tv DW News Africa Deutsche Welle July 30, 2022 8:30pm-9:01pm CEST
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the suspects escape whose warning them of a being protected by the authority. the caliph fit legacy. in 45 minutes on d w. we got some hot tips for your bucket list. romantic corner check hot spot for food and some great cultural memorials to boot w travel off. we go with this is d, dublin years, africa coming up on the program? the coven, 19 pandemic. i'm the ukraine war compound, the economic pain across the continent. so what's the cure? ends and bab way it's shiny new gold coins. the government says they'll tame. soaring. inflation will look at how this unusual measure is meant to work and
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explore its chances of success. also coming up, inflation is skyrocketing in ghana to with living conditions that they're worsting to decades. the countries taking desperate measures. but at what cost plus many kenyans are struggling to even put food on the table. can they change that in presidential elections just over a week? from now and the south african town where taps have run dry. the area has seen years of drought, but residents say there's more to the problem than just climate change. with hello, i'm told me lady ball welcome to the program. $100.00 trillion dollars, slats one followed by $140.00 rose mass is as in bob way's biggest denomination
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note from 2008 that year. so as in bob, when piper inflation hit, one of the highest levels in history with a 0 dollar essentially not even worth the paper, it was printed on. now, inflation is down to 200 percent, still one of the highest rates in the world. and by way, central bank is introducing gold coins as a hedge. it says to reduce the need for us dollars and cub those run away prices. so will the banks plan work? we'll get expert analysis on that in just a moment, but 1st did up the news. africa's privilege machinery filed this report from her ari zimbabwe. new gold coin is named after the country's world famous victoria falls. there is if big is billing it is a magic bullet in the fight against the countries inflation problems. the central banks head, the seas, the aim is to provide as in bob wins with
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a sift store of value and reduce demand for you as dollars. many here to fit the grin bag to the weak local dollar, which is lost more than 70 percent of its value. this year. we do respected the pupils and barbara will know what to bring to in terms of for the free effect of losing value. and therefore, we are providing the school called the general good coin to show that it is to serve and you drift this. but here in the capital, heredity, people are not convinced that the new coin offers in solutions to the dia, economy, cut ships. they are facing look the music, let them use, but they are queens, i don't accept them. oh, you know, rather use both serious dollars. if i was in a more financially stable position, i would it would be something i would invest in, but more as, as a collectible are not so much for trading. the new gold coin cost more than $1800.00 us dollars and the lunch. but buyers should be away,
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the central bank sees any one possessing the coin must hold them for at least a 180 days. so they're hardly legal tender that can easily be converted to cash. when immediate need arises, economic analysts say the measure will likely only benefit a fuse him by winds, with excess cash gold coin. it's one of the schemes which are going to make people are richer, those will adage. and those who are poor, poor other andy to know to be in a good instrument to address at the current i challenge is happening in the economy, particularly dick changed to sparrow and inflation specs. prices of busy commodities have skyrocketed in our fear, the eroding confidence in any monetary and fiscal policies that the government has tried to introduce. with many people living hand to mouth, the government may have a hard time convincing citizens to exchange their green beds for gold discs.
