilities around commodities, shipping, insurance, and correspondent banking. At the same time, BRICS’ expansion makes consensus harder: several members maintain significant ties with the U.S., so the most likely impact is a technocratic push rather than a loud political campaign.
And highlighting, specifically, the position of BRICS members (South Africa, Ethiopia and Egypt, as well as its partnering African States (Nigeria and Uganda)?
Venezuela crisis urges African members to demand that BRICS deliver usable financial and trade tools. For South Africa, Ethiopia, and Egypt, the Venezuela case is more about the precedent: how quickly external pressure can reshape a country’s fiscal room, debt dynamics, and even investor perceptions when energy revenues and sanctions compliance collide. South Africa will likely argue that BRICS should prioritize investment, industrialization, and trade facilitation. Ethiopia and Egypt, both debt-sensitive and searching for FDI, will be especially attentive to anything that helps de-risk financing, while avoiding steps that could trigger secondary-sanctions anxieties or scare off diversified investors.
Would the latest geopolitical developments ultimately shape the agenda for BRICS 2026 under India’s presidency?
India’s 2026 chairmanship is already framed around “Resilience, Innovation, Cooperation and Sustainability,” and Venezuela’s shock (paired with broader sanction/market-volatility lessons) will likely sharpen the resilience part. From an African perspective, that is an opportunity: South Africa, Ethiopia, and Egypt can press India to translate the theme into deliverables that matter on the ground: food and fertilizer stability, affordable energy access, infrastructure funding. India, in turn, has incentives to keep BRICS focused on economic problem-solving rather than becoming hostage to any single flashpoint. So the Venezuela episode may function as a cautionary case study that accelerates practical cooperation where African members have the most to gain. And I would add: the BRICS agenda will become increasingly Africa-centered simply because Africa’s weight globally is rising, and recent summit discussions have repeatedly highlighted African participation as a core Global South vector. South Africa’s G20 chairmanship last year explicitly framed around putting Africa’s development priorities high on the agenda, further proves this point.
By Adedapo Adesanya
African Export-Import Bank (Afreximbank) has has officially terminated its credit rating relationship with Fitch Ratings, indicating friction between both firms.
According to a statement on Friday, the Cairo-based African lender said the decision follows a review of the relationship, and its firm belief that the credit rating exercise no longer reflects a good understanding of the bank’s Establishment Agreement, its mission, and its mandate.
“Afreximbank’s business profile remains robust, underpinned by strong shareholder relationships and the legal protections embedded in its Establishment Agreement, signed and ratified by its member states,” the statement added.
Business Post reports that Fitch had cut Afreximbank’s credit rating to one notch above ‘junk’ Status last year and currently has it on a ‘negative outlook’, which is a rating agency’s terminology for another downgrade warning.
Lower rating means higher borrowing costs for Afreximbank, which could directly impact its ability to lend and the low rates at which it does so.
Recall that Fitch in its report published in June 2025, had estimated Afreximbank’s non-performing loans at 7.1 per cent by the end of 2024, exceeding Fitch’s 6 per cent “high risk” threshold.
The African Peer Review Mechanism (APRM) contested Fitch’s assessment and argued that Fitch confused loan restructuring requests from South Sudan, Zambia, and Ghana by considering them as defaults, claiming this was inconsistent with the 1993 treaty establishing Afreximbank.
African policymakers have raised worries about the ratings by foreign rating agencies like Fitch, Moody’s, and S&P among others. This has increased call for an African focused agency, which is expected to have commenced but continues to face delays.
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