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we can now speak to tend ibt, a constitutional lawyer, member of parliament and former finance minister of zimbabwe. he joins us now from harry. welcome to the program, mister b t. now we're talking about the gold coins in zimbabwe, which the i m. f has actually called unusual. no other countries use gold coins in this way. the government says this will reduce the demand for us dollars. do you think this will work? it won't work. it will work with the court quite. he's not a, you know, below the currency. and so it's good friendship, or you can go to shopping buy goods where we fit a certain sort of currency, which is why the minister of finance in these by just that meant to date it describe it is a symbol is a store what will fight but if you just all 5 you why will did one went to take you as well as to why won't wait for the war thing doesn't wake the gold coin goes busy,
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you might know that he's a biscuit. it means of silly because it's going to be so the law carries it. it's a inventive it's, it's a bit that is below the market. so cook's i just bring to it flat. it's using the local carrier, which is cheap in then you did it outside. so it's going to be an instrument of mitochondria because we know that there is of dollars into buy in southeast asia, which i just read to come bpi clinton's about with them be shipped out his gold quite so it's an instrumental lab. it's a, it's an instrument of rubbing the points about gold has had this reputation for a long time as being fairly stable as a, as a, a, you know what something people can use to, to store that their fortunes. you don't think that this might help. zimbabwe is especially considering the wild inflation they've seen in the last few decades. this is much 50 mandatory for demand. they do a maintenance of intake where decoded was so important. a is, is it means,
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are stored in london. then our diesel with carrots is that i'm a big buy to put your choices really pointless. and to really wish to actually use the, the quote in that the, adequately that k k a in a minute. that is why everyone sees this is a good and b, i admit, because it is unprecedented design president. so who do you think is as a, as, as benefiting from this you talk about stealing, but who exactly are these people? well, with this got to do to look at it, which they have to fit into something that is valuable. so that the one that it really is that one that is a big to meet this quote so that they can, it can fit into us into something with it. yeah. so it, and this is exactly what is it, that's a constitutional lawyer,
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member of parliament. and former finance minister of zimbabwe. thank you for speaking to us and to analyze this further, i'm joined by and i'm with tom bassett. she is a zimbabwe and development economist based on the you can. she joins us now from manchester. welcome to w news, africa and i were just seen from a report from our correspondence, some skepticism from average and by the wins over these gold coins, all their concerns justified. thank you for having me on your show. absolutely. back with that, just to find out, make me see when the announcement was made about the gold coins that indeed it will be in detail on how this central bank can on the out. amazing, these and now that yeah, yeah, we have a lot of questions surrounding the way we stand need surrounding the framework that
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goes in terms of supporting the whole point and how they can be access and how they can do this. so many discrepancies that actually suggest that as opposed to be a new strategy, we're just seeing this fail in change auction and re branded and re stage as gold coins. so who exactly stands to benefit from this? this, this new, this introduction. we're again seeing those that have access to our t g s to the value of 805000. and i was which i generally ins and bob with the corporate to lease the average salary for a t t around $20000.00 a month. so that the be able to save so afford one gold coin is going to take them a really long time. so generally similar to what we've seen with the interchange all here is those that up with the corporate leads that you have access to our
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north of 805000 r t s. but unfortunately, the way in which they will benefit all you see to benefit the individuals in the way that they will take advantage of potential advertising by the state that they're being paid, paid at a discounted rate for the u. s. dollar. so it's possible to actually buy using your i t s and sell back us dollar value to even the banks and be able to make as much as 115 percent from one gold coin just from taking advantage of the at the charge for the current dealing because the gold coins i've been in the change option rate, which is a discounted rate and is only accessible by those that hold that amount or i t d s . and generally those will be the app corporate to lease on. right. and i become buzzer about when development economists space in the u. k. thanks for speaking to
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us. and here living conditions in garner are at their worst in 18 years with inflation now nudging 30 percent and their currency of a cd losing value. ganna is also headed for an i m. f, bailout. the government blames the situation on the cove in 1000 pandemic and russia's invasion of ukraine. traders and ordinary citizens are feeling the brunt as a collector, he sent us this report from gunner's capital, a cra for 2 decades. now, john kwame appear, has made a steady leavin from his electrical goods shop for him. and he simply eas. that's meant a good income from this source floor, but now he fears for his livelihood. r p. s, says gunners, economic crises is heating his customers heart and he is suffering on the supply
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side. prices. oh daughter goes on for very high. are the stuff over to him to the ceremony of we are all losing our copy to us. i told him it was. things are not good at all. it comes to producing power over every gummy, it has to be reduced drastically. now people can't even come to town to come to buy what they want to buy. daniels haven't seen inflation this high since. appears it up his shop 20 years ago. when are we prizes? and now we know we are to people's buying power wherever the look costs for food. and i've a st. charles eye surgeon for prizes going through the roof for ordinary people. it's a daily struggle just to get to buy this inflation on everything. if would commodities for prices? so as an average gagnon, i receive israel $600.00. so as it's end, as it is my transfer,
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now it's like i paid twice of what i used to be with an amount of things to this. i can't get head you saying for me personally, i'm finding very difficult yard to allow the family are the why 5 and to read. and then after you also get out for the us who fees a lot. these are comma with more interesting gunners. i was saving and i had a bank also dishonored out in that interest rate lollies. i garnish economic fundamentals are dire. public finances are all sustainable. the country's debt to g. d. p ratio is around 85 percent. the tax stake is low despite a new levy. on electronic transactions, protests and pay, disputes forced the government to suddenly make a you 10 and head to the i m f to ask for a bill out here is that countries vice president
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a for my central banker with the challenges in ex access in the international capital market balance of payments of port was needed to bring this financing garb stabilize the economy, a creative space to implement structural reforms and restore debt sustainability. and this is really the reason why gartner had to go to the i. economists agree that a crisis could have been avoided if the government had kept tighter controls on spending. the challenges who got issues with assessing. you know, dead boring and we loved discipline in our physical conduct and saw the government ob, richer love with at the death love with our streaming austin avenue. now janice politicians want to import help from the i m f. but reports say that won't be in
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place to early 2023. meanwhile, don't coming up here. can only hope that his customers will keep coming and that his business will keep running. oh, that's the example of ghana, but we want to widen this out. so let's bring in kevin rama, be african development banks acting chief economist and vice president. welcome to deed of the news africa. ah, you speaking to us from washington, we've been presenting the 2022 african economic out. look at the i m f. and this comes out a time when a lot of africa countries are really struggling with the economic crisis. crises, ah, you know, huge debt, ah, what can these african countries do to make sure they don't become, for example, the next re lanka? ah, the challenges that are in or in african countries just like around the world because of her several overlapping global challenges that we have and has
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several solutions that can be domestic. i in terms of what african countries can do . but also there are things at a global community, mr. do. in order to support africa to recover from this shocks. i including the shocks off that overhang, as you have mentioned. so one of the key things that needs to be done is for african countries to improve their capacity in mobilizing resources, revenues internally, improving the quality of taxation, and also non tax revenues that comes into the country into the countries because that will help to improve and increase the capacity of the countries to fund development round borrow less. we've just seen, for example, in ghana where they've been even protests, people, the average person a getting, getting hit by this. several other countries on the continent are from your point
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of view, just how bad are the continents poorest countries faring. now, the continents forest, or countries in africa are really suffering from several challenges. lemme talk about one college. was a men team of the ag. oh, the impacts of climate change in all we have all been talking about the impacts of coven 19, which is huge, does pushed over 13000000 people annually into abject poverty. in africa. he asked caused a lot of jobs to be lost, a lot of employment there on employment and so on. but also we have these challenge that has been persistent, which is the impacts of climate change. that is 3 in the creating major challenges for governments around the world. and especially in africa, losing billions of dollars in infrastructure that i had destroyed by climate impacts, losing loss of lives and livelihoods,
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and so on. so african governments really have a lot of challenges that needs a lot of financing support from to develop their developed world in allowed to support africa, to be able to recover from dish minis shocks which you are not caused by these countries. kevin rama the africa development banks acting chief economist and vice president. many thanks for speaking to us. ah, more than 80 percent of kenyan say they're suffering under the cost of living crisis. and official figures make clear that high inflation is worst affecting the poorest canals will get to vote on their leaders soon with the hope of improving living conditions. get up. the news africa's correspondent felix marina sent us this report from the kenyan capital nairobi. gibberish lamp is kenya's biggest informal sentiment and in hack york,
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justin or gutter is preparing traditional greens for one of our customers. the cost of basic commodities have doubled, events, shreveport. but it's kenya's tipple food maze. that's worrying her the most. the matter that you know that you can take ti without sugar and still survive higher e book. you can mail greens without cooking oil. well that there is no substitute for the golly already mandate to the cost of mays flower has risen drastically when that that's hurting everyone. the most food prices have been going up across the continent. economist, dr. x n. iraqi says several factors have contributed to the rise up, but i confess at a investment in agriculture, ah roy and cray, well, what participated in mixing in different grew up on what it means that order kenya that people are suffering, they can't be able to get enough food, they cannot trouble where they won't. they cannot be thess. so the people are most affected by inflation or the people at the law at your uncles as
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a cited now just ahead of their elections. kenneth president, hulu. kinyata has intervened to cut the prize of maize fla by half maze flour, shall retail across the entire territory of the republic of kenya. at the price of kenneth shillings, 100, down from kenneth shillings 205 for a 2 k g packet. until otherwise directed many kenyon, sim and concerned that the timing of the misha could be political. they just want cheaper food, all jumbled on when, when it one bar. the important thing to note is where they typically tickled move. we're not a political move. i emailed kenneth once ms fla, from wherever i told her what you are going to go up. the note this happens every election time this time around were telling them they should not increase the maze flower prices after the elections with they should also reduce the cost of other commodities like sugar and riot since he can't eat golly,
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every single day. just been is one among the many kennel who continue to struggle with raising the prices of the basic for commodities. the 2 leading presidential candidates have promised to daily the foot prizes once they occupy office, but she remains doubtful when a garage at the empty promises. so they're just looking to be elected when they get to office. they weren't change anything yet. that by deborah never knew anybody. empty promises won't feed empty stomachs at home. just when prepares food for half . i mean, not knowing if she will have another meal herself to d, and we'll have a special edition of d, w africa from our studio, and now roby covering the leading candidates and all the issues in kenya's upcoming elections. next week's show
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these school children in south africa finally have water again. after a ball hole was drilled in their school yard. 4 years ago a cape town was facing the threat of days 0. the day when water was expected to run out. that never came to pass because people saved water and the rains came. now another town has the same problem. kabir ha, formerly port elizabeth in eastern cape, has experienced 7 years of drought. our correspondent adrian creek sent us this report. not a drop in the tip in simple kazi tim bonnie's house for 7 months now the supply has run dry. ah, the arrival of the water truck bring some relief. but tim bonnie knows that it also spills hard work. she has to carry the
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water all the way home for herself and her 4 grandchildren. yeah. who love me getting sick because of carrying this water every day. my jeans hurt, i have body pains, i have to take painkillers to sleep or go to the clinic, especially furth, elderly people. the situation was painful. sandy papers with that is that sad. control. this dam should provide water for her home, but it's almost empty. it's only filled to less than 15 percent of its capacity. only 4 percent is usable water rainfall is getting more and more sporadic and it isn't as heavy as it used to be. for 7 years the area has been in the grip of a historic droughts. but while climate change certainly plays a role mismanagement, decaying infrastructure and a lack of maintenance, certainly due to it, is estimated that about one 3rd of the water supply are lost due to leaking pipes. the scale of the problem is clear to see all over town. residents report about
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200 leagues every day. the city has employed additional staff for repair works, and new wells are being drilled, ground water supposed to help black the gap that the missing rainwater has left the head of water distribution for the municipality says. but why didn't all this happen much earlier? the, quite a number of reasons. some of them in financial arrangements are obviously from the study, the point of view. we have the competing priorities from a service delivery perspective. and in some of with a versus manager of the directed to other projects, a lot of people we talk to actually blame lumens of healthy for the current situation. at this point in time, my focus is to be able to deliver the metro and push the day 0 and our efforts, you know, according to our 3rd day 0, that's the day when all water reserves will be used up the worst scenario to avoid
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it. each resident is supposed to use no more than 50 liters of water per day with a municipality threatening to impose strict controls. in the poor neighbourhood of simple kazi, tim vonnie, people feel they have been given empty promises for months. even the water truck that is a lifeline for so many isn't organized by the municipality. it comes from an 8 organization called gift of the give us a willing municipality at land the municipality. but asked the politicians when it is time to campaign for votes, you find a lot of them here asking for votes. but when the time comes to deliver services to the people, they are nowhere to be found. when we need water, they are nowhere to be found. like are called see book ozzy, tim bonnie has given up hope and politics. her only remaining hope that drain may fall soon, so she will get a break from the hard work of fetching water. well that's it for now. we've got lots of other stories though on d w dot com,
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the suspects escape. whose warning them are they being protected by the authorities? the caliph put legacy in 15 minutes on d. w o. 9 has no limit. love is for every body. love is life. i love matters and that's my new podcast. i'm evelyn sharma and i really think we need to talk about all the topics that north devise and united this i have invited many deer and well known guests. and i would like to invite you to an end
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with the journey across the entire continent with a variety of cod. so work on this. so we focus the movers, shake as visionaries, and made when by the, the meaning of modern africa. is that correct? sauce? august on d. w. nation read award for the climate. ah, this isn't just route. this is a rid of vacation. i think we're going to have some epic fighting in with her becoming a scarce commodity. he's just getting dryer and dryer and need more and more water isn't worth dying of thirst. no water at all. then it's like be a pod with global struggle for
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water. and nothing can be done. the 1st starts august 10th on d w. ah ah, this is d w. news live from berlin. ukraine calls for an investigation into a muscle strike which killed dozens of russian held prisoners of war. president village immerse events key describes the attack as deliberate, mass murder, families of the dead.
